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Tanker Owner Frontline Reiterates View That Freight Rates Will Face Headwinds During 2017

Frontline Ltd., today reported unaudited results for the three months and year ended December 31, 2016: Highlights Achieved net income attributable to the Company of $18.3 million, or $0.12 per share, for the fourth quarter of 2016 and $117.0 million, or $0.75 per share, for the year ended December 31, 2016. Achieved net income attributable to the Company adjusted for certain non-cash items of $34.5 million, or $0.22 per share, for the fourth quarter of 2016 and $188.9 million, or $1.20 per share, for the year ended December 31, 2016. ...

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Golden Ocean Looks to Dry Bulk Market’s Second Quarter Recovery In Order to Lower Debt

Golden Ocean Group Limited, a leading dry bulk shipping company, today announced its results for the quarter ended December 31, 2016. Highlights Reports net income of $6.5 million and earnings per share of $0.06 for the fourth quarter of 2016, an improvement of $33.2 million compared with a net loss of $26.7 million and a loss per share of $0.25 for the third quarter of 2016. Adjusted EBITDA in the fourth quarter was $24.2 million compared with $8.6 million in the third quarter of 2016. Reports net loss of $127.7 ...

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Dry Bulk FFA: Holidays Hurt Capesize Market

Capesize FFA Commentary: Capes came under pressure yesterday after another quiet day on physicals and holidays in Brazil, Greece and Taiwan. March and Q2 lost most value as traders felt the momentum on physicals had potentially faltered. However, at lower levels there remained decent buying interest as some felt today presented a good buying opportunity moving into the week. Panamax FFA Commentary: Quiet start to the week with rates slipping on the prompt albeit on thin volume. We appear to see buyers supporting the curve around here (March at 8800 ...

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Latin America’s most technologically-advanced container terminal now open for business

APM Terminals Lazaro Cardenas received its first official vessel call today with the arrival of the 9,600 TEU capacity Maersk Salalah on the AC2 Transpacific service from Asia. “Today is a milestone as we add an additional operational terminal to our portfolio. A priority for us is to transition terminals under implementation into operation, and make them as efficient as possible to support our customers.” said Morten H. Engelstoft, CEO of APM Terminals. “We have a significant portfolio across Latin America, and this will be our second terminal in Mexico ...

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GMS Week 08 – POINTING TO POSITIVE!

This week, all markets pointed to a positive sentiment as a glut of container sales were concluded into a resurgent India. Steel prices have

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Hapag-Lloyd reports operating profit in 2016: Volume up 2.7% / EBITDA reaches EUR 607 million / EBITDA margin at 7.9% / EBIT of EUR 126 million

Hapag-Lloyd achieved a positive operating result (EBIT) for 2016. Based on the preliminary unaudited figures earnings before interest, taxes, depreciation of intangible and fixed assets (EBITDA) reached EUR 607 million (2015: EUR 831.0 million) and the operating result (EBIT) EUR 126 million (2015: EUR 366.4 million) in 2016. The EBITDA margin is 7.9%. In the 4th Quarter Hapag-Lloyd was able to increase EBITDA compared to 4th Quarter of the previous year to EUR 226 million (Q4 2015: EUR 140.4 million) and EBIT to EUR 100 million (Q4 2015: EUR 17.8 ...

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Neste starts ex-pipe delivery of low-sulfur marine fuel in Sweden

Neste has started the ex-pipe delivery of low-sulfur marine fuel at the Södertälje terminal in Sweden. In ex-pipe delivery, marine fuel is delivered directly to ships via a pipeline from the terminal, without any separate refueling trucks or vessels. The ex-pipe service is available both for ships calling the Södertälje terminal for cargo and for ships passing the terminal. The service will first be used by Astral, a tanker operated by Sirius Chartering. “We started the delivery of low-sulfur marine fuel in Sweden at the beginning of the year. We ...

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Farstad Shipping Announces Series of Charter Contracts

Farstad Shipping ASA has been awarded the following charter contracts: The AHTS Far Sigma (2014, UT 731 CD, 24,371 BHP) has been awarded a 1 well contract by Lundin Norway AS to support their drilling program with Island Innovator on the Norwegian Continental Shelf. Commencement will take place end of February 2017. Fairfield Betula Limited has awarded the PSV Far Symphony (2003, P 105, 4,929 DWT) a 12 months contract to support their operation on the UK shelf. Commencement will take place during April 2017. Fairfield has the option to ...

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Port of Portland, ICTSI Agree to Lease Termination at Terminal 6

ICTSI Oregon, Inc. and the Port of Portland have mutually agreed to terminate a 25-year lease agreement to operate the container facility at the Port’s Terminal 6. The agreement allows ICTSI Oregon to be relieved of its long-term lease obligations effective March 31, 2017, pending approval by the Port Commission. In exchange, the Port will receive $11.45 million in compensation to rebuild business, as well as additional container handling equipment, spare parts and tools at the terminal. “Small businesses, farmers, agricultural producers, shippers and communities throughout the Columbia River region ...

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Bulgarian competition authority cancels Vidin South port terminal concession

Bulgaria’s competition regulator said it has cancelled a contract awarding a 35-year concession on Vidin-South port terminal, on the Danube river, to local company SKM Port Vidin. The commission in charge of awarding the concession has failed to include all interested companies in the selection process, the Commission for Protection of Competition said in a statement last week. The contract, awarded by Bulgaria’s government in November 2016, envisaged an annual fixed concession fee of 8,060 levs ($4,400/4,100 euro) plus 1.76% of its net revenues from the operation of the port ...

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Nigeria: Shallow seaports worsen nation’s economic woes

Owing to their shallow water challenges, the nation’s seaports are not contributing optimally to the growth of the economy. The Guardian’s investigations revealed that any vessel that requires about 15 meters’ water depth and above cannot berth at any of the six ports in the country. The situation is having adverse effects on international trade, as many large ships are diverted to neighbouring countries while others berth on the high sea, requiring feeder vessels to transship their consignments. This attracts additional charges, which further increases the cost of transportation and ...

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Iran exports 24m barrels of gas condensate in January

Iran exported 24 million barrels of gas condensate to European and Asian destinations in January, Shana reported. Asian countries have always been top buyers of Iranian gas condensate but recently Europe too has joined Iran’s gas condensate customers as BP received its first one-million-barrel cargo in October 2016. According to National Iranian Oil Company Managing Director Ali Kardor Iran is currently producing 550,000 barrels of gas condensate on a daily basis and with South Pars giant gas field going fully operational this figure will exceed 1 million barrels per day ...

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India’s steel scrap imports surged 27% in November

The latest statistics released by the Directorate General of Commerce Intelligence and Statistics (DGCI&S) under the Ministry of Commerce, Government of India, indicate that the country’s ferrous scrap surged higher significantly during November last year, in comparison with the prior month. This is the second straight month of increase in scrap imports by the country. The combined imports during the initial eleven months of 2016 were marginally up year-on-year. India imported 482,213 tons of scrap steel during the month of November last year. The imports increased sharply by 26.7% when ...

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China’s Jan copper concentrate imports from Peru rise 27% on year to 398,568 mt

China imported 398,568 mt of copper concentrate from Peru in January, up 27% year on year, latest data released over the weekend by the General Administration of Customs showed. Peru edged out Chile as China’s top source of imported copper concentrate in January. Imports from Chile stood at 318,618 mt in January, up 1% year on year. China’s other top eight suppliers in January were Mongolia with 110,867 mt, the US 67,011 mt, Mexico 50,440 mt, Australia 48,852 mt, Kazakhstan 37,852 mt, Spain 26,699 mt, Indonesia 25,942 mt and Laos ...

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As China hits peak iron ore, miners look elsewhere for growth

China has reached peak iron ore usage, which will force lower-grade producers such as Fortescue Metals Group to offer increasingly large discounts to steel mills, according to participants at China’s main iron ore industry conference. Peak iron ore was not supposed to happen for at least another decade, but Greg Pan, the chief executive of diversified miner and steel mill owner China Hanking Holdings, said there would be little to no growth in demand for foreign iron ore from mainland steel mills this year and the trend of imports displacing ...

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