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Yangzijiang learns to look beyond containerships and dry bulkers to sustain earnings in tough times

Yangzijiang Shipbuilding knows it cannot just rely on building containerships and dry bulkers alone to sustain earnings, says OCBC. Out of the 123 vessels in the group’s order book, OCBC estimates that only 40 are profitable while the rest are challenged in terms of profitability. In a report, analyst Low Pei Han says Yangzijiang is looking for more contracts to build LNG carriers after successfully delivering two 27,500 CBM LNG carriers last year. Although one bright spot is the construction of defence-related vessels, these contracts often go to state-owned shipbuilders ...

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Somaliland president says DP World deal will be implemented

The President of Somaliland said that Somalia “has neither the strength nor the ability” to interfere in his country’s operations, calling a move by Somalia to ban DP World from operating in Somaliland “a joke.” Speaking at a press conference in Dubai, Muse Behi Abdi stressed that Somaliland is an independent state and a democratic nation. He said that the deal his country signed with DP World will be implemented by the government. His comments come after Somalia said earlier this week it will ban ports operator DP World from ...

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Construction of Chinese-led port kicks off, aims to boost logistics capacity in NE Brazil

A consortium led by China Communications Construction Company on Friday laid the foundation stone for the construction of a port here that aims to boost regional development and strengthen economic ties between China and Brazil. The Port of Sao Luis project is being undertaken in collaboration with Brazilian companies WPR and Lyon Capital, and the Chinese company holds a 51 percent stake in it. Construction of the port will take four years and cost some 800 million reais (243.8 million U.S. dollars), while generating some 4,000 jobs. Chinese Ambassador to ...

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Russia looks to expand grain export capacity in Black Sea, Far East

Russia’s minister of agriculture Alexander Tkachev has called for expanding grain export capacity to accommodate bigger exports. Tkachev called for the increase of capacity at Black Sea and Azov Sea ports, boosting exports via the Baltic Sea ports, especially in Kaliningrad, and creating export infrastructure in the Far East. Construction of terminals there has already started, and would allow Siberia to increase exports to Asia, Tkachev said at a briefing, published on the government website. Tkachev also called for the upgrade of port infrastructure, allowing bigger vessels to load at ...

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US crude exports becoming bigger presence in global oil

Boosted by surging output, the United States is becoming a significant exporter of crude oil, a shift that is remaking American infrastructure and altering the global petroleum market. Now pumping more than 10 million barrels per day, the US has become the second biggest oil producer in the world behind Russia and ahead of Saudi Arabia. The bounty is the result of the shale oil boom due to new drilling and production techniques. Eyeing this jump, the US at the end of 2015 scrapped its embargo on exports, a policy ...

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Brazil Fuel Imports to Fall From Record as Petrobras Cuts Prices

Brazil fuel imports are set to fall from a record as the country’s state-owned oil company lowers prices in a bid to regain market share. Petroleo Brasileiro SA, which owns 13 out of the 16 refineries in the country, cut diesel prices by 47 percent and gasoline by 38 percent at the refinery gate since January. As a result diesel imported from the U.S. and gasoline from Europe arrives at higher prices than the locally-produced fuels. Diesel imports have slowed to a trickle, because most would arrive at a loss ...

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Wheat at 3-week low as U.S. weather improves, corn eases for 4th session

Chicago wheat fell to its lowest in more than three weeks on Monday with the market facing pressure from abundant global supplies and improved weather in parts of the U.S. Plains. Corn dropped for a fourth consecutive session, while soybeans lost ground after closing higher for the last two sessions on support from a severe drought curbing Argentina's crop yields. FUNDAMENTALS * Expectations of improved weather in parts of the drought-hit U.S. southern Plains are adding pressure to wheat futures. * At the same time, favourable weather ahead of spring ...

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U.S. steel, aluminum tariffs to have widespread adverse impact, Argentine economist says

The U.S. tariffs on imported steel and aluminum will impact more than the industries themselves in many countries, including Argentina, a leading Argentine economist said. These countries will not only see their revenues take a hit, but employment and other areas will also be indirectly affected, Mariano Feliz, a member of the Critical Economy Society of Argentina and Uruguay, said. The move is bound to lead to a fall in jobs and income, as well as a lower demand for inputs and machinery for the two industries that carry significant ...

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U.S. corn sales break records, but will demand stay healthy? – Braun

U.S. corn merchants have sold in excess of 650 million bushels since early January, shockingly more than usual for any time of year, and the demand prospects continue to look good as of mid-March with the U.S. product plentiful and attractively priced. This comes despite earlier doubts from industry analysts that the 2017-18 U.S. export campaign could be as successful as the prior year amid increasing competition from South America and relatively elevated global stocks. The 650 million bushels of corn sold within the nine weeks ended March 8 represent ...

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Oil Steady as U.S. Shale Fears Untempered by Russian Reassurance

Oil halted gains as U.S. explorers resumed their drilling binge, raising concerns over whether output cuts by OPEC and its allies will be enough to clear a glut despite a pledge from Russia that it’s committed to the curbs. Futures in New York fell 0.2 percent after data showed American producers added oil rigs for the seventh time in eight weeks. U.S. output also continued to grow, touching a record 10.4 million barrels a day last week. Meanwhile, Russia’s assurance that it will prolong production cuts into 2019 if necessary ...

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China oil futures – the dawn of a new petrocurrency

China is poised to launch its own oil futures on 26 March denominated in Chinese yuan. Given the increasingly large volumes of crude oil it imports, there is a possibility that in the longer term a successful futures contract might devolve into a fully-fledged benchmark to price crude exports to China. Some of the world’s oil supply would subsequently be priced in yuan, enticing some producers to please their largest buyer and adopt the Chinese national currency for physical oil transactions. If anything, this would challenge the supremacy of the ...

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Natural gas shortage unlikely in 2018

Meeting China’s rising demand for natural gas, especially in the heating season, could prove to be challenging due to limited domestic output, slow pipeline imports and distribution network bottlenecks. However, experts believe a natural gas shortage is unlikely this coming winter as higher liquefied natural gas imports will help bridge the supply demand gap. “China won’t surprise the world again during this year’s winter season despite its higher natural gas demand, as significant restocking activity by major LNG imports will help alleviate the gas shortages in northern China,” said Marc ...

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Australia’s Darwin LNG weathers cyclone: ConocoPhillips

The Darwin LNG facility in Australia’s Northern Territory has largely weathered a cyclone which hit the region over the weekend, a spokesman for operator ConocoPhillips said Monday. “We did have some minor damages but nothing to stop production. A ship is currently getting ready to load at the LNG jetty,” he said. “We have one issue with the road to get access to the plant. A neutral power cable is in the middle of the road. Power and Water are dealing with the cable. We have access to the plant ...

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World stocks on longest slide since November as Fed caution hits

Share markets were stuck on their worst run since November on Monday, as caution gripped traders in a week in which the Federal Reserve is likely to raise U.S. interest rates and perhaps signal as many as three more lie in store this year. A 0.6-1.2 percent drop for Europe’s main bourses amid a flurry of gloomy company news [.EU] and weaker Wall Street futures ESc1 meant MSCI’s main 47-country world stocks index .MIWD00000PUS was down for a fifth day. The caution also came against the backdrop of global trade ...

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Investors Prepare for Trade Tension, While They’re Split on Best Strategy

With the Trump administration preparing a new round of measures against China, investors like most observers anticipate a pick-up in trade tensions. While there’s no majority view on how to position, some 40 percent of respondents in a Bank of America Merrill Lynch survey of money managers expect lower global stocks as a consequence of escalating U.S. trade tensions. Another 19 percent chose a weaker greenback. Only 17 percent of those surveyed expected no increase in tensions. The investors, overseeing $354 billion of assets, were surveyed March 9-14. Trade Worries ...

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