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Japan manufacturing activity shrinks for fourth month in August – PMI

Japanese manufacturing activity declined for a fourth straight month in August amid flagging demand, a revised business survey showed on Monday, underlining a darkening outlook for the world’s third-largest economy. The final Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) edged down to a seasonally adjusted 49.3 from 49.4 in July, and also off a preliminary 49.5. The index stayed below the 50.0 threshold that separates contraction for a fourth month, marking the longest run of shrinkage since a six-month stretch from March to August 2016. “Japanese goods producers continued ...

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Anti-Trump Bias In Economic Forecasts

Are economic forecasts biased downward because of economists’ antipathy against President Trump? I don’t know the answer, but I’m pondering the question. We economists tend to be well educated, often from prestigious universities. We range from liberal to conservative or libertarian in our politics, but we are part of what many call the elite. We have chatted with senators and governors and Federal Reserve board members. We’re quoted in newspapers and interviewed on television. We are part of the group that Donald Trump sneered at in his electoral campaign: “I ...

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India IHS Markit Manufacturing PMI Dipped to 15-Month Low in August

India’s manufacturing activity eased in August with the Purchasing Managers’ Index hitting a 15-month low, in the latest sign of ongoing weakness in the economy. The purchasing managers index for August fell to 51.4 from 52.5 in July, IHS Markit said in a statement on Monday. A PMI reading above 50 indicates expansion while a reading below that points to contraction in activity. The PMI reading comes after data Friday showed India’s economic growth slowed to a six-year low in the fiscal first quarter. The gross domestic product growth at ...

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New ECB policymaker Holzmann says sceptical of more easing

The new Austrian National Bank (OeNB) governor, Robert Holzmann, is wary about adding further stimulus to the euro zone economy, he told Austrian broadcaster ORF TV on Sunday, his first day on the job. “I am sceptical about further expansion of the money supply, (of) lowering the deposit rate,” said Holzmann, who as central bank head gets a seat on the policy-setting ECB Governing Council. Asked if that meant the current level of interest rates was the absolute floor, he said: “If (they change), it should rather go in the ...

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German manufacturing sector remains in contraction in August – PMI

Germany’s export-dependent manufacturing sector remained in contraction in August, a survey showed on Monday, as weaker demand pushed companies to scale back production and cut jobs. IHS Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose slightly to 43.5, remaining below the 50.0 mark separating growth from contraction for an eight month in a row. The figure was below a flash reading of 43.6 and close to July’s seven-year low reading. Lower demand, especially for capital and intermediate goods, was behind the ...

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UK Manufacturing Sector Contracts Sharply

The U.K.’s manufacturing sector contracted in August as new orders and confidence weakened in the face of slowing global growth and uncertainty about the way in which the country will leave the European Union, according to a survey of purchasing managers. The U.K. economy shrank in the three months through June as businesses cut back on investment, and a survey of 600 manufacturing companies released Monday suggests a significant rebound is unlikely over coming months. Data firm IHS Markit said its purchasing managers index for the manufacturing sector fell to ...

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India: Economists see revival prospects in H2

A continued slowdown in private consumption and sluggish growth in the manufacturing sector could keep economic growth muted for the rest of 2019-20, though successive rate cuts by the RBI and government measures to address the slowdown could boost prospects in the second half of the fiscal. With the GDP growth slowing to a 25-quarter low of five per cent in the first quarter of 2019-20, most economists are paring their forecasts and believe that economic expansion is likely to be less than 6.5 per cent for the full fiscal ...

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HOT PORT NEWS from GAC

Marine Surveys at Black Point Power Station Monday, September 2, 2019, Hong Kong

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Synergy Group CEO Wins Prestigious Shipping Award

Synergy Group’s innovative deployment of technology and strong commitment to seafarer welfare were honoured last week when Captain Rajesh Unni, CEO and Founder, was named ‘CEO of the Year’ at the 11th annual ShipTek International Awards. Captain Unni thanked the judges and said the award was recognition of the huge efforts made by all Synergy staff to deliver world class shipmanagement services to the company’s shipowner clients. “Synergy is all about team effort and I am very grateful to our thousands of seafarers and global shore-based staff for making these ...

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UK considers deploying drones to the Gulf amid Iran tensions

The United Kingdom is considering deploying British drones to the Gulf amid tensions with Iran, Sky News reported early on Monday. UK’s Royal Air Force (RAF) has a number of Reaper drones based in nearby Kuwait and flying over Iraq and Syria. These could be re-tasked if the decision to deploy drones to the Gulf is taken, Sky News said. The drones will help with overhead surveillance as British warships are continuing to escort UK-flagged tankers through the Strait of Hormuz, according to the report. On Friday, the UK called ...

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Seadrill Limited Announces Contract Award for the West Neptune

Seadrill Limited (“Seadrill”) has secured a one year contract with LLOG Exploration Offshore, L.L.C., (“LLOG”) for the West Neptune operating in the US Gulf of Mexico. Total contract value is expected to be approximately $74 million with commencement in December 2019, in direct continuation of the existing contract with LLOG. Source: Seadrill Limited

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CLARKSON PLATOU HELLAS S&P WEEKLY BULLETIN

NEW BUILDING:In tankers, Samsung announced a contract for one 146,000dwt shuttle tanker for a yet to be disclosed buyer, with delivery due in 1Q 2022.

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HFW To Boost Market-Leading Shipping Practice With Singapore Partner Hire

Global, sector-focused law firm HFW is boosting its market-leading shipping practice with the hire of Singapore partner Christopher Metcalf. Christopher is a dry shipping expert and is ranked by The Legal 500 and Chambers as one of Singapore’s top shipping lawyers. He will join HFW in September from Clyde & Co, subject to local regulatory approvals. This continues HFW’s significant strengthening of its Singapore shipping practice, following the recent hire of renowned former shipbroker Chris Jones and the hire of ship finance partner Siri Wennevik in 2018. HFW also relocated ...

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Two more Damen tugs for Ecuador harbour support

Damen Shipyards Group has sold two Azimuth Stern Drive (ASD) Tugs to Ecuador-based DLEN S.A. The vessels will give tug assistance during bunkering operations to Corpetrolsa’s fleet of tankers, a subsidiary of DLEN, as well as other vessels entering the ports of Esmeraldas and La Libertad. This latest two-vessel order follows hot on the heels of last year’s delivery of three Damen Stan Tugs to the DLEN. In terms of fuel efficiency, power and manoeuvrability, those three vessels have proven their worth to such an extent that the client returned ...

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MacGregor secures turnkey project from Cochin Shipyard, India for four 8 000 dwt bulk carrier hatch cover shipsets

MacGregor, part of Cargotec, secured a turnkey contract to deliver 4 shipsets of weather deck hydraulic operated folding hatch covers for 8 000 dwt coal carriers. The turnkey project includes design and key components, fabrication and transportation of hatch covers as well as commissioning of the complete system at Cochin shipyard. The orders will be booked into Cargotec’s third quarter 2019 order intake and the deliveries are planned to be during the second quarter 2020. MacGregor was chosen as the preferred supplier due to a proven design and high quality ...

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