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The secretary of Iran Coal Association has said the country holds 1.5 billion tons of definite coal reserves which is enough to meet the country’s needs for the next 500 years, IRIB reported on Saturday. According to Saeed Samadi, Iran’s total coal reserves are estimated at 14 billion tons of which 1.5 billion tons are currently discoveries. Samadi put the country’s current annual coal production at 4.5 million tons, noting that the coal concentrate production also stands at 1.8 million tons per year. “Currently, the annual consumption of coal concentrate ...

Egypt’s president has urged Vladimir Putin to renew the deal allowing Ukraine to export grain at a summit the Russian president is hosting. Abdel Fattah al-Sisi said it was “essential” the deal be revived and called for an urgent solution to supply the poorest African countries. Russia quit the deal last week and has since bombed Ukraine’s Black Sea ports. Mr Putin says the West was not keeping its side of the bargain and has offered Russian grain to six African countries. He said Russia would deliver the grain for ...

Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant. Risk appetite in wider financial markets has been fueled by growing expectations that central banks such as the U.S. Federal Reserve and European Central Bank are nearing the end of policy tightening campaigns, boosting the outlook for global growth and energy demand. Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week ...

Chevron Corp said on Friday that its annual production forecast was near the low-end of its previously estimated range. The company last year delivered the highest U.S. production in its history at 1.2 million barrels of oil‑equivalent per day (boepd), while forecasting production to be flat or rise 3% from those levels. For the current quarter, Chevron said it was expectingupstream turnarounds and downtime to reduce production by about 110,000 (boepd). The oil major also expects Permian basin production in the third quarter to be roughly flat before growing again ...

Global money market funds drew big inflows in the week to July 26, as investors were cautious ahead of major central banks’ interest rate decisions and braced for the second-quarter corporate earnings results. According to Refinitiv Lipper data, global money market funds drew investments worth a net $38.74 billion in the week ended July 26, the biggest amount since July 5. The Federal Reserve and European Central Bank raised interest rates earlier this week, while on Friday, the Bank of Japan made its yield curve control policy more flexible, signalling ...

US: Business surveys expected to show a further contraction in manufacturing activity We now have the best part of two months until the next Federal Reserve meeting, with the market seemingly content in the view that we are at or very close to the end of the Fed’s tightening cycle and that recession can be avoided as inflation gradually returns to its 2% target. We remain sceptical, but the upcoming data isn’t likely to shake the market mindset. The July jobs report will be the focus with a figure of ...

Core inflation in the euro zone will come down more slowly than previously thought as wage growth is seen picking up in a tight labour market, a European Central Bank survey showed on Friday. The latest Survey of Professional Forecasters (SPF) was presented to ECB policymakers this week as they decided to raise interest rates for a ninth consecutive time but also signal that the next step was still undecided and a pause was on the cards. The SPF showed that so called core prices, which are closely watched by ...

Taiwan’s export-dependent economy returned to growth in the second quarter, helped by resilient domestic consumption, while exports remained weak as a result of flagging demand for the island’s technology products amid global headwinds. Gross domestic product (GDP) expanded by a preliminary 1.45% in the April-June period versus a year earlier, the statistics agency said on Friday, beating the 0.8% growth forecast in a Reuters poll. Quarter-on-quarter, the economy expanded at a seasonally adjusted annual rate of 7.02%. GDP in the first quarter had fallen 2.87% from a year earlier, with ...

The Baltic Exchange’s main sea freight index rose on Friday and logged its best week in five, helped mostly by a rebound in the capesize segment. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, edged up 13 points to 1,110. It posted a weekly gain of 13.5%. The capesize index rose 29 points, or 1.6%, to 1,830. The index rose 27% this week, its best in five. The capesize index on Wednesday had hit its highest in nearly five months, ...

Iron ore demand from Japan have been steadily falling over the past few years, even before the pandemic and so far, 2023, is proving to be no exception. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been so far a positive year for global iron ore trade. In Jan-Jun 2023, global loadings of iron ore increased by +3.9% y-o-y to 761.0 mln tonnes, from 732.5 in the same period of 2022. It is also just above the 755.1 mln tonnes loaded in Jan-Jun 2021, which was ...

Cargo liquefaction still remains the greatest contributor to loss of life associated with bulk carrier losses while grounding remains the main cause of ship losses, according to the recently published Bulk Carrier Casualty Report 2013-2022 from INTERCARGO. The document was submitted to the International Maritime Organization in May, ahead of the 9th session of its Sub-Committee on Implementation of IMO Instruments (III), which takes place at the IMO from 31st July to 4th August and has a key role in casualty analysis and issuing lessons learned from marine incidents. The ...

Five European industry associations asked the London Metal Exchange (LME) to ignore calls to ban Russian aluminium from its system, they said in a joint statement on Friday, adding that such a move would damage smaller metal users in Europe. Earlier this month, Norwegian producer Norsk Hydro NHY.OL urged the LME to reconsider its decision not to ban Russian aluminium from its warehouse network. In a joint statement, the Federation of Aluminium Consumers in Europe (FACE) and four other groups said any restriction of Russian primary metal supplies would have ...

Costamare Inc. Friday reported unaudited financial results for the second quarter (“Q2 2023”) and six-months ended June 30, 2023. PROFITABILITY AND LIQUIDITY Q2 2023 Net Income available to common stockholders of $63.2 million ($0.52 per share). Q2 2023 Adjusted Net Income available to common stockholders1 of $68.6 million ($0.56 per share). Q2 2023 liquidity of $1,059 million2. SHARE REPURCHASE PROGRAM TO DATE Repurchase of 5,385,492 common shares, for a total consideration of $50.0 million, since the beginning of Q2 2023. Available funds remaining under the share repurchase program of $40.0 ...

The International Monetary Fund’s (IMF) latest World Economic Outlook (WEO) update in July paints a picture of near-term resilience amid persistent challenges for the global economy. Global growth is projected to decelerate from 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024, an improvement of 0.2 percentage point for 2023 compared with previous projections but still below the historical average. Advanced economies have been the main drivers of this decline, with weaker manufacturing and other idiosyncratic factors offsetting stronger services activity. Meanwhile, emerging market and developing economies ...

Swire Shipping, a leading provider of sustainable and innovative shipping and logistics solutions, is pleased to announce the appointment of SSA Terminals as its container terminal operator for the ports of Seattle, Long Beach, and Oakland. The multi-year agreement complements Swire Shipping’s continued investment into the North American market, enhancing the capabilities of its recently acquired Westwood liner trades, as well as those of its US West Coast to Pacific Island trade (formerly known as Polynesia Line) and Sun Chief Express Ocean Service. In particular, the use of SSA’s Terminal ...