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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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China is a ‘kung fu master’ and can deliver ‘deadly punch’ to US economy in trade war, ex official says

China has many options for retaliating against the United States and is likely to implement sanctions that go beyond tariffs on trade in goods, a former top government official has said. Wei Jianguo, a former vice-minister at the Ministry of Commerce (Mofcom) responsible for foreign trade, said China still has abundant tools in its armoury and has already prepared a contingency plan to deal with the escalation of the trade war. “China will not only act as a kung fu master in response to US tricks, but also as an ...

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Tanker Market Rates 14/05/2019

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

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The Posidonia Sea Tourism Forum sets cruise industry agenda as region restores international appeal with Greece alone expecting a 7.5% increase in port calls this season

The 2019 Posidonia Sea Tourism Forum (PSTF) is ready to welcome senior executives of the global cruise and yachting sectors for two days of thought-provoking debates on the growth drivers and trends that are currently shaping the industry’s future in the East Med and Black Sea regions. A wave of recent developments that are positively impacting on the growth of sea tourism in the East Med will be highlighted at a total of 11 panel discussions and workshops scheduled during the two days of the knowledge-exchange Forum. Among the main ...

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China’s new Silk Road endgame looks like Greece’s Port of Piraeus

A Greek port that has served the city of Athens since ancient times is China’s poster child for the success of its 21st century Belt and Road Initiative (BRI). The BRI, also known as the New Silk Road, involves more than a trillion dollars worth of Chinese infrastructure investments across Asia, Africa, and Europe — with at least $64 billion more to come. Nearly three years after acquiring a 51% stake in the Port of Piraeus, China can now confidently point to Greece’s largest port as a case study that ...

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Ship recycling needs the Hong Kong Convention

Ten years after the adoption of IMO’s Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships, in May 2009, there has been progress with voluntary application of its requirements, but the treaty needs to enter into force for it to be widely implemented. “I urge Member States who have not yet done so to ratify the Convention at the earliest opportunity, in order to bring it into force as soon as possible,” said IMO Secretary-General Kitack Lim, speaking at an International Seminar on Ship Recycling: Towards the ...

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Ukraine revises its ballast water regulations

Ballast water sampling and analyzing in Ukrainian ports for “ecological control” has been an issue for some time. Recent information from our correspondents comes as a ray of hope as far as compliance with ballast water regulation in the country is concerned. The Cabinet of Ministers of Ukraine published the Resolution No 367 dated 27.3.19 which changes the ballast water regulations in ports of Ukraine. The control of segregated ballast in Ukrainian ports has been cancelled and ecological inspectors are no longer permitted to inspect vessels for the purposes of ...

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CLARKSON PLATOU HELLAS S&P WEEKLY BULLETIN

NEW BUILDING: In Dry, H-Line Shipping are reported to have increased their order at New Times Shipyard with a further two new

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Houston Ship Channel partially open to outbound traffic

The Houston Ship Channel was partially open to outbound traffic Sunday, two days after a collision between a tanker and a tug shut the waterway, and the backlog of outbound vessels in wait has been reduced, a spokesman for the incident’s Unified Command said. As of Sunday afternoon, there were 48 vessels queued up to go inbound and another 32 outbound, Greg Beuerman told S&P Global Platts. The outbound number is down from 47 earlier in the day. A limited movement of traffic through the waterway was allowed, as tugs ...

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New venture to enhance multimodal transport options at Shanghai Port

A joint venture focusing on multimodal transport is being established this month at the port of Shanghai, as part of efforts to increase transport efficiency and lower carbon emissions, according to a top company executive. “Sea and rail transport should have played a greater role in container shipping. But it has grown slowly due to the insufficient railway network at Shanghai’s major port area of Waigaoqiao and Yangshan. We expect to expand the ocean-rail transportation volume to 80,000 TEUs (twenty-foot equivalent unit) by the end of this year, and more ...

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