Rates for Panamax ships hauling cargoes from crops and coal rose the most in nearly six weeks as demand gained for grain and oilseeds from South America.
Rates to haul iron ore, coal and grains by sea rose for a fourth week as the South American harvest boosted demand for smaller ships.
The 17-day slide in gasoline prices this month may diminish a campaign issue that President Barack Obama’s critics have frequently raised though the decline is unlikely to sway undecided voters.
Crude-oil tankers will earn less than previously anticipated next year as Chinese demand fails to replace declining U.S. imports, according to Wells Fargo Securities LLC.
The biggest shutdown of nuclear power in history will spur record demand for liquefied natural gas and the most profit ever for Golar LNG Ltd. and other companies shipping the fuel across oceans.
Energy used for treating, heating, pumping and cooling water in the U.S. accounted for almost 13 percent of the nation’s total annual consumption, according to a University of Texas at Austin study.
General Maritime Corp. , the second- largest U.S. owner of oil tankers, may be forced to sell one or more of its vessels to pay $22.8 million of debt due Jan. 18, according to a person with knowledge of the company’s plans.
Rates to ship liquefied natural gas will decline this year as new vessels join the fleet more quickly than global output of the fuel expands, according to Wells Fargo Securities LLC.
Frontline Ltd. and Overseas Shipholding Group Inc. climbed after a dearth of tankers lifted charter costs for the ships, said Wells Fargo Securities LLC.
Teekay Corp., owner of vessels that haul oil and liquefied natural gas, reported fourth-quarter profit more than doubled because of gains from interest-rate swaps.
"The loading of East Coast South American grain cargoes for the first half of May provided market support."
- Michael Webber on Apr 16, 2013