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Hedge funds sell more oil, but balance of risks is shifting

Hedge fund managers sold yet more oil last week as a weaker outlook for the global economy and expectations of a hit to consumption more than offset concerns about sanctions on Iran and Venezuela and other production problems. Hedge funds and other money managers were net sellers of another 96 million barrels of petroleum-related futures and options contracts in the week to June 11, exchange and regulatory data shows. Fund managers have now sold 396 million barrels in the six most important petroleum contracts over the last seven weeks – ...

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European Stocks Waver Ahead of the Fed

European stocks edged lower Wednesday after a positive session in Asia where markets welcomed upbeat comments on trade from President Trump and the prospect of fresh central-bank stimulus for the eurozone. Europe’s equity benchmark, the Stoxx Europe 600, dropped 0.1% in early trade, with regional indexes switching between minor gains and losses. Meanwhile, Chinese equities led regional gains in Asia. By early afternoon, Hong Kong’s benchmark Hang Seng Index rose 2.4% to a one-month high, while the Shanghai Composite was up 2.2%. Other major indexes in Japan, Singapore, South Korea ...

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Dollar near two-week high as investors wait for Fed after dovish ECB

The euro hovered near two-week lows against the dollar on Wednesday as investors waited to see if the U.S. Federal Reserve would follow the lead of the European Central Bank and sound as dovish on future interest rate cuts and stimulus. ECB President Mario Draghi’s about-face on easing on Tuesday fueled talk of a worldwide wave of central bank stimulus, firing up stocks, bonds and commodities, although currency moves were smaller. The Fed is scheduled to release its monetary policy statement at 1800 GMT, followed by a press conference by ...

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Market Not Prepared For More China Tariffs

If the market is up, thank the Federal Reserve. Anyone betting on a further trade truce with China at the G20 Summit next week in Japan will likely be sadly mistaken … again. If the past is any indicator, tariffs on all of China’s exports to the U.S. are going up at some point this year. Nomura Securities made that prediction last week. Meanwhile, trade uncertainty surrounding Mexico, the new Nafta (will it pass, will it not?), tariffs on some European automakers and, of course, the ongoing China trade war ...

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A global ‘shock to markets’ could trigger next financial crisis, warns Roubini

The Federal Reserve is widely expected to strike a dovish chord when it meets this week, clearing the way for a July rate cut — the first in more than a decade — that almost 40% of economists in a Wall Street Journal poll are expecting. While a hawkish Fed no longer looms large over this aging bull market, Nouriel Roubini, NYU economics professor and perhaps the media’s favorite permabear, now says the world “has an even bigger problem on its hands.” In our call of the day, Roubini examines ...

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Tanker Newbuilding Orders Pick Up, While Bulkers Dominate the S&P Market

Newbuilding activity has picked up over the course of the past couple of weeks, while the S&P market has been dominated, mainly, by dry bulk carriers. In its latest weekly report, shipbroker Banchero Costa said that in the newbuilding market, “in the drybulk, a substantial order was placed by Chinese Owners Shandong Shipping for 4 x Newcastlemax around 208,000 dwt at Qingdao Beihai, China. Price is $55.5 mln each (Tier-III, scrubber fitted) and deliveries in 2021. NB contract is supported by 5 years COA with Vale, Brazil. In the tankers, ...

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Concern over trade wars impacts shipping confidence

Confidence in the shipping industry has fallen marginally over the past three months, largely as a result of ongoing concern over trade wars and increased regulation, according to the latest Shipping Confidence Survey. The average confidence level in the three months to May 2019 was 6.1 out of a possible maximum of 10.0. This is slightly down on the figure of 6.2 recorded in February 2019. Confidence was up in Asia, from 5.8 to 6.0, and in North America, from 5.6 to 6.4. In Europe, meanwhile, there was a drop ...

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Citi, Societe Generale, DNB and other leading international banks promote greener global shipping through new principle

Rocky Mountain Institute, Global Maritime Forum and UCL Energy Institute announced that 11 major shipping banks, representing a bank loan portfolio to global shipping of approximately $100 billion will for the first time integrate climate considerations into lending decisions to incentivize maritime shipping’s decarbonization. The Poseidon Principles are a global framework for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios. “As banks, we recognize that our role in the shipping industry enables us to promote responsible environmental stewardship. The Poseidon Principles will not only serve our institutions ...

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Bahamas Flag in 2nd place in Paris MoU Port State Control List

At its 52nd meeting last month, the Paris MoU Committee approved the 2018 inspection results and adopted new performance lists for flags and Recognized Organizations (ROs). These lists will take effect from 1 July 2019. The “White, Grey and Black (WGB) List” presents the full spectrum, from quality flags to flags with a poor performance that are considered high or very high risk. The list is based on the total number of inspections and detentions over a 3-year rolling period for flags with at least 30 inspections in that period. ...

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ICS to Push for Rapid Action on Further CO2 Reduction by International Shipping

2019 AGM Faroe Islands: Representatives of the world’s national shipowners’ associations met last week to review the priorities of the global shipowners’ association, the International Chamber of Shipping (ICS). The ICS Annual General Meeting was overshadowed by the attacks against two oil tankers in the Gulf of Oman and the very serious threat this presents to the lives of seafarers and maritime trade. Action on CO2 Reduction ICS agreed a suite of actions in support of the UN International Maritime Organization (IMO) strategy to decarbonise international shipping in line with ...

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IMO: Maritime Safety Committee (MSC), 101 session, 5-14 June 2019

The MSC adopted the following amendments to the SOLAS Convention and to Codes mandatory under the Convention: -Amendments to the appendix to the annex to the 1974 SOLAS, concerning the addition of a footnote to Forms C, E and P in the Records of Equipment. (Expected entry into force: 1 January 2024) -Amendments to chapter 15 of the International Code for Fire Safety Systems (FSS Code), relating to inert gas systems. (Expected entry into force: 1 January 2024) -Amendments to parts A and A-1 of the International Code of Safety ...

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Intermodal Weekly Market Report Week 24 2019 Broker’s Insight

“We are here for the long run.” This is statement that we hear more and more often these days from shipowners, managers and operators. A few

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Tanker operator Heidmar cautious on new Middle East contracts amid tensions

Tanker pool operator Heidmar is exercising extreme caution towards any new shipping contracts in the Middle East in the backdrop of last week’s attacks on tankers in the Gulf of Oman, the company said in an emailed statement. The company, which manages a global trading fleet of VLCCs, Suezmax tankers and Aframax or LR2 tankers, said it was focused on the safety of its seafarers in the Middle East. This note of caution comes amid growing tensions in the Middle East that have prompted several shipowners to hold back on ...

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Allied’s Weekly Market Report – Week 24 2019

For more than 6 months now, we have repeatedly mentioned the sensational activity being noted by the MR segment in the Sale and

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How digitalization can help to meet IMO2020 regulations

IMO2020 is getting closer and the currently discussed approaches to meet IMO2020 requirements will generate additional pressure to the industry and thus put many shipping and commodity trading companies in a challenging situation. But how can digitalization help to meet and manage the IMO2020 regulations? Digitalization is a core strategic initiative for many companies, but rarely explored when the topic IMO2020 is discussed. However, digitalization can help to address IMO2020 impacts in many ways. With IMO2020 bunker procurement processes will become more complex, additional operational costs will be generated, a ...

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