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What’s behind Libya’s production boost?

Libya’s oil production has increased steeply from August 2016’s low point of below 300,000 barrels per day (b/d) to around 850,000 b/d at present, passing the 1 million b/d barrier in July. But Wood Mackenzie believes Libya may now be reaching its near-term production limits and future growth will be gradual. Effective export capacity will be constrained by damage to the key ports of As Sidrah and Ras Lanuf limiting production to a maximum of 1.25 million b/d, National Oil Corporation’s (NOC) previously announced 2017 year-end target. Reaching this would ...

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Oil eases but still near four-week highs after Saudi supply pledge

Oil eased on Wednesday but was still near a four-week high after top exporter Saudi Arabia said it was determined to end a supply glut that has been weighing on the market for three years. Brent crude futures were down 20 cents at $58.13 a barrel by 0930 GMT, having closed up 96 cents or 1.7 percent on Tuesday. U.S. West Texas Intermediate crude was trading down 27 cents at $52.20. Saudi Arabian Energy Minister Khalid al-Falih said on Tuesday the kingdom was determined to reduce oil inventories stocks in ...

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Halliburton CEO Defends Fracking Business as Margins Disappoint

Fracking isn’t looking so great for the world’s biggest fracker, but the CEO of Halliburton Co. says he can pull some levers to improve profits. After lackluster margins for the company’s main business sent shares tumbling, casting a cloud over third-quarter earnings that otherwise beat estimates, Chief Executive Officer Jeff Miller said there are three things he plans to do to improve fracking profits: raise prices, maximize the use of machinery and cut costs. “Increasing pricing is important, but it’s just one component we can leverage to reach our goal,” ...

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Beijing’s pollution crackdown is boosting natural gas use but stoking shortage, price rise

This winter, more homes in China will be heated up by natural gas as Beijing would have liked amid its push for local governments in northern China to use cleaner burning gas. The irony however, is there may not be enough supply to go around. Industry executives and analysts are already warning of a natural gas shortage this winter, and recent spot market price spikes seen at the nascent Shanghai trading centre could creep into the wider market. “Gas demand in the past summer has not seen the usual seasonal ...

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Disorderly Brexit risk rises but BoE to raise rates anyway – Reuters poll

The likelihood of a disorderly Brexit has crept higher but that won’t deter the Bank of England from raising rates next week for the first time in a decade, even though many economists believe that would be a mistake, a Reuters poll showed. There is now a 30 percent chance Britain will leave the EU without a trade deal when two-year divorce talks end in March 2019, up from 25 percent in a September poll, according to the median forecast in the latest Reuters survey of economists. “It is in ...

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Eurozone Govt Debt Falls Slightly In Q2

The euro area government debt to gross domestic product decreased slightly in the second quarter, Eurostat reported Tuesday. The government debt to GDP ratio fell slightly to 89.1 percent in the second quarter from 89.2 percent in the first quarter. Compared with the second quarter of 2016, the government debt to GDP ratio fell in the euro area to 89.1 percent from 90.8 percent. At the end of the second quarter of 2017, debt securities accounted for 80.3 percent of euro area general government debt. Loans made up 16.6 percent ...

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China’s US$150 billion tax cut: Beijing claims headway in cutting business burden

China will cut the burden on business by at least 1 trillion yuan (US$150 billion) this year through its new value-added tax regime and fee cuts, Chinese Finance Minister Xiao Jie forecast. In a statement to the South China Morning Post, Xiao said the switch to the new VAT system in 2013 had saved businesses about 1.6 trillion yuan in taxes and fees by the end of August. The minister’s comments come just days after the US Senate approved US President Donald Trump’s tax plan, an overhaul that Trump claimed ...

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ECB Must Strike Right Balance in Scaling Back Bond Purchases

European Central Bank President Mario Draghi overcame fierce resistance three years ago to roll out a historic bond-buying program. Ending it could be an even more delicate task. On Thursday Mr. Draghi is expected to lay out the ECB’s plans to scale down its bond purchases, known as quantitative easing or QE, which economists credit with helping to strengthen economic recovery across the 19-nation eurozone. Move too quickly, and Mr. Draghi risks an adverse financial market reaction that could derail the recovery — and might even rekindle its sovereign-debt crisis. ...

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Executives spooked as hopes for early Brexit transition deal fade

Executives at some of Britain’s largest companies have reacted with alarm to Prime Minister Theresa May’s statement that the details of any transitional arrangements with the European Union may not be known until a broader trade deal has been agreed. Already rattled by the slow progress of Brexit talks, businesses operating in the world’s fifth largest economy have been pressing for months for details about what any transitional EU trade deal will actually look like. May had promised to retain full access to the EU’s single market for two years ...

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Tanker Market Rates 25/10/2017

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

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Diana Shipping inc. (DSX) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Diana Shipping inc. (NYSE:DSX) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. The brokerage currently has $4.50 price objective on the shipping company’s stock. According to Zacks, “Diana Shipping Inc. is a global provider of shipping transportation services. They specialize in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. “ Several other research firms have also commented on DSX. BidaskClub lowered shares of ...

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New LNG Carrier for Ichthys LNG Project Named “OCEANIC BREEZE”

Kawasaki Kisen Kaisha, Ltd. (“K” Line) held a naming ceremony for a newly-built liquefied natural gas (LNG) carrier at Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. (MHI). The new vessel was given her name “OCEANIC BREEZE” by Mr. Toshiaki Kitamura, President of INPEX Corporation (INPEX). Designed by MHI, the vessel has adopted “SAYAENDO” which features a continuous cover integrated with the vessel’s hull that makes a reduction in weight and air resistance which accomplishes low fuel consumption while successfully achieving environmentally-friendly conditions. “OCEANIC BREEZE” will be time-chartered by INPEX Shipping ...

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Algoma Central Corporation Announces Strike by Canadian Merchant Services Guild

Algoma Central Corporation, a leading provider of marine transportation services, today announced that the Canadian Merchant Services Guild, which represents navigation and engineering officers on the Company’s domestic product tanker fleet, has launched a strike against the Company. The union represents 54 employees of Algoma Tankers Limited. The union has provided assurance that the vessels affected by the strike will sail to a safe berth and be secured before the employees leave their posts. Algoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers on ...

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Where is the container shipping industry headed?

I was invited to speak at a panel on container shipping at the Bloomberg Intelligence Shipping Seminar. Rahul Kapoor, Asia Pacific Transportation Analyst, Bloomberg Intelligence fielded the following questions. Rahul: From billions of dollar in losses over the last few years, the operators will reverse course on profitability and are set to make billions in profits in 2017. The rather downbeat tone of the industry has given way to renewed optimism and most are expecting much better years ahead. This has been one the best peak season in recent years. ...

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SEACOR Marine Unveils New Fleet of Fast Support Vessels

Seacor Marine Holdings, Inc. is pleased to unveil the first of a new fleet of Fast Support Vessels (FSV), focused on enhanced passenger comfort and increased speed. The M/V Ava J McCall offers passengers a cabin arrangement that simulates first class airline seating. It is the first and only monohull in the industry equipped with a first class “pod” seating configuration. With 56 seats, the vessel provides passengers with privacy and other comforts including folding tray tables, reading light and foot rest. The seats are much wider than industry standard ...

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