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The United States issues updated guidance regarding North Korea’s illicit shipping practices

OFAC highlighted a number of tactics used by North Korea and its trade partners to obfuscate the identities of vessels and cargo as well as manipulate information about the origins and destinations of vessels. Therefore, all actors in this sector should be mindful of the following practices: · Disabling the automatic identification system (AIS) to mask the movements of a vessel: this technique is often used to conceal the origin or destination of cargo, and is a violation of international regulations. For this reason, OFAC recommends that concerned parties (and, ...

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Philly Shipyard Delivers Second Container Vessel to Matson

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), delivered ‘Kaimana Hila’ to Matson Navigation Company, Inc. (Matson) today. ‘Kaimana Hila’ is the second of two 3,600 TEU “Aloha Class” containerships that were ordered by Matson. The first vessel, ‘Daniel K. Inouye,’ was delivered by PSI in October 2018 and is currently in service for Matson. “Today’s delivery marks the successful conclusion of the construction of the two largest container vessels ever built in the United States,” remarked Steinar Nerbovik, Philly Shipyard President and CEO. ...

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Croatia won’t back shipyard restructuring plan as bankruptcy looms

The Croatian government said on Thursday it would not back a restructuring plan for the country’s biggest shipbuilding group Uljanik due to the financial burden on the state and doubts the proposal could turn the company’s fortunes around. If no other restructuring plan emerges soon, a local commercial court will deliver a ruling on bankruptcy within weeks, threatening the jobs of almost 3000 workers. Prime Minister Andrej Plenkovic told a cabinet session that the proposed restructuring would cost the state between 7.5 billion kuna ($1.14 billion) and 10.8 billion kuna. ...

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Pronomar’s COMBO Drying Systems for Damen’s VOLT Processor

In 2016 Damen Shipyards Group signed a contract with VOLT Service AS in Norway for the construction of a Utility Vessel: the Volt Processor UV-4312. The vessel was delivered in May of 2018 and is fitted with the latest chemical-free delousing installation and offers the ability to service more farms across larger areas and in more open waters. During the construction of the vessel build of the ship, the VOLT Processor is equipped with Pronomar’s COMBO drying system. In addition to the work that the vessel will execute at the ...

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Exports through Abu Dhabi ports rise more than a third in 2018

The value of exports through Abu Dhabi’s ports rose by 36.6 per in the last quarter of 2018 as business activity increased in the emirate, according to government figures. Exports climbed to Dh17.2bn for the period, up Dh3.8bn from the third quarter of last year, state news agency Wam said, citing data from Abu Dhabi Statistics Centre. The UAE, which aims to increase its non-oil exports across the globe is turning to its Asia-Pacific partners to grow foreign trade, which accounted for about 42 per cent of the country’s total ...

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Russia to allocate funds in 2021-2022 for an LNG terminal

Russian President Vladimir Putin ordered an allocation of budget funds in 2021-2022 for the construction of the Utrenny liquefied natural gas (LNG) terminal in the Russian port of Sabetta on the Northern Sea route, the Kremlin said on its website. The budget money will also be used to reconstruct a navigable channel in the Gulf of Ob in the Kara Sea. The Utrennee gas field is developed by Russian gas giant Novatek and serves as a resource base for the Arctic LNG-2 project. Source: Reuters (Reporting by Andrey Kuzmin Writing ...

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Surgutneftegaz awards SOCAR 80,000 T of Urals crude ex-Novorossiisk in April

Russia’s Surgutneftegaz awarded Azerbaijan’s SOCAR 80,000 tonnes of Urals crude in a sell tender on Thursday for loading from Russia’s Black Sea port of Novorossiisk on April 26-27, traders said. The cargo was sold at premium of around $0.70 a barrel to dated Brent when adding freight to an original FOB price, they added. That was some 45 cents a barrel higher than recent estimations. Surgutneftegaz obtained an additional loading slot in Novorossiisk on April 26-27 on Wednesday after Rosneft cancelled its cargo, which was planned for loading on the ...

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Japan extends state-backed insurance for Iran oil imports: government official

Japan has extended state-backed insurance to cover imports of oil from Iran, potentially allowing the country’s refiners to continue loading crude cargoes from the Middle Eastern nation, a government official told Reuters. The rollover of the insurance was approved by parliament on Wednesday and takes effect from April for one year, the official said. While the rollover provides insurance cover for imports that Japanese shippers cannot otherwise obtain, refiners are unlikely to load Iranian cargoes from April unless they get a waiver from the United States on sanctions re-imposed on ...

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US utility coal stockpiles fall to 13-year low after January: EIA

US coal inventories in the power sector were at a 13-year low of 99.2 million st at the end of January, down from 102.79 million st after December and the lowest since stockpiles were at 98.19 million st after September 2005, according to data from the US Energy Information Administration. The January total was down from 123.51 million st in the year-ago month and down 34.3% from the five-year average. In the last 21 months, inventories have only increased five times from the prior month. Roughly 9% of non-lignite coal-fired ...

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Soybeans edge higher, set to post biggest monthly fall in 7 months

U.S. soybean futures edged higher on Friday but the oilseed was poised to record its biggest monthly fall in seven months, as fears of a prolonged trade war between Washington and Beijing pressured prices. Corn edged lower, while wheat also fell. The most active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $8.90-1/2 a bushel by 0121 GMT, after closing up 0.2 percent on Thursday. Soybeans are down more than 2 percent this month so far, heading for their biggest monthly fall in seven months. Analysts ...

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Analysis: US crude supply adds barrels as refinery runs, exports slow

US crude supply edged higher last week as exports dipped and refinery headwinds weighed on utilization rates, US Energy Information Administration data showed this week. Commercial crude inventories added 2.8 million barrels last week, bringing stocks to 442.28 million barrels for the week ended March 22, EIA data showed. Despite the build, nationwide inventories still fell relative to historic levels, and the deficit to the five-year average widened to 1.8% from 1.6% the week prior. The crude build was concentrated in the US Gulf Coast, where stocks grew 4.58 million ...

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Oil set for biggest quarterly rise since 2009 amid OPEC cuts, sanctions

Oil prices rose on Friday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009. May Brent crude oil futures were up 83 cents at $68.65 a barrel by 1232 GMT, set for a gain of nearly 28 percent in the first quarter. The more active June contract was up 89 cents at $67.99 a barrel. U.S. West Texas Intermediate (WTI) futures were at $60.44 per barrel, up 1.14 cents, and on track for a rise of ...

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China’s international crude contract marks first birthday

It’s now a year since China took the first steps to opening up its mainly domestic futures market to the world with the launch of the Shanghai crude oil futures contract. It was the first of three to be “internationalized” last year – the other two were the existing iron ore and PTA futures contracts. But Shanghai crude was different to those in that it was a new contract, hosted on a new trading venue – the Shanghai International Energy Exchange (INE) – and designed specifically to attract international participants. ...

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Russia’s Gazprom Neft doesn’t expect global oil deal to last long

Russia’s Gazprom Neft does not expect the global deal to cut oil output will last long and does not take it into account in its long-term planning, CEO Alexander Dyukov said. The Organisation of the Petroleum Exporting Countries, Russia and other non-OPEC producers – an alliance known as OPEC+ – agreed in December to reduce supply by 1.2 million barrels per day (bpd) from Jan. 1 for six months. Gazprom Neft plans to increase or at least maintain hydrocarbon production at 100 million tonnes per year after 2020, Dyukov said. ...

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Markets underpricing ‘no-deal’ Brexit risk, ECB’s Draghi told EU leaders

Financial markets are not fully pricing in the risk of Britain’s exit from the European Union without a deal, European Central Bank head Mario Draghi told EU leaders last week, according to accounts of several senior officials in the bloc. The officials reported Draghi as telling EU leaders last week that the ECB, the Bank of England and the European Commission had made all the necessary preparations for the “no-deal” scenario, expected to be highly disruptive. But Draghi also said that private sector preparations were still incomplete and stressed that ...

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