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After a long period of lackluster display, the dry bulk market is finally showing some signs of a recovery. In its latest weekly report, shipbroker Allied Shipbroking said that “having officially entered the summer season, we have started to see some hopes being raised of better market conditions to come for dry bulkers. This view is primarily being driven by the market patterns noted during the previous 3 years, with a typical upward drive usually starting to take shape in and around early June. Taking the performance and trends of ...

The latest report from The World Bank crushingly delivers its weakest global growth forecast in three years and the worst predicted global trade growth since the 2008 financial crisis. Global Economic Prospects: Heightened Tensions, Subdued Investment sees world growth for 2019 lowered to 2.6%, 0.3 percentage points lower than previous outlooks. This, according to The World Bank, reflects weaker-than-anticipated international trade and investment at the start of this year. Additionally, world trade growth in 2019 has been reduced a complete percentage point, also to 2.6%. Risks at large The report ...

As Wärtsilä continues to pursue a 100% renewable energy future, one emerging technology that looks set to play a major part in the process is synthetic fuel production. Find out how the generation of synthetic fuel from excess CO2 emissions – the so-called ‘Power-to-X’ process – holds the key to a carbon-neutral future. Up until now, renewable energy generation has been driven by weather, but renewable energy can also come from a range of other processes where any kind of excess is created, and – perhaps most crucially – from ...

Copenhagen-based bulk carrier operator Baltnav re­ports that it secured a profitable 2018, which has allowed it to expand globally with plans to open a new office in Brazil as well as new forays into ship management. The company’s net profit jumped to US$ 4.2m in 2018, solid performance for a company dealing exclusively in smaller sized Ultra-Supra-Handy bulk vessels. Baltnav, which operates a fleet of 47 vessels from Ultramax to Handysize types, employs a business model focused on extremely short charter contracts, typically only from one to three months of ...

The US exported more than 3 million b/d of crude for the second week in a row in the week ended June 7, aided by macroeconomic factors that have made US oil prices more attractive. According to S&P Global Platts Analytics data, more than 3.18 million b/d was exported from the US last week, down slightly from the estimated 3.35 million that was exported during the week ended May 31. The Energy Information Administration reported US crude exports averaging more than 3 million b/d since the week ending May 24. ...

As negotiations to end the U.S.-China trade war drag on, American soybean farmers are doubling down on promoting shipments to buyers elsewhere in Asia that stepped up when the world’s largest importer all but halted purchases over a year ago. The U.S. soy industry hosted importers from countries including Pakistan, South Korea and India who traveled through North and South Dakota this week and also visited ports in the Pacific Northwest to learn more about the American supply chain. The trip was made possible with funds from last year’s $12 ...

Capesize market had a not very strong beginning last week, as 5 TC average lost almost $1,000/d despite gaining a bit again at the end of

South Korean shipbuilders and carmakers are set to report improved earnings this year on rising demand for high-end ships and SUVs, a major business lobby said Monday. Shipbuilders will benefit from rising demand for liquefied natural gas carriers and environment-friendly ships due to the International Maritime Organization’s stricter emissions regulations. Carmakers are also expected to report an improved profitability on a weak won and robust sales of SUV models, according to the Federation of Korean Industries (FKI). But steelmakers and semiconductors won’t likely report any meaningful rebound in business results ...

Japan has overtaken China to become the second-biggest user of the Panama Canal amid an escalating trade war between Beijing and Washington, canal authorities said China’s slip to third is due to decreased shipments of natural and liquid petroleum gas as the Asian giant is buying less of them from the United States,” administrator Jorge Quijano told reporters, adding that at least 2 million tons of gas are not being moved through the canal as a result. Quijano said there is also a decrease in container traffic between China and ...

Asian refiners are increasingly finding reasons to cut their exposure to Middle Eastern crude in the second half of 2019 amid prolonged backwardation in the Dubai benchmark price structure and the latest tanker fire incident in the Gulf of Oman. S&P Global Platts Market on Close assessment process witnessed Asian traders showing interest in unwinding some of their long positions in the Middle Eastern sour crude market with the wide backwardation in the Dubai market prompting refiners and trading firms to put brakes on their growing storage positions. The spread ...

DSME, Korea Maritime and Ocean University, NAPA and AVL have announced a strategic co-operation agreement to develop digital ships and related strategic solutions. The agreement will combine the four parties’ expertise in naval architecture and shipbuilding, engines, big data, and software development to pioneer new solutions that combine all of these elements for the first time. The collaboration will cover all aspects of creating comprehensive digital twins: from the acquisition and processing of quality engine room data, ship performance and meteorological data to the training, simulation and human machine interface ...

Following increased market demand for its low-friction hydrogel-containing hull coatings, Nippon Paint Marine (NPM) has now applied the revolutionary technology to its standard range of antifoulings to provide a cost-effective solution for reducing fuel consumption. Hydrogel, already used in the company’s LF-Sea 150 HyB and A-LF-Sea range of hull coatings, has now been incorporated into its Ecoloflex SPC 200 range. Ecoloflex SPC 200 LF has been specifically developed to provide the wider commercial shipping sector with a low-cost, low-friction hull coating with technology proven to significantly reduce hull friction and ...

Elevated iron ore spot prices may see an eventual decline as iron ore supply normalizes from Brazil, more scrap is used in China and its industrial output slows, speakers at the S&P Global Platts Steel Markets Europe conference said. Iron ore spot prices may fall from over $100/dry mt CFR China currently to reach a long-term price of around $60/mt eventually, down to the cash cost of better quality iron ore mines, Marcel Genet, managing director of strategy consultancy Laplace Conseil, said at the conference in Barcelona Thursday. Iron ore ...

The Swedish Club welcomed members from around the world to its 147th AGM held in Gothenburg last week. More than 250 member representatives and business associates joined the Club to share in the combination of business and Swedish hospitality that makes the Club’s AGM such a unique event. The Guest of Honour this year was Andrew Bardot, attending one of his final events as Executive Officer of the International Group of P&I Clubs (IGP&I). Members were both informed and entertained by hearing his experiences since taking up the role 14 ...

The recent cut in wheat production estimates for 2019-20 (July-June) in Russia and Ukraine due to dry weather conditions in parts of the Black Sea region are not raising any supply concerns, according to analysts. Russia and Ukraine account for a third of the wheat shipments by the top eight wheat exporting countries, according to the data by the US Department of Agriculture. They also account for a major portion of Black Sea wheat exports. If the dry weather conditions remain for another three to four weeks, there could be ...