LONDON - A.P. Moller-Maersk  -0.46% stuck to its forecast for a lower net profit in 2013 as weak economies in developed markets continue to hold back container shipping rates. Maersk's Chairman Michael Pram Rasmussen told shareholders at the company's annual meeting in Denmark that 2012 was marked by "low growth in ... Read More

LONDON, Prices in the $3-trillion-plus global petrochemicals market fell 5% to $1,378 per metric ton (/mt) in March, according to the just-released monthly average of the Platts Global Petrochemical Index (PGPI), a benchmark basket of seven widely used petrochemicals. This followed a 6% increase in February. On a year-over-year basis, petrochemical ... Read More

LONDON,  Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell to 30.25 million barrels per day (b/d) in March from 30.42 million b/d in February, a decrease of 170,000 b/d, as Iraqi and Nigerian volumes dropped, according to a Platts survey of OPEC and oil industry ... Read More

MOGADISHU - Ending Somali piracy requires a shift from reliance on security at sea to targeting those on land who enable the lucrative business to thrive, according to the World Bank. Although the number of attacks has markedly fallen since 2011 thanks to tougher security aboard ships and increased Western naval ... Read More

The Global Shippers’ Forum has launched a global maritime safety campaign, aiming to improve logistics practices throughout the supply chain to ensure safer transport operations. The campaign was launched at GSF’s annual meeting in London, on 8 April, in the presence of more than 50 shipper representatives from around the world. GFS ... Read More

Opec expects world demand to reach 88.87 million barrels per day (mbpd) this year, slightly higher than its previous forecast in March of 88.83 mbpd. Photo: AFP For 2013, Opec forecast 89.66 mbpd, with slow growth at the beginning of the year picking up in the second half Vienna: Organisation of ... Read More

China expresses serious concern over the fishing agreement for the seas around a disputed group of East China Sea islands Beijing: China expressed serious concern on Wednesday after Japan and Taiwan signed a fishing agreement for the seas around a disputed group of East China Sea islands which have been at ... Read More

MEMBERS OF THE COMMITTEE IN A GROUP PHOTOGRAPH WITH MANAGEMENT OF NIGERIAN PORTS AUTHORITY The Nigerian Ports Authority (NPA) has pledged its full support to the activities of the Committee Corruption Risk Assessment projectas the Committee commence risk assessment study of the ports industry across the country. According to a statement ... Read More

The World Bank has approved a line of credit worth $250 million for three African countries namely Uganda, South Sudan and Mozambique. The Bank is lending $150 million to aid Uganda’s local governance, $50 million for South Sudan’s local governance delivery programme and another $50 million credit to boost technical assistance ... Read More

Kuwaiti Oil Minister, H.E. Mr. Hani Hussein Kuwait: The Kuwaiti Oil Minister, H.E. Mr. Hani Hussein , described the factors that triggered off a four-percent drop in oil prices last week as "transient factors." He listed such factors as US economic data and unemployment rates and economic indices in the ... Read More