Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 13 September.

INSIGHT: Wall Street reaction to Methanex/OCI deal negative on valuation, leverage
Methanex’s announcement that it will acquire OCI Global’s international methanol business for $2.05 billion drew a swift negative initial reaction, with its stock price plunging 7.9% at the close of its first day of trading after the announcement.

Storm Francine veers path, could potentially hit petchems hubs in west Louisiana
Storm Francine continues strengthening into a hurricane as it approaches the southern costs of the US, but its path could veer slightly west and potentially hit key petrochemicals sites in Louisiana which border with Texas.

US chem, oil operations begin shutting ahead of storm Francine
Some chemical and upstream oil and gas companies are shutting down operations ahead of Tropical Storm Francine, which is expected to strengthen into a hurricane on Tuesday night and make landfall along the US coast of Louisiana on Wednesday or Wednesday night.

Francine strengthens into hurricane, heads for US Gulf Coast
Francine has strengthened into a hurricane and is moving northeastward across the Gulf of Mexico, with landfall expected in Louisiana, US, on Wednesday afternoon or evening.

Louisiana chemical plants shut down as Hurricane Francine nears landfall, major capacities at risk
Several chemical companies are shutting down plants in Louisiana, with others taking other precautionary measures as the eye of Francine – now a Category 2 hurricane – approaches the coast for imminent landfall.

Hurricane Francine passes over Louisiana parish with many chem plants
Ascension parish, home to Geismar and its many chemical plants, was among the regions hardest hit by Hurricane Francine, which has caused hundreds of thousands of power outages.

SHIPPING: Asia-USEC container rates plunge by 20% as shippers avoid possible ILA strike
Average global rates for shipping containers fell significantly this week, including a 21% decrease from Shanghai to New York, as shippers are shifting cargo deliveries to the US West Coast to avoid the planned strike on 1 October.