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The Real Crisis Risk at the ECB

The euro zone has only recently recovered from a double-dip recession, but there are already questions about how prepared it would be for a new crisis. All eyes are on the European Central Bank, which has been the strongest line of defense against an economic slowdown. While pessimists worry that the ECB has few tools left if it needs to revive growth – given the region’s already rock bottom interest rates – such concerns are overdone. A far bigger risk is the replacement of Mario Draghi as the central bank’s ...

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Remittances, The Flywheel Of The Global Economy

Peer to peer money transfers across borders, or remittances in the short form, are arguably the world’s most important international cashflow. Compared to other cross-border capital flows, such as foreign direct investment (FDI), or official development assistance (ODA), which is typically channeled through multilateral institutions or as bilateral aid, remittances are not only a bigger overall figure, they are more persistent. Remittances have also demonstrated recession resistance. During the 2008 global financial crisis, all cross-border cashflows declined precipitously, while remittances held their course, charging to a projected $715 billion globally ...

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Tanker Market Rates 25/04/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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7th PALMA SUPERYACHT SHOW: Less Than One Week Away

With the Palma Superyacht Show just around the corner, it’s clear why marina Moll Vell’s a hive of activity and the city’s abuzz with the kind of vibrancy only reserved for the hottest events. Whether you’re new to the show or visit/exhibit annually, here are some highlights to look out for during the 7th edition of the yachting industry’s favourite event. Greater percentage of large motoryachts Aside from sleek sailing yachts in the 24-30m range, a sweeping selection of large motor yachts will be jostling for visitors’ attention this year. ...

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Feature: Belt and Road, project of passion for a Greek scholar

Two years ago, George Tzogopoulous became fascinated with the China-proposed Belt and Road Initiative (BRI). He decided to do some research and later wrote a book on his personal insights into this extraordinary project. “I thought there was a vacuum, as far as the understanding of China in the West was concerned. It is an inclusive project where more countries can participate and more importantly, where new projects can be proposed,” said Tzogopoulous, a senior research fellow at the International Center for European Studies (CIFE), a think tank based in ...

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Companies linked to 9 oil tankers face U.S. sanctions’ penalties, authorities say

Crude oil tanker New Hellas has sailed from the Petroleos de Venezuela SA, or PDVSA, refinery in Amuay, to Cuban ports in Matanzas and Havana before. Those are the type of voyages President Donald Trump’s administration wants to stop. On Wednesday morning, the tanker departed out of Willemstad, Curaçao, a Dutch Caribbean island, and stopped moving north of Amuay, Venezuela, and east of Aruba after a status change that afternoon, according to services to track fleets such as My Ship Tracking and Marine Traffic. The change was five days after ...

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Oceaneering takes delivery of Ocean Evolution

Oceaneering International has taken delivery of the advanced subsea construction support vessel, Ocean Evolution. The vessel has completed sea trials and received all necessary ABS and U.S. Coast Guard certifications and is currently in Port Fourchon, Louisiana, completing final outfitting and preparing for project work scheduled to begin in June. The Ocean Evolution is the most advanced, U.S.-flagged, Jones Act-compliant, multi-service vessel (MSV) in the market. Its capabilities are headlined by its 250 mT active heave compensated (AHC) crane, two work-class remotely operated vehicles (ROVs) with AHC launch systems, survey ...

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3 foreign firms keen on Hanjin’s assets

Three foreign investors are in the advanced stages of acquiring the country’s largest shipyard, operated by bankrupt Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), and no Chinese firm is on the list. Trade Undersecretary Ceferino S. Rodolfo disclosed three offshore shipbuilders vowed to come up with studies and a business proposal in a shot to take over Hanjin’s facilities in Subic Bay. However, none of these three prospective white knights come from China, in spite of the government’s earlier statement that two Chinese firms are looking to bail Hanjin out ...

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Iran Sanctions – Significant Reduction Exemptions

As reported in our Notice to Members No.11 2018/2019, when U.S. secondary sanctions were re-imposed against the purchase and carriage of Iranian crude oil, petroleum products, liquified gases and petrochemicals in November 2018, eight countries – China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey – were granted waivers from the U.S. so that they may continue to be permitted to import limited amounts of Iranian crude oil. These so-called Significant Reduction Exemptions (“SREs”) were given for limited period and are due to expire on 2 May 2019. The ...

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Tanjung Bruas Port Expands Its Services To Container Ships

Tanjung Bruas Port Sdn Bhd (TBP), a member of MMC Group, now offers Container ships services at its terminal, Tanjung Bruas Port. TBP recently welcomed the MV West Scent, the first Container vessel to ever call its terminal at Tanjung Bruas Port. The 145.68 meters long MV West Scent came alongside on 18 April 2019 with an exchange of 1,150 move counts. The specially chartered Container vessel by manufacturer Xinyi Glass Manufacturing Sdn Bhd, is currently at TBP berth and will depart to Humen Port, China after completing its cargo ...

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Russia tightens grip over grain exports with state-led association

Major grain traders in Russia have agreed to create a new exporters’ association led by a state-controlled firm, increasing the government’s influence over supplies from the world’s biggest wheat exporter. Russia’s agriculture ministry has been meeting regularly with big exporters since September to monitor exports amid a lower 2018 crop. In February, it asked the industry to set up a new grain exporters’ union, saying that would help it to better understand the needs of the market. Eduard Zernin, deputy chief executive of Russia’s state grain trader the United Grain ...

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Exports of four main Nigerian crude grades to rise in June – programmes

Exports of Nigeria’s four main crude oil grades are set to jump in June to 895,000 barrels per day (bpd) from 740,000 bpd in May, according to preliminary loading programmes. Nigerian producer Aiteo said it declared force majeure over the weekend on one of the two trunk lines transporting Bonny Light to the export terminal after a fire. It was not immediately clear how the rate of exports would be affected. The following is a table showing the rate of exports of the four key grades: Grade June (bpd) May ...

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Post US sanctions, India assures of a robust oil import plan

A day after a surge in crude oil prices sent Sensex and Nifty to their steepest drop this year, the Indian government issued a statement spelling out the country’s ‘robust’ energy sourcing plan starting May. This comes in the backdrop of US secretary of state Mike Pompeo on Monday announcing that the Trump administration would no longer grant exemptions, with the conditional waiver set to expire on 2 May. The US had granted exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey ‘to ensure a well-supplied oil ...

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China to release guidelines on steel industry consolidation

China will soon release guidelines to push mergers and restructuring plans for the steel industry to facilitate the creation of larger and stronger groups that can compete in the global market, according to a report by the Economic Information Daily. The guidelines, aiming to clear obstacles in steel consolidation, will encourage cross-region and cross-ownership mergers and restructurings by qualified enterprises, the paper cited unnamed authorities. Market funds will also be welcome to take part in the effort to offer more financial support for the move, the paper said. Compared with ...

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Uncertainties Plague EU Steel Market

Strip mill product basis prices began to stabilise in southern Europe, in April, whilst small downward corrections were noted in the north. Overall demand, in the region, is subdued. Sentiment is poor – badly affected by the ongoing reduction in orders from the automotive sector. Moreover, in many countries, concern exists about Brexit, especially if a ‘no deal’ scenario is the outcome. The general weakness of a number of key European economies, together with local and European elections, in May, are exacerbating the feeling of uncertainty. The substantial import tonnages ...

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