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Yilport is to invest €43.4m in upgrading the South Container Terminal at the Port of Leixões in Portugal, with work scheduled for completion by March 2021. Work will involve more stacking area and the acquisition of further handling equipment with the aim of increasing capacity and alleviating congestion as well as improving productivity and cutting operational costs. Capacity will increase from 450,000 teu to 660,000 teu, bringing the port as a whole to 800,000 teu. Minister of Sea Ana Paula Vitorino is to announce additional investment at the end of ...

Today, Thursday, February 28 2019, the Baltic Dry Index climbed by 7 points, reaching 658 points.

Incheon Port Authority (IPA) announced on Feb. 23 that it successfully held port sales events in Singapore and Thailand for five days from Feb. 18 to 22, which were led by Lee Jeong-haeng, vice president of the Operations Division. The IPA sales team visited global shipping companies’ Asian headquarters in Singapore to persuade them to use Incheon Port. It also visited logistics companies and shippers in Thailand, who already use Incheon Port for their export and import businesses, to increase their cargo volume. In Singapore, the sales team shared the ...

Egypt is currently exporting 800 million cubic feet of liquefied natural gas (LNG) per day from its Idku export plant, ‘s the petroleum minister has told financial newspaper Al-Borsa. Egypt said it exported about 520 million cubic feet per day of LNG in early January and 300 million cubic feet per day in 2018. The gas is exported from Idku by Malaysia’s Petronas, Royal Dutch Shell, and Egypt’s two main state oil and gas companies. Egypt, which became self-sufficient in natural gas in late 2018, is seeking to become a ...

With crude oil exports to the US potentially at the lowest point in a generation and concerns over the reimposition of sanctions on Iranian crude simmering, key Trump administration officials met in Saudi Arabia with the king and crown prince this week, the White House announced. On Tuesday, Jared Kushner, a senior advisor to President Trump, Jason Greenblatt, Trump’s special representative for international negotiations, and Brian Hook, the US special representative for Iran, met with Saudi King Salman bin Abdulaziz al-Saud and Crown Prince Mohammed bin Salman. “Building on previous ...

Wheat imports by Indonesia, the world’s No.2 buyer of the grain, are likely to be pressured in 2019 by reduced appetite for the commodity from animal feed makers, a top official at the country’s biggest milling company said. Indonesia has emerged as the world’s second-largest wheat importer in recent years as people shift away from rice, consuming more noodles and bakery products. Imports had also been buoyed as feed producers increasingly switched to using wheat from corn after the government curbed the use of foreign corn in animal feed in ...

Rio Tinto said it would seek to supply commodities vital to a low-carbon economy, cut its own emissions and establish new partnerships to meet its climate goals. The world’s second-largest mining company outlined those commitments in a climate change report, its first centered on the Task Force on Climate-Related Financial Disclosures’ recommendations. Rio Tinto said it has cut its emission intensity by almost 30% since 2008. “We are aware that we have more to consider on climate change and will work with partners such as the members of the Energy ...

Oil prices followed global stock markets lower Thursday, after U.S.-North Korea nuclear talks ended without a deal. Crude prices also came under pressure from weak Chinese manufacturing data. –Brent crude, the global oil benchmark, fell by 0.8% to $66.03 a barrel on London’s Intercontinental Exchange. –West Texas Intermediate futures, the U.S. oil standard, were down 0.7% at $56.56 a barrel on the New York Mercantile Exchange. HIGHLIGHTS Equity Weakness: Global stocks fell after U.S.-North Korean nuclear talks in Vietnam were unexpectedly halted and President Trump walked away without an agreement ...

One of the big concerns during the depths of the oil price bust of 2014-2016 was the fact that so many big, integrated and state-run oil companies were delaying or taking a full pass on investing in major and highly-costly international projects. During the financial retrenchment of this dark period, exploration for major new resources consistently took a back seat to finding ways to pay the bills and service the company’s debt. This lack of investment in new exploration and infrastructure projects led to concerns among many energy analysts that ...

Asia-Pacific’s upstream industry has been plagued by declining oil production, exploration and licensing activity. Since 2014, exploration investment in the region has fallen 66% to around US$6 billion in 2018, reducing the hopper of new development opportunities. Recognising these challenges, governments in the region have begun revising fiscal systems in the hope of reversing the trend. According to Wood Mackenzie’s Upstream Competitiveness Index, Australasia and the Indian subcontinent are the most attractive regions for upstream investment in Asia-Pacific. “While the main driver in any upstream investment decision is geological prospectivity, ...

European stocks are enjoying their best start to a year since 2015, sparking concerns that threats such as slowing growth and a disruptive Brexit could bring the rally to a skidding halt. The Stoxx Europe 600, which tracks large, mid- and small-cap stocks, has gained 10.3% in 2019, putting it on course for its best combined January and February in four years. The index is within striking distance of surpassing the S&P 500, which is up 11.4%. Analysts attribute the rebound to relief that the Federal Reserve and European Central ...

The euro jumped to a three-week high on Thursday as growing expectations that the European economy may have turned a corner encouraged investors to buy the single currency while the Swedish crown jumped after a strong growth reading. Core European bond yields hit a three-week high on Wednesday while a broad indicator of European economic data ticked higher, rising from an eight-month low hit last month, suggesting the near-term economic outlook may be improving. “European data seems to have bottomed out and the impact of the prolonged U.S. shutdown is ...

Price swings in the world’s most-traded currencies have plummeted as a dovish shift by major central banks reversed a brief revival at the end of 2018, and traders are hoping events such as Brexit will shake up moribund markets next month. Volatility is crucial for traders, who can wring out more profits when prices move wildly. But the euro/dollar exchange rate — the world’s most-traded currency pair — is stuck in its narrowest quarterly trading range since the euro’s inception. Any negative impact on the dollar from the pause in ...

The US-China trade war may be hogging the headlines, but the rise of “oligarchs” across many American industries is the primary culprit of the nation’s rampant inequality, the co-author of a new book said. A wave of mergers and acquisitions has left sectors like airlines, retail and banking with heavy concentrations of power, allowing big business to set market prices, but also squeezing employment opportunities for citizens in the United States. Large swathes of the economy are now dominated by “oligarchs” and “robber barons”, terms usually reserved for Russian tycoons ...

Hungry for trade deal, Trump doesn’t know China still has the upper hand President Donald Trump’s administration has underestimated China’s resilience and strategic resolve. With the Chinese economy slowing, the U.S. believes that China is hurting and desperate for an end to the trade war. But with ample policy space to address the current slowdown, China’s leadership has no need to abandon its longer-term strategy. While a cosmetic deal focused on bilateral trade appears to be in the offing, the sharp contrast between the two economies’ fundamental underpinnings points to ...