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Bargain-hunting hedge funds boost oil positions

Portfolio investors purchased oil futures and options for the second week running as at least some fund managers concluded that expectations of a recession and a recent sell-off were overdone. Hedge funds and other money managers purchased the equivalent of 31 million barrels in the six most important petroleum futures and options contracts in the week ending on July 19. Buying was heavily weighted towards the initiation of new bullish long positions (+26 million barrels) rather than liquidation of existing bearish shorts (-5 million). It was focused on crude rather ...

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U.S. to sell additional 20 million barrels of oil from strategic reserve

The Biden administration on Tuesday said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previous plan to tap the facility to calm oil prices boosted by Russia’s invasion of Ukraine and as demand recovers from the pandemic. The administration said in late March it would release a record 1 million barrels of per day of oil for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas. The United States has already ...

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Buoyant company earnings lift recession-focused markets

Better-than-expected earnings from a raft of U.S. and European companies helped steady global stock markets on Wednesday, cutting through gloom caused by rising interest rates and the threat of an energy crunch due to Russian gas supply cuts. Ten-year U.S. Treasury bond yields – the reference rate for global cost of capital – held near three-month lows touched on Tuesday, while several bond market recession gauges continued to flash warnings that growth in the world’s largest economy is slowing, if not going into reverse. Bond gains were capped, however, by ...

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IMF cuts global growth forecasts, warns high inflation threatens recession

The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, the IMF said in an update of its World Economic Outlook. It added that world GDP actually contracted in the second quarter due to downturns in China and Russia. The Fund cut its 2023 ...

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PIMCO: What China’s Recovering Supply Chain Means for Global Inflation

Renewed growth in China’s manufacturing activity, coupled with softening developed market demand, should ease some supply-side pressures – but several other inflation risks remain prevalent. After months of COVID-related disruptions, China’s economy looks to be on the path to normalization. In June, new daily coronavirus case counts stabilized in the low hundreds. More people are hopping on planes and trains, intercity highway traffic has rebounded to pre-outbreak levels, and city traffic is congested again. Factory activity in June expanded for the first time since February, as manufacturing hubs emerged from ...

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China’s dwindling population to see negative growth before 2025: Report

China’s dwindling population will touch negative growth by 2025 and may continue to shrink for more than a century, a media report said on Monday, as it highlighted the need for improving the overall quality of the population and changing economic development plans to address the problem. The growth rate of China’s total population has slowed significantly and is expected to enter a negative growth during the current 14th Five-Year Plan period (2021-25), Yang Wenzhuang, head of population and family affairs at the National Health Commission, said at the Annual ...

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Stagflation ahead? Understanding the drivers and economic impacts of higher inflation

Dealing with high inflation is never simple. With stagflation, it’s even more complicated. Stagflation is typically marked by slow economic growth combined with relatively high unemployment and rising prices — think late 1970s and early 1980s. Concerns about stagflation have emerged because high inflation is widespread and growth is slowing in some markets. Spoiler alert: We’re not seeing stagflation yet. Unemployment is low and growth is uneven across sectors and geographies. High inflation erodes the purchasing power of people’s income and wealth, and as that occurs, real spending can decelerate ...

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Can China’s economy avoid a Japan-style stagnation? Here’s what economists think

Several economists expect that China will avoid a Japan-style stagnation — if the right policies take effect. China’s gross domestic product barely grew in the second quarter while Covid lockdowns stifled growth. Those restrictions have eased. But Covid controls remain an uncertain overhang while the country awaits a quarterly gathering of policymakers expected at the end of the month. But even if Covid restrictions ease, China still has untapped growth potential for the next few years, the economists said. For one, the country’s income levels — and theoretically spending — ...

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MMi Daily Iron Ore Index Report July 27 2022

DCE iron ore was was shocked sharply all the day.The main contract closed at 744.5,increased of 2.41%. Traders are actively motivated to

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Banchero Costa Weekly Market Report, Week 29 2022

Global iron ore loadings in the full 12 months of 2021 were up +0.7% y-o-y to 1,555.3 mln t, according to vessels tracking data from

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The World’s First CO2 Capture Plant on Vessel “CC-OCEAN” Project Wins Marine Engineering of the Year 2021

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) has recently received an award “Marine Engineering of the Year 2021” from the Japan Institute of Marine Engineering for the “CC-OCEAN” project, jointly conducted with Mitsubishi Shipbuilding Co., Ltd. (Mitsubishi Shipbuilding) and Nippon Kaiji Kyokai (“ClassNK”) for the verification of CO2 capture plant onboard as part of the “Research and Development for advancing marine resources technologies” (Note 1). The award ceremony was held on 22nd July at the “KAIUN CLUB” in Chiyoda ward, Tokyo in recognition of the world’s first CO2 capture plant on ...

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Iran’s navy prevents pirate attack in Gulf of Aden

An Iranian warship on Saturday prevented an attack by pirates against two oil tankers that it was escorting in the Gulf of Aden, the country’s naval chief said. “Navy commandos were successful in repulsing this morning the attack by pirates against an Iranian commercial convoy in the Gulf of Aden,” said navy commander Admiral Shahram Irani, quoted on Saturday by the official IRNA news agency. “The destroyer Alborz was escorting two oil tankers when they were attacked by five pirate ships,” he said, noting that Iranian shots were fired, forcing ...

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Pacific International Lines is next container line to adopt Hazcheck Detect cargo screening tool for misdeclared and undeclared dangerous goods

NCB Group, the New York based cargo inspection company and leading global provider of transportation software are pleased to announce that Singapore-based Pacific International Lines (PIL) is the fourth shipping line to sign an agreement to adopt Hazcheck Detect, a cargo screening tool that detects misdeclared and undeclared dangerous goods in containerised shipments. Hazcheck Detect screens cargo booking details for keywords and includes an industry library to enable suspicious bookings to be identified that may be misdeclared or undeclared dangerous goods (DG) and other compliance cargo. Booking data is sent ...

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Environmental Sustainabilty – IMCA’s Focus Continues

The International Marine Contractors Association (IMCA) published its Code of Practice for Environmental Sustainability in May 2021. Following research amongst members, focussed working groups are being established to speedily drive forward preparation of guidance on key elements such as the circular economy, supply chain engagement, life below water, and environmental performance factors to enable members to move forward with their organisation’s Environmental Sustainability Performance. The Code, created by the global experts on IMCA’s Environmental Sustainability Committee, sets expectations for the marine contracting industry in managing key environmental and climate topics. ...

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GTT receives an order from Samsung Heavy Industries for the tank design of fourteen new LNG carriers

GTT announces that it has received, at the end of June, an order from its partner the Korean shipyard Samsung Heavy Industries for the tank design of fourteen new LNGCs[1], including twelve vessels on behalf of an American ship-owner, and two on behalf of an Asian ship-owner. As part of this order, GTT will design the tanks of these fourteen vessels, which will offer a cargo capacity of 174,000 m3 each and will be fitted with the Mark III Flex membrane containment system, a technology developed by GTT. Deliveries of ...

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