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The Bahamian-flagged Baltic Ace was headed to Kotka,Finland, from the Belgian port of Zeebrugge, when it collided about 65 kilometers (40 miles) off the southeastern coast of the Netherlands with Cyprus-flagged Corvus J, which was on its way to Antwerp from the Scottish town of Grangemouth, the coast guard said. Five crew members died [...]  ADM and Gavilon each have a 45 percent stake in Kalama, a grain export terminal in Washington state that handled a quarter of all Pacific shipments in 2009. The remaining 10 percent share is owned by Mitsubishi Corp. The completion of Japanese trader Marubeni Corp’s purchase of U.S. grain merchant Gavilon is being delayed [...] The biggest losers in Japanese trading house Marubeni’s $5.6 billion deal to buy Gavilon may not be the quartet of huge Western traders who have long dominated the global grain markets, such as Cargill. Instead, it is the Asian trading houses like Noble and Olam International who do not own assets such as grain elevators [...] Marubeni Corp. agreed to buy Gavilon Group LLC, the third-largest U.S. grain merchandiser, for $3.6 billion in what would be the Japanese company’s biggest deal. “Marubeni’s purchase of Gavilon will give it an inroad into grain purchases in the U.S. and put it on par with the leader Cargill,” said Justin Tang, a Singapore-based analyst [...] Japan’s top trading companies have emerged as frontrunners in the race to buy Gavilon as the U.S. grain and energy trader seeks final bids this week, according to several people familiar with the matter. Marubeni Corp (8002.T), Mitsubishi Corp (8058.T) and Mitsui & Co (8031.T) have all been evaluating bids for all or part of [...] The International Federation of Chemical, Energy, Mine & General Workers’ Unions (ICEM) today condemned the bad-faith bargaining strategy of BHP Billiton-Mitsubishi Alliance (BMA) in coal talks in Australia. At the same time, it pledged full support to Queensland miners, who today commence a second justified set at industrial actions inside BMA’s rich coking-coal mines of [...] One analyst said, "The corporate bond market is feeling very bad right now due to the Greek debt crisis and continued bad ratings from the ratings agencies affecting markets." Danish shipping and oil group A.P. Moller-Maersk has postponed a planned bond issue worth up to 1 billion euros ($1.44 billion) due to poor market [...] Rates for panamaxes, the largest coal and iron-ore carriers to pass through the Panama Canal, may jump about 55 percent as Japan buys more raw materials to generate power and rebuild after its worst-ever earthquake. Japan may need to buy an extra 6 million metric tons of coal after the disaster crippled nuclear plants, Credit [...] |
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