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LNG prices to remain volatile – Naturgy

International LNG prices were set to maintain a “high level of volatility” over the next few months, Spanish utility Naturgy said.. The company had already hedged 90% of its 2019 LNG supply, from 70% at the end of January, as it aimed to “tighten” its price risk, said the company’s CFO Carlos Alvarez in a conference call after presenting the company’s first-quarter results. Yet Naturgy’s LNG sales declined 29% year on year in the January-March period to 29.1 TWh, as last year’s sales had been “extraordinary, on the positive side”, ...

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Global Stocks Trade Mixed After Fed Outlook

Asian and European stocks showed a mixed reaction Thursday to the U.S. interest rate decision Wednesday, when Wall Street benchmarks ended lower. The Hang Seng in Hong Kong gained 0.8% and South Korea’s Kospi Index rose 0.4%, but the Stoxx Europe 600 was down 0.4% and the FTSE 100 in London fell 0.5%. Investors in Asia took a more positive message on the health of the U.S. and global economies from Federal Reserve Chairman Jerome Powell’s press conference than U.S. markets had the night before. The central bank left interest ...

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Firm data pushes euro higher; dollar resumes fall

The dollar resumed its decline on Thursday, shrugging off Fed Chair Jerome Powell’s relatively confident comments on the U.S. economy as survey figures suggested fears of a broadening economic weakness in Europe could be exaggerated. The single currency popped a fifth of a percent higher after German retail sales contracted by less than expected while a swathe of PMI surveys from Germany to Spain was broadly within expectations. and “The data showed that manufacturing PMI data last month may have overstated the weakness in Europe and that might end up ...

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Tariffs That Started the US-China Trade Conflict Now Dog Its Finish

As U.S. and Chinese officials try to close a trade deal, the punitive tariffs the governments slapped on each country’s goods in the conflict stand as a major obstacle, according to officials and others briefed on the talks. High-level talks between the U.S. and China resumed Tuesday after U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin arrived in Beijing. Following this week’s Beijing meetings, their counterpart, Vice Premier Liu He, and other Chinese officials will travel to Washington next week for another round that officials and business groups ...

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China’s ‘charming towns’ plan turns into a nightmare for investors, amid legal crackdown

China’s “thousand charming towns” initiative was supposed to dot the vast countryside with beautiful, liveable and themed villages, carrying names as eclectic and zany as Crayfish Town, Asian Games Town, Poetry Town, Fairyland Town, and Happy Town, which would come complete with a “sex park”. But last week’s collapse of a private company behind many of these developments has seen dozens of senior executives detained by police and thousands of investors scrambling for answers, desperate to recoup their money. The sudden failure of JC Group, based in the city of ...

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60% of Chinese companies see net profit growth in 2018

Nearly 60 percent of Chinese companies saw net profit growth last year, and about 11.29 percent of them achieved a more than 100 percent increase, China Securities Journal reported. About 1,988 companies’ net profit attributable to shareholders of the parent company increased on a yearly basis in 2018, according to annual reports from 3,400 companies listed on the Shanghai and Shenzhen stock markets. Around 976 companies’ net profit growth rate surpassed 30 percent, and about 384 companies’ net profits increased more than 100 percent in 2018, statistics from financial data ...

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Timelapse: Pan Africa transiting through the Panama Canal | Teekay

Pan Africa completed a safe transit through the Panama Canal. This is the last of the 4 Pan Union Vessels

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Tanker Market Rates 02/05/2019

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

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International Groups Need To Review Offshore Activities

A number of countries have enacted legislation, with effect from 1 January 2019, to address concerns raised by the EU Code of Conduct Group that certain jurisdictions do not require companies to have commercial substance, with the result that their profits are not commensurate with their economic activity and commercial presence in that jurisdiction. Countries which have introduced such legislation include Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man, Jersey and the United Arab Emirates. Economic substance requirements apply to tax-resident companies if they ...

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New IMO model courses on IGF code and ship safety to be validated

IMO model courses are valuable tools that assist Member States and other stakeholders to develop detailed training programmes, to effectively implement the provisions of the 1978 STCW Convention, as amended, and to achieve the knowledge and skills demanded by increasingly sophisticated shipping industry. Three new model courses and one revised model course have been put forward to the Sub-Committee on Human Element, Training and Watchkeeping (HTW 6, 29 April-3 May) for validation: draft new model courses on Advanced training for masters, officers, ratings and other personnel on ships subject to ...

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Ocean Yield: Extension of option for long-term charter with Aker Energy for the FPSO Dhirubhai-1

On the 12th of February 2019 Ocean Yield ASA entered into an option agreement with Aker Energy AS (“Aker Energy”) for a long-term bareboat charter of the FPSO Dhirubhai-1. The initial option period expires on 1st of May 2019 with an extension period of up to 30 days against an additional compensation. Aker Energy has today exercised its option to extend the initial option period by 30 days. Source: Ocean Yield ASA

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Global Ship Lease Announces Two New Long-Term Charter Agreements

Global Ship Lease, Inc., a containership charter owner, has agreed minimum 21-month / maximum 24-month charters with Zim for the 2000-built, 5,936 TEU containerships Dimitris Y and Ian H. The new charters are expected to commence in June and July 2019, in direct continuation of their current charters, and to generate approximately $4.4 million of adjusted EBITDA per vessel for the median firm period. George Youroukos, Executive Chairman of Global Ship Lease, commented, “Amid strong demand for our high-specification post-panamax containerships, we are making important progress in securing long-term employment ...

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M/V “AGIOS RAFAIL” – IMO 7118181 refused access to the Paris MoU region

The above named vessel was detained in Pula (Croatia) on 16 April 2019. This is the third detention in the Paris MoU region within the last 36 months. The ship flies the flag of Moldova which is black on the current Paris MoU WGB list. Therefore under the provisions of section 4 of the Paris MoU, Article 16 of EU Council Directive 2009/16/EC, the ship will be refused further access to any port and anchorage in the Paris MOU region, except a port and anchorage of the ship’s flag State. ...

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Yangzijiang Shipbuilding Q1 profit rises 38% to $166.7m

Yangzijiang Shipbuilding’s first quarter net profit rose 38 per cent to 824.1 million yuan (S$166.7 million) for the three month ended March 31, from 595.1 million yuan a year ago. This comes on the back of an increase in vessels delivered and higher volume of trading activities, the China-based company said on Monday night (April 29). Earnings per share rose to 20.88 fen from 14.99 fen the year before. It did not propose a dividend, the same as the previous year. Shares of the company closed flat at $5.280 on ...

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AB Klaipedos Nafta agreed on transferring AB Klaipedos Nafta stake in the charter contract of the LNG Bunker Vessel Kairos to Nauticor Gmbh & Co.

AB Klaipedos nafta, the operator of oil products and liquefied natural gas (LNG) terminals, and the German company Nauticor GmbH & Co. KG (hereinafter – the Nauticor) have agreed on the sale of AB Klaipedos nafta subsidiary UAB SGD logistika 10 % stake in the charter contract of Kairos, the world’s largest LNG bunker supply vessel to the Nauticor. As a consequence of this transaction, Nauticor will become sole charterer of Kairos. The transfer shall become effective as of 30 September 2019. Source: Klaipedos Nafta

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