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ENGINE: Americas Bunker Fuel Availability Outlook

Bunker fuel oils are in tight supply in New York, and lead times have gone up after weather disruptions in Zona Comun. Supply of VLSFO, and especially HSFO380, has been tight in New York. Lead times of 5-7 days are recommended to ensure supply in the US East Coast’s biggest port. Fuel oil inventories across the East Coast have been drawn down to their lowest levels in over two years, according to the latest data from the Energy Information Administration (EIA). The US Gulf Coast region’s fuel oil inventories continue ...

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Executive Order 14036 encourages competition compliance for shipping companies

President Joe Biden has issued Executive Order 14036 “Promoting Competition in the American Economy” (“the EO”) which was signed on 9 July 2021. The EO has the goal to promote competition within the U.S. economy to lower prices for families, increase wages for workers, promote innovation and foster economic growth. The EO puts forward 72 initiatives for multiple federal agencies. While it does not establish new requirements, it is a call to action for federal agencies to establish policies in order to address the harmful trends associated with corporate consolidation, ...

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Affinity Tanker Weekly, 24 September 2021

Positive sentiment seems to be lingering in the AG as we have seen WS 39 on subs for MEG/China for early October dates

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Fitch Upgrades ArcelorMittal to ‘BBB-‘; Outlook Stable

Fitch Ratings has upgraded ArcelorMittal S.A.’s (AM) Long-Term Issuer Default Rating (LT IDR) and senior unsecured rating to ‘BBB-‘ from ‘BB+’. The Outlook on the LT IDR is Stable. A full list of rating actions is provided below. The rating upgrade reflects AM’s improved financial profile driven by material absolute debt reduction. The company used cash flow generated during the current cyclical peak in a balanced approach to strengthen its balance sheet, as well as to fund investments and shareholder returns. Rebasing debt at lower levels, together with a streamlined ...

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S. Korea: Shipbuilders have fat order books for 2021

Korea’s three major shipbuilders have surpassed their targets for ship orders this year. Delays in ship orders last year due to Covid-19 pandemic and a rise in demand for marine transport are pushing up orders for new ships. Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) are the three major shipbuilders in Korea. Among the three, SHI was the last to reach its annual target for orders. SHI reported on Sept. 16 that it won orders for container vessels worth 841.2 ...

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VHBS New ConTex Container Ship Time Charter Assessment Index Week 38 2021

Looking at the actual activity within the chartering market, the weeks passed by rather uneventful

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Lifting international travel restrictions will boost U.S. economy -Commerce chief

U.S. Commerce Secretary Gina Raimondo said that the decision by the Biden administration to lift international travel restrictions in early November will be a boost to the U.S. economy, especially for tourist destinations like New York and for business travel. Raimondo said the decision announced Monday to allow fully vaccinated foreign nationals to fly to the United States “is huge. I think it will really be a boost to our economy, it will certainly be a boost to travel, tourism, hospitality.” To address COVID-19 concerns, the U.S. has barred most ...

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Port congestion causing global trade to stagnate

Congestion at major container freight ports this month has disrupted shipping operations and is leading to stagnation in global trade, Kiel Trade Indicator data shows. Overall global trade is expected to remain pegged to its August level, with an indicator value of zero. The same is expected for Germany’s trade, while overall EU exports are not expected to rise from the -0.1 per cent value recorded last month, Kiel Institute for the World Economy, which compiles the trade indicator, said on Tuesday. For the US, the Kiel indicator shows slightly ...

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S. Korea’s KFA buys 60,000 T corn in private deal after passing in tender

The Korea Feed Association (KFA) in South Korea purchased about 60,000 tonnes of animal feed corn in a private deal on Friday after earlier making no purchase in an international tender for 138,000 tonnes, European traders said. It was purchased by the KFA from trading house Olam at an estimated $329.90 a tonne c&f plus a $1.75 a tonne surcharge for additional port unloading. The tender from the KFA on Friday had sought shipment in December. Source: Reuters (Reporting by Michael Hogan)

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First heavy lift with Mammoet’s Terminal Crane in Nigeria

Rising shipping costs have impacted numerous sectors, but they have been felt particularly hard among industries that normally utilize heavy lift vessels. This has made some transportations unviable and also resulted in a growing need for ports with greater crane capacity, as ports now need to be able to perform the offloading of increasingly heavy items from non-geared cargo vessels. Without this capability, entire regions risk losing out on newer, more complex construction projects. Procurement and logistics provider CAB van der Vinne needed to transport a multicat vessel from the ...

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Brazil’s record LNG imports draw U.S. supply away from gas-thirsty Europe

Brazil’s imports of liquefied natural gas (LNG) are set to hit a record in September, data from Refinitiv and consultancy Kpler shows, as U.S. cargoes normally meant for Europe are diverted to the Latin American nation to address a power shortage. The worst drought in almost a century has starved the hydropower plants that normally supply nearly two-thirds of Brazil’s electricity. The country has, as a result, turned to U.S. gas to keep its lights on, with its LNG purchases helping drive global gas prices to record levels. “The strong ...

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India’s Sept edible oil imports seen rising 59% y/y- industry official

India’s edible oil imports in September could jump as much as 59% from a year ago to 1.65 million tonnes as refiners raised purchases after the government slashed import duty ahead of key festivals, the head of an industry body said on Thursday. The world’s biggest edible oil importer could make purchases of as much as 1.4 million tonnes in October, said Atul Chaturvedi, president of the Solvent Extractors Association of India. Source: Reuters (Reporting by Rajendra Jadhav Editing by Mark Potter)

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Freight tech integration enables voyage data flow

Chinsay and Veson Nautical, leading technology companies in the shipping and commodity industries, are announcing today their new strategic collaboration, which will result in the integration of their two systems, ICP.Freight (Intelligent Contract Platform for Freight) and VIP (Veson IMOS Platform). The native connection of the two platforms is significant because it will now allow users to minimise risk by streamlining the contract process, increasing agility and optimising efficiency throughout the entire commercial marine workflow. The integration allows for data to seamlessly flow between the two platforms, enabling clients to ...

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China’s pledge to cut project finance is the ‘new normal’ for coal

Australia and Indonesia, the world’s biggest coal exporters, face an accelerated decline in global demand for their coal shipments after China said it would stop building coal-fired power plants overseas, analysts, environmental groups and industry officials said. Chinese President Xi Jinping announced the move at the United Nations General Assembly on Tuesday, prompting environmental campaigners to predict a direct impact on major coal exporters. Beijing’s pledge is the latest blow for Australian and Indonesian coal miners as more energy systems globally make the shift to renewables, however, the Australian industry ...

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China’s import and export trade value increased year-on-year in August

In August 2021, the Maritime Silk Road Trade Index (STI) released by the Ningbo Shipping Exchange showed that the import and export trade index was 185.45 points,up 4.24% from the previous month and up 28.84% year-on-year; the export trade index was 204.05 points,up 4.12% from the previous month,an increase of 25.10% year-on-year;the import trade index was 166.52 points,up 4.38% month-on-month and up 33.83% year-on-year. From January to June, China total import and export trade value was US$2,781.6 billion,a year-on-year increase of 37.1%.The total export trade value was US$1,519.3 billion,a year-on-year ...

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