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Ships make the world go

Without shipping, life would be different. We would have limited access to a lot of the food we consume,

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Coronavirus Spurred Changes To Global Workforce To Be Permanent

Sweeping changes to the global labour market caused by the coronavirus pandemic will likely be permanent, policy makers said on Tuesday, as some industries collapse, others flourish and workers stay home. “I think it would be a fallacy to think we will go back to where we were before,” Philippines central bank Governor Benjamin Diokno told Reuters Next. “I think we have to have a vision of what the new normal will be.” The pandemic, which has so far infected at least 90.5 million people and killed around 1.9 worldwide, ...

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Entrepreneurs from China, Japan, S.Korea optimistic on Chinese economy in 2021: survey

Most entrepreneurs and high-level executives from China, Japan and South Korea are optimistic about China’s economic growth this year, according to a survey by the Global Times Research Center, Maeil Business Newspaper and Nikkei. The vast majority of respondents from China, Japan and South Korea believe that China’s economic development will show a growth trend in 2021. Respondents agreeing with this view accounted 95.0 percent in China, 93.8 percent in Japan and 81.0 percent in South Korea. The survey was taken from December 3-15, 2020. The subjects were limited to ...

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V-shaped recovery is in ‘tatters,’ and Wall Street doesn’t seem to care: Economist Stephen Roach

Economist Stephen Roach sees trouble on Wall Street. His observation: The market is placing too much emphasis on the Federal Reserve holding interest rates at zero to prevent the economy from falling into another recession. “That gives markets conviction to look though literally anything from political insurrection to the likelihood of a double dip to a V-shaped recovery that’s in tatters,” the Yale University senior fellow told CNBC’s “Trading Nation” on Monday. “The markets do not seem to care.” Roach, who served as chairman of Morgan Stanley Asia during the ...

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China and EU invest for the future

When leaders commit to free trade, they create growth opportunities for their economies, for their businesses, for their people. They take decisions to help develop new economic prospects and level the playing field for billions of their citizens. That is exactly what was achieved when alongside the EU leadership, Chinese President Xi Jinping, his French counterpart Emmanuel Macron, and German Chancellor Angela Merkel met over a video call to finalize the Comprehensive Agreement on Investment (CAI). As a multibillion-euro investment deal, this is one of the most wide-ranging global economic ...

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‘Elections Have Consequences’: Goldman Sachs Makes 6 Big Predictions For The Economy This Year

Backed by a Democrat-controlled congress, President-elect Joe Biden is expected to prioritize a broad-based stimulus package once he takes office on January 20, a development that should help spur better-than-expected GDP growth and booming stock-market returns this year, Goldman Sachs analysts say, but that growth could moderate once Democrats’ likely tax increases go into effect next year. KEY FACTS • Headlining the investment bank’s expectations is another round of fiscal stimulus totaling roughly $750 billion, including $300 billion in stimulus checks, $250 billion in relief for state and local governments ...

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Welcome to Brexit – now hand us your sandwich

Britons arriving in the Netherlands since the start of the year have found that leaving the European Union might have cost them more than they realised, including their lunch. Ferry passengers have had ham sandwiches and tinned sardines confiscated by customs officials at Dutch ports, due to strict rules on the import of meat, fruit, vegetables and fish from outside the EU. “Do you have meat on all the bread?”, a Dutch customs officer asks a man who has just arrived in the port of Hook of Holland, as he ...

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Baltic Dry Index climbs to 1,856, up 7 points

Today, Wednesday, January 13 2021, the Baltic Dry Index climbed by 7 points, reaching 1856 points.

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Corvus Energy receives ESS order from Wärtsilä for four Harvey Gulf OSVs

Corvus Energy is pleased to announce an order from Wärtsilä for four Energy Storage Systems (ESS) for the offshore support vessel fleet operated by Louisiana-based Harvey Gulf. The orders follow the successful sea trial of Harvey Energy, the first-ever LNG-battery hybrid retrofit of a platform supply vessel (PSV) in the Americas. Harvey Gulf CEO, Shane Guidry has reported that clients and investors are increasingly demanding energy efficiency and emissions reduction. He said: “This fleet of vessels will be crucial in assisting our clients’ efforts to achieve net carbon zero, and ...

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Ocean Yield: Sale of dry bulk vessel

SBI Libra is an ultramax dry bulk vessel built in 2017 and employed on a long-term charter to Scorpio Bulkers Inc. Scorpio Bulkers Inc. has declared an option to sell SBI Libra to an unrelated third party. Ocean Yield ASA will receive proceeds of USD about 20 million and record a small book profit from the sale. Delivery of the vessel is expected during Q1 2021. Source: Ocean Yield

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Hapag-Lloyd: Far East Loop 6 (FE6) – Fire on Maersk Elba

We have been informed by Maersk that there has been a fire on the Maersk Elba, Voyage 047W. The vessel is currently located in Algeciras, Spain. The estimated repair time in Algeciras is 14 days. After that, the vessel will proceed to Wilhemshaven, Germany for further repairs. All reefers have been discharged in ALRTM for onward connection. Maersk Elba has called ALRTM for discharge of all reefers – ROT reefers were connected on CAP SAN Augustin ALR inducement – FXS reefers were connected on CAP SAN Augustin to LGP – ...

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Kepler Capital Stick to Their Buy Rating for Euronav NV

Kepler Capital analyst Petter Haugen maintained a Buy rating on Euronav (NYSE:EURN) NV on Friday, setting a price target of EUR10.5, which is approximately 44.39% above the present share price of $8.89. Haugen expects Euronav NV to post earnings per share (EPS) of $0.24 for the first quarter of 2021. The current consensus among 4 TipRanks analysts is for a Strong Buy rating of shares in Euronav, with an average price target of $10.83. The analysts price targets range from a high of $12.84 to a low of $7.5. In ...

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WFW advises UOG on UACC acquisition and financing

Watson Farley & Williams (“WFW”) has advised United Overseas Group Ltd (“UOG”) on the acquisition of United Arab Chemical Carriers Limited (“UACC”). The acquisition was structured by way of a reverse triangular merger with the financing for the acquisition provided by alternative investment firm, EnTrust Global. The transaction will be the first such merger to be effected under the Companies Law of the Dubai International Financial Centre (the “DIFC”). WFW provided advice on English, DIFC, Liberian and Marshall Islands laws through its offices in Athens, Dubai, New York and London. ...

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BMT Awarded Contract for New Gourock Ferry Concept Design

Caledonian Maritime Assets Limited (CMAL) has awarded a contract to international design and engineering firm BMT to provide consultancy services for the concept design of a new passenger ferry for the Gourock, Dunoon and Kilcreggan routes. The new ferry will be designed to replace the vessels currently operated on the routes by CalMac. The contract is part of the Gourock Harbour Infrastructure & Vessels Project, which is a partnership between Transport Scotland, CMAL, CalMac and Argyll and Bute Council. The project covers the redevelopment of Gourock Ferry Terminal and works ...

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Vietnamese ports on pace to post banner year

Vietnam’s port sector will flourish this year as trade in goods is expected to thrive on the back of recovery in production, domestic consumption, and export markets, according to industry analysts. The country enjoyed robust trade last year despite COVID-19, with high export value on the back of orders from the US. Total foreign trade was estimated at 543.9 billion USD, a year-on-year increase of 5.1 percent, with the country posting a trade surplus of 19.1 billion USD, its highest since 2016. According to the Viet Dragon Securities Corporation, the ...

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