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Asia’s export-driven growth model is on its last legs. What comes next?

As the weather warms up in the northern hemisphere after a bitter winter, there is concern that the world is moving towards a synchronised global slowdown. This is a massive contrast to only a year ago, when the consensus was optimistic about a synchronised global recovery. This slowdown is mostly man-made – the biggest dampener being the US-China trade war, which aggravated the cyclical Chinese slowdown last year on the back of reforms aimed at getting a grip on the debt overhang. As Brexit moved from tragedy to farce, Europe ...

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Will upbeat economic data make China tap the brakes on monetary easing?

China’s bond market sold off sharply this week as a slew of unexpectedly strong economic indicators prompted investors to ask if country’s latest round of monetary easing may be drawing to a close. The first sign of trouble came when Chinese 10-year Treasury futures for June delivery, the most-traded contract, fell as much as 0.7 percent in initial deals on Monday. While they recovered slightly by Tuesday afternoon, they were still down 0.6 percent from Friday’s closing price. The yield on benchmark 10-year government bonds has risen more than 7 ...

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What El Niño, pork supply and steel production have in common – they all point to China needing a stronger yuan

African swine fever, El Niño and iron ore may not be at the forefront of currency market thinking but policymakers, including in China, always have an eye on commodity prices of all kinds. Beijing may currently be prepared to tolerate a stronger yuan, as that will provide some protection against potential imported commodity-related inflation. A rebound in Chinese exports and increased credit creation supported investor risk appetite at the end of last week. The more that green economic shoots emerge, the likelier it is that overseas capital will be tempted ...

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Several ECB policymakers doubt projected growth rebound – sources

Several European Central Bank policymakers think the bank’s economic projections are too optimistic as growth weakness in China and trade tensions linger, four sources with direct knowledge of discussions said. A “significant minority” of rate-setters in last week’s policy meeting expressed doubt that a long projected growth recovery is coming in the second half of the year and some even questioned the accuracy of the ECB’s projection models, given their long history of downward revisions, the sources said. With the ECB using the these projections as a key input into ...

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Tanker Market Rates 17/04/2019

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

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HOT PORT NEWS from GAC

Discount for transiting pleasure yachts Wednesday, April 17, 2019, Suez Canal, Egypt

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World’s first electric freefall lifeboat is built by Verhoef and powered by Torqeedo

Torqeedo provided the integrated propulsion system for the world’s first electric-powered freefall lifeboat, which is being built by the Dutch builder Verhoef. The vessel recently passed its final drop tests, making it the first fully functional electric lifeboat in the world. The first of the new Verhoef aluminium 32-passenger lifeboats will be deployed on an offshore platform in the new Valhall Flank West oilfield project in Norway. The contract includes an option for similar lifeboats in the future. Verhoef and Torqeedo engineers have developed and tested a fully integrated emission-free ...

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Toll Group and Kontainers Sign Seven-Figure, Multi-Year Software Deal

Toll Group (Toll), the Asia Pacific region’s leading provider of transport and logistics and part of Japan Post, has signed a three-year software contract with Kontainers, the UK-based enterprise software company, to power its global digital client-facing platforms. The new agreement will see Toll introduce Kontainers’ flagship product, Enterprise, to its global forwarding operations from Q4 2019. The online portal will enable Toll to better service and support the needs of its customers – particularly small-to-medium enterprises – by facilitating online pricing and quotes, bookings, shipment management and real-time analytics. ...

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Shipowners Claims Bureau (UK) Ltd – Management Changes

Shipowners Claims Bureau, Inc. (SCB) is bidding farewell to some of its London office staff who have in recent years been mainly engaged in servicing the American P&I Club’s Eagle Ocean Marine (EOM) fixed premium brand. SCB has recently strengthened its EOM service capabilities throughout its offices across the globe. This has been driven by the steady expansion of EOM’s portfolio over the years, including a more than 40% increase in written premium over the past twelve months alone. Accordingly, EOM’s commitment to providing unsurpassed cover, claims and loss prevention ...

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Athenian Shipbrokers S.A. DEMOLITION QUICK UPDATE Week 15, 2019

The last week saw some improvements in the sub-cont. recycling markets before the monsoon season.

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2018 sets record for cargo at Port of Baltimore

A record 43 million tons of international cargo was handled last year by the combinedstate-owned public and the privately-owned marine terminals at the Helen Delich Bentley Port of Baltimore, breaking the previous high mark of 40.9 million tons that stood for 44 years. The value of the cargo passing through the Port in 2018 was also a new benchmark: $59.7 billion, surpassing the previous $53.9 billion set in 2017. “The Port of Baltimore continues to be a shining example of Maryland being open for business,” Governor Larry Hogan said. “Today’s ...

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Canada’s Ridley Terminals March coal exports jump to five-year high

Coal exports from the Ridley Terminal in Prince Rupert, British Columbia, reached a five-year high of 982,516 mt in March, up threefold from a two-year low of 313,756 mt in February and the most since 1 million mt was shipped out in December 2013, according to data from the Prince Rupert Port Authority. The total, which combines metallurgical and thermal coal, was up 49.7% from the year-ago month and was the most shipped out in a month of March in six years. The 2.09 million mt exported in the first ...

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Al-Falih: King Abdullah Port can become the largest in the Middle East

Saudi Arabia is aspiring to make the King Abdullah Port the largest in the Middle East, Saudi Energy, Industry and Mineral Resources Minister Khalid al-Falih said. Speaking to reporters during his visit to the King Abdullah Economic City in Rabigh, al-Falih said he had confidence that the goal would be achieved due to a number of factors which the port enjoys, including its strategic location on the Red Sea. “It is currently the second biggest port in the Kingdom of Saudi Arabia and after its further expansion, we hope it ...

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Indian March refined palm oil imports up 92% on year

India’s refined palm oil imports rose 92% year on year to 312,673 mt in March, the latest Solvent Extractors’ Association of India update showed. The refined variant imports rose 29.7% month on month. In January, refined palm oil imports were 167,429 mt. Last month’s refined palm oil imports more than doubled from 130,459 mt in December 2018. As expected, out worst fears have come true and India is being flooded with refined, bleached, and deodorized, palmolein from Malaysia, Executive Director of the Mumbai-based trade and industry body for vegetable oils, ...

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GAIL India issues tender to sell and buy LNG -sources

GAIL India has offered a cargo of liquefied natural gas (LNG) for loading from the Cove Point plant in the United States in May, two industry sources said on Monday. It is also seeking an LNG cargo for India’s Hazira or Dahej terminal over May to June delivery, the sources said. The tender for the swap deal closes on April 16, they said. Source: Reuters (Reporting by Jessica Jaganathan; Editing by Tom Hogue)

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