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Evac Evolution ballast water management systems gains IMO approval

The Evac Evolution Ballast Water Management System (BWMS) has been granted IMO Type Approval. The system has been designed and manufactured by Cathelco, which has been part of Evac Group since May 2018. The system has been tested to the latest IMO requirements which encompass the revised G8 standard and the recently introduced Ballast Water Management Code which has much more robust definitions of the design limitations of the equipment. “We are delighted to have achieved IMO Approval to the latest standards. It means that customers can have complete confidence ...

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GTT receives an order from DSME for the tank design of two new LNG Carriers

GTT has received an order from the Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME) concerning the tank design of two new 174,000 m3 LNG carriers on behalf of the Greek ship-owner Maran Gas. The delivery of the ships is planned for the first half of 2021. Philippe Berterottière, Chairman and CEO of GTT commented: “We are very pleased to continue our partnership of excellence with DSME with this new order for Maran Gas.” GTT (Gaztransport & Technigaz) is an engineering company expert in containment systems with cryogenic membranes used ...

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Rotterdam Port Fund and NIBC Bank invest in LNG filling station operator

Rolande Rotterdam Port Fund and NIBC Bank have jointly acquired a majority interest in Rolande, the developer and operator of LNG filling stations and producer of bio-LNG. Rolande, market leader in the Netherlands, was founded in 2005 and is helping logistics service providers make the switch to LNG as a fuel by building a European network of LNG filling stations. Current majority shareholder IVECO Schouten will retain a significant interest in Rolande. The transaction is expected to be finalised after completing the relevant approval procedures in the first half of ...

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Shipping on Houston Ship Channel moving inbound only: U.S. Coast Guard

Shipping along the Houston Ship Channel was limited to one-way traffic on Monday after a barge collided with a deep-draft ship that spilled petrochemicals into the waterway over the weekend, officials said. About 9,000 barrels of gasoline spilled into the channel near Bayport, Texas, when a 755-foot (230-m) tanker collided with a Kirby Inland Marine tugboat towing two barges containing the fuel. One barge ruptured and the other capsized. The one-way traffic limitation is due to the barges blocking part of the channel. Kirby Corp shares fell 3.9 percent on ...

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U.S. liquefied natural gas shipments to China face mounting tariffs

China said on Monday it would raise tariffs on liquefied natural gas (LNG) imports from the United States amid a series of additional levies, a move that could further reduce U.S. LNG shipments to the world’s fastest growing importer of the fuel. So far this year, only two vessels have gone from the United States to China, versus 14 during the first four months of 2018 before the start of the 10-month trade war. On Monday, China said it would boost the tariff on U.S. LNG to 25% starting June ...

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India’s Crude Import Will Increase, Says Moody’s

India’s crude import bill will grow fatter despite numerous measures by successive governments to reduce its dependence on crude. A Moody’s report on Monday said that “India’s oil and gas consumption will support its investments in refining capacity and upstream production, but crude imports will keep growing amid stagnant production”. India imports nearly 80 per cent of its oil requirement which makes is highly dependent to imported oil and hence susceptible to wild fluctuations in the international oil market. The government’s push towards electric vehicles to reduce dependence on imported ...

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World’s coal miners may be digging themselves into another glut

A global push to dig new mines for steelmaking coal is drawing warnings that a supply glut could push the industry from a boom to a bust, mirroring the brutal five-year price slump that ended in 2016. Coal’s use to generate electricity has declined precipitously in the US despite a revival push by President Donald Trump. That’s left metallurgical coal as the only part of the industry still thriving, with strong global demand and barely-growing supply combining to double the seaborne price since 2016 to more than $210 a metric ...

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European coal prices are the lowest in nearly three years – IDA

In April the prices of coal delivered to Europe fell to the lowest level since June 2016, Industrial Development Agency (IDA) data showed. The decrease in prices is due to the systematic increase in inventories and a significant decline in coal use. In Germany, for example, coal accounted for only 8 percent of total energy production. The total consumption of coal in Germany, Spain, Great Britain, and France dropped almost by half compared to March. According to analysts, even in the case of a short-term increase in coal demand in ...

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Oil prices mixed as hope lingers for flagging U.S.-China talks

Oil was mixed on Tuesday as tensions in the Gulf appeared to stop short of a military showdown and both sides in the U.S.-China trade talks sounded conciliatory notes, signalling that a breakdown might be avoided. Brent crude futures were at $70.40 a barrel at 0755 GMT, up 38 cents or 0.24 percent. Brent ended the previous session down 0.6 percent. U.S. West Texas Intermediate (WTI) crude futures were at $60.92 per barrel, down 12 cents or 0.2 percent. WTI closed down 1 percent on Monday. The negotiations between the ...

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Ship sabotage in UAE adds to Gulf oil supply risks

Saudi Arabia’s oil minister Khalid Al Falih condemned a “sabotage attack” on Sunday involving two of the kingdom’s oil tankers off the coast of Fujairah, UAE, near the world’s biggest crude shipping chokepoint. The tankers were on their way to cross into the Arabian Gulf, with one of them scheduled to load with Saudi crude oil from the port of Ras Tanura and delivered to Saudi Aramco’s customers in the US, Saudi Press Agency reported Monday, citing Falih. While the attack didn’t lead to any casualties or oil spill, there ...

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Would oil at $70 be the new normal?

Brent crude prices are expected to hold above $70 a barrel this year on supply concerns in the wake of re-imposition of US sanctions on Iran, possible extension of production cuts by Opec+ group of oil producers to another six months and political turmoil in Libya and Venezuela, experts say. Latest surveys and research reports also indicates that oil prices are expected to sustain the present levels throughout the year as supply disruption, weaker global growth and geopolitical tension will weigh on the market. Experts said $70 average oil price ...

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Asia’s refiners brace for surge in spot oil prices on tight supply

Asian oil buyers are bracing for surging prices in the spot crude market as global supplies have tightened after stringent U.S. sanctions on producers, disruptions of Russian oil flows in Europe and maintenance at oilfields in the Atlantic Basin and Asia. Buyers have already paid a premium of $6 a barrel to benchmark Dubai quotes for Russia’s Sokol crude for July loading, the highest premium since 2014. The premium for July-loading Oman crude futures to Dubai is at $3.46 a barrel, the most for this time of year in four ...

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NIKKEI : World stocks hover near two-month low, investor fears over U.S.-China trade war ease

World stocks hovered near two-month lows on Tuesday, although slightly more optimistic comments from U.S. and Chinese officials on trade brought some comfort a day after equities suffered their worst selloff so far this year. Fears the United States and China are spiralling into a fiercer, more protracted trade dispute that could derail the global economy, has rattled share markets in recent weeks, and the selloff accelerated on Monday after China announced plans for retaliatory tariffs. But the Chinese government’s top diplomat said China and the United States both have ...

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Yuan rises after Trump says trade talks could succeed

China’s yuan and the Australian dollar regained some poise on Tuesday after upbeat comments from U.S. President Donald Trump suggested trade talks with Beijing could yet make headway. The Chinese currency sank to a 2019 low of 6.92 on Monday in response to Washington and Beijing raising tariffs on the other’s goods. But the yuan managed to break a six-day losing streak on Tuesday and rose 0.25% as broader sentiment stabilised after Trump said he expected Sino-U.S. trade negotiations to be successful. China would be likely to intervene to stop ...

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China Exporters Reel as U.S. Tariffs Imperil World’s Supply Hub

“I’m lost and perplexed,” said Chinese furniture maker Ben Yang as he reeled Friday from news that U.S. tariffs on his products were hiked to 25% from 10%. “We probably have to switch to making something else or shut down altogether.” Furniture makers like Yang’s Sunrise Furniture Co., based in the industrial heartland of Dongguan in southern China, already had wafer-thin profit margins after years battling rising labor and other costs. A Bloomberg Economics analysis of almost 1,000 companies in major export sectors found “not many” can survive tariffs of ...

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