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Oil rises toward $69, but set for 2019’s biggest weekly loss

Oil rose toward $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns of an economic slowdown. U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices. “Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. ...

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Russian Economy Gives Putin Reasons Not to Extend OPEC+ Deal

The OPEC+ pact is hurting the Russian economy, potentially giving President Vladimir Putin a reason not to agree on an extension of the deal. While higher crude prices can bring the Kremlin additional revenue, production cuts are weighing on one of the country’s biggest industries. As the Russian leader decides whether to prolong the curbs into the second half, he may have to weigh his desire for faster economic growth against the benefits of his alliance with Saudi Arabia. “The OPEC+ deal was one of the factors behind slower economic ...

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Asia oil refiners mull run cuts with margins at 16-year low for season – sources, data

Asia’s oil refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data. Companies that planned to trim output include SK Energy, a unit of SK Innovation, the Singapore Refinery Company (SRC), owned by PetroChina and Chevron Corp and at least one refiner in Thailand, five people familiar with the matter said. In China, independent refiners known as ‘teapots’, which account for about a fifth of the country’s crude imports, operated at below 50% of capacity on average ...

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Global stocks, oil edge higher on muted trade optimism

World stocks edged higher on Friday and oil prices recovered from bruising falls, after U.S. President Donald Trump nurtured muted hopes of progress in U.S.-China talks while concerns over trade and the health of the world economy persisted. Trade tensions have roiled global markets this week with the MSCI All Country index up 0.2% on the day but in line for a more than 1% fall in its third week in the red, their longest losing streak since a rout in December. In overnight comments, Trump also labelled Chinese telecommunications ...

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Dollar slips as weak data boosts U.S. rate cut bets

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status. Against a basket of six major currencies, the dollar was down 0.2% at 97.686 in early European trade and 0.7% off a two-year high of 98.371 hit the previous session. The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic ...

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U.S./China trade sanctions will be costly but likely ineffective: Kemp

Embargoes are rarely effective in compelling a change in diplomatic behaviour because they create substantial incentives to circumvent the blockade by switching trade, building indigenous capacity or changing technology. The United States this month announced sweeping restrictions on the purchase of telecommunications equipment from, or the sale of advanced technology to, Huawei as part of the broad-ranging trade dispute with China. Commentators have speculated China could retaliate by restricting exports of rare earths and other critical metals to the United States, and China’s president this week paid a high-profile visit ...

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The high-stakes US-China showdown is hardly a game, but strategists see ‘game theory’ at work in trade war’s tactics, weapons and risks

Expect US President Donald Trump to emerge from this high-stakes US-China trade war with a face-saving deal that he will spin as a great success – but one that fails to fundamentally change China’s state control over markets, subsidies and theft of trade secrets. That is the conclusion of experts in game theory and strategic negotiation based on an analysis of the plans, tactics and pressure points of both sides. Game theory, which looks at strategic interaction among rational decision makers, was pioneered by mathematicians in the 1940s as a ...

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ECB minutes show declining confidence in growth recovery

European Central Bank policymakers are concerned that economic growth in the euro zone is even weaker than feared, eroding their confidence in a long-projected recovery in the second half of the year, the accounts of their April 10 meeting showed on Thursday. With growth unexpectedly weak for months now, the ECB has raised the prospect of more support for the economy but argued that more analysis was needed to see if the rapid loss of economic momentum is persistent or temporary. But action is all but certain in June, with ...

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US-China trade war tariffs wreak havoc on Christmas orders with Chinese manufacturers thrown into disarray

In a factory in Kunshan, an hour’s drive from downtown Shanghai, thousands of metal frames hang from a ceiling, their paint drying as they wait to become bicycles after wheels, handlebars, chains and other final parts are added to them. This is one of seven production facilities that comprise the giant manufacturing plant of Shanghai General Sports, which produces 3 million bicycles each year, 2.4 million of which are exported to the United States. In total, 16 per cent of the bicycles America imports from China each year are from ...

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Trump predicts ‘fast’ trade deal with China

U.S. President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries since the last round of negotiations ended in Washington two weeks ago. “It’s happening, it’s happening fast and I think things probably are going to happen with China fast because I cannot imagine that they can be thrilled with thousands of companies leaving their shores for other places,” Trump said during remarks at the White House, providing no evidence of such an ...

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Star Bulk Carriers Reports First Quarter Loss on Higher Costs

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the first quarter ended March 31, 2019. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk announced today its first quarter 2019 financial results, reporting TCE Revenues of $99.0 million, $43.9 million of Adjusted EBITDA and a Net Loss of $5.3 million during a challenging and seasonally weak period of the year, which included approximately 300 off-hire days for scrubber installations. By the end ...

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MABUX: Bunker Prices to Keep Falling Today

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) decreased on May 22: 380 HSFO – 417.00 (-2.21) 180 HSFO – USD/MT – 464.64(-2.00) MGO – USD/MT – 662.43(-3.14) Meantime, world oil indexes also declined on May 22 as the prospect of mounting U.S.-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand. Brent for July settlement decreased by $1.19 to $70.99 a barrel on ...

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Seabed 2030 and World Ocean Council agree new partnership for sustainable stewardship of the oceans

A new partnership for sustainable stewardship of the ocean has been agreed between The Nippon Foundation-GEBCO Seabed 2030 Project and the World Ocean Council (WOC), the global blue economy business organization, in an effort to further collaboration towards mapping the entirety of the world’s ocean floor. Under the Memorandum of Understanding (MOU), Seabed 2030 and the WOC will jointly engage with the ocean business community to promote the project’s vision and the ways in which organisations in the maritime community can collect and contribute bathymetric data to Seabed 2030. The ...

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EC5 Service – MV “Yantian Express” (voyage 108E)

Further to our recent status update, we confirm that the MV “Yantian Express” safely arrived at Halifax on May 20, 2019. Thereafter, she berthed at the terminal during the early morning on May 21 and commenced discharging her cargo. To give you a better perspective of the reality of the operational situation facing the “Yantian Express,” please find below several key aspects involved: Given the particular complexity of the operational handling and considering the fire damage sustained by the vessel and related repairs to be undertaken, the intent is to ...

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UAE says joint probe into tanker attack ensures impartiality

The United Arab Emirates said that the participation of several countries in an investigation into last week’s attack on oil tankers off its coast would support the “impartiality and transparency” of the findings. The Gulf Arab state has not yet blamed anyone for the acts of sabotage on four vessels including two Saudi oil tankers, but a senior UAE official has said Abu Dhabi was concerned about Iranian behaviour in the region. “The keenness of our international partners to participate in the investigation and the concerted efforts support the impartiality ...

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