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Navios Maritime Holdings : Earnings under pressure, but headwinds ease; maintain Neutral

Logistics operations drag overall earnings: Navios Maritime Holdings’ (NM’s) revenue declined ~6% y/y to USD 95.3m as lower contribution from its logistics business counteracted the improvement in its dry bulk operations. Revenues from the company’s dry bulk segment increased 11% y/y to USD 51.5m in 1Q17, driven by better daily vessel earnings, which were up 12% y/y to USD 7,857, as well as by higher fleet utilisation of 99.8% over 98.4% in 1Q16. However, poor performance of the logistics business dragged the overall earnings of the company. Revenue from this ...

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Maritime industry enters uncharted waters

A combination of technology and political and economic events are creating new risks and opportunities for the global maritime sector, Marsh Ltd. said in a report. “The Changing Tide of Risk: Expert Perspectives on the Marine Industry” examines several issues facing maritime companies. Among other things, the report considers how emerging technologies, such as blockchain, could potentially revolutionize cargo processing by reducing human error and improving efficiencies. “The technology promises to revolutionize container logistics by connecting the supply chain in a way the industry has never seen before,” the report ...

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Delivery of the first dual fuel tug built in Europe

After completing its sea trials program successfully, DUX, the first dual fuel tug ever built in Europe, was delivered to its owner, the Norwegian company Østensjø Rederi A/S. This state of the art vessel is the first tugboat of a series of three. Designed by the renowned Canadian company Robert Allan Ltd, the new escort tug, with 40.2 meters length and 16 meters beam, will provide tug services to Norwegian state-owned energy company Statoil, at the far-north terminal located at Melkøya under severe weather conditions. Built to withstand harsh environments, ...

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Jefferies Group LLC Reaffirms “Buy” Rating for Ardmore Shipping Corp (ASC)

Ardmore Shipping Corp logoJefferies Group LLC reissued their buy rating on shares of Ardmore Shipping Corp (NYSE:ASC) in a research note issued to investors on Monday, April 24th. The brokerage currently has a $10.00 price target on the shipping company’s stock. Several other research firms have also recently issued reports on ASC. Zacks Investment Research upgraded shares of Ardmore Shipping Corp from a sell rating to a hold rating in a research note on Tuesday, December 27th. ABN Amro upgraded shares of Ardmore Shipping Corp from a hold rating to ...

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When searching is not enough

The Pacific’s wild weather and vast distances make it a challenging location for search and rescue, said Keith Manch, Director Maritime New Zealand, in his opening address at the Pacific Regional Search and Rescue workshop in Auckland, New Zealand (22-26 May). The objective of the workshop is to provide Pacific Search and Rescue (SAR) coordinators and responders with the tools to improve coordination between national SAR agencies. The event also aims to improve regional collaboration through formal protocols and communication ensuring a uniform SAR response throughout the Pacific. IMO’s Carlos ...

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Hugely complicated’: Watson Farley, White & Case, A&O line up on $14bn shipping deal

Watson Farley & Williams (WFW) has advised a group of 29 international and local banks who were acting as financiers on a $14bn merger between shipping giants Hapag-Lloyd and United Arab Shipping Company (UASC). The merger will create one of the five largest container shipping lines in the world, with 237 vessels and a combined turnover of around $12bn. Dubai-based finance partner Andrew Baird led for WFW with support from Dubai partner Neale Downes, Hamburg partner Maren Brandes, London partner Kavita Shah and Singapore partner Mei Lin Goh. Allen & ...

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Cargo turnover of Baltic ports up 5.8% in four months; the Riga port was in second place

All Baltic ports together handled 52.584 mln tons of cargo in January-April this year, up 5.8% or 2.878 mln tons from the same period in 2016, according to the data released by the Latvian Central Statistical Bureau writes LETA. Of all cargos handled by the Baltic ports in the first four months of this year, 46.6% were reloaded in Latvia, 30.8% in Lithuania and 22.6% in Estonia. Compared to the first four months of 2016, cargo turnover grew in Latvian, Lithuanian and Estonian ports. The cargo turnover of the Latvian ...

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New port law could cause EUR 50 mln losses to the Romanian state

The bill amending the emergency ordinance on the administration of ports and waterways was adopted by the Senate on May 15, and will soon enter the Chamber of Deputies. The draft law should get the approval of the Chamber’s transport and legal committees by the end of this month. Investment fund Fondul Proprietatea, which is a minority stakeholder in the company managing the Constanta port, warned that the bill would cause losses of about EUR 50 million to the state in the next ten years. The new bill will maintain ...

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Nigeria LNG launches three-cargo sell tender – trade sources

Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said. Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said. Source: Reuters (Reporting by Oleg Vukmanovic; editing by David Clarke)

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China’s April wheat imports almost double on year to 603,013 mt

China’s wheat imports rose 99.4% year on year to 603,013 mt in April, after posting a 140% surge in March, customs data showed. Imports over January-April totaled 1.67 million mt, also almost doubling from the same period a year earlier. Traders said imported cargoes from the US and Australia were cheaper than domestic premium wheat prices in the period, while the country’s appetite for premium and specialty wheat was seeing strong growth from a rapidly expanding bakery and pastry sector. China’s domestic price of premium grade domestic wheat has averaged ...

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Chinese Ministry says Chinese exports have little impact on US steel industry

The Ministry of Commerce rejected US claims that China is behind the global steel overcapacity, saying its exports have little impact on the US steel industry. China understands that the United States is concerned about the closure of US steel companies and the resultant unemployment of blue-collar workers, but the root cause of this wave of global steel overcapacity is shrinking demand due to economic downturn since the global financial crisis, the MOC said in a research report on China-US economic and trade relations. The report said it is untenable ...

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Chile’s March coal imports down 21% on year as LNG gains ground

Chile imported 969,000 mt of coal in March, down 21% from the same month last year, Energy Ministry data showed. The monthly figure marked an increase of 6.9% from February. Chile’s suppliers in the month were Colombia (636,000 mt), Australia (241,000 mt) and the US (92,000 mt). Imports during the first three months of the year totaled 2.675 million mt, down 7.2% from a year earlier. The drop in imports comes amid slowing demand from the country’s coal-fired power plants. Coal-fired generation during the first three months of the year ...

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U.S. Steel tug of war: Fundamental upgrade versus technical ‘death cross’

U.S. Steel Corp.’s stock rallied Wednesday after an astute Credit Suisse analyst turned bullish on the steelmaker, but can that trump the looming “death cross” technical pattern that suggests further losses over the longer term? Analyst Curt Woodworth raised his rating on U.S. Steel X, +0.46% to outperform from neutral, citing the belief that steel prices have neared an inflection point, with trade policy providing a tailwind, and given attractive valuations. He raised his stock price target to $29, which was 39% above current levels, from $25. Woodworth expects hot-rolled ...

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Cold Rolled Coil Prices Weaken in Northern Europe

Market participants, in Denmark, report that local demand is a little weaker than in neighbouring Sweden and Germany. Cold rolled coil values softened, slightly, in May, according to MEPS. Consumption is at a high level, in Sweden. However, prices are believed to have peaked, for now. Purchase volumes are satisfactory, in Finland. The price trend is thought to have reached the top of the current cycle but MEPS has no reports of reductions, as yet. Sales tonnages are high, in the Netherlands. Offers from China are competitive, even after the ...

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Indonesia’s revenue needs override coal curbs as oil take drops

Indonesia will miss coal production targets as the government needs to lean on revenue from the fuel to make up shortfalls from its take from oil and gas output, ensuring the country keeps its top coal exporter status, officials said. Southeast Asia’s largest economy will need to boost coal shipments as revenues from the sector are critical for the government. This will undermine planned coal production curbs seen as crucial to Indonesia’s policy of using the fuel as the backbone of its electric power development plans. Indonesia is targeting a ...

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