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Norsepower Agreement Signals Global Installation Capability For Rotor Sails

Norsepower Oy Ltd., the leading global provider of auxiliary wind propulsion systems, has signed a framework agreement with Offshore Technology Development (OTD), Keppel Offshore & Marine’s technology arm specialising in the provision of critical equipment which supports the offshore oil and gas, marine, and offshore wind industries. Under the agreement, OTD can assist to provide the initial survey, design and engineering works, and organise the equipment installation for Norsepower’s Rotor Sails. Norsepower will deliver project management, delivery, and installation supervision to support smooth installation, servicing and warranty support of Rotor ...

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Maritime Market Update: Full Or Partial Closures Of Refineries In Europe

Risavika LNG gained 5.2 % week on week and settled at 30.54 EUR/MWh for May contracts. The weather forecast turned to warmer but still below seasonal norms in the beginning of May, which supported front month European prices. With temperatures staying below seasonal averages, the gas storages in Europe are still in withdrawal mode, creating more demand for injections in coming months and providing a bullish sentiment to European gas prices. All oil products have increased following the benchmark crude oil prices on the back of the economic data. Fuel ...

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CME Group Integrates FX Link with Refinitiv Trade Notification (RTN) and IHS Markit’s MarkitSERV to Enhance Access to Cleared FX Swap Liquidity

CME Group, the world’s leading and most diverse derivatives marketplace, today announced it has integrated its FX Link platform with the Refinitiv Trade Notification (RTN) and IHS Markit’s MarkitSERV messaging services. By connecting with Refinitiv and IHS Markit, FX Link customers can now receive OTC spot FX messages directly via RTN or MarkitSERV which will streamline onboarding and meet their Straight Through Processing (STP) requirements. The integration was completed in March 2021 and is now being used by banks such as Goldman Sachs for price discovery and to access additional ...

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Turkey to begin field tests at Sakarya gas find next month: minister

Turkish upstream operator TPAO will begin tests next month on the three wells drilled to date at the 405 Bcm Sakarya gas field in the Black Sea, Turkish energy minister Fatih Donmez said April 20. Donmez said the tests would be carried out by TPAO’S newest drill ship, the Kanuni, starting with the Turkali-2 well, completed on March 31, before moving on to the Turkali-1 well that was completed in January and the Tuna-1 well drilled in mid-2020. Donmez did not say how long he expected the tests to last ...

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Marine consultants join forces: AqualisBraemar and LOC Group completes company integration process

Following AqualisBraemar’s acquisition of LOC Group in December 2020, the two groups have successfully completed their integration process ahead of original schedule, operating as AqualisBraemar LOC group effective from today. The integration allows AqualisBraemar LOC to offer clients in the shipping and maritime industries an even broader service offering and higher operational support capacity in more locations. “For our clients in the shipping, maritime and insurance industries, this successful integration means one plus one equals three. We are now able to offer clients a much more complete and efficient service ...

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Foundation Det Norske Veritas contributes S$10 million to help launch a maritime decarbonization centre in Singapore

Foundation Det Norske Veritas – which owns DNV Group – has teamed up with the Maritime and Port Authority of Singapore (MPA) and five other industry leaders to establish a maritime decarbonization centre in Singapore. The centre’s stated mission is to catalyse and facilitate decarbonization in the maritime sector and will be supported by contributions from the founding members totalling S$120 million. Its creation follows the release of a recommendation by the International Advisory Panel (IAP) – a Singapore Maritime Foundation initiative – on maritime decarbonization to set up a ...

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Copper falls on virus surge, weak dollar limits losses

Copper fell on Wednesday following concerns that a resurgence of COVID-19 infections in some major economies, such as India and Japan, will slow global economic recovery and dampen metals demand, although a weak U.S. dollar limited losses. Three-month copper on the London Metal Exchange slipped 0.1% to $9,311 a tonne by 0742 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange dropped 0.9% to 68,720 yuan ($10,577.52) a tonne. London copper touched $9,483 a tonne in the previous session, its highest since Feb. 25, supported by strong ...

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Reshaping grain trade? China acts to change animal feed recipes

China issued guidelines on Wednesday recommending the reduction of corn and soymeal in pig and poultry feed, a measure that could reshape the flow of grains into the world’s top corn and soybean buyer. Chinese feed makers have already been switching corn for cheaper alternatives, especially wheat, after the grain rallied by more than a third in the last year following a drop in corn output and state stockpiles. Imports of corn, used largely in animal feed, into China surged as it sought to compensate for the domestic deficit. The ...

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Baker Hughes sticks to oilfield activity recovery prediction after weak quarter

Oilfield equipment and services provider Baker Hughes Co BKR.N top boss on Wednesday reiterated he is “cautiously optimistic” about oil demand recovering this year from the coronavirus blow, echoing a view he shared on the company’s last earnings call. The company reported a 40% fall in first-quarter adjusted profit, compared to the fourth, as the pandemic’s hit on fuel demand lingers, weighing on demand for oilfield equipment and services lower. “We expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up ...

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Brazil’s April soybean exports gain momentum on third-week surge: sources

Brazilian soybeans exports in the first three weeks of April surpassed the year-ago level due to higher exports in the third week of the month, sources said April 20, which is likely to support domestic oilseed prices. According to the foreign trade department’s report released April 19, Brazil exported 10.6 million mt of beans so far in April, compared with the equivalent 2020 volume of 9.16 million mt. Brazil exported 5 million mt of beans in the third week itself, compared with 3 million mt for the same period in ...

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Maritime UK welcomes GAC UK to the Diversity in Maritime Charter programme

Maritime UK, the umbrella body for the maritime sector, has welcomed GAC UK as the latest organisation to join the Diversity in Maritime Charter. GAC UK is part of the GAC Group, a global provider of integrated shipping, logistics and marine services. Established since 1956, the privately owned group employs over 8,000 people in more than 300 offices worldwide, over 20 of which are in the UK. The Diversity in Maritime Charter is a pivotal initiative in the Diversity in Maritime programme. Signing the Diversity in Maritime Charters commits organisations ...

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China steel futures rise on capacity controls outlook

Chinese steel rebar and hot-rolled coil futures closed higher on Wednesday, picking up from early trade amid concerns of stricter capacity and output controls in the coming months as regulators tighten supervision. The vice chairman of the China Iron & Steel Association told an industry conference that China’s goal of cutting crude steel output this year can be achieved by limiting production at blast furnaces. Capacity at electric arc furnaces should not be curbed, but also cannot expand blindly, he added. China’s emergency management ministry this week said it would ...

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OPEC+ brushes off latest US antitrust bill as it prepares to relax oil production quotas

US lawmakers’ efforts to revive antitrust legislation targeting OPEC will add a wrinkle to the April 28 meeting between the oil bloc, Russia and other allies, but officials within the group say they are not worried about the prospects of American interference. The Saudi-Russia-led OPEC+ alliance is set to convene to firm up production plans for the coming months, having agreed earlier in the month to relax quotas by a collective 1 million b/d through July to meet growing oil demand. Rising retail gasoline prices, however, have already drawn attention ...

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Maersk Drilling awarded one-well exploration contract for low-emission rig with Aker BP

Maersk Drilling has secured an additional one-well contract for the low-emission rig Maersk Integrator with Aker BP. In direct continuation of the rig’s previously announced work scope, Maersk Integrator will drill an exploration well for Aker BP offshore Norway. The contract is expected to commence in December 2021, with an estimated duration of 36 days. The firm contract value is approximately USD 9.6m, excluding integrated services provided and potential performance bonuses. The contract includes an option for additional work. Maersk Integrator is contracted under the terms of the frame agreement ...

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OPEC+ heads for largely technical meeting next week – Russia, sources

OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs. “We met a month ago, we discussed our action plan for the (next) three months. So, if nothing extraordinary happens, our task will be to confirm these plans and to tweak the new ones,” Novak told reporters. The Organization of the Petroleum Exporting Countries and ...

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