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Yen, dollar buoyed as investors seek safety

The Japanese yen remained near seven-month highs on Tuesday and the U.S. dollar rallied, as investors unnerved by the Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina’s peso currency sought safety. Investors have flocked to the yen amid an escalating trade war between China and the United States and worries about a global economic slowdown. The Japanese currency, along with the dollar and Swiss franc, is a safe haven in times of uncertainty. The yen got a fresh boost from growing unrest in Hong Kong and ...

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German exports to Iran halve in first half as U.S. sanctions bite

German exports to Iran fell by nearly half in the first six months of 2019, data showed on Monday, suggesting companies are scaling back business ties with Tehran to avoid trouble with the United States after Washington reimposed sanctions. Sales to Iran plunged by 48% to 678 million euros ($758.8 million) from January through June year-on-year, data from the Federal Statistics Office reviewed by Reuters showed. Imports from Iran declined by 43% to nearly 110 million euros. “The fact that trade between Iran and Germany has collapsed that massively is ...

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UK Economy Contracts For First Time Since 2012

The UK economy unexpectedly contracted for the first time in more than six years in the second quarter, fueling fears of a recession even ahead of Brexit due for October 31. Gross domestic product fell 0.2 percent sequentially, partly reversing the first quarter’s 0.5 percent growth, a first estimate from the Office for National Statistics showed Friday. GDP was forecast to remain unchanged. The Bank of England had also projected a flat growth for the second quarter. On an annual basis, the economy grew at a slower pace of 1.2 ...

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We’re going to see 10% market drop before volatility fades: Investment advisor

As the trade war rages on between the U.S. and China, experts believe the end is not in sight. Last week, the U.S. Treasury labeled China a currency manipulator, sending markets into a tailspin. U.S. stocks posted their worst session of 2019 last Monday and continued to fall hard throughout the week, rebounding only slightly by Friday’s close. Nick Giacoumakis, president and founder of New England Investment & Retirement Group, told Yahoo Finance’s “The First Trade” on Monday that investors are becoming more hesitant. “I think it’s the situation now, ...

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China’s coastal bulk freight index drops in July

China’s coastal bulk freight market saw an overall decline in demand in July, according to the Shanghai Shipping Exchange. The composite index for coastal bulk freight dropped 6 percent month on month to 977.26 in July, the SSE said. The index had averaged 1,021.01 since the beginning of 2019, down from an average of 1,149.05 for 2018. Last month, the sub-index for coal saw the largest fall of 7.8 percent, followed by grain and metal ore. Against the downward trend, the sub-index for oil products grew 0.9 percent in July. ...

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Epic Gas: Positive stance reiterated prior to 2Q19 results

Epic Gas posts its 2Q19 results on Wednesday. The company has recently strengthened its leading position in the pressurized vessel market with the order of four modern second-hand carriers, but this will be reflected in figures only starting in the second half of the year. Second quarter’s numbers are not anticipated to deviate much QoQ, but the long term outlook is positive for the sector. We have increased our Target Price to NOK 17/sh mostly due to stronger USDNOK and reiterate Buy recommendation for the stock. Little deviation QoQ is ...

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Weakening energy sectors negatively impact Latin American bunker markets

Sustained weakening in the global energy markets this week has impacted key Latin American marine fuel prices in varying degrees. Sources this week indicated there was little impact being seen from falling crude prices on a day-to-day basis for marine fuel sectors, with some refiners sticking to their long-held practice of weekly price adjustments. One exception has been Brazil, a trader source said Wednesday, adding that pricing posted by the government-owned refineries showed steep day-on-day declines for IFO 380. August, so far, has seen both crude and high-sulfur fuel oil ...

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The shipping industry must go carbon neutral to survive

From the phone or laptop you are reading this on, to the car you drive, the clothes you wear or the food you eat, most of the goods you use have traveled across the seas. According to the latest UN assessment, freighters carry 10.7 billion tons of cargo across the oceans every year. Fossil fuels power this industry, which relies on oil, gas and coal shipments to stay in business. In fact, shipping accounts for 2% to 3% of global carbon emissions. This is greater than the emissions produced by ...

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MABUX: Bunker market this morning, Aug 12.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) turned into a phase of insignificant irregular changes on Aug.09: 380 HSFO – USD/MT – 361.90(-0.80) 180 HSFO – USD/MT – 405.83(-0.41) MGO – USD/MT – 628.50(+2.06) Meantime, world oil indexes rose on Aug.09 supported by expectations of more production cuts by OPEC amid fears the U.S.-China trade row could lead to a global slowdown. Brent for October settlement increased by $1.15 to $58.53 a barrel on ...

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ABB names Björn Rosengren as CEO

The Board of ABB has unanimously appointed Björn Rosengren, as Chief Executive Officer. He will join ABB on February 1, 2020 and succeed CEO, Peter Voser, in this role on March 1, 2020. At that time Peter Voser will revert to his position at ABB solely as Chairman of the Board. Björn Rosengren (60), a Swedish citizen, is a highly experienced, international executive and leader of industrial businesses. He has been the CEO of Sandvik, a high-tech global engineering group, since 2015. During this time, he has overseen the successful ...

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APM Terminals Yucatan to expand and modernize Progreso terminal

APM Terminals Yucatán, operator of the Port of Progreso, Mexico, has announced a significant investment to expand and modernize the Progreso container terminal, supporting trade growth and economic development in the Yucatan peninsula. The terminal has seen tremendous growth, having doubled its volumes from 80,000 to 140,000 TEUs throughput over the last two years, as the region’s economic activities expand. This year alone the terminal expects 20-35% further growth in volume. The terminal provides the region with unparalleled connectivity through 5 vessels a week, including direct connections with the US ...

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Sink or swim: Chinese port plans put Pacific back in play

Early in the morning, before sunrise, low tide on the Samoan island of Savai’I reveals the remnants of an old American airstrip, washed away by decades of erosion, cyclones and tsunamis. The World War II site in Asau, which also hosts a 1960s-era concrete wharf in its well-protected natural harbor, is being considered for a new port to be developed by China, according to the Samoan government and the area’s highest ranking chief, Masoe Serota Tufaga. The proposed construction of a facility that could be turned into a military asset ...

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European LNG imports down 28% in July on hub prices, Qatari turndown

European LNG imports in July fell 27.6% month on month to 6.8 Bcm due to weaker European pricing and a turndown in Qatari production, but a rebound in flows is expected in September, an analysis by S&P Global Platts Analytics show. This turndown was a result of a wider JKM-TTF, on the back of weakness in European gas hubs, with stock levels unusually high at 75% full, up 25 percentage points year on year, according to Platts Analytics data. Although lower on the month, July imports marked a quite significant ...

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China Might Not Buy American Oil. So What?

China’s searching the world for commodities they can buy outside of the U.S. For soybeans, the obvious market is Brazil, as it always was, always will be. For oil, it runs the gambit, but it’s probably not going to be the U.S. once China retaliates for President Trump’s push for 10% tariffs on all China exports starting Sept. 1. If China stopped buying U.S. crude, like it basically stopped buying American soybeans, what’s the problem? As Jim Cramer said this week on CNBC, “you know what? Go pound sand, China.” ...

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Japan’s prices for spot LNG cargoes fall to lowest since May 2016

The price Japanese utilities paid for spot cargoes of liquefied natural gas (LNG) last month were at their lowest in more than three years, data from the trade ministry showed. The price for spot LNG shipped to Japan in July fell to an average of $4.70 per million British thermal units (mmBtu), the lowest since May 2016, when the price was $4.10/mmBtu, data from the Ministry of Economy, Trade and Industry showed. The July price was the third lowest for monthly spot cargoes since METI began compiling the data in ...

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