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China leads global shipbuilding in Q1

Orders for China’s shipbuilding industry ranked top in the world in the first quarter of this year followed by South Korea and Italy, according to data released by British shipbuilding and marine analysis agency Clarkson Research Services. The research shows China’s cumulative order volume for the first quarter reached 2.58 million compensated gross tons or 35 vessels, securing 45 percent of the global market. The shipbuilding order volume for South Korea totaled 1.62 million CGT, or 24 vessels, and Italy reached 780,000 CGT, or 10 vessels. The two countries account ...

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GTT ranked 4th in the list of leading ETI patent filers at INPI

GTT obtains the 4th position in the ranking of the main ETI1 patent filers at INPI2 for 2018 with 19 patent applications for the past year. The INPI lists the top patent applicants by the number of patent applications published in 2018. The results were consolidated by group by identifying and regrouping their subsidiaries. The top ten of patent filers at INPI in 2018 totalised 185 patent applications. These companies cover very broad sectors, ranging from automobile equipment, cosmetics, agriculture and electronics. Philippe Berterottière, Chairman and CEO of GTT, declared: ...

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DP World set sights on more Latin American ports

Dubai-based ports operator DP World is eying concessions in between five and seven Latin American ports in the next year, according to the company’s chief operating officer, Mahmood Al Bastaki. Speaking on the sidelines of the Global Business Forum Latin America 2019 in Panama City, Al Bastaki said that DP World “has a big focus” on the region. “There are lots of ports that require advanced equipment and know-how,” he said, noting that DP World already has a presence in Peru, the Dominican Republic, Argentina, Brazil and Chile, where in ...

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Murmansk port hopes huge screens will trap its coal dust

Officials at the Murmansk Commercial Seaport have raised a fence they hope will trap the smog of soot rising from the coal stockpiles laying by the ton on its quays to be loaded onto ships – long the bane of city residents. The “black attack,” as locals refer to the coal dust, has been a headache in Russia’s Arctic capital for as long as anyone can remember. In the winter, grime arising from the port’s coal stores taints Murmansk’s snow banks and ice, creating gray rivers of filth with every ...

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Russia’s April NWE Urals program sees rising arb on tight global sour market

Russia’s medium sour Urals crude loading out of the Baltic ports of Primorsk and Ust-Luga has seen its appeal widen broadly during its April program, as the crude has found homes outside its typical region of Northwest Europe. Destinations for April-loading cargoes of Urals include China, the US, and numerous destinations in the Mediterranean like Spain, Italy and Turkey. While there are often a handful of cargoes that travel outside Northwest Europe, April’s arbitrage volumes are notable, said trading sources. “The market is strong and trading pretty healthily in April. ...

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Iron ore price rally could give BHP, Rio Tinto 30% earnings boost

Spot iron ore prices rose from $75 per tonne to $95 per tonne in the weeks following the Brumadinho dam disaster at Vale’s (NYSE: VALE) Feijao iron ore mine in Brazil, before settling in at about $85 per tonne, according to the latest research on the global iron ore market by the Macquarie Group. Spot prices are now back up at the $95 per tonne level as lower shipment volumes out of Australia mainly due to Cyclone Veronica have contributed to supply disruptions from Brazil, analysts at the Australian investment ...

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Analysis: Indonesian coal prices seen set to remain firm as supply tightens

Indonesian thermal coal prices are likely to remain firm in coming weeks as Chinese utilities lap up cargoes while supply typically tightens during Ramadan, market sources said this week. The price of Indonesian 4,200 kcal/kg GAR coal has jumped 4% to date in April amid a spate of Chinese tenders seeking lower grade coal. It was assessed Wednesday at $38/mt FOB Kalimantan, S&P Global Platts data showed. China’s lowering of its value-added tax to 13% from 16%, as well as a slight strengthening of its currency versus the US dollar, ...

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Oil rises as supply constraints outweigh China slowdown fears

Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from OPEC and its allies. Brent crude oil futures were at $71.39 per barrel at 0832 GMT, up 56 cents from their last close and heading for a weekly gain of 1.5 percent, their third weekly gain in a row. U.S. West Texas Intermediate (WTI) crude futures were at $64.19 per barrel, up 61 cents from their previous settlement, set for a weekly ...

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Asia oil products: Q2 outlook and factors to watch

The Asian oil products market is heading into the second quarter amid a tighter supply outlook for gasoline and LPG, while jet/kerosene and fuel oil markets are seeing signs of plentiful supply and relatively weaker demand. The following are some factors that traders said might influence various oil products in Asia in the April-June quarter. GASOLINE A confluence of bullish events will keep the Asian gasoline market buoyed in Q2, although the emergence of new refining capacity will likely cap the market’s recovery. The market was expected to find support ...

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Oil traders hail output cuts but wary on economic outlook

Hedge fund managers are becoming progressively more bullish on the outlook for crude and gasoline prices, but they are turning increasingly against diesel, notwithstanding the IMO marine fuel deadline at the end of the year. Hedge funds and other money managers were net buyers of 23 million barrels of futures and options linked to crude and refined products in the week to April, according to exchange and regulatory position records. Fund managers have raised their overall bullish position in the six most important petroleum-linked futures and options contracts to a ...

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Volatile oil prices are virtually impossible to predict, analysts say

A flurry of intensifying risks in the energy market has made it “virtually impossible” to confidently forecast the price of oil, industry experts told CNBC. Oil prices have soared since the start of the year, due to a number of risk factors such as OPEC-led supply cuts, U.S. sanctions on oil exporters Iran and Venezuela and escalating fighting in Libya. But, alongside mounting concerns about the health of the global economy, surging U.S. crude inventories appears to have capped further gains. “There are so many uncertainties surrounding the oil market ...

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U.S.-Iran imbroglio boosts obscure heavy crude oils: Russell

The U.S.-Iran crude oil sanctions merry-go-round is starting to spin again with Asian crude buyers fretting over whether they will be allowed to continue imports from Tehran. The U.S. waivers on imports by eight of Iran’s top customers are due to expire early next month, and indications are that Washington may be considering a tougher line. Against its desire to cut off Iran’s oil revenues, the administration of U.S. President Donald Trump must balance the potential impact of the loss of Iranian exports on the crude market, especially in Asia, ...

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Global Stocks Waver Ahead of Bank Earnings Reports

Global stocks wavered after conflicting economic data on Friday, though U.S. markets were poised to open slightly higher ahead of first-quarter earnings from two of the nation’s biggest banks. Shares in Hong Kong, China and Japan were down marginally following a U.S. finish Thursday that left the S&P 500 up 0.01% on the day. Trade data from China showed a strong recovery in exports, which rose 14.2% in March over the same month last year, after a big fall in January and February. However, Chinese imports were down heavily again, ...

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Euro gains in surprise move driven by flows linked to Japan

The euro gained on Friday in a move dealers said may have be driven by anticipated currency demand arising from a Japanese bank’s plans to purchase a German multi-billion dollar aviation finance business. The jump in the common currency occurred late in Friday’s Asia session and saw the euro rise to a 2-1/2-week high. Markets are often quiet in the hours before European trade opens and thin liquidity has in recent months caused sudden jolts or “flash crashes” in major currencies including the Swiss franc. But the heavily-traded euro-dollar currency ...

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ADB Asian Development Bank: Expands Partnership with SMBC to Boost Trade Financing in Developing Asia

The Asian Development Bank (ADB) and Sumitomo Mitsui Banking Corporation (SMBC) today signed an agreement to promote more than $100 million of trade annually across developing Asia. Under the agreement, signed on the sidelines of the International Chamber of Commerce Banking Commission’s annual meeting, ADB and SMBC will provide financing to support trade transactions in some of developing Asia’s more challenging markets. ‘We are very pleased to expand our partnership with SMBC, especially under our newly launched funded trade finance product, which provides liquidity to banks in developing member countries,’ ...

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