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Yangzijiang Shipbuilding reports higher 1HFY2022 earnings from continuing operations

Yangzijiang Shipbuilding (Holdings) has reported earnings of RMB1.37 billion for its 1HFY2022 ended June 30, down 17% y-o-y. However, earnings from continued operations for the same period was up 32% y-o-y to RMB1.2 billion. Earnings from the company’s financing and investment businesses were largely no longer included following the separate listing of Yangzijiang Financial Holding in April this year. Revenue for the six-month period was up 70% y-o-y to RMB 9.74 billion, as the company rode on a shipbuilding boom and delivered a record number of vessels. The company also ...

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A vessel will arrive at Chornomorsk port for loading for the first time since February

Within the framework of the Initiative on the Safe Transportation of Grain and Foodstuffs, the first vessel is expected to enter the “Chornomorsk” sea port for loading on 6 August. Source: Ministry of Infrastructure of Ukraine, on Facebook “The FULMAR S is the first vessel to enter our sea port for loading since the beginning of the full-scale invasion. The guarantors of the agreement, Turkey and the UN, have confirmed that it is possible for the vessel to enter the port of Chiornomorsk”, according to Oleksandr Kubrakov, the Minister of ...

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Supertankers waiting to load Murban crude after floods shut Fujairah

At least four supertankers are waiting to load Murban crude off Fujairah in the United Arab Emirates a week after floods shut operations at the oil hub, according to trade sources and shipping data on Refinitiv Eikon. Last Thursday, the Abu Dhabi National Oil Company (ADNOC)said it had shut down its operations at Fujairah terminal due to “exceptional rainfall”. The company had said it would divert Fujairah terminal oil lifting to the Jebel Dhanna terminal which can handle Murban shipments. However, supertankers are still waiting off Fujairah and it remains ...

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SAAM Reports Net Income of US$43.5 Million for First Half of 2022

SAAM, a company providing port, towage and logistics services in 14 countries in the Americas, reported net income of US$43.5 million for the first half of 2022, an increase of 19% over the same period last year. Meanwhile, sales and EBITDA for the same period reached US$409.6 million (+15%) and US$139.1 million (+5%), respectively. For the second quarter, net income was US$20.0 million (+5%), sales totaled US$207.4 million (+10%) and EBITDA reached US$68.3 million (-4%). “Our results grew during the quarter thanks to strong performances from our Logistics and Port ...

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India’s Petronet delays plan for 1mtp LNG deal amid high prices

India’s top gas importer Petronet LNG has pushed back plans for a 1 million tonnes per annum (mtpa) liquefied natural gas (LNG) import deal after a surge in global prices, its head of finance Vinod Kumar Mishra said. “If you go for any long term contract it comes at a very high slope, so we are waiting for some time because if prices come down then we can get good price…we are waiting for right environment,” Mishra said during a call with analysts. Petronet is currently negotiation with Qatar for ...

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Ukraine Could Start Exports Of New Wheat Crop Via Ports In September – Official

Ukraine could start exporting wheat from this year’s harvest from its sea ports in September under a landmark deal brokered by Turkey and the United Nations, Ukraine’s first deputy minister of agriculture said on Friday. Ukraine hopes in several months to increase shipments of grain through the route to between 3 million and 3.5 million tonnes per month from 1 million tonnes expected in August, the official, Taras Vysotskiy, said. Such volumes will allow Ukraine to receive enough funds so it does not have to reduce its sowing plans, the ...

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EU wheat eases as Ukraine shipments weigh

Euronext wheat futures edged lower on Friday as news that more vessels are set to export grain from Ukrainian ports under a safe-passage deal tempered concern about global supply. Paris prices were also curbed by a weaker trend in Chicago, reflecting a steep rise in the dollar as stronger than expected U.S. jobs data fuelled expectations of further interest rate rises. December wheat BL2Z2 on Euronext was down 0.5% at 326.50 euros ($331.82) a tonne by 1548 GMT. Wheat prices have between torn between progress in establishing a sea corridor ...

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LME scrap contract reaches all-time daily trading volume high

LME scrap futures contracts saw highest daily volume traded on Aug. 2 on the London Metal Exchange since its launch, while weekly trading volumes reached two-year high. In addition, near term scrap and rebar futures contracts saw strong gains over the week to Aug. 4. Platts assessed the August contract up $14.50/mt to $364.50/mt, according to S&P Global Commodity Insights data. The September contract gained $35.50/mt on the week to $380/mt, while the October contract jumped $38/mt to $377.50/mt. The backwardated structure over the August-September portion of the forward curve ...

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China probes into accusations of coal price gouging

China’s State Administration for Market Regulation has conducted investigations on activities of bidding up coal prices, the administration said Friday. Three investigation teams have been sent to provincial-level regions of Shanxi, Inner Mongolia and Shaanxi, the country’s major coal-producing regions, to advance regulations on coal price gouging. After investigation, a total of 18 coal enterprises were suspected of driving up coal prices, and three trading centers were suspected of not adopting government pricing, the administration said. The administration will continue to strengthen supervision over coal prices and guide the prices ...

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U.S. oil rig count falls by the most since September – Baker Hughes

U.S. energy firms this week cut the number of oil rigs by the most since September as production grows incrementally because energy firms are boosting shareholder returns and facing higher operating costs due to inflationary and supply chain pressures. The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Co BKR.O said in its closely followed report on Friday. Gas rigs rose four to 161, their highest ...

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Global bond funds receive biggest weekly inflow in nine months

Global bond funds obtained their biggest weekly inflow in nine months and purchases in money market funds also surged in the week to Aug. 3, as investors favoured safety due to worries about the risk of global recession. Also, jitters about an escalation in Sino-U.S. tensions over U.S. House of Representatives Speaker Nancy Pelosi’s visit to Taiwan, tempered investors’ appetite towards risky assets. According to Refinitiv Lipper, global bond funds saw net purchases of $14.4 billion, the biggest weekly inflow since Nov. 3. Meanwhile, money market funds also lured $7.03 ...

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Take Five: Inflation still the name of the game

Latest U.S. inflation numbers are in markets’ sight, especially since Federal Reserve policymakers have come out in force to correct any misconception about their determination to slay decades-high inflation with big rate hikes. The fallout from Nancy Pelosi’s high-profile visit to Taiwan will be watched closely, as will Chinese and UK data while Ukraine is hoping for a debt payment freeze from international investors. Here’s your week ahead in markets from Kevin Buckland in Ottawa, Ira Iosebashvili in New York and Andy Bruce, Karin Strohecker, Dhara Ranasinghe and Vincent Flasseur ...

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US jobs market confounds the sceptics with 528k surge

The US labour market continues to confound expectations with another very strong jobs print in July. This time non-farm payrolls rose 528k versus expectations of 250k while there were a net 28k of upward revisions to the previous two months of data. Unlike most activity data, which have typically disappointed over the past few of months, the US payrolls number has beaten the consensus forecast for the third time in a row. More significantly it also means that all the jobs lost during the pandemic have finally been fully recovered ...

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UKMTO Weekly Piracy Report 27 July – 02 August 2022

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

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NYK to Participate in Off-Grid Tidal Energy Demonstration in Singapore

NYK will participate in a tidal energy1 demonstration in off-grid2 areas of Singapore conducted by Bluenergy Solutions.3 Background In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK Group has been taking steps to create new value through green business. In 2019, NYK participated in Singapore’s first tidal power demonstration on the Sentosa Boardwalk, a bridge connecting Singapore Island and Sentosa Island. About the demonstration This is a tidal energy demonstration in an “off-grid” area that is not connected to the power grid. Unlike ...

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