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Concordia Maritime: Interim report, 1 January-30 June 2019

Q2 weaker than Q1 – but continued belief in an autumn market turnaround Developments during the second quarter were largely as we expected – namely, weak but still stronger than the corresponding quarter the previous year. Among the reasons were OPEC’s production cuts, extended seasonal maintenance of refineries prior to IMO 2020 and extensive deliveries of new vessels. The increased number of vessel deliveries is largely due to delays. The vessels should actually have been delivered in the first quarter but came into service in spring instead. Normal refinery maintenance ...

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APM Terminals Poti to implement uninterrupted 24/7 operations

APM Terminals Poti has commenced the implementation of uninterrupted 24/7 operations to maximise berth utilisation, increase efficiency and speed up vessel handling. The implementation of a flexible workforce management solution will take place in two phases. Phase one will apply to single berth occupancy. The workforce currently allocated to the free berth will be assigned to the operational berth to cover break times and support a smooth and uninterrupted workflow. The second phase, which will apply when both berths are occupied, is expected to be fully implemented in Q4 2019. ...

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New Container Port Favoured For Perth

A shortlist of five port and supply chain options to manage Perth’s long-term freight requirements has been released with all options proposing a new container port. The Government of Western Australia said the assessments of the independent Westport Taskforce ranked 25 different options featuring the ports at Fremantle, Bunbury and Kwinana against each other. Three shortlisted options feature container operations – all of which are currently managed at Fremantle – being moved to a new port in Kwinana Outer Harbour. Two further options propose sharing the container-handling task between Fremantle ...

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China’s Shenzhen Gas to launch new LNG terminal with cargo from ENI

Chinese city-gas distributor Shenzhen Gas will launch next week in southern China its first fully-owned terminal to import liquefied natural gas (LNG), a company executive told Reuters on Friday. This will make Shenzhen Gas the second city gas distributor backed by a local government that owns an LNG import facility. The first was Shenergy Group, which opened an LNG import terminal in Shanghai in 2008. Most of China’s import terminals are owned by the dominant state-run oil and gas companies like China National Offshore Oil Corp (CNOOC) [SASACY.UL] and PetroChina. ...

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Analysis: IMO 2020 challenging wheat trade flows in Southeast Asia

A change in trading patterns emerged in the wheat market this year as long-haul freight rates got a boost ahead of IMO 2020, which kicks off at the start of 2020. Typically, with harvest pressure from the Black Sea at this time of the year, Australian wheat, which is at the tail end of its marketing year, is pushed to the sidelines, particularly in the Southeast Asian markets, where both the origins compete head-on. In the last few weeks, however, the opposite has been observed in the Southeast Asian feed ...

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Caspian oil pipeline to expand capacity by a quarter by end-2023

The Caspian pipeline, which transports oil from Kazakhstan to Russia, will boost capacity by around a quarter to 83 million tonnes a year the end of 2023, a Caspian Pipeline Consortium official told an in-house magazine published on Thursday. Project consultant Christopher Scott Bowen said capacity was set to expand from around 67 million tonnes a year now thanks to a de-bottlenecking programme, which would allow the pipeline to pump 72.5 million tonnes of oil a year from Kazakhstan alone. Capacity will be boosted due to an expected rise in ...

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OPEC: Oil Market Highlights

Crude Oil Price Movements The OPEC Reference Basket (ORB) averaged higher in July, up by $1.79, or 2.8%, m-o-m reaching $64.71/b, supported by a pick-up in Asian crude demand. Crude oil futures prices also rose from their low levels registered a month earlier as escalating geopolitical tensions offset bearish sentiment in global oil demand. In July, ICE Brent was $1.18, or 1.9%, m-o-m higher, averaging $64.21/b, while NYMEX WTI rose m-o-m by $2.84, or 5.2%, averaging $57.55/b. Year-to-date (y-t-d), ICE Brent was $5.85, or 8.2%, y-o-y lower at $65.87/b, while ...

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Does Germany need LNG?

As Europe’s largest gas market, Germany seems an obvious candidate to take advantage of the growing global appetite for LNG. However, the country remains an outlier, lacking direct access to the LNG market. Momentum around proposals to develop a German LNG import terminal has gathered pace in the last year. But similar proposals have come and gone in Germany over the years. Has enough now changed for the country to join the world’s growing club of LNG importers? German gas supply on the political agenda The German government has given ...

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SDRL – Joint Venture with Gulf Drilling International

“Seadrill Limited (“Seadrill” or the “Company) refers to the announcements made on May 1, 2019 in connection with the award of drilling contracts by Qatar Petroleum to Gulf Drilling International (“GDI”). Seadrill and GDI have entered into a 50:50 joint venture, GulfDrill, which will initially manage and operate five premium jackups in Qatar with Qatar Petroleum commencing throughout 2020. The five firm well based contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 & 2024 respectively. The total contract value is expected to be $656 million ...

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SINOPEC Engineering : Launches Sustainability Report in Saudi Arabia

China Petroleum & Chemical Corporation (SINOPEC Corp. or SINOPEC) officially launched its SINOPEC in Saudi Arabia: Sustainability Report on Serving the Construction of the Belt and Road (the “Report”) in Daman, Saudi Arabia. The Report showcases how SINOPEC is fulfilling its economical, safety, environmental and social responsibilities in Saudi Arabia. It is the first sustainability report issued by a Chinese company in Saudi Arabia. Having operated in Saudi Arabia for 19 years, Sinopec has from the beginning adhered to local laws and regulations and dedicated to fulfilling its social responsibilities. ...

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‘Too much damage has been done’: strategist on US-China trade war

The chance of a comprehensive deal between the United States and China to mitigate the ongoing trade war looks unlikely, according to Liz Ann Sonders the chief investment strategist and a senior vice president at Charles Schwab & Co., Inc. (SCHW) “We’re really looking at an environment, I think, where too much damage has been done on the perception of both sides to expect a deal that looks anything like the comprehensive deal that was hoped for even a few months ago,” she told Yahoo Finance’s On the Move. President ...

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Exclusive: China-owned oil tanker changes name in apparent effort to evade U.S. sanctions

While in the Indian Ocean heading toward the Strait of Malacca, the very large crude carrier (VLCC) Pacific Bravo went dark on June 5, shutting off the transponder that signals its position and direction to other ships, ship-tracking data showed. A U.S. government official had warned ports in Asia not to allow the ship to dock, saying it was carrying Iranian crude in violation of U.S. economic sanctions. A VLCC typically transports about 2 million barrels of oil, worth about $120 million at current prices. On July 18, the transponder ...

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Fed may not have enough firepower to prevent a recession

President Donald Trump wants the Federal Reserve to help head off a feared economic slowdown, but it’s not clear the central bank has enough firepower left to do so. Besides, some economists say, there’s really not much reason for the Fed to act any more aggressively than it already plans, considering that growth signs remain intact, though dinged a little bit, by worries over tariffs and a slowdown in some other areas outside the U.S. “Federal Reserve officials have some explaining to do when it comes to cutting interest rates ...

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Infrastructure Investment Ongoing In Black Sea

Investment in infrastructure continues, or is planned, throughout the Black Sea region, driven by a combination of demand but also political will. However, it is not just for containers that facilities are expanding, with grain also being catered for moving forward. Istanbul is the major container port serving the Black Sea, handling 60% of all volumes, says Nishal Sooredoo, analyst at Ocean Shipping Consultants. Constanta (a 12% share) and Novorossiysk (with 8% share) are the two other main ones, with Poti, Odessa and Varna each making smaller contributions. “Ports such ...

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Port Report: July imports flat at the Los Angeles-Long Beach gateway

The biggest U.S. maritime entry for containerized goods saw import volumes stay flat in July, reflecting the uncertainty facing the trans-Pacific container shipping market. One of the largest container shipping lines in the world has responded to the uncertainty by cutting service capacity by half over the last three months. But the start of a new service ahead of the traditional peak shipping season may mean volumes peak up again. Separately, U.S. East Coast ports saw import volume growth thanks to the still healthy trans-Atlantic container market and shifts in ...

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