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Oil up on escalating U.S.-Iran tensions, but trade war worries cap gains

Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year. But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown. Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel at 0651 GMT, up 21 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.5 percent, at $63.41 per barrel. ...

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Flexible US LNG contracts driving global spot market growth: API

Flexible US LNG contracts are helping to create a global, commoditized spot market and transforming project financing models, according to US oil and gas trade body the American Petroleum Institute. The US could become the world’s third largest LNG exporter by the end of this year, after Qatar and Australia, and is bringing “unprecedented” options for pricing and contract terms to the market, API policy officer Dustin Meyer told S&P Global Platts in an interview Monday. “The beauty of US LNG is that no one really knows how it will ...

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Saudis Talk Tough at OPEC+, But Oil Market Remembers 2018 U-Turn

Just over a year ago, OPEC+ ministers gathered in the opulent Ritz-Carlton hotel in the Saudi city of Jeddah and Khalid Al-Falih, the kingdom’s oil minister, pushed to tighten the oil market. “We have seen prices significantly higher in the past, twice as much as where we are today,” Al-Falih said in April 2018 as Brent traded at $73 a barrel. Fast forward a year and little has changed, at least on the surface. Speaking at the same hotel this weekend, Al-Falih sent a very similar message — OPEC and ...

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Western buyers freeze Russian payments over dirty oil outage

Total and ENI have stopped payments to the Russian firms who sold them contaminated oil and said they will only pay when compensation is agreed, trading sources said, upping the stakes in what they say is the worst disruption to Russian oil supply. The French and Italian oil majors told their suppliers, including Russia’s Rosneft and Surgut, that they would be ready to make payments when the extent of damages is clear and would pay for clean oil when supplies resume, the sources said. “Why would anyone want to pay ...

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US war with Iran unlikely, but would devastate oil markets

Drone attacks on pipelines in Saudi Arabia and the mysterious alleged sabotage of tankers near Fujairah sent pulses racing, but a phony war in the Persian Gulf failed to trigger a feared triple-digit surge in crude prices. A hot war, however, between the US and Iran could be an entirely different matter. Tehran has repeatedly threatened to shut down the Strait of Hormuz in the event of an outright conflict with America and its Arab allies. The chokepoint is an obvious target. Over 18 million barrels of oil are shipped ...

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Global stocks gain as U.S. eases Huawei restrictions

Stocks markets gained on Tuesday, with chipmakers and stocks exposed to Asia among the best performers, after Washington temporarily eased trade restrictions imposed last week on China’s Huawei. In Europe, the broader Euro STOXX 600 edged up 0.3%, with Germany’s DAX rising 0.6%, while France’s CAC 40 climbed 0.2%. At the close, China’s Shanghai Composite index was up 1.23%, while the blue-chip CSI300 index ended 1.35% higher. U.S. President Donald Trump’s government added Huawei to a trade blacklist last week, escalating trade tensions between the world’s two biggest economies. Washington ...

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Pain in Asia pushes dollar to two-and-a-half week high as investors seek safety

Signs that Asia is already feeling the pinch from a trade conflict between the United States and China triggered some safe haven flows to the US dollar on Tuesday, while higher U.S. Treasury yields made the trade more palatable. Surprisingly soft economic growth data from Singapore and Thailand have raised worries that major Asian economies will be hurt by global trade tensions. Meanwhile, Australia’s top policymaker Philip Lowe said on Tuesday the RBA will consider the case for lower interest rates at its June policy meeting, pushing the Aussie dollar ...

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Will the escalating US-China trade war and its catastrophic aftermath push the global economy into its next recession?

Heightened trade tensions between the United States and China have raised the risk of a recession next year if the dispute between the world’s two largest economies is prolonged and escalates further, according to economists and portfolio managers. Just over two weeks ago, Washington and Beijing seemed poised to reach an agreement to end a trade war that has hurt American businesses that rely on products made in China, increased costs for US companies and consumers, and contributed to an economic slowdown in China. But the dispute has escalated recently ...

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Full-blown trade war will push world towards recession – Morgan Stanley

A collapse of U.S.-China trade talks and hike in tariffs on Chinese goods would push the world economy towards recession and see the Federal Reserve cut U.S. interest rates back to zero within a year, analysts at Morgan Stanley said. While a temporary escalation of trade tensions could be navigated without much damage at all, a lasting breakdown would inflict serious pain. “If talks stall, no deal is agreed upon and the U.S. imposes 25% tariffs on the remaining circa $300 billion (£235 billion) of imports from China, we see ...

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Port of Venice – The Art of BreakBulk

Port of Venice – The Art of BreakBulk – 1000 years of large cargo shipping experience

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SABRINA – WAH KWONG SHIPPING, LPG tanker

The WAH KWONG SHIPPING managed EXMAR owned LPG tanker SABRINA sailed the Kanmon Strait.

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MMi Daily Iron Ore Index Report May 20 2019

Some physical iron ore port quotes rose today, though the market was broadly stable despite a bullish DCE

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MABUX: Bunker Market Could Start Week With Fall

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued upward trend on May 17: 380 HSFO – 418.57(+7.43) 180 HSFO – USD/MT – 464.79(+6.86) MGO – USD/MT – 668.64(+5.43) Meantime, world oil indexes edged lower on May 17 due to demand fears amid a standoff in Sino-U.S. trade talks. Brent for July settlement decreased by $0.41 to $72.21 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery dropped by ...

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Five New Members Join The Digital Container Shipping Association, DCSA

The Digital Container Shipping Association (DCSA), a neutral and non-profit association established by MSC and partners, welcomes five new members as per the latest DCSA announcement. Pending regulatory approval, Evergreen Line, Hyundai Merchant Marine, Yang Ming and ZIM join DCSA with the purpose of enabling digital standardization in the container shipping industry. CMA CGM has been added to the Supervisory Board after confirming its position as one of the founding members of DCSA. The association currently includes nine of the largest container shipping lines in the world, representing 70% of ...

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Aage Hempel and e3 Systems sign new strategic co-operation agreement for the marine market

Aage Hempel and e3 Systems are pleased to announce the signing of a new strategic co-operation agreement taking advantage of both companies’ strengths in the marine market, further enhancing our capabilities to elevate customer satisfaction and experience. The agreement was signed on 8 May, 2019, at e3’s HQ in Mallorca, by e3 Group Managing Director, Roger Horner and Aage Hempel Group Managing Director, Ioannis Papaefthymiou. Commenting on the co-operation agreement, Roger Horner said: “e3 and Aage Hempel have much to offer each other and wherever there is an opportunity, we ...

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