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Goldman Sachs on Friday raised its forecast for the Bank of England terminal rate by 25 basis points to 6%, saying the slow pace of transmission of British rate hikes to the economy via the mortgage market meant more aggressive tightening was needed. The BoE raised rates by 50 basis points to 5% last month, though current market pricing roughly indicates its key rate will peak at 6.5%. Goldman said the move among a larger proportion of homeowners to fixed-rate loans in Britain in recent years meant mortgage rates were ...

Chicago Federal Reserve Bank president Austan Goolsbee on Friday said he does not disagree with his fellow UScentral bankers that rates will need to rise a couple more times this year to beat back too-high inflation. “I haven’t seen anything that says that’s wrong – that is on the golden path” of bringing inflation down to 2% without causing a recession, Goolsbee said in an interview on CNBC. “That would be a Fed triumph and that can involve a couple of rate increases over this year.” The Fed held its ...

The Bahamas-flagged Richmond Voyager was not involved in any collision in the Gulf, its manager, U.S. oil major Chevron, told Reuters on Friday, after Iran said it had a court order to seize the vessel. The U.S. Navy said on Wednesday that it had intervened to prevent Iran from seizing two commercial tankers including the Richmond Voyager in the Gulf of Oman, in the latest in a series of attacks on ships in the area since 2019. Iranian naval personnel had fired multiple, long bursts at the Richmond Voyager although ...

The Royal Belgian Shipowners’ Association (RBSA) is positive about the net zero goal achieved today in the 80th plenary meeting of the Marine Environment Protection Committee (MEPC) of the International Maritime Organisation (IMO). The 175 Member States reached a historic agreement that “in or near” 2050 net zero emissions of greenhouse gases from shipping must be achieved. Net zero emissions refers to a 100% reduction across the entire value chain from well to wake. Wilfried Lemmens, RBSA’s Managing Director, commented on the outcome: “More specific wording on the actual deadline ...

South Korea’s leading logistics company Hyundai Glovis Co. announced that it has joined forces with The Ocean Cleanup, a global environmental non-governmental organization (NGO), in their collective efforts to combat marine debris. Under the partnership, Hyundai Glovis will utilize its maritime transport assets to collect and remove plastic waste from the world’s oceans. The Ocean Cleanup, a Dutch NGO that develops technologies to remove plastic waste from the oceans, is best known for its flagship project, the Great Pacific Garbage Patch—an extensive area of marine debris in the North Pacific ...

Clipper Shipping A.S. was convicted of violating the Act to Prevent Pollution from Ships and sentenced to pay a fine of $1.5 million. Clipper admitted that oily bilge water was discharged from the Motor Tanker (M/T) Clipper Saturn and the discharges were omitted from the Oil Record Book. On Sept. 27 and Oct. 1, 2021, while the M/T Clipper Saturn was anchored near Lome, Togo, the then-Chief Engineer directed that oily bilge water be transferred into the vessel’s gray water tank and then discharged directly overboard under the cover of ...

California State Transportation Agency officials Thursday announced a $383.35 million grant for the Port of Long Beach to complete a series of construction and clean-air technology projects aimed at accelerating the transformation to zero-emissions operations and enhancing the reliability and efficiency of cargo movement. As part of the state’s Port and Freight Infrastructure Program, nearly $225 million will fund a variety of zero-emissions cargo-moving equipment and supportive infrastructure projects across the Port of Long Beach, and include “top handlers” and other manually operated cargo-handling equipment, as well as tugboats and ...

Russia plans to export up to 55 million metric tons of grain in the agricultural year that began this month, after exporting around 60 million tons last year, Agriculture Minister Dmitry Patrushev said on Friday. Patrushev said wheat made up 47 million metric tons of 2022/23’s grain exports. Source: Reuters (Reporting by Reuters; Editing by Kevin Liffey and Louise Heavens)

Vietnam’s Petrolimex is seeking to buy more short-term contract diesel for delivery starting August, as the country’s production of the fuel is slated to drop during a refinery maintenance season, three industry sources said on Friday. The refiner is looking to buy at least five 35,000 metric tons of 500 ppm sulphur diesel cargoes within a three-month delivery window – one for August, and two each for September and October, the sources added. The sources asked not to be identified as they are not authorised to speak with the media. ...

Azeri BTC crude oil exports from Turkey’s Ceyhan port have been set at 19.04 million barrels for August, down from 19.25 million barrels in July, the schedule showed on Friday. On a daily basis, Azeri BTC oil loadings will decline by around 1% next month compared to July, Reuters calculations showed. Source: Reuters (Reporting by Reuters; Editing by Louise Heavens)

U.N. Secretary-General Antonio Guterres on Friday described the deals allowing the safe Black Sea export of food and fertilizer from Ukrainian ports and facilitating Russia’s own such exports as playing an “indispensable role” in global food security. “The secretary-general and his team remain fully committed to building on the progress already made and are in constant contact with a wide range of stakeholders in this regard,” U.N. spokesman Farhan Haq told reporters. “The Secretary-General calls on all concerned to prioritize global food security,” Haq said. The Black Sea grain deal ...

Turkey’s President Tayyip Erdogan said on Saturday that Ankara is making efforts to extend the Black Sea grain deal in longer intervals after it is due to expire on July 17. “We are working on how long we can extend (the deal) after July 17. Our hope is that, it will be extended at least once every three months, not every two months. We will make an effort in this regard and try to increase the duration of it to two years,” Erdogan said. Source: Reuters (Reporting by Can Sezer, ...

Golden Destiny Market Report Week 27. You will find the following: – Weekly S&P Market Report (Week 27 Report No: 27.23)

Dull days usually translate to lower rates as fleet efficiencies prevail – Despite the fact that trade volumes remain strong

Mitsui O.S.K. Lines, Ltd. announced that it has concluded a time charter contract with Shimizu Corporation for two crew transfer vessels (CTV) (Note 1) for offshore windfarm at Ishikari Bay New Port. This marks the MOL Group’s first entry into the CTV business. In addition, one of the CTVs, The KAZEHAYA owned by MOL, is the first CTV in Japan managed and operated under International Safety Management (ISM) Code (Note 2), which is the international standard of ship safety management system, certified by Nippon Kaiji Kyokai(ClassNK). MOL Group company MOL ...