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Woodside Petroleum sees the global liquefied natural gas (LNG) market returning to balance from 2025 onwards, following a big glut last year, with demand growing and fewer new projects being approved, Chief Executive Peter Coleman said. “We’ve seen a rebalancing very quickly in the short term,” Coleman told Reuters. “But for the mid- to long term, we’re also now seeing that the market is going to be balanced through that period of 2025 onwards, where previously, 12 months ago, people were predicting that there was going to be a suite ...

European stocks fell on Friday, reversing almost all of its weekly gains after data showed euro zone business activity shrank in January as renewed coronavirus lockdowns to control the pandemic shuttered many businesses. The pan-European STOXX 600 index fell 0.7% and was set to end the week almost flat after gaining earlier on hopes of a massive U.S. stimulus under President Joe Biden. Travel and leisure stocks fell 2%, while other economically sensitive sectors such as automakers, oil & gas and mining shed more than 1.5%. IHS Markit’s flash composite ...

After three straight days of losses, the dollar stabilised on Friday and riskier currencies lost out as the recent equity market rally paused for breath, with business activity data in focus. The dollar had fallen against a basket of currencies for the past three sessions as market optimism about U.S. President Joe Biden’s fiscal stimulus plans prompted traders to seek riskier assets, with the New Zealand and Australian dollar gaining. But that trend paused on Friday as market sentiment pulled back, global shares slipped off record highs and the U.S. ...

The number of Americans filing new applications for unemployment benefits decreased modestly last week as the COVID-19 pandemic tears through the nation, raising the risk that the economy shed jobs for a second straight month in January. Despite the labor market woes, the economy remains anchored by strong manufacturing and housing sectors. Other data on Thursday showed homebuilding and permits for future residential construction surged in December to levels last seen in 2006. Factory activity in the mid-Atlantic region accelerated this month, with manufacturers reporting a boom in new orders. ...

DZ Bank’s decision to terminate and redeem EUR1.4 billion of nominal legacy Tier 1 instruments is likely to be followed by similar actions on legacy capital instruments by other European banks this year, Fitch Ratings says. In the short term, such moves could cause slight fluctuations in Tier 1 capital ratios as banks manage their liability structures. Grandfathered liabilities cease to qualify as eligible capital after end-2021. Germany’s DZ Bank issued the legacy Tier 1 securities via special purpose vehicles (SPVs) between 2003 and 2007. The securities were grandfathered as ...

As of January 22, iron ore inventories across 35 ports tracked by SMM totaled 118.53 million mt, an increase of 410,000 mt from the previous

Pay cuts and salary freezes have become an unfortunate hallmark of the Covid-19 recession. Over seven million employees have seen their wages drop since March, and a great many others have had their pay frozen. But a handful of companies have bucked this trend and increased pay despite the economic crisis. In November, yogurt maker Chobani announced that it was raising its workers’ lowest hourly wage from $13 to $15; the floor was set at $18 in high-cost centers like New York. E-furniture retailer Wayfair followed suit last week with ...

NASDAQ-Adv: 1,258 Dec: 2,003 NYSE-Adv: 1,483 Dec: 2,320(Source: Nasdaq)

The pound was among the risk assets hurt by the recovering dollar on Monday, falling below $1.35 for the first time in 2021, while investors weighed up the risk of the Bank of England introducing negative rates. The pound has fallen against the dollar and euro so far this month, after the last-minute Brexit deal signed in December was quickly overshadowed by tighter lockdown measures to combat the spread of a new variant of COVID-19. Widening U.S. Treasury yields and the expectation of more fiscal stimulus lifted the dollar against ...

Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices. Brent crude futures rose 2 cents to settle at $56.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $53.13 a barrel. Both benchmarks rose over the past two days on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden. Late Wednesday, industry data showed U.S. crude oil inventories rose 2.6 million barrels ...

S&P Global Platts is considering the inclusion of the PIS Pioneer as an additional loading point in the FOB Singapore Marine Fuel 0.5% assessment process from March 29, 2021. PIS Pioneer (IMO 9294563) is operated by Pertamina International Shipping as a floating storage unit at Tanjung Pelepas within Johor Bahru Port Limits in southern Malaysia’s Johor state. There are currently 10 FSUs approved as additional loading points in the Platts FOB Singapore fuel oil and marine fuel assessment process. The standards applicable to approved FSUs require that sellers specifically name ...

The North American Marine Environment Protection Association (NAMEPA) has awarded MSC Mediterranean Shipping Company (MSC) the “Maritime Sustainability Passport” (MSP) Certificate and Seal. The MSP is awarded to companies, organizations and individuals who meet the requirements of the program which encompasses each of NAMEPA’s six Transparency Pillars in its Corporate Social Responsibility/Environmental, Social and Governance metrics. Stefania Lallai, Vice President Sustainability, MSC said: “We are proud to have received this important recognition from NAMEPA. As a global company led by strong values, MSC has a longstanding commitment to sustainability. For ...

Transmar, a wholly-owned subsidiary of IACC Holdings, a leading container shipping company-owned and operated exclusively by Egyptians, has been taking part in promoting trade within the region between Egypt and its most strategic diplomatic and commercial partner like KSA, United Arab of Emirates and Sudan. The company is the leading carrier of containerized cargo in the region and the provider of an unparalleled level of service to businesses across the Middle East, Red Sea, and Arabian Gulf. Transmar plays a vital role in enhancing the reach and role of Egypt ...

The Podium community of sensors and solutions continues to grow with the addition of SOFeXchange. UK-based StratumFive, a leading maritime tech company, and Osiris, a UK based technology start up, have signed an agreement to integrate the advanced port event logging functionality of SOFeXchange with Podium. This development means the superior voyage performance data and analysis available within Podium will include near real time data for port calls. SOFeXchange will connect this data with a wide range of stakeholders and commercial systems increasing the scope and reach of Podium supported ...

Watson Farley & Williams (“WFW”) has advised an enlarged working group of creditors comprising certain French banking groups (the “French Creditors”), ICBC Leasing and Standard Chartered Bank (together, the “Creditors”) on the shipping-related aspects of the debt restructuring of French shipowner BOURBON Maritime (“Bourbon”). The restructuring was extremely complex and challenging, and involved innovative strategies which have not been previously adopted in the maritime sector. During the three years it took to complete the restructuring, the Creditors successfully converted part of their debt into shares in Société Phocéenne de Participations ...