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US economy is an ‘accident waiting to happen,’ says Yale economist Stephen Roach

The inflation-adjusted U.S. savings rate could soon go to zero, creating a long-term concern for the health of the economy, a Yale economist said. “Given this deficit spending, our savings rate is going to go to zero adjusted for inflation, and that’s going to push us into a realm of wider current account and trade deficits,” Stephen Roach, Yale University senior fellow, said on CNBC’s “Squawk Alley.” “The way I look at the fundamentals is they’re extremely fragile, and we’re kidding ourselves every time there’s a correction to say, well ...

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Macron says not worried by nationalities of next ECB, EU Commission chiefs

French President Emmanuel Macron said he did not care about the nationality of the next head of the European Central Bank, as long as he or she was as competent as its current chief, Mario Draghi. Macron, grilled by reporters on a wide range of topics, also said he hoped the next head of the European Commission would be as ambitious as possible and that placing a French national at the held of the European executive was not his priority. Source: Reuters (Reporting by Michel Rose; Jean-Baptiste Vey, Marine Pennetier; ...

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Tanker Market Rates 14/02/2018

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

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Chinese iron ore and steelmaking prices February 14 2018

Iron ore spot stays dull today during the last working day before the holiday.

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AkzoNobel develops pioneering marine fouling prevention solution based on UV-LED technology

AkzoNobel is to develop a revolutionary fouling prevention technology which uses ultraviolet light-emitting diodes (UV-LED). The pioneering solution – which uses underlying technology developed by Royal Philips – will be applied to underwater surfaces to eliminate fouling growth. By teaming up AkzoNobel’s cutting-edge surface protection and adhesion know-how with Royal Philips’ unrivalled capabilities and intellectual property in UV-LED lighting and electronics, the two companies are aiming to develop an economically viable solution for underwater fouling prevention. The innovation will integrate UV light-emitting diodes in a protective coating scheme which will ...

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China targeting Sri Lanka with maritime silk route

Chinese President Xi Jinping was all in praise of Sri Lanka and China-Sri Lanka friendship in his recent message to the Prime Minister of Sri Lanka, M Sirisena, this Sunday, on the occasion of Sri Lanka’s 70th Independence Day. Praising the current Sri Lankan strategic cooperative partnership with China, Jinping said that he wants to further improve this cooperation between the two countries. Chinese premier Li Keqiang was also very profuse in praising China-Sri Lanka strategic cooperation and friendship to his counterpart Ranil Wickremesinghe in his message of congratulation. The ...

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Hoegh LNG Partners (NYSE:HMLP) Downgraded to Hold at ValuEngine

Hoegh LNG Partners logoHoegh LNG Partners (NYSE:HMLP) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday, February 2nd. Several other brokerages also recently commented on HMLP. Zacks Investment Research upgraded Hoegh LNG Partners from a “strong sell” rating to a “hold” rating in a report on Thursday, December 7th. BidaskClub downgraded Hoegh LNG Partners from a “sell” rating to a “strong sell” rating in a report on Friday, October 6th. Two equities research analysts have rated the stock ...

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Emirates Maritime Arbitration Centre met with Abu Dhabi Ship Building

The Emirates Maritime Arbitration Centre (EMAC) met with Abu Dhabi Ship Building Company as part of its awareness roadshow to demonstrate its obligation towards providing a trusted global standard in maritime arbitration and mediation. At the start of 2018, EMAC announced its plans to take to the UAE’s maritime majors with the goal of detailing how its services benefit the industry by simply including the EMAC model clause into future contracts. The Centre has been established for the maritime industry in the region, and the EMAC team are standing by ...

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Throughput of Russian seaports in January 2018 grew by 2.4% Y-o-Y to 61.9 million tonnes (detalization)

In January 2018, seaports of Russia handled 61.9 million tonnes of cargo (up 2.4%, year-on-year), says press center of the Association of Commercial Sea Ports. Transshipment of dry cargo totaled 27.9 million tonnes (+11.0%) including 11.8 million tonnes of coal (+15.0%), 3.8 million tonnes of containerized cargo (+8.5%), 3.0 million tonnes of grain (+26.3%), 2.5 million tonnes of ferrous metal (+7.7%), 1.4 million tonnes of mineral fertilizers (-0.2%) and 217,000 tonnes of refrigerated cargo (-2.3%). Transshipment of liquid bulk cargo totaled 34.0 million tonnes (-3.8%) including 19.9 million tonnes of ...

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Klaipeda port posts 4% growth in January cargo traffic y-o-y

Cargo traffic at the Lithuanian seaport of Klaipeda grew to 3.881 million tons in January 2018, up 13.9% from 3.406 million tons in the same month last year, informs LETA/BNS. The port said it was its highest ever overall result for January, with new records for the month also set in the oil product, containerized and ro-ro cargo groups. Year-on-year, liquid cargo volumes jumped by 21.9% to 1.149 million tons, general cargo volumes rose by 19.6% to 1.143 million tons and bulk cargo volumes were up by 5.4% to 1.589 ...

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Venezuela turns to ally Russia for crude oil imports

Venezuela is increasingly turning to its ally Russia for crude oil, as a dramatic fall in its crude output is pushing the country to import crudes for its refineries. State-owned PDVSA is resorting to importing Russian Urals crude for its 335,000 b/d Isla refinery in the Caribbean island of Curacao as the country’s production has fallen to its lowest in almost two decades. PDVSA is said to have bought almost 3 million barrels of Urals crude this year from trading house Glencore, trading sources told S&P Global Platts. Three crude ...

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Kuwait Petroleum seeks LNG cargo for March – sources

Kuwait Petroleum Corp has issued a tender seeking a liquefied natural gas (LNG) cargo for delivery in March, market sources said on Tuesday. It is seeking a cargo for delivery over March 24 to 25, one of them said. The tender closes on Feb. 15. Source: Reuters (Reporting by Jessica Jaganathan; editing by Richard Pullin)

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China’s ESPO crude imports via China-Russia pipelines grow 66% on year in Jan

China has received around 2.41 million mt of Russian ESPO crude via two 15 million mt/year China-Russia crude pipelines in January, up 66% on the year, according to a local media report Monday, citing data from the Heilongjiang Entry-Exit Inspection and Quarantine Bureau. This was up 960,000 mt from January 2017, after the second China-Russia crude pipeline started operations in January 2018. It was also part of PetroChina’s plan to raise the ESPO crude imports from 20 million mt/year to 30 million mt/year from 2018. The total transmission volume of ...

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Russia’s Gazprom to reorganise export operations

Russian energy giant Gazprom said it planned to reorganise its export operations to create an integrated international distribution unit responsible for all of its export deliveries, trading and marketing. Gazprom said in a statement the reorganisation would take place in two stages over two years. It said the first stage would involve merging and streamlining the assets and activities of Gazprom Germany, which handles a large proportion of the group’s exports. The second stage would see Gazprom Germany operationally merged with Gazprom Export, it said. Source: Reuters (Reporting by Andrew ...

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Shortage of coal caused power generation loss in 2017-18, acknowledges Indian govt

Acknowledging that coal shortage hit power generation in the current year, and that coal supply still was a sore point, the power ministry has said that the sector would need 615 million tonnes of coal supply in the coming financial year. This would also entail an increased demand of railway rakes of 288 per day to meet the demand. In an inter-departmental meeting of power, coal, railways, along with NTPC and Coal India, held in January, Power Minister R K Singh said efforts should be made to ensure that there ...

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