Sunday 15 November 2015

Bunker prices to edge down next week

Hellenic Shipping News
Brent crude oil prices hit their lowest since late August on worries about growing U.S. stockpiles that could put pressure on oil prices. American Petroleum institute data showed U.S. crude stockpiles jumped last week in a seventh week of builds. The build was also above forecasts by analysts in a Reuter’s poll. The U.S. Energy Information Administration issues official inventory data on Thursday. Brent is trading at $45.07 per barrel down 74 cents and WTI is at $42.18 per barrel down 75 cents at GMT 14:50 on Thursday. Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of Petroleum Exporting Countries (OPEC). Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crises, the organization said in a report.


Not easy to find a buyer for Singapore's NOL, says Alphaliner

Sea News
The proposed sale of Singaporean shipping company Neptune Orient Lines will be no easy task, according to Alphaliner. Alphaliner said significant obstacles stood in the way of any eventual sale, mainly related to the difficulty of reaching an agreement on NOL's valuation. The Singapore-listed group continues to trade at a 24 per cent discount to its book value, reflecting the market's skepticism that a sale can be successfully finalised. NOL has confirmed that it was in preliminary discussions on a potential acquisition with Maersk Line and CMA CGM. In the past year rumours circulated that Hapag-Lloyd, PIL, OOCL and UASC have emerged as potential suitors, reported IHS Media. The analyst said NOL's container shipping arm, APL, has been "chronically unprofitable" since 2009, which prompted NOL to sell a number of assets to boost liquidity, including its corporate head office building in Singapore for US$310 million in 2012 and its logistics arm, APL Logistics, for $1.2 billion to Kintetsu World Express earlier this year.


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