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Tanker Market Rates 14/01/2019

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

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Tanker Market Rates 12/01/2019

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

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Euronav Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Euronav (NYSE:EURN) from a buy rating to a hold rating in a research report sent to investors. Several other research firms have also recently issued reports on EURN. Zacks Investment Research upgraded shares of Euronav from a hold rating to a buy rating and set a $10.00 target price on the stock in a research note on Wednesday, October 31st. DNB Markets lowered shares of Euronav from a buy rating to a hold rating in a research report on Friday, November 30th. Jefferies Financial Group began ...

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Wärtsilä celebrates 185 years

Wärtsilä was founded in 1834 and has its origins in a sawmill and ironworks. Nearly 2 centuries later, the company has grown from strength to strength, to become the leader in smart technologies for the marine and energy markets. From designing the world’s most efficient engine, the Wärtsilä 31, to testing out exotic technologies which enable the remote control of ships from thousands of miles away, to cementing its commitment to sustainability by pursuing a 100% renewable future, we are a trendsetter for the industry. As we turn 185 in ...

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Chevron selects Maersk supply vessels for Gorgon project

Maersk Supply Service has been awarded a contract with Chevron Australia which will see two of its newbuild anchor handling tug supply vessels support the Chevron-operated Gorgon Stage Two drilling programme. Maersk Mariner and Maersk Master will provide towing, anchor handling, supply, and WROV services for the programme in the Northwest Shelf of Western Australia starting in Q2 2019. “We are proud to have the opportunity to utilise the advanced capabilities of these new vessels to deliver a superior service and contribute to the offshore development of this important project ...

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Asia-Mediterranean Market: Lunar New Year Ad-hoc Adjustment on Bosphorus Express (BEX) Service

Dear Valued Customer, Please be informed that there will be an ad-hoc adjustment to APL’s Bosphorus Express (BEX) service during the Lunar New Year period. The details of the affected voyage are as follows: Source: APL

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Jensen Maritime Provides Design for a Series of New, Tier IV Tractor Tugs for Foss Maritime

Jensen Maritime, Crowley Maritime Corp. ‘s Seattle-based naval architecture and marine engineering company, has provided the detailed design for an initial four and option for six additional, Tier IV tractor tugs being built by Nichols Brother Boat Builders for Foss Maritime. The 90-short ton bollard pull tugs are based on Jensen’s popularValor tugboat design, of which 9 have been successfully built and deployed to date and an additional five remain under design/construction. Once delivered, the Foss tugs will be deployed along the U.S. West Coast. These 100-foot by 40-foot tugs ...

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WFW advises CCBL on US$132.8m sale and leaseback transaction of two tanker vessels

Watson Farley & Williams (“WFW”) has advised CCB Financial Leasing Co., Ltd. (“CCBL”) on a US$132.8m sale and leaseback transaction of two tanker vessels (VLCC) acquired from and chartered back to two subsidiaries of Globe Shipholding S.A. (“Globe”), a group of companies maintaining a fleet of crude carrier tankers managed by Almi Tankers S.A.. CCBL’s transaction with Globe represents the first completed sale and leaseback of VLCCs in the Chinese leasing community. US$132.8m was drawn by Globe under the sale and eight-year capital lease back transaction which was put to ...

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Boluda Identifies Possible Valencia Bidders

Spain’s Confederación General del Trabajo trade union reports that Vicente Boluda, president of both Boluda Corporación Marítima, which operates the Boluda shipping company, and Valencian business association Asociación Valenciana de Empresarios, has put forward his favourites to win the concession for Valencia’s fourth container terminal. MSC, CMA CGM, DP World and PSA International all topped his list. Mr Boluda said that the port is an extremely-attractive option for container shipping lines, since it is just two hours deviation from the main east–west shipping lane in the Mediterranean — compared with ...

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Cameroon: Bolloré group excluded from Douala Port Container Terminal’s concession

The long awaited list of companies shortlisted for the concession of the Douala port container terminal was finally unveiled on January 8, by Cyrus Ngo’o, Managing Director of the Douala Autonomous Port (PAD). The five companies selected following the international call for bids launched January 12, 2018 include Marseille-based (France) CMA Terminals, Emirati Dubaï Port World, Hutchison Port Investments Ltd registered in the Cayman Islands, Saudi Red Sea Gateway Terminal and Terminal Investment Ltd headquartered in Geneva, Switzerland. The new list thus excludes Bolloré-APM Terminals, the platform’s current operator (via ...

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ICTSI guarantees loan facility to fund port deal in Sudan

International Container Terminal Services Inc. said it will guarantee the 260 million euro facility loan of ICTSI Middle East DMCC, which recently secured a 20-year contract to operate, manage and develop a port in Sudan. ICTSI said in a disclosure to the Philippine Stock Exchange its board authorized its execution of a term loan facility agreement in which the company will be acting as the guarantor and ICTSI Middle East DMCC as the borrower. ICTSI said the agreement follows a deal signed on July 24, 2014 by ICTSI Global Finance ...

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India to seek another waiver to buy Iran oil, eyes rupee payment mechanism

India is aiming to seek another waiver from Washington to continue importing Iranian oil after the first waiver expires in March, while New Delhi is working on a mechanism to allow a branch of an Iranian bank to carry out oil trade using rupees, Indian and Iranian officials said. As US sanctions on Iran came into force in early November, US surprised the market and granted eight key buyers exemptions from its sanctions, enabling China, India, Japan, South Korea, Turkey, Taiwan, Italy and Greece to still purchase some amount of ...

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Exports from world’s second-largest copper mine to drop 85%

Concentrate exports from Indonesia’s Grasberg mine, the world’s second-largest copper mine, will drop about 85% this year because of a lag in output while operations shift from open pit to underground mining, a government official said on Wednesday. Shipments this year are expected to fall to 200,000 tonnes from an estimated 1.2 million tonnes last year, Yunus Saefulhak, director of minerals at Indonesia’s Energy and Mineral Resources Ministry said. US copper producer Freeport McMoRan (NYSE:FCX), operator of Grasberg, had warned the switch from the depleting open pit mine to an ...

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Soybeans face 1st loss in 3 weeks on lack of Chinese purchases

Chicago soybean futures ticked higher on Friday but the market is poised for its first decline in three weeks on lack of further purchases by China despite it holding trade talks with the United States. Wheat is set to end the week little changed as Egypt purchased Russian wheat in a tender, erasing the recent gains. The most-active soybean futures on the Chicago Board Of Trade are down 1.2 percent for the week, the first weekly fall in three weeks. Soybeans hit a low of $9.05-3/4 a bushel on Thursday, ...

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Mining cycle may have peaked, outlook bleak: Global Finance Report

Political uncertainties, which are retarding business decisions, have led to a current “bleak picture” for the mining sector, which may have passed a recent peak, according to Mining Journal’s Global Finance Report, published this week. Financial market and sectorial indicators make it look increasingly likely that the mining upturn of 2016 and 2017 peaked early in 2018, according to the report, being published for the second year. “Headwinds remain in the shape of a weaker China, which is also facing down a trade war with the US, along with macro ...

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