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Is global inflation nearing a peak?

Calling the top of the current wave of inflation has been a painful exercise for economists and central bankers, who have been proven wrong time and again over the past year. But data on Wednesday, which showed that some measures of inflation had cooled in the world’s two largest economies, was likely to rekindle a debate about whether the worst might be over after a year of torrid price growth. U.S. consumer prices did not rise in July from the month before due to a sharp drop in the cost ...

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Slowing demand in the U.S., Europe and China could hurt Asian exporters, HSBC says

Asian exporters will face significant challenges as demand from major markets like the U.S., Europe and China slow down in the coming months, according to the chief Asia economist of HSBC. Manufacturers in Europe are already pulling back quite significantly, namely in Germany, Frederic Neumann told CNBC’s “Squawk Box Asia” on Monday. “Remember that Europe is a major export market for Asian exporters,” the economist pointed out. “We also expect essentially a decline in shipments coming through the second half of the year, which complements the pivot in U.S. spending ...

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Inflation has risen so fast it’s even surprised central banks. Can they do anything to bring it down?

Central banks in major economies expected as recently as a few months ago that they could tighten monetary policy very gradually. Inflation seemed to be driven by an unusual mix of supply shocks associated with the pandemic and later Russia’s invasion of Ukraine, and it was expected to decline rapidly once these pressures eased. Now, with inflation climbing to multi-decade highs and price pressures broadening to housing and other services, central banks recognize the need to move more urgently to avoid an unmooring of inflation expectations and damaging their credibility. ...

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China: New demand may boost future exports

China’s exports are expected to become more resilient as demand from emerging markets such as the Association of Southeast Asian Nations and India expands rapidly, experts said on Monday after reviewing official data that Customs released on Sunday. Data showed exports to emerging markets in the first seven months of the year grew strongly though the global economy is cooling. “The fast growth in exports to emerging markets reflects the improving economic and trade ties between China and those economies, and the momentum is expected to continue,” said Bai Ming, ...

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MAN Energy Solutions Signs MoU with Stena and Proman

MAN Energy Solutions has signed a Memorandum of Understanding (MoU) with Stena Teknik – Stena’s inhouse R&D division – and Proman – the world’s second largest methanol producer – regarding their mutual cooperation on a project to retrofit MAN 48/60 engines to make them capable of dual-fuel, diesel and methanol operation. Stena and Proman announced their partnership to develop a methanol retrofit and fuel-supply solution last year. Stefan Eefting, Head of PrimeServ Germany, and Bernd Siebert, Head of Retrofit & Upgrades, signed the MoU on behalf of MAN Energy Solutions, ...

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Louis Dreyfus Armateurs and Tidal Transit Limited deliver to GE Renewable Energy the Inno’vent Crew Transfer Vessel (CTV)

As the installation of the wind turbines on the Saint-Nazaire offshore wind farm is underway, Louis Dreyfus Armateurs and Tidal Transit Limited are pleased to announce the delivery to GE Renewable Energy of Inno’vent, the first Crew Transfer Vessel (CTV) dedicated to the transfer of technicians and their equipment between the coast and the wind farm for turbine maintenance. Louis Dreyfus Armateurs paid particular attention to the choice of local partners and ensured that the most virtuous solutions were implemented. The innovative design of this new unit was created by ...

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Japanese shipping giant to take part in tidal power project planned for Singapore

Japanese shipping giant Nippon Yusen Kaisha is to take part in a tidal power project planned for Singapore, as the emerging marine energy sector gains traction. The demonstration project, run by Singapore-owned Bluenergy Solutions, is focused on the development of off-grid tidal power systems. The hope is that they could one day replace diesel generators. The scheme will see three-bladed turbines — parts of which bear a resemblance to the ones used on wind farms — deployed underwater. NYK said it would be working on three areas as part of ...

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MOL Signs Deal to Build 2nd Bulk Carrier Equipped with ‘Wind Challenger’ Hard Sail System – Reducing Environmental Impact by Using Wind as Vessel’s Propulsive Force

Mitsui O.S.K. Lines, Ltd. announced its intent to equip a second bulk carrier with the “Wind Challenger” (Note 1) hard sail system, which harnesses the power of wind to propel the vessel. MOL Group company MOL Drybulk Ltd. (President: Kazuhiko Kikuchi; Headquarters: Minato-ku, Tokyo) will operate the vessel, which will transport wood pellets for Enviva Inc. (Enviva) (Note 2), the world’s leading producer of sustainable wood bioenergy, and has signed a construction contract for the new ship with Oshima Shipbuilding Co., Ltd. (President: Eiichi Hiraga; Headquarters: Saikai-shi, Nagasaki Prefecture). The ...

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Art therapy brings relief to the children of Ukrainian seafarers

Olena Zelenska, Ukraine’s First Lady, has highlighted the plight of Ukraine’s children to the world at large during an interview with NBC while in the USA appealing for more weapons. It’s an issue that has also been concerning Charles Watkins, CEO and Founder of Mental Health Support Solutions (MHSS) which was set up to provide a range of support services specifically to the maritime sector. “For parents there is nothing more critical than knowing that their families, particularly their children, are safe and happy, so supporting children is a vital ...

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Roll risk estimator for container vessels – MARIN TopTier project

The International Group of P&I Clubs is a member of the Maritime Research Institute of the Netherlands (MARIN) Top Tier project. The project has been established to examine and assess the causes of container losses arising from at-sea incidents onboard various sizes of container ships with a particular focus on ultra large ships. The project has been approved by a cross section of industry, academic and government interests and MARIN will produce a report of its findings including recommendations in due course. It is envisaged that the recommendations will eventually ...

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Wilson Sons reports revenues of R$1.1 billion in the first half of the year, a 5% increase, and net profit of R$160 million

Wilson Sons registered net revenues of R$539.6 million (US$109.6 million) in the second quarter of 2022 (2Q22), up 6% against the 2021 comparative. In the first six months of the year (6M22), revenues totalled R$1.1 billion (US$211,0 million), a 5% increase year-over-year. The company, listed on the Novo Mercado segment under ticker symbol PORT3, released its financial results this Wednesday, August 10, at the close of trading session on the Brazilian stock exchange B3 S.A. – Brasil, Bolsa, Balcão (B3). The company’s robust performance in the quarter was driven by ...

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Aqaba Container Terminal embarks on path to net-zero emissions

The Aqaba Container Terminal on Tuesday launched its strategy to eliminate carbon emissions and reach net-zero emissions by 2040, the Jordan News Agency, Petra, reported. The strategy comes as a reflection of the company’s commitment to reduce greenhouse gas emissions between 2020 and 2030, to reduce total emissions by 70 per cent by 2030 and reach net-zero emissions by 2040. The Aqaba Container Terminal allocated investments worth more than $50 million to support projects to eliminate carbon emissions over the next 20 years, in order to achieve its environmental vision. ...

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Bintulu Port seen to sustain earnings rise

Bintulu Port Holdings Bhd (BPHB) is projected to sustain growth in earnings on the back of its liquified natural gas (LNG) business, profits from its subsidiary – Samalaju Industrial Port Sdn Bhd – and its crude palm oil (CPO) bulking services in Sarawak. Kenanga Research said the marine cargo handling company’s earnings are underpinned by a long-term PETRONAS supply contract and support from industrial investors. It was also noted that the group had government-linked shareholdings support as an inter-connected port operator. In a report yesterday, Kenanga stated the group was ...

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Philippines releases Sugar Order No. 4 for 300,000 mt of imports

The Philippine’s Sugar Regulatory Administration released on its website on Aug. 9 Sugar Order No. 4 for 300,000 mt of raw and refined sugar imports, as seen by S&P Global Commodity Insights Aug. 10. This is the country’s second sugar import program for crop year 2021-2022 (September-August). The SRA has projected that by Aug. 31, the country’s raw and refined sugar stocks will stand at negative 35,231 mt and negative 20.748.65 mt, respectively. Tightening supply caused wholesale sugar prices to spike, prompting the SRA to identify the need for a ...

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Russia may allow rapeseed exports from its region close to Asia

Russia’s agriculture ministry has proposed to the government that rapeseed exports be allowed from the country’s far east, which borders several Asian countries, and from its Baltic exclave Kaliningrad. The exports could be allowed for one year starting from Sept. 1, the ministry said in the proposal which was published on Wednesday on the government website for drafts of orders. Russia produced 2.8 million tonnes of rapeseed in 2021. It banned exports of the commodity from April 1 to Aug. 31 to protect domestic supply for rapeseed oil producers. Source: ...

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