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Container lines question claims of unreasonable rates, poor service

The World Shipping Council (WSC) has pushed back against allegations by two Federal Maritime Commissioners (FMC) that the container lines are not meeting service obligations — particularly to U.S. agriculture exporters — citing a lack of evidence. In a Monday letter to FMC Commissioners Carl Bentzel and Daniel Maffei, WSC President and CEO John Butler pointed out that the customer bases of his members — which account for 90% of global liner vessel capacity — are too varied for the association to speak to specific operational and commercial procedures between ...

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Castor Maritime Inc. Receives 180-day Extension from Nasdaq to Meet Nasdaq Minimum Bid Price Rule; Announces entry into binding commitment letter for financing of two dry bulk carriers

Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, announces today the receipt of a notification letter from the Nasdaq Stock Market (“Nasdaq”) granting the Company an additional 180-day extension, or until June 28, 2021, to regain compliance with Nasdaq’s minimum bid price requirement (the “Second Compliance Period”). The Company can cure this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the Second Compliance Period. The Company intends ...

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Yangzijiang bags US$350 mil contracts to build containerships, deck carriers

Yangzijiang Shipbuilding (Holdings) has bagged contracts to build two 24,000TEU containerships and two 690FEU deck carriers. The contracts, which are worth a total of about US$350 million ($464.7 million), have raised the China-based company’s year-to-date order wins to 53 vessels worth about US$1.77 billion. Ren Letian, executive chairman and CEO of Yangzijiang, says he considers the total new order wins as “decent even for a normal year”, in addition to the “many challenges” faced during the year. “We are pleased to wrap up 2020 with such achievements,” he says in ...

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FUJAIRAH DATA: Oil product stocks dip just 0.2%, as year-end trading slows

Oil product inventories at the UAE port of Fujairah remained relatively stable in the week to Dec. 28, drawing just 53,000 barrels, or 0.2%, from the previous week, the latest data from the Fujairah Oil Industry Zone showed. Builds in light distillates and heavy residues offset a draw in middle distillate volumes, with total stock levels standing at 23.595 million barrels, according to the data provided exclusively to S&P Global Platts. Light distillate stocks increased 295,000 barrels, up 4.2% week on week, and now total 7.350 million barrels. Market sources ...

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How Germany’s Cuxhaven port is navigating Brexit

The German port of Cuxhaven has felt every twist and turn of the Brexit saga, from the shock of the referendum result to the interminable negotiations. Now, with the end of the transition period that has effectively kept Britain in the EU fast approaching, port manager Hans-Peter Zint has only one wish: “It has to finally happen.” But Brexit will remain an unprecedented challenge for the North Sea port long after Britain’s newly agreed deal with the EU kicks in on January 1. Around 85 percent of maritime freight to ...

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Antwerp: New intermodal connections January 2021

Swissterminal is offering a new barge connection between Basel and Birsfelden and the port of Antwerp from December 2020. In addition, the existing rail connection from Swissterminal between Antwerp and Basel – Frenkendorf and Niederglatt will be improved from January 2021: it will be switched from an indirect service (via Neuss) to a direct service. You can find the details below. New barge connection between Basel and Birsfelden and the port of Antwerp: • Destination: Switzerland • Mode: barge • Operator: Swissterminal • Starting date: December 2020 • Frequency: 2x ...

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Saudi Arabia: Two-third hike in container handling fee from Friday

The Saudi Ports Authority (MAWANI) will introduce new fee structures for cargo handling service from Friday, Jan. 1. The fee for handling containers of 20 or less cubic feet in length will be raised to SR450 from SR270, an increase of 66.67 percent. The handling fee for containers with a length ranging between 20-40 cubic feet will be SR700 instead of the existing rate of SR415, an increase of 68.67 percent, while containers exceeding 40 feet in length will increase their fees to SR740 from SR415. The MAWANI will impose ...

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Cai Mep International Terminal receives massive container ship

MSC Oliver, one of the world’s largest container ships, has docked at the Cai Mep International Terminal (CMIT) in Ba Ria – Vung Tau province earlier this week. The MSC Oliver, one of the biggest vessels of Mediterranean Shipping Company (MSC) headquartered in Geneva, Switzerland, was the largest ever ship to dock in Vietnam. It has a dead weight tonnage (DWT) of 199,273, with a capacity of more than 19,224 twenty-foot equivalent units (TEUs). The ship docked at CMIT to handle nearly 6,000 freight containers, equivalent to 10,000TEUs of exported, ...

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Asia to draw more naphtha arbitrage cargoes on increased steam cracker capacity

Asian naphtha is set to begin 2021 on a bullish note, with the market firm on demand recovery from the successful restart of South Korean Lotte Chemical’s Daesan steam cracker. Looking forward, fresh steam cracker capacity is expected to come online in the north Asian petrochemicals hub, which would further increase overall Asian naphtha demand. “We forecast demand will be strong for 2021 because [South Korea’s] YNCC and LG Chem will restart [from turnarounds] in January. The total increase in naphtha demand should be at least four-six cargoes per month ...

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JAPAN DATA: Refiners ramp up light crude imports in Nov for kerosene output

Japan’s crude oil imports in November increased from October, with shipments from Qatar, Russia and Malaysia posting sharp gains as refiners favored middle distillate-rich crude grades in an effort to boost kerosene output amid colder-than-average temperatures nationwide. November crude oil imports rose 1.9% month on month to 2.3 million b/d in November, latest data from the Ministry of Economy, Trade and Industry showed. However, the total was down 21.7% year on year as overall refinery run rates remain lower than in 2019 amid tepid transportation fuel demand due to the ...

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China must reduce steel output in 2021, says industry minister

China’s sprawling steel industry must ensure it produces less crude steel in 2021 compared with this year’s record level, the country’s industry minister was reported as saying by the official Xinhua news agency on Tuesday. The world’s biggest steel producer is set to churn out more than 1 billion tonnes of crude steel for the first time in 2020 and a government consultancy recently estimated output would rise a further 1.4% next year amid rapid economic growth and increased fixed-asset investment. However, Xiao Yaqing, Minister of Industry and Information Technology, ...

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China’s Shanxi closes 163 coal mines in five years

Shanxi, a major coal-producing region in north China, has shut down 163 coal mines and eliminated 146.05 million tonnes of annual coal production capacity over the past five years. The province closed 57 coal mines and cut 30.19 million tonnes of coal production capacity this year, according to the provincial energy bureau. The number of closures hit a record high since Shanxi started cutting outdated coal capacity in 2016. The coal industry once brought prosperity to Shanxi but also led to a series of problems including resource waste by excessive ...

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Oil set for 20% drop in 2020 as lockdowns weigh, market eyes more stimulus

Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus. On Thursday, the last trading day of 2020, Brent was down 8 cents, or 0.2%, at $51.55 a barrel, as of 0756 GMT and U.S. West Texas Intermediate lost 13 cents, or 0.3%, to $48.27 a barrel. “It is kind of year-end quiet but a weaker dollar is helping keep a floor under ...

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Global oil industry write-downs to exceed $150b in 2020

The total write-downs of the world’s seven supermajor oil companies and independent producers in the US and Canada are expected to exceed $150 billion in 2020, their highest level in at least a decade. Oil industry pundits say expectations that oil demand will not see a V-shaped recovery in 2020 and longer-term industry challenges, including the rise of renewables and electric vehicles, had nearly every oil and gas company in the world significantly write down the value of its assets this year. In 2020, dozens of billions of dollars in ...

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IHS Markit: Global Investment in Renewables to Bounce Back in Coming Year to Pre-COVID Levels

Global capex spending on renewables is poised to bounce back in 2021, rising 8.5% to $255 billion—in line with 2019 levels, according to Roger Diwan, vice president, financial services and the IHS Markit Energy Advisory Service. Annual spending is expected to remain at those levels through 2025. This adds up to a $1.3 trillion cumulative 2021-2025 spend—a 9% increase over cumulative capex in 2015-2019. At the same time, sharply declining capital costs across renewable technologies mean that just a 9% increase in spending will be associated with a 45% increase ...

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