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Flat steel inventory levels at German stockholders fell in March for the eighth consecutive month on continuing severe material shortage, according German steel stockholder association BDS data seen April 21. At 1.05 million mt, March flat steel stocks fell 2.4% from February and 13.2% year on year, reaching the lowest point since records began 33 years ago, though the BDS highlighted to S&P Global Platts that historical data pre-1990 only applies to the former West Germany. Long steel stocks saw an opposite direction in March, increasing for the third month, ...

Shenhua Watermark Coal said on Wednesday the New South Wales government in Australia agreed to buy out its exploration permit for the Watermark coal project for A$100 million ($77.17 million), reflecting changes in “economic and social circumstances” since the mine’s start. The Australian unit of China Shenhua Energy Co 601088.SS has tried to develop the A$1 billion thermal and semi-soft coking coal mine in the Hunter Valley north of Sydney since 2008. China’s halt to Australian coal shipments and a deteriorating price outlook have eroded the mine’s economics. “While the ...

Genco Shipping & Trading Limited announced that it has entered into an agreement to acquire a 2016-built 64,000 dwt Ultramax vessel constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021. This purchase marks the fourth high specification, fuel-efficient Ultramax vessel that Genco has agreed to acquire since December 2020, further expanding our core Ultramax presence. Genco intends to fund the acquisition from cash on the balance sheet on a low leverage basis in ...

The Seafarers’ Charity awards grants to new online services to support seafarers who have experienced sexual violence, and to help tackle loneliness and suicide. Actioning their new strategic approach, The Seafarers’ Charity awarded a total of £844,760 to 17 organisations in its first meeting of this year’s grant programme. The charity recently launched its strategy ‘Thrive’, which focuses on achieving five strategic outcomes for seafarers [Enhanced financial resilience; Better working lives at sea; Improved Health and Wellbeing; Raised safety standards and practices and increased social justice] and rebranded from Seafarers ...

IMO Secretary-General Kitack Lim and U.S. Coast Guard Commandant Admiral Karl Schultz along with Assistant Commandant Rear Admiral Richard Timme joined ABS Members from around the world to hear how the ABS classed fleet had grown in excess of 270 million gross tons despite the global pandemic, while ABS extended its leadership in digital and decarbonization support for the industry. ABS is the second largest Classification organization globally by gross tonnage. ABS highlighted its ongoing safety leadership, along with superior top-ranked Port State Control performance and a leading global orderbook ...

The United States will join an effort by the International Maritime Organization (IMO) to achieve net zero emissions by 2050 in the global shipping industry, climate envoy John Kerry announced on Tuesday ahead of a climate leaders summit President Joe Biden will host this week. “I want to announce that in support of the global effort to keep us in reach of 1.5 degrees Celsius and in support of global efforts to achieve net zero by no later than 2050, the United States is committing to work with countries in ...

Global bunker trading firm, Glander International Bunkering, is celebrating its 60th anniversary with multiple initiatives and virtual celebrations planned despite Covid-19 restrictions. Founded in 1961 in New York City by Otto Glander and Clifford Mallory Jr, two pioneers and friends in the shipping industry, the company today secures its position as one of the oldest bunker trading companies in the world. CEO of Glander International Bunkering, Carsten Ladekjær, said: “The story of Glander International Bunkering is an example of what passion and persistence infused with a good friendship can do. ...

Global price reporting agency Argus cordially invites you to take part in the Argus Oil Products 2021. CIS and Global Markets international conference, which will be held on 20-21 May. The Argus conference will consider the principal events affecting the development of the domestic and export markets for Russian oil products in 2020 and first half of 2021, as well as assessing the changes that will impact these markets in the near future. Key refiners, trading firms, transportation companies and government agencies will be among those taking part. Now in ...

Russia’s announcement that it will close access to the Kerch Strait which connect the Black Sea and the Sea of Azov has triggered a reaction within the London insurance market. The Joint War Committee of Lloyd’s Market Association has issued an advisory to the London market underwriters about the security situation in Ukraine, following a meeting in the committee on 20 April. In the advisory, Lloyd’s Market Association informs underwriters that after assessing the situation, it considers the position to be poised but not yet critical, despite an increased risk ...

A new report commissioned by WWF-Canada found that in 2019, the 6078 vessels that operated in Canadian waters emitted eight million tons of CO2 — the equivalent of almost two coal-fired plants in one year. They also emitted 150,000 tons of nitrogen oxides, particulate matter, black carbon and sulphur oxides combined. Despite these numbers, Canada has largely overlooked regulating greenhouse gas (GHG) emissions in the shipping industry, waiting instead for the International Maritime Organization (IMO) to set a framework for domestic and international emission reductions — something that has not ...

Another strong week for the capesize period market, driven by iron ore enquiry out of Brazil

DP World, UAE Region in collaboration with the UAE Food & Beverage Manufacturers Group recently hosted ‘The Food & Beverages Manufacturing Industry 2021 Dialogue’ emphasising the significance of the sector to the UAE’s economy. The entity’s recently launched F&B Terminal will act as a catalyst for positive change and development in the F&B manufacturing industry. Saleh Lootah, Chairman, UAE Food & Beverage Manufacturers Group (FBMG), under the auspices of Dubai Chamber of Commerce and Industry, discussed the UAE Food & Beverage Manufacturers Group (FBMG) Annual Report 2020 that highlighted the ...

Four tech start-ups from three countries are leading breakthrough work to transform the ports and logistics sector by piloting projects with Gulftainer. eYard, Morpheus.Network, ThroughPut, and ZaiNar, have emerged as winners of Gulftainer’s Future of Ports 2021, which saw more than 2,000 applicants from over 200 cities vie to create disruptive technology that will reshape the sector. Gulftainer, a leading privately held global port operator, has recently concluded its Future of Ports 2021, a global pitch event offering tech start-ups a platform to showcase how their solutions can create a ...

The Chinese economy largely needs an increase in natural gas supplies from Russia, Chairman of the Board of Directors of Gazprom Viktor Zubkov told TASS on Wednesday, adding that the Russian gas producer is ready to satisfy that ever-growing demand. “Consumption on the Chinese gas market increases every two years by the volume comparable with the whole export capacity of the Power of Siberia, which totals 38 bln cubic meters per year,” he said. “Consequently, we are confident that China needs additional gas deliveries from Russia, and Gazprom is ready ...

BHP Group Ltd on Wednesday reported a near 2% dip in third-quarter iron ore production, but said full-year output is expected to be at the upper end of its forecast. The world’s largest listed miner expects iron ore production at the top end of its 245 million tonnes (Mt) to 255 Mt forecast. Output of the steel-making ingredient from Western Australia on a 100% basis in the three months ended March came in at 66.7 Mt, down from 68 Mt a year earlier. Source: Reuters (Reporting by Anushka Trivedi and ...