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Global Stocks Drift Lower, U.S. Futures Decline

International stocks drifted lower, with few major coronavirus developments to drive trading. Futures for the S&P 500 fell 0.8%, suggesting U.S. markets could retreat Thursday. European stocks also declined, with the pan-continental Stoxx Europe 600 down 0.9%, led by losses in France and Germany. Major stock indexes in Asia fell, with the Hang Seng Index, Japan’s Nikkei 225, Australia’s S&P/ASX 200 and China’s Shanghai Composite falling between 0.2% and 0.6%. South Korea’s Kospi Composite bucked the trend, adding 0.4%. Christopher Smart, chief global strategist at Barings, said stocks had recovered ...

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Dollar gains as risk-taking appetite wanes

The dollar edged higher on Thursday as Sino-U.S. tensions and weak economic indicators in Europe dented sentiment after hopes of a quick economic recovery and further stimulus fuelled an overnight rally on Wall Street. Against a basket of currencies the greenback rose 0.2% to 99.40 while U.S. stock futures were trading in the red. The euro eased down 0.1% to $1.0972, giving up some gains secured after a Franco-German proposal for a pan-European Union fund propped up hopes the bloc could move closer to a fiscal union. Stock markets across ...

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New normal: The global economy will look nothing like it did before

There are economies, and sectors within them, that are leveraged to globalisation. If the coronavirus pandemic threatens globalisation, then it threatens them even more directly and unpleasantly. All the talk about a return to normal after the pandemic – the debates about “V-shaped” or “U-shaped” or “W-shaped” recoveries – understates the probability that, whatever normal looks like after the pandemic, it won’t be what it was before. Even without the pandemic, the fracturing of the relationship between the US and China; the Trump administration’s assaults on multilateral institutions and relationships ...

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EU says Britain not automatically entitled to any trade benefits

The European Union’s Brexit negotiator said on Wednesday that Britain was not automatically entitled to any benefits that the bloc had previously granted to other partners on trade. As the two sides negotiate a new partnership following Britain’s departure from the EU, London’s chief negotiator published a letter on Tuesday accusing Brussels of denying it trade benefits the bloc previously granted others. “There is no automatic entitlement to any benefits that the EU may have offered or granted in other contexts and circumstances to other, often very different, partners,” the ...

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China’s ‘Two Sessions’ herald rebound of economy

As the coronavirus fallout is spreading in Western economies, China’s rebound has begun. Global recovery requires global cooperation, however. Today, international interest in the annual Two Sessions of China’s top legislative and political advisory bodies – National People’s Congress, and Chinese People’s Political Consultative Conference – which starts on Thursday, is exceptionally high. Due to the global pandemic, the Sessions take place under strong anti-epidemic measures, including social distancing, and will be significantly shorter and rely more on videoconferences. Such measures are in line with the science-based health policies, which ...

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Tanker Market Rates 21/05/2020

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

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Satisfaction survey in container transport: availability of cargo space now number one customer requirement

Container shipping lines’ ability to provide cargo space as needed showed a marginal improvement in 2019, but this gain will have been dramatically reversed by the end of the first half of this year, according to the fourth annual shipper satisfaction survey of Drewry and the European Shippers’ Council (ESC). The survey, run jointly by the ESC and Drewry, reveals that the 227 shippers and forwarders who took part rated the service of container shipping lines with an average score of 3.2 on a scale of 1 (very dissatisfied) to ...

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Frontline Reports Best First Quarter Results in 12 Years Amid Historically Low Breakeven Rates

Frontline Ltd., yesterday reported unaudited results for the three months ended March 31, 2020. Highlights • Net income of $165.3 million, or $0.84 per diluted share for the first quarter of 2020, excluding $7.1 million of net cash receipts and accrued profit share in relation to the five charter-in and charter-out agreements with Trafigura that have been treated as a reduction of the acquisition cost of the vessels. • Net income adjusted for certain non-cash items of $179.3 million, or $0.91 per diluted share for the first quarter of 2020, ...

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Bunker demand to fall by 5 % in 2020

Risavika LNG index continued its downward trend following European gas markets fundamentals, resulting in the index falling by 2 % week on week. Despite lower pipeline gas imports to Europe and colder weather last week, the market remained oversupplied. Most of the oversupply is accounted for LNG imports and historically high gas inventory levels. Oil prices went up last week on OPEC+ production cuts, lower US oil production, recovering demand and easing fear of lack of oil storage capacity. Fuel oil prices (FO 3.5) front month closed at 160.68 USD/t ...

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Why COVID-19 rebound hopes are weighing down tanker stocks

It was a huge day for U.S. stocks, with the Dow surging by over 900 points on news of a potential vaccine breakthrough and positive stimulus comments from Federal Reserve Chairman Jerome Powell. Many shipping stocks, particularly dry bulk stocks, showed strong gains, with Star Bulk (NASDAQ: SBLK) jumping 15%, Eagle Bulk (NASDAQ: EGLE) up 13%, Scorpio Bulkers (NYSE: SALT) 9%, Golden Ocean (NASDAQ: GOGL) 8% and Genco (NYSE: GNK) 7%. But tanker stocks were conspicuously absent from the party. At midday, the screen of shipping stocks was a sea ...

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BIMCO, Institute of Chartered Shipbrokers and Videotel partner in unprecedented online education collaboration

BIMCO, Institute of Chartered Shipbrokers and Ocean Technologies Group subsidiary Videotel have partnered to create a high-quality, accessible educational resource to help maritime students across the globe to continue their studies remotely during the coronavirus pandemic BIMCO, the Institute of Chartered Shipbrokers and Ocean Technologies Group maritime eLearning subsidiary Videotel have joined forces to provide access to a wealth of self-study material via the institute’s learning management system. The ICS Online Academy is free for all registered students until the end of July 2020 and will enable them to use ...

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Saudi pips Iraq as top oil supplier to India in April -trade

Saudi Arabia replaced Iraq as the top oil supplier to India in April after a gap of three months as refiners in Asia’s third largest economy were drawn by deep discounts on Saudi crudes, data obtained from sources showed. Refiners in India, the third largest oil importer, requested higher volumes for April from Saudi Aramco and UAE’s Abu Dhabi National Oil Co (ADNOC), which both increased output while cutting prices last month. India’s oil imports in April totalled 4.63 million barrels per day (bpd), up 5% from March but down ...

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China to slash H2 coal imports to back domestic miners, analysts say

China is expected to tighten coal import rules in the second half of 2020 to shore up its struggling domestic industry, after record arrivals in the first four months, just as demand tanked because of the coronavirus outbreak. Imports could drop as much as a quarter in the second half from the corresponding 2019 period, analysts estimate, which is likely to boost pressure on major coal exporters, such as Australia, Indonesia and Russia, which are already battling weak demand because of the virus. China’s total coal consumption, including thermal and ...

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The Bahamas Maritime Authority appoints Captain Ghulam Hussain as Deputy Director (Maritime Affairs)

As a continuously serving member of the IMO council since 1999 and an active participant at all IMO meetings, The Bahamas Maritime Authority (BMA) has played a key leadership role in much of the maritime decision making that has taken place over the past few decades. The BMA is therefore pleased to announce the appointment of Captain Ghulam Hussain as Deputy Director (Maritime Affairs) with responsibility for Bahamas representation at IMO and intergovernmental meetings. Captain Hussain joins the BMA having recently held a similar position at the Nautical Institute where ...

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SFL – Acquisition of 2020-built VLCC with long term charter

SFL Corporation Ltd. announces that it has agreed to acquire a newbuild 308,000 dwt crude oil carrier, or “VLCC”, in combination with a 7-year bareboat charter, adding nearly $60 million to SFL’s fixed rate charter backlog. The vessel is expected to be delivered from the shipyard in China in the second quarter, and will have full cash flow effect in Q3 2020. The net purchase price will be $65 million, which is significantly below current broker estimates for VLCC resales, effectively providing SFL with a very attractive risk profile. SFL’s ...

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