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UBS cuts China’s GDP growth forecast on COVID-19 restrictions

UBS this week trimmed its forecast for China’s economic growth this year by 120 basis points to 3 per cent, as strict COVID-19 restrictions hit the country hard. The forecast cut comes a day after JP Morgan lowered its China full-year growth forecast to 3.7 per cent from 4.3 per cent, saying a deeper-than-expected contraction was now likely this quarter due to the country’s COVID-19 lockdowns. Lockdowns in numerous Chinese cities since the beginning of April has disrupted various global supply chains and hurt its own economy. “The lingering restrictions ...

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Eurozone wages are on the rise (finally)

The most reliable indicator of where wages are currently headed was released this morning and rose from 1.5% YoY to 2.8% YoY, a notable jump that was much larger than anticipated. The combination of a tight labour market and high current inflation provides a strong argument for unions to demand higher wages and this seems to be feeding into results at the moment. With important German negotiations only happening at the end of the year, there seems potential for higher wage growth from here on. While the increase alleviates the ...

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Why the circular economy is the business opportunity of our time

Our global economy is growing, reaching an unprecedented $94 trillion in 2021 – with rising population, urbanization and living standards. Our challenge now is to keep up this momentum in a way that works for people and the planet. Looking at today’s consumption levels, sustaining our current growth trajectory would require the ecological resources of 2.3 planets by 2050. This number is significantly higher for mature markets. The US, for example, would need five planets to sustain present-day consumption levels; Germany would need three. The good news is that a ...

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Weekly Vessel Valuations Report, May 24 2022

Bulkers: Modern Panamax values have firmed

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Breakdown of weekly ship sales by type 16th – 22nd May 2022

In the following table you will find the total ship sales for last week.

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Weekly Vessel Valuations Report, May 17 2022

Bulkers: Mid-age Capesize values have firmed.

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Breakdown of weekly ship sales by type 9th – 15th May 2022

In the following table you will find the total ship sales for last week.

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Weekly Vessel Valuations Report, May 10 2022

Bulkers: Bulker values have firmed

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MABUX: Bunker prices may continue upward changes on Apr.29

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) increased on Apr.28: 380 HSFO – USD/MT – 733.77 (+12.97) VLSFO – USD/MT – 932.02 (+6.31) MGO – USD/MT – 1249.17 (+29.46) As of Apr.28, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was overvalued in all selected ports: Rotterdam – by plus $29 (plus $41 the day before), ...

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ADP Clear Pte Ltd Brings Digital Bunkering to Singapore

Facilitated by the Maritime and Port Authority of Singapore’s (MPA) regulatory sandbox, ADP Clear Pte Ltd is “The digitalisation of the bunker delivery and documentation process is estimated to save the industry over 39,000 man-days annually and provide more transparency over the supply chain of marine fuels. MPA is working closely with bunker suppliers and solution providers to conduct digital bunkering trials. We look forward to having ADP as one of the solutions available to bunker suppliers in Singapore as we continue to enhance the efficiency and resiliency of our ...

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NYK to Build Its Third LPG Dual-Fuel Very Large LPG / NH3 Carrier

NYK is delighted to announce the order of its third liquefied petroleum gas (LPG) dual-fuel very large LPG / liquefied ammonia gas (NH3) carrier (VLGC) from Kawasaki Heavy Industries Ltd. The ship will be built at the KHI Sakaide Works shipyard and is set for delivery in 2024. Like our first two ordered LPG dual-fuel very large LPG / NH3 carriers, the vessel will be equipped with separate cargo tanks designed to carry LPG and ammonia at the same time to flexibly respond to various trade patterns. Ammonia is attracting ...

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Shell chartered LNG tanker fitted with SOL-X safety management solution – SAFEVUE.ai

SOL-X, a leading Industrial Internet of Things (IIoT) safety management technology company, is pleased to announce the evaluation of SAFEVUE.ai by Shell International Trading and Shipping Company Limited (Shell), a leading global energy shipping company where safety and social responsibility are fundamental to their business operations. Global energy leader Shell has partnered with SOL-X to trial the breakthrough safety solution – SAFEVUE.ai on an LNG tanker to further enhance crew safety management practice. As part of its ongoing focus on health and safety, Shell has been increasing its use of ...

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Hapag-Lloyd Shares Rose After Guidance Upgrade, 1Q Results

Shares in Hapag-Lloyd AG rose after the German shipping company raised its earnings view for the year and reported earnings growth for the first quarter. At 1530 GMT, Hapag-Lloyd closed up 7.8% at EUR349.60. Hapag-Lloyd said it expects earnings before interest, taxes, depreciation and amortization between $14.5 billion and $16.5 billion for 2022, compared with prior guidance of $12 billion-$14 billion. Full-year earnings before interest and taxes should come in between $12.5 billion and $14.5 billion, compared with a prior target of $10 billion-$12 billion. “We see the guidance upgrade ...

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Ports landed with the bill of government Brexit border u-turn

Following statement today that the introduction of physical Brexit border checks on EU food and animal product imports will be delayed again and a new lighter touch regime introduced potentially in 2024, the British Ports Association is concerned ports that have invested infrastructure will be left to pick up the pieces. The industry will be pressing government for compensation immediately. Sanitary and phytosanitary inspections at specially prepared borders infrastructure were due to be introduced in July. However the government has today announced that there will not be these controls until ...

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Indonesia export ban traps 290,000 T of palm oil shipments for India -trade

Indonesia’s wider palm oil export ban has trapped at least 290,000 tonnes of the edible oil meant to be headed to India at ports and oil mills in the world’s top producer, four industry officials told Reuters on Thursday. The disruption in shipments after Indonesia widened its export ban to include crude and refined palm oil will create a vegetable oil shortage in top importer India, the officials said. Second-biggest exporter Malaysia is already struggling to meet higher demand levels and is asking for near record prices for prompt shipments, ...

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