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Ports Part of the Solution, Not the Problem – Chair of British Ports Association

A record turnout of over 300 guests gathered in London yesterday for the British Ports Association’s annual lunch and AGM, which struck an optimistic tone about the role of ports in supporting a range of economic and environmental goals. Maritime Minister Nusrat Ghani MP, speaking at the lunch, said: “Ports are key to the vitality of the UK economy – underpinning regional and national growth. Congratulations to Martin and Neil, who I look forward to working with to champion the important work of ports and to meet the environmental challenge ...

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Super-major shipper flexes muscle with DP World Australia

The profound and rapid-fire change in long-standing market share patterns in Australian container stevedoring reinforces the growing power of the new super-major shippers to make or break their regional service providers. February’s monthly shipping data indicates that DP World Australia (DPWA) has suffered a dramatic loss of market share with the erstwhile market leader of long standing owning just 39 per cent of container movements. Through 2017-18 DPWA held 45 per cent of the market, according to the Australian Competition and Consumer Commission’s latest annual review of the economy-critical stevedoring ...

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Drought hits Panama Canal shipping, highlights climate fears

An intense drought related to this year’s El Nino phenomenon has precipitously lowered the level of Panama’s Gatun Lake, forcing the country’s Canal Authority to impose draft limits this week on ships moving through the waterway’s recently expanded locks. The restrictions on how deep the vessels can reach below the surface means large ships, primarily from the United States and China, must pass through with less cargo, which translates into lower revenue for the voyages. The driest period in memory for the canal basin is also hitting small indigenous villages ...

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Global Port Links Forged At China’s Bri Forum

Cosco’s investment in Greece’s Port of Piraeus will play a key part in a drive to establish Greece as a “bridge” between the West and the East, Greek Prime Minister Alexis Tsipras said at China’s second Belt and Road Initiative (BRI) Forum in Beijing. Mr Tsipras explained the port, which Cosco has a 67% stake in, is becoming a “global gateway” to Europe and there is a plan in place for the port to be linked to transport networks towards the Balkans and eastern Europe, reported Seatrade Maritime News. “The ...

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Europe to continue to absorb excess LNG volumes through 2019: BP

Europe will continue to absorb surplus LNG on the global market through 2019 as the market remains oversupplied, BP CFO Brian Gilvary said Tuesday. Speaking to analysts after BP released its first-quarter earnings, Gilvary also said that the current volatility in LNG pricing was creating opportunities for the company’s gas trading business. “We expect LNG oversupply to continue through 2019, largely exceeding Asian demand growth with excess volumes being redirected primarily to Europe,” Gilvary said. He added that the oversupply would likely continue into 2020, keeping a lid on both ...

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GSPC seeks LNG cargoes for June 2019 to April 2020 – sources

India’s Gujarat State Petroleum Corp (GSPC) is seeking liquefied natural gas (LNG) for delivery from June 2019 to April 2020 via two separate tenders, two industry sources said. The company is seeking two cargoes for delivery into Dahej on a delivered ex-ship (DES) basis for June 6 to 10 and June 26 to 30 in a tender closing on April 30 and valid until May 1, one of the sources said. GSPC is also seeking six cargoes for delivery from August 2019 to April 2020 in a separate tender that ...

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China, India can form oil buyers’ bloc: experts

China and India have a good chance of working together to form a buyers’ bloc in the wake of a US decision to stop exempting several oil-importing countries from its sanctions on Iran, Chinese analysts said. The vision of a buyers’ bloc took its first step as the two Asian neighbors went ahead to set up a joint working group on energy recently, according to Indian financial website livemint.com. The joint efforts to address the key issue of energy come amid ever tighter US government sanctions against Iran and production ...

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Coal shifts in South Korea and China could mean big changes for the region

For nearly a decade a South Korean Government-owned company has bought up land in the beautiful Bylong valley between Denman and Mudgee to establish a coal mine. KEPCO, which is 51 per cent owned by the government, identified Bylong as the place to mine high quality coal to export to South Korea and keep its coal-fired power stations delivering electricity to the domestic market. When it first scoped the project the world’s governments were not responding to increasingly alarming reports about the impacts of climate change, and the Hunter was ...

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Political Uncertainty Unnerves Business Confidence in Several Emerging Markets

In Brazil, the Instituto Nacional dos Distribuidores de Aço (Inda) reports that, in March 2019, domestic flat rolled finished steel sales totalled 312,900 tonnes – up 19.0 percent, compared with the corresponding figure in the previous year. However, the association is forecasting that both sales and purchases of flat steel will fall by almost 10 percent month-on-month, in April. The trading environment is gathering momentum, in the Russian Federation. Flat product suppliers are now offering material from their scheduled June production. Bullish distributors are forecasting that sales volumes of finished ...

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OPEC supply squeeze seen supporting higher oil prices – Reuters poll

Oil prices are likely to stay buoyant this year as the U.S. decision to end waivers on Iranian oil and OPEC output curbs are expected to keep supply tight, a Reuters survey showed on Tuesday. A monthly survey of 31 economists and analysts forecast Brent crude would average $68.57 a barrel in 2019, more than 2 percent higher than the $67.12 forecast in the previous poll in March. U.S. light crude is seen averaging $60.23 per barrel this year, compared with $58.92 forecast in March. The latest figures are the ...

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Iraq Will Deliver Third-Biggest Chunk of New Oil Over Next Decade, IEA Says

Iraq will be the third-biggest provider of new oil supplies over the next decade, boosting its production by almost 30 percent, according to the International Energy Agency. The OPEC member will raise output to almost 6 million barrels a day by 2030, overtaking Canada as the world’s fourth-largest producer, as it continues to rehabilitate an oil industry ravaged by decades of conflict and sanctions, the IEA said Thursday. Only the U.S. and Brazil will add more output in the period. Still, the growth rate is slower than that seen earlier ...

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Oil falls on swelling U.S. stockpiles, Venezuela adds to market uncertainty

Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an intensifying crisis in Venezuela and tightened U.S. sanctions on Iran added further uncertainty to markets. Brent crude oil futures were at $71.74 per barrel at 0855 GMT, down 32 cents or 0.44 percent from their last close. U.S. crude futures were down 49 cents or 0.77 percent at $63.42 per barrel. Trading was thin as May 1 is a holiday in many markets. U.S. crude stocks rose by 6.8 million barrels to 466.4 million barrels in ...

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Global Markets Quiet for May Day Ahead of Fed Decision

Investors had little to watch Wednesday ahead of a U.S. interest-rate decision later in the day, with many markets in Europe and Asia closed for the May Day holiday. Export data from South Korea and house price data in the U.K. were both marginally ahead of expectations. But stock markets in Japan, China, Korea and across most of mainland Europe were all shut–and even when open, markets have recently shown very limited action. With Danish and U.K. stocks trading, The Stoxx Europe 600 opened up 0.1%, with the FTSE 100 ...

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Global funds favour bonds, but say most assets expensive – Reuters poll

Global funds recommended a cut in equity holdings this month and an increase in bonds allocations to the highest since August 2017, a Reuters poll showed, reflecting a generally cautious mood among long-term investors. That was despite a rally in equities, with the S&P 500 index setting an intra-day record high on Monday amid hopes of a resolution to the U.S.-China trade war, upbeat earnings and a dovish Federal Reserve. That has bolstered views the decade-long bull market has further to run. But fund managers and chief investment officers in ...

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Euro hits one-week high on upbeat data, ends higher in April

The euro climbed to a one-week high against the dollar on Tuesday after first-quarter economic growth figures in the euro zone beat market expectations, dispelling some pessimism over the economic bloc’s common currency. Mixed U.S. data and caution ahead of a two-day Federal Reserve meeting pushed the dollar further away from a near two-year high. Euro zone economic growth accelerated to 0.4% in the first three months of 2019, recovering from a slump in the second half of last year, data showed on Tuesday. The stronger-than-forecast data offset a disappointing ...

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