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Fully customised cutter dredger for acidic environment

Damen Dredging Equipment has delivered a customised CSD500-S to Australian customer, Energy Resources of Australia (ERA). The CSD, which has been named the Brolga I, will work in an acidic environment with a pH of approximately 3 for which a wide array of adaptations have been incorporated. The dredger has been shipped to Antwerp, where it was loaded on board a transport vessel bound for the north of Australia. It will arrive at the Ranger Mine in Jabiru in the Northern Territory at the end of May. The CSD500-S is ...

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Singapore’s Tuas Mega Port a bold investment that will face significant challenges

Singapore has successfully built itself into a maritime power house through exploiting its strategic location within old trade routes since independence. Innovation and sound strategic planning by the city-state’s founding leaders helped entrench this position and made the maritime sector an important economic participant in world trade by connecting the country with major trade markets. Today, the maritime industry accounts for 7 per cent of the country’s GDP and houses 170,000 jobs, a figure that is set to grow since Minister for Manpower Josephine Teo announced that 13,000 more jobs ...

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US$225M For US Port Infrastructure

US$225m will be available for US port infrastructure improvements through the FY 2020 Transportation, Housing and Urban Development (T-HUD) Appropriations bill. The funding for the Port Infrastructure Development Program is US$68m below the FY 2019 US$292.73m allocated. President Trump’s FY 2020 budget request did not include funding for this programme. “This is great news for America’s ports and follows on the heels of first-time direct funding for seaports totalling $292.73 million in the FY 2019 T-HUD appropriation,” said AAPA. The legislation to provide funding for the improvements was released by ...

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Colombo Port container volumes up by 9.1-pct in April 2019

Colombo Port’s container volumes indicate a 9.1 percent increase in the month of April compared to the same period last year. Together with the Jaya Container Terminal (JCT), South Asia Gateway Terminal (SAGT) and the Colombo International Container Terminal (CICT), the Port of Colombo’s cumulative volume has been increased by 5.9 percent. In April 2018, the Port of Colombo handled a transshipment volume of 441,437 TEUs that has increased up to 482,910 for the same period this year, Sri Lanka Ports Authority (SLPA) said. Accordingly, with the increase marked at ...

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US LPG cargoes sail to India amid altered trade flow

US LPG is being exported directly to India in a new evolution of global trade flow, with four Very Large Gas Carriers laden with LPG set to reach India in April, and cargoes have been set to be delivered for May and June as well. With key LPG buyer China no longer sourcing LPG from the US due to the ongoing trade tensions between the two countries, the Chinese have been exploring alternative sources. “We have seen them [China] in the past exploring some uncommon routes, like deliveries from Argentina, ...

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China imposes provisional anti-dumping duties on phenol imports

China’s Ministry of Commerce (MOC) announced Monday that it would levy provisional anti-dumping duties on phenol imported from the United States, the European Union, the Republic of Korea, Japan and Thailand. After a preliminary investigation that started in March last year, the MOC determined that phenol imports from the regions had caused substantial damage to the domestic industry. Importers of the product must place deposits with Chinese customs calculated according to the dumping margins, which ranged between 11.9 percent to 129.6 percent, according to the MOC. Phenol is an aromatic ...

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A Copper Mining Lesson From Zambia: History Repeats Itself

Vedanta Resources Ltd. is learning the hard way that when it comes to Zambia’s copper-mining industry, history tends to repeat itself. Fifty years ago, Zambia’s first post-independence leader Kenneth Kaunda nationalized mines owned by Anglo American Plc and Roan Selection Trust to rally his political supporters. Now populist President Edgar Lungu is taking legal steps to take over the operations of Vedanta’s Konkola Copper Mines, alleging the unit lied about expansion plans and cheated on taxes. With Zambia mired in a debt crisis that’s made its dollar bonds and currency ...

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Why BHP and Rio Tinto could provide safety during the Trump trade war

The escalating trade war between the world’s two largest economies could cut global economic growth but that may not have much impact on the soaring iron ore price. That may sound counterintuitive given the tight link between economic activity and the price of the steel making commodity and investors shouldn’t underestimate the risk to growth posed by growing trade tensions between US President Donald Trump and his Chinese peer Xi Jinping. This is the key reason why the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) index is losing ground along with other risk ...

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Oil rises to $69 as Mideast tension and supply cuts offset trade concerns

Oil rose to about $69 a barrel on Monday, supported by Middle East tensions and OPEC-led supply cuts, though concern over the U.S.-China trade dispute and global economy capped gains. Supply cuts – both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions – have helped Brent crude, the global benchmark, rise by 29 percent this year. Brent was up 48 cents at $69.17 a barrel by 1143 GMT, having fallen by about 4.5% last week. U.S. West Texas Intermediate crude ...

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Saudi-Russian oil alliance marks a potentially historic shift for OPEC: Prof. Bininachvili

A professor of political science at the Columbia University says not much is left from 60 years old OPEC and Saudi-Russian oil alliance marks a potentially historic shift for organization. The Trump administration sharply accelerated its goal of driving Iran’s oil exports to zero, ending sanctions exemptions that it previously granted to some of the Islamic Republic’s biggest customers. The market widely expected Washington to extend the waivers for five of the countries. However, the administration says that any country still importing oil from Iran will be subject to US ...

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Italy now favoring gas via Switzerland from France over Germany

There has been a shift in natural gas supply dynamics into Italy via Switzerland in recent months, with gas sourced from France now supplying the bulk of gas entering northern Italy by this route rather than Germany. So far this year, France has exported a total of 2.911 Bcm into Switzerland compared with 2.885 Bcm from Germany, data from S&P Global Platts Analytics shows, meaning that of the gas consumed in northern Italy, 52% came from France. This is in stark contrast to last year, where France accounted for 31% ...

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Escalating U.S.-China Trade War Makes LNG Projects Vulnerable Stateside

Trade tension between Washington and Beijing was supposed to ease this month, but instead it has gone into reverse taking a heavy toll on the commodities sphere. U.S. President Donald Trump surprised the market earlier this month (May 10) by increasing levies on $200 billion worth of Chinese imports to the states from 10% to 25%, after Washington and Beijing failed to reach a deal on trade. Subsequently, in line with market expectation, China retaliated by announcing plans to raise levies on $60 billion of U.S. imports from June 1. ...

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2mn barrel of heavy crude oil to be offered at IRENEX on Tuesday

National Iranian Oil Company (NIOC) is due to offer a two-million-barrel cargo of heavy crude oil to domestic buyers through the international ring of Energy Stock Market (IRENEX), on Tuesday. As reported, two million barrels of light crude oil were offered at IRENEX last Tuesday. One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market. Iranian Oil minister Bijan Zanganeh announced ...

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Asia’s billionaires develop taste for boutique wealth managers

Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerland and London. The boutiques, or so-called external asset managers (EAMs), mainly tap small-and-mid-level business owners and executives, who are typically out of reach for private banks, by leveraging their locally based advisers’ contacts and family ties. As a result, more and more private banks are also leaning on boutique managers to boost their assets in ...

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Stocks Edge Higher in Wake of European Elections

Global stocks gained Monday after voters in European parliamentary elections showed broad but more fragmented support for pro-EU parties, while populist factions gained less ground than expected. In Europe, the pan-continental Stoxx Europe 600 rose 0.3%. The euro was slightly higher against the dollar at $1.12 and German government bond yields, considered the benchmark in the region, were down slightly at negative 0.13%. In Asia, markets were mixed, as President Trump talked trade with Prime Minister Shinzo Abe on his visit to Japan. The Shanghai Composite closed 1.4% higher, while ...

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