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Belships fleet expansion and share issue

Belships ASA (BEL.OL) has entered into two letters of intent for the acquisition of two Ultramax bulk carriers. One 10 year bareboat charter for a 64,000 dwt Ultramax bulk carrier newbuilding. The vessel will be delivered by a Japanese shipyard during the second half of 2020. The estimated cash breakeven for the vessel upon delivery is about USD 10,750 per day including operational expenses. Belships will pay a sum of USD 3 mill upon signing contract, expected to occur during the first quarter of 2020. The agreement comes with purchase ...

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Semtech, Wilhelmsen and TTI Transform the Maritimes with LoRa®-based Connectivity

Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, Wilhelmsen and The Things Industries (TTI) announced its partnership to leverage Semtech’s LoRa® devices to help deliver cost-effective, robust and proven IoT solutions to the maritime shipping industry. Wilhelmsen, a global maritime industry group founded in 1861 and a maritime market leader, has partnered with TTI and selected Semtech’s LoRa devices as the foundation for its new global 2.4GHz maritime IoT network to deliver an ecosystem of cost-effective, robust and proven IoT solutions ...

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Recycling of ship bills: For smooth sailing of a crucial sector

A modern ship generally has a lifespan of 25-30 years, before corrosion, metal fatigue or lack of parts render it uneconomical to operate. After having faced rough seas and hundreds of voyages, a ship reaches the end of life. Then, ship recycling begins—it’s a type of ship disposal involving extraction of raw materials. It’s also called ship dismantling or ship breaking. The process allows materials from a ship, especially steel, to be extracted and transformed into various by-products. Fixtures and other equipment on-board the vessels are reused as per the ...

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Post privatisation, government can requisition SCI vessels during war or a national emergency: Shipping minister

The government will retain the right to utilise the ships of a privatised Shipping Corporation of India (SCI) in times of war or a national emergency, the Minister of State (independent charge) for Shipping, Mansukh Mandaviya, told Parliament on Thursday. “The Government can requisition any Indian asset, including Indian ships, during a war or national emergency,” Mandaviya said in a written response to a question raised by Mimi Chakraborty (Trinamool Congress) and Shanmuga Sundaram K (DMK). The two law makers sought to know “whether the Government has taken any steps ...

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Port of Hamburg Marketing: review & outlook at year end

The Port of Hamburg’s marketing organization can look back on a successful year and go into the new one with real optimism. The throughput figures to date for 2019 have been extremely positive. Port of Hamburg Marketing (HHM) has also been able to promote initial approaches for business by networking companies and, moreover, provide important information regarding current developments. In the year now closing, HHM initiated some 120 national and international events in various formats: from lectures and conferences, via workshops and customer events to trade fairs, congresses, press visits ...

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EU customs checks are an ‘opportunity’ for the Port of Liverpool

Potential EU customs checks is a definite opportunity for the port of Liverpool, especially when faced with the question of Northern Ireland, as it is already very well set up for trade with countries outside of the EU. Research carried out at Liverpool John Moores University into port operators’ marketing planning following the Brexit vote surveyed 35 port operators representing nearly 70% of UK ports. There was no geographical correlation between perceptions of uncertainty related to Brexit and how this affected marketing and strategic planning for ports across the UK. ...

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Reduced cargo dwell time saves huge annual costs to Oman trade

Oman Logistics Centre together with Sohar Port and Freezone engaged with the Sohar business community through Logistics Forum-Trade First (an extension of the Logistics Forum held in October at Muscat) to provide update on new tools and facilitations brought available by the logistics stakeholders to ease trade flow through Sohar Port. The event was organised by Oman Logistics Centre as part of the implementation of the Sultanate of Oman Logistics Strategy (SOLS 2040). Various speakers from the public and private sector provided insight on the usage and benefits of the ...

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Taiwan Formosa buys naphtha at premiums above $30/T

Taiwan Formosa Petrochemical Corp bought naphtha at more than $30 a tonne above its own price formula on a cost-and-freight (C&F) basis, industry sources said. This is the highest Formosa has paid in more than six years. Asia’s top naphtha importer bought a medium-range vessel cargo on late Wednesday for Jan. 21-31 arrival at Mailiao at premiums in the mid-0$30s a tonne. This was up from the premium of $25 to $30 a tonne Formosa paid in late November for 100,000 tonnes for Jan. 11-20 delivery. Naphtha premiums had been ...

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EU 2019-20 soft wheat production estimate rises, corn dips: COCERAL

European trade association COCERAL bumped up the European Union’s soft wheat production estimate for the 2019-20 marketing season to 145 million mt from 143 million mt in September, latest data showed. The EU 2019-20 marketing season runs from July 2019 to June 2020. The trading bloc’s wheat production estimates for the 2019 season are 14.3% higher than 2018. Including durum wheat, the EU is expected to produce a total of 152.6 million mt of wheat in 2019-20, according to the latest COCERAL Grain Crop Forecast report. France, the bloc’s largest ...

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Soybeans jump 1.6%, poised for biggest weekly gain in 2 months

Chicago soybeans jumped 1.6% on Friday, with the market set for its biggest weekly gain in more than two months as reports of a trade deal between Washington and Beijing supported prices. Corn and wheat rose for a second session. The most-active soybean contract on the Chicago Board of Trade is up 2.6% this week, the biggest weekly gain since Oct. 4. Soybeans hit a high of $9.14-1/2 a bushel on Friday, the highest since Nov. 20. Corn is up 1.7% for the week after shedding 1.2% last week and ...

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Eye-Watering Palm Oil Price Sees India Turn to Sunflower Oil

Palm oil’s searing rally likely forced many buyers from India to the sidelines in November, with purchases by the world’s biggest importer dropping to a five-month low. Sunflower oil imports jumped. Shipments of palm oil shrank almost 11% from a month earlier to 696,000 tons, a second month of decline and the lowest since June, according to the median of five estimates in a Bloomberg survey of processors, brokers and analysts. Imports totaled 691,827 tons in November last year. The Solvent Extractors’ Association of India may release its data next ...

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Norway oil investments to rise further in 2020 -industry association

Oil and gas investments in Norway are expected to rise by 3.8% next year to 194.6 billion Norwegian crowns ($21.2 billion) before declining in subsequent years, an industry lobby group said. The Norwegian Oil and Gas Association (NOG) previously predicted 2020 investments would amount to 182.5 billion crowns. The increase was driven by rising costs on some projects but there was no sign of inflation spiraling, it said. Norway, Western Europe’s largest oil and gas producer, is expected to boost its full-year output in 2020 thanks to last October’s start-up ...

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Anchor’s aweigh as Chevron gives nod to US Gulf of Mexico development

Chevron given the green light to the Anchor development in deepwater US Gulf of Mexico. This is Chevron’s first greenfield final investment decision as an operator since its sanction of Big Foot and Jack/St Malo in 2010. Justin Rostant, an analyst with Wood Mackenzie’s Gulf of Mexico team, said: “The Anchor project reaching FID marks a major milestone for advanced technology in the US Gulf of Mexico and the wider offshore industry.” Anchor is the first-ever ultra-high-pressure project requiring 20-ksi operating pressure to reach FID and this will kickstart the ...

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Morgan Stanley blames low oil refining profits on bad timing

The plunge in profits from turning crude into fuels is overdone and refining margins will likely recover as demand for diesel picks up due to the introduction of new ship-fuel rules, according to Morgan Stanley. The collapse in profits from producing high-sulphur fuel oil – banned under the International Maritime Organization rules unless ships are fitted with pollution-reducing scrubbers – was widely anticipated, the lender said in a December 9 note. However, weaker sour crude pricing and stronger profits from cleaner fuels such as diesel that were expected to offset ...

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Bleak outlook for natural gas output expected for Northwest Europe, says GlobalData

Natural gas production for Northwest Europe is forecast to decline by approximately 25% from current levels over the next five years as upcoming projects struggle to offset overall declines, according to GlobalData, a leading data and analytics company. The company’s report, ‘2019 Northwest Europe Upstream Development Outlook – Surge in New-Build Oil and Gas Project Starts for 2020’, reveals that gas production fell year on year over the last two years, a trend that is set to continue over the forecast period. The lack of major upcoming gas projects, alongside ...

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