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Star Bulk Carriers Corp. Reports Net Profit of $170.4 Million for the First Quarter of 2022 and Declares Quarterly Dividend of $1.65 Per Share

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter of 2022. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk reported strong results for the first quarter of 2022, with Net Income of $170.4 million, EBITDA ...

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Cargoes of Russia’s flagship crude oil at sea climb to record high

Some 62 million barrels of Russia’s flagship Urals crude oil, a record amount, are sitting in vessels at sea, data from energy analytics firm Vortexa showed, as traders struggled to find buyers for the crude. The United States and other countries have banned imports of Russian crude and oil products over its invasion of Ukraine, and others have avoided acquiring cargoes out of fear of future sanctions. The European Commission is considering an embargo of Russian oil. The volume of Urals crude oil on the water is triple the pre-war ...

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Ship It Zero To Shipping Companies: Any New Investments In Fossil Fuels Is “Moral And Economic Madness”

The Ship It Zero coalition sent an open letter to shipping companies, including CMA CGM Group, A.P. Moller-Maersk, MSC Mediterranean Shipping Company, Evergreen Marine, and Ocean Network Express. Executive Director Alex Levinson of Pacific Environment and Executive Director Todd Paglia of Stand.earth sent a letter to shipping companies urging the company to order book and invest only zero-emissions technologies and fuels for their future global fleet. Excerpts from the letter: “We agree with the words of UN Secretary Guterres: Continued and increased investments by your companies in brand new fossil ...

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MABUX: Bunker prices may demonstrate irregular changes on May 25

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated slight irregular changes on May 24: 380 HSFO – USD/MT – 734.69 (-0.77) VLSFO – USD/MT – 977.29 (+4.21) MGO – USD/MT – 1223.51 (+2.34) As of May 24, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was overvalued in two out of four selected ports: Rotterdam – ...

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China ports container volume rises 1.7% from January to April of 2022

From January to April of 2022, the cargo volume of Chinese ports was 4905.0 million tons, a year-on-year increase of 0.2%; the container throughput of Chinese ports was 91.0 million TEU, a year-on-year increase of 1.7%. The chart below shows the cargo throughput and container throughput data of the twelve major ports in China. In terms of container freight rates, the average value of the Ningbo Container Freight index (NCFI)1 in May was quotes 3480.6 points, have an increase of 0.6% compare to last month. Freight rates was drop slightly ...

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ABB Crane OCR with QuayPro module makes successful debut at Exolgan container terminal in Argentina

Exolgan Container Terminal, which handles over 40 percent of the total container volume at the Port of Buenos Aires, has implemented ABB’s Crane OCR with QuayPro module for all of its seven STS cranes. QuayPro automatically tracks the location of containers discharged from and loaded to a vessel, significantly increasing the accuracy of BAPLIE (bayplan/stowage plan occupied and empty locations message) files. The first solution of its kind to go live in the industry, ABB’s QuayPro application has already improved the container terminal’s cargo-handling processes since its implementation. “Exolgan is ...

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S-Oil refinery fire unlikely to derail South Korea’s crude import, diesel export uptrend

South Korea’s crude imports and middle distillate exports will likely extend their upward momentum into June as refiners continue to maximize operating rates to fully capture lucrative product cracks, industry and market participants said over May 20-24. A recent explosion at the S-Oil Corp. refinery complex in Ulsan will have minimal impact on the country’s overall refining capacity and crude oil demand for May-June as the company has been maintaining normal operations at all of its CDUs, the industry sources said. South Korea’s crude oil imports in April rose 10.7% ...

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Lithuania receives first Ukrainian grain by rail for onward shipment

Lithuania has received its first rail delivery of grain from Ukraine for onward shipment from Klaipeda port, state-owned railway company LTG said. With Ukraine’s ports blocked by Russia’s invasion, the major grain grower has been unable to export nearly 25 million tonnes of grains, causing global food prices to soar. The country has been forced to send shipments across its western border, relying on limited railway capacity and small Danube river ports. “We expect to scale up to receiving a train per day from Ukraine, each with up to 1,500 ...

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Copper at risk of further downside on Chinese woes

Copper prices are likely to move lower before stabilising due to worries about a slowdown in top metals consumer China and other major economies. But analysts say the long-term outlook is still strong due to lack of investment in new mines and demand generated by the green energy transition. Many analysts have trimmed their price estimates as copper slid by nearly a fifth over about two months after touching a record high of $10,845 a tonne in early March. Much of the buying that lifted copper since hitting a seven-month ...

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Indian steelmakers face hit on Europe deals over export tax -JSPL exec

Indian steel firms could be forced to cancel European orders and suffer losses after an overnight decision to impose export taxes on steel products, V R Sharma, managing director at Jindal Steel and Power told Reuters. India imposed an export tax of 15% on eight steel products late on Saturday, at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia’s invasion of Ukraine. “They should have given us at least 2-3 months of time, ...

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Ukraine farmers switching to beans from corn on export headwinds: agribusiness club

Farmers in Ukraine currently engaged in spring crop planting amid the ongoing conflict may have switched some of their corn acres to soybeans in the current season, general director of Ukrainian Agribusiness Club, Roman Slaston told S&P Global Commodity Insights in an interview. Ukrainian Agribusiness Club, or UCAB, is a business association representing leading agriculture companies of Ukraine. Farmers switching from corn to soybeans implies there will be lesser corn available for global supplies that have been already projected to fall. Ukraine’s corn switch to other crops is happening also ...

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GRAINS-U.S. corn, wheat extend losses; soybeans edge higher

U.S. corn futures extended losses in early trade on Wednesday, hovering near a six-week low, as planting picked up pace in the United States and top buyer China allowed corn imports from Brazil. * Soybeans edged higher on lower planting and strong export demand, while wheat edged lower as analyst APK-Inform raised its forecasts for Ukraine’s 2022/23 grain crop and exports because of a better-than-expected winter harvest. * The most-active corn contract on the Chicago Board of Trade (CBOT) eased 0.42% to $7.68-1/2 a bushel as of 0158 GMT, after ...

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EU crop monitor trims wheat, barley, rapeseed yield outlook on dryness

The European Union’s crop monitoring service, MARS trimmed its yield forecasts for this year’s EU wheat, barley and rapeseed harvests due to dryness and said significant rain was needed to avoid further yield losses. Developing drought in parts of Europe, including in top EU grain producer France, has unsettled an international market already grappling with loss of Ukrainian supplies due to Russia’s invasion. In a monthly report, MARS lowered its forecast of the EU’s 2022 yield for soft wheat – the bloc’s biggest cereal crop – to 5.89 tonnes per ...

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Oil prices edge higher on tight supply, firmer demand expectations

Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world’s biggest crude consumer. Brent crude futures for July rose 44 cents, or 0.4%, to $114.00 a barrel by 0619 GMT. Brent futures gained 0.1% on Tuesday and are up for a fifth day. U.S. West Texas Intermediate (WTI) crude futures for July delivery rose 51 cents, or 0.5%, to $110.28 a barrel. The contract settled down 52 cents on Tuesday. ...

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Aramco CEO warns of global oil crunch due to lack of investment

The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised. Amin Nasser, head of the world’s largest oil producer, said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster. “The world is running with less than 2% ...

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