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Qatar: Nakilat expands its fleet with cutting-edge LNG and LPG carriers

Nakilat, a global leader in LNG shipping and maritime transportation, is pleased to announce a strategic shipping expansion through a significant vessel acquisition. Nakilat has placed orders with Hyundai Samho Heavy Industries (HSHI) of South Korea for the construction of six gas vessels (two cutting-edge LNG carriers with a cargo capacity of 174,000 cubic meters each and four modern Very Large LPG/ Ammonia Gas carriers, with a substantial cargo capacity of 88,000 cubic meters.) These modern vessels are set to be delivered between 2026 and 2027. The new LNG carriers ...

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Nearly 50,000 Maritime Vessels Had Cellular Capabilities in 2023

Valour Consultancy’s brand new report, “The Future Market of Cellular Technologies (5G) in Maritime – 2023” is our first edition exploring this unknown segment of the maritime connectivity market. With the fast-evolving deployment of hybrid connectivity solutions and growing use of SD-WAN technology, this piece of research sheds light upon this previously unexplored subject. By the end of 2023, almost 50,000 commercial vessels will have cellular capabilities onboard. The use of cellular technology at sea has grown in recent years as many vessels previously only using satellite connectivity are approaching ...

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TT Club highlights the freight crime supply chain

Much freight crime is perpetrated by organised crime with profit, similar to commercial businesses as the ultimate aim. The process of storage, transport, distribution and marketing of stolen goods often shadow those of legitimate supply chains with criminals acquiring sophisticated logistics skills. Their knowledge assists them in targeting shipments at a multitude of points; from truck hijackings to pilfering items from unsecured warehouses. Needless to say such theft not only results in significant financial losses but also disrupts the flow of goods, leading to delayed deliveries and dissatisfied customers. “At ...

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Port of Tanjung Pelepas to increase capacity with 48 electric-RTGs

The Port of Tanjung Pelepas (PTP), a joint venture between the MMC Group and APM Terminals, has inked an agreement with Mitsui E&S Co., Ltd. (Mitsui) to procure 48 electric rubber tyre gantry cranes for delivery in Q3 2025. The agreement was signed by PTP’s Chief Executive Officer, Marco Neelsen and Mitsui’s General Manager of Sales Department, Logistics Systems Division, Atsufumi Takahashi on 20 December 2023. Both parties conveyed their interest in establishing a long-term partnership covering equipment purchases, inventory management and after sales services. Increased capacity PTP’s Chairman, Tan ...

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Low-sulphur gasoil deliveries for January rise at expiry -ICE data

Deliveries of low-sulphur gasoil for January rose to 1,255 lots, or 125,500 tonnes, at expiry, up from 595 lots in December, InterContinental Exchange (ICE) data showed on Thursday. The contract expired at $780 a tonne, up from $763 a tonne at the December expiry. Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru)

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Asia Rice: Rates across hubs hold flat as steady demand counters falling supply

Prices of rice exported from major Asian hubs remained steady this week, as moderate-to-flat demand for the staple was offset by support from declining supplies. India’s 5% broken parboiled variety RI-INBKN5-P1 was quoted at $510-$517 per metric ton, unchanged from last week when rates climbed to their highest level since October 2023. “Demand is a bit low, but exporters can’t lower prices because of strengthening rupee. Supplies are also falling in northern states,” said an exporter at Kakinada, Andhra Pradesh. Vietnam’s 5% broken rice RI-VNBKN5-P1 was offered at $653 per ...

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Steel market focus: five top market trends of 2024

MEPS International has identified five top trends that will be central to steel prices and the wider market’s direction in 2024. Steel buyers eager to identify key market forces after returning from their Christmas and New Year holidays this week can gain insight into five-year forecasts with the recently published Steel Price Outlook report. MEPS’s series of monthly steel market Reviews, meanwhile, continue to provide steel price data indices and market commentaries from key steelmaking countries across the globe via a flexible and cost-effective subscription. To mark the start of ...

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IGC raises forecast for 2023/24 world corn crop

The International Grains Council (IGC) on Thursday raised its forecast for 2023/24 global corn production, mainly driven by an upward revision for China. The inter-governmental body in its monthly update increased its global corn crop forecast by 7 million metric tons to 1.230 billion tons. China’s corn crop was seen at 288.8 million tons, up from 280.6 million seen previously while there were also upward revisions for Russia (17 million vs 16 million) and Ukraine (30 million vs 28.8 million). The impact was partially offset by a downward revision in ...

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Tight palm oil supplies to support prices in 2024: MPOB

Malaysia’s palm oil supply and output will see small increments in 2024 but limited exports from the larger rival Indonesia due to its domestic biodiesel mandate may support palm oil prices during the current year, an official with the Malaysian Palm Oil Board or MPOB said at an industry event in Kuala Lumpur Jan. 11. The price of crude palm oil (CPO) to range between MR 3,900/mt–MR 4.200/mt ($840.16-$904.78) in 2024, with limited palm oil supplies supporting prices, MPOB said in its first outlook of the year. Indonesia and Malaysia ...

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Soybeans head for fourth weekly loss as supply outlook improves

Chicago soybean futures climbed on Friday ahead of a U.S. government crop data release that could shift the market, but prices were still set for a fourth straight weekly loss due to weak demand for U.S. exports and an improved supply outlook. Corn and wheat futures both inched lower and were on track for weekly falls. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $12.40-1/2 a bushel by 0434 GMT, after slipping to $12.34 on Tuesday and Thursday, its lowest since December ...

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Most base metals rise on China monetary support hopes

Prices of most non-ferrousmetals rose on Friday as expectations of a rate cut in China to support economic growth fuelled demand hopes for metals in their biggest consuming market. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.8% at$8,425 per metric ton by 0806 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 edged up 0.3% to 68,200 yuan ($9,520.75) a ton. China’s central bank is expected to ramp up liquidity injections and cut a key interest rate when it rolls over ...

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Oil prices up 2.5% after US, Britain strike Houthi targets

Oil prices rose more than 2.5% on Friday as the United States and Britain carried out air and sea strikes on Houthi military targets in Yemen in response to attacks by the Iran-backed group on shipping in the Red Sea. The attack added to market concerns about the potential impact a broader conflict in the Middle East would have on oil supplies from the region, especially those moving through the critical Strait of Hormuz. “If a large part of Strait of Hormuz flows were to be halted, it would present ...

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The Commodities Feed: Tension builds in the Middle East

Energy – tensions grow Tension in the Middle East continues to grow. This week has seen Houthi attacks in the Red Sea intensify, and the US and UK have reportedly responded overnight by carrying out airstrikes against the Houthis in Yemen. Adding to the tension is the fact that Iran has also seized an oil tanker in the Gulf of Oman. This will be a worry for oil markets if we see incidents like this becoming more regular. The Gulf of Oman is very near the Strait of Hormuz, a ...

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Vitol says OPEC+ will have to keep output cuts as new supply hits market

OPEC+ will have to maintain production cuts for this year as new supply continues to reach the market from countries such as the US, Guyana, Venezuela and Brazil, top commodities trader Vitol’s head of Asia Mike Muller told a webinar Jan. 10. Even with a “healthy kick” in demand estimated to grow 1.7 million-1.8 million b/d this year, OPEC+ will only take a share that is “not material,” Muller said on the Gulf Intelligence all-day webinar. “There’s space for OPEC+ to take some extra share of production but it’s not ...

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China dominates renewable energy and coal power forecasts

China’s status as the colossus of renewable energy is set to be cemented in the next five years, with the world’s second-biggest economy adding more capacity than the rest of globe combined. The International Energy Agency said in its Renewables 2023 report, released on Thursday, that China will account for 56% of renewable energy capacity additions in the 2023-28 period. China is expected to increase renewable capacity by 2,060 gigawatts (GW) in the forecast period, while the rest of the world will add 1,574 GW, the IEA data showed. The ...

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