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Britain delays post-Brexit import controls until late 2023

Britain has delayed imposing post-Brexit import controls on goods from the European Union until the end of next year, saying retailers were facing too many other cost pressures and it did not want to risk adding more fuel to inflation. Britain left the EU’s single market in January last year and it has delayed implementation of its full post-Brexit border controls on several occasions since then. The government said on Thursday that Russia’s invasion of Ukraine and the recent rise in global energy costs were having had a significant effect ...

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TEN Ltd. Announces the Sale of a 2006-Built LR2 Product Tanker

TEN, Ltd. (TEN) announced the sale of a 2006-built LR2 aframax tanker, one of the largest product tankers in the world at the time of its construction, to unrelated entities. This sale will generate the Company $7.1 million of free cash, after the repayment of related debt to be recorded in the second quarter of 2022. “This timely sale depicts our commitment to our stated “Greenship” initiative as it coincides with the recent order of four dual-fuel aframaxes on long-term employment to a significant end-user. As we continue to explore ...

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Container prices fall in India amidst global supply chain disruptions, container trade optimism for shipping companies

Container xChange, the world’s leading neutral marketplace for shipping containers and a technology logistics infrastructure company, released the findings of its container logistics analysis for the Indian container logistics market. Key findings from the analysis show that there has been a general decline in average prices of 20 ft DC and 40 ft HC standard shipping containers across the ports of Chennai, Nhava Sheva and Mundra from Mid-January 2022 till date, after having peaked in the months of August- September 2021. However, the prices are much higher than the prices ...

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Freight rate bonanza offers Maersk M&A ticket

A.P. Moller-Maersk is in an enviable position. The $52 billion Danish shipping titan raised its 2022 guidance on Tuesday thanks to soaring container rates caused by more pandemic-related disruption at Chinese ports. The company, which shifts around 17% of the world’s shipping containers, reckons it will deliver more than $19 billion in free cash flow, up $4 billion from its previous estimate. Even though the number of containers on the move fell 7% in the first three months of the year – a consequence of Chinese lockdowns and the war ...

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MABUX: Upward evolution to continue in Global bunker market on Apr.28

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) turned into upward evolution on Apr. 27: 380 HSFO – USD/MT – 720.80 (+11.43) VLSFO – USD/MT – 925.71 (+12.05) MGO – USD/MT – 1 219.71 (+29.48) Сorrelation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker price benchmark) was mostly in the overcharge zone on April 27 in selected ports. In particular, 380 HSFO fuel was overpriced in all ports: Rotterdam – plus ...

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World’s First Pure Battery Tanker “ASAHI” Made her First Bunkering Operation on Car Carrier ~ Achieving Zero Emission Bunkering; Step toward Decarbonized Society

Mitsui O.S.K. Lines, Ltd. and Asahi Tanker Co., Ltd. yesterday announced that on April 26, the Asahi Tankerowned and operated tanker ASAHI—the world’s first pure battery tanker to operate completely on electricity—bunkered fuel on the MOL-operated car carrier VICTORIOUS ACE at the Daikoku Pier C-1 Wharf in Yokohama. This marked a commemorative moment for the ASAHI’s first bunkering operation. The ASAHI’s large-capacity lithium-ion batteries power every phase of its operations, including cargo handling, berthing/unberthing, and navigation. This results in zero emissions of greenhouse gases (GHGs) from the vessel. The tanker ...

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Effect of constitution of a limitation fund on arrested ship or other security earlier furnished by the shipowner as security for a claim in the court

The Federal High Court of Nigeria sitting in Lagos has issued a landmark decision1 by which it ordered the cancellation of a Bank Guarantee which was furnished as alternative security by Shipowners to secure the release of their ship from arrest. The Court ordered the cancellation of the Bank Guarantee against the backdrop of the Shipowners constitution of a limitation fund pursuant to the limitation of their liability by the Court. The Plaintiff in the suit commenced an admiralty action in rem against a dredging vessel for alleged damage to ...

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In the presence of the Greek Prime Minister, ASRY signs a Memorandum of Understanding with Greek American ONEX Shipyards

Arab Ship Shipbuilding and repair Yard (ASRY) signed a Memorandum of Understanding with ONEX Shipyards Greece with the aim to jointly collaborate on knowledge and experience sharing in the sector of maritime repair, technology, optimization, modernization and to explore future business opportunities. This came during the signing ceremony of the MoU which took place virtually between the two companies in the presence of H.E. Mr. Kyriakos Mitsotakis, the Greek Prime Minister who was visiting ONEX shipyards at that time. The signing ceremony began with H.E. Mr. Kyriakos Mitsotakis blessing and ...

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Chinese ports work to secure global supply chain despite lingering snags

Chinese ports, especially those located in the Yangtze River Delta, are staying resilient in operations to ensure the stability of the global supply chain while easing logistics disruptions caused by regional epidemic prevention needs. Despite lingering challenges due to the severity of COVID-19 flare-up, progress has been made in the supply chain sector after the government smoothed traffic and helped business resumption for both domestic and overseas markets. Industry experts said the recovery of the supply chain can be expected in mid-to-late May. Data from the Ministry of Transport on ...

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FEPORT calls for an urgent initiative from the EU Commission to gather all interested parties to discuss contingency plans

For those who wonder what the above map is about, it concerns the port of Shanghai, where hundreds of ships (in red dots tankers and green cargo ships) are waiting to load or unload cargo. The reason for this big “jam” is the closure, or very slow operations, in the Port of Shanghai due to a COVID-19 lockdown. For European seaports terminals and EU supply and logistics chains, it is quite obvious that the cascading effects resulting from the situation prevailing in Shanghai will be tremendous. The risks of congestion ...

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EU’s options to cut Russian oil imports – and their drawbacks

The European Union is considering options to cut imports of Russian oil as part of possible further sanctions against Moscow over its invasion of Ukraine, but none has been formally proposed as governments assess their impact. Around half of Russia’s 4.7 million barrels per day of crude exports go to the EU. Cutting them off would deprive Moscow of a major revenue stream. Europe has paid Russia 14 billion euros ($14.94 billion) for oil since the start of what Moscow calls a special military operation in Ukraine two months ago, ...

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India’s ONGC struggling to move Russian oil to Asia as sanctions bite – sources

India’s Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia’s Far East, in a growing sign that complex trades involving one of Moscow’s biggest partners are being interrupted by Western sanctions, sources say. Several Indian companies including ONGC ONGC.NS have stakes in Russian oil and gas assets, and India has been buying more Russian crude since Moscow invaded Ukraine, snapping up the popular Urals crude grade, while other buyers have shunned Russian exports. ONGC has a 20% stake in ...

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Indonesia stuns markets as it widens ban to include CPO, refined palm oil

Indonesia widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil, among other products, its chief economic minister said on Wednesday, leaving markets in shock over the latest policy reversal. Indonesia stuns markets as it widens ban to include CPO, refined palm oil The announcement flipped the minister’s statement a day earlier, in which he had said the export ban would only cover refined, bleached, and deodorized palm olein. The change was “in line with the president’s decision and after ...

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Global miners must overcome labour shortages, inflation pain to meet targets

Global mining companies must overcome COVID-related labour shortages and soaring production costs if they are to meet annual production targets, analysts said after downbeat quarterly reports. London-listed Anglo American AAL.L and Antofagasta ANTO.L are among those to have either lowered annual production targets or increased expected capital expenditure, laying part of the blame on the broad inflationary pressure coming from rocketing diesel prices. As a result, analysts expect earnings to be driven lower this year and next. RBC Capital Markets, for example, expects Anglo’s earnings before interest, taxes, depreciation, and ...

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GRAINS-Soyoil futures rally to record high; corn hits highest since Aug 2012

U.S. soyoil futures surged to a record high on Wednesday after Indonesia broadened its export ban on raw materials for cooking oil to fight food inflation, traders said. “The move dramatically tightens an already tight global supply of edible oils that saw global prices surge when the Russian invasion of Ukraine took Ukrainian sunflower oil supplies off the market,” StoneX chief commodities economist Arlan Suderman wrote in a client note. Indonesia’s chief economic minister said the country was widening the scope of its export ban to include crude and refined ...

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