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Ocean Yield: Sale of kamsarmax dry bulk vessel

SBI Lynx is a kamsarmax dry bulk vessel built in 2018 and employed on a long-term charter to Scorpio Bulkers Inc. Scorpio Bulkers Inc. has declared an option to sell SBI Lynx to an unrelated third party. Ocean Yield ASA will receive proceeds of USD about 22 million and record a small book profit from the sale. Delivery of the vessel is expected during Q1 2021. Source: Ocean Yield ASA

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Bermuda: Provision Of Principal Representative Services For Bermuda Registered Ships And Yachts

Owners of a Bermuda flagged ship or yacht who are not resident in Bermuda, or do not otherwise have their principal place of business in the jurisdiction, are required to appoint a local Principal Representative in Bermuda in connection with the vessel. Conyers is able to provide Principal Representative services in connection with any Bermuda ship or yacht owned by a non-resident owner. Requirement for Principal Representative In order for a ship or yacht to be registered in Bermuda, it must be at least majority-owned by a person qualified to ...

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Kalmar’s hybrid RTGs to support sustainable growth for Total Terminals International at the Port of Long Beach, California

Kalmar, part of Cargotec, has completed a deal with Total Terminals International, LLC (TTI) to supply a total of six hybrid rubber-tyred gantry cranes (RTGs) equipped with a suite of Kalmar SmartPort process automation solutions. Valued at approximately USD 13 million (EUR 11 million), the order also includes a two-year Software Maintenance and Support (M&S) Services agreement for the Kalmar SmartPort software. It was booked in Cargotec’s 2020 Q4 order intake with delivery scheduled for Q4 of 2021. Established in 1991, TTI is a full-service marine terminal and stevedore operator ...

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Svitzer Europe strengthens its operations in the Port of London with new tugboat

Leading global towage operator Svitzer Europe has today announced that it has signed a contract with Damen Shipyards Group for the delivery of Svitzer Thames, an 80-ton bollard pull azimuth stern drive (ASD) tug, to support its operations in the Port of London. Svitzer Thames will arrive in London by the end of the first quarter of 2021, and will start operating immediately upon arrival. At more than 32m long and with a beam of almost 13m, Svitzer Thames will be equipped with both power and manoeuvrability, and in the ...

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Port of Vancouver coal exports climb to four-month high in October 2020

Coal exports out of the Port of Vancouver rose to a four-month high at 2.75 million mt in October 2020, up 11.4% from 2.47 million mt in September and 9.5% higher than the 2.51 million mt shipped out in October 2019, data from the Vancouver Fraser Port Authority showed Jan. 6. The port, which include Westshore Terminals and Neptune Bulk Terminals, shipped out 1.85 million mt of metallurgical coal in October, up 1.9% from the previous month and 17.6% higher year on year. Thermal coal exports rose to 859,516 mt, ...

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1,262 foreign vessels docked in Aqaba ports in 2020 — maritime commission

Aqaba ports during 2020 received a total of 1,262 foreign vessels loaded with several products, the Jordan Maritime Commission announced this week. Director General of the commission Mohammad Salman, in a statement, said that the commission dealt with 303 entry and exit movements of the Arab Bridge Maritime ships, and issued 494 certificates of competence for Jordanian captains and engineers. It also registered a new vessel under the Jordanian flag, bringing the total number to 33 ships operating worldwide. The commission’s achievements in 2020 also included technical inspections on 312 ...

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Palm oil prices set for a volatile year led by soybean market, say leading analysts

Palm oil prices are likely to remain high in the first quarter but “fall dramatically” during the second half of the year as palm and oilseed plantings pick up, two leading industry analysts said in a webinar on Thursday. Prices would be propelled by the soyoil market, with crop-stressing drought in South America squeezing global soybean supplies and China continuing its stockbuilding of commodities, they said. Malaysia’s benchmark crude palm oil price jumped 6% during the first week of the year, trading at 3,817 ringgit ($945.27) a tonne on Thursday, ...

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US corn prices seen firm on global demand recovery

The US corn balance sheet underwent a volatile 2020, with prices finally ending the year at an over six-year high. But various factors suggest that 2021 could offer further support to US corn fundamentals and keep prices buoyant. While substantial cuts to production estimates also supported sentiment, stronger prices for US corn have mostly been demand-driven, and that trend is expected to extend into 2021. The most active March futures contract of corn on the Chicago Board of Trade touched an over six-year high of $4.80/bushel on Dec. 31, rising ...

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GRAINS-Corn firms, poised for 5th week of gains on tightening supplies

Chicago corn rose on Friday with the market set for a fifth week of gains, as concerns over supplies from key South American suppliers underpinned prices. Soybeans rose to trade near their highest since June 2014 reached earlier this week, while wheat is on track for a third week of gains. “Most commodities have started 2021 on bullish note. For soybeans and corn we supply issues on one side and funds driven buying on the other side,” said one Singapore-based grains trader at an international trading company. The most-active corn ...

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Is the energy transition road paved with scrap metal?

Metals will play a starring role in the energy transition. Five key metals – aluminium, cobalt, copper, nickel and lithium – will play a vital role in the transformational switch towards a greener energy future, as key components in electric vehicles, battery energy storage, wind and solar technology and electricity transmission. The metals and mining industry will need major investment of over US$1 trillion in the next 15 years if it is to satisfy the material needs of an accelerated energy transition which limits the average global temperature increase to ...

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Oil set for weekly gain on Saudi output cut pledge

Oil prices hit 11-month highs and were on track for a weekly gain on Friday, supported by Saudi Arabia’s pledge to cut output and a global stocks rally as investors looked beyond rising coronavirus cases. Brent crude climbed 83 cents, or 1.5%, to $55.21 a barrel by 1202 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 66 cents, or 1.3%, to $51.49, also its highest level since late February. Both were on track for weekly gains of more than 6%. “The surprise Saudi cut is ...

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Pioneer CEO: US crude output to remain relatively flat for years

US crude oil production should remain relatively flat near 11 million b/d for years to come with any upticks in Permian Basin output coming at the expense of other shale basins, the CEO of Pioneer Natural Resources said during a virtual Goldman Sachs energy conference. Pioneer, which is becoming the biggest pure-play Permian producer with its pending acquisition of Parsley Energy, will still keep growing its output slowly and incrementally and never at more than 5% per year, said CEO Scott Sheffield. But the industry will continue to consolidate and ...

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Oil and gas dealmaking peaks in Q4 as pandemic spurs consolidation – Enervus

Deal making among oil and gas producers was at its highest for the year in the fourth quarter of 2020 as the pandemic-driven fallout in commodity prices spurred a wave of consolidation between explorers looking to scale up and drive down costs, a report from analytics firm Enverus said. Oil and gas producers made deals worth $27.1 billion in the quarter, up from $21 billion in the third, helped by three multi-billion dollar acquisitions in the prolific Permian basin of West Texas and New Mexico. ConocoPhillips acquired Concho Resources for ...

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Analysis: Japan’s COVID-19 emergency to halt gasoline recovery, but boost kerosene demand

The declaration of a state of emergency by Japan is expected to cast dark clouds over the country’s gasoline demand, cutting short the prevailing recovery after a long period of gloom. But the same cannot be said for its kerosene consumption as people will have to remain indoors and fight this winter’s biting cold. The imposition of another COVID-19 related state of emergency until Feb. 7, the first in 32 weeks, will come at a time when the country’s demand for refined products is on the course of a gradual ...

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Citi sees no further upside for world stocks in 2021

Citi expects world stocks to hover around current levels in 2021 and cuts U.S. equities to “neutral” as lockdowns induced by fresh waves of COVID infections roil global economies. The bank upgraded emerging market and UK equities to “overweight” in a note published on Thursday, citing their reasonable valuation and robust earnings momentum. It also expects weakening U.S. dollar to help these markets outperform. With global equities trading at 20 times 12-month forward earnings, the Wall Street bank sees no further upside as the valuation is well above the long-term ...

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