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Tanker Market Rates 24/02/2018

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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Clarkson Capital Upgrades Dorian LPG (NYSE:LPG) to “Buy”

Dorian LPG (NYSE:LPG) was upgraded by Clarkson Capital from a “neutral” rating to a “buy” rating in a research note issued on Monday, February 12th, MarketBeat.com reports. LPG has been the subject of several other research reports. Zacks Investment Research raised Dorian LPG from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research report on Thursday, January 4th. ValuEngine raised Dorian LPG from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, DNB ...

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Singapore police files new charges for theft of MGO from Shell

Singapore police have filed new charges on a group of men charged last month for allegedly stealing marine gasoil from Shell Eastern Petroleum’s refinery, official police documents obtained by S&P Global Platts showed. Five fresh charges were filed against Juandi Pungot, Muzaffar Ali Khan Muhamad Akram, Cai Zhi Zhong, Tiah Kok Hwee, and Koh Choon Wei, who are alleged to have conspired to misappropriate about $2.83 million worth of MGO. The alleged offences on August 4 last year concern 907 mt of MGO worth $428,086; on July last year 1,834 ...

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Ocean Safety sees significant shift in liferaft supply from ownership to rental contracts

Leading provider of safety equipment and 3Si Group company Ocean Safety has seen a marked shift from liferaft sales to rental contracts. Ocean Safety both sells and rents a large range of SOLAS approved liferafts to the commercial maritime sector and in the past 30 months the company’s hire fleet has risen from 60 to 400. These include ORL rafts ranging from 25-65 persons and Charter ISO rafts with grab bag upgrades to comply with Code of Practice regulations. Alistair Hackett, General Manager at Ocean Safety comments “Commercial operators are ...

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Singapore aims for 1,500 new jobs, S$5.8b value-add in revamp of marine and offshore engineering industry

A multi-agency team led by the Economic Development Board (EDB) has charted out a road map to rejuvenate and transform the beleaguered marine and offshore engineering (M&OE) industry. The M&OE industry transformation map (ITM) launched by Minister for Trade and Industry (Industry) S. Iswaran on Thursday (Feb 22) targets to generate about $5.8 billion of value-add and create 1,500 jobs by 2025. The EDB acknowledged in a statement on Thursday that Singapore’s M&OE industry has gone through one of its most trying periods over the past three years after a ...

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ONE, OOCL and SACO Shipping use booking tool eBooking

Since February 2018, the carriers ONE – Ocean Network Express (Europe) Limited and OOCL Orient Overseas Container Line Limited as well as the NVOCC service provider SACO Shipping have also been receiving forwarders’ bookings via DAKOSY’s eBooking platform. The response messages, including booking confirmations, depot information, arrival at the port of destination, etc., are also sent back to the freight forwarders electronically via the platform. eBooking offers many advantages for forwarders. They gain an EDI interface to the platform and, in addition to ONE, OOCL and SACO, are also connected ...

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Hyundai Heavy wins $58 mln order to build LPG tanks in Nigeria

Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, said it has received a US$58 million order to build 15 bullet tanks for storing liquefied petroleum gas (LPG) for a Nigerian firm. Hyundai Heavy said it is set to deliver the tanks to Nigeria’s Dangote Oil Refining Company, Africa’s largest refinery, beginning in April 2019. The 15 cylindrical tanks — each being eight meters in diameter and 95 meters in length — can hold 75,000 cubic meters of LPG, according to Hyundai Heavy. Shares in Hyundai Heavy fell 2.34 ...

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Palumbo Group opens new site in Romania

Palumbo Group, which runs the Bormla shipyard, has just opened a new site in Costanza, Romania, as it continues with its rapid expansion. The development comes just a month after it invested more than €10 million in taking over the ailing former Mondomarine facility in Savona, Italy. “Our strategy is to continue building on optimising our services and remaining a major player to be reckoned with in the Mediterranean,” Group CEO Antonio Palumbo said. The new site in Costanza will provide specialised services to the offshore and engineering sectors. The ...

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King Abdullah Port focuses on KSA’s strategic position as trade and logistics hub

King Abdullah Port sponsored and participated in the third edition of the Breakbulk Middle East conference and exhibition, which was held recently at the Abu Dhabi National Exhibition Center with the participation of 60 exhibitors and 80 speakers. The event addressed the opportunities and challenges of shipping projects in the region. The event was inaugurated with a keynote speech by Dr. Abdullah S. Al Katheeri, Director General of the Federal Transport Authority – Land & Maritime in the United Arab Emirates. Commenting on the event, Mr. Rayan Qutub, CEO of ...

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US hikes duties further on Argentine, Indonesian biodiesel imports

The US Department of Commerce announced the imposition of further anti-dumping duties on biodiesel imports from Argentina and Indonesia, from last year’s provisional levels. This is based on the finding that exporters from Argentina have sold biodiesel in the US at 60.44-86.41% less than fair value, while the equivalent dumping range for Indonesian exporters was found even larger at 92.52-276.65%. This came as confirmation of the preliminary finding in October but the final determination increased the ranges of dumping margins. The DOC said it would instruct US Customs and Border ...

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South Asia dominates Ukrainian wheat exports so far 2017/18

The countries of Southeast Asia have become the major buyers of Ukrainian wheat in the first seven months of the current season, importing around a third of the total volume, UkrAgroConsult said. Indonesia, Philippines, Singapore and Malaysia took larger supplies, the consultancy said. “This region absorbed more than 29 percent of Ukrainian wheat exports in July-January 2017/18 or 3.53 million tonnes,” it said in a statement. African states accounted for 26 percent or 3.15 million tonnes, UkrAgroConsult said. Those exports went mostly to Egypt, Tunisia, Mauritania, South Africa, Nigeria and ...

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Turkish buyers seek out more Russian corn on barley price surge

Demand for Russian corn in Turkey has increased substantially as buyers seek an alternative to the ballooning price of barley. Barley prices have risen steadily since the end of December when Turkish authorities removed a 35% tariff on barley imports. The removal of the tariff caused barley demand to rocket as cattle feeders opted for barley instead of corn on barley’s higher protein content. Prices have jumped around $35 since December to $180/mt in February. Bids for FOB-Azov balance-front month 3,000 mt cargoes have been heard around $178/mt with freight ...

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U.S. copper stocks sprint to record high, reflecting transport costs, weak demand

Record high stocks of copper in land-locked Arizona and Utah are a reflection of soaring transport costs in the United States and weak demand for the industrial metal produced in the Americas, copper industry sources say. Trading sources added that stocks in these two locations are likely to keep rising until prices are high enough to offset costs of transporting the copper. Copper stocks held in warehouses registered with COMEX in the United States stand at 228,428 tonnes, up from below 90,000 tonnes at the start of 2017. Specifically, stocks ...

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Anglo-American 2017 thermal coal production for export falls

Miner Anglo-American PLC reported a drop in export thermal coal production for the seaborne market from its operations in Colombia and South Africa, the company said. South African sales volumes dropped 3% to 18.6 million mt with continued productivity improvements at underground operations more than offset by a self-enforced 100-hour safety stoppage at all operations, the company said in an earnings statement. Anglo-American said the thermal coal market had experienced the positive price effects of Chinese domestic coal production rationalization, which supported coal imports into China and lifted seaborne pricing. ...

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Soybeans face 3rd week of gains as Argentina drought hits supplies

Chicago soybean futures rose for a fourth consecutive session on Friday, with the market set for a third week of gains as a severe drought in parts of Argentina’s oilseed producing regions is expected to reduce production. Wheat edged higher but the market is facing its first weekly loss in six weeks on improved weather across U.S. southern Plains and abundant global supplies. The most-active soybean contract on the Chicago Board Of Trade is up 2.3 percent this week, the third straight weekly gain. Soybeans on Thursday hit a high ...

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