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Paris and Tokyo MoU Joint PSC Concentrated Inspection Campaign (CIC) on STCW Compliance (1 Sept – 30 Nov 2022)

Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022. The inspection campaign will be additional to the regular PSC inspections, and its intention is to determine the level of compliance with the relevant provisions of STCW Convention and Code and the applicable safe manning requirements as determined by the Flag State Administration. During this period of three months, the Port State Control Officers (PSCOs) ...

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Freight costs between Santos and Shanghai skyrocket 400% in two years

Sea freight cost between Santos, Brazil and Shanghai, China have risen 400% in two years. The hike was one of the main consequences of the covid-19 pandemic on Brazilian logistics, according to a study by a task force of the National Waterway Transportation Agency (Antaq) released last week According to the agency’s director and task force coordinator, Flávia Takafashi, the leap took place between 2019 and December last year from US$ 2 thousand (R$ 10,326.00) to US$ 10 thousand (R$ 51,630.00) due to logistical bottlenecks, mainly the lack of containers ...

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China’s ports see steady throughput growth in July

China’s ports posted smooth operation in July with steady throughput growths, industrial data showed Thursday. The total throughput of ports monitored by the China Ports & Harbours Association rose 8.4 percent year on year in July, with that for foreign trade climbing 6.3 percent. In July, the container throughput of eight coastal container hub ports increased by 12.7 percent over one year ago. The Shanghai port and the Ningbo-Zhoushan port, two of the country’s largest ports, saw their container throughput up 16.8 percent and 25 percent year on year in ...

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Stronger export margin, slow domestic demand support China’s Aug gasoil outflow jump

Stronger gasoil export margin, and slower than expected domestic demand recovery is likely support China to increase outflow of the barrel to over 1 million mt (240,000 b/d) in August, which can be a one-year high, refinery sources with knowledge about the matter and analysts said on Aug. 4. At the same time, Chinese refineries are likely to cut gasoline exports to as low as 400,000 mt this month from an average of about 930,000 mt in the first half of the year, while jet fuel outflows as the usual ...

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India backs down from coal import targets for utilities, notice shows

India has eased coal import targets for utilities, according to a notice from the power ministry reviewed by Reuters, setting aside a target for them to import 10% of their coal needs and marking yet another reversal in energy policy. State government-run utilities and private power producers should instead decide by themselves how much coal they need to import, according to the notice, which was sent to government officials and private utilities on Aug 1. “It has been decided that now onwards, states/independent power producers and Ministry of Coal may ...

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Wheat gains more ground on strong demand, supply concerns; corn firms

Chicago wheat futures climbed for a second consecutive session on Friday, with strong demand and tight global supplies underpinning the market. Corn rose for a third straight session, while soybeans extended gains on concerns over hot and dry weather in parts of the U.S. Midwest. “Wheat prices are cheap, given the current tight supply situation, and we see strong demand coming from key importers,” said one Singapore-based trader. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.7% at $7.87-3/4 a bushel, as of 0313 ...

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Oil prices rise from multi-month lows on supply concerns

Oil prices rose slightly on Friday, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand. Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81. Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices. The OPEC+ producer group agreed ...

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Pioneer sees $100 oil persisting, amid bump in OPEC+ output

Crude oil prices will continue to climb as demand rebounds and supplies remain tight, the head of one of the largest U.S. shale producers said. Prices will remain at $100 a barrel or more over the next five years, Pioneer Natural Resources Chief Executive Scott Sheffield told investors on a conference call. Pioneer will remain focused in the near term on achieving roughly a 5% production volume growth rate, he added. “I’m still very optimistic that the oil price is going to continue to march forward, with probably more upside ...

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What Is OPEC+? An Overview of Key Members

OPEC+ refers to the 13 members of the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC members. These nations came to an accord towards the end of 2016 “to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.” These nations aim to work together on adjusting crude oil production to bring stability to the oil market. OPEC holds 80.4% of the world’s proven oil reserves, while the set of 11 non-OPEC nations represent 9.7% of proven oil reserves. With 90% ...

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Current oil prices are above preferable levels, OPEC+ member Kazakhstan says

Current oil prices of around $100 per barrel are above the preferable range of $60-80 per barrel, Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan, told reporters. OPEC+ meets on Wednesday amid market expectations for steady or slightly increased oil output. Most member countries are already pumping near capacity and are unable to meet U.S. calls for bigger production to help address soaring prices. “The work is ongoing to make (oil) prices more realistic,” Akchulakov said. “We have always said that the corridor of $60-80 per barrel is a normal ...

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European gas storage on track to meet target but at a cost

European countries are on track to reach a gas storage filling target by the start of this winter, but the cost of replenishing stocks will be over 50 billion euros ($51 billion), 10 times more than the historical average of filling up tanks for winter. European governments had been concerned that Russia’s cut in supplies through its main gas pipeline to Germany would leave countries unable to meet goals to refill storage for winter. They have managed to build up gas storage steadily by curbing demand, switching from gas to ...

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Stocks climb ahead of U.S. jobs data

Asian shares gained on Friday ahead of U.S. jobs data that will give another clue to the health of the world’s largest economy as warning signs flashed in bond markets, and oil traded around its lowest level since the start of the war in Ukraine. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.74%, boosted by index heavyweight TSMC , which jumped 3.2%, regaining ground it had lost earlier in the week due to tensions surrounding U.S. House of Representatives Speaker Nancy Pelosi’s visit to Taiwan. This left the ...

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Dollar edges higher ahead of U.S. jobs data

The U.S. dollar edged higher on Friday, attempting to recoup some losses after its sharpest daily drop in more than two weeks, as traders turned their attention to U.S. jobs data for further clues about the strength of the economy. The U.S. dollar index, which measures the greenback against a basket of currencies, was up 0.21% to 105.92, after sliding 0.68% on Thursday, the largest fall since July 19. It remains around 3% below its mid-July high. Investors await the key U.S. nonfarm payrolls report due at 1230 GMT, which ...

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EUR/USD: Lowering the forecast profile

Consensus has been too bullish We have been pretty bearish on EUR/USD for most of this year, initially on the front-loaded Fed tightening cycle and then on the stagflationary shock generated by Russia’s invasion of Ukraine. And we had always felt that the dollar would probably peak this year given the house view that the Fed would probably end up cutting rates in 2023. Yet with EUR/USD now at the lows of the year, our current end-year forecast of 1.08 paints us as bullish on the EUR/USD. This has been ...

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MMi Daily Iron Ore Index Report August 05 2022

DCE iron ore was was shocked and keep downward all the day.The main contract closed at 780.5,increased of 1.30%. Traders are generally

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