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HHLA and EUROGATE make joint declaration on cooperation talks

In light of the current geo-political situation and its unforeseeable impact, the two terminal operators HHLA and EUROGATE have agreed to delay their talks on a cooperation until the general economic conditions have stabilised enough to ensure a successful continuation. The parties involved have agreed not to disclose the results of the negotiations to date. Source: HHLA

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Ukrainian wheat finding its way onto market – Aryzta CEO

Ukrainian wheat is finding its way onto world markets despite the Russian invasion, the head of Swiss baked goods group Aryzta said in a newspaper interview. “At the moment, the quantities of grain are still there, they simply cannot be exported under Ukrainian control. But they find other ways onto the world market. Because grain is money, and money means weapons,” CEO Urs Jordi said in an interview published on Friday by Swiss paper Finanz und Wirtschaft. “When ships can leave the (blockaded Ukrainian) port of Odesa again in a ...

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Exxon signals operating profits could double over the first quarter

Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing. Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the United States. The enormous earnings are likely to ignite new calls for windfall profit taxes. The largest U.S. oil producer projected a sequential increase of about $7.4 billion in operating profits compared with the first quarter. In the first quarter, ...

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Global investors turn sellers in equity funds on recession fears

Global equity funds faced outflows in the week to June 29, as recession fears crept higher, with major central banks looking keen to raise interest rates further to tame soaring inflation. According to Refinitiv Lipper, investors disposed of a net $20.79 billion worth of global bond funds in a fourth straight week of net selling. Fund flows: Global equities, bonds and money market Federal Reserve Chairman Jerome Powell said this week that there was a risk the U.S. central bank’s interest rate hikes could slow the economy too much, but ...

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Recession fears flare and June jobs report looms as jittery markets head into third quarter

Investors are greeting the third quarter with greater trepidation about a recession, and that makes next Friday’s June jobs report a potentially bigger catalyst for markets than it might otherwise have been. The jobs report and Wednesday’s release of minutes from the Federal Reserve’s last interest rate meeting are expected to highlight the four-day, post-holiday week. June’s nonfarm payrolls are expected to have slowed from the 390,000 added in May, but still show solid job growth and a strong labor market. According to Dow Jones, economists expect 250,000 payrolls were ...

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Fed gets newest policymaker, as inflation, recession fears mount

Susan Collins started her job Friday as president of the Federal Reserve Bank of Boston, becoming the first Black woman to lead a regional branch of the U.S. central bank as it faces 40-year-high inflation and mounting fears of recession. Collins will have her first chance to weigh in on monetary policy in just over three weeks, on July 26-27 when she’ll join the Fed’s 17 other policymakers to decide interest rates. They are widely expected to deliver another 75-basis-point rate hike, bringing the Fed’s policy rate to a range ...

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UKMTO Weekly Piracy Report 22 – 28 June 2022

Warnings, advisories and piracy incidents in the Indian Ocean Area by the UKMTO in the past week.

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Voyage Calculations Made Instant

AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals, has recently released a new Smart Calculator to its AXSDry platform. The new tool allows users to run quick voyage calculations against multiple vessels. AXSMarine’s new calculation tool takes essential information for a voyage and returns its results simultaneously for each vessel in a simple grid. The users can input commodity type, quantity and tolerance, load and discharge ports & rates, including bunkering operations, waiting times and DAs, vessel constants, bunker prices, as well as ...

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Windward Launches API Insights Lab Enabling Partners and Customers to Power Their Solutions with Maritime AI™

Windward (LSE: WNWD), the leading Maritime AI™ company, announced today the launch of its API Insights Lab. The Lab enables customers and partners to integrate Windward’s Maritime AI™ directly into internal systems to enhance solutions, processes, and workflows with customized insights to fit their unique needs and risk appetite. The Insights Lab includes the full Maritime AI™ Insights Catalog and the following off-the-shelf API packages: Due Diligence and Compliance, Ocean Freight Visibility (OFV), Homeland Security, and Behavioral Analysis. The APIs utilize advanced GraphQL technology that enables users to integrate them ...

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Hong Kong: Updates for regulations on merchant shipping safety, prevention of pollution and local vessels proposed

The Government proposes to amend eight regulations under the Merchant Shipping (Safety) Ordinance, the Merchant Shipping (Prevention and Control of Pollution) Ordinance and the Merchant Shipping (Local Vessels) Ordinance to incorporate into local legislation the latest requirements under three conventions of the International Maritime Organization (IMO), namely the International Maritime Dangerous Goods Code (IMDG Code), the International Convention for the Prevention of Pollution from Ships and the International Convention on the Control of Harmful Anti-Fouling Systems on Ships. The eight regulations to be amended are the Merchant Shipping (Safety) (Fire ...

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Westwood Shipping Lines Acquisition by Swire Shipping Completed

The acquisition of Westwood Shipping Lines by Swire Shipping was finalized today, following regulatory approvals and completion of standard closing conditions. Swire’s ownership will allow Westwood, an independent niche vessel operator specializing in the trade between the Pacific Northwest and Northeast Asia, to work in partnership with Swire Shipping to better serve its customers, according to Westwood President and CEO Jack Mahoney. Westwood, headquartered in Puyallup, Wash., connects the Japan and Korea markets with ports in Washington state and British Columbia and inland points in the US and Canada through ...

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Maritime Academy of Asia and the Pacific (MAAP) and Kongsberg Digital sign key simulation contract

Kongsberg Digital is pleased to announce the signing of a contract to deliver a range of maritime simulators to the new and extensive Innovation Lab of MAAP in the Philippines. The academy has been a first adopter of new simulation-based training tools for years. Kongsberg Digital’s simulator systems are central to the future-oriented Lab and will augment an already extensive range of K-Sim products, strengthening MAAP’s position as a regional institution of excellence for maritime education and innovation. The agreement which consists of a Long-Term System Support Program (LTSSP), includes ...

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Ocean Yield: Investment in vessels with long-term charters

Ocean Yield AS is pleased to announce that the Company has agreed to purchase two 36,000 cbm liquified ethylene gas carrier (LEG) newbuildings, to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China. The vessels will be built with a specification enabling it to operate with gas as fuel. Delivery of the vessels is expected in 2024 and 2025. Upon delivery, the vessels will commence fifteen-year bareboat charter contracts to a guaranteed subsidiary of Braskem S.A., a leading global petrochemical company listed on the New York Stock Exchange. Braskem S.A. currently ...

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The first Suezmax LNG dual fuelled crude oil tanker delivered in China

The world’s first Suezmax LNG dual fuelled crude oil tanker was delivered in Guangzhou City, south China’s Guangdong Province this week. Suezmax refers to the largest vessel navigable in the Suez Canal, with a deadweight tonnage (dwt) of about 150,000 tonnes. The 158,000-dwt vessel delivered can be powered by both LNG and crude oil. When it is propelled by LNG, the vessel can reduce carbon dioxide emissions by 20 percent, nitrogen oxide emissions by 85 percent, and sulfur and particulate emissions by 99 percent. The vessel’s main engine is supplied ...

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Relentless Record Breaking at Port Houston

The Port Commission of the Port of Houston Authority met Tuesday in its regular monthly meeting and received news of continued record-breaking activity across the public terminals. In his staff report, Executive Director Roger Guenther said business remains strong for the container and general cargo terminals, with 21.6 million tons handled through May. Container activity continues at record levels for the year and is 20% higher through May. “In fact, the 335,866 TEU (twenty-foot equivalent unit) total represents the best month in Port Houston history,” Guenther said. “There are really ...

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