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No. 7 2019/2020 – Change to the Mutual Call Structure

Since 1992, the West of England has applied a rating methodology which separates the International Group’s general excess of loss reinsurance cost for each policy year from the mutual call. The practice was adopted when Group Reinsurance costs as a proportion of overall Club premium were increasing rapidly especially for dirty tankers, although today the reinsurance cost for most categories of vessel has reduced proportionately. In 2018 we started a process of simplifying our invoicing by moving from a traditional estimated total call (split across an advance call and additional ...

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Athenian Shipbrokers S.A. DEMOLITION QUICK UPDATE Week 32, 2019

The previous week remained quiet due to the ongoing monsoon season and the current Eid holidays. Bangladesh is hoping that after the religious

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Malaysia to develop $480 million oil storage, ship refueling site in south

Malaysia on Tuesday said the Johor Port Authority was working to develop a 2 billion ringgit ($477 million) oil storage and ship refueling site in the country’s south. That marks the latest step in a push to turn Malaysia’s southern peninsular state of Johor into an oil and gas hub that could one day rival Singapore, currently Asia’s main oil centre. The “Bunker Island Development” is set to have the capacity to store about 1.2 million cubic metres of various oil and gas products, the transport ministry said. It will ...

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Malaysia end-July palm oil stocks slip to one year low – MPOB

Malaysian palm oil end-stocks fell unexpectedly in July, slipping to a one-year low, as exports outpaced forecasts and imports fell sharply from the previous month, industry regulator data showed on Tuesday. The dip in stockpiles could further support benchmark palm oil prices, which have been trading at three-month highs, tracking gains in related edible oils and also bolstered by a weaker ringgit. Malaysian palm oil futures were last up 0.6% at 2,191 ringgit ($522.79) a tonne at the midday break on Tuesday, just below an earlier peak of 2,199 ringgit, ...

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Horizonte Announces Significant New Nickel Resource at the Serra Do Tapa Deposit

Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) (‘Horizonte’ or ‘the Company’) the nickel development company focused in Brazil which is developing the Araguaia project as Brazil’s next ferro-nickel mine and the Vermelho nickel cobalt project for the electric vehicle (EV) battery market, is pleased to announce an initial NI 43-101 Mineral Resource Estimate for the Serra do Tapa nickel deposit (Serra do Tapa or the project). Highlights: -The Serra do Tapa Mineral Resources, in the Measured and Indicated category, are 70.3 million tonnes grading 1.22% nickel (at 0.9% nickel cut ...

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Slump in CBOT corn futures draws out S Korean buyers

The front-month September delivery contract for corn futures on the Chicago Board of Trade posted its largest single-day loss since 2013 on Monday, and this has drawn out buyers from South Korea looking to take advantage of the price drop, market sources said Tuesday. The September contract had settled 25 cents/bushel lower at $3.85/bu after bearish data was released Monday by the US Department of Agriculture. The USDA issued higher-than-expected production estimates for corn in the US at 13.901 billion bushels (353.09 million mt) for 2019-2020, versus its previous estimate ...

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Vegetables on fire, prices soar up to 50% on heavy rainfall

Vegetable prices have risen 25%- 40% in the past week in western and southern India because of heavy rainfall in the region that has damaged crops and disrupted transportation. Traders in Mumbai, Belgaum and Indore said vegetable prices are likely to remain high until the next harvest in about two months. However, in north India, vegetable prices have not increased since supply is unaffected. The price increase was also attributed to demand for Eid festivity, said traders. Seasonal green vegetables such as bottle gourd, cabbage, beans, capsicum and carrots have ...

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Gold prices today hit new all-time high, silver rates surge

Gold prices today surged to fresh all-time high in India, tracking firm global rates. On MCX, October gold futures rose 0.70% to a new high of ₹38525. Silver futures on MCX surged 1.4% to ₹44,280. Apart from higher global rates, a weakening rupee, which today moved past 71 mark per dollar, boosted domestic gold prices. In spot markets, gold had advanced by ₹50 to all-time high mark of ₹38,470 per 10 gram in the national capital on Monday, Press Trust of India reported, citing All India Sarafa Association. In global ...

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Oil Snaps Three-Day Gain as Sell-Off Counters Crude Inventories

Oil snapped a three-day gain as a sell-off in risk assets added to lingering trade tensions to dent the demand outlook, countering a forecast decline in U.S. crude stockpiles. Futures slid as much as 0.8% in New York after rising 7.5% the past three days. Asia stocks fell, while the dollar firmed, making commodities priced in the U.S. currency less attractive to investors. American inventories probably dropped by about 2.3 million barrels last week, according to the median estimate in a Bloomberg survey before Energy Information Administration data Wednesday. Oil ...

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Africa Oil Announces Major Oil Discovery Offshore Guyana

Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce a significant oil discovery on the Orinduik Block, offshore Guyana . The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil-bearing sandstone reservoir of Lower Tertiary age. It encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower ...

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Will 20% stake in RIL’s refining and petchem business satisfy Saudi Aramco’s appetite for India?

After billionaire Mukesh Ambani announced Reliance Industries’ plan to sell 20% stake in its refining and petrochemicals business for $15 billion to Saudi Aramco on Monday, speculation has been rife if the latter would keep its commitment to the $44 billion west coast refinery and petrochemicals project being implemented in Maharashtra. The project called Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), facing land acquisition challenges, has been moved from its original site in Ratnagiri to Roha. RRPCL is a joint venture between Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and ...

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Typhoon Lekima halts operations at China’s independent refineries in Shandong

The super typhoon Lekima has forced several independent refineries in eastern China’s Shandong province to suspend their plant operations and land transportation, refinery sources told S&P Global Platts Tuesday. This will lead to reduction in crude throughputs and oil product sales cut at the plants for up to seven days, the refinery sources added. The No.9 typhoon Lekima hit Shandong province during the weekend. “Wind and rain is slower than in the weekend with floodremains,” a Dongying-based refiner said. Refineries located in a lower terrain have been flooded with water ...

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Petronas Chemicals Group 2Q Earnings Fell 22% on Year

Malaysia’s Petronas Chemicals Group Bhd. (5183.KU) said on Tuesday that its net profit in the second quarter fell 22% from a year earlier on lower revenue and higher tax expense. The chemical-processing arm of Malaysia’s national oil company Petroliam Nasional Bhd., or Petronas, posted a net profit of 1.12 billion Malaysia ringgit ($266.6 million) in the April-June period, compared with MYR1.44 billion a year earlier, according to a filing. This beat a market estimate of MYR972.1 million by S&P Capital Market Intelligence. Revenue declined 8.4% to MYR4.33 billion from MYR4.73 ...

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Asian middle distillates supply may balloon as refineries restart from maintenance

The Asian middle distillates complex is likely to face headwinds thisweek as fresh barrels are expected to hit the spot market with the restart ofseveral regional refineries following completion of scheduled turnarounds. Meanwhile, weaker demand for middle distillate cargoes towards the end ofthe peak travel season could also weigh on prices, market participants said. GASOIL WEAKENS ON HIGHER RUN RATES, AWAITS FURTHER CLARITY Bearish sentiment in the Singapore gasoil market may persist in the nearterm ahead of the emergence of fresh supply from refineries restarting aftermaintenance, industry sources said. “I ...

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European shares drop on global worries; Italy, Spain underperform

European shares fell on Tuesday, as negative news from around the globe including Italy and Argentina’s political uncertainty and persistent unrest in Hong Kong, compelled investors to take refuge in safe harbours like bonds and gold. The pan-European STOXX 600 index <.STOXX> fell 0.4% by 0810 GMT, with European lenders <.SX7P> weighing the most on the benchmark. Markets world-wide, already reeling from fears that the United States and China may not end their bitter trade-war anytime soon, were further distressed as Argentina’s currency crashed, unrest in Hong Kong intensified and ...

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