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Why India’s ‘Act East’ Needs China — And China’s ‘Go West’ Needs India

India’s Prime Minster Narendra Modi has lately been talking up foreign investment in India’s impoverished northeast. As part of his Act East strategy for regional development, he has lobbied nearby Southeast Asian countries to invest more in India. It may seem strange for India to be lobbying other developing countries for investment, but India is a vast country harboring massive regional disparities. Parts of India could indeed benefit from ASEAN economic spillovers. India as a whole has a GDP per capita approaching $2000, but its large northeastern state of Assam ...

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Italy Has Built a Buffer to Shield Debt From Higher Rates

Whatever the outcome of next month’s election, Italy’s bonds should be safe for a while yet. With a debt of 2.3 trillion euros ($2.8 trillion), or about 132 percent of the country’s yearly output, investors are well aware that Italy’s finances risk coming under pressure every time spreads widen — a realistic prospect after a vote in March that will prove inconclusive at best. Further down the road, the European Central Bank’s exit from ultra-low rates is set to raise borrowing costs in coming years. Yet this is unlikely to ...

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Baltic Dry Index climbs to 1185, up 18 points

Today, Friday, February 23 2018, the Baltic Dry Index climbed by 18 points, reaching 1185 points.

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Tanker Market Rates 23/02/2018

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

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Chinese iron ore and steelmaking prices February 23 2018

Morning offers of spot resources held steady today and partial traders lifted their mainstream product prices by RMB5-10/tonne.

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Navios Maritime Partners L.P. Announces Closing of $35.0 Million Offering

Navios Maritime Partners L.P. , an international owner and operator of container and dry bulk vessels, announced that it has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Navios Partners’ common units trade on the New York Stock Exchange under the symbol “NMM.” Following the closing, Navios Partners will have 167,589,764 common units and 3,420,203 general partner ...

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Protection Vessels International: Weekly Maritime Security Report

East Africa and Indian Ocean Yemen: Skiffs approach merchant vessel in Gulf of Aden 18 February Several suspicious skiffs approached a merchant vessel at 0830 hrs local time near Point B in the Internationally Recommended Transit Corridor (IRTC). The skiffs then moved away and the vessel was reported safe. PGI Analysis: Further details of the attack, such as whether weapons or ladders were sighted on the skiff were not disclosed. There has been a prolonged uptick in pirate activity off the coast of Yemen since March 2017 when the Aris ...

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Oil that reached Japan shores from sunken Iran tanker -Coast Guard

Oil that reached islands in southern Japan earlier this month is highly likely to have come from the sunken Iranian tanker Sanchi, the Japan Coast Guard said. Samples of oily matter that washed up on Feb. 8 on the shores of the Okinoerabu and Yoron islands in the Amami chain were found to be linked Sanchi’s sinking, the Coast Guard said. The Sanchi sank on Jan. 14 after colliding with a freighter on Jan. 6 in the world’s worst oil tanker disaster in decades. “Oily matter that arrived at the ...

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Distress and safety at sea

Seafarers depend on a robust distress and safety system when life is in danger at sea. This week’s meeting of the Sub-Committee on Navigation, Communications and Search and Rescue (19-23 February) will be focusing on core areas of IMO’s work relating to safety at sea. The meeting will review progress in its ongoing work to modernize the Global Maritime Distress and Safety system (GMDSS). The GMDSS was adopted in 1988 to ensure full integration of maritime radio and satellite communications so that distress alerts can be generated from anywhere on ...

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DFDS Is Stepping Up Digitally

In 2018, DFDS will invest in further development of digital capabilities to enhance the customer experience and gain operational efficiencies. This is expected to entail additional costs of around DKK 100m as well as increased investments. Follow ing the implementation of new online booking systems for shipping, passenger and logistics, DFDS has launched new apps for passengers, drivers and freight customers. “These are just the first steps in our digital development that will make it easier for customers to work with us on any device, round the clock. It will ...

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Seaspan (NYSE:SSW) Upgraded at Seaport Global Securities

Seaspan (NYSE:SSW) was upgraded by investment analysts at Seaport Global Securities from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, January 24th, MarketBeat Ratings reports. The firm presently has a $10.00 target price on the shipping company’s stock. Seaport Global Securities’ price objective would indicate a potential upside of 39.08% from the company’s current price. A number of other analysts also recently commented on the company. Jefferies Group assumed coverage on Seaspan in a report on Monday, December 18th. They set a “buy” ...

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Port Of Kingston Upgraded To Accommodate Extra Large Container Ships

Kingston Freeport Terminal Limited says the Port of Kingston is now able to accommodate the extra large container ships with the completion of upgrades on section one of the Kingston Container Terminal. Kingston Freeport says the upgrading, along with the completion of dredging to deepen the shipping channel, makes it possible for Jamaica to accept calls from vessels with capacities up to 14,000 20-foot equivalent units (TEU). The company, which manages the Kingston Container Terminal under a 30-year concession agreement, says it will now move to complete section two of ...

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Port of Gdynia to invest PLN 1 billion by 2020

Planned changes include the creation of a ferry terminal by 2021, deepening the port to 16 metres, widening the entrance to the port by 40 metres, and development of wharves. Port of Gdynia CEO Adam Meller said that this heralds “a time of great investment and great changes” for the port. The investment in the port’s facilities is happening as the government invests in local transport infrastructure, with two railway lines being expanded to give the port better links to urban areas. Gdynia is one of the largest ports in ...

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Which sledgehammer will Trump use on U.S. aluminium imports? Andy Home

The U.S. Department of Commerce has “found that the quantities and circumstances of steel and aluminum imports” threaten to “impair the national security” of the United States. The outcome of the twin “Section 232” investigations into the United States’ import dependency is no great surprise, although the legal reasoning may well be a future payday for international trade lawyers. Commerce Secretary Wilbur Ross conceded he wouldn’t be surprised if countries challenged any U.S. action at the World Trade Organization (WTO). It’s a distinct possibility given the Commerce Department’s recommendations for ...

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EU Plate Prices Climb on Reduced Import Volumes and Elevated Slab Costs

Further upward pressure on European commodity grade plate prices was noted, in February. Rises of between €20 and €50 per tonne were implemented, depending on the source of supply. Slab costs continued to escalate. Plate imports are less disruptive than of late, as overseas quotations move up. In Germany, an upward price adjustment was secured, this month. Stock replenishment is underway at several large distributors. Sales to the earthmoving and mining sectors have strengthened. Overall demand is stable. In the linepipe market, where several large projects will be finalised during ...

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