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Rates Spark: Keeping up the hawkish pressure

CPI data sends clear signal that the Fed needs to do more The US CPI report came in higher than expected, with the core rate marking a new peak of 6.6% and surpassing the level seen at which the Fed began hiking interest rates in March. The data is a clear signal that the Fed has more to do. In the wake of the Federal Open Market Committee minutes which showed that the Fed sees the cost of doing too little on inflation outweighing those of doing too much, the ...

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Euro zone posts record trade deficit in August amid soaring energy prices

The euro zone posted in August its largest trade deficit since it expanded to 19 countries in 2015, as high energy prices boosted its import bill, official estimates released on Friday showed. The European Union’s statistics office Eurostat said that the euro zone’s balance for trade in goods with the rest of the world in August was in the red by nearly 51 billion euros ($49.7 billion), the highest deficit ever recorded by the bloc since Lithuania joined it in January 2015 to become its 19th member. The deficit ballooned ...

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Euro zone bonds ease as inflation regains centre-stage

Euro zone bond yields rose on Friday, as fixed-income investors took profit on an earlier rally in prices, after U.S. data overshadowed a warning of rising recession risks in the single currency bloc. U.S. retail sales figures and a measure of consumer perceptions about current economic conditions helped reinforce the view that the Federal Reserve is likely to keep raising interest rates aggressively to contain inflation. Government bonds, including euro zone debt, came under pressure, reversing previous price gains. Yields fell earlier in the day after European Central Bank (ECB) ...

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Record EU sugar prices leave sweet-makers with bitter taste

Record-high sugar prices in the European Union, nearly three times levels seen a year ago following extreme weather and a surge in energy costs, are forcing confectioners to consider production cuts. The record price of a widely-used food staple is another headwind for EU policymakers as they try to control inflation and curb a cost of living crisis. Sugar dealers and industry experts said spot prices for refined white sugar on the continent are trading at around 1,050 euros ($1,016.61) a tonne – their highest level yet. Prices in the ...

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Argentina wheat crop forecasts cut again as drought hardens

Argentina’s two major grains exchanges cut their forecasts for the upcoming wheat harvest on Thursday as drought and low temperatures hit the crop, with little relief in sight for key farming regions and scant rains forecast in weeks ahead. A senior analyst at the key Rosario grains exchange, Cristian Russo, told Reuters that the 2022/23 wheat harvest would likely come in at 16 million tonnes, a 500,000-tonne cut from the entity’s previous formal forecast. A separate 2022/23 wheat crop estimate also issued on Thursday, from the Buenos Aires grains exchange, ...

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EUROPE GAS-Prices fall on receding supply concerns, high storage levels

British and Dutch wholesale gas prices fell on Friday and were on track for a weekly decline as the start of reverse flows from France to Germany eased some supply concerns while gas storage levels continued to increase. The benchmark front-month Dutch contract was down 5.48 euros at 148.02 euros per megawatt/hour (EUR/MWh) by 0903 GMT, the lowest level since July. The contract was on track for 3.5% fall week-on-week. British front-month contract fell by 5.00 pence to 275.00 pence per therm. The contract has fallen almost 3% week-on-week. Germany ...

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GRAINS-Wheat eases on hopes for Black Sea corridor talks

Chicago wheat eased on Friday on hopes of progress in negotiations to maintain a Black Sea grain corridor after the previous day’s warning by Moscow that it could quit the deal. Corn eased while soybeans edged higher as investors also wrestled with macroeconomic uncertainty after a higher than expected U.S. inflation reading. The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.8% at $8.85 a bushel by 0938 GMT. Wheat had rebounded on Thursday from two days of declines after Russia’s Geneva U.N. ambassador ...

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Svitzer announces appointment of new UK MD Michael Paterson

Svitzer, a leading global towage provider and part of A.P. Moller-Maersk, has today announced Michael Paterson is joining the company on 1 January 2023 as the newly appointed UK Managing Director. Michael will head up the UK cluster following the merging of UK North and South operations earlier this year, overseeing the optimisation of Svitzer’s assets in the market through a strategy of increasing operational agility to deliver high-quality customer service in the region. Michael joins Svitzer from his previous role as Operations Director at Govia Thameslink Railway (GTR) with ...

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Upcoming seminar to highlight importance of social interaction for crew wellbeing

Representatives from the global superyacht industry are invited to the International Seafarers’ Welfare and Assistance Network’s (ISWAN) 2022 Seminar in Rotterdam this November. The event, sponsored by Bahri, will be held on board the ss Rotterdam on 16th November and themed: ‘The importance of social interaction for seafarers’ wellbeing’. It will offer a much-needed opportunity for representatives of the global superyacht industry to amplify the voices of superyacht crew about the challenges they face whilst living and working on board, and to work collaboratively with welfare charities and other representatives ...

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Durban roundtable focuses on COVID, digitalization and implementation

Transport and maritime Ministers and senior officials from five countries took part in a roundtable discussion with IMO Secretary‑General Lim, during the World Maritime Day Parallel Event (WMDPE), which is being held in Durban, South Africa (12 to 14 October 2022). The high-level discussions focused on two main topics; the impact on shipping and seafarers during the COVID-19 pandemic and how communication and digitization can improve information sharing in the future, and the effective implementation of IMO instruments to ensure no country is left behind. Taking part were: IMO Secretary-General ...

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Chances for late-Oct U.S. hurricane falling, forecasters say

The chances of a hurricane striking the United States in late October are declining, forecasters at Colorado State University said in a closely watched report on Thursday. “The 2022 Atlantic hurricane season has been slightly below normal,” the forecasters said in the final update of the season. For the rest of the month, “anomalously strong vertical wind shear forecast across the entire tropical Atlantic and Caribbean” provided little support for tropical cyclone development that would threaten the Americas. Before the hurricane season, Colorado State, private and U.S. government forecasters had ...

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The Mission to Seafarers announce winners of Seafarers Awards Singapore 2022

The Mission to Seafarers (MtS), a leading international seafarer welfare charity, has announced the winners of its annual Seafarers Awards Singapore. The ceremony highlights the value and importance of seafarer welfare, and honours individuals and organisations that have significantly improved seafarers’ wellbeing. After a two-year hiatus, MtS’ prestigious Seafarers Awards ceremony and gala dinner returned in-person to Singapore on the 6 October 2022. The maritime industry thrives on social contact and throughout the evening, guests mingled excitedly, sharing smiles, handshakes and embraces as they reunited with their peers. Attendance was ...

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Chinese shipbuilder wins additional contract from ROK

Guangzhou Shipyard International Company Limited, a subsidiary of China State Shipbuilding Corporation, has won an additional order of three 8,600 CEU dual-fuel LNG battery hybrid pure car and truck carriers (PCTCs) from H-line, a shipping company from the Republic of Korea. These PCTCs were developed by Shanghai Merchant Ship Design & Research Institute. The organization has received design orders for 55 ships in 2022 so far, accounting for a 67 percent share of the global market, ranking first in the world. They have incorporated LNG dual-fuel engines with a battery ...

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UK’s Liverpool port workers plan two more weeks of strikes over pay – union

Hundreds of workers at the port of Liverpool, one of Britain’s largest container ports, will take two more weeks of strike action over pay and jobs, the Unite trade union said on Friday. Nearly 600 workers in the port will walk out from Oct. 24 to Nov. 7, Unite said. Source: Reuters (Reporting William James, writing by Muvija M; Editing by Sachin Ravikumar)

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ESPO award 2022: let us present the shortlisted projects: Tallinn port authority

The ESPO Award 2022 will go to the port managing body which has developed a series of initiatives and/or a strategy in collaboration with the different stakeholders and the city to enhance the maritime passenger links and the connectivity within the city or with other cities and regions of Europe, be it for its own citizens or for allowing visitors from all over the world to visit and discover the city and bring added value to the local community. The role of the port in enhancing the connectivity through a ...

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