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Fed’s Williams still sees rate hike, asset unwinding this year

A top U.S. central banker on Tuesday said he still expected one more rise in interest rates from the Federal Reserve this year and for it to start unwinding its massive balance sheet in the next few months. Answering audience questions at an economics event in Sydney, San Francisco Federal Reserve Bank President John Williams said he believed a recent softening in U.S. inflation was transitory and that inflation would pick up to around 2 percent over the coming year. Williams emphasized that if inflation did not accelerate as expected, ...

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Aegean Marine Petroleum Network Inc. (ANW) Lifted to “Buy” at Stifel Nicolaus

Stifel Nicolaus upgraded shares of Aegean Marine Petroleum Network Inc. (NYSE:ANW) from a hold rating to a buy rating in a report issued on Friday, June 2nd, Marketbeat reports. Stifel Nicolaus currently has $9.00 price objective on the oil and gas company’s stock. The analysts noted that the move was a valuation call. A number of other analysts have also issued reports on the company. Zacks Investment Research lowered Aegean Marine Petroleum Network from a buy rating to a hold rating in a research note on Tuesday, May 9th. TheStreet ...

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Jamaica Launches Its Candidacy For Category C Seat On The IMO Council

The Maritime Authority of Jamaica (MAJ) officially launched its candidacy in the UK for a Category C seat on the International Maritime Organisation’s (IMO) Council last Thursday evening at a reception at the IMO. Addressing the IMO Secretary-General, Kitack Lim, IMO delegates and specially invited guests, Director-General of the MAJ Rear Admiral Peter Brady hailed Jamaica’s candidature as “an opportunity to enhance Jamaica’s role on the international maritime stage.” Welcoming this opportunity, His Excellency The High Commissioner for Jamaica to the UK Seth George Ramocan, outlined a number of reasons ...

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Piracy continues to decrease while focus shifts to maritime kidnapping

The threat of piracy and armed robbery of ships around the globe has continued to decline in the first half of 2017 – but kidnapping of crews is on the rise. A new report from the International Chamber of Commerce (ICC) says that the first six months of the year saw a total of 87 incidents reported to the organization’s International Maritime Bureau. That compares with 97 reported for the same period in 2016. A total of 63 vessels were boarded in maritime routes across the globe, according to the ...

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S’hail Shipping and Maritime Services expands its fleet

Qatar-based S’hail Shipping and Maritime Services added another panamax gearless bulk carrier to its fleet last month. Named as ‘S’hail Al Mafyar’, the ship was built in Mitsui, Japan and is about 75,500 dwt at 13.93 mtrs draft. Mohamed Khalifa al-Sada, chairman and managing director, said: “We are proud to expand our fleet of Qatari flagships. We remain committed to building our nation’s capacity for movement of raw materials, having made its foray into shipping.” Al-Sada said he is “now keen in entering into maritime services” and is looking out ...

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Orca ESS from Corvus Energy has been selected to provide battery power to Farstad Shipping’s Platform Supply Vessel (PSV) Far Sun

Corvus Energy is pleased to announce that it has been selected as the supplier of a lithium ion based energy storage system (ESS) for the hybridization of Farstad Shipping’s PSV Far Sun being integrated by Vard Electro, in the second half of 2017. The Orca Energy ESS from Corvus will supply electrical power to the PSV’s propulsion system electrical network to enable environmentally-friendly and lower cost operations. The energy storage system will be utilized during all aspects of the PSV’s operation, particularly during dynamic positioning and harbour operations where fuel ...

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CLARKSON PLATOU HELLAS S&P WEEKLY BULLETIN

NEW BUILDING: Only a couple of fresh newbuilding orders to report this week. In tankers BW have now finalised an order for six firm plus

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Expansion continues at Abu Dhabi’s ports

Plans to expand Abu Dhabi’s ports network are moving ahead as local cargo traffic holds steady despite the slowdown in global shipping volumes over the past year. A series of recent announcements by government-owned operator Abu Dhabi Ports show its intent to boost capacity, introduce a new terminal operator and improve services for customers and nearby industrial tenants in the coming years. These efforts should help prepare Abu Dhabi for future increases in cargo traffic, especially with the recent rebound in commodity prices and global trade, of which 90% is ...

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Cargo turnover at Ventspils port climbed by 23% in H1

The terminals based in the north-western Latvian port of Ventspils reloaded 12.4 million tons of cargo in the first half of 2017, which is a growth by 2.3 million tons or 23% compared to the first six months of 2016, the port reported LETA. June 2017 also was more successful than June 2016 for the terminals operating in the Ventspils port. In June this year they reloaded 1.6 million tons of cargo, up by 533,000 tons or 50% from June last year. Stena Line ferry operator also keeps reporting growing ...

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CPA gets administrative nod to build new container terminal

Chittagong Port Authority (CPA) has got the administrative approval for constructing a new container terminal in Patenga area of the premier port city. The CPA will construct the proposed Patenga Container Terminal with its own fund with an outlay of Tk1,868 crore. The construction of the 600-metre long terminal, which is expected to ease vessel congestion at the outer anchorage of Chittagong port, will be complete by 2019. Although Chittagong port has been experiencing 16% to 17% growth in cargo and container handling for the past few years, no jetty ...

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China imports of U.S. oil increase at unprecedented speed

China imported nearly 100,000 barrels of crude oil per day from the U.S. in the first five months of 2017, 10 times the average in 2016, according to data by the Chinese customs. The upward trend seems to be picking up speed. In April and May, imports surged to more than 180,000 barrels per day on average. In February, China became the biggest buyer of U.S. crude oil, surpassing Canada, at a time when OPEC was scaling back its output, according to Bloomberg. China’s own falling production, political uncertainty in ...

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Australia trims 2017-18 LNG export forecast by 3.8 mil mt on Ichthys delay

The Australian government lowered its forecast for the country’s fiscal 2017-18 (July-June) LNG exports by 3.8 million mt, due mainly to the later-than-expected startup of Inpex’s Ichthys LNG project. The Department of Industry, Innovation and Science revised down its forecast for fiscal 2017-18 LNG exports to 63.8 million mt in its latest quarterly report from 67.6 million mt issued in March. While pointing to the delay from late 2017 to March 2018 of the Northern Territory-based Ichthys LNG project startup, as well as minor revisions to forecasts for other LNG ...

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The US is exporting more than one million barrels of crude oil a day for the first time ever

At least one kind of free trade is working out for the US—since the country ended a ban that blocked exports of crude oil to most countries, global sales have popped despite low prices. In May of this year, the US exported more than one million barrels of crude oil every day, which is a record. It’s also far less than the biggest exporter Saudi Arabia, which delivers more than seven million barrels to the global markets daily. The US ended exports in 1975, in response to the energy crisis ...

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Q&A: What you need to know about China’s steel capacity cuts

Steel overcapacity will again be thrust into the global limelight this week as G20 leaders gather in Hamburg, Germany, to discuss solutions and hopefully move one step towards closing divergence. Tensions have been on the rise as US President Donald Trump hinted that hard-line actions were needed to protect the domestic steel industry, stoking concerns from the world’s major producers, including Europe. As a top steel-producing nation, China will likely be under pressure as well. But the finger-pointing will not help solve the problem. With bold moves to downsize its ...

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Analysts trim commodity forecasts, shining spotlight on miners

Several agencies have downgraded their forecasts on key Australian commodity exports, potentially posing problems for Australia’s listed resource exporters. Last week, the Department of Industry, Innovation and Science downgraded its forecasts for iron ore, meteorological coal and copper. Iron ore could yield just $US48 a tonne by 2018 – a sharp fall for the metal that sold for $US62.80 per tonne on Friday. The price touched $US94.86 in February. The figure is in keeping with those of several other forecasters, including Macquarie, which expects an average iron ore price of ...

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