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Nigeria’s seaborne trade hits N33.2 billion

As Nigeria looks forward to a more robust maritime sector performance this year, facts have emerged that the seaborne trade for the year 2018 stood at N33.2 billion ($92 million). The Nigeria’s Maritime Industry Forecast, released by the Nigerian Maritime Administration and Safety Agency (NIMASA) recently stated that the international trade recovered fairly well in 2018, when assessed on the basis of three quarters of available data. It added that total trade increased 33 per cent, when compared to the corresponding period in 2017, while the expansion of trade has ...

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AST leads the way with very first Iridium Certus commercial activation

February 2019, global satellite solutions and projects company, The AST Group (AST), is delighted to announce the first ever commercial installation of Iridium Certus with their long-term partner Alphatron onboard Oceanwide Expeditions ‘Rembrandt Van Rijn’. The vessel, originally built as a herring lugger in the last century, is now used for cruise expeditions in the polar regions. With up to 33 excited passengers on-board at one time the vessel uses large amounts of data, with e-mails and photographs of local wildlife and scenery being sent home and posted on social ...

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Transitional Simplified Procedures should be for all involved in visible international trade movements, including freight forwarders

Commenting on the recent announcement by HMRC on Transitional Simplified Procedures (TSP) for Customs in the case of no deal on March 29th, Robert Keen, Director General of the British International Freight Association, says: “As the trade association for freight forwarders, which are responsible for managing the supply chains that underpin the UK’s visible international trade, we have long campaigned for frictionless borders post Brexit. “We note the publication of these Transitional Simplified Procedures by HMRC in the event of a non-deal Brexit, and are led to believe that they ...

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New marine terminal to be built in Poti port of Georgia

A new marine terminal will be built in the Poti, due to which the port will be able to receive 2.5 million tons more cargo per year. This was announced on February 4 by the Prime Minister of Georgia, Mamuka Bakhtadze, during the signing of the relevant agreement. The relevant agreement was signed between the U.S. Overseas Private Investment Corporation (OPIC) and the Georgian-American transport company PACE Group in Tbilisi. According to the agreement, U.S.-based OPIC will provide PACE Group with $ 50 million to build a new sea terminal ...

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Sohar Port signs pact for new tugboat vessels

In cooperation with Svitzer, Sohar Port and Freezone, recently signed a charter agreement for five new tugboat vessels to replace the existing tugboat fleet and provide 24/7 operational support for vessel movements in and around the rapidly expanding port. The marine service agreement was signed at the annual business reception on January 23, between Dr Mohammed Nasser Ali Al Zaabi, Chairman of the Board at Sohar Port and Freezone, and Henriette Hallberg Thygesen, CEO of Svitzer. “Sohar Port and Freezone has seen significant growth in port operations and vessel calls ...

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UAE’s ADNOC offers March LNG cargo from Das Island -sources

Abu Dhabi National Oil Co (ADNOC) has offered in a tender a liquefied natural gas (LNG) cargo loading at its Das Island plant on March 10-12, two trade sources said. * The tender opened on Feb. 5 and will close on Feb. 7 * The volumes are offered on a free-on-board basis, meaning the buyer will need to arrange shipping for the cargo Source: Reuters (Reporting by Ekaterina Kravtsova; editing by Jason Neely)

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Russian LNG Exports Grew 50.4% In 2018 – Customs Agency

Russia exported 50.4 percent more liquefied natural gas last year than a year before, while natural gas sales edged up by almost 5 percent, the country’s customs agency said. A total of 36.7 million cubic meters (1.3 trillion cubic feet) of LNG was exported in 2018, bringing $5. 3 billion in revenues, the official figures show. Income from natural gas exports stood at $49.1 billion last year, up 28.8 percent from the year before. Russia exported 220.6 billion cubic meters of gas. In 2017, Russia sold 24.4 million cubic meters ...

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India’s steel exports rise 16.7% in 2017-18

Finished steel exports from the country increased 16.7 per cent to 9.62 million tonnes in 2017-18, which included 8.73 million tonnes of non-alloy steels and 0.89 million tonnes of alloy/stainless steels. India exported 8.25 million tonnes of finished steel, which included 7.59 million tonnes of non-alloy steels and 0.66 million tonnes of alloy/stainless steels in 2016-17. Stating this in the Lok Sabha on Monday, minister of state for steel Vishnu Deo Sai also said total steel production in the country increased to 103.13 million tonnes in 2017-18 from 88.98 million ...

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Soybeans snap 4-day rally as South American crop crunch woes ease

U.S. soybean futures edged lower on Thursday, retreating for the first time in five sessions, as concerns about lower yields of South American crops eased on good rain forecast. Corn fell while wheat slid nearly 0.5 percent to extend losses into a second consecutive session. The most active soybean futures on the Chicago Board of Trade were down 0.2 percent at $9.20-1/4 a bushel by 0227 GMT, having firmed 0.2 percent on Wednesday. “Some South American soybean regions remain on the dry side. Weather forecasters are expecting enough rain to ...

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Private equity pours more money into coal

Private equity deals in the mining industry poured more money into coal last year than traditional favourites such as copper, gold and battery materials combined. The jump in coal money shows that however dirty and unloved it may be, the fuel remains a cash cow. While prices for base metals from copper to zinc sank in the last year and even cobalt and lithium took a tumble, coal held its ground, supported by strong demand from China. As some miners divested coal assets, private equity took the chance to snap ...

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Saudi Arabia to spend $3.8 bln to enhance mineral exploration

Saudi Arabia will invest around $3.8 billion to enhance access to geoscience data and reduce regulatory red tape as it looks to boost mineral exploration, senior government officials said on Wednesday. Government plans to jump-start the Saudi mining sector form part of a broader industrial strategy aimed at diversifying the economy and attracting private-sector investments worth 1.6 trillion riyals ($426 billion) over the next decade. Investments will be made through the National Industrial Development and Logistics Program (NIDLP), part of Vision 2030, a reform strategy led by Crown Prince Mohammed ...

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New projects, cost-cutting efficiencies driving US Gulf comeback

Activity in what has been a mostly sluggish US Gulf of Mexico is expected to increase modestly in 2019, bringing production growth and more exploration aimed at finding the elephant fields of the future. Brent crude has fallen $20 from highs in the mid-$80s/b months ago, but US Gulf operators, especially in deepwater, aren’t phased by volatile prices, analysts say. Instead, operators are deciding to grow in the gulf because of the industry’s increasing ability to make those fields more economic. Logistical and operational efficiencies, lower oilfield service costs, scaled ...

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Germany May Never Get a Natural Gas Boom Even With Coal Exit

The natural gas industry is eager to see a jump in demand now that Germany has come up with a plan to end electricity generation by burning coal. That might never happen, according to a report by one of the nation’s largest energy companies. The study, which hasn’t been made public, shows that gas demand in Germany, the Netherlands, Belgium, France and the U.K. is expected to fall by as much as 16 percent by the end of the next decade from 2016 levels. By then, the cost of solar ...

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Maduro’s squandering of Venezuela’s oil wealth is a tragedy

Venezuela should be a global oil-exporting superpower. Instead, the Marxist junta ruling the country teeters on the brink of complete economic collapse, with hyperinflation reminiscent of Weimar Germany and the chances of a political coup d’état in Caracas rising every day. Despite its enfeebled state, Venezuela punches above its weight in oil markets. Uncertainty over its supply has helped to push up prices by almost 20% since the start of the year. That’s because many refineries in Texas and Louisiana – America’s fuel-producing engine – are configured to process Venezuela’s ...

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Extreme U.S. natural gas volatility to ease after winter: analysts

The most extreme period of volatility in U.S. natural gas futures in nearly 10 years is set to a close as the winter weather turns warmer, but not before the wild price swings caused one trading firm to collapse. While some firms took losses, the volatility likely helped others make money — something that may be harder to do now that prices are trading in a narrower range, analysts said. “There certainly were more winners and losers in November and December than in recent years when the market was fairly ...

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