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DNV GL awards CMHI AIPs for two new offshore designs

DNV GL’s Head of Technical Centre China Falk Rothe handed over the two certificates to Dr. Lixin Xu from China Merchants Offshore Technology and Research Center (CM-OTRC). The management team and project members from CM-OTRC also joined the ceremony. “CMHI and DNV GL have been partners in strategic cooperation for many years. Together, we both aim to not only set industry standards in ship and offshore unit designs, but contribute to safer and more environmental-friendly operation,” said Norbert Kray, DNV GL’s Regional Manager Greater China. “We are very grateful that ...

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RIL to sell stake in 6 very large ethane carrier companies to Japan’s shipping major; key things to know

Billionaire Mukesh Ambani-led Reliance Industries announced on Wednesday that its wholly owned unit Reliance Ethane Holding has struck a deal with Japan’s shipping major Mitsui OSK Lines for a strategic investment into Reliance’s six ‘very large ethane carriers.’ Notably, Reliance Ethane Holding has a 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (VLEC). “REHPL, Mitsui O.S.K Lines of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited ...

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Analysis:Tokyo Gas’ coal-linked LNG contract signals strong push for price diversification

Japanese utility Tokyo Gas’ LNG contract with Royal Dutch Shell, which was partly linked to coal prices, underscored how Asian buyers are pushing hard for price diversification, a factor that will increasingly influence upcoming contract negotiations and renegotiations. The Tokyo Gas-Shell deal raised eyebrows because of the inclusion of coal-linked pricing for probably the first time in an LNG contract. However, market participants said the bigger overarching issue is of buyers willing to explore alternatives to oil-indexation. “[T]his is another nail in the coffin of oil indexation,” Craig Pirrong, Professor ...

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Navios Maritime Acquisition Corporation Announces $103.2 million Sale and Leaseback Transaction

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today that it has completed a $103.2 million sale and leaseback transaction (“Transaction”) for three MR2 product tankers and two LR1 product tankers. The proceeds have been used to refinance $82.4 million of bank debt. The Transaction provides for 28 quarterly payments of $2.3 million each plus interest at LIBOR plus 350 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of seventh year for $39.7 million. Navios Acquisition has no further ...

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d’Amico International Shipping S.A. Raises 42.8 Million Euros From New Shares’ Issuance

d’Amico International Shipping S.A. (the “Company” or “DIS”), in relation to its offering of up to 587,270,900 new shares (the “New Shares”) with preferential subscription rights (the “Preferential Subscription Rights”) granted to the Company’s shareholders (the “Rights Offering”) but also exercisable by purchasers of the Preferential Subscription Rights that were traded on the Mercato Telematico Azionario, announces that as at today it has received subscriptions for 571,266,080 New Shares through the exercise of the relevant Preferential Subscription Rights. Results of the Rights Subscription Period During the Preferential Subscription Rights’ exercise ...

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Waruna Group Selects Videotel Performance Manager to Optimize Crew Training

The Indonesia-based Waruna Group, which has subsidiaries in shipping, shipyards, and ship building, has recently signed up to Videotel Performance ManagerTM (VPM), a breakthrough solution for maritime training developed by KVH-Videotel. Described as one of Southeast Asia’s fastest growing players in the tanker market, the Waruna Group has realized the benefits of combining the extensive range of KVH-Videotel’s award-winning training content with the power of web-based data analytics. “Waruna Group is committed to crew training and it is a proven fact that well-trained and competent crew will contribute to safer ...

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US natural gas in storage looks to increase by 90 Bcf: survey

US natural gas stocks look to post another bearish build, with more on the horizon, as the shoulder season allows storage fields to erase some of the deficit before the onset of summer’s cooling demand. The US Energy Information Administration is expected to report a 90 Bcf injection for the week ended April 12, according to a survey of analysts by S&P Global Platts. Responses to the survey ranged for an injection of 77 Bcf to 98 Bcf. A 90 Bcf injection would be very bearish compared with the 77 ...

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Adani urges Australian govt to give ‘a fair go’ for coal mine project

Indian energy giant Adani has urged the Australian government to give its controversial coal mine project “a fair go” and indicated that the opposition party would not derail the proposed billion dollar project if it comes to power. Gautam Adani-led Adani Group entered Australia in 2010 with the purchase of the greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north. The massive coal mine in Queensland state has been a controversial topic, with the project expected to produce ...

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SC seeks Centre’s response on plea against mining leases for 358 iron ore mines

The Supreme Court Tuesday asked the Centre to respond to a plea seeking quashing of allotment, extension or continuation of leases to firms for mining iron ore from over 358 mines across the country without any fresh evaluation. A bench of Justices S A Bobde and S A Nazeer issued notice to the Centre on the petition, which has also sought a direction to the CBI to register an FIR to probe the matter, and asked senior advocate P S Narasimha to assist it in the case. The plea, filed ...

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ZIM Joins TradeLens to Drive Transparency in Global Shipping

ZIM Integrated Shipping Services announced that it has signed on as a member of TradeLens, a blockchain-enabled digital shipping solution jointly developed by A.P. Moller – Maersk (MAERSKb.CO) and IBM (NYSE: IBM). TradeLens uses blockchain technology to enable trust between multiple trading partners – from carriers to freight forwarders, customs officials, port authorities and more — when transacting in a digitized global trade documentation process. TradeLens ecosystem members get a single shared view of a transaction without compromising details, privacy or confidentiality and can collaborate more efficiently and with greater ...

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Indian-owned coal mine a flashpoint for Australian election

On the main shopping street in the tropical north Australian city of Townsville, dotted with “For Lease” signs, Chrissa Alexion is adamant a planned $4 billion (£3.06 billion) coal mine should be shelved because of its contribution to climate change. “It’s madness,” she told Reuters, on holiday from the Queensland state capital. “Jobs are really important but… where I come from in Brisbane, no one wants the mine to go ahead.” Some 380 km (235 miles) into the remote Outback, Ben Houlihan, who runs the pub in Einasleigh (population 37), ...

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The Dollar Looks Poised to Wreak Havoc

There’s been a lot of talk lately about how the global currency market has become stuck in a tight range, with volatility collapsing and no clear trends emerging. Judging by the performance of the dollar, this is no time to be complacent. The Bloomberg Dollar Spot Index rallied on Tuesday despite a disappointing report from the Federal Reserve on March industrial production and capacity utilization. And that’s the point: the dollar has shown remarkable resilience in recent weeks, holding its value even as incoming data has fallen short of expectations ...

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German wheat crop to increase sharply after drought

Germany’s 2019 wheat harvest will jump 20.6 percent on the year to 24.44 million tonnes with rising expectations of a recovery after the drought-reduced harvest last year, the country’s association of farm cooperatives (DRV) said. The German crop in 2018 suffered enormous damaged from a drought and heatwave which hit much of western Europe. Germany’s 2019 winter rapeseed crop will fall 11.6 percent on the year to 3.24 million tonnes after reduced sowings, the association said in its second harvest forecast. Germany is the European Union’s second largest wheat producer ...

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The Alfa Laval FCM LPG booster system excels with the new LPG-fuelled engine from MAN Energy Solutions

As the marine industry embraces a growing range of alternative fuels, including LPG and ammonia, Alfa Laval is committed to providing the advanced fuel systems needed for engine protection and efficiency. In partnership with MAN Energy Solutions, the Alfa Laval Fuel Conditioning Module (FCM) LPG has undergone successful tests with the first two-stroke, high-pressure marine engine to use LPG as fuel – and has been evaluated for use with ammonia. The competitiveness of LPG as a fuel is increasing. Not only does LPG virtually eliminate sulphur emissions, it has a ...

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U.S. West Coast gasoline imports from Europe set for record April

Gasoline imports into the U.S. West Coast from Europe are set to hit a record in April as area refinery shutdowns have tightened supplies and boosted prices, Refinitiv Eikon ship data showed. Imports were on track to total 2.17 million barrels in April, most since at least November 2015, the earliest Refinitiv data available. Most of the barrels were coming from the Netherlands. The West Coast has been affected this season by planned and unplanned refinery shutdowns and Midwest floods preventing ethanol from reaching California, which is geographically isolated in ...

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