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European stocks bounce as earnings lend support

European shares breathed a sigh of relief on Tuesday, as earnings from companies including UBS and Maersk boosted sentiment, following an equity sell-off in the previous session driven by global growth fears. The continent-wide STOXX 600 .STOXX rose 0.6% after plunging nearly 2% on Monday over worries of an economic slowdown in China and rapid U.S. interest rate hikes. Miners .SXPP and oil .SXEP stocks were among the biggest gainers after slumping on Monday. Nearly all subsectors and regional markets were in the black. Chinese stocks .CSI300, .SSEC recovered from ...

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Dollar soars to new two-year high on growth fears and rate bets

The dollar roared to a new two-year high on Tuesday and the euro hit its weakest since March 2020 as concerns about the economic impact of China’s COVID-19 lockdowns and aggressive U.S. interest rate hike expectations boosted the greenback. With markets facing a multitude of risks including central banks tightening policy just as economic growth momentum slows, investors have been buying up dollars. The dollar index, which measures the U.S. currency against a basket of rivals, has risen 6.5% so far in 2022. It has gained 3.65% so far this ...

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Morgan Stanley cuts euro zone GDP forecasts

Morgan Stanley said on Monday it had revised down its economic growth forecasts for the euro area this year and the next, anticipating a meaningful slowdown in economic growth in the second half of this year. The investment bank said that while the euro area economy had proved resilient, it faced weakness ahead with energy flows from Russia likely to be significantly reduced and headwinds from China where strict measures to contain COVID-19 are weighing on growth there. In a note published Monday, Morgan Stanley said it had now lowered ...

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China to step up export tax rebates to support foreign trade

China will further leverage export tax rebates to provide stronger support for foreign trade enterprises, according to a circular jointly released by the State Taxation Administration and other government organs. The circular outlines measures to improve export tax rebate policies and streamline procedures for applications. Efforts will be made to strengthen the linkage of export credit insurance and export tax rebate policies, and improve rebate policies for processing trade firms, according to the circular. The country will step up efforts to enhance data sharing and smooth the connections among customs, ...

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Breakdown of weekly ship sales by type 18th – 24th April 2022

In the following table you will find the total ship sales for last week.

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LNG shipping stocks: Gentle rise outperformed the SPX index

The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, gained 3.29% last week. U.S. stocks represented by the S&P 500 Index lost 2.13%. LNG shipping stocks continue in gentle movements. Only one company was able to gain double-digit gains – Flex LNG (NYSE: FLNG), which rose 10.5% last week. This company had continued rising since mid-2020 when the price was $5.60. Now the price is above $31.50. The second most successful stock was New Fortress Energy (Nasdaq: NFE). NFE added 6.7% to its ...

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MABUX: Bunker prices may continue upward changes on Apr.19

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) increased on Apr.18: 380 HSFO – USD/MT – 737.82 (+5.75) VLSFO – USD/MT – 957.62 (+10.54) MGO – USD/MT – 1236.39 (+26.79) As of Apr.18, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was overvalued in all selected ports: Rotterdam – by plus $34 (plus $12 the day before), ...

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Castor Maritime Inc. Announces New Charter Agreements

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that: The M/V Magic Moon, a 2005 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $25,500. The charter commenced on April 7, 2022, and has a duration of about 25 days. The M/V Magic Rainbow, a 2007 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $16,500. The charter commenced on April ...

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LR and DSIC make important step towards zero-carbon bulk carrier

LR, a leading global provider of classification, compliance and advisory services to the marine and offshore industries, has awarded Approval in Principle (AiP) to Dalian Shipbuilding Industry Company (DSIC), the largest shipbuilding company in China, for the first Chinese Newcastlemax bulk carrier concept to be powered by ammonia, a promising zero-carbon-emitting fuel. As the classification society selected for the project, LR’s role was to review the suitability and risks of the design, applying its expertise in designs for ships powered by alternative fuels. Ammonia (NH3) is considered one of the ...

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Belgian shipowners reunite Ukrainian seafarers with their families

Located in Hoboken, south of the city of Antwerp, the empty office building was offered for use thanks to the generosity of its owner. Through the help of Antwerp’s alderwomen Els Van Doesburg, lawyer Philippe Billiet, and numerous other volunteers, the RBSA was able to refit the property in record time into a shelter to receive Ukrainian seafarers and their families, where each family has their own private sleeping quarters. As Ukrainian seafarers are unable to return to their country after having completed their mission at sea, Belgian shipowners transport ...

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Mitsubishi Shipbuilding Completes Conceptual Study for Ammonia/LCO2 Carrier– Response to Increasing Demand for Transport of Ammonia and LCO2

Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group based in Yokohama, has completed a conceptual study for the design of an “Ammonia/Liquefied CO2 Carrier” capable of transporting both ammonia and liquefied carbon dioxide (LCO2). The extensive study conducted with Mitsui O.S.K. Lines, Ltd. provides the basis for a type of vessel with potential to become mainstream in the LCO2 carrier market by flexibly meeting the projected increase in demand for transporting ammonia and LCO2. Ammonia is a source of stable clean energy projected to be used widely in ...

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KSOE Lands Orders for 6 Container Ships 2 PCTCs

Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company of Hyundai Heavy Industries Group, announced on April 15 that it has recently signed a contract with Liberian and Middle East shipping companies to build six 7,900 TEU container ships and two pure car and truck carriers (PCTCs) . Each of the container ships measures 272 meters in length, 42.8 meters in width and 24.8 meters in height. They will be built by Hyundai Heavy Industries and sequentially delivered to the clients in the first half of 2025. Each of ...

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Samudera poised to benefit from ‘bumper year’ for shipping lines: SAC Capital

SAC Capital analyst Lim Shu Rong is optimistic about Samudera Shipping Line as it rides on a “bumper year” for shipping lines. In an unrated report dated March 15, Lim notes freight rates are still “buoyant and favourable” to shipping companies as the capacity imbalance persists, adding that the China containerized freight index was up 76% y-o-y as at March 11. With that, the company has chartered in an additional six newly built vessels, of which two have already been deployed and the rest will be delivered in 4QFY2022 ended ...

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S. Korean Shipbuilders Turn to Robots Amidst Labor Shortage

South Korea’s major shipbuilders are introducing robots to overcome a lack of manpower. Samsung Heavy Industries Co. recently introduced robots at its shipyard in Geoje Island to cut steel materials and weld them into blocks. During the sub-block assembly, a human employee works with the so-called ‘collaboration robots’, instead of being fully replaced by automation. These collaboration robots can detect collisions, allowing employees to work with them without setting up a safety fence. The robots have reportedly raised overall productivity by 40 percent. Hyundai Samho Heavy Industries Co’s shipyard in ...

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Industry Leaders Endorse Biden-Harris Administration Initiative to Improve Supply Chain, Increase Data Sharing

The Biden-Harris Administration and U.S. Department of Transportation announced the launch of a major supply chain initiative, Freight Logistics Optimization Works (FLOW), to help speed up delivery times and reduce consumer costs. FLOW is an information sharing initiative to pilot key freight information exchange between parts of the goods movement supply chain. It includes eighteen initial participants that represent diverse perspectives across the supply chain, including private businesses, trucking, warehousing, and logistics companies, ports, and more — with the hope and expectation to include more partners going forward. These key ...

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