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NMPT registers 5.28% growth in cargo handling

Increase in the handling of many cargoes, including containers, has helped New Mangalore Port Trust (NMPT) to register a growth of 5.28 per cent in 2017-18. The port handled 42.05 million tonnes of traffic during 2017-18 as against 39.94 million tonnes in 2016-17. The port authorities attributed the growth in traffic to the increase in the handling of cargoes such as POL (petroleum, oil and lubricants) products, LPG, cement, edible oil, iron ore fines and pellets for KIOCL Ltd, and containers during the fiscal. The port handled 1.15 lakh TEUs ...

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Nigeria Expects Billions in Incomes from Port Project

Nigeria expects to earn over 560 billion dollars when the Lekki Deep port project becomes a reality by 2020, highlights today The Sun newspaper . According to the issue, the allocation of the port, located in the southern city of Lagos, will generate 361 billion dollars and about 200 will come from taxes and direct revenues from operations. When the project was presented, the Nigerian Vice President, Yemi Osinbajo, revealed that over 170,000 direct and indirect jobs would be begetted from it. Osinbajo added that the plans are to initially ...

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Russian wheat exports up 41% in marketing year to date at 30.6 mil mt

Russian wheat exports in the 2017-18 (July-June) marketing year to date are 41.2% higher than at this point last year at 30.611 million mt, data from the ministry of agriculture showed. Around 38 million mt of wheat is expected to be exported by the end ofcthe campaign, according to sources, a global record for a marketing year. Wheat line-ups each month remain fully booked, sources said. Prices for 12.5% protein wheat on an FOB basis reached a 34-month high of $209/mt recently on tight prompt supply and high replacement costs. ...

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Section 232 Action Creates Ripples Throughout Stainless Steel Markets

Divergent trends have emerged, in worldwide stainless steel markets, in the wake of the United States government’s Section 232 deliberations. Acting on the recommendations of the report arising from the investigation into the effect of foreign-produced steel on US national security, President Donald J. Trump announced a tariff of 25 percent, to be applied to all steel imports into the United States, effective from March 23. American stainless steel producers and distributors alike acted swiftly, applying increases to their selling prices. While this can be seen as taking advantage of ...

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Wheat firms, lingers near 8-day high as U.S. crop suffers

U.S. wheat futures edged higher on Wednesday to linger near an eight-day high, as fears over widespread crop losses in the world’s No. 1 exporter were stoked after the U.S. Department = of Agriculture said the condition of the crop was the lowest in 16 years. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade were up 0.7 percent at $4.60-3/4 a bushel by 0104 GMT, having closed up 2.5 percent on Tuesday when prices hit a high of $4.63-1/2 a bushel – the highest since ...

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Oil Falls to 2-Week Low as China Retaliates in U.S. Trade War

Oil fell after China said it would levy tariffs on $50 billion of U.S. imports in retaliation against measures by President Donald Trump, fanning concerns that economic growth and fuel demand could be hurt. Futures in New York slipped as much as 2.1 percent to the lowest intraday price since March 20. China’s Ministry of Commerce said it would levy 25 percent tariffs on imports of 106 U.S. products including automobiles and aircraft. That wiped out earlier support for prices as Organization of Petroleum Exporting Countries output dropped to the ...

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Russia says looking at joint organisation for cooperation with OPEC

Russian Energy Minister Alexander Novak said a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. He also said that he and his Saudi Arabia counterpart, Khalid al-Falih, discussed long-term cooperation and that the current “mechanism of interaction” has proved to be effective. “We are now thinking about a format for cooperation which could be for the longer-term, which would include the possibility of market monitoring, information exchange and if needed ...

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The Oil And Gas Situation: Remarkably Strong And Stable, For Now

As we move into the second quarter of 2018, the situation for the oil and gas industry – especially for oil – is as bullish as at any time since 2013. Here are some of the major elements that are combining to create the current positive environment: The domestic rig count appears to have stabilized – The Baker Hughes U.S. rig count rose steadily throughout the first quarter, though at a significantly less-rapid pace than it did during the same quarter of 2017. Altogether, the Baker Hughes count is up ...

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Private equity firms becoming longer-term players in the oil patch, investors say

Private equity investors say they’re holding onto footholds in the U.S. oil patch for longer periods than in previous years, attempting to more fully develop their assets amid a lack of available capital at potential public company buyers and an anemic IPO market. Historically, the role of private equity capital in the oil industry hasn’t been to fund substantial production gains, but to prove oil and gas can be captured economically. But over the next few years, these investments firms will have to focus more on squeezing cost efficiencies and ...

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Interview: UAE’s Renish Petrochem plans growth of oil products offering, storage – CEO SE Asia

UAE-headquartered Renish Petrochem plans to grow further by expanding its oil product offerings, enlarging its trading activities, and boosting storage capacity in new and existing geographies, Rakesh Mehra, CEO Southeast Asia and director – strategy and planning in the UAE, told S&P Global Platts. “The company has a long history of trading in base oils, bitumen, white spirit, fuel oil, jet, gasoil and has been lately expanding into new territories, supplying to Sri Lanka and Pakistan, thus expanding vertically and horizontally,” Mehra said. It has also recently expanded capacity at ...

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API shows fall in U.S. crude-oil inventories: reports

The American Petroleum Institute on Tuesday said U.S. crude-oil inventories fell by 3.3 million barrels last week, according to news reports. The API, an energy trade group, also reported a 1.1 million barrel rise in gasoline inventories, reports said. West Texas Intermediate crude for May delivery traded at $63.57 a barrel in electronic trade, up from its settlement of $63.51. The Energy Department’s Energy Information Administration will release its weekly inventories data on Wednesday. Source: MarketWatch

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European Stocks Decline as U.S.-China Trade Tensions Intensify

European stocks got caught in the crossfire of escalating tensions between the U.S. and China again on Wednesday, heading for their steepest drop in almost two weeks. The Stoxx Europe 600 Index fell 0.7 percent after China said it would levy 25 percent tariffs on imports of 106 U.S. products including soybeans, automobiles, chemicals and aircraft. The Asian nation’s actions were a response to proposed American duties on its high-tech goods. It’s another example of European stocks succumbing to worsening global sentiment on trade even as the European Union secured ...

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Asia’s cryptocurrency arbitrage boom fizzles, but profits persist

When China closed its local cryptocurrency exchanges late last year, an underground ecosystem of bitcoin “mules” and peer-to-peer platforms sprung up to allow bitcoin trading to thrive, away from regulators’ watchful eyes. Li, a Canada-based Chinese banker in his 20s, is one of these underground traders. He buys cryptocurrencies in other markets and sells them at a premium to investors in China, who cannot otherwise get them. At the height of the frenzied demand for bitcoins in January, when prices of the digital currency were hovering close to $20,000 after ...

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Why April Showers the Pound With Good Fortune

The pound’s good fortune is set to continue this month, if seasonality is any guide. Sterling appreciated versus the dollar every April during the last 13 years in what Bank of America Merrill Lynch describes as the strongest seasonal trend among Group-of-10 currencies. In a research note, the bank recommended a two-month option trade to take advantage of the periodic strengthening pattern, while Mizuho Bank Ltd. and Rabobank also have put stock in the U.K. currency’s tendency to outperform in April. The trend corresponds to a typical increase in incoming ...

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China says U.S. has repeatedly missed best opportunities for trade resolution

China’s Foreign Ministry said on Wednesday that the United States has repeatedly missed the best opportunities for resolution on trade. Ministry spokesman Geng Shuang also told a regular news briefing that China was maintaining communication with the United States on the current trade issues. Source: Reuters (Reporting by Philip Wen; Writing by Michael Martina; Editing by Shri Navaratnam)

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