U.S. Navy Secretary Ray Mabus said the fallout from a contractor bribery scandal that allegedly involved trading prostitutes for classified information is likely to widen, as he pledged to crack down on fraud.
Trafigura Beheer BV bought North Sea Forties crude at a lower level than deals done yesterday. Vitol Group failed to sell Russian Urals at a level below yesterday’s.
Rates for shipping crude oil in Europe’s North Sea jumped the most since at least the start of this year amid storms that delayed tankers and disrupted ports.
The U.S. Navy has suspended its contracting with Inchcape Shipping Services Ltd., citing what it called evidence of “questionable business integrity” by the ship-supply company.
Dubai World’s investment unit Istithmar World PJSC is arranging as much as $350 million of loans to attract bidders to its Inchcape Shipping Services, two people familiar with the matter said.
West Texas Intermediate crude traded near the highest price in two weeks as an escalating conflict in Egypt fanned concern that oil shipments through the country may be disrupted.
The following are the top stories on metals, agriculture and shipping.
A 12-day-old workers strike at the French port of Marseille, expected to continue through the weekend, will force refiners in the region to start halting production, leading to motor fuel shortages.
The Port of Fujairah in the United Arab Emirates stopped ships from anchoring in adjacent territorial waters, according to a notice to port agents published by Inchcape Shipping Services.