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Launching of WIND OF HOPE in Turkey

Danish wind energy leader Ørsted is set to welcome the latest edition to their burgeoning fleet of pioneering vessels as their new service operations vessel (SOV) was launched this week. The Wind of Hope is a state-of-the-art ship which is being built at Cemre Shipyard in Turkey for vessel owners, Louis Dreyfus Armateurs (LDA).   After the SOV launching ceremony that took place on September 21st, the Wind of Hope is expected to arrive at Ørsted’s east coast operations and maintenance facility at the UK port of Grimsby next year. ...

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Waste collecting floating jetty launched in Norway

PG Flow Solutions and Norwegian greentech start-up Clean Sea Solutions have launched a floating dock in Drammen, Norway, which automatically rinses marinas and harbours for ocean plastic, diesel film and other floating pollutants. The Clean Sea PG Aqua Pod is a flexible, modular floating dock with an ocean waste collection functionality integrated between the dock’s pontoons. Plastic debris from around the pod flows into an internal collection pool through “waterfalls” created by an electric pump, which create a surface skimming effect between the dock’s pontoons. “By integrating the system with ...

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Pipeotech promises 10-year gas-tight performance with world’s tightest, safest and most durable sealing solution

Norway’s Pipeotech has signalled its intention to rewrite the rulebook within the pipe sealing segment by offering a 10-year gas-tight guarantee as standard on its innovative DeltaV-Seal. The move illustrates the company’s faith in the type approved, 100% leak proof gasket, with stringent long-term testing demonstrating it is now firmly established as the world’s tightest, safest and most durable gasket. Total integrity “The DeltaV-Seal is unique, and that means we can promise our global customers unique performance, unique durability and a truly unique guarantee,” explains Pipeotech CEO Henrik Sollie. “For ...

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Cyprus Marine and Maritime Institute sets sail

The Cyprus Marine and Maritime Institute (CMMI) prepares to set sail as it aspires to become the driver behind the island’s sustainable blue growth through knowledge and innovation. Talking to the Financial Mirror, CMMI’s newly appointed CEO Zacharias Siokouros said the institute aims to fill a decades-long void in marine and maritime education, undertaking the task of setting the country’s blue economy on concrete foundations. The Institute which was set up by MaRITeC-X consortium, spearheaded by Larnaca municipality that includes local universities, as well as international maritime institutions. “The CMMI ...

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UAE ranks fourth globally in port infrastructure quality index

The UAE has been placed in the first position among the Arab countries and the fourth globally in the quality of port infrastructure, according to the logistics industry report by Mordor Intelligence. The UAE has maintained its first position at the Arab level in maritime connectivity with world ports in the past three years. Meanwhile, the UAE’s ports have become a regional hub in attracting international investment. The report also highlights the country’s strategic vision to promote sustainable growth in the logistics sector by using technology and innovation. On the ...

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Hamad Port’s Container Terminal 2 initial operation begins in December

The Ministry of Transport and Communications has announced that the initial operation of Hamad Port’s Container Terminal 2 (CT2) is set to begin this December for container handling. The CT2 development consists of four phases. Full operation of Phases 1 and 2 will start before the end of 2022, taking the port’s capacity to 3mn TEUs per year. Phases 3 and 4 will be developed later to raise the port’s operational capacity according to local market’s needs. HE the Minister of Transport and Communications Jassim Seif Ahmed al-Sulaiti said, “Announcing ...

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Limited openings at Erasmus Bridge for tall vessels

On Monday morning, a section of the steel overhead line at Erasmus Bridge came loose during the closing of the bridge leaf. RET has since installed a provisional overhead line for its tram services via this route. From Sunday, 20 September on, the RET contractors will be able to remove this temporary overhead line so vessels can pass underneath the bridge. However, they prefer to do this as little as possible since it is a complicated, time-consuming operation. The planned openings are on: • Monday (1 a.m. to 2 a.m. ...

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India’s August crude imports continue slide as economy stalls

India’s crude oil imports declined in August, albeit at a slower pace, as soaring coronavirus cases continued to hit mobility and slowed economic recovery, government data showed. Crude oil imports last month fell about 23.4% from a year earlier to 15.15 million tonnes, or 3.58 million barrels per day (bpd), data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed. On a monthly basis, imports rose 9.9% from 13.79 million tonnes, or 3.26 bpd in July. Fuel demand in the world’s third-biggest ...

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Commodity Tracker: 4 charts to watch this week

A hike in rhodium prices, South Korean nuclear availability and European power prices are all in the mix in this week’s selection of trends to watch in energy and raw materials markets. 1. Will supply-constrained rhodium see more upside after all-time high? What’s happening? After a period of lower prices in the first and second quarter of 2020 as lockdowns and low automotive production weighed on demand, the rhodium market once again picked up the bullish streak seen early this year. The base price climbed to an all-time high of ...

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Funds’ bullish view in CBOT soybeans approaching 2012 record

Speculators have likely placed record bullish bets for the time of year on Chicago-traded soybeans amid the historic rally in futures, and those bets may be within striking distance of the all-time high set more than eight years ago. In the week ended Sept. 15, money managers boosted their net long position in CBOT soybean futures and options to 191,774 contracts from 173,907 a week earlier, according to data published Friday by the U.S. Commodity Futures Trading Commission. New longs, rather than short covering, continued to drive the bullish view ...

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GRAINS-Corn rebounds on China demand, though improved crop ratings cap gains

* Corn futures rises for 4 of 5 sessions on Chinese demand Chicago corn futures bounced back on Tuesday, after suffering their biggest one-day loss in almost seven weeks in the previous session, as expectations of strong Chinese demand supported prices. Still, improved U.S. crop ratings and harvest pressure kept a lid on prices. “Chinese demand is supportive for prices, but overall there is no shortage of grains in the world at the moment,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. The most-active ...

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DUBAI FUTURES: Spreads rangebound as market looks for fresh cues

The intermonth spreads for benchmark Dubai crude futures were rangebound at noon on Sept. 22 as the market awaited fresh pricing cues. At 0400 GMT (12 pm Singapore time), the October/November timespread was pegged at a contango of 21 cents/b, narrowing 2 cents/b from Sept. 21 Asian close. The November/December timespread was pegged at a contango of 25 cents/b, widening 1 cent/b over the same period, Platts data showed. “It’s been really subdued since yesterday after so much activity last week, am now waiting to see if there are still ...

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Oil rises on expectation demand can survive new lockdowns

Oil prices rose on Tuesday as analysts took the view renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day. Brent crude LCOc1 was up 54 cents, or 1.3%, to $41.98 per barrel at 1033 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 for October, due to expire on Tuesday, rose 63 cents, or 1.6%, to $39.94. The more active November contract was up 45 cents, or 1.1%, to $39.99. Markets were nervous about fuel demand in countries ...

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Oil Traders Remain Wary Amid Crude Oil Prices Bouncing Up

Crude oil prices rallied higher w/w, as the new oil sheriff in town warned over producers and energy speculators, has he specifically targeted short-sellers betting on a drop in crude oil prices. Brent crude rebounded 8.3% last week, to settle at $43.15 a barrel at its most recent trading session. Leading energy experts are now anticipating, Brent crude prices could finish around $49/barrel, as major economics start printing impressive economic data, coupled with the recent development of the Covid-19 vaccine, soothing the nerves of oil traders on the fragile demand ...

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Vitol expects tough second half as oil trading flatlines

After extreme oil volatility that provided traders with bumper profits in the first half of the year, the market is now stuck in a lower gear, fatigued by the realities of COVID-19. Lower overall oil supplies after production cuts implemented by the OPEC+ group of producers, as well as tepid fuel demand, are dampening price movements. “If you look at market liquidity, paper activity, ICE futures volumes or gasoil or jet swaps … everything had a very active Q2, but activity seems to have reduced in Q3,” Russell Hardy, chief ...

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