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Greek-owned ship damaged by small vessel in Red Sea, sources say

A Greek-owned cargo ship was struck by a small craft off Yemen’s Red Sea port of Hodeidah sustaining damage in its engine room, maritime security firms and shipping sources said on Wednesday. The vessel, Tutor, was hit approximately 67.7 nautical miles southwest of Yemen’s port of Hodeidah, said British security firm Ambrey, and the incident bore the hallmarks of an attack by Yemen’s Houthi militia. “The vessel aligned with the Houthi target profile at the time of the incident,” Ambrey said in an advisory note. United Kingdom Maritime Trade Operations ...

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NYK Car Carrier Recognized for Its Contribution to Marine Weather Forecasts The Vessel Has Actively Collected and Reported Ocean Weather Observations

NYK-operated Cetus Leader, a pure car carrier, received the Japan Meteorological Agency’s Director-General Award on June 6 at NYK’s Tokyo head office for the contribution the ship has made to meteorological business development by observing marine weather conditions and transmitting observation results over an extended period of time. NYK will continue to strive for even safer operations and cooperate in providing maritime weather information. Observation of Marine Weather Conditions Because oceans cover 70 percent of the earth’s surface, they greatly affect world weather. However, meteorological data on oceans is limited, ...

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Konecranes upgrades its profitability guidance for 2024

Konecranes upgrades its profitability guidance for 2024. During the first five months of the year, Konecranes’ strategy execution has progressed better than initially expected. The company has also continued its effective cost inflation management. As a result, Konecranes now expects its full-year 2024 comparable EBITA margin to improve from the previous year. Konecranes updated financial guidance for 2024: Konecranes expects net sales to remain approximately on the same level or to increase in 2024 compared to 2023. Konecranes expects the full-year 2024 comparable EBITA margin to improve from 2023. In ...

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Jeddah Islamic Port welcomes Hapag-Lloyd’s Red Sea Express Shipping Service

Saudi Ports Authority (Mawani) welcomed the launch of Hapag-Lloyd’s Red Sea Express (TRE) service at Jeddah Islamic Port. The new route caters to the region’s growing trade demands. The move aligns with Mawani’s strategy to connect Saudi ports to the world and attract major shipping lines. It also supports the National Transport and Logistics Strategy’s goal of making Saudi Arabia a global logistics hub linking three continents. The new service offers regular weekly trips to Istanbul, Izmit, and Aliaga in Türkiye and Jordan’s Aqaba, with a capacity of up to ...

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Thailand’s EGAT seeks LNG cargo for August delivery – sources

The Electricity Generating Authority of Thailand (EGAT) has issued a tender seeking a cargo of liquefied natural gas (LNG) for delivery in August, said two industry sources on Wednesday. EGAT is seeking the cargo for delivery between Aug. 15-17, and the tender closes on June 14. Source: Reuters (Reporting by Emily Chow; Editing by Kim Coghill)

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Wheat dips after rally as market awaits data

Chicago wheat futures eased on Wednesday after a sharp rebound in the previous session as investors assessed harvest prospects while waiting for U.S. grain and inflation data. Corn and soybeans edged higher, supported by firm crude oil prices. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 1.2% at $6.18-3/4 a bushel by 1030 GMT, after climbing more than 3% on Tuesday. Wheat prices rallied on Tuesday, ending a nine-session slide, after the head of Russia’s grain union said frosts in Russia affected between 15% ...

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Middle East Crude-Benchmarks rise, Murban premium steady

Middle East crude benchmarks Oman, Dubai and Murban continued their winning streak for a fourth consecutive session on Wednesday. Spot premiums for Oman and Dubai recovered to $1 per barrel to Dubai quotes and premium for Murban was stable at $1.03 a barrel. Market participants said prices may have bottomed out after the sell-off triggered by producer group OPEC+ announcement of unwinding of voluntary production cuts in the fourth quarter. Meanwhile, Kuwait has cut the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in July by 40 ...

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US natural gas prices slide 2% after Mountain Valley pipe startup approved

U.S. natural gas futures slid about 2% on Wednesday on expectations the startup of the Mountain Valley Pipeline will soon allow more cheap gas from the Appalachia shale basin to flow to markets. Federal energy regulators approved the startup of the Mountain Valley Pipeline from West Virginia to Virginia late Tuesday. Analysts expect the Mountain Valley startup will allow Appalachian producers to slowly boost output in coming months as other energy firms fix constraints on connecting pipes in Virginia and other states, allowing gas flows on Mountain Valley to reach ...

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France needs clarity around budget strategy after snap election, says ECB’s Villeroy

France needs quick clarity around the budget strategy for the country once a snap parliamentary election is over,Bank of France chief and European Central Bank (ECB) policymakerFrancois Villeroy de Galhau said on Wednesday. French bonds and stocks have underperformed other European markets this week after President Emmanuel Macron called for a snap parliamentary election. Macron’s shock move came after France’s far right pummelled his own party in last weekend’s European election. Macron’s government had been under pressure from ratings agencies, the IMF and the national fiscal watchdog to detail budget ...

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Weekly Tanker Time Charter Estimates, June 12 2024

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Weekly Dry Time Charter Estimates, June 12 2024

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HOT PORT NEWS from GAC

Fort McHenry Channel reopened 12 Jun 2024, Baltimore United States The U.S. Coast Guard Captain of the Port has reopened the Fort McHenry Channel to commercial vessel traffic for 24-hour availability. READ MORE Port activities expected to be suspended 12 Jun 2024, Bahamas Due to deteriorating weather conditions passing Freeport, Grand Bahama Bahamas until 14 June, all port activities are expected to be suspended. READ MORE Anchorage closed due to forecast severe weather 12 Jun 2024, Port Kembla Australia Port Kembla anchorage is closed to shipping today (12 June), due ...

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Weekly Vessel Valuations Report, June 11 2024

Bulkers: S&P Values remained mostly stable this week

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Nigeria’s NNPC signs floating LNG deal with Golar LNG

Nigeria’s state firm NNPC has signed an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta, NNPC said on Tuesday. Nigeria, Africa’s top oil producer, holds the continent’s largest gas reserves of more than 200 million trillion cubic feet and is seeking investments to boost output. NNPC spokesperson Olufemi Soneye said the Project Development Agreement (PDA) will utilise about 500 million standard cubic feet of gas per day, producing LNG, propane and condensate. “The agreement aims to monetize ...

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Descartes Acquires BoxTop Technologies Strengthens Shipment Management Capabilities for Logistics Services Providers

Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, announced that it has acquired BoxTop Technologies Limited (“BoxTop”), a leading provider of shipment management solutions for small- to mid-sized logistics services providers (“LSPs”). Based in the UK, BoxTop helps LSPs digitize their operations and connect to the wider logistics community to manage the lifecycle of shipments. LSPs use the BoxTop platform to manage the secure and efficient movement of goods from quoting through to routing, booking, and final delivery. BoxTop is an existing Descartes partner, leveraging the ...

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