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The Permian-Driven Shale Boom Is Slowing, And That’s OK

Schlumberger CEO Paal Kibsgaard told analysts and investors last week that his company is seeing a slowing-down of activity in the U.S. shale plays over the first four months of 2019. “North America land activity is set for lower investments with a likely downward adjustment to the current production growth outlook,” Kibsgaard said, “the higher cost of capital, lower borrowing capacity and investors looking for increased returns suggest that future E&P investments will likely be at levels dictated by free cash flow. We, therefore, see land E&P investment in North ...

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Russian exporters win as Opec+ cuts oil production

An alliance of countries that includes Russia is cutting oil production to end a global glut. One of the big winners: the nation’s own crude exporters. The supply cuts from the so-called Opec+ nations, coupled with US sanctions on Venezuela and Iran, have reduced the amount of medium- and heavy-grade sour crude on the market. While Russia is part of the output cuts effort, exports of its medium-sour Urals crude — the country’s biggest export grade — are set to soar this month to an almost two-year high. “The apparent ...

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U.S. refiners planning major plant overhauls in second quarter

U.S. oil refiners are planning a heavy slate of plant overhauls in the second quarter, with total production this month off 8.5 percent compared with the start of the year, according to data from the U.S. Energy Information Administration. Early spring and winter traditionally are heavy periods for U.S. refinery maintenance. But refiners are planning more upgrades than usual in the first half of 2019 to avoid fall and winter shutdowns as they prepare to meet coming low-sulfur standards. This year’s maintenance schedule and higher crude prices helped push U.S. ...

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Time for Opec to spring back in action

Is crude demand destruction around the corner? If the emerging indicators are interpreted correctly, the answer seems, yes. The crude market is on up, yet the global economy is not in the best of health. The International Monetary Fund (IMF) is now projecting that as far as the global economic growth is concerned this year would be the weakest since the financial crisis of 2009. In its latest World Economic Outlook, the IMF has reduced both its estimate of global growth in 2018 and its forecast for 2019, which fell ...

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Here are the top risk events facing global oil markets

As global supply stocks lessen, oil industry experts are agreed that the crude market is becoming ever more sensitive to a sudden or unexpected disruption. However there appears to be little agreement on what the current biggest risk actually is. Oil prices have soared since the start of the year, supported by ongoing OPEC-led supply cuts, escalating fighting in Libya and U.S. sanctions on Iran and Venezuela. International benchmark Brent crude and U.S. West Texas Intermediate crude have risen by approximately 30% and 40% respectively since the start of the ...

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UK financial services? It’s a family affair – report

Nearly half of all people working in Britain’s financial services industry have followed their parents into the sector, more than three times the national average, research from consultants KPMG showed. The finding comes as policymakers and investors push the industry to improve diversity in senior management and make firms more inclusive in an effort to improve corporate governance as well as shareholder returns. The research revealed that forty-one percent of financial services staff had parents in the same sector against a national average of 12 percent. In insurance, the figure ...

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China’s economic growth unable to boost employment as job market drops to six-year low, says think tank

Despite better-than-expected economic growth in the first quarter, China’s job market performed at its worst level in six years at the start of 2019, according to an industry report published. The number of jobs seekers normally rises during January to March when many workers look to change jobs and college graduates start looking for career opportunities after their graduation. However, in the first quarter, the number of potential applicants rose to the highest level since 2011 while demand for staff declined, according to the China Institute for Employment Research (CIER) ...

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China leaders vow to reform, not to stimulate, economy as trade deal with US nears

China’s senior communist leaders have congratulated themselves on saving the country’s economy from a hard landing during a trade war with the United States and have decided to focus on “structural reforms”, instead of stimulus, to move the economy forward. The Politburo, the 25-member ruling body of the country headed by President Xi Jinping, reviewed China’s growth in the first quarter on Friday and concluded that market confidence has returned and economic performance was “better than expected”, the official Xinhua news agency reported. The focus will shift to “reform and ...

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Major banks raise China growth forecasts after surprise GDP numbers — some are still cautious

China’s better-than-expected first quarter economic growth has spurred some investment banks to raise their growth forecasts for this year. Economists at Barclays, ING and Citi have raised their China growth outlook for 2019 on Wednesday, though others may be holding off for now. The Chinese government announced Wednesday that gross domestic product expanded by 6.4 percent year-on-year in the first three months of 2019. That was higher than the 6.3 percent predicted by analysts in a Reuters’ poll. By comparison, China’s economy grew by 6.4 percent year-on-year in the fourth ...

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Baltic Dry Index climbs to 821, up 31 points

Today, Tuesday, April 23 2019, the Baltic Dry Index climbed by 31 points, reaching 821 points.

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Maritime Month 2019

The Port of San Diego is our region’s gateway to the world, a champion of the environment and an innovator

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Last Caisson Installation for Tuas Terminal Phase 1

The installation of the 221st and final caisson for Tuas Terminal Phase 1 reclamation. Commenced in 2015,

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MMi Daily Iron Ore Index Report April 23 2019

Eighty-seven vessels carrying 13.23 million mt of iron ore arrived at major Chinese ports during April 15-22,

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Costamare Reports First Quarter Net Income of $13.6 million

Costamare Inc. reported unaudited financial results for the first quarter ended March 31, 2019. Adjusted Net Income available to common stockholders(1) of $13.6 million or $0.12 per share for the three-months ended March 31, 2019. Declared dividend of $0.10 per share on its common stock and dividends on all four classes of its preferred stock. Chartered in total 10 vessels over the quarter, with rates for Post-Panamax containerships (above 5,500 TEUs) posting substantial increases compared to their prior fixtures. Fully repaid the outstanding loan on the 1997-built, 7,403 TEU container ...

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The sulphur compliance conundrum

If one is to believe the International Maritime Organisation (IMO), the air around our coastlines after January 2020 – now less than eight months away – will become much cleaner and more fresh. That’s because of a new ruling issued by the IMO, the de facto governing body of world shipping, that as of January 1, 2020, the limit for sulphur found in ship emissions must be reduced from the 3.5% m/m global limit currently in place to 0.50% for all shipping. The majority of ships at sea today burn ...

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