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Oil tanker that fled collision site is detained in Malaysia

A tanker that fled the scene of a fiery Friday collision offSingapore entered the area of Malaysia’s Bertam floating oil terminal on Monday after being tracked down and intercepted by Malaysian authorities, shipping data from LSEG and Kpler showed. The Sao Tome and Principe-flagged supertanker Ceres I had left the scene of the collision with the Singapore-flagged tanker Hafnia Nile about 55 km (35 miles) northeast of the Singaporean island of Pedra Branca without explanation. The Ceres I, which was believed to have turned off its tracking system after the ...

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PD Ports: Aiming to be the UK’s most sustainable port

PD Ports has a publicly stated aim to be the UK’s most sustainable port company, with a commitment to reach Net Zero operations by 2040. Today, we launch our company’s sustainability strategy which, for the first time, marks a formal commitment to PD’s Port’s environmental, social and governance obligations. The strategy contains 17 long-term targets to deliver a sustainable future for one of the UK’s largest ports and will be used to evaluate the company’s decarbonisation and biodiversity efforts. PD Ports has also gone further by enshrining social as well ...

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South Korea’s KOMIPO cancels plans for LNG import terminal

South Korea’s Korea Midland Power Co (KOMIPO) has cancelled plans to build a liquefied natural gas (LNG) import terminal on the western coast of the country due to high costs and declining demand for the fuel. KOMIPO said in a statement to Reuters on Monday that its board had approved the plan to withdraw a LNG terminal construction project in Boryeong on June 28. Construction costs for the project had been expected to rise by about 22% from 732.1 billion won ($527.40 million) to 894.6 billion won. The company also ...

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Saudi Arabia’s Dammam port records 37.4% surge in container handling

Saudi Arabia’s King Abdulaziz Port in Dammam reported a notable 37.4 percent year-on-year increase in container handling during the first half of 2024, indicating strong growth in the maritime sector. The port managed 1.53 million standard units in this period, up from 1.11 million units last year. Transshipment containers also surged by 87.87 percent to 37,806 units from 20,124 in 2023, according to data from the Saudi Ports Authority, also known as Mawani. This progress aligns with Saudi Arabia’s broader efforts to enhance its logistics and transportation infrastructure, supporting the ...

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Palm oil slips to 10-day closing low on higher output estimates

Malaysian palm oil futures fell for a third session on Thursday to its lowest closing in 10 days, as forecasts of higher output outweighed rising export shipments. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange slid 7 ringgit, or 0.18%, to 3,918 ringgit ($840.77) a metric ton, closing at its lowest since July 15. Exports of Malaysian palm oil products for July 1-25 rose 31%, cargo surveyors Intertek Testing Services and Amspec Agri said on Thursday. The Malaysian Palm Oil Association has estimated ...

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Cooler UK weather chills retail sales in June

British retail sales volumes fell by more than expected in June, after unseasonably cooler weather put off shoppers, official figures showed on Friday. Sales volumes dropped by 1.2% last month after a 2.9% jump in May, the Office for National Statistics said. A Reuters poll of economists had on average forecast sales volumes would drop by 0.4% on the month. While wages are now rising more quickly than inflation, British shoppers have been squeezed by high inflation over the past two years. It has slowed recently and held at the ...

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Port Houston Regular Commission Meeting

The Port Commission of the Port of Houston Authority will hold its Regular Monthly Meeting on Monday, July 22, 2024, beginning at 9:15 a.m. in the boardroom of the Port Houston Executive Office Building, located at 111 East Loop North, Houston, TX 77029. It will be conducted as a hybrid meeting and open to the public to attend in person or accessed virtually via WebEx webinar. The agenda and instructions for accessing Port Houston public meetings are available at https://porthouston.com/about/public-meetings/agendas-minutes/. Sign-up for public comment is available up to an hour ...

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Tunisia buys 100,000 tons barley in tender, traders say

Tunisia’s state grains agency is believed to have purchased about 100,000 metric tons of optional-origin animal feed barley in an international tender on Friday, European traders said. The agency was thought to have bought four 25,000-ton consignments at a single price of $218.96 per ton, cost and freight (c&f) included, from trading house Casillo, they said. Casillo had earlier submitted the lowest offer in the tender. The purchase matched the volume sought in the tender. Shipment is sought between Aug. 10 and Sept. 20 depending on the origin. Traders said ...

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After three years of exports China is now short of lead: Andy Home

The global lead market has bifurcated since the start of June with Shanghai Futures Exchange (ShFE) prices significantly outperforming the London Metal Exchange (LME). LME three-month lead CMPB3 touched a two-year high of $2,359 per metric ton in May but has since retraced to $2,190 and is now up by just 4.3% on the start of the year. The equivalent Shanghai price SPBcv3 has marched higher to six-year highs and is up by 12.4% on the start of January. The divergence is more pronounced on a cash basis with the ...

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Rates ease as India likely to relax export curbs

Indian rice export prices fell further this week on expectations that New Delhi might ease export restrictions following a record surge in stocks, while Thai rates dipped to an 8-month low on softer demand and increased supply. Top exporter India’s 5% broken parboiled variety RI-INBKN5-P1 was quoted at $537-$543 per ton this week, down from last week’s $539-$545 range. “Buyers are delaying purchases due to … higher freight rates and expectation that India might lift some restrictions on rice exports, which is expected to bring down prices globally,” said a ...

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French soft wheat crop rating falls as harvest slow

The condition of French soft wheat crops fell sharply last week to an eight-year low and harvesting remained well behind the usual pace, data from farm office FranceAgriMer showed, as rain fell in already soggy grain belts. An estimated 52% of soft wheat was in good or excellent condition by July 15, down from 57% a week earlier and 80% a year ago, FranceAgriMer said in a cereal report. That is below the score at the same point in 2020, another year marked by heavy rain, and the weakest reading ...

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Ukraine’s 2024 grain harvest at 13.8 mln T so far, ministry says

Ukraine has harvested 13.8 million metric tons of grains so far, the farm ministry said on Friday. The ministry said farmers had threshed 10.3 million tons of wheat and 3.1 million tons of barley. Additionally, 319,300 tons of beans have been harvested. The ministry last month increased its forecast for the 2024 grain harvest to 56 million tons from 52.4 million. Together with oilseeds, the crop could total 77 million tons, it said. However, state weather forecasters reported this week there could be a 20-30% decline in the harvest of ...

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Palm oil rises for fourth session, logs weekly gain

Malaysian palm oil futures rose for a fourth straight session and booked a weekly gain on Friday,ahead of export estimates from the world’s second-biggest producer for July 1-20. The Bursa Malaysia Derivatives Exchange’s benchmark palm oil contract FCPOc3 for October delivery closed 23 ringgit or 0.58% higher at 3,958 ringgit ($844.82) a metric ton. The contract gained 1.15% this week, after falling 3.14% last week. The market is trying to gauge the upside potential in July’s production and the likely drop in stock levels due to higher exports, a Mumbai-based ...

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Copper extends downturn to three-month low on China economic gloom

Copper prices fell for a fifth straight sessionon Friday to the lowest level in three months on disquiet about a weak Chinese economy and the lack of stimulus announcements. Three-month copper on the London Metal Exchange (LME) was down 0.9% to $9,305 a metric ton by 1600 GMT, its lowest level since April 8. LME copper is on track for a 5.8% weekly decline, the biggest weekly fall since August 2022. U.S. Comex copper futures HGc2 dropped 0.9% to $4.23 a lb. A key political meeting this week in top ...

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EU wheat rallies as French crop rating plunges

European wheat futures climbed 4% on Friday as a steep decline in French crop conditions heightened concerns about a poor harvest and encouraged prices to rebound from a four-month low. Front-month September wheat on Euronext was up 4.1% at 223.75 euros ($243.53) a metric ton by 1440 GMT, after reaching a one-week high at 224.50 euros. The rally drew technical impetus as futures filled a chart gap created during a slide on Monday. The front-month contract struck a four-month low of 211.50 euros on Tuesday, pressured by U.S. and Russian ...

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