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Oil dives, forecast of mild U.S. winter spurs retreat from multi-year highs

Oil tumbled on Thursday as a forecast for a warm U.S. winter put the brakes on a rally that drove prices to a three-year high above $86 a barrel early in the session on tight supply and a global energy crunch. Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration released Thursday morning. “The report, indicating drier and warmer conditions across the southern and eastern U.S., is putting pressure on the complex,” said Bob Yawger, director ...

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STOCK MARKET SNAPSHOT FOR 22/10/2021

NASDAQ-Adv: 2,261 Dec: 2,267 NYSE-Adv: 1,826 Dec: 2,229(Source: Nasdaq)

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Supply chain issues could ‘last until the early parts of 2023,’ shipping analyst explains

A shipping expert believes that the supply chain crisis may last well into 2023 given how global trade has been reshuffled to meet surging American demand. “We expect… strained supply chains to last until the early parts of 2023,” Peter Sand, chief shipping analyst at Copenhagen-based BIMCO, a shipping trade group, told Yahoo Finance Live (video above). “We are basically seeing a global all-but-breakdown of the supply chains from from end-to-end.” In Sand’s view, the “spectacular recovery” in U.S. consumer demand the past 15 to 18 months has “completely biased ...

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Joint development agreement signed between I-Tech and IFF

I-Tech AB, developers of the antifouling technology, Selektope®, has signed a joint development agreement with IFF Microbial Control, providers of SEA-NINE™ 211N, and developers of the new SEA-NINE™ ULTRA marine antifouling agent technology. The two entities seek to explore technical opportunities by combining their respective technologies, which together can offer high performance, sustainable and regulatory compliant solutions against the wide spectrum of marine fouling species. Selektope® offers a novel approach to repel hard fouling organisms efficiently from a submerged surface, while IFF’s SEA-NINE™ platform offers efficient protection against soft fouling ...

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BSNL Receives License To Operate Inmarsat’s World-Leading Global Xpress Satellite Communications Services In India

Inmarsat, the world leader in global, mobile satellite communications, today confirmed that its strategic partner BSNL has received the necessary licenses to deliver Inmarsat’s world-leading Global Xpress (GX) mobile broadband services in India. Under BSNL’s Inflight and Maritime Connectivity (IFMC) licence from the Department of Telecommunications, GX will be available to Indian customers across government, aviation and maritime. The announcement means that India’s airlines will be able to deploy GX for in-flight connectivity within India and throughout the world, while India’s commercial maritime companies will be able to enhance significantly ...

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Shipping on Northern Sea Route has course for 35 million tons in 2021

In what appears as a mission impossible, President Vladimir Putin has requested that shipments on the Northern Sea Route reach 80 million tons already by year 2024. Figures from the Russian Federal Agency for Maritime and River Transport show that shipping volumes on the route in the first 9,5 months of 2021 increased by 4,5 percent compared with the same period in 2020. If that growth continues through the year, volumes are likely to reach almost 35 million tons, up from 32,97 million in 2020. That means that shippers will ...

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Mintra extends Asia maritime footprint with partnership agreement with The Work Shop

Mintra, a leading supplier of digital learning and human capital management (HCM) software to safety-critical industries, plans to further expand its presence in Asia after appointing Singapore-based The Work Shop Pte Ltd to support its maritime sales strategy in the region. The Work Shop is a specialist maritime training and engineering consultancy founded by three mariners who share decades of industry experience. Headed up by director Adrian Piu – a highly respected figure in southeast Asia’s maritime community – the company will act as a local partner on an exclusive ...

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Celsius Tankers Confirms Orders For 4 X 180,000 Cbm Ultra-Eco Lng Carriers From Samsung Heavy Industries

In line with strategy, Celsius Tankers has ordered a new series of LNG Carriers to support the growth of Celsius Tankers modern LNG fleet. Celsius Tankers is committed to push boundaries for available design improvements on any new building, in order to reduce environmental impact. The vessels’ highly efficient design minimizes CO2 emissions and methane slip from operations via installation of air lubrication, optimization of hull shape and use of the best available paint system to reduce the vessels’ friction in water. The vessels will be built to Lloyds’ Register ...

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NYK and Japan Marine Science to Introduce and Promote New Mooring System to Japan Ports together with Trelleborg Marine Systems

NYK and NYK Group company Japan Marine Science Inc. (JMS) have concluded a consulting contract with Trelleborg Marine Systems (TMS), a group company of the Swedish polymer manufacturer Trelleborg AB, to introduce and promote to Japan ports mainly servicing bulk carriers the new mooring system DynaMoor, which enables ships to be moored at the port more safely. Vessels are usually moored at ports by connecting the mooring line from the ship to the bit installed on the pier, but vessels often do not stay completely still during the mooring process ...

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DP World: From containers to e-commerce, how it helps economies grow and nations prosper

DP World sure knows how to connect the dots on the world map. And it sure knows all that there is to know when shifting shipping containers from one part of the world to another. From its modest start in 1972, with just one port, Mina Rashid in Dubai, DP World Ltd has become one of world’s largest port operators today. And it’s not resting on its laurels. Going forward, it wants to port its success with global logistics to e-commerce deliveries — and in its own unique way. That’s ...

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IFC and EBRD to Help Modernize Chornomorsk Port, Boosting Ukraine’s Trade Competitiveness

Private sector-led investment and modernization of Chornomorsk port, one of the largest in the Black Sea region, can increase Ukraine’s import and export capacity, and boost the country’s trade competitiveness and economic growth. In response, IFC and the European Bank for Reconstruction and Development (EBRD), in partnership with the Global Infrastructure Facility (GIF), will support the Ministry of Infrastructure and the Ukrainian Sea Ports Authority in structuring and tendering a public-private partnership (PPP) to modernize the Chornomorsk port. IFC and the EBRD will help the government prepare a comprehensive contractual ...

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Tohoku Electric buys six LNG cargoes from BP in short-term deal

Japan’s Tohoku Electric Power has signed a contract with BP BP.L for six cargoes of liquefied natural gas (LNG), two trading sources told Reuters, avoiding paying record high prices on the spot market for short-term supplies. The cargoes will be delivered in the first half of next year and are priced at 20% of Brent crude, the sources said, translating to about $17 per million British thermal units (mmBtu) at current prices. That is less than half the prevailing spot price in Asia of $38.50/mmBtu LNG-AS, a record high as ...

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South Korea, Japan refiners chase competitive Iraqi crude amid higher runs, winter demand

South Korean and Japanese refiners are increasingly attracted to Iraqi crude oil as official selling prices for Basrah crudes fell to steep discounts against other Persian Gulf grades, prompting the Northeast Asian end-users to pick up additional Iraqi barrels to cater to their rising refinery run rates and winter fuel requirements. Iraq’s State Oil Marketing Organization, or SOMO, cut November official selling price differentials by 40-50 cents/b across its Asia-bound Basrah crude grades. The cuts were on on top of the $1.20-$1.50/b reduction in OSPs announced over August-September. As a ...

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Seoul reviews zero tariff on LNG imports for next year

The South Korean government mulls temporarily exempting duties on imports of liquefied natural gas (LNG) next year to curb rises in prices in the fuel in greater demand for power generation for carbon emission control and inflationary pressure from strong international prices. According to government sources on Tuesday, the Ministry of Trade, Industry and Energy recently recommended zero tariff on LNG imports in 2022. The Ministry of Economy and Finance around this time of the year receives survey on list of commodities for one-year tariff quota, temporary favorable duties on ...

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Energy crunch hits global recovery as winter approaches: Report

Power shortages are turning out streetlights and shutting down factories in China. The poor in Brazil are choosing between paying for food or electricity. German corn and wheat farmers can’t find fertiliser, made using natural gas. And fears are rising that Europe will have to ration electricity if it’s a cold winter. The world is gripped by an energy crunch — a fierce squeeze on some of the key markets for natural gas, oil and other fuels that keep the global economy running and the lights and heat on in ...

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