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V.Group announces new leadership team

V.Group is pleased to announce the appointment of Ian El-Mokadem as Chief Executive Officer and Martin Gaard Christiansen as Chief Commercial Officer. Both will assume their positions in the autumn. Ian joins from Exova, the global provider of technically demanding testing, calibration and related advisory services, where he served as Chief Executive for the last six years. Ian was responsible for professionalising and growing the business, which operates in 33 countries, has a network of 4,200 experts across 138 laboratories, and is trusted by customers in industries such as aerospace, ...

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LNG tankers heading to Britain, Belgium and the Netherlands

The following liquefied natural gas (LNG) tankers are expected to arrive in Britain, Belgium and the Netherlands in the coming weeks. The vessels carry gas to Europe’s most active markets and include cargoes delivering on a spot basis and under long-term contracts. Estimated arrival dates are often revised by port authorities and AIS Live ship-tracking data on Reuters, and are updated below. Some tankers heading for Belgium and Britain may be loading at the terminal. Those expected to load are indicated with an (L). Tankers that have docked are indicated ...

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ARA fuel oil inventories reach four-month high, despite lower exports

Fuel oil inventories in the Amsterdam-Rotterdam-Antwerp region rose by 84,000 mt to 1,171,000 in the week ending July 27, according to data from PJK Consulting. This week’s build boosted inventories to their highest level in four months. Stocks were last higher on March 30 when they reached 1,545,000 mt. This represents the third consecutive rise in fuel oil stocks this month. Fuel oil and gasoline were the only oil product inventories to rise, while naphtha, gasoil and jet fuel stocks drew. Unlike last week, when the rise in fuel oil ...

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Asia Fuel Oil-Crack at 1-1/2 month low; Hin Leong on a buying spree

Asia’s 180-centistoke (cst) fuel oil crack fell further to hit a 1-1/2 month low at discounts of $1.30 to Dubai crude on Friday as supplies built in key regions. Cash deals in Singapore were vibrant with a total of 220,000 tonnes traded, the highest daily volume since May 8. 380-cst grade made up the bulk of the fuel oil traded on Friday, with Singapore trader Hin Leong buying five and selling two of the total 11 cargoes traded. Hin Leong has been on a buying spree and bought a total ...

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OOIL Says Total Volumes up 6.6% During Second Quarter, With Revenues up 23.8% on an Annual Basis

For the second quarter of 2017 (ended 30th June 2017), total volumes were 6.6% up from the same period last year. Total revenues increased by 23.8% to US Dollars 1,405.9 million. Loadable capacity increased by 9.6%. The overall load factor was 2.3% lower than the same period in 2016. Overall average revenue per teu increased by 16.2% compared to the second quarter of last year. For the first six months of 2017 (ended 30th June 2017), total volumes increased by 6.8% over the same period last year and total revenues ...

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Eagle Bulk Shipping Inc. (EGLE) Downgraded by BidaskClub to Strong Sell

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Thursday. Separately, Zacks Investment Research lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Eagle Bulk Shipping (EGLE) traded down 2.26% during trading on Thursday, reaching $4.32. 206,187 shares of the company traded hands. The company’s 50-day moving average price is $4.58 and its 200 day moving average price is $5.23. Eagle Bulk ...

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EXMAR: CFLNG And Kruibeke

EXMAR is pleased to announce that it has taken delivery of the CARIBBEAN FLNG (CFLNG) on the 27th July 2017 from Wison Offshore & Marine in the People’s Republic of China. The CFLNG consists of a 500,000 tons per year floating liquefaction plant with 16,000 m³ of LNG storage and will remain moored in Wison Shipyard. Communication on the employment of the CFLNG will be made once the final agreement with the customer is signed. EXMAR has achieved this important milestone with the support of Wison Offshore & Marine, Bank ...

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Gadani’s ship-breaking workers threaten to go on strike

The Ship Breaking Workers Union Gadani has warned of going on strike in mid-August if their employers and the government do not fulfil their demands of provision of health and safety facilities at workplaces, increments in salaries and wages as well as special legislation for their industry. Addressing a press conference on Thursday at the Karachi Press Club, union president Bashir Mehmoodani said that the ship-breakers and authorities seemed least bothered about workers’ safety at the yards, despite witnessing one of the deadliest disasters in the history of the industry ...

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North Sea Ekofisk crude exports to be 240,000 bpd in Sept – source

Exports of North Sea crude stream Ekofisk will be 240,000 barrels per day in September, down slightly from 252,000 bpd in August, an industry source with direct knowledge said. The programme will have 12 cargoes of 600,000 barrels each compared with 13 cargoes in August. Ekofisk is one of the four North Sea grades, along with Forties, Brent and Oseberg, that make up the key dated Brent benchmark for global oil trading. Source: Reuters (Reporting By Julia Payne; Editing by Susan Fenton)

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Trump’s threat on steel import tariffs already spooking buyers

President Donald Trump’s pledge to safeguard US steelmakers from cheap overseas shipments is already working even as hopes fade of an imminent announcement of measures. At least that’s what Cliffs Natural Resources Chief Executive Officer Lourenco Goncalves says is happening as buyers shy away from imported steel in case the White House hands down restrictions that would invoke retroactive penalties. The ensuing increase in demand for domestic metal is allowing US producers to push up prices, he said in a telephone interview. “We are seeing that happening right now,” said ...

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Miner Vale to look toward copper after 2nd-quarter miss

Brazilian miner Vale SA said it would seek out fresh copper mining options and stop expanding nickel production capacity after second-quarter net income plunged on forex losses, rising costs and weaker iron ore prices. Net income tumbled 99 percent to $16 million from $1.1 billion a year earlier, far below an average estimate of $421 million. The world’s largest iron ore miner kept making slow progress on cutting net debt, which slipped 3 percent in the three months through June to $22.12 billion – still a far cry from a target of ...

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Drought slashes U.S. spring wheat yield prospects: tour

Hot and dry weather during the growing season slashed yield prospects for U.S. hard red spring wheat to the lowest in nearly a decade, scouts on an annual crop tour said. The Wheat Quality Council tour pegged the 2017 U.S. hard red spring wheat yield at 38.1 bushels per acre (bpa) following the three-day tour of North Dakota, the top spring wheat state, and adjacent areas in Minnesota and South Dakota, That was down from the tour’s 2016 forecast of 45.7 bpa, the prior five-year average of 46.8 bpa, and ...

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Nippon Steel forecasts annual profit to rise 72 pct on higher product prices

Nippon Steel & Sumitomo Metal Corp, Japan’s biggest steelmaker, forecast on Friday its recurring profit would rise 72 percent for the year ending in March 2018 as it passed on higher material costs to customers by raising prices. The world’s fourth-largest steelmaker by crude steel output said that recurring profit – pre-tax earnings before one-off items – will increase to 300 billion yen ($2.7 billion) from 174.5 billion yen the previous year. That was roughly in line with a mean estimate of 303.7 billion yen among 15 analysts surveyed by ...

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Chevron Reports Second Quarter Net Income of $1.5 Billion

Chevron Corporation (NYSE:CVX) today reported earnings of $1.5 billion ($0.77 per share – diluted) for second quarter 2017, compared with a loss of $1.5 billion ($0.78 per share – diluted) in the second quarter of 2016. Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier. Sales and other operating revenues in second quarter ...

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ExxonMobil Earns $3.4 Billion in Second Quarter 2017

Exxon Mobil Corporation today announced estimated second quarter 2017 earnings of $3.4 billion, or $0.78 per diluted share, compared with $1.7 billion a year earlier, as oil and gas realizations increased and refining margins improved. “These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals,” said Darren W. Woods, chairman and chief executive officer. “Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.” During the second quarter, ...

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