An undated handout photograph shows Nippon Yusen K.K.'s dry-bulk ship. Source: Nippon Yusen K.K. via Bloomberg
Shipping companies probably will miss out on exports from the record U.S. grain harvest because the shale-oil boom is clogging up rail lines to ports.
While the U.S. will reap the most crops ever, fourth-quarter export cargoes will be 15 percent lower than last year, according to RS Platou Markets AS, a Norwegian bank specialized in shipping. Rates for Panamaxes, the most commonly used vessels for grains, averaged $7,574 a day this year, headed for the lowest level since at least 1999, Baltic Exchange data show.
The U.S. shale-oil boom means energy shipments are dominating rail
Aug 29, 2014 9:31 PM GMT+0200
China Rongsheng Heavy Industries Group Holdings Ltd. (1101), the private Chinese shipbuilder whose woes made it a symbol of the country’s credit binge, remains overdue on 262 million yuan ($43 million) of bank loans after making late payments on its debt last month.
The company was overdue on principal and interest payments on 8.57 billion yuan of bank loans on June 30, according to aHong Kong stock exchange filing yesterday. In July, the shipbuilder made full interest payments on 8.3 billion yuan of those borrowings, it said in the filing.
Banks haven’t yet taken any action to enforce the loan agreements and demand immediate repayment, Rongsheng said. The company said it has also received
All 10 industry sectors in the Standard & Poor’s 500-stock index rose, led by health care, utilities and energy companies.
“The economy continues to improve in the U.S., and there’s still an accommodative Fed,” said Brad Sorensen, director of market and sector research at the Schwab Center for Financial Research. “We think the bull market has further to run.”
The Fed has held a crucial short-term interest rate close to zero for over five years, making it
Canadian ship owners and their crews say Ottawa negotiated a lopsided trade deal with Europe that could eventually put thousands of jobs at risk.
Under the free-trade agreement, key pieces of the highly protected Great Lakes and the St. Lawrence River shipping business will be opened up to foreign competition for the first time, with no reciprocal access to the European market.