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MOL, Tosyalı Holding Sign Memorandum of Agreement, Looking toward Strategic Tie-up – Aiming to Strengthen Business Structure in Turkey, Africa

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced an agreement with Tosyalı Holding A.S.(*) (TOSYALI; Chairman: Fuat Tosyalı, Headquarters: Istanbul) to begin the research toward a strategic partnership, and in this respect signed a memorandum of agreement in the presence of H.E. Dr. Hasan Murat Mercan, Turkish Ambassador to Japan, at the Turkish Embassy in Tokyo on August 30. *” ı ” is Turkish alphabet pronounced as [ɯ] The companies will study the possibility of a partnership in the transport of raw materials and steel products in ...

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Freight volumes shift to the east coast as companies attempt to navigate the trade war

The trade war with China has had significant impact on economic activity over the past 18 months, forcing many companies to re-evaluate their supply chains. An unintended side effect of the conflict is the change of domestic freight patterns, as volumes that once entered the country through Los Angeles are now starting to hit the eastern seaboard. Freight volumes are averaging almost 5% lower out of L.A. after the May 10 tariffs went into place compared to the previous four months, while truckload volumes out of the Elizabeth, New Jersey ...

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Offshore development helping drive Optimarin growth

The recovery of the offshore shipping segment is playing a key role in driving the revenues of ballast water treatment (BWT) specialist Optimarin to new heights. The Stavanger, Norway-based business, which has focused exclusively on BWT for the last 25 years, has just signed a number of fleet agreements, including a contract with Island Offshore for 19 systems, doubling its order intake year on year. Preferred position “Optimarin has long held the position of the preferred supplier to the offshore segment, so the fact that the industry is recovering – ...

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Innovative Wärtsilä LNG fuel storage and supply system to deliver multiple benefits for two new dredgers

The technology group Wärtsilä will supply a unique and patent-pending LNG fuel storage and supply system for two new trailing suction hopper dredgers (TSHDs). The ships are being built by Keppel Offshore & Marine for Van Oord, the Dutch marine contractor. The order with Wärtsilä was placed in Q2 2019. The Wärtsilä system comprises two 640m3 single-shell polyurethane insulated storage tanks, featuring a new and innovative ‘In Line Tank Connection Space (ILTCS)’ that contains the process equipment. This LNGPac-ILTCS has the process equipment mounted in front of the tanks, instead ...

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Grindrod sells its investment in NWK

Grindrod Limited (Grindrod), the freight and financial services company, announced today that it signed an agreement to sell its investment of 20,3% share in NWK limited (NWK) to NWK Holdings Limited (NWK Holdings) for an amount of R204 072 848 (two hundred and four million seventy-two thousand eight hundred and forty-eight Rand). The sale is subject to the fulfilment of conditions precedent which is expected to be concluded by the end of the last quarter of 2019. During August 2019, Grindrod announced as part of its strategic review process, its ...

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Sembcorp Marine Clinches S$400 Million New Contracts

Sembcorp Marine has won a raft of new projects valued at S$400 million that leverage the Group’s wide-ranging engineering solutions for offshore gas and wind farm developments as well as cruise ship upgrades. In these latest undertakings, Sembcorp Marine has teamed up with various repeat and new customers. The Group also succeeded in breaking into the highly competitive offshore wind sector in Taiwan. FPSO conversion project with Shapoorji Pallonji and Bumi Armada Sembcorp Marine Rigs & Floaters Pte. Ltd. has signed agreements with joint venture companies of Shapoorji Pallonji Oil ...

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PSA International Acquires Penn Terminals From Macquarie Infrastructure Partners

PSA International Pte Ltd (PSA) has completed the acquisition of Penn Terminals (Penn) located on the Delaware River, United States of America (USA), from Macquarie Infrastructure Partners, a fund managed by Macquarie Infrastructure and Real Assets, following formal approval by the relevant regulatory authorities. Penn is one of the best equipped, privately owned multipurpose marine terminals on the Eastern Coast of the USA. Penn’s terminal, warehousing and stevedoring services have enabled it to successfully handle its clients’ cargo since 1986. Penn is known industry wide for its reliability and efficiency ...

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Seaborne iron ore lump premium plummets 74% since late-June; may recover in Q4

The seaborne iron ore lump premium has fallen by 74% over the past two months as steel mills reduced usage of lump in the steel-making process due to thin steel margins, preferring to use domestic ores and imported fines in their feedstock blending ratio. S&P Global Platts assessed the iron ore spot lump premium at 12 cents/dry mt unit on August 30, which was the lowest level since January last year. At the end of June, the premium stood at 473 cents/dmtu. As domestic concentrate prices have been consistently lower ...

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China’s August steel PMI dips to 44-m low of 44.9

China’s Purchasing Managers’ Index (PMI) for the steel industry for August hit a new low since December 2015, reaching 44.9 amid imbalance in the fundamentals, steel price declines amid higher production and stocks while the growing challenges in sales, according to the latest release on August 31 by the official index compiler CFLP Steel Logistics Professional Committee (CSLPC). The August steel PMI fell for the fourth successive month by another 3 basis points on month, and “the conflict of demand and supply was more protruding, as the supply side had ...

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Iron ore futures close higher

Iron ore futures closed higher on Monday in daytime trading at the Dalian Commodity Exchange (DCE). The most active iron ore contract for January delivery gained 35.5 yuan (about 5.01 U.S. dollars) to close at 630 yuan per tonne. On Monday, the total trading volume of 12 listed iron ore futures contracts on the exchange was around 2.99 million lots, with a turnover of 184.2 billion yuan. As the world’s largest importer of iron ore, China opened the DCE iron ore futures to international investors in May 2018. Source: Xinhua

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Russian oil output highest since March, tops cap target

Russian oil production in August rose to 11.294 million barrels per day (bpd), topping the rate Moscow has pledged to cap output at under a pact with other producers and hitting its highest since March, a data showed on Monday. Energy ministry data showed oil output rose to 47.763 million tonnes in August from 47.149 million in July. Pipeline exports stood at 4.610 million bpd last month vs 4.609 million bpd in July. The production increase follows a report that OPEC cranked up its output in August, for the first ...

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Saudi Energy Ministry Split Sees Oil Policy Continue Unchanged

The Saudi decision to shrink the energy ministry will leave the kingdom’s oil policy unchanged as the world’s largest crude exporter continues cutting output to balance markets, a person with knowledge of the matter said. With crude trading below Saudi Arabia’s break-even level, oil policy is now a top priority for Energy Minister Khalid Al-Falih. He’ll now have more time to work on balancing the market after most of his domestic portfolio shifts to the new ministry. Saudi Arabia will split the vast energy, industry and mining portfolio that Al-Falih ...

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Factories fettered by trade wars, faltering demand in August

The bitter trade war between China and the United States kept global factory activity largely in decline in August, business surveys showed, strengthening the case for policymakers to unleash fresh stimulus to fend off recession risks. In a fresh escalation of the trade spat, the United States began imposing 15% tariffs on a variety of Chinese goods on Sunday. China reciprocated with new duties on U.S. crude oil, increasing fears of a global economic slowdown. An ongoing decline in the euro zone’s export-reliant powerhouse of Germany meant factory activity in ...

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Mixed outlook for Chinese manufacturing as steel margins improve

Chinese manufacturing activity showed signs of improvement in August, indicating stronger support for flat steel margins that returned to positive territory at the end of the month. The manufacturing purchasing managers’ index, published by Chinese financial media company Caixin, rebounded to 50.4 points in August from 49.9 in July. It was the first time the PMI had risen above 50, which denotes the sector is growing, since May. In its report released Monday, Caixin said manufacturing production grew at its quickest rate for five months in August, while new domestic ...

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Soft China PMIs boost stimulus hopes, but reality isn’t clear-cut

A weak Purchasing Managers’ Index (PMI) in China is often viewed as a buy signal for industrial metals such as iron ore and copper, as investors take the view Beijing will boost stimulus spending. Problem is, the evidence for this is mixed. The official PMI dropped to 49.5 points in August, down from 49.7 in July and marking the fourth month in a row that it was below the 50 level that demarcates expansion from contraction. The ongoing and escalating trade war with the United States takes much of the ...

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