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Höegh Autoliners ASA: Second quarter results, distribution of dividend and updated guidance for dividend frequency

CEO of Höegh Autoliners, Andreas Enger, says: “Second quarter saw geopolitical challenges, lockdown in China, supply chain disruptions, rising fuel costs and continuous port congestions. Therefore, it is a great satisfaction that Höegh Autoliners, despite all this, is continuing our track record of solid performance and delivering record quarterly financial results.” Highlights of the quarter Höegh Autoliners reported solid financial results for the second quarter of 2022. Operating profit (EBITDA) of USD 99 million (up 27.7% Q-o-Q), net profit of USD 53 million (up 49.2% Q-o-Q). Dividend of USD 15 ...

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Nine companies to buy oil from U.S. strategic reserve in latest sale

The United States on Thursday said nine companies will buy 20 million barrels of oil in the latest sale from the Strategic Petroleum Reserve as part of the Biden administration’s plan to ease petroleum prices elevated by Russia’s invasion of Ukraine and economies recovering from the COVID-19 pandemic. The administration said in March it would release a record 1 million barrels of crude per day from May to October, or about 180 million barrels, from the SPR, which holds oil in caverns on the coasts of Louisiana and Texas. The ...

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The Seafarers’ Charity joins Diversity in Maritime Charter programme

Maritime UK, the umbrella body for the maritime sector, has welcomed The Seafarers’ Charity as the latest organisation to join the Diversity in Maritime Charter. The Seafarers’ Charity has the vision to create a world where seafarers and their families are valued and free of need and disadvantage. They’ve been working towards this goal since 1917 when they originally launched as the King George’s Fund for Sailors. Today, The Seafarers’ Charity is an evolving, forward-looking charity – building on past successes but expanding its capabilities to make a genuine difference. ...

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Advanced Shipping & Trading – WEEKLY SHIPPING MARKET REPORT WEEK 32, 2022

The vintage Panamax “Princess Jasmine” 73/1997 Sumitomo, Japan (SS/DD/BWTS due) was sold to Chinese buyers for USD 6 mill

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UK economy contracts as winter recession risks grow

UK GDP falls in the second quarter It goes without saying that the latest UK GDP figures are very hard to read. Quarterly output fell by 0.1%, which is almost entirely down to the addition of an extra bank holiday for the Queen’s Jubilee in June, as well as the winding-down of Covid-19 testing/vaccine rollouts through the quarter. Admittedly the impact of the bank holiday was noticeably less than in previous years. The hit to manufacturing, wholesale/retail, transport and construction was generally more muted than during the 2002/2012 jubilee events, ...

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Freeport LNG retracts force majeure, widening losses for gas buyers – sources

Top U.S. gas exporter, Freeport LNG, has retracted the force majeure it initially declared after an explosion in June, a development that could cost its buyers billions of dollars in losses, a document showed and three trading sources said. Force majeure is a notice used to describe events outside a company’s control, such as a natural disaster, which usually releases it from contractual obligation without penalty. The force majeure would also have allowed Freeport’s LNG buyers to exit their own agreements to deliver gas to end users. Instead, they are ...

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ZIM Announces Participation in a Series A Financing Round in Hoopo, a Provider of Cutting-Edge Tracking Solutions for Unpowered Assets

ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced today the completion of a Series A financing round in Hoopo Systems Ltd., a provider of cutting-edge tracking solutions for unpowered assets, in which ZIM participated. ZIM invested $5.5 million in Hoopo, alongside both existing and new financial investors. Hoopo is a leading provider of asset and fleet visibility solutions, working on transforming unpowered assets into connected fleets, thereby helping businesses to easily track and manage their operations, inventory, and equipment more efficiently by providing real-time data and analytics. Hoopo’s solution is ...

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EU gas flows via Nord Stream and Ukraine remain steady

Russian gas flows to Europe via the Nord Stream pipeline and via Ukraine remained steady on Friday, operator data showed. Physical flows via the Nord Stream 1 pipeline from Russia to Germany were at 14,575,401 kilowatt hours per hour (kWh/h) for 0800-0900 CET, similar to the previous 24 hours. Russia cut flows on the pipeline to only 20% of capacity on July 27, citing maintenance work. Nominations for Russian gas flows into Slovakia from Ukraine via the Velke Kapusany border point were at about 36.5 million cubic metres (mcm) per ...

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New gas pipeline linking Spain to France could be operating in 8-9 months

A new gas connection linking Spain and France could be ready to operate within eight or nine months, Spanish Energy Minister Teresa Ribera said on Friday. “This new interconnection, this gas pipeline could be operating in about 8 or 9 months on the southern border side, that is, from the Pyrenean to Spain,” she said in an interview with national TVE station. (Reporting by Christina Thykjaer, editing by Inti Landauro) Source: Reuters

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Nigerian military scales up battle against oil theft in bid to restore production

Nigerian security agencies have scaled up operations to dislodge thieves ravaging oil pipelines and other production facilities in the Niger Delta region, the military said Aug. 12, as the country attempts to restore production to normal levels. Sustained offensives by government troops in the main oil producing Bayelsa, Delta and Rivers states in the heart of the Niger Delta region led to the recovery of 3.75 million barrels of crude oil stolen from wellheads and pipelines, the military said in a statement. Mele Kyari, the CEO of Nigeria National Petroleum ...

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Valenciaport strengthens relations with the Chinese region of Fujian

China is Valenciaport’s main trading partner and represents 15% of the total container traffic handled through the docks of the port precinct. “We are the gateway to Spain for foreign trade with China, with which we maintain a close relationship and cooperation with regions such as Fujian with which we share our knowledge, experience and good practices”, explained Manuel García, head of Business Intelligence who participated in the seminar ‘International Friendship Cities on Marine Economy and Port Cooperation’, which brought together port managers from all over the world. During his ...

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Mexico’s Pemex in talks with Vitol, eyes resuming business after bribery scandal

Petroleos Mexicanos (Pemex) has made progress in talks with global energy trader Vitol about resuming trading ties that broke down last year during a bribery scandal, and the companies must iron out some issues such as compensation for damages Mexico’s state oil company suffered, two sources at Pemex said. The sources at Pemex did not offer details on how the damages from the scandal would be calculated or give an estimate. Vitol and Pemex declined to comment. In March 2021, Pemex said it had suspended its commercial relationship with Vitol ...

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Iron ore dips on persistent China demand worries

Dalian and Singapore iron ore futures fell on Friday, reversing gains in the previous session, as traders weighed demand prospects in top steel producer China that has been plagued with a debt crisis in its real estate industry. The most-traded iron ore, for delivery in January next year, on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 0.6% lower at 730.50 yuan ($108.42) a tonne. The contract, however, was on track for a weekly gain of more than 2% driven by a rebound in margins at mills. On the Singapore ...

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Damen’s first all-electric tug Sparky delivered to Ports of Auckland

In a major milestone Damen’s first all-electric harbour tug, the RSD-E Tug 2513, was officially delivered to its new owner, Ports of Auckland (POAL). The revolutionary tug was named Sparky and also received her Māori name, ‘Tiaki’, in a special blessing ceremony held in Auckland on August 8. This powerful new tug, which has a 70-tonnes bollard pull, is capable of manoeuvring even the largest vessels and can undertake two or more assignments before being recharged, which takes just two hours. With its pristine environment and unique ecosystem in the ...

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Uniper could swap Australian LNG for Atlantic gas to supply Europe quicker

Germany’s Uniper is prepared to swap liquefied natural gas (LNG) it gets from Australia’s Woodside for U.S. gas, so it can boost supplies in Europe more quickly during the coming winter, it said. The strategy reflects efforts by companies and governments across Europe to seek alternative lines of supply and draw up contingency plans for the winter gas season, fearing Moscow could fully stop supplies of natural gas. In case of supply shortages, Uniper could make available to customers in Europe, U.S. LNG that was earmarked for Asian customers and ...

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