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Propspeed & MPS to educate on prevention of corrosion and positive impact on the marine environment

Propspeed, leading innovator of underwater foul-release coatings, announced its attendance at METSTRADE in partnership with Marine Protection Systems (MPS). METSTRADE is scheduled to be held November 15-17, 2022, in Amsterdam. Representatives from Propspeed and MPS will be located at stand 02.121, where visitors will be able to attend twice daily demonstrations at 11 a.m. and 2 p.m. showing how to prevent corrosion to propellers and underwater running gear, while protecting the marine environment. “Protecting the waters upon which we all play and work is of vital importance to our team,” ...

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SeaLead Launches IDEA Service Connecting India and UAE to East Africa

SeaLead has announced the launch of a new service connecting India and the United Arab Emirates to East Africa. The India-Dubai-East-Africa (IDEA) service will commence on 22nd November as a weekly service with four ships, of which SeaLead will provide two and OOCL and TS Lines one each. The rotation for the new service will be as follows: Nhava Sheva (JNPT), Mundra (ADANI), Jebel Ali (DPW), Khalifa (CSP), Mombasa (Kilindini), Dar Es Salam (HIT), Nhava Sheva (JNPT) Commenting on the new service, Henry Schmidl, SeaLead Managing Director, noted “We are ...

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HHI to bring 550 skilled foreign workers to home amid labor shortages

South Korea’s biggest shipwright Hyundai Heavy Industries Co. will bring about 550 skilled foreign workers including welders from Thailand and Indonesia upon easing in visa regulation to address dire labor shortage at shipyards amid a boon in orders after a decade-long slump. According to industry sources on Monday, about 350 skilled shipbuilding workers will arrive in Korea starting this month to work as Hyundai Heavy Industries’ subcontract workers. Around 200 from Indonesia will also come to Korea by early next year, with others from China, Uzbekistan and Vietnam. With the ...

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A.P. Moller – Maersk to open doors to a new 100,000 sq. ft warehouse at Chattogram, Bangladesh

A.P. Moller – Maersk (Maersk), the integrated logistics company, is expanding its warehousing footprint in Bangladesh with a brand new 100,000 sq. ft. facility being built in Chattogram. The upcoming facility is strategically located close to the Chattogram Port and easily connected to the Dhaka-Chattogram Highway through the Outer Ring Road and Karnaphuly Tunnel, giving easy access to Bangladesh’s garment exporters based out of the nearby manufacturing hubs. Bangladesh is witnessing impressive growth in garments exports. However, the warehousing footprint in Chattogram has not increased proportionally. He added, “However, the ...

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Adani Ports acquires 49.38% stake in Indian Oil tanking Ltd for Rs 1,050 Cr

Adani Ports and Special Economic Zone Ltd (APSEZ), the largest transport utility in India, has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL), which is one of India’s largest developer and operator of liquid storage facilities. This agreement also includes acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a 71.57% subsidiary of IOTL. Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity ...

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Port Proposes Historic Investments to Deliver for People and the Planet

Port of Seattle Executive Director Steve Metruck introduced the Port’s 2023 budget and five-year capital plan today, proposing historic investments in our facilities and organization. These investments will enable the Port to support key industries, lead on environmental sustainability, and deliver for the people who rely on the Port even in uncertain times. Commission will hear the first reading of the proposal at its November 8 public meeting before considering final adoption on November 29. Investment highlights include a five-year capital plan of $5.3 billion, the largest in the Port’s ...

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DP World launches newest technology innovation centre in India

DP World has opened a new technology centre in Gurgaon, India, its third this year, confirming the company’s commitment to developing innovative solutions for global trade. Over 240 people will be based at the new office, about 30-km southwest of India’s capital New Delhi. It will house development teams for DP World’s latest cutting-edge trade and logistics solutions to revolutionise how trade flows through every link of the global supply chain, creating stability, security, and profitability for cargo owners. The opening follows the successful launch of new technology centres in ...

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India seeks to include steel in export incentive scheme – source

India’s trade ministry has sought to extend an export promotion scheme to reimburse some local levies for domestic steel producers, a senior government official said, as the industry reels from steep fall in shipments. The Remission of Duties and Taxes on Export Products (RoDTEP) scheme offers refunds against various embedded taxes to exporters across sectors such as automobiles and agricultural produce, with steel exports presently outside its remit. Finished steel exports from the world’s second-biggest crude steel producer more than halved during the first seven months of the fiscal year ...

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METALS-Base metals broadly rise on weaker dollar

Base metals prices largely rose on Thursday, as a weaker dollar made greenback-priced metals cheaper to holders of other currencies, while nickel was boosted by hopes of strong demand from the battery sector. Three-month copper on the London Metal Exchange CMCU3rose 0.3% to $8,128 a tonne by 0618 GMT, while aluminium CMAL3 advanced 0.6% to $2,332 a tonne, lead CMPB3eased 0.3% to $2,070.50 a tonne, and tin CMSN3 declined 1.2% to $19,590 a tonne. The dollar struggled to sustain its overnight rally ahead of key U.S. inflation data due later ...

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More trouble in Shale City: U.S. oil gains slow, costs rise

Rising costs and shortages of labor and materials have plagued U.S. shale oil production all year, and in the waning days of 2022, more energy executives are saying those may even worsen in 2023. From Texas to North Dakota, executives have warned on fourth quarter output, trimmed full-year production forecasts, or pinned expected gains at the low-end of earlier estimates even as higher oil and gas prices support profits. The U.S. government on Tuesday slashed its oil production projection for 2023 by a whopping 21% following a string of disappointing ...

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Iraq respects OPEC+ deal, wants to raise revenue per barrel of oil

Iraq’s oil ministry respects the OPEC+ agreement to achieveglobal marketstability, and wants to raise the “value or revenue” of a barrel of oil in a way that works for both producers and consumers, it said in a statement on Wednesday. Source: Reuters (Reporting by Mahmoud Mourad and Nafisa Eltahir; Editing by Jan Harvey)

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Middle East jet fuel availability tightens amid jump in flights for World Cup

Middle Eastern jet fuel supplies have tightened in H1 November amid a spike in regional consumption ahead of the FIFA World Cup 2022 tournament in Qatar, market sources Nov. 9, anchoring prices in the region. More than 1.2 million people were expected to travel to Qatar for the tournament over Nov. 20-Dec. 18, according to media reports. “Jet fuel demand in the Middle East region will likely take the lead among major oil products to increase by a little over 100,000 b/d or 32% year on year in Q4,” said ...

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U.S. natgas output, demand to hit record highs in 2022

U.S. natural gas production and demand will rise to record highs in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO). EIA projected dry gas production will rise to 98.07 billion cubic feet per day (bcfd) in 2022 and 99.69 bcfd in 2023 from a record 94.57 bcfd in 2021. The agency also projected gas consumption would rise from 84.01 bcfd in 2021 to 88.39 bcfd in 2022 before sliding to 85.08 bcfd in 2023. That compares with a record 85.29 bcfd in 2019. EIA’s ...

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S&P Global to launch carbon intensity assessments for diesel, gasoline and jet fuel

S&P Global Commodity Insights said on Wednesday it would launch the first carbon intensity assessments and daily carbon offset premiums for transportation fuels from Nov. 15 at key oil hubs. The assessments will cover diesel, gasoline and jet fuel in the Northwest Europe (NWE), U.S. Gulf Coast and Singapore regions and are tied to existing price benchmarks in these markets, the company said in a statement. They are aimed at helping market participants better understand the emissions profile of these fuels and to improve transparency in how carbon intensity is ...

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FX Daily: Rate rises starting to hurt

Today’s focus will be the October US CPI release which will have implications for Fed policy, risk assets and the dollar. News from Canada that a mortgage investment fund is suspending redemptions could also be a first signal of the cross-over from higher interest rates to financial stability risk. We would continue to favour the dollar USD: What has core inflation got to say? At last month’s FOMC meeting, Federal Reserve Chair Jay Powell concluded the press conference with a sense of frustration that inflation had not fallen more quickly. ...

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