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Tanker Market Rates 25/05/2018

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

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Shipping Corporation of India Ltd’s Q4FY18 standalone net profit rises 173.9% yoy to Rs254.5cr

Shipping Corporation of India Ltd reported earnings growth for Q4FY18 mainly due to a Rs284.3cr reduction in deferred tax liability. Revenue rose by 2.1% yoy to Rs916.9cr. EBITDA stood at Rs139.7cr, down 39.5% yoy. EBIDTA margin fell sharply by 1,048bps yoy to 15.2%. Net Profit stood at Rs254.5cr, up 174% yoy. During the quarter, the company sold one vessel, the MV Harshavardhana (5,140dwt). The company also lost one vessel at sea, the MV SCI Ratna. The company recognized the claim amount for the vessel lost and recognized a loss of ...

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NYK LNG Carrier Rescues Sailors in Caribbean

At about 17:20 (LST) on May 13, Marvel Falcon, a liquefied natural gas (LNG) carrier owned by NYK, offered humanitarian assistance to four sailors requesting rescue. The LNG carrier had been sailing from the port of Balboa, Panama, to the Sabine Pass LNG terminal in the U.S. state of Louisiana when the small boat was spotted. The rescued sailors had departed from Port Limon, Costa Rica, on May 7 to deliver fuel to another boat, but they experienced engine trouble on May 8 and had drifted at sea for the ...

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Mandatory biofouling standards in New Zealand

As per our previous Web Alert, the New Zealand’s Craft Risk Management Standard (CRMS) came into force on 15 May 2018. The New Zealand Ministry of Primary Industries (MPI) recently gave a presentation on the topic in Auckland. This presentation described the risk posed by hull biofouling to the New Zealand marine environment, explained the intent of the CRMS, and discussed methods which vessel operators will be required to use in order to achieve a “clean hull”. Alistair Irving, P&I Services New Zealand attended the MPI presentation and the detailed ...

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India: Shipping ministry plans six new ports

The Ministry of Shipping is coming up with six new ports in India, four of which would be on the eastern coast and the balance on the western coast. On Wednesday, Minister of State for Shipping Mansukh L. Mandaviya said that these ports are being developed at Wadhwan in Maharashtra, Belekeri in Karnataka, Enayam and Sirkazhi in Tamil Nadu, Tajpur in West Bengal and Paradip Outer Harbour in Odisha. Apart from these six new ports that would boost cargo handling and trade for India, the Ministry has also identified to ...

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Adani declines comment on report it will sell stake in Australian APCT coal terminal

India’s Adani has declined to comment on media reports that it was planning to sell a stake in the Abbot Point Coal Terminal in the Australian state of Queensland. “We don’t have a comment to provide on this matter,” an Adani spokeswoman said Wednesday in response to S&P Global Platts’ queries on the reported plan. On Tuesday, the Sydney Morning Herald reported that the Indian miner had appointed investment bank Rothschild for the sale of a stake in APCT. APCT is part of Adani’s plan to build the giant Carmichael ...

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Russia’s Gazprom eyes gas exports rise to Europe where production is falling

Europe’s declining gas production will ensure a steady rise in Russian gas imports by the continent which could grow as much as 50 percent by 2035, the head of Russian gas exporter Gazprom said on Thursday. The statement came as the European Union and Gazprom reaches an anti trust settlement. Alexei Miller told an economic forum in St Petersburg that Europe’s gas imports would rise by 200 billion cubic metres (bcm) by 2035 and the lion’s share would come from Russia. Russia can supply up to 100 bcm of those ...

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Libya ships first propane cargo from Zueitina port after four years

Libya’s National Oil Corporation shipped its first cargo of propane from Zueitina port, four years after the gas processing plant at the port was closed due to protests, the company said late Wednesday. NOC said on its website it shipped 61,761 barrels of propane to Italy on Sunday, onboard the Corcode. “The shipment to Italy is the first of its kind since the closure of the gas plant at the Zueitina port four years ago,” NOC said. Zueitina Oil Co., a subsidiary of NOC, shut its LPG plant in 2014 ...

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BHP Billiton Braves Iron-Ore Price Slump on Robust Yield

On May 22, we issued an updated research report on premium basic materials company – BHP Billiton Limited BHP . The stock currently carries a Zacks Rank #3 (Hold), but flaunts a VGM Score of A. Let’s dig a little deeper into the fundamental factors of the stock. Gaining on Higher Productivity & Liquidity Over the past five years, BHP Billiton has gathered productivity gains worth $12 billion. This upswing stemmed from improvements in capital and operating productivity. BHP Billiton intends to secure productivity gains of $2 billion by the ...

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Profitability for UK coal plants for Winter 2018/19 rises

The UK front-season Clean Dark Spread (CDS) hit a 1.5-year high this week as power prices surged amid bullish oil and gas markets, making UK coal-fired generation increasingly attractive because coal gains have been much more moderate than gas when looking at the elevated energy complex, traders said. The CDS for a 35% efficient coal plant including emissions and carbon resembles a theoretical profit margin price and was last seen higher in September 2016, an analysis of S&P Global Platts data showed. At Tuesday’s close, it reached GBP3.47/MWh and has ...

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A Steel Factory Gears Up to Start Production. After 40 Years

On a hot April morning, workers are furiously cleaning a decorative fountain in front of the executive office of Nigeria’s largest steel complex. An onsite power plant is being repaired by electricians. Others around the 39-year-old facility are clearing brush. In the middle of it all, administrator Abdul-Akaba Sumaila is meeting in turn with the 20 or so people crowding his waiting room, a mix of union officials, local politicians and job applicants. When one young man pulls a filled-out form from a wrinkled envelope, Sumaila asks him about his ...

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Wheat firms, set to finish week up 2.5 pct on dry weather fears

U.S. wheat futures edged higher on Friday, putting the grain on track for a 2.5 percent weekly gain as concerns about dry weather in key global producing regions kept prices near a 10-month high. Corn rose, heading for a second straight weekly gain, while soybeans also firmed, with the oilseed poised to record its biggest weekly gain since February. The most active wheat futures on the Chicago Board Of Trade were up 0.2 percent at $5.31-1/4 a bushel at 0430 GMT, having closed down 0.1 percent on Thursday when prices ...

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Oil prices slump as Saudi Arabia and Russia consider output boost

Oil prices fell more than 2 percent towards $77 a barrel on Friday as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014. Russian Energy Minister Alexander Novak and Saudi counterpart Khalid al-Falih met in St. Petersburg to review the terms of the global oil supply pact that has been in place for 17 months. The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day ...

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How To Deal With Venezuela Without Shocking Oil Markets

The Trump administration has, for now, opted against hitting Venezuela’s oil sector with the harshest possible sanctions despite disavowing the re-election of President Nicolas Maduro as a “sham.” The White House did issue new financial sanctions on Caracas and state oil producer Petroleos de Venezuela (PDVSA) this week, but pulled up short of a full-scale embargo on U.S. refineries importing Venezuelan crude or banning U.S. companies from selling Venezuela the light petroleum diluent the crumbling country needs to make its heavy oil usable for refining. Consider these the nuclear options ...

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Analysis: Iraqi Basrah crude premiums find upward momentum in Europe

Price differentials for Basrah Light crude firmed in spot trading this week as June-loading barrels of the Iraqi grade found potential buyers in Europe on the back of refinery rampups in the region, sources said. A destination unrestricted June-loading cargo of the crude was heard to have been bought by a Chinese trader at a premium of 80 cents-90 cents/b to the crude’s OSP for June, sources told S&P Global Platts Thursday. The cargo was likely headed to Europe, traders in Asia said, citing distinct reasons why buyers in Europe ...

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