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As a result of market research conducted at Azerbaijan Caspian Shipping Company CJSC (ASCO), the Capital Maritime and Trading Corp shipping company has added a new Aframax tanker with unlimited sailing capabilities to its fleet. Azernews reports that ASCO and Capital Maritime and Trading Corp representatives signed the relevant documents for the tanker delivery. The new tanker has a carrying capacity (deadweight) of 115,500 tons. It measures 249.95 meters in length, 44 meters in width, and 21.2 meters in height. With a speed of 16 knots, it was built to ...

As part of its mission to achieve net zero emissions by 2050, the Ministry of Transport, Communications, and Information Technology (MTCIT) has decided to establish yards for recycling and dismantling of ships using advanced green technologies. Ship breaking, also known as ship recycling, ship demolition, or ship dismantling, involves breaking up ships to extract reusable parts or raw materials, primarily scrap metal. These facilities will align with modern sustainability standards, supporting Oman’s environmental goals. Mahna Musa bin Baqer, Director General of Ports at the MTCIT, said that the ministry oversees ...

Global trade is the lifeblood of modern economies, but the logistics that underpin it often leave a hefty environmental and social footprint. This is especially true in emerging markets, where infrastructure gaps, socio-economic challenges, and environmental vulnerabilities collide. DP World, however, is on a mission to change this reality. Armed with an ambitious sustainability strategy and a recent Sustainable Development Impact Disclosure (SDID), we are setting new benchmarks for sustainable logistics across regions like South America, Central America, and the Caribbean. Why does this matter? Because these regions are not ...

Afghanistan became the largest importer of Russian flour last year as it doubled purchases, Russia’s state agricultural export agency, Agroexport, said. Afghanistan imports flour as it does not have enough production capacity to fully meet domestic demand. The increase in imports came as Russia sought to foster ties with Afghanistan’s Taliban rulers. Last month, Moscow moved a step closer towards recognising the Taliban government, with Russia’s parliament voting in favour of a law that would make it possible to remove the movement from a list of banned terrorist organisations. Agroexport, ...

Copper production from Chile’s state-run miner Codelco, the world’s largest producer of the metal, jumped nearly 17% in November, helping to boost overall output of the metal in the mineral-rich nation by some 10%, data from copper commission Cochilco showed on Friday. Production at BHP’s Escondida mine, the world’s largest copper mine, grew 27.6% to 108,200 tons, while Collahuasi, another major copper mine jointly run by Glencore and Anglo American, fell 23.5% to 36,700 tons. Cochilco data showed that Codelco production totaled 133,600 metric tons in November, up 16.9% from ...

Diesel demand in Brazil is expected to increase by the end of February after a flurry of pressured sales in 2024, supported by the soybean harvest and the refinery maintenance season. This could result in spot deals on an FCA basis remaining rare during January. Diesel had a downturn in demand seen more pronouncedly in November, when retail sales fell 11.42% on the month to 5.52 million cu m, data from the National Petroleum Agency, or ANP, showed. That volume was already the lowest in 2024 since 5.4 million cu ...

Global markets face a choppy ride ahead of U.S. inauguration day on Jan. 20, with Britain and the U.S. releasing key inflation data, China publishing growth numbers while earnings on Wall Street and IPOs in Europe get underway. A selloff in global markets is also unnerving investors, with British markets at the centre of the storm. Here’s what is in store for world markets in the coming week from Kevin Buckland in Tokyo, Saeed Ahmed and Lewis (JO:) Krauskopf in New York and Anousha Sakoui and Naomi Rovnick in London. ...

Just as Britain and the United States come under pressure from investors worried about growing debt and sticky inflation, the euro zone seems to be largely escaping the market’s wrath — even if the reasons behind that calm are not all pleasant. The UK and U.S. governments have seen their 10-year bond yields, an indication of how much it costs them to borrow, rise by 100 basis points since September as investors fret about the fiscal plans of Britain’s Labour government and Donald Trump’s incoming U.S. administration. Germany, the euro ...

Top Wall-Street brokerages revised their Fed rate cut forecasts, after a blow-out U.S. jobs report on Friday, with BofA Global Research forecasting a potential rate hike from the central bank. “We think the cutting cycle is over … Our base case has the Fed on an extended hold. But we think the risks for the next move are skewed toward a hike,” BofA analysts said in a note. Data on Friday showed, Nonfarm payrolls increased by 256,000 jobs last month, the most since March, and data for October and November ...

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the U.S. and China, according to a United Nations report. The World Economic Situation and Prospects report said that “positive but somewhat slower growth forecasts for China and the United States” will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia. “Despite continued expansion, the global economy is projected to grow at a slower ...

President-elect Donald Trump’s legislative agenda faces roadblocks before he even takes office. Despite his Republican Party controlling all branches of the federal government, resolving a once-in-a-decade fight over the tax code as well as immigration and energy policy overhauls is troubled by arcane budget rules, congressional dysfunction and jittery government debt markets. That risk became clearer on Wednesday, when long-term Treasury yields spiked to 5%. A bungled legislative approach could further spook markets, dooming Republicans’ plans. Trump will meet with his party this week to hash out legislative strategy, including ...

U.S. consumers expect inflation to increase over the next 12 months and beyond, likely reflecting concerns that broad tariffs on imports pledged by President-elect Donald Trump’s incoming administration could raise prices for households. The University of Michigan’s survey showed consumers’ one-year inflation expectations jumped to 3.3% in January, the highest level since May, from 2.8% in December. That raised the 12-month inflation expectations above the 2.3%-3.0% range seen in the two years prior to the COVID-19 pandemic. Long-run inflation expectations soared to 3.3%, the highest level since June 2008, from ...

At a glance • The ‘empowerment line’ measures progress toward a world where everyone’s essential needs are met. About 40 percent of the global population lives above the empowerment line—they can afford a standard basket of essential goods and services and begin to save. The rest live below the line, mostly in lower- and middle-income economies where GDP growth is the main driver of empowerment. At higher GDP levels, income inequality and the cost of essentials become increasingly important barriers to empowerment. • Different populations face different combinations of empowerment ...

The Chinese government has expanded a list of products that people can trade in to get a discount of as much as 20% on new goods as the country tries to boost its flagging economy. The list now includes items like microwave ovens, dishwashers, rice cookers and water purifiers. State-backed trade-in schemes already covered televisions, phones, tablets and smart watches as well as electric and hybrid vehicles. The world’s second largest economy has been facing several challenges, including weak consumer demand and a deepening property crisis. On Wednesday, officials said ...

US jobs confirm a January Fed hold The US jobs report shows payrolls rose 256k in December versus the 165k consensus figure. Revisions to the past two months were -8k. The unemployment rate has fallen to 4.1% from 4.2% – the consensus was for it to hold at 4.2% with the risk skewed towards a 4.3% outcome. Wage growth was 0.3% month-on-month with the year-on-year rate slowing to 3.9% from 4%. All of this provides clear backing for a no change interest rate decision from the Federal Reserve later this ...