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Baby step but no big bang – ECB warily starts pulling back from loose money

The European Central Bank took a step towards weaning the euro zone off loose money but promised years of stimulus and even left the door open to backtracking. It said it would cut its bond purchases in half from January but also extend the buying programme until the end of next September. ECB President Mario Draghi said the euro zone economy was recovering but still needed support. “Domestic price pressures are still muted overall and the economic outlook and the path of inflation remain conditional on continued support from monetary ...

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Chinese iron ore and steelmaking prices October 27 2017

Morning offers of spot market resources decrease by RMB10/tonne compared with that of yesterday.

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Tanker Market Rates 27/10/2017

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

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Gener8 Maritime Inc (GNRT) Cut to Strong Sell at Zacks Investment Research

Gener8 Maritime Inc (NASDAQ:GNRT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday. According to Zacks, “Gener8 Maritime, Inc. offers marine transportation services. The Company is involved in the transportation of crude oil and petroleum products. Gener8 Maritime, Inc. is headquartered in New York. “ Several other brokerages have also weighed in on GNRT. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Gener8 Maritime in a report on ...

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Minerva Bunkers to join Hong Kong bunker fuel MOC

Minerva Bunkers Pte. Ltd. has advised S&P Global Platts that it would like to participate in the Platts Asia Market on Close assessment process for Hong Kong bunkers physical. Platts has reviewed Minerva Bunkers Pte. Ltd. and will consider information from the company in the Asia assessment process for Hong Kong bunkers physical, subject at all times to adherence with Platts editorial standards. Platts will publish all relevant information from Minerva Bunkers Pte. Ltd. accordingly. Platts welcomes all relevant feedback regarding MOC participation. Platts considers bids, offers and transactions by ...

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Novatek orders more Arctic tankers, announces plan to build new LNG terminal

Russia’s second biggest natural gas producer Novatek on Monday signed a cooperation agreement with the regional government of Kamchatka to build a new terminal on the peninsula’s east coast. The building of the terminal will allow us to optimize our transport logistics, more efficiently deliver LNG from the Arctic, stimulate the development of the Northern Sea Route and create a hub for deliveries of LNG to consumers in the countries of the Asian-Pacific region», Leonid Mikhelson says. It will be a reloading terminal where LNG from ice-class carriers are moved ...

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Gulfnav in strategic alliance with ‘Asmef’

The Dubai-based Gulf Navigation Holding PJSC, listed on the Dubai Financial Market under “Gulfnav”, continues its rapid commercial and performance success. Gulf Navigation has announced a potential strategic cooperation with “Asmef” in Abu Dhabi with the intention to establish a joint venture company in rendering services in the oil & gas, offshore, ship building/repairs and marine services. This cooperation seeks to expand and develop business and strengthen the national maritime economy. This potential cooperation is considered as reinforcement towards exploring the future of energy, production and export services, and the ...

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Angola LNG launches sell tender for cargo loading next week -traders

Angola’s liquefied natural gas (LNG) export plant has launched a tender to sell a cargo loading between Oct. 31 and Nov. 2, trade sources said. Bids for the tender, launched on Wednesday, must be submitted by Oct. 31 and the tender excludes delivery to Japan or South Korea, a trader said. Source: Reuters (Reporting by Oleg Vukmanovic; editing by Jason Neely)

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LNG tankers heading to Britain, Belgium and the Netherlands

The following liquefied natural gas (LNG) tankers are expected to arrive in Britain, Belgium and the Netherlands in the coming weeks. The vessels carry gas to Europe’s most active markets and include cargoes delivering on a spot basis and under long-term contracts. Estimated arrival dates are often revised by port authorities and AIS Live ship-tracking data on Reuters, and are updated below. Some tankers heading for Belgium and Britain may be loading at the terminal. Those expected to load are indicated with an (L). Tankers that have docked are indicated ...

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Cesare d’Amico: “It is an honour to be president of the Standard Club”

Over the hundred-year history of the Club, an Italian shipowner has never been appointed president. So for this reason, the nomination of Cesare d’Amico, which took place a few hours ago in Hong Kong, is a sort of quality certification for the Italian shipping industry. The Standard Club is the fourth largest P&I (Protection and Indemnity club) in the world, and manages about 10% of the international insurance market: it brings in premiums worth about $350 million, while its current reserves exceed $430 million. The club has had a presence ...

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Port Angeles pool expansion would mean fee increase; director outlines plans

Facility user fees at William Shore Memorial Pool could increase by 25 cents — to $5.50 — for operating costs if voters approve a general election ballot measure that would lead to expansion of the center, pool Executive Director Steve Burke said Tuesday. Burke described the fee hike in an interview following a presentation on Proposition 1 to two dozen Port Angeles Business Association breakfast meeting participants. Burke, who is also a Port of Port Angeles commissioner, outlined details on the $12 million project. The increase in the pool district’s ...

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Brazil delays estimate for first oil cargo from Libra to Q1 2018

Brazil pushed back its forecast for a first oil shipment from its promising offshore Libra prospect to the first quarter of next year, months after its previously projected October 2017 estimate made in May. Hercules Tadeu F. da Silva, contract management director at Brazil’s state-run Pre-Sal Petroleo SA, a company created to help guide development of Libra, declined to explain the cause of the delay. Source: Reuters (Reporting by Simon Webb)

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Egypt to issue guidelines to tackle wheat import problems

Egypt will issue a streamlined guide on wheat imports within two weeks that will detail all specifications, procedures, and regulations for traders selling to the world’s largest buyer, Supply Minister Ali Moselhy told Reuters on Wednesday. Egypt is looking to calm nervous suppliers who have been adding high risk premiums because of what they say are inconsistent import rules and erratic inspection procedures. Two cargoes were halted in recent months for containing poppy seeds and dozens have been delayed for costly additional procedures. Speaking at an event in Dubai, Moselhy ...

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Global nickel market seen in third year of deficit in 2018 -INSG

Global demand for nickel is expected to outstrip supply for a third year running in 2018, as demand from the stainless steel industry expands and production of nickel-containing batteries grows, the International Nickel Study Group said. Global demand for nickel is seen increasing to 2.259 million tonnes, compared with supply at 2.206 million tonnes, it said in its latest annual forecast, resulting in a deficit for refined nickel of 53,000 tonnes next year. The projected deficit will be narrower than this year, which the INSG pegs at around 98,000 tonnes, ...

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Analysis: Europe HRC steel margins strengthen, stoking mill producer optimism

The European steel sector’s current positive operating environment as highlighted by investment bank Jefferies and other analysts is supported by high growth in indicative steel margins against iron ore and coking coal, according to an analysis by S&P Global Platts Tuesday. Higher implied steel margins may linger, as Jefferies expects high 2018 contract coil price increases in Europe. The full impact of underlying lower prices in spot coking coal and iron ore references may be seen in the fourth quarter. The benefit to Europeans of cheaper feedstocks is likely to ...

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