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Asian gasoil margins at lowest since mid-2017, new fuel rules yet to bite

Steady supply and a lack of buying interest have pushed Asian refining margins for gasoil to their lowest in more than 2-1/2 years, and an expected demand boost following a switch to cleaner marine fuels this year has yet to materialize. Gasoil profits have dropped by 27% since the International Maritime Organization (IMO) banned ships from using fuels with sulphur content above 0.5% from Jan. 1, but traders predict demand from ship-owners will increase over the next couple of months, albeit at a slower rate than expected earlier. While some ...

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Refinery margin tracker: Global gasoline cracks generally weaker despite constructive demand outlook

Global refining margins for gasoline weakened across a majority of regions, with most Singapore margins anchored in negative territory and Northwest European margins sliding despite French refinery strikes limiting output, according to an analysis Tuesday from S&P Global Platts. But some Asian refining margins strengthened slightly despite a slight growth in inventories. Last week, Singapore’s onshore light inventories rose by 1.1 million barrels, to reach 13.13 million barrels, according to Enterprise Singapore, due in part to lower gasoline exports. The Arab Medium cracking margins in China averaged minus $7.12/b for ...

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Virus fears keep stocks red; ECB gets ready to rethink

World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China. With millions of Chinese preparing to travel for the Lunar New Year, the potential the disease to spread, along with the tendency of traders to reduce their exposure before holidays, left markets struggling. Safe options like Japan’s yen and government bonds rose, while European stocks followed Asia lower [.EU]. The threat to airline travel and an increase in supply pushed ...

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Yen jumps and yuan sags on Chinese virus fears

The Japanese yen strengthened and China’s yuan fell to a two-week low on Thursday as investors grew more anxious about the spread of a virus in China, while the euro was calm ahead of the European Central Bank meeting. Elsewhere, Australia’s dollar rose half a percent after a surprise drop in the country’s unemployment rate. Deaths from the flu-like coronavirus stand at 17. Almost 600 people are infected and China has locked down Wuhan, a city of 11 million people, where the outbreak was believed to have originated at an ...

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The Reskilling Revolution: Better Skills, Better Jobs, Better Education for a Billion People by 2030

The World Economic Forum today launches Reskilling Revolution, a multistakeholder initiative aiming to provide better education, new skills and better work to a billion people around the world by 2030. The Reskilling Revolution platform has been designed to prepare the global workforce with the skills needed to future-proof their careers against the expected displacement of millions of jobs and skills instability as a result of technological change. It is also designed to provide businesses and economies with the skilled labour needed to fulfil the millions of new roles that will ...

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Beast Mode: China’s GDP Is Going To Double

Yes, the trade war is a headwind for China businesses, with nearly 60% of business leaders in one survey saying it’s a negative for them. That won’t stop the Chinese economy from doubling this year from where it was in 2010. That’s “mission accomplished” for Beijing. For investors, China still looks to be in beast mode. This week, the National Bureau of Statistics (NBS) in China revised their real GDP growth rate higher by 0.1 percentage points per year between 2014 and 2018 while leaving it unchanged for other years. ...

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Tanker Market Rates 23/01/2020

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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Coal Carrier Sunshine Pride Enters Service for Joban Joint Power

Today, Sunshine Pride, an NYK-operated coal carrier for Joban Joint Power Co. Ltd., was delivered at Tsuneishi Shipbuilding Co. Ltd., and a delivery ceremony was held on the same day. The event was attended by Joban Joint Power president Toshiaki Koizumi and NYK president Hitoshi Nagasawa, among others. Under a long-term contract, this vessel will be dedicated to the transport of coal mainly from overseas to generate electricity at the Nakoso Power Station in the city of Iwaki. This power station makes use of efficient clean coal technology to support ...

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US Updates IMO 2020 Enforcement Policy

The United States is sharpening its focus on enforcement of the IMO 2020 fuel sulfur emissions cap, which could result in harsh penalties for vessel operators caught attempting to sidestep the regulation. In new guidance issued by the U.S. Coast Guard (USCG), vessels calling on U.S. ports will be expected to carry documents showing they are burning fuel with a sulfur content of no more than 0.5% while in international waters, a regulation that went into force on Jan. 1. In addition to burning lower-sulfur fuel, ships can comply by ...

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Sino-Global Sign JV Agreement with Shanming Liang

Sino-Global Shipping America, Ltd., a non-asset based global shipping and freight logistic integrated solution provider, today announced the signing of Joint Venture Agreement (the “Agreement”) with Mr. Shanming Liang (“Mr. Liang”). Mr. Liang.is an expert importer of agriculture products for the customers located in Southern China, and Sino-Global expects to work with Mr. Liang to resume the project of “Bulk Cargo Containerized” since the China and US trade deal was finally signed January 15, 2020. Pursuance to the Agreement, a new joint venture company is registered and will take full ...

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Strong regulations help the Caribbean’s ‘Blue Economy’ to grow and thrive

The strength of the Caribbean maritime sector depends very much on the successful implementation of international regulations, says the Maritime Authority of Jamaica (MAJ). Welcoming delegates to a week-long workshop intended to share knowledge and best practice of IMO regulations and to boost Caribbean maritime co-operation, the Director General of the MAJ, Rear Admiral (ret’d) Peter Brady said: “Full and complete implementation of our treaty obligations require incorporating international maritime legislation in domestic law and investing in adequate human resources and facilities.” Pointing out that Jamaica conducts 93% of its ...

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Prohibition on discharge of wash-water from open-loop scrubbers in Port of Karachi, Pakistan

The club has been notified by one of its members that the Port of Karachi in Pakistan has joined the list of ports effecting a ban on discharge of wash-water from open-loop scrubbers. As per circular no. 001/2020 issued by the Government of Pakistan, Ministry of Maritime Affairs (Ports & Shipping Wings) the discharge of wash-water from open-loop scrubbers is prohibited in Port. While in the Port, vessels fitted with hybrid type of scrubbers should switch to the closed-loop mode of operations. As for vessels fitted with open-loop scrubbers, they ...

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Driverless lorries could dominate UK ferry traffic within a generation

Were driverless HGVs to replace much of the UK’s conventional lorry and container transport within a generation, they would transform the way the RORO market works in Great Britain. Changes anticipated include significant growth in the market share of ‘driverless accompanied’ RORO traffic – particularly through North Sea and Western English Channel ports. This is according to a new white paper published today by the British Ports Association in collaboration with the specialist freight transport consultancy MDS Transmodal. Technical developments and commercial and environmental pressures are expected to encourage freight ...

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Cargo shipping via Latvian ports down 5.7 pct in 2019

In 2019, cargo shipping via Latvian ports slowed 5.7 percent year on year to 62.4 million tons, the Baltic country’s Transport Ministry informed Monday. According to data from the ministry, bulk cargo made up 35 million tons of the ports’ combined cargo turnover last year, which is a reduction of 6.3 percent from 2018. The amount of liquid cargo handled at Latvian ports in 2019 was down 3.1 percent year on year to 14.6 million tons. Reloading of general cargo was down 7.2 percent to 12.8 million tons, which included ...

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Chinese Ambitions For Indian Ocean Ports

China and Myanmar have signed 33 agreements strengthening economic ties between the two countries including a port project that will give Beijing a crucial pathway to the Indian Ocean. As part of Beijing’s Belt and Road Initiative, President Xi Jinping aims to accelerate the China-Myanmar Economic Corridor seeking to build a port in Kyaukpyu in western Myanmar, connecting it to Kunming in southern China by overland routes. This news is welcomed by local residents in Myanmar who hope the investment will bring a better quality of life. “We face transport ...

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