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Norway’s Wallenius Wilhelmsen Ocean charged in Australia

Norwegian shipping company Wallenius Wilhelmsen Ocean AS (WWO) has been charged with criminal cartel conduct, Australian Competition and Consumer Commission (ACCC) said on Friday. The ACCC said the charges relate to the shipping of vehicles to Australia between June 2011 and July 2012. Wallenius Wilhelmsen said it had been cooperating fully with the investigation, and would continue to do so until the court concludes the case. “Whilst we regret that it has come to this, we are happy to see this matter now proceeding formally,” the company said in a ...

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Yangzijiang Shipbuilding bags orders for two bulk carriers

Mainboard-listed Yangzijiang Shipbuilding has secured new shipbuilding orders for two 325,000 dwt bulk carriers from a ship owner based in Asia. The new bulk carriers will be built by the group’s Xinfu shipyard and delivered by June 2021, said Yangzijiang, China’s largest non-state owned shipbuilder. In a company update on Friday night (Aug 23), chief executive Ren Letian said that the group had reached a milestone by successfully launching a vessel using a floating dock rather than the traditional way of launching through a slipway or dry dock. The semi-submerged ...

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China sees cargo throughput growth in first 7 months

China’s cargo throughput at ports climbed 7.7 percent year on year to 7.9 billion tonnes in the first seven months, official data showed. At the beginning of the year, the Ministry of Transport expanded the statistical range from major ports to all ports across the country. Foreign trade cargo throughput amounted to 2.5 billion tonnes in the Jan.-July period, up 3.1 percent year on year. Container throughput at ports registered a 5.2-percent increase to around 150 million 20-foot equivalent units in the same period, the ministry said. The cargo throughput ...

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DP World, UAE Region and Jafza Unlocking Potential in New Markets for Indian Exports

DP World, UAE Region, the leading trade enabler, and Jebel Ali Free Zone (Jafza) showcased their capabilities and offerings at the FoodPro exhibition and conference organised by the Confederation of Indian Industry (CII) in Chennai to support and facilitate Indian Food & Beverage (F&B) exports. The DP World team engaged with F&B companies looking to expand their businesses outside of India and familiarised them with strategic solutions on offer, including plug-and-play platforms, end-to-end supply chain solutions, value-added services, and an investment platform. Over the past decades, Dubai has developed a ...

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China’s coal output surges in past 70 years

China’s coal industry has seen notable development in the past 70 years, with output surging and structure improving, data showed. Coal output reached 3.68 billion tons in 2018, 115 times of only 32 million tons 70 years ago, according to Huang Yuzhi, head of the National Coal Mine Safety Administration. As China improves coal mine efficiency and cuts outdated capacity, the number of coal mines saw a significant decrease to about 5,700 in 2019 compared with about 82,000 in 1997, he said. Mining equipment has evolved rapidly during the years, ...

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‘No signs of stopping’: Iron ore prices slump to multi-month lows

It’s been nothing but one-way traffic for iron ore prices over the past month. Lower, and substantially so. After soaring to multi-year highs, the boom is quickly becoming a bust. Australia’s most valuable export item was slammed again this week, tumbling to levels not seen since the beginning of the year. The price for benchmark 62 per cent iron ore fines slumped to as low as $US82.38 a tonne, extending the slide since early July to over 34 per cent. Similar falls were seen across lower and higher grades with ...

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Commodities Ensnared Again as U.S.-China Trade War Escalates

The latest escalation in the trade war between the world’s biggest economies roiled commodities once again after China announced it will impose retaliatory tariffs on $75 billion of U.S. goods. Soybeans will see an added duty starting Sept. 1, as China seeks to put more pressure on the American farm belt, a crucial voter base for President Donald Trump as he seeks reelection next year. U.S. oil imports into the Asian nation will also incur levies for the first time as the Xi Jinping administration runs out of ammunition in ...

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Oil rises on hopes of easing U.S.-China trade tension

Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and for crude demand. Brent was up 33 cents, or 0.6%, at $59.67 a barrel by 0850 GMT, while U.S. oil was also up 33 cents, or 0.6%, at $54.50 a barrel. U.S. President Trump said on Monday he believed China was seeking a trade deal after Beijing contacted U.S. officials overnight to say it wanted a return to talks. ...

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Oil price balanced in 2019 and 2020 despite recession fears, Oxford Economics says

Oil markets are expected to be broadly balanced in the second half of 2019 and next year on the back of production cuts and improved demand despite recessionary signals, according to a new report. “We are currently lowering our forecasts for global GDP and industrial production but for now the risk of recession in 2020 still looks low, particularly given the backdrop of interest rate cuts in the US and stimulus measures in other countries,” according to Oxford Economics, which produced the report. Recession fears grew due to trade tensions ...

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West African oil hits sweet spot as shipping upgrades to cleaner fuel

African states like Chad and Cameroon are shaping up to be big winners from new rules to cut sulphur emissions from ships, providing just the right type of oil to produce cleaner fuels. Only around 1% of the world’s crude oil exports are heavy and sweet varieties, ideal for refining into fuel with a maximum 0.5% sulphur content mandated by International Maritime Organization (IMO) rules coming into force worldwide on Jan. 1. The regulations will tighten limits from the 3.5% sulphur levels allowed now, aiming to improve human health by ...

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OPEC’s Market Share Sinks, No Sign of Wavering on Supply Cuts

OPEC’s share of the global oil market has sunk to 30 percent, the lowest in years, as a result of supply restraint and involuntary losses in Iran and Venezuela, and there is little sign yet producers are wavering on their output-cut strategy. Crude oil from the Organization of the Petroleum Exporting Countries made up 30 percent of world oil supply in July 2019, down from more than 34 percent a decade ago and a peak of 35 percent in 2012, according to OPEC data. Despite OPEC-led supply cuts, oil has ...

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Oil prices may drop back toward the year’s lows near $50 a barrel

China announced plans for retaliatory import tariffs on U.S. goods on Friday, sinking U.S. oil prices and putting them on a path toward the year’s lows near $50 a barrel. China will take retaliatory measures on the U.S., specifically on crude oil, Jace Jarboe, a futures and options broker with Daniels Trading in Chicago, told MarketWatch. “China is currently the largest importer of oil in the world and the U.S. happens to be the largest producer of crude oil,” he said, so the oil market “responded with an abrupt selloff.” ...

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Asian LNG prices steady as heat in Japan bolsters demand

Asian spot prices for liquefied natural gas (LNG) held steady this week, supported by demand from Japan where sweltering weather continued, catching some buyers short. Deals for spot October delivery to Northeast Asia were heard at $4.70 per million British thermal units (mmBtu), slightly below last week’s $4.80 per mmBtu, sources said. For September delivery, deals were heard at $4.80 per mmBtu and at about $4.60 per mmBtu, both of them purchases made by Tohuku Electric, according to Asian-based traders. Traders said demand from Japan and Korea was good due ...

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European stocks slip to one-week low on trade war hit

Technology stocks pushed European equities to a one-week low on Monday as investors fled from riskier assets after another exchange of blows between the United States and China over trade at the end of last week. U.S. President Donald Trump on Friday hit back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods and demanded that U.S. companies move their operations out of China. Losses in Europe were not as dramatic as those in Asia overnight, after Trump ...

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China’s yuan slumps to 11-year low, stocks fall as U.S. trade war escalates

China’s yuan fell to an 11-year low against the dollar on Monday and stocks dropped as the Sino-U.S. trade war sharply escalated, threatening to inflict more damage on the world’s largest economies. Share prices also tumbled in Hong Kong as trade tensions mounted and after a weekend flare-up in violence during anti-government protests. The onshore yuan slumped as much as 0.7% in the first few minutes of trading to 7.15 per dollar, its weakest since February 2008 and its second biggest one-day drop of the month. The offshore yuan fell ...

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