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Some in China’s central bank are looking to draw inspiration from the European Union and Britain’s relationship with the common market to help shape how China integrates its southern economic powerhouse with Hong Kong and Macau. The Greater Bay Area already has a combined economy roughly the same size as Australia but the region of 11 major cities is relatively divided – not least because Hong Kong and Macau have their own currencies and legal systems that make integration a difficult task. The central bank’s branch in Shenzhen, under President ...

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

The 2019 academic year marks the 30th anniversary of the Malta-based IMO International Maritime Law Institute (IMLI). A special event (pictured, top) to celebrate the occasion was held at IMO Headquarters (25 June). Malta’s Prime Minister, Joseph Muscat (bottom left), spoke of his country’s continuing commitment to hosting such an important global institution, while IMO Secretary-General Kitack Lim highlighted IMLI’s firm commitment to achieving the Sustainable Development Goals. IMLI’s overall mission is to help build the legal capacity among IMO member states, particularly developing states, to fulfil their obligations under ...

Synergy Marine Group, in collaboration with iCall and Tata Institute of Social Sciences (TISS) launched a helpline number for wellbeing and oriented concerns of seafarers. iCall was inaugurated by Capt. Rajesh Unni, Founder & CEO, Synergy Group and members from the seafaring community. Speaking on the occasion, Mr. Amitabh Kumar said “Mental health of seafarers is one area that has caught the attention of the industry which really believes in processes, safety and security, and mental health really compromises on safety and security. This is one area which needs a ...

NYK has been ranked the top shipping company on business readiness for a low-carbon transition in the “A Sea Change” report published on June 25 by CDP, an international non-profit promoting environmental disclosure. Highly evaluated environmental initiatives taken by NYK include the following: – Achievement in reducing GHG emissions – Commitment by board members to low-carbon transition – Receipt of SBT initiative verification for the company’s GHG emissions reduction targets; scored the highest-rated ‘A’ for Climate Change in CDP Survey 2018 – Support of recommendations by the Task Force on ...

Navig8 Product 2020 (the “Company”), an international shipping company focused on the transportation of CPP, yesterday announced that it has taken delivery of the Navig8 Promise. A 110,600 DWT scrubber-fitted LR2 tanker from New Times Shipbuilding Co., Ltd., it is the seventh of eight 110,600 DWT scrubber fitted vessels from the Company’s newbuilding program. The Navig8 Promise will be entered into and operated in Navig8 Group’s Alpha8 commercial pool. Vessel: Navig8 Promise Yard: New Times Shipyard Built: 2019 Delivery: May 2019 Deadweight: 110,600 CBM: 126,191 Source: Navig8

Damen Shiprepair Amsterdam has bid farewell to the Diving Support Vessel Deep Arctic following a significant maintenance stopover, a substantial proportion of which was spent in dry dock. It was an exceptionally complex project with a total of 2198 work permits issued, an indication of the large number of individual jobs that were completed and the number of stakeholders involved. The work was completed with zero hours lost to injuries and restricted work cases. The 156-metre, TechnipFMC-owned Deep Arctic came to Damen Shiprepair Amsterdam (DSAm) primarily for a main class ...

The Port of Vancouver USA received the largest single shipment of wind turbine blades in Vestas history on Monday, June 24, breaking the previous record of 156 blades on a single ship. The unprecedented shipment is a joint effort between blade manufacturer Vestas and project owner PacifiCorp. “The port is uniquely qualified to handle these types of projects,” said Chief Commercial Officer Alex Strogen. “Our heavy lift mobile cranes, acres of laydown space, highly-skilled workforce, and dedication to renewable energy make the Port of Vancouver the perfect port for receiving ...

Gautam Adani-promoted Adani Ports And Special Economic Zone Ltd on Wednesday launched a $750 million offshore bonds issuance, two people aware of the development said. “The book was opened on Wednesday morning and is expected to be closed by midnight of June 26,” said one of the persons cited above. “The bonds are priced at a mark-up of 265 basis points over the US 10 year benchmark yields,” he added. The funds raised through the bond issuance will be used for capital expenditure, including lending to its subsidiaries for capital ...

For the first time in the history of the Sultanate’s ports, Oman Logistics (Asyad) will use a remote-controlled drone to examine the port of Sohar for maintenance and improvement. The aircraft will use aerial photography to detect damage to the port’s infrastructure, including seaports, marine docks, and ship-collision barriers and analysis will be carried out using artificial intelligence techniques. The experiment is aimed at measuring the possibility of conducting high speed and efficient maintenance without any human intervention. In a statement online, Asyad said: “The importance of this experiment stems ...

India’s finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed. India exported 319,000 tonnes of finished steel in May, down 28% from the same month last year and the lowest level since April 2016, the data showed. Steel exports to the EU dropped 55% in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India’s overall exports to the ...

Exports of four major Nigerian grades of crude oil were set to rise in August, according to preliminary export programmes seen by traders. According to Reuters, Nigeria’s planned August exports for Bonga, Bonny Light, Qua Iboe and Forcados grades were set to hit 954,000 barrels per day (bpd), up 155,000 bpd from July. It stated that exports of Forcados rose sharply, up 60,000 to 275,000 bpd after the stream encountered loading delays for July which unnerved traders and hurt the grade’s differentials. Meanwhile, the price of Bonny Light, Nigeria’s premium ...

Monsoon rains have covered most parts of cane, cotton, and soybean fields in western India and some parts of rice-sowing areas in central and northern India, the country’s weather office said. After a limp start, the rains have covered nearly half of the country, a weather department official told Reuters on Monday. A shortfall in monsoon rains has narrowed to 37% of the long-term average against 44% between June 1 and June 19, the office said. Conditions are now favorable for the southwest monsoon to further advance into the western ...

Most people think of an oil crisis as a major loss of oil supply from some political event which creates a shortage, leading to gasoline lines, a scramble for supplies, and soaring prices. Such has not really occurred since 1979, leading to a fair amount of complacency; as the recent tanker attacks in the Persian Gulf resulted in a minor blip in oil prices. Many pointed to the 1980s Tanker War between Iran and Iraq, which had no noticeable effect on prices as informative. But when I was a boy, ...

The U.S. will account for almost a quarter of global oil and gas production by the early 2030s as the shale boom keeps on booming, according to the head of Rystad Energy. Output from shale including crude oil, condensate and natural gas liquids could climb to as high as 25 million barrels a day, Jarand Rystad, chief executive officer of the research and intelligence company, said in an interview in Kuala Lumpur. The U.S. will likely make up about 23% of global liquids production and pump 27% of the world’s ...