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Port International du Cap Haitien Goes Live with Octopi by Navis in Three-Month Window

Octopi, part of Navis, and Cargotec Corporation, a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, announced today that Port International du Cap Haitien, operated by CTSA, has successfully gone live on the Octopi TOS, following a rapid three-month implementation schedule. The speedy turnaround took the port from a spreadsheet-based, pen-and-paper system to a comprehensive, cloud-based TOS with the ability to process information in real-time, increasing the speed and efficiency of its daily operations. Located on ...

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Ukraine imports first LPG cargo from United States – traders, data

Ukraine imported its first cargo of liquefied petroleum gas (LPG) from the United States this week, according to traders and Refinitiv Eikon data. The tanker Ladybower with about 6,000 tonnes of LPG arrived at the Black Sea port of Odessa on Sept. 9, the data showed. Russia has been one of the main LPG suppliers to Ukraine, but Kiev wants to diversify its sources of the fuel amid political tensions with Moscow. Source: Reuters (Reporting by Damir Khalmetov; Writing by Vladimir Soldatkin; Editing by Edmund Blair)

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Crushing it: Argentine farmers cheer China soymeal deal while U.S. growers fret

Argentine soy farmers and crushers expect a boost in demand next year after the South American grains giant won long-sought approval from China to export soymeal to the world’s biggest consumer of the livestock feed. Argentina, the top international supplier of soymeal, announced on Tuesday that China would allow imports for the first time following decades of talks. It was a breakthrough amid a whipsawing trade war between Washington and Beijing that has hit U.S. growers. The deal, formalized in Buenos Aires on Wednesday, paves the way for Argentine farmers ...

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China’s benchmark power coal price edges up

China’s benchmark power coal price rose slightly during the past week as production control and increased consumption helped inflate coal prices. The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, reached 578 yuan (about 81.2 U.S. dollars) per tonne Wednesday, a rise of one yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Environmental and safety inspections in major coal-producing regions brought about production control in some coal mines, while local demand remained strong. The daily coal consumption of ...

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Oil slips towards $60 on demand worries, despite trade hopes

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the U.S.-China trade dispute. The Organization of the Petroleum Exporting Countries and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite an OPEC-led pact to cut supply that runs until March. [OPEC/M] “Oil prices have been slipping in recent days even as stock markets have rallied and inventory data has reported large drawdowns,” said Craig ...

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OPEC+ members pledge to do better on quota compliance, but no new oil cuts

Saudi Arabia’s new energy minister Prince Abdulaziz bin Salman on Thursday prevailed on two of the coalition’s most recalcitrant members — Iraq and Nigeria — to bring their oil production down closer to their quotas, in what delegates said would amount to a 400,000 b/d output cut to help shore up slumping prices. But with the market expecting deeper cuts to avoid what many analysts forecast will be a severe oil glut next year, prices fell in the wake of the Joint Ministerial Monitoring Committee meeting in Abu Dhabi. Front-month ...

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What Bolton’s exit means for the oil market

The exit of National Security Advisor John Bolton from the White House makes it less likely the situation between the U.S. and Iran will escalate to a military conflict, analysts said. Oil prices traded lower after President Donald Trump tweeted Tuesday that he asked Bolton to resign. Seen as the most hawkish member of the president’s cabinet, Bolton told NBC News that he was resigning on his own volition and that Trump had not asked him to leave. The White House said there were several reasons for Bolton’s departure and ...

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Refinery News Roundup: Turnarounds in Asia-Pacific coming to an end

Mangalore Refinery and Petrochemicals Ltd. has begun to restart its crude distillation unit after fixing damage caused by heavy rain, company officials said. The refinery shut Phase-III process units during the third week of August as a precautionary measure after a landslide caused by heavy rain. During the shutdown, Phase I and Phase II of the refinery complex as well as the product dispatch facilities were unaffected, despite heavy rains. The two phases have a combined CDU capacity of 240,000 b/d. NEAR-TERM NEW AND REVISED ENTRIES JAPAN –Japanese refiner Idemitsu ...

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Global Stocks Edge Up on Stimulus, Trade Hopes

Global markets posted ticked higher Friday as investors digested news of fresh stimulus from the European Central Bank and signs that the deadlock in U.S.-China trade talks could be broken. The Stoxx Europe 600 edged up 0.1% in morning trade. The relative quiet came after a volatile day for European stocks on Thursday, when the ECB unveiled a long-awaited package of stimulus measures, including an interest-rate cut and a renewed program of bond purchases, known as quantitative easing. In Asia, Hong Kong’s Hang Seng Index rallied 1% and Japan’s Nikkei ...

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Euro surges as investors see ECB done with stimulus

The euro rocketed to a 17-day high against the dollar on Friday as German government bond yields surged on the back of investors thinking the European Central Bank was done stimulating the ailing euro zone economy after cutting rates on Thursday. The central bank cut its deposit interest rate by 10 basis points to a record low of minus 0.5% and said it would restart bond purchases at a rate of 20 billion euros a month from Nov. 1 for an indefinite time. The revived bond purchases exceeded many expectations ...

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China Seeks to Narrow U.S. Talks to Break Deadlock

China is looking to narrow the scope of its negotiations with the U.S. to only trade matters, putting thornier national-security issues on a separate track in a bid to break deadlocked talks with the U.S. Chinese officials are hoping that such an approach would help both sides resolve some immediate issues and offer a path out of the impasse, according to people familiar with the plan. The shift comes as President Trump on Wednesday delayed tariffs on some Chinese imports. Talks between the U.S. and China on trade have stalled ...

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European third-quarter profit outlook improves slightly, still in recession

Earnings expectations for European companies for the third quarter have improved slightly, although the region is still expected to be in a corporate recession, according to data. Companies listed on the pan-European STOXX 600 index are expected to report a 1.8% decline in earnings for the July-September quarter, compared with a 1.9% drop expected a week ago, according to the latest data from I/B/E/S Refinitiv. That would still mark the third straight quarter of deterioration. Second-quarter earnings are seen declining 2.6% and revenue will rise 3.2%, both unchanged from last ...

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Euro gains after ECB stimulus disappoints

The euro gained against the dollar on Thursday after the European Central Bank launched new stimulus but failed to live up to some dovish market expectations. The ECB cut its deposit rate to a record low -0.5% from -0.4% and will restart bond purchases of 20 billion euros a month from November. It also said it expects bond purchases to run for as long as necessary and end shortly before it starts raising the key ECB interest rates. “We got a little bit of everything, but when all was said ...

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MARKETS SNAPSHOT FOR 12/09/19

NASDAQ-Adv: 1,728 Dec: 1,441 NYSE-Adv: 1,510 Dec: 1,450 (Source: Nasdaq)

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Ship Recycling Activity Held Back By Improved Freight Rates

With the freight rate market on a high note, especially in the dry bulk segment, demolition candidates have been scarce, not to mention the lack of buying appetite by scrapyards. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the market slowly coming to the end of its summer hibernation and industry stakeholders gradually returning to their desks, a trickle of small ldt tonnage have filtered into the market and resulted in some marginal activity. However, with the severe lack of tonnage and activity in the past ...

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