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Marine consultants join forces: AqualisBraemar and LOC Group completes company integration process

Following AqualisBraemar’s acquisition of LOC Group in December 2020, the two groups have successfully completed their integration process ahead of original schedule, operating as AqualisBraemar LOC group effective from today. The integration allows AqualisBraemar LOC to offer clients in the shipping and maritime industries an even broader service offering and higher operational support capacity in more locations. “For our clients in the shipping, maritime and insurance industries, this successful integration means one plus one equals three. We are now able to offer clients a much more complete and efficient service ...

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Foundation Det Norske Veritas contributes S$10 million to help launch a maritime decarbonization centre in Singapore

Foundation Det Norske Veritas – which owns DNV Group – has teamed up with the Maritime and Port Authority of Singapore (MPA) and five other industry leaders to establish a maritime decarbonization centre in Singapore. The centre’s stated mission is to catalyse and facilitate decarbonization in the maritime sector and will be supported by contributions from the founding members totalling S$120 million. Its creation follows the release of a recommendation by the International Advisory Panel (IAP) – a Singapore Maritime Foundation initiative – on maritime decarbonization to set up a ...

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Copper falls on virus surge, weak dollar limits losses

Copper fell on Wednesday following concerns that a resurgence of COVID-19 infections in some major economies, such as India and Japan, will slow global economic recovery and dampen metals demand, although a weak U.S. dollar limited losses. Three-month copper on the London Metal Exchange slipped 0.1% to $9,311 a tonne by 0742 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange dropped 0.9% to 68,720 yuan ($10,577.52) a tonne. London copper touched $9,483 a tonne in the previous session, its highest since Feb. 25, supported by strong ...

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Reshaping grain trade? China acts to change animal feed recipes

China issued guidelines on Wednesday recommending the reduction of corn and soymeal in pig and poultry feed, a measure that could reshape the flow of grains into the world’s top corn and soybean buyer. Chinese feed makers have already been switching corn for cheaper alternatives, especially wheat, after the grain rallied by more than a third in the last year following a drop in corn output and state stockpiles. Imports of corn, used largely in animal feed, into China surged as it sought to compensate for the domestic deficit. The ...

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Baker Hughes sticks to oilfield activity recovery prediction after weak quarter

Oilfield equipment and services provider Baker Hughes Co BKR.N top boss on Wednesday reiterated he is “cautiously optimistic” about oil demand recovering this year from the coronavirus blow, echoing a view he shared on the company’s last earnings call. The company reported a 40% fall in first-quarter adjusted profit, compared to the fourth, as the pandemic’s hit on fuel demand lingers, weighing on demand for oilfield equipment and services lower. “We expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up ...

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Brazil’s April soybean exports gain momentum on third-week surge: sources

Brazilian soybeans exports in the first three weeks of April surpassed the year-ago level due to higher exports in the third week of the month, sources said April 20, which is likely to support domestic oilseed prices. According to the foreign trade department’s report released April 19, Brazil exported 10.6 million mt of beans so far in April, compared with the equivalent 2020 volume of 9.16 million mt. Brazil exported 5 million mt of beans in the third week itself, compared with 3 million mt for the same period in ...

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Maritime UK welcomes GAC UK to the Diversity in Maritime Charter programme

Maritime UK, the umbrella body for the maritime sector, has welcomed GAC UK as the latest organisation to join the Diversity in Maritime Charter. GAC UK is part of the GAC Group, a global provider of integrated shipping, logistics and marine services. Established since 1956, the privately owned group employs over 8,000 people in more than 300 offices worldwide, over 20 of which are in the UK. The Diversity in Maritime Charter is a pivotal initiative in the Diversity in Maritime programme. Signing the Diversity in Maritime Charters commits organisations ...

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China steel futures rise on capacity controls outlook

Chinese steel rebar and hot-rolled coil futures closed higher on Wednesday, picking up from early trade amid concerns of stricter capacity and output controls in the coming months as regulators tighten supervision. The vice chairman of the China Iron & Steel Association told an industry conference that China’s goal of cutting crude steel output this year can be achieved by limiting production at blast furnaces. Capacity at electric arc furnaces should not be curbed, but also cannot expand blindly, he added. China’s emergency management ministry this week said it would ...

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OPEC+ brushes off latest US antitrust bill as it prepares to relax oil production quotas

US lawmakers’ efforts to revive antitrust legislation targeting OPEC will add a wrinkle to the April 28 meeting between the oil bloc, Russia and other allies, but officials within the group say they are not worried about the prospects of American interference. The Saudi-Russia-led OPEC+ alliance is set to convene to firm up production plans for the coming months, having agreed earlier in the month to relax quotas by a collective 1 million b/d through July to meet growing oil demand. Rising retail gasoline prices, however, have already drawn attention ...

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Maersk Drilling awarded one-well exploration contract for low-emission rig with Aker BP

Maersk Drilling has secured an additional one-well contract for the low-emission rig Maersk Integrator with Aker BP. In direct continuation of the rig’s previously announced work scope, Maersk Integrator will drill an exploration well for Aker BP offshore Norway. The contract is expected to commence in December 2021, with an estimated duration of 36 days. The firm contract value is approximately USD 9.6m, excluding integrated services provided and potential performance bonuses. The contract includes an option for additional work. Maersk Integrator is contracted under the terms of the frame agreement ...

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OPEC+ heads for largely technical meeting next week – Russia, sources

OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs. “We met a month ago, we discussed our action plan for the (next) three months. So, if nothing extraordinary happens, our task will be to confirm these plans and to tweak the new ones,” Novak told reporters. The Organization of the Petroleum Exporting Countries and ...

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Autonomous marine navigation startup Orca AI raises $13million Series A

Orca AI, the industry leading AI-based navigation and collision avoidance solution, has raised $13 million in Series A funding, taking its total raised to over $15.5 million. Orca AI’s solution is the first step in introducing autonomous features to vessels already on the water. The round was led by OCV Partners, with Principal Zohar Loshitzer joining Orca AI’s board. Mizmaa Ventures and Playfair Capital also featured. This latest raise will be used to support the company’s investment in technology, international expansion and growth. Orca AI was founded by naval technology ...

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Global carbon dioxide emissions are set for their second-biggest increase in history

Global energy-related carbon dioxide emissions are on course to surge by 1.5 billion tonnes in 2021 – the second-largest increase in history – reversing most of last year’s decline caused by the Covid-19 pandemic, a new IEA report released today shows. This would be the biggest annual rise in emissions since 2010, during the carbon-intensive recovery from the global financial crisis. The IEA’s Global Energy Review 2021 estimates that CO2 emissions will increase by almost 5% this year to 33 billion tonnes, based on the latest national data from around ...

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Australia cancels Belt and Road deals; China warns of further damage to ties

Australia on Wednesday cancelled two deals struck by its state of Victoria with China on Beijing’s flagship Belt and Road Initiative, prompting the Chinese embassy in Canberra to warn that already tense bilateral ties were bound to worsen. Under a new process in Australia, Foreign Minister Marise Payne has the power to review deals reached with other nations by the country’s states and universities. Payne said she had decided to cancel four deals, including two that Victoria agreed with China, in 2018 and 2019, on cooperation with the Belt and ...

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UK inflation edges up as COVID price hit begins to ease

British inflation picked up in March as global oil prices rose and retailers scaled back their COVID-driven discounts, and it is expected to keep climbing as the economy reopens from lockdown. Consumer price inflation rose to 0.7% in March after dipping to just 0.4% in February, slightly below the average forecast of 0.8% in a Reuters poll of economists, according to official figures published on Wednesday. “The rate of inflation increased with petrol prices rising and clothes recovering from the falls seen in February,” Office for National Statistics official Jonathan ...

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