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Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2017

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $23.8 million and net loss attributed to common stockholders of $25.3 million for the second quarter of 2017. This compares to a net loss of $31.3 million and net loss attributed to common stockholders of $32.7 million for the second quarter of 2016. Time charter revenues were $37.8 million for the second quarter of 2017, compared to $28.3 million for the same quarter of 2016. The increase in time ...

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NWE low sulfur fuel oil cargoes swing to premium against Med for first time in 2017

Northwest European low sulfur fuel oil cargoes were Tuesday assessed at a premium to Mediterranean cargoes for the first time this year as fundamentals appear to be turning bullish in the north, while a supply glut in the south is expected to persist. The Med-North spread was assessed at minus $0.75/mt Tuesday, down $1/mt on the day and its lowest level since December 9, according S&P Global Platts. The spread has only been assessed below zero one other time since 2015. The Mediterranean is the largest import hub for LSFO ...

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Teekay Offshore Partners L.P. (TOO) Receives Average Recommendation of “Hold” from Brokerages

Shares of Teekay Offshore Partners L.P. (NYSE:TOO) have earned a consensus rating of “Hold” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $3.25. A number of equities analysts have issued reports on TOO shares. Morgan Stanley lowered Teekay Offshore Partners L.P. from an ...

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Autonomous cargo ships look to upend the logistics industry

The world’s first semi-autonomous cargo ship could begin operating in the second half of 2018 and become fully autonomous by 2020, according to The Wall Street Journal. The ship was built by Yara International and Kongsberg Gruppen, two Norwegian firms, and is equipped with sensors, cameras, radar, and a global positioning system (GPS) that give it the ability to navigate through the seas and dock on its own. Autonomous cargo ships could disrupt the $15.5 trillion logistics business, but there are still issues that must be resolved before they become ...

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OOCL Sets Congestion Surcharge for the Ports of Rotterdam and Antwerp

Due to the serious delays affecting the barge handling at the deepsea terminals in the ports of Rotterdam and Antwerp, barge-operators are now introducing a Congestion Surcharge. The resulting increase in transportation cost cannot be absorbed by OOCL. Effective August 1st, 2017 we will therefore apply a Congestion Surcharge for any Carrier’s Haulage inland transportation by barge between Germany and the ports of Rotterdam and Antwerp (Inbound and Outbound) of EUR 25 per container. Thank you for your continuous support and understanding. Source: OOCL

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Sound financial basis for future investments

Antwerp Port Authority has closed its financial year with a consolidated profit of 122.7 million euros. This result is largely due to a one-off factor, namely a capital gain on the sale of the company’s former headquarters. Meeting customers’ expectations Port Authority CEO Jacques Vandermeiren declared: “We need to have sufficient financial reserves to offer our customers the reliable, cost-efficient service that they expect. Maritime accessibility, good-quality hinterland connections via the different transport modes, sufficient capacity and efficient infrastructure are just some of our customers’ expectations, and we will have ...

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Egypt plans to lure 30 billion USD to develop Suez Canal zone

Egypt is planning to lure local and foreign investments worth 30 billion dollars in the Suez canal economic zone in the coming five years, said Investment Minister Sahar Nasr. Speaking at a session of the Egyptian government simulation program of the Fourth National Youth Conference, Nasr said she will visit Singapore in August to promote the most important investment opportunities in the Sczone. Nasr further stressed that her ministry is working on attracting FDIs to shore up Egypt’s economy via securing more jobs for youth, reducing unemployment rates and increasing ...

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New India connection for the Malta Freeport links major ports

Malta Freeport Terminals has added a new weekly service to its operations which links major ports in India, Pakistan, Eastern Mediterranean and the Arabian Gulf. The service, known as ‘IndaMed’, is operated by three of the world’s largest shipping lines: CMA CGM, APL and COSCO Shipping. The first vessel to service this route – the CMA CGM Virginia which can carry up to 5,100 container units (TEUs) – called at the Malta Freeport in recent days. Malta Freeport Terminals CEO Alex Montebello said: “This new service has further strengthened Malta ...

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PierPass OffPeak Program Diverts 40 Million Truck Trips from Los Angeles Area Traffic

PierPass Inc. announced that its OffPeak program has diverted more than 40 million truck trips out of weekday daytime traffic in the Los Angeles area since the program began 12 years ago this week. The OffPeak program’s reduction in traffic congestion has also removed hundreds of tons of pollution from the region’s air, a major contribution to efforts by the cities of Los Angeles and Long Beach to cut pollution from the San Pedro Bay port complex. “In southern California, heavy-duty trucks are the single largest source of both the ...

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MMC Corp says ‘no issue’ over restructuring exercise of all ports

Leading utilities and infrastructure group, MMC Corp Bhd, said there is no issue on the restructuring exercise of all ports to bring more value for its operations. Its group managing director Datuk Seri Che Khalib Mohamad Noh said there is no urgency over its ports listing. Instead, it is focusing on growing the port funds for future expansion. “We are looking at the listing by the end of 2018 or early 2019. Let us bring more value to our ports. We are also looking at the tariff revision with the ...

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Japan’s Japex eyes spot, term LNG contracts as Pacific NorthWest falls through

Japan Petroleum Exploration Co., or Japex, would consider procuring LNG through spot or mid- to long-term contracts after Canada’s Pacific NorthWest LNG project in which Japex has a 10% stake fell through, a spokeswoman for Japex said. “We rather think that this has given us more choices,” said the spokeswoman, adding that the company could take advantage of low LNG prices. Japex was supposed to receive around one million mt/year of LNG from the Pacific NorthWest project and use that for its planned gas-fired power plant and also market to ...

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Russia’s AgMin expects approval to export grain stockpile in Sept

Russia’s Agriculture Ministry hopes to receive government permission to export some of its grain stockpile in September, it said in a proposal published on the government website www.regulation.gov.ru. The ministry has been considering exporting 500,000 tonnes of grain from its 4 million tonne stockpile to free up storage space and to lessen federal budget spending on servicing the stock, industry sources told Reuters in March. The sale of some of the stockpile requires permission from the government as current regulations do not allow the ministry to export grain from its ...

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American Iron and Steel Institute: Preliminary Imports Increase 11.6% in June; Finished Import Market Share YTD at 27%

Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of 3,868,000 net tons (NT) of steel in June 2017, including 2,941,000 net tons (NT) of finished steel (up 11.6% and 12.8%, respectively, vs. May final data). Year-to-date (YTD) through six months of 2017, total and finished steel imports are 19,641,000 and 15,024,000 net tons (NT), up 25.0% and 17.2%, respectively, vs. the same period in 2016. Annualized total and finished steel imports in 2017 would be 39.3 and ...

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S. Korea: Petroleum Product Exports Hit 2.29 Billion Barrels in First Half

The Korean refining industry recorded largest exports of petroleum products in the first half of the year. The Korea Petroleum Association announced on July 25 that Korean oil refineries such as SK Energy, GS Caltex, S-OIL and Hyundai Oilbank exported 228.998 million barrels, which was the highest ever, in the first half of this year. This figure is a year on year increase of about 910,000 barrels from 228,081 million barrels, a record high, in the first half of last year. Exports of petroleum products in the first half were ...

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Coal to stay king in India as power mainstay, says Niti report

Coal would remain at the centre stage in India with its share in energy mix not declining below 46% in 2047, claimed a report titled ‘Energising India’, jointly prepared by the NITI Aayog and the Institute of Energy Economics, Japan. The study found that coal and nuclear would continue to operate as base load units for power generation. The report said that the share of electricity generation through coal based power plants will almost be around 55% in 2032. In FY17, coal power plants generated more than 85% of the ...

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