At least three tankers controlled by Russian maritime powerhouse Sovcomflot that have been unable to deliver their cargoes due to Western sanctions have re-routed to the Bahamas, vessel tracking data showed on Monday.
By Reuters Staff
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ISMAILIA (Egypt) (Reuters) - Traffic in the Suez canal was not affected by an oil tanker’s sudden engine failure on Tuesday, the canal authority said, adding that the vessel had been fixed and started up again.
A ship is seen after sailing through Suez Canal, in Ismailia, Egypt April 6, 2021. REUTERS/Mohamed Abd El Ghany
Shipping websites MarineTraffic and TankerTrackers said earlier that marine traffic had slowed in canal as oil tanker M/T Rumford appeared to face difficulties in the southern part.
“The authority dealt quickly with a sudden failure in the engine of one of the ships crossing the canal, the oil tanker Rumford, with a payload of 62,000 tonnes, while crossing the canal among the southern convoy,” the Suez Canal Authority (SCA) said in a statement.
Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.
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NEW DELHI/MUMBAI (Reuters) - Having fired up hopes for populist measures with talk of delivering a “budget like never before”, India’s Finance Minister Nirmala Sitharaman will need to find credible sources for additional revenue from a pandemic sickened economy.
FILE PHOTO: A man walks along a wall overlooking the central Mumbai s financial district skyline, India, March 9, 2017. REUTERS/Danish Siddiqui
Government borrowing is already bumping against the ceiling, revenues are severely dampened and the fiscal deficit is expected to have ballooned on account of pandemic spending.
“It will be hard for the finance minister to find resources. But she will get some help from the economic revival that will likely increase some tax revenue,” said N.R. Bhanumurthy, economist and vice chancellor at Bengaluru-based B.R Ambedkar School of Economics.
By Reuters Staff
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FILE PHOTO: DP World CEO Sultan Ahmed bin Sulayem attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse
DUBAI (Reuters) - Israel is a logical, strategic link between ports in Europe and the Middle East, DP World’s chairman said on Monday, estimating initial UAE-Israel bilateral trade could be worth $5 billion.
Dubai state-owned DP World, one of the world’s largest port operators, is partnering with an Israeli group to bid for one of Israel’s main ports.
“The port facilities (in Israel) will allow us to link our ports in Europe to the Middle East,” Sultan Ahmed bin Sulayem told a United Arab Emirates-Israel conference in Dubai.