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Poor finish derails investment banking comeback in 2018

Revenues at the world’s largest investment banks slumped to their lowest level for eight years in the second half of 2018, spoiling an otherwise improved year after a tough decade since the financial crisis. A particularly poor fourth quarter pulled revenues for the top 12 banks down 5 percent over the latter six month period to $64.9 billion (49 billion pounds), down from $68.4 billion the previous year. Over 2018 as a whole investment banking revenues inched up marginally to $151.4 billion, up from $150.9 billion the prior year, with ...

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China’s economic policy dilemma increases as boosting growth is eating into local government coffers

While Bank of Jiangsu, Guangzhou Automobile and Weichai Power applauded China’s cut in value-added tax last year designed to help companies sustain growth during the economic slowdown, their home provinces had less to cheer about. The three listed state-owned enterprises paid 668 million yuan (US$99.71 million), 430 million yuan and 139 million yuan less in the tax, respectively, during the first nine months of 2018, based on filings with the Shanghai and Shenzhen stock exchanges. But Jiangsu, Guangdong and Shandong, the country’s richest provinces, reported revenues last year that fell ...

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MMi Daily Iron Ore Index Report March 01 2019

Daily iron ore deliveries leaving Chinese ports are unlikely to extend their gains next week as the

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Tanker Market Rates 01/03/2019

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

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Global Sulphur limit preparations are on track in IMO

This week, the IMO made substantial progress towards the Organization’s final preparations for the new global Sulphur regulation which enters into force on 1 January 2020. The International Maritime Organization’s (IMO) sub-committee on Pollution Prevention and Response met in London this week to discuss a number of issues related to the marine environment. Following up on previous decisions by the IMO concerning the entry into force on 1 January 2020 of the new 0.50 per cent limit of Sulphur content in marine fuels, the Member States provisionally agreed on a ...

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New LNG Carrier Named Marvel Crane

On February 21, a naming ceremony was held in Nagasaki at the Koyagi Shipyard of Mitsubishi Heavy Industries Ltd. for a new liquefied natural gas (LNG) carrier that NYK will charter to Mitsui & Co., Ltd. under a long-term contract. At the ceremony, the ship was named “Marvel Crane” by Hiroyuki Kato, Counselor of Mitsui & Co., Ltd., and the ceremonial rope holding the vessel in place was cut by Mr. Kato’s wife. From NYK, Hitoshi Nagasawa, representative director and executive vice-president corporate officer, was in attendance. Following the delivery ...

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Novatek wants Arctic shipping route open all year from around 2023

Russian gas producer Novatek wants to use nuclear icebreakers to keep the Northern Sea Route, a shipping path traversing the Arctic to Asia, open all year long for its liquefied natural gas (LNG), a top executive said. “Our plan is to keep the Northern Sea Route open twelve months a year in 2023 to 25 with 100-megawatt-hour nuclear icebreakers,” Novatek Chief Financial Officer Mark Gyetvay told delegates at an energy conference. Novatek operates the Yamal LNG facilities in Russia’s Arctic north, which have already produced 11 million tonnes of LNG ...

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Protection Vessels International Weekly Maritime Security Report

East Africa Yemen: Skiffs approach underway oil tanker off the coast of Perim Island 24 February Two skiffs approached an underway oil tanker around 42 nm southwest of Perim Island at 1700 hrs local time. The skiffs came within 1 cable of the vessel. Further information regarding the incident was not immediately available. Yemen: Skiff approaches underway yacht in Gulf of Aden 26 February A skiff approached an underway yacht in the Gulf of Aden, about 109 nm southwest of Al Mukalla, at 0930 hrs local time. The skiff was ...

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Teekay and Samsung opt for Hydroniq Coolers

Norwegian supplier Hydroniq Coolers has won contracts from Samsung Heavy Industries Co. Ltd. to deliver the cooling system for the engines of the six LNG-fuelled shuttle tankers the shipbuilder is constructing for Teekay Offshore. Under the contracts, Hydroniq Coolers – formerly named Sperre Coolers – will deliver its Hydroniq Rack seawater cooling solution that is integrated in the hull below the main engine room of the vessels. Marine cooling systems are utilised to reduce temperatures in the ships’ engines and other auxiliary systems through use of seawater. Hydroniq Coolers has ...

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Nigeria: Insurance Premium May Rise Over Attacks On Vessels

Insurance premium is set to increase as sea robbers now attack ships at berth at the Federal Ocean Terminal (FOT) and the Federal Liter Terminal (FLT) at Onne Port, Rivers State. Any robbery strike, riots, and civil commotion that could hamper the delivery of goods usually spike insurance premium in the country. A public notice circulated by vessel captains in the area and made available to journalists by Capt James Falabi over the weekend revealed that there has been an upsurge in ship burgling and criminal activities in the last ...

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Bankruptcy of Croatian major shipyard postponed

The Commercial Court in Croatian port city Rijeka issued a decision to postpone bankruptcy of shipyard “3. Maj”, one of the biggest shipbuilders in Croatia that has been in financial trouble for a long time. The decision on bankruptcy was postponed until March 12 when it will be known whether the interested strategic partner, Brodosplit from Split, will participate in the financial consolidation of the shipyards Pula’s “Uljanik” and Rijeka’s “3. Maj”. “This week we expect the strategic partner Brodosplit to say whether it is financially capable of following the ...

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Yilport Announces Upgrades To Leixões

Yilport is to invest €43.4m in upgrading the South Container Terminal at the Port of Leixões in Portugal, with work scheduled for completion by March 2021. Work will involve more stacking area and the acquisition of further handling equipment with the aim of increasing capacity and alleviating congestion as well as improving productivity and cutting operational costs. Capacity will increase from 450,000 teu to 660,000 teu, bringing the port as a whole to 800,000 teu. Minister of Sea Ana Paula Vitorino is to announce additional investment at the end of ...

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Baltic Dry Index climbs to 658, up 7 points

Today, Thursday, February 28 2019, the Baltic Dry Index climbed by 7 points, reaching 658 points.

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Incheon Port Authority Successfully Completes Port Sales Events in Singapore, Thailand

Incheon Port Authority (IPA) announced on Feb. 23 that it successfully held port sales events in Singapore and Thailand for five days from Feb. 18 to 22, which were led by Lee Jeong-haeng, vice president of the Operations Division. The IPA sales team visited global shipping companies’ Asian headquarters in Singapore to persuade them to use Incheon Port. It also visited logistics companies and shippers in Thailand, who already use Incheon Port for their export and import businesses, to increase their cargo volume. In Singapore, the sales team shared the ...

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Egypt raises LNG exports from Idku to 800 mln cbf/d

Egypt is currently exporting 800 million cubic feet of liquefied natural gas (LNG) per day from its Idku export plant, ‘s the petroleum minister has told financial newspaper Al-Borsa. Egypt said it exported about 520 million cubic feet per day of LNG in early January and 300 million cubic feet per day in 2018. The gas is exported from Idku by Malaysia’s Petronas, Royal Dutch Shell, and Egypt’s two main state oil and gas companies. Egypt, which became self-sufficient in natural gas in late 2018, is seeking to become a ...

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