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Tanker Market Rates 27/03/2018

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

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Maritime real time gas emission and particulate measurement with Green Sea Guard

75 countries signed the MARPOL Agreement requiring shipowners to reduce their emissions of SOx and NOx from January 2015. Green Sea Guard has developed the SEEC systems to help coastguards monitor emissions and make their job easier; the system also helps shipowners to monitor their CO2 emissions and subsequently report these data to their customers. MRV (Monitoring, Reporting, Verification) regulation entered into force on 1 July 2015. The requirement is for ship operators to monitor, report and verify CO2 emissions for vessels annually. This applies to ships whose gross tonnage ...

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Maritime Malta: where is the workforce?

We regularly hear or read that Malta needs to become a centre of maritime excellence. A holistic vision, goals, strategies and consultations – a lot of work has been done and continues to be done. The effort is there and the government, together with the private sector, is working hard to improve the situation. Our ports and harbours have established themselves as a busy maritime hub. We have a maritime flag which is the sixth largest worldwide and the largest in Europe and the yachting and superyacht sector is showing ...

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Cargotec appoints Soili Mäkinen as a new member of the Executive Board

Cargotec has appointed Soili Mäkinen, M.Sc. (Econ.), as a member of the Executive Board effective as of 26 March 2018. In the role of Chief Information Officer (CIO) and Senior Vice President, Digitalisation, she continues to report to CEO Mika Vehviläinen. “Digitalisation is in the core of Cargotec’s strategy; it is a critical enabler for our future business models and growth. By inviting Soili to join the Executive Board, I want to first of all recognise the good work she has done in leading our digitalisation programmes for the past ...

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Validus partners on vessel operator covers

Validus Specialty Underwriting Services Inc.’s marine and upstream energy insurance team said Thursday it is partnering with Eagle Ocean America, a full-service insurance facility operated by Eagle Ocean Agencies Inc. The partnership allows New York-based Eagle Ocean America to offer new hull, liability and ancillary covers to serve U.S. vessel transportation risks, Validus said in a statement. Validus Specialty is a unit of Hamilton, Bermuda-based Validus Holdings Ltd. Eagle Ocean America will provide fixed-cost protection and indemnity insurance up to $2 million and hull and machinery cover up to $10 ...

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Twin Super Post-Panamax Cranes Make Their Spring Arrival at The Port of Philadelphia

The first visual affirmation of a new era of growth arrived at The Port of Philadelphia. Today, PhilaPort received its first two super post-Panamax cranes at the Packer Avenue Marine Terminal after a ninety-day journey from Shanghai, China. Manufactured by Shanghai Zhenhua Heavy Industries (ZPMC), the new cranes will be 13 feet taller than the neighboring Walt Whitman Bridge with its boom in the upwards position. PhilaPort, along with Packer Avenue Marine Terminal’s operator – Astro Holdings, Inc. (a Holt Logistics affiliate) – have purchased the cranes as part of ...

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DP World to Acquire Stake in Kazakhstan’s Special Economic Zones

Global trade enabler DP World and the government of Kazakhstan signed two framework agreements in Abu Dhabi today relating to the acquisition, governance and management of Special Economic Zones (SEZ) in Aktau and Khorgos. DP World has been providing management services to the Port of Aktau, Kazakhstan’s main cargo and bulk terminal on the Caspian Sea, and Khorgos SEZ, which is strategically situated on the China-Kazakhstan border and has been acting as the primary transit point for trans-Eurasian cargo trains for more than four years. DP World now plans to ...

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Qatar NDS2 seen boosting Hamad Port performance, lowering cost of services

The recent launching of Qatar’s 2nd National Development Strategy (NDS2) 2018-2022 will help boost the performance of Hamad Port and lower the cost of services offered by the Qatar Ports Management Company (Mwani Qatar), an official has said. According to Mwani strategy and business development manager Jabor Ali al-Sulaiti, the company is keen on optimising its services, which include lowering freight costs and improving other services. The move was part of Mwani’s efforts to address the challenges raised by various businesses during a seminar held recently at the Qatar Chamber ...

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US import of Nigerian oil hits five-year high

The import of Nigerian crude oil by the United States rose by 48 per cent to 112.92 million barrels last year, the highest annual level in five years. The latest data from the US Energy Information Administration seen by our correspondent on Friday showed that the country imported 75.81 million barrels of Nigerian oil in 2016, up from 19.86 million barrels in 2015. US import of Nigerian crude fell from 148.48 million barrels in 2012 to 87.40 million barrels in 2013 on the back of shale oil boom, the data ...

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EU faces biodiesel import surge after anti-dumping duty ends

The European Union’s removal of duties on low-price biodiesel from Argentina and Indonesia could mean a surge in EU imports forcing European producers to cut production in coming months, the head of a major German biodiesel producer said. “I fear the decisions to remove the anti-dumping duties will result in a flood of unfairly priced biodiesel from Argentina and Indonesia in the EU starting in April,” said Claus Sauter, chief executive of German biofuels producer Verbio AG. “I expect that some EU biodiesel producers, especially small-sized companies, will have to ...

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China’s steel traders fret price rout heralds prolonged downturn

China’s steel traders are worried the world’s top producer of the metal will suffer a prolonged downturn, as prices skid to their worst rout in years, construction-grade metal piles up and order books fail to be filled up as quickly as expected. The most-active contract for rebar, standard grade steel used in construction, has plunged 15 percent this month – on track for its worst monthly performance since May 2016. The other most-active contracts – for delivery in October and January 2019 – have also each fallen around 15 percent ...

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Trump’s China tariffs: Beijing could target US coal industry

The Chinese government has said it would retaliate against the U.S. over the Trump administration’s decision on Thursday to impose hefty tariffs on Chinese imports, and the coal industry could be a prime target. U.S. Commerce Secretary Wilbur Ross said during congressional testimony on Thursday that if China were to retaliate, they would likely respond in a way they see as “most politically hurtful” to the U.S. One of President Donald Trump’s biggest campaign promises was to revive the U.S. coal industry. Throughout recent years, China has curtailed capacity in ...

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Wheat climbs to 1-week high on U.S. dryness; soybeans rebound

Chicago wheat rose for a fifth consecutive session on Monday, climbing to a one-week high as concerns over dry weather in the U.S. southern Plains underpinned the market. Soybeans bounced back after closing marginally lower on Friday, although gains were capped by the threat of a U.S.-China trade war hurting demand for U.S. cargoes. The Chicago Board of Trade most-active wheat contract rose 0.5 percent to $4.62-3/4 a bushel by 0245 GMT, after hitting its highest since March 19 at $4.63-3/4 a bushel. Soybeans gained 0.7 percent to $10.35-1/4 a ...

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Brent Holds Near $70 as Middle East Tensions Offset Stock Slide

Brent held near $70 a barrel after Saudi Arabia intercepted multiple ballistic missiles fired by Houthi forces in Yemen. Futures in London were little changed, after earlier rising as much as 0.9 percent on speculation a worsening of the situation with Yemen could lead to supply disruptions in the Middle East. That countered sentiment from last week, which saw the biggest drop in U.S. equity markets since January 2016 and a rising number of rigs being put to work in America. Oil has risen in the past month as political ...

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Shale firms pump up dividends as industry focus on returns grows

Nearly a third of the 25 top U.S. shale oil producers have paid or pledged to pay dividends this year, according to Reuters review of financial filings, the largest number since the shale boom took off a decade ago. Oil prices have risen by over a third in the past year, giving shale producers more revenue to respond to investor calls for improved shareholder returns. Investors in shale have seen thin returns despite booming production, as shale firms have used profits to invest in raising output more rather than returning ...

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