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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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The surge in iron-ore, steel prices needs to be arrested

Apart from boosting domestic production of iron-ore, a coordinated effort from all the players concerned is needed The world’s second-largest steel producer, India’s ambition of more than doubling its steel output capacity has started coming under pressure post the pandemic, and this could undermine the broader programme to ramp up infrastructure for an Atmanirbhar Bharat. The reasons for this are not far to seek. Twin challenges have emerged at the same time — soaring iron-ore prices on Chinese exchanges, and an acute domestic shortage. International iron-ore prices, the most crucial ...

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Increased steel production is crucial for Latin America’s recovery

The steel industry has been fundamental to the recovery of Latin America in the context of the pandemic, showing flexibility in its operation and focused on meeting local demand. The production of crude steel totaled 5,294 million tons (Mt) in November, the best month in 2020. This happened in almost all countries in the region, with special emphasis on Brazil, which led the resumption. During the period, Blast Furnace production grew 8.4% compared to October, reaching 2,766 Mt with a restart of equipment in Brazil, while Electric Furnace production remained ...

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World Bank expects oil price to increase to $44 per barrel in 2021, $50 in 2022

The World Bank expects the oil price to rise to $44 per barrel in 2021 and to $50 in 2022, the organization said in its latest Russia Economic Report. “Oil prices are forecast to increase to $44/bbl in 2021 and $50/bbl in 2022 from a projected $41/bbl in 2020,” the report said. The WB’s experts consider the duration and severity of the pandemic in the future, including the speed at which a vaccine deemed safe and effective is developed and distributed, to be the main risks to the price forecast. ...

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Fracking The Virus: How Oil And Gas Contribute To The Fight Against COVID-19

The oil and natural gas industry has made massive contributions to the fight against the COVID-19 pandemic over the last year. Those contributions have gone largely unnoticed by consumers and the news media, and that’s a good thing for all of us. Our society has faced many shortages and deprivations during this COVID-19 pandemic which has lasted for a full year now and shows no real signs of abating. From toilet paper to paper towels, Clorox CLX -2.1% Wipes to Pine-Sol, pork loins to ramen soup, Americans have at times ...

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Industrial gas demand growth continues into new year, despite coronavirus risks

Recent growth in industrial natural gas demand has continued into January, outperforming year-ago levels, despite recently expanded lockdowns related to the ongoing coronavirus pandemic. Month to date, demand from industrial consumers has averaged over 25.3 Bcf/d, outpacing its January 2020 level by 700 MMcf/d, or about 2.8%, data compiled by S&P Global Platts Analytics shows. As post-holiday-season coronavirus infections surge, states across the US have enacted more restrictions on activity, including lockdowns or curfews in California, Ohio and North Carolina. In additional states, including Washington, Oregon, New Mexico and Illinois, ...

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Japan’s power supply tightened on low LNG stocks amid severe cold spells: METI minister

Severe cold spells and surging power demand are tightening Japan’s power supply amid declining LNG stocks and low renewable output, Minister of Economy, Trade and Industry Hiroshi Kajiyama said Jan. 12, with utilities undertaking emergency fuel procurement. “Amid severe cold weather, power demand is increasing significantly compared to levels in normal years,” Kajiyama said at a press conference. “On the other hand, the power supply over demand has tightened nationwide amid reduced renewable power output because of bad weather and decreasing LNG stocks.” “Currently, power utilities are making efforts to ...

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Value stocks surge boosts 2020’s losers as investors bet on economic revival

Investors are weighing how much further a rally in value stocks can run, as expectations for greater fiscal spending under a Democrat-controlled Congress add momentum to the surging shares of companies that took a beating for most of 2020. Shares of banks, energy firms and other economically sensitive companies climbed after the Democratic party’s recent victory in the Senate, adding to gains sparked by breakthroughs in vaccines against COVID-19 late last year. The move in these so-called value stocks, which tend to trade at relatively low price-to-book values, has stood ...

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Pandemic-Led Structural Shifts Accelerate Long-Term Credit Risks

The coronavirus pandemic has accelerated and amplified structural shifts in several sectors that that may cause some permanent weakening of their operating environments that would add to long-term downside credit pressures, says Fitch Ratings. Heavily impacted sectors include discretionary retail, airlines, lodging, leisure, oil and gas and parts of commercial real estate, all of which face a prolonged recovery and need to adapt to structural changes precipitated by the pandemic such as the accelerated shift to online activities and rising ESG-related considerations. The challenges facing corporate sectors will cascade through ...

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