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Despite a global effort in energy transition, Petrobras has expressed no interest to pivot into renewable energy due to lack of expertise. As a leader in Brazil, it must play its part to invest in other less capital-intensive sustainability efforts to reduce emission, says GlobalData, a leading data and analytics company. The company laid out a comprehensive goal in reducing total operational emission by 25% by 2030. Its sustainability efforts include launching ten commitments to minimise GHG emission, increasing carbon capture and water reutilization, continuing to invest in reducing scope ...

China will further open up its vast domestic market to global investors in the next five years as part of ongoing efforts to foster innovation-driven and high-quality development, officials and experts said. “China will raise the level of opening-up in an all-around manner during the 14th Five-Year Plan (2021-25) period,” said Ning Jizhe, deputy head of the National Development and Reform Commission. “We will further advance liberalization and facilitation in trade and investment, continue to promote opening-up based on flows of goods and factors of production, and give greater emphasis ...

Retail investors in mutual funds pay costs that are 40% higher than big institutional investors pay, making it harder for the European Union to attract broader support for its capital market, the bloc’s securities regulator said on Wednesday. The European Securities and Markets Authority (ESMA) said in its third annual report on the cost and performance of retail investment products that costs remain high and diminish returns for final investors. “Retail clients pay on average around 40% more than institutional investors across asset classes,” ESMA said in its report, which ...

China’s economy grew at a record pace during the first quarter as it rebounded from a historic contraction caused by Covid-19, and boosted by exports and domestic demand, an AFP poll of analysts found. The world’s number two economy is tipped to have expanded 18.7 per cent on-year, according to the average forecast by economists from 15 institutions, having been the only major one to grow at all last year. While the virus first emerged in central China in late 2019, the country was also the quickest to bounce back ...

Singapore’s economy swung to growth for the first time since the fourth quarter of 2019, as an expansion in goods-producing industries and manufacturing during the first quarter outweighed contraction in construction and services-producing industries. The country’s gross domestic product expanded 0.2% in the January-to-March period from a year earlier, according to the advance estimate released by the Ministry of Trade and Industry on Wednesday. That compared with the revised 2.4% contraction in the fourth quarter of 2020 and matched the median estimate for 0.2% growth expected by 13 economists in ...

The European Commission plans to borrow around 150 billion euros annually until 2026 to finance the bloc’s unprecedented plan to make its economy greener and more digitalised, making it the biggest debt issuer in euros, the Commission said on Wednesday. The amount of the EU economic plan was agreed at 750 billion euros in 2018 prices, but now totals around 807 billion euros in current prices. The money is split into 338 billion euros in grants and 386 billion in loans for the 27 EU countries and the rest is ...

It is unlikely that inflation will run out of control this year as the U.S. economy rebounds from the coronavirus crisis, and if it does, the Federal Reserve has the tools to deal with it, Philadelphia Fed Bank President Patrick Harker said on Tuesday. Policymakers will track the velocity of inflation changes, not just the level, Harker said during a virtual discussion organized by the Delaware State Chamber. Fed officials want inflation to run above the central bank’s 2% target over the longer term to make up for extended periods ...

Weekly US coal ship departures totaled 32 in the week ended April 10, down four from the previous week and the year-ago week, data from cFlow, Platts trade flow software, showed April 13. The departing laden and part-laden ships carried approximately 2.1 million dwt, down 13.5% from the week before. Gulf Coast departures totaled 19, up five from the previous week to a five-week high. Year on year, departures jumped were down one. The departing coal carriers held over 1 million dwt, down 2% from the previous week. From the ...

The SP-SSA International Terminal (SSIT) in the Cai Mep-Thi Vai port cluster in the southern province of Ba Ria-Vung Tau on Tuesday berthed the MP THE BELICHICK, a container ship operated by the company’s new shipping service, Sentosa. Ships will embark from Singapore and travel through Thailand’s Laem Chabang City and Ba Ria-Vung Tau to Long Beach City in the U.S.’s Pacific Southwest, and return to Singapore through China’s Shanghai, Ningbo and Xiamen cities. An SSIT spokesperson said: “The demand for exporting to the U.S. has risen sharply since the ...

Britain’s wheat imports slowed in February but are still running well above last season’s pace, customs data showed on Tuesday. Wheat imports for the month totalled 94,956 tonnes, down from 106,531 tonnes in January and the lowest monthly total so far for the 2020/21 season, which runs from July to June. A slowdown had been expected following the expiration of a transitional trade agreement between Britain and the European Union at the end of 2020. Shipments in the early part of the season had been boosted by uncertainty about trade ...

This report is part of the S&P Global Platts Metals Trade Review series, where we dig through datasets and digest some of the key trends in metallurgical coal, iron ore, scrap and alumina. We also explore what the next few months could bring, from supply and demand shifts, to new arbitrages, and to quality spread fluctuations. As the journey into the second quarter begins, record high freight is impacting alumina prices. Traditionally, as freight rates increase, they tend to weigh on FOB values, and FOB Australia alumina has been under ...

Castor Maritime Inc., a diversified global shipping company, announces that on April 9, 2021, it took delivery of the M/V Magic Twilight, a 2010 Korean-built Kamsarmax dry bulk carrier, and on April 13, 2021, it took delivery of the M/V Magic Thunder, a 2011 Japanese-built Kamsarmax dry bulk carrier, pursuant to the transactions previously announced on February 18 and March 12, 2021, respectively. Both acquisitions were financed in their entirety with cash on hand. The M/V Magic Twilight commenced employment under a time charter contract on April 13, 2021, at ...

The Panama Design Center (PDC) is welcoming new residents, as Svitzer Americas opens its new regional headquarters in Panama City as part of the company’s ambition to move even closer to its customers and operations, and further strengthen its position in the region. Svitzer Americas has been headquartered in Miami, US, for many years, but in early 2020 it was decided to relocate to Panama and move into the Panama Design Center, which also houses other entities of the Maersk Group including Sealand Americas, APM Terminals, Hamburg-Sud, Twill, and Maersk ...

ClassNK has registered Ocean Network Express Pte. Ltd. (ONE) to its registry of ISO9001(Quality Management System/QMS):2015 certification. During the QMS construction of ONE for further safety of the fleet, ClassNK had been assigned as the certification body by ONE and completed the initial audit process in Mar. 2021. The certificate delivering ceremony was held at ONE’s headquarter, connected to ClassNK Tokyo on 13 Apr. Speaking on the opportunity Mr. Hiroaki Sakashita, President and CEO of ClassNK said “I’m honored to add ONE to our ISO9001 registry. Our audit team has ...

Havila Shipping has entered into a contract with IKM Acona AS for the PSV Havila Borg. The contract is for a period of one well, estimated to a period of 35 to 90 days. IKM Acona has the right to exercise options for up to two additional wells, estimated to up to 9 months. Source: Havila Shipping ASA