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China Is Working Its Way Up From Sweatshops to Skilled Jobs

A vast labor pool once powered China’s economy. Low-paid workers kept factory costs down, while expansion-minded companies relied on college graduates for basic accounting, sales and other entry-level white-collar tasks. Now, as China’s economy matures, low-skilled labor is a spent resource. It can’t be a spur for the kind of easy growth China has enjoyed as an emerging economy, and could be a drag in a future likely to be defined by specialized services and smart manufacturing. For China’s leaders, that means a race to create a more productive and ...

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Baltic Dry Index falls to 1575, down 24 points

Today, Thursday, December 05 2019, the Baltic Dry Index decreased by 24 points, reaching 1575 points.

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Pirates Board a Navios Supertanker Off Nigeria, Kidnap 19 Crew Members

Pirates boarded a fully loaded supertanker off the coast of Nigeria, an act that is sure to ring alarm bells for insurers about the risk of collecting oil from Africa’s biggest producer. Nineteen crew were kidnapped and remain missing, a spokeswoman for Navios, the ship’s owner said by phone Wednesday. The incident happened late Tuesday about 77 nautical miles from Bonny Island, a key loading point for Nigerian crude. The vessel had only recently collected its cargo. The waters of the Gulf of Guinea have suffered from sporadic incidents of ...

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Shipping Faces New Headwinds in Meeting Emissions Rules

With weeks to go before a landmark mandate for ships to burn cleaner fuels goes into effect, a zero-carbon future for the maritime sector may be growing more distant. Authorities in Greece, the world’s biggest ship-owning nation, want the rule to be pushed back, casting a cloud over shipping’s environmental efforts and the industry’s ability to meet a series of new targets through a regime that largely amounts to self-regulation. The change is scheduled to take effect Jan. 1, when some 60,000 oceangoing vessels are required to cut their sulfur ...

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ABS and Poten & Partners Lead Global LNG Discussion with Industry Leaders

ABS and Poten & Partners were joined by nearly 300 LNG industry leaders for an in-depth exploration of the prospects of the LNG industry. LNG: An Open Exchange of Views provided a unique format to openly debate the future of LNG supply, demand, trade and transportation. “LNG both as cargo and fuel is a powerful evolutionary driver in the global maritime industry with significant potential to help owners address regulatory and operational targets. However, the industry faces structural and technical challenges,” said ABS Chairman, President and CEO, Christopher J. Wiernicki. ...

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MABUX: Bunker market this morning, Dec.05

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated irregular changes on Dec.04: 380 HSFO – USD/MT – 335.42(-0.20) 180 HSFO – USD/MT – 380.04(+0.62) MGO – USD/MT – 665.58(-0.78) Meantime, world oil indexes jumped on Dec.04. on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles Brent for February settlement increased by $2.18 to $63.00 a barrel on the London-based ...

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Industry project to design ammonia-fuelled 23k ULCS concept

Lloyd’s Register (LR) has granted Approval in Principle to Dalian Shipbuilding Industry Co. (DSIC), and MAN Energy Solutions for an ammonia-fuelled 23,000 TEU Ultra-Large Container Ship (ULCS) concept design, the first ammonia as fuel design of its kind in China. LR facilitated hazard identification (HAZID) workshops to determine potential hazards throughout the design phase, covering areas limited to the ammonia-fuelled engine and the external piping systems. LR also provides technical guidance regarding the ship’s design and the provision of technical materials, in accordance with the goals and functional requirements from ...

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B ZERO relieves officers and improves security

The major challenges facing maritime transport include growing global trade volumes, improving maritime safety and increasing productivity and profitability. Increasing maritime traffic results in an increase in dangerous situations in which accidents are often accompanied by human error. And globalization and digitization require ongoing efforts from companies to optimize processes and reduce operating costs through efficiency gains in order to remain competitive in the long run. The German Federal Government is responding to these challenges by funding research in the BMWi’s (Federal Ministry for Economic Affairs and Energy) “Maritime Technologien ...

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Ocean shipping in crossfire again as trade war reignites

Hope for a cease-fire in America’s multi-front trade war has dimmed after a barrage of hawkish new U.S. statements toward China, France, Brazil and Argentina. For ocean shipping, fallout suffered in 2019 now appears likely to extend well in 2020 — not just in terms of lost demand, but also, lost investor interest. U.S. President Donald Trump said on Dec. 3, “I think it is better to wait until after the election [to conclude a China trade deal] if you want to know the truth.” In an interview with CNBC, ...

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Silverstream collaborates with SWS on newbuild development projects

Silverstream Technologies, the leading air lubrication provider for the shipping industry, has today announced the completion of three Joint Development Projects with SWS (Shanghai Waigaoqiao Ship Building Co., Ltd) across two new energy efficient vessels. The projects spanned a 180,000dwt dual fuel bulk carrier design that has gained Agreement in Principle from Lloyd’s Register and a separate 300,000dwt dual fuel VLCC design that has achieved Agreement in Principle from both Lloyd’s Register and ABS. The Joint Development Projects will see Silverstream’s team of naval architects and marine engineers support the ...

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NYK Joins DecarbonICE Project Transforming Exhaust CO2 into Dry Ice to Be Stored in Seafloor Sediments

NYK has joined the international DecarbonICE project that will be conducting a feasibility study to capture onboard carbon as dry ice and store it in seafloor sediments. The shipping industry is looking for carbon-free solutions to achieve the IMO 2050 target of a 50% CO2 emissions reduction (compared to the 2008 level). In response, new zero-carbon solutions are being developed around the globe, including alternative low-carbon fuels such as LNG fuel that can be used in place of heavy oil. The DecarbonICE project was launched on October 1 by the ...

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Hyundai Heavy says trying to allay Singapore concerns over Daewoo shipyard merger

Hyundai Heavy Industries Holdings Co Ltd (267250.KS) said it is working with Singaporean regulators to alleviate concerns of its $2 billion merger with rival shipbuilder Daewoo crimping competition in the Southeast Asian maritime hub. Plans to combine the world’s two biggest shipbuilders announced in January require regulatory approval in South Korea, Singapore, China, Japan, Kazakhstan and the European Union, a Hyundai spokesman told Reuters. So far, only Kazakhstan has approved the deal, he said. “We believe Singaporean authorities are taking a cautious approach to make a decision about the deal ...

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OPEC’s Middle East Oil Flows Shrink as Group Mulls Extended Cuts

Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, fell to their lowest level since July, as the group’s ministers gathered in Vienna to decide the next steps in their pact with a band of non-OPEC countries that aims to limit supply. Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, which together account for nearly 70% of OPEC’s entire production, shipped an average of 14.79 million barrels a day of crude and condensate in November, tanker-tracking data compiled by Bloomberg show. That was a drop of 970,000 barrels ...

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Rival Citgo boards fight over $57 million oil cargo stranded in Venezuelan waters

Rival boards of directors of U.S. refiner Citgo Petroleum Corp, one appointed by Venezuelan President Nicolas Maduro and another named by opposition leader Juan Guaido, are disputing control of $57 million of crude oil stranded at sea. In a Tuesday filing in a U.S. court, the Guaido-appointed board alleged that the Maduro-appointed board sent a letter to the captain of the Gerd Knutsen oil tanker requesting that 950,000 barrels of crude on board be released to Venezuelan state oil company Petróleos de Venezuela, S.A., known as PDVSA, which owns Citgo. ...

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China’s iron and steel capacity to shift southwards amid capacity replacement

Iron and steel capacity in China will gradually shift from the northern to the southern regions, amid the ongoing replacement initative of the iron and steel capacity. While overall outdated capacity will be replaced by new capacity of smaller amounts, the capacity of electric arc furnaces (EAFs) will see net increases till 2023, as China promotes the use of more environmentally-friendly EAFs for steelmaking. A net increase of 21.41 million mt/year is expected in domestic EAF capacity in 2019-2020, with this year accounting for 13.22 million mt/year and 2020 taking ...

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