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India needs to fix weak exports as oil poses risk for trade deficit

The hallmark of the past four years for the Indian economy was the drop in global crude oil prices that made it easy to manage not just inflation but also the current account deficit. With crude oil showing signs of climbing back, the focus on boosting exports is back on the table. The good news is that exports showed a healthy growth of 11% in March, which took the growth for the full year to 9%. Exporting farm products was easier, though Indian manufacturers had a tough time selling their ...

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Gulf Island Awarded Third OSU Research Vessel

Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ: GIFI) announced yesterday that it received an award for the construction of a third Regional Class Research Vessel for Oregon State University (“OSU”). This represents OSU’s execution of its third option for Gulf Island’s construction of three Regional Class Research Vessels. All three vessels will be built in the Company’s shipyard in Houma, Louisiana. Each vessel will be ABS Ice-Class CO and DPS-1, Green-Marine Certified, acoustically quiet, and carry up to 29 crew and embarked scientists. “I am pleased that ...

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Maritime Week Gibraltar 2019: Distinguished Speakers And Sponsors Announced For 24-28 June

Minister for the Port, the Hon. Gilbert Licudi QC MP announced yesterday, Tuesday 16th April, the programme of speakers for Maritime Week Gibraltar which takes place from 24 – 28 June. He also confirmed the Royal Navy will be sending a ship to the port especially to celebrate the week. Gibraltar is the largest bunkering port in the Mediterranean, with approximately 50,000 vessels transiting the Strait of Gibraltar each year. Maritime Week Gibraltar will highlight the range of services and facilities available in Gibraltar which complement the Port’s superb bunkering ...

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UK House-Price Growth Slows; Inflation Holds Steady

House prices in the U.K. rose in February at their slowest annual rate in seven years, driven by falling prices in London and England’s south east. A cooling housing market adds to signs the economy grew slowly at the start of the year, and may foreshadow weaker consumer spending in the months ahead as expectations of future gains in house prices diminish. House prices rose 0.6% in the year through February, the Office for National Statistics said Wednesday, less than half the annual rate recorded in January and the slowest ...

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Visit of Mr. Kyriakos Mitsotakis at the headquarters of PPA

The President of New Democracy, Mr. Kyriakos Mitsotakis visited the headquarters of PPA today Wednesday 17th of April 2019 and had a meeting with the CEO of PPA S.A. Captain Fu Chengqiu and other executives of the company. After the meeting, a tour at the port facilities followed with Mr. Angelos Karakostas, Deputy CEO of PPA S.A. During the visit, Captain Fu Chengqiu informed Mr. Mitsotakis for the investment plan and its positive contribution to the local economy, as well as for the upward trend of PPA S.A. activities. Mr. ...

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Zeaborn Group Takes Full Ownership Of Zeamarine

The ZEABORN Group has signed an agreement to acquire the remaining ownership interests in ZEAMARINE held by New Mountain Capital. The ZEAMARINE joint venture was formed in August 2018 when New Mountain Capital and ZEABORN agreed to combine the commercial activities of Intermarine, ZEABORN Chartering and Rickmers-Line under the umbrella of ZEAMARINE, creating one of the world’s largest MPP carriers. The most recent transaction is subject to approval from the antitrust authorities. With the integration of the legacy companies ahead of schedule, Andre Grikitis has decided to step down as ...

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Stena Europe Undergoes Refit Upgrades in Turkey

The Stena Europe, which operates on the Fishguard – Rosslare ferry service is currently undergoing a significant three-month refit visit to the Gemak Shipyard in Tuzla, Turkey. The vessel is scheduled to return late June 2019 and during the visit a number of upgrade projects will be completed. One of the most significant projects to be undertaken includes modifications to the deckhead levels on the main vehicle deck to allow for the carriage of full-height trailers across the whole of the main vehicle deck. Prior to arrival at the Turkish ...

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DESMI: US Coast Guard Type Approval

DESMI Ocean Guard A/S is pleased to announce that its CompactClean Ballast Water Management System (BWMS) has received US Coast Guard Type Approval. This approval comes just a few months after the CompactClean BWMS received IMO type approval and means that the system is now approved for worldwide operation. On April 16, 2019 DESMI Ocean Guard’s CompactClean Ballast Water Management System (BWMS) received US Coast Guard (USCG) Type Approval. The approval is valid for all salinities and sea water temperatures, and has no requirement for a special operating mode in ...

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NYK Receives Award for Innovation at Environmental Finance Bond Awards 2019

NYK has received an award for innovation at the Bond Awards 2019 sponsored by Environmental Finance, one of the world’s leading environmental finance magazines. NYK was recognized for its innovative use of bond proceeds to invest in eco-friendly technologies. The U.K.-based Environmental Finance magazine reviews bonds issued in the previous calendar year and selects superior, innovative bonds that have been significant to the development of the market. The winners are decided by an independent panel of judges made up of some of the biggest investors in the green, social, and ...

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More Evidence Points to S.Korean Ship Selling Oil to N.Korea

A South Korean tanker suspected of carrying out illegal ship-to-ship oil transfers for North Korea never made the port calls in Singapore it regularly reported as its final destination, Voice of America said Tuesday. The Lunis was the first South Korean ship to be put on the U.S. Treasury Department’s list of vessels suspected of carrying out illegal ship-to-ship transfers with the North last month. Records show that it steamed out of South Korean ports on 27 occasions since 2017, carrying a total of 165,400 tons of refined oil. But ...

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Excelling in energy transition – IAPH Climate and Energy Award finalists

The IMO’s 2050 target for greenhouse gas reductions heralds the start of a structured approach towards capping harmful emissions that will ensure a very necessary adjustment to shipping’s status as the world’s 6th largest emitter, were it to be a country. With UNCTAD’s Review of Maritime Transport predicting compound annual growth of 3.8 % for seaborne trade between 2018 and 2023, the port industry must act. There are many interesting examples of energy transition in IAPH member ports, many of which are striving towards CO2-neutrality in the long term to ...

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Salvini: Italy’s Ports to Stay Closed Due to Risk of Terrorists on Migrant Boats

Italian Interior Minister Matteo Salvini has said that the chaos Khalifa Haftar’s offensive has caused in Libya has increased the risk of a terrorist presence aboard the migrant boats heading to Italy. “Islamic terrorist infiltration is no longer a risk, it has become a certainty: it is therefore my duty to reiterate that no docking will be allowed on Italian shores” Matteo Salvini said in a radio interview. The long-running chaos in Libya escalated earlier this month after Marshal Haftar announced an offensive on Tripoli, prompting the GNA to announce ...

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Vale expects to resume Brucutu mine operations within 72 hrs

Brazilian iron ore miner Vale SA said in a securities filing late on Tuesday that within 72 hours it expects to resume operations at the Brucutu mine, its largest in Minas Gerais state. Brucutu was shuttered in early February by request of Minas Gerais state prosecutors after a tailings dam burst in late January in the town of Brumadinho, killing hundreds of people. Vale shares accelerated gains after the news and closed up 3.45 percent at 53.10 reais. The miner also said in the filing that it expects its iron ...

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Head of China’s biggest state firm in Hong Kong urges Beijing to deepen market reforms

The head of China’s largest and oldest state-owned company in Hong Kong has recommended that the government should let competitive forces play a bigger role in certain market-oriented industries. The government should continue to dominate industries monopolised by state entities, such as power distribution and transmission, whereas industries that are already populated by private enterprises or quasi-state companies should be allowed to compete. “Let the fittest survive,” said Fu Yuning, chairman of China Resources Group, a conglomerate with its earliest presence in Hong Kong tracing back to 1938 and owning ...

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Global investors haven’t been this worried about the economy since 2016

Global fund managers have positioned their portfolios for slower growth and lower interest rates, but they do not foresee a recession until the second half of next year at the earliest, according to a new survey. More than half, or 53%, of the fund managers in the monthly Bank of America Merrill Lynch survey believe the Fed is done raising interest rates, and just 13% expect higher global short-term rates, the lowest level since August 2012. But 66% also see below-trend economic growth and low inflation, the highest percent since ...

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