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Northport, POIC form sister port ties

Northport (Malaysia) Bhd (Northport) and POIC Sabah Sdn Bhd (POIC) have signed a strategic collaboration agreement to establish a sister port relationship to boost trade links and cargo flow between the two ports. The agreement was signed by Northport chief executive officer (CEO) Datuk Azman Shah Mohd Yusof and POIC CEO Datuk Dr Pang Teck Wai, witnessed by Sabah Deputy Chief Minister, Datuk Seri Wilfred Madius Tangau here today. Azman Shah said under the agreement, the port operators will share their experience, capabilities, resources and knowledge in port management, container ...

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The Volvo Group Creates New Business Area for Autonomous Transport Solutions

The new business area, Volvo Autonomous Solutions, will accelerate the development, commercialization and sales of autonomous transport solutions. This will enable the Volvo Group to meet a growing demand and to offer the best possible solutions to customers in such segments as mining, ports and transport between logistics centers, as a complement to today’s products and services. With global developments that are characterized by higher demand for transportation, increasingly congested roads and major environmental challenges, the industry needs to provide transport solutions that are safer, have a lower environmental impact ...

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Japan Sept petchem naphtha imports fall 4% y/y

Japan’s naphtha imports for the petrochemical sector fell 4% in September from last year, government figures showed on Friday. Imports of naphtha for ethylene production totalled 1.06 million tonnes last month, down from 1.10 million tonnes in the same month a year earlier, the Ministry of Economy, Trade and Industry said. Following is a table of naphtha import volume. Name Sept 2019 Aug 2019 Sept 2018 Total import (kilolitres) 1,537,674 1,673,362 1,612,094 Total import (tonnes) 1,055,274 1,139,965 1,098,129 Total import value ($) 528,641,458 580,862,360 727,011,777 $/Tonne 501.0 509.5 662.0 Currency ...

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Pemex announces new Maya crude formulas for exports

Mexico’s national oil company Pemex on Thursday announced new crude pricing formulas for exports of its Maya crude that will take effect from December. In a statement, Pemex said the new Maya crude formulas would apply to exports to the Americas, Europe, India, the Middle East and the Caribbean. Source: Reuters (Reporting by Sharay Angulo and David Alire Garcia; Writing by Stefanie Eschenbacher; Editing by Clarence Fernandez)

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China Sept crude oil throughput up 9.4% y/y – Stats Bureau

China Jan-Sept crude oil throughput rose 6.2% year-on-year at 480.38 million tonnes, the National Bureau of Statistics said on Friday. * China Sept crude oil throughput up 9.4% y/y at 56.49 million tonnes – stats bureau * China Jan-Sept coke output up 6.3% y/y at 354.36 million tonnes – stats bureau * China Sept coke output up 3.2% y/y at 39.22 million tonnes – stats bureau * China Jan-Sept power generation up 3% y/y at 5.3 trillion kwh – stats bureau * China Sept power generation up 4.7% y/y at ...

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This Day In Market History: OPEC Cutbacks Send Oil Prices Skyrocketing

What Happened On Oct. 17, 1973, the Arab-led Organization of Petroleum Exporting Countries announced a cut to oil exports for Israel’s allies in the Yom Kippur War. Where The Market Was The S&P 500 traded around 109.80, and the Dow Jones Industrial Average traded around 5,295.63. What Else Was Going On In The World Vice President Spiro Agnew had just resigned from the Nixon administration, and the nation was awaiting results from the Watergate investigation. OPEC Weaponizes Oil Trade While Israel and its Western friends routed an attack by the ...

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Brazil says oil on beaches is Venezuelan, but the culprit may not be

Brazil’s government has confirmed that oil mysteriously washing up on the country’s beaches is Venezuelan, but that does not necessarily mean Venezuela is responsible, the head of environmental agency Ibama said on Thursday. “This oil is Venezuelan. Its DNA is Venezuelan. This is certain. It’s a certainty, not speculation,” Ibama President Eduardo Bim told a Senate hearing on Thursday. “Does that mean that Venezuela is responsible? No, that is separate question.” His comments provided a rare glimpse of certainty in an otherwise baffling environmental mystery hanging over a booming offshore ...

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UK GAS-Prompt prices soar as outages curb supply

Prompt British wholesale gas prices soared on Friday morning as a series of unplanned outages at gas sites reliant on the Forties pipeline system left the market undersupplied. * The day-ahead contract was up 2.60 pence at 28.75 pence per therm by 0900 GMT. * The within-day contract was up 1.50 at 29.00 p/therm. * “They’ve [the outages] cut supply so we are really undersupplied this morning,” a gas trader said. * Britain’s gas system was undersupplied by 19.9 million cubic metres (mcm) with demand forecast at 213.2 mcm and ...

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Dollar weakens on Brexit, shares sapped by weaker China growth

The dollar posted its worst week in almost four months on Friday, pummeled by sterling and euro rallies driven by a deal on Britain’s departure from the European Union, while China’s weakest growth in nearly three decades weighed on equities. The dollar crept lower against the euro as the common currency enjoyed a lift from hopes a Brexit deal could improve the odds of the euro zone avoiding a recession. Dismal manufacturing data and worries the U.S.-China trade war could slow euro zone economies even further have rattled the euro ...

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Oil falls as China economic concerns outweigh rising refinery runs

Oil prices edged lower on Friday, as concerns about China’s economy outweighed bullish signals from its refining sector, but losses were limited on hopes for progress toward a U.S.-China trade agreement. Benchmark Brent crude oil futures LCOc1 fell 49 cents to settle at $59.42 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures lost 15 cents to settle at $53.78 a barrel. For the week Brent fell 1.8%, while WTI lost 1.7%. China’s economic growth slowed to 6% year-on-year in the third quarter, its weakest in 27-1/2 years and ...

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MARKETS SNAPSHOT FOR 18/10/19

NASDAQ-Adv: 1288 Dec: 1815 NYSE-Adv: 1822 Dec: 1881 (Source: Nasdaq)

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Diana Shipping Inc. Announces Final Results of Self Tender Offer for Shares of Common Stock

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced the final results of its tender offer to purchase up to 2,816,900 shares of its common stock, par value of US$0.01 per share (the “common stock”), at a price of US$3.55 per share, net to the seller in cash, less any applicable withholding taxes and without interest. The tender offer expired at 11:59 P.M., Eastern Time, on October 11, 2019. Based on the final count by Computershare Trust Company, N.A., the depositary for ...

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Second Edition of the Finland-Singapore Maritime Innovation Camp seeks to create value through innovation with new Corporate Partners

Supported under the Memorandum of Understanding between University of Turku (UTU) and the Singapore Maritime Institute (SMI) established in November 2016, the second edition of the Finland-Singapore Maritime Innovation Camp will be taking place from 11 to 16 January 2020 in Singapore. The second Innovation Camp follows the success of the inaugural edition that took place in September 2018 in Singapore. UTU and SMI are pleased to partner three key maritime industry players at Innovation Camp 2020 – The China Navigation Company, Jurong Port, and MacGregor. Based on the Innovation ...

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ABS Confirmed as Global Leader in Maritime Cyber Security with Fourth Award in a Year

The industry-leading ABS FCI Cyber Risk™ Methodology last night won another high-profile award, taking the total for the year to four and underlining its pre-eminence. ABS won the Excellence in Data and Technology Innovation Award at the Lloyd’s List Asia Pacific Awards. The honor follows the Lloyd’s List Americas award secured in September and two top industry awards from Seatrade and Smart4Sea magazines earlier this year, confirming ABS as the global leader in cyber security for the maritime and offshore industries. “As our safety world transforms and focuses on the ...

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Thome Group Wins Excellence in Maritime Services/Ship Management

The Thome Group is delighted to announce that it has won the award for Excellence in Maritime Services/ Ship Management at the Lloyd’s List Asia Pacific Awards ceremony at the Shangri-La Hotel in Singapore. Reviewed by an independent panel of judges, the award recognised that the Thome Group had “demonstrated best ongoing commitment to the industry and had raised the standards of ship management and support in the region.” The judges carefully considered a range of performance indicators including crew welfare, overall safety record, environmental initiatives, ship security, training, operational ...

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