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Coronavirus causes largest U.S. greenhouse gas emissions drop since World War Two: report

U.S. greenhouse gas emissions fell 10.3% in 2020, the largest drop in emissions in the post-World War II era, as the coronavirus crippled the economy, according to a report released Tuesday by the Rhodium Group. The economic fallout from the uncontrolled spread of COVID-19 – especially in big emitting sectors like transportation, power and industry – resulted in a sharper emissions drop than the 2009 recession, when emissions slid 6.3%. The drop means that the United States would outperform its pledge made under the Copenhagen climate accord to reduce greenhouse ...

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GLOBAL MARKETS-Stimulus helps stocks shrug off impeachment chaos

Investors shrugged off U.S. President Donald Trump’s record second impeachment and focused instead on reports on Thursday that his replacement, Joe Biden, will lay out a new U.S. $2 trillion stimulus programme later. Hopes for the supersized package lifted most major stock markets. Japan’s Nikkei hit a three-decade peak in Asia and Europe opened 0.4% higher as traders there ignored the prospect of another Italian government collapse. In the bond markets there was starting to be signs of selling again. The yield on 10-year U.S. Treasuries — the benchmark for ...

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Dollar gets ‘real’ and spoils new year narrative

Even as most consensus trades hit the jackpot again in the first weeks of the year, global investors have been left puzzled by one refusenik – a suddenly enlivened U.S. dollar. Partly because a bouncing buck just doesn’t fit with the rest of the prevailing “reflation” narrative, many currency analysts have just put its reversal down to an overstretch. And make no mistake, there were few dollar lovers coming in to 2021. COVID vaccines had arrived to goose a global recovery and de-stress the financial system further, political risks around ...

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Sino-EU investment pact inked at just the right time

The EU-China Comprehensive Agreement on Investment, which had been negotiated for seven years and was officially signed on Dec 30, will help accelerate China’s “dual circulation” development paradigm. The agreement comes just when the world is undergoing momentous changes not seen in a century amid the COVID-19 pandemic, when countries have locked down and the global economy is sluggish. In addition, the rise of anti-globalization, unilateralism, trade protectionism and Sino-US trade friction has increased the instability of the international environment. Against this complex international background, adhering to the concept of ...

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Baltic Dry Index falls to 1,792, down 64 points

Today, Thursday, January 14 2021, the Baltic Dry Index decreased by 64 points, reaching 1792 points.

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The phone remains a useful weapon against fraud, advises ITIC

Cyber-crime connected with fraudulent demands for payments continue to plague the maritime sector as a large claim handled by the International Transport Intermediaries Club (ITIC) demonstrates. A ship manager received an email from a shipyard detailing the first payment that was due for agreed repairs. The ship manager scheduled the payment but on the day before the monies were to be released, the ship manager received a further mail. This message explained that due to a certain difficulty, the routing details for the first payment had been changed. However, this ...

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North America – Operational Update

We would like to update you on operational status in Canada and the United States. TERMINAL OPERATIONS Los Angeles / Long Beach (LAX/LGB) Vessel/Terminal (T) Delay Update: There are currently 35 ships at anchor awaiting berths in LAX/LGB as of Friday Jan 8th. All terminals continue to be congested due to the spike in import volumes and the same is expected to last until February 2021. Moreover, terminals are working with limited labor and split shifts (COVID-19 related). This labor shortages affect all terminals Turn-around-time (TAT) for truckers, inter terminal ...

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Sterling PlanB, MJR Power & Automation Announce Cross-Atlantic Sales and Service Partnership

Industrial energy storage experts, Sterling PlanB (SPBES), and technical sales and service company MJR Power & Automation have announced a new partnership agreement today, aimed at expanding access to purpose-designed energy storage solutions to UK-based customers in marine markets. Together, they increase access to hybrid and fully electric propulsion and power solutions throughout the sector. The partnership comes when increasing pressure from the International Maritime Organisation (IMO) to achieve regulations targets means that many marine companies are rapidly adjusting their operations to reduce tier 1, 2, and 3 emissions. The ...

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Scorpio Tankers Inc. Announces Update on Financing Activities

Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced today that it has received a commitment to sell and leaseback three MR product tankers (STI Memphis, STI Soho, and STI Osceola) and one LR2 product tanker (STI Lombard) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by about $32 million in aggregate after the repayment of outstanding debt. The terms and conditions of these arrangements are similar to those set forth in the Company’s existing lease financing arrangements. These new lease financing ...

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Reminder as to the speed limit in the Parana River

Our listed correspondent in Argentina, Pandi Liquidadores SRL, has alerted us that last week the Argentinian Coast Guard commenced administrative enquiries against various vessels for breaching speed limits, mainly in the Rosario port area of the Parana River where the speed limit is currently 9 knots. Please find attached our correspondents Circular 36/2020 related to the speed limits in the Parana River. In all cases and taking into account the Coast Guard’s current regulations (see circular 018-20 also attached), letters of undertaking had to be issued to avoid the vessels’ ...

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How the pandemic is sending luxury liners to Alang, for dismantling

The Alang Shipbreaking Yard in Bhavnagar district of Gujarat is often seen a mirror of the global economy. When the economy is robust and ships sail, the yard sees a slump in business. In the last 50 days, three luxury liners have queued up to be broken. Why is there such a queue? The cruise liner sector, which usually attracts foreign tourists, has come to a standstill. “The Covid-19 outbreak on cruise vessel Diamond Princess docked in Japan in February 2020 caused a global scare with regard to cruise tourism,” ...

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A first: livestock checkpoint in the port of Rotterdam

A livestock checkpoint has been operational in the port of Rotterdam since January 8, 2021. The Animal Centre Hoek van Holland (ACH) is located at the Stena Line terminal and is run jointly by ECS Livestock and Stena Line. The checkpoint in Hoek van Holland is the only place in the Dutch seaports where live animals can undergo veterinary inspection, making it unique to the port of Rotterdam. The inspection of animals coming from the United Kingdom has been mandatory since 1 January this year, the date on which the ...

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Port Of Tanger Med 2 Expands

The third container terminal (TC3) at the Port of Tanger Med 2 is now operational after 18 months of construction and an investment of nearly €175m. TC3 received its first container vessel on 1 January 2021, according to Marsa Maroc, one of the companies behind the Tanger Alliance concessionaire of the terminal. Contship Italia, Eurogate International and Hapag Lloyd also have stakes in Tanger Alliance. “The Terminal is established on an area of 36,000m2 and has a quay length of 800m with a water depth of 18m,” said Marsa Maroc. ...

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Swissterminal Group takes over operation of three French inland ports to increase logistics capacities in the border triangle

Swissterminal has announced it will take over operations of the three French inland ports Ottmarsheim, Huningue-Village-Neuf and Ile Napoléon in the course of 2021. The company has won an international tender to operate the three Alsatian ports. For this reason, the Switzerland-based integrated logistics operator will form the new company Alsaceterminal, a wholly owned subsidiary of Swissterminal International AG. As legal and supporting structure behind Swissterminal’s new activities in France serves a newly established company called Alsaceteam, a joint venture with the French seaports of Le Havre and Marseille-Fos. As ...

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Thai long grain rice exports falter amid competitive Indian prices

Thailand is unlikely to remember the international rice market in 2020 favorably, especially for exporters specializing in standard long grain white and parboiled rice. According to the US Department of Agriculture, Thai 2020 milled rice exports -– excluding Fragrant rice –- totaled 4.2 million mt as of Dec. 27, down 28% year on year. To make matters worse, 2019’s year-end total of 5.8 million mt was down 39% from 2018. Examining 2020 export figures, the situation is even bleaker for standard long grain exporters. White and parboiled rice accounted for ...

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