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MMi Daily Iron Ore Index Report December 01 2020

A total of 101 vessels carrying 14.63 million mt of iron ore arrived at major Chinese ports during November 22-28, SMM estimates.

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Oil prices fall as OPEC+ debates 2021 output policy

Oil edged lower on Monday as the world’s major oil producers discussed extending deep output cuts at talks this week, but benchmark crude ended the month with a strong rally built on hopes that COVID-19 vaccines will soon be available. Brent crude for January delivery, which expires on Monday, settled at $47.59 a barrel, dropping 59 cents, or 1.2%. The more actively traded February Brent contract was down 37 cents at $47.88. U.S. West Texas Intermediate crude for January delivery settled at $45.34 a barrel, down 19 cents, or 0.4%. ...

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MARKET SNAPSHOT FOR 01/12/2020

NASDAQ-Adv: 1,368 Dec: 2,284 NYSE-Adv: 1,245 Dec: 2,747(Source: Nasdaq)

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Dollar recovers from more than two-year low as U.S. stocks slide

The dollar on Monday rebounded from its lowest level in 2-1/2 years, as broad risk sentiment soured again and shares on Wall Street fell, with investors disheartened by weakening U.S. economic data and the absence of any traction on another stimulus package. FILE PHOTO: George Washington is seen with printed medical mask on the one Dollar banknotes in this illustration taken, March 31, 2020. REUTERS/Dado Ruvic/Illustration/File Photo Still, the greenback fell 2.3% in November, its largest monthly percentage loss since July. In contrast, bitcoin on Monday hit an all-time high ...

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MMi Daily Iron Ore Index Report November 30 2020

Despite new anti-pollution procedures enacted in Tangshan and Handan over the weekend, DCE iron ore futures hit a year 2020 high today.

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Persian Gulf-Japan VLGC freight rate surges to 9-month high on robust demand

Very Large Gas Carrier freight rates on the Persian Gulf to Japan voyage surged to the highest level in more than nine months Nov. 26 at $73/mt, underpinned by strong shipping and LPG demand from China, Japan and South Korea during the winter seasonal peak, S&P Global Platts data showed. In addition, tonnage supply has been moderated by heavy dry dock schedules, a Singapore-based market source said. “Freight rates [are] going up because of more shipping demand, and also more ships [are] going into dry dock,” the source said. An ...

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China’s Economic Recovery Bodes Well For Tanker Demand

The tanker market could soon receive some much welcome boost from China’s financial recovery. In its latest weekly report, shipbroker Gibson said that “Chinese crude imports have continued to set new records this year, peaking at 11.7 million b/d in June, with Saudi Arabia the largest exporter of seaborne crude to China. From January to October Chinese crude buyers bought an average of 1.52 million b/d from Saudi Arabia. Such has been the appetite in the country that it has become the key buyer of crude, especially during the COVID-19 ...

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Dry Bulk Market: Capesize Market Bounces Back By the End of the Week

Capesize The Capesize market this week continued its recent range bound sideways drift hitting a low of $11,996 Tuesday on the 5TC, before closing the week out at $12,712. While the Pacific had more of a muted week, the Atlantic basin stepped up its activity with numerous fixtures being heard out of Brazil and, to a lesser extent, the North Atlantic. Meanwhile, Brazil to China voyage rates were seen strengthened, gaining 39 cents to settle the week at $13.815. It is noted that bunker levels have lifted, thus providing underlying ...

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Tankers: VLCC Market Moves to Higher Ground

VLCC Rates climbed slightly. However, with the bunker prices rising about $25/mt, the net result is lower earnings for owners and a deepening of the chasm between income and expenditure. In the Middle East, rates firmed a couple of points to WS28 for 280,000mt to China, while voyages of 270,000mt to USG via the Cape/Cape routing continue to be assessed at WS15/16 level. In the Atlantic, rates for 260,000mt West Africa to China remain rooted at around WS29.5 and rates for 270,000mt US Gulf to China were assessed a marginal ...

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Appalling fate of non-coking coal trade

While imports to the EU will continue to decline, momentum in Asia’s imports will remain intact over the next five-eight years, thereby supporting dry bulk shipping demand. However, increasing consensus on limiting climate change is expected to decelerate coal imports to Asia post-2030, leading to a drop in non-coking coal trade and consequently dampening employment opportunities for dry bulk vessels. Voices against pollution-emitting technology, including coal-based power plants, are getting louder by the day, influencing decisions of both government authorities and private players. Since the power sector is the prime ...

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Ag export equation: Bulk surge, box squeeze, ‘reefer madness’

Good news for America’s beleaguered agriculture exporters: China is buying again. A lot. Bulk-vessel loadings are finally returning to pre-trade-war levels just as President Donald Trump is leaving office. Bad news for exporters: Ag shipments via containers now face a double whammy. First, exporters still don’t have enough containers to get their goods to Asia in a timely fashion. And second, China is once again clamping down on inspections on fears that frozen food carries COVID. More ‘reefer madness’ in China When China intensifies food inspections, inland moves of reefer ...

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Container shortage in Asia pushes up shipping costs

Container shipping rates from China to Southeast Asia are surging due to a shortage of transportation space in the Asian region, the result of an uneven distribution of containers to meet surging shipping demand from Asia to Europe and the U.S. Container shipping rates, including those for Europe and the U.S., are likely to remain at high levels, as it will take some time before the shortage is resolved. As of mid-November, the cost to ship a 20-foot container from Shanghai to Singapore was around $802, up 370% from $170 ...

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The futuristic cargo ship made of wood

In a small, rustic shipyard on the Pacific coast of Costa Rica, a small team is building what they say will be the world’s largest ocean-going clean cargo ship. Ceiba is the first vessel built by Sail Cargo, a company trying to prove that zero-carbon shipping is possible, and commercially viable. Made largely of timber, Ceiba combines both very old and very new technology: sailing masts stand alongside solar panels, a uniquely designed electric engine and batteries. Once on the water, she will be capable of crossing oceans entirely without ...

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Fair treatment of seafarers and the COVID-19 pandemic on Legal Committee’s agenda

The IMO Legal Committee has begun its 107th session, meeting in virtual session (27 and 30 November and 1 December). Important items on its agenda include matters relating to the work of the Legal Committee and the COVID-19 pandemic and related agenda items on fair treatment of seafarers and the abandonment of seafarers. Opening the session, IMO Secretary-General Kitack Lim stressed the need to prioritise the well-being of more than 1.6 million seafarers working on board seagoing ships every day to deliver goods around the world. “As I have repeatedly ...

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Korea’s remedial order on French GTT may aid LNG building by Korean dockyards

Korea’s Fair Trade Commission (KFTC)’s fining 12.52 billion won ($11.32 million) on Gaztransport & Technigaz (GTT) S.A. for abusive commercial practices with local shipyards is expected to remove a major hurdle in LNG building, a key income for Korean dockyards. The antitrust agency found the French company, the world’s largest LNG cargo containment system provider, had forced Korean LNG vessel builders to purchase its technical assistance services in addition to license transactions for LNG cargo containment technology and issued a remedial order. GTT owns core technologies for designing the membrane-type ...

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