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Tanker Market Rates 09/01/2020

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

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Global Shipping Faces Troubling New Smuggling Questions

Global shipping companies are wrestling with apparent growing demand in a sector that they don’t want and that has law enforcement authorities around the world on high alert. Ocean carriers saw a series of seizures of large shipments of drugs in the U.S. and Europe in 2019, and officials say they are a sign of the growing use of commercial shipping operations for increasingly large loads of cocaine, heroin and other drugs. Officials say the growing scale of shipping operations, with the biggest container ships doubling in size over the ...

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How the world’s most important oil chokepoint could factor into escalating US-Iran tensions

A critical gateway to the world’s oil industry has been thrust back into the global spotlight, following a dramatic escalation in geopolitical tensions since the targeted killing of a top Iranian general. The death of Iranian military commander Qasem Soleimani at the end of last week has ratcheted up already-high tensions between Washington and Tehran, with many investors increasingly anxious that a widening conflict could disrupt global oil supplies. Analysts at Eurasia Group predicted the most likely outcome of Soleimani’s death would be a months-long “escalatory cycle” of tit-for-tat responses ...

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Hapag-Lloyd opens new Quality Service Center in Mauritius

Yesterday Hapag-Lloyd opened a new Quality Service Center (QSC) in Mauritius. The QSC will explicitly serve Africa, one of Hapag-Lloyd’s fastest growing markets. Quality Service Centers are an important cornerstone of Hapag-Lloyd´s Strategy 2023. They gather selected functions from different Areas under one roof, enabling synergies and delivering on the Quality Promises towards the customers. Hapag-Lloyd has already established several QSCs around the world – in Atlanta (USA), Suzhou (China), Kuala Lumpur (Malaysia), Mumbai (India), Bogota (Colombia), Viña del Mar (Chile) and Santos (Brazil). “Mauritius was chosen because the island ...

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TFG First To Launch Free Podcast, Video and Guides for Incoterms® 2020 Rules

Trade Finance Global (TFG), in partnership with Bob Ronai, a member of the International Chamber of Commerce Incoterms® Drafting Group to draft the new Incoterms® 2020 Rules, has published a series of 12 free educational guides, 11 podcasts and 4 videos for trade practitioners. The new rules, which come into effect immediately, are used globally by trade practitioners, shipping experts, trade financiers, legal firms and policymakers to help clearly define rules and responsibilities when it comes to the shipment of goods between buyers and sellers. What are the key changes ...

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Thordon Seal Retrofit Keeps Hadi 37 On-Hire

Capital expenditure is always a key consideration during the system procurement process but when low cost components result in an increase in unbudgeted operational costs, then any savings quickly diminish. That was the experience of Saudi Arabia-based ship operator Hadi Hamad Al-Hammam when the original shaft seals fitted to Hadi 37, a 2013-built twin-screw offshore tug supply vessel (OTSV), began to leak and vibrate, resulting in regular visits to drydock for costly repairs. “Reducing the maintenance spend associated with the original seal installation was the driving factor behind the decision ...

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GTT receives an order from DSME for the tank design of one new LNG Carrier

GTT has received, in December 2019, an order from the Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME) concerning the tank design of one new 174,000 m3 LNG Carrier (LNGC1) on behalf of a European ship-owner. GTT’s membrane containment system NO96 GW has been selected for the design of the tanks. The delivery of the ship is planned in early 2022. Philippe Berterottière, Chairman and CEO of GTT, commented: “We are very pleased to continue our partnership of excellence with DSME with this new order.” Source: GTT

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Rewriting The Script

For years Sicily has been seen as a problematic location for container port operations but now the tide is turning. The problems with Palermo as a container port have been well documented – back in the bad old days it was the mafia exerting its influence over terminal operations in the port. The beginning of the decade saw terminal concessions cancelled in Palermo for mafia infiltration and new operators appointed who, in turn, were also found to be operating under the influence of the mafia. This era has, however, passed ...

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MMC, FGV’s unit to explore investment in Pakistan port

MMC Corp Bhd seeks to team up with FGV Holdings Bhd to explore the potential equity participation of up to 25% stake in Fauji Akbar Portia Marine Terminals Ltd (FAP), an entity which had been granted a concession by the Port Qasim Authority to operate a dry bulk terminal in Port Qasim, Pakistan. In a bourse filing today, MMC said its wholly-owned subsidiary Johor Port Bhd had on Jan 3 entered into a memorandum of understanding (MoU) with FGV’s indirect 65%-owned Pakistan-based unit FWQ Enterprises (Pte) Ltd for the purpose. ...

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Qatari ports wrap up successful year

Qatar’s maritime sector has wrapped up a successful year by setting new volume and productivity benchmarks in 2019. Hamad Port, Ruwais Port and Doha Port received 4,082 vessels and handled 1.34 million Twenty-Foot Equivalent Units (TEUs) containers during the year. ‘Our ports’ performance in December 2019 ended on a positive note and Mwani Qatar looks forward to 2020 focusing on the projected 2.5 percent increase in Qatar’s economic growth, said Qatar Ports Management Company (Mwani Qatar) in a tweet. Hamad Port, Ruwais Port and Doha Port handled 108,546 TEUs containers, ...

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Australia becomes the largest liquefied natural gas exporter in the world

Australia has become the largest liquefied natural gas exporter in the world, shipping an estimated 77.5 million tonnes worth A$49 billion in 2019. The record figure knocked Qatar out of the top spot, with the nation expected to produce 75Mt in 2019. Australia’s LNG exports were more than twice that of the United States, with the US Energy Information Administration forecasting 34.3Mt in 2019. LNG shipments out of hubs at Karratha, Gladstone and Darwin increased Australian exports by 11.4 per cent on 2018, largely due to growth from the Ichthys ...

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India: Iron ore exporters to government: Help us fight Chinese glut in global market

India’s iron ore exporters have asked the government to ease export duties so as to keep them competitive in the international export market vis-à-vis China. It complains that iron ore levied with the export duty of 30% makes it a no-contest against Chinese iron ore, which is readily available to the international industries at far cheaper prices. The Federation of … has asked the government to completely abolish 30% export duty on iron ore up to 62% iron content to boost sluggish exports. The government had waived off export duty ...

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Iron ore prices are set to rise 30-40% after Odisha auctions: Crisil

Domestic iron ore prices are set to escalate between 30 and 40 per cent after mining commences again from the lapsing merchant blocks in Odisha following the successful conduct of online auctions. A study by CRISIL Research illustrates that premium for most of the mines would exceed 40 per cent in a majority of the mines put up for auctions. The assumptions are based on the reserve price set by the Odisha government for auctions of iron ore blocks. The floor price for almost all blocks save Nuagaon ranges from ...

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What to Watch for in Commodities in 2020

It’s time for some 2020 foresight in raw materials. After commodities posted a 10% advance last year, how will crude to coffee fare in the months to come? The first What to Watch of the new year presents an overview of what to expect and it’s a mixed, complex picture that emerges. The list covers oil, gold, copper, iron ore, pork and more. The year’s first full week of trading will be dominated by the Mideast crisis after the American assassination of one of the Iran’s most powerful generals. Crude ...

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Funds quickly ditch bearish soybean bets after huge selling spree

After digging well into bearish territory late in the year, speculators changed their minds about Chicago-traded soybeans in mid-December and opened the new year with a relatively neutral view on the oilseed. In the week ended Dec. 31, hedge funds and other money managers slashed their net short in CBOT soybean futures and options to 3,159 contracts from 33,156 in the previous week, according to data published on Monday by the U.S. Commodity Futures Trading Commission. That puts funds’ three-week soybean buying total to Dec. 31 at 109,369 contracts, the ...

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