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IRClass Review of 2020 and Outlook for 2021 – The road to revitalisation

2020 brought about an unprecedented situation in the form of the pandemic. Indian Register of Shipping (IRClass) responded swiftly by taking a pragmatic and practical approach in maintaining its services to its clients during this period of global restriction in population movement to reduce the spread of COVID-19. IRClass Executive Chairman Mr Arun Sharma, as Chairman of the International Association of Classification Societies (IACS), led the organisation’s rapid response to assist the industry during the lockdown period. The first wave of mitigative measures which included maintaining the validity of certificates ...

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THE Alliance announces Transatlantic Service Network adjustments for 2021

In addition to the network adjustments published on 22 December 2020, the members of THE Alliance will also revise their Transatlantic Network for 2021 to offer customers a more stable network to cater for the growing market demand. The setup of THE Alliance’s network has been evaluated and reconfigured to offer a more focused product with further improved reliability while keeping the existing wide range of port coverages. Restructuring of the Transatlantic services’ set up will commence from Q2 of 2021. The rotations of enhanced Transatlantic Service Network of THE ...

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Posco’s LNG-powered bulk carrier successfully finishes first trip

The world’s biggest LNG-powered bulk carrier has successfully returned from its first trip to bring in iron ore to South Korea, the country’s leading steelmaker said. Posco introduced two bulk carriers, dubbed HL Eco and HL Green, in December in line with its efforts to reduce gas emissions in its business operations. According to Posco, HL Green has successfully completed its first trip from Mokpo, South Jeolla Province, to Australia, and brought back 180,000 metric tons of iron ore to its Gwangyang steel plant in Gwangyang in the same province ...

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The First Complete Digital Solution for Seafarer’s Soft & Cognitive Skills Development

Safebridge, one of the maritime industry’s leading EdTech companies, partners with a leading expert in Human Resource Development services, Charakis Research & Consulting Ltd, to deliver the first complete and digital solution for the continuous development of seafarers soft and cognitive skills. The Emergence of the Soft & Cognitive Skills Throughout recent years, various technological advancements, and the seafarer profession’s very demanding nature have contributed greatly to helping organizations recognize and understand that being a successful seafarer requires a unique set of skills. Moreover, the 2020 pandemic brought along the ...

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Saudi Arabia’s crude exports rise to 6.354mln bpd in November

Saudi Arabia’s crude oil exports in November 2020 rose to 6.354 million barrels per day from 6.159 million bpd in October, official data showed. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. Source: Reuters (Reporting by Arpan Varghese and Shreyansi Singh in Bengaluru, editing by Louise Heavens)

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Iraq’s dominance over Indian crude market to be tested if Iran returns

Iraq’s crude exports to India grew nearly double-digits last year, helping it retain the title of India’s top oil supplier in 2020, but it may struggle to attain similar growth in 2021 if the newly appointed US President Joe Biden resurrects the nuclear deal with Tehran, which could potentially see the return of Iranian crude, analysts told S&P Global Platts. With 2020 being the first year when Iranian crude inflows into India dropped to zero, that gave Iraq an opportunity to grab a market share of as high as 25%, ...

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India’s oil imports at near three-year high in December – trade

India’s crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. India’s year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally. December oil imports by India, the world’s third biggest crude importer and consumer, were about 29% more than the previous month and ...

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Chinese Steel Mills Hit By High And Rising Costs

Chinese steel mills are paying exorbitant prices for coking coal, an essential ingredient in the steel making process, but there could be worse to come with a looming disruption to Australian shipments of iron ore, another critical steel-making material. The coking coal issue was identified earlier this month by Argus, a commodity research firm, and confirmed yesterday by Shaw and Partners, an Australian stockbroking firm. The iron ore issue, which could drive the price to a fresh 10-year high of more than $172 a ton, is a weather forecast for ...

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Commodity markets to normalise in 2021

Despite sharp slowdown in economic activity and demand destruction caused by Covid-19, global commodity markets ended 2020 higher than at the start of the year. Rebounding growth leading to higher consumption demand, supply disruptions, rising energy prices, massive liquidity boost, weaker US dollar and La Nina weather phenomenon have all combined to push overall commodity prices (energy, metals and agriculture). Vaccine availability has changed the sentiment from one of gloom to a sense of cautious optimism. China has re-emerged as the most important driver of commodity demand following a revival ...

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Copper’s ascent hindered by doubts about China demand

Copper prices rose on Thursday, helped by a lower dollar and sliding stocks in London Metal Exchange registered warehouses, but gains were capped by expectations that demand growth in top consumer China had for now reached a plateau. Benchmark copper CMCU3 on the LME traded up 0.2% at $8,059.5 a tonne in official rings. Prices of the metal used widely in power and construction touched eight-year highs of $8,238 a tonne earlier this month, up 90% since March when demand slumped due to coronavirus lockdowns. “What happens in China is ...

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Oil down $1 as China COVID-19 cases trigger clampdowns

Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer. Brent crude futures fell $1.09, or 1.9%, to $55.01 a barrel by 1021 GMT, after a 2 cent gain on Thursday. U.S. West Texas Intermediate (WTI) crude futures dropped $1.07 cents, or 2%, to $52.06, a day after slipping 18 cents. “The biggest source of concern for the energy complex right now is rising coronavirus cases in ...

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Iranian sanctions relief under Biden could strain OPEC+ ties: panel

A return of Iranian oil to the market if new US President Joe Biden resurrects the nuclear deal could destabilize crude prices and undermine the OPEC+ alliance, experts said at the Atlantic Council Global Energy Forum. OPEC, Russia and several other allies have instituted deep production cuts to support prices through the coronavirus crisis. But those gains could be wiped out by an increase of up to 1 million b/d of Iranian crude exports this year if sanctions relief is granted, said Carlos Pascual, who was the US State Department’s ...

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OPEC+ compliance with oil cuts at 99% in December, sources say

OPEC+ compliance with oil production cuts in December reached 99%, two sources from the producer group told Reuters on Thursday. The figure is slightly below November’s 101%. Technical and ministerial committee meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia are scheduled to take place in early February. The final compliance figure could change slightly before then, one of the sources said. Source: Reuters (Reporting by Ahmad Ghaddar and Alex Lawler; Editing by David Goodman)

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S&P Global Platts Launches SAF and HVO values in Asia

S&P Global Platts (“Platts”), the leading independent provider of information and benchmark prices for the commodities and energy markets, has launched new sustainable aviation fuel (SAF) and hydrotreated vegetable oil (HVO) price assessments in Southeast Asia effective January 18, 2021. The new assessments will enhance transparency in renewable fuel markets across Asia as the region is set to become a large producer of advanced biofuels. The new Platts Southeast Asia SAF, and Platts Southeast Asia HVO, as well as a Used Cooking Oil price assessment in Asia called UCO North ...

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OPEC closely watching Biden’s approach to Iran, Venezuela sanctions: Algerian minister

Global vaccination campaigns and the resumption of international air traffic will support oil prices within $55-$60/b in the near term, but OPEC will be closely watching for clearer signals from new US President Joe Biden on whether he will ease sanctions on Iran and Venezuela, Algerian Energy Minister Abdelmadjid Attar said Jan. 21. Any sanctions relief could unleash crude volumes that would complicate the producer bloc’s efforts to rebalance the market amid a still fragile global recovery from the coronavirus pandemic. “Right now, that’s the big unknown,” Attar said in ...

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