ShippingWatch

A part of Watch Media

Oil giants looking to pry their way out of US cartel case

Statoil, Shell and several other oil companies are putting pressure on the US courts in an effort to make them discard a price fixing case related to North Sea oil.

THOMAS BO CHRISTENSEN, ENERGIWATCH

Several major oil companies and energy trading companies are now trying to avoid a court case in the US that could potentially end up costing them hundreds of millions of dollars.

According to Reuters, companies such as BP, Shell and Statoil, though also energy traders such as Morgan Stanley and Vitol, have sent papers to the US District Court in Manhattan, New York, in an effort to avoid going through a court case in which the companies are accused of, for the past 12 years, having manipulated oil prices on the trading platform Platts, which determines the price of North Sea-based brent oil.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Shipping in a safe position despite shaky world economy

”Many of the carriers are very well-capitalized right now. They can endure declining rates without any real consequences,” states Christopher Rex from Danish Ship Finance. | Foto: PR / Danmarks Skibskredit/Connecticut Maritime Association

Container carriers are facing a couple of difficult years, but otherwise the shipping industry looks set to do well despite dark clouds over the world economy, according to shipping analyst. ”Right now, most companies are making a lot of money.”

Less congestion makes dry bulk rates decline

Foto: PR / J. Lauritzen

Port congestion has eased, leading to a decrease in dry bulk rates. According to Clarksons, the development is not least due to low industrial production in China following Covid lockdowns.

MPA appoints new CEO

Foto: Ed Wray/AP/POLFOTO/arkiv/AP

Quah Ley Hoon steps down as CEO of Maritime and Port Authority of Singapore at the beginning of September after around three and a half years on the post.

Further reading

Related articles

Latest news

  1. Ships resume Taiwan routes even as China continues to drill
  2. Shipping in a safe position despite shaky world economy
  3. Less congestion makes dry bulk rates decline
  4. Kuehne + Nagel offers carbon-free transport using biofuel
  5. MPA appoints new CEO
  6. Waning European demand could significantly impact container market
  7. Oil stays low – price decline unlikely to hold
  8. United Heavy Lift sees full ships on booming oil, gas and wind
  9. UK’s biggest container port to be hit by eight days of strikes
  10. Private equity firm takes over Lloyd's List
  11. DFDS provided green light by UK authorities to collaborate with P&O
  12. DHL shuts down internal business in Russia but reopens in Ukraine
  13. Eagle Bulk's net result skyrocketed in Q2
  14. Star Bulk Carriers benefits from higher rates in Q2
  15. Three more ships loaded with grain cleared to depart from Ukraine
  16. DFDS has large sums caught in European VAT spat: "This will affect all forms of transport"
  17. Norden announces fourth upgrade this year due to product tanker upswing
  18. DHL reports “record operating profit” for the second quarter
  19. Seaspan owner receives takeover proposal from group that includes ONE
  20. Global coal usage rises in wake of Covid-19 and gas crises

See all

Job

See all jobs

See all jobs