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Russian oil output in early May falls to 11.16 mln bpd -sources

Russian oil production has fallen to 11.16 million barrels per day (bpd) on May 1-12 from an average of 11.23 million bpd in April, two industry sources familiar with the data told Reuters. Oil intake by Russian oil pipeline monopoly Transneft declined by around 6% on May 1-12 to 8.8 million bpd from average volumes in April, the sources said. The sources did not say why production and intake were down. The energy ministry did not immediately reply to a Reuters request for comment. Source: Reuters (Reporting by Gleb Gorodyankin ...

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Is US-China trade war starting to erode US dollar dominance?

The contemplation by Asian finance leaders to add the Chinese and Japanese currencies to a regional foreign reserves buffer fund is the latest sign that the trade war is causing countries to slowly move away from dependence on the US dollar. Their consideration, analysts said, could be underpinned by expectations of the shift in world consumption patterns and corporate investments away from a globalised trading system and towards a system centred on the three large regions – the US, the European Union and China – that operate differently. The 10 ...

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China says hopes U.S. does not underestimate its determination

China’s foreign ministry said on Tuesday that it hopes the United States does not underestimate its determination to protect its interests, even as Washington threatened to extend tariffs to virtually all Chinese imports. Foreign ministry spokesman Geng Shuang, speaking at a daily briefing, also said both countries agreed to continue pursuing a process of talks to resolve their trade dispute. Source: Reuters (Reporting by Ben Blanchard; Writing by Se Young Lee; Editing by Kim Coghill)

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Will China use its US$1.2 trillion of US debt as firepower to fight the trade war?

China’s promise to strike back after US President Donald Trump increased tariffs on US$200 billion worth of Chinese goods on Friday has heightened uncertainty on how escalating trade tensions between the two countries will unravel and raised fears among investors and analysts of worst-case scenarios that will hurt global growth. If China is unwilling to play ball on Trump’s terms, Beijing, analysts said, not only could retaliate by imposing countervailing tariffs of its own, but also has a range of financial firepower at its disposal to punish the US. For ...

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MMi Daily Iron Ore Index Report May 14 2019

Eighty-two vessels carrying 12.33 million mt of iron ore arrived at major Chinese ports in the week ended May 11, down

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IMO, Norway launch project to help shipping sector cut emissions

The International Maritime Organization (IMO) has launched a joint project with Norway to help the shipping industry cut emissions by at least 50 percent from 2008 levels by 2050, the UN’s shipping agency said on Monday. The Norwegian government is providing 10 million NOK ($1.1 million) for the first two years of the GreenVoyage-2050 project, and additional funding subject to government approval for 2020 and subsequent years. The scheme aims to bolster government and port efforts to achieve emissions cuts through legal and policy reforms, national action plans, private sector ...

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Shipping industry plans speed limit reductions to cut emissions

Shipping industry executives are calling for speed limits on commercial vessels, to cut emissions and protect the environment. More than a hundred industry figures are asking the International Maritime Organisation (IMO) to help arrest — and even reduce — global temperature rises. The predicted level of metric tonnes of Co2 created by shipping fuel annually by 2030 is more than 600,000,000. But a 10% reduction in vessels’ speeds could bring it below that figure, while 20% and 30% reductions would push C02 emissions below 500,000,000 metric tonnes. Ship speeds are ...

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MABUX: Bunker market this morning, May 14.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) did not have any firm trend on May 13: 380 HSFO – 415.50(+1.07) 180 HSFO – USD/MT – 462.93(+1.29) MGO – USD/MT – 658.64(+3.35) Meantime, world oil indexes changed irregular on May 13 on increasing concerns about supply disruptions in the Middle East. Brent for July settlement decreased by $0.39 to $70.23 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery ...

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As US-China trade war tariffs strike, ships at sea are safe but ‘blackmail’ mood sours at Chinese docks

Cargo bound for the United States from China will not attract the higher 25 per cent tariff imposed on Friday by the United States government, provided the importer can prove the goods were purchased before May 10. A directive from US Customs and Border Protection carved out an exclusion to the tariff increase for firms that bought goods before Friday, even if they arrived at American docks or airports after the tariff rise. “For subject goods entered for consumption or withdrawn from warehouse for consumption on or after 12.01am eastern ...

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South Korean shipping company Sinokor to open LNG trading desk

South Korea’s Sinokor Merchant Marine, a shipping company, has hired a trader to open a desk trading physical liquefied natural gas (LNG), two industry sources said. The trading desk, which is still being formed, will be located either in South Korea or Singapore, they said. It is rare for a shipping company to trade physical LNG, although not unheard of. Shipping firm Golar LNG established an LNG trading arm in 2010 to 2012, but later shut the operation due to adverse market conditions. Sinokor is primarily a container shipping company ...

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Aqualis and Braemar Technical Services to join forces

Aqualis ASA, the parent of marine and offshore engineering consultancy Aqualis Offshore, entered into an agreement to acquire the Marine, Adjusting, and Offshore business lines from Braemar Shipping Services Plc. The combined company, to be renamed AqualisBraemar ASA, will be a leading marine, adjusting, offshore and renewables consultancy with a broadened service offering across all major basins. “Through this transaction, existing and potential clients of Aqualis Offshore and Braemar Technical Services will be able to benefit from gaining access to new capabilities and broader suite of services on offer as ...

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Factbox: Strait of Hormuz – the world’s most important oil artery

Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted in a “sabotage attack” off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world’s largest bunkering hubs lying just outside the Strait of Hormuz. It did not say who was behind the operation, which took place amid heightened tensions between the United States and Iran. Iran’s foreign ...

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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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