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World Earth Day: CMA CGM committed to the protection of the environment

To mark the 51st World Earth Day and the start of the Leaders Summit on Climate convened by U.S. President Joe Biden, the CMA CGM Group, a world leader in shipping and logistics, is reiterating its commitment to protecting the planet. The CMA CGM Group has always considered its business performance as intrinsically linked to its social and environmental performance. In the firm belief that it needs to go above and beyond the target set by the IMO of halving overall CO2 emissions by 2050, the Group has undertaken to ...

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Maersk Drilling awarded one-well exploration contract for Maersk Discoverer

Maersk Drilling has been awarded a one-well contract by CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp, for the semi-submersible rig Maersk Discoverer to perform exploration drilling in the Corentyne Block offshore Guyana. The contract has an estimated duration of 75-85 days and is expected to commence in third quarter 2021, in direct continuation of the rig’s current work scope. The contract contains one firm-well in the Corentyne Block and one optional well for the Demerara Block. The optional well has an estimated duration of ...

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Deltamarin celebrates its 30th anniversary

Deltamarin is celebrating its 30th anniversary as a pioneering ship design and engineering company in the marine and offshore industry. In celebration of our achievements, we have published a book on our 30-year history together with an anniversary video commemorating our journey over the years. The book covers key milestones and achievements of the 30-year journey and describes how Deltamarin has grown into a successful company providing ship design, offshore engineering and construction support services for marine and offshore industries worldwide. Our anniversary book has now been published online and ...

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Maritime industry to meet again at 40th edition of Europort

Renowned as the place to showcase special purpose ships and high-tech solutions, the much-anticipated event will be one of the first live international maritime conference and exhibitions in Europe since Covid-19. Rotterdam Ahoy is delighted to announce Europort will return this year for its 40th event, taking place from 2 – 5 November 2021 at the newly renovated Rotterdam Ahoy Convention Centre. Raymond Siliakus, Exhibitions Manager at Rotterdam Ahoy, said: “We are thrilled to be welcoming the international maritime community back to Europort this year. The last 12 months have ...

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G&W’s Savannah Port Terminal Railroad Broadens Agreement With Georgia Ports; Services to Include Mason Mega Rail Terminal

Genesee & Wyoming Inc. (G&W) today announced its subsidiary Savannah Port Terminal Railroad, Inc. (SAPT) has broadened its long-term rail services agreement with the Georgia Ports Authority (GPA) to include GPA’s new Mason Mega Rail Terminal. The new agreement is especially significant as rail container capacity at the port, which already has the country’s largest and fastest-growing container terminal, is expected to double to two million TEUs per year with the completion of the Mason Mega Rail project later this year. “We are confident in the ability of Genesee & ...

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U.S. oil imports, exports down last week: EIA

U.S. crude oil imports and exports both decreased during the week ending April 16, the U.S. Energy Information Administration (EIA) said. U.S. crude oil imports averaged 5.4 million barrels per day (b/d) last week, down by about 448,000 b/d from the previous week, while crude oil exports averaged about 2.5 million b/d, down by about 31,000 b/d from the previous week, according to the Weekly Petroleum Status Report. Over the past four weeks, crude oil imports averaged about 5.9 million b/d, up by about 281,000 b/d year on year, while ...

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Libya oil output falls to 1 mln bpd hit by money troubles

Libya’s oil production fell to about 1 million barrels per day (bpd) in recent days and could drop further due to budgetary issues, the National Oil Corporation said on Thursday. Production fell from about 1.3 million bpd, the NOC said. On Monday the NOC declared force majeure on exports from Hariga oil terminal, operated by its subsidiary Arabian Gulf Oil Co (AGOCO), due to a budget dispute with the central bank. AGOCO said on April 18 it had suspended output because it had not received its budget since September. On ...

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The housing boom, central banks and the inflation conundrum

A multi-year boom in global house prices which even a pandemic has failed to halt is forcing central banks around the world to confront a knotty question – what, if anything, should they be doing about it? The surge in property values from Australia to Sweden is often viewed benignly by governments as creating wealth. But history also shows the risk of de-stabilizing bubbles and the high social cost as millions find home ownership unaffordable. The irony is that while the cheap money created by low or negative interest rates ...

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U.S. Economic Activity Rebounded Sharply in March — Chicago Fed

U.S. economic activity grew in March after falling the previous month amid strong production, personal consumption and housing data, the Federal Reserve Bank of Chicago said Thursday. The Chicago Fed National Activity Index rose to 1.71 in March from a revised minus 1.20 in February. The figure, which is the highest since July 2020, beats economists’ consensus, who polled by FactSet expected the indicator to come in at 0.90. The CFNAI index is composed of 85 economic indicators drawn from four broad categories of data: production and income; employment, unemployment ...

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Too soon to talk end of ECB bond buys – Lagarde

The ECB left policy unchanged as expected at its governing council meeting, keeping copious stimulus flowing even as it faces questions over how it might claw back support once the pandemic-stricken euro zone economy reopens. The bank did not on Thursday (April 22) discuss any phasing out of its huge emergency bond buying program, President Christine Lagarde told reporters, adding such a discussion is “simply premature.” She also noted the divergence between outlooks in the euro area versus the U.S. economy, which faces a quicker recovery from the pandemic with ...

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HOT PORT NEWS from GAC

Construction of subsea pipeline from north of Hong Kong Link Road to south of Soko Islands Thursday, April 22, 2021, Hong Kong For approximately six weeks, construction of subsea pipeline will be carried out along the following co-ordinates (WGS 84 Datum) from (A) to (N): (A) 22° 17.995’N 113° 51.618’E (B) 22° 16.563’N 113° 51.178’E (C) 22° 16.023’N 113° 50.886’E (D) 22° 15.264’N 113° 50.263’E (E) 22° 14.883’N 113° 50.030’E (F) 22° 14.215’N 113° 49.741’E (G) 22° 13.750’N 113° 49.622’E (H) 22° 13.273’N 113° 49.653’E (I) 22° 12.167’N 113° 49.904’E ...

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India: Domestic Crude Oil Output Slides 5.22% In FY21

Crude oil production during March, 2021 was 2612.96 TMT which is 5.63% lower than target and 3.13% lower when compared with March, 2020. Cumulative crude oil production during April-March, 2020-21 was 30491.77 TMT which is 5.65% and 5.22% lower than target for the period and production during corresponding period of last year respectively. Natural Gas production during March,2021 was 2683.90 MMSCM which is 11.11% higher when compared with March, 2020 but 15.11% lower than the monthly target. Cumulative natural gas production during April-March, 2020-21 was 28670.60 MMSCM which is 14.60% ...

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Baltic index leaps to over 10-year peak on capesize surge

The Baltic Exchange’s main sea freight index surged to its highest in over a decade on Wednesday, powered by a jump in the larger capesize vessel segment on increasing iron ore shipments from Brazil. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessel ferrying dry bulk commodities, jumped 238 points, or 9.6%, to 2,710, its highest since October 2010. The index recorded its biggest daily jump since Feb. 17. The capesize index surged 559 points, or 16.2%, to 4,014 – a peak since early October 2020. ...

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Lockdowns Hinder the Demolition Market Once Again

The ships’ recycling market has sustained a halt over the past days, as a result of Ramadan holidays and the raging pandemic in India and large parts of Southeast Asia. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “having entered the holy month of Ramadan and lockdown restrictions across the Indian sub-continent looking set to continue due to a surge in domestic cases, many buyers seem to be coming more cautious due to the unpredictable nature of the Pandemic and subsequent effect to local sentiment and commodity ...

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ENGINE: Europe & Africa Bunker Fuel Availability Outlook

LSMGO and HSFO380 supply has tightened in ARA this week, while VLSFO remains in good supply in the bunkering hub. Several suppliers seeing delayed resupply of LSMGO in ARA and some have set 27 April as their earliest delivery date for the grade. Loading delays at a local refiner’s jetty have tightened supply, sources said. Bunker suppliers can still deliver prompt stems with LSMGO volumes already loaded onto barges, but reloading of the barges could take time. Prices for LSMGO have so far been unaffected, with Rotterdam’s LSMGO premiums over ...

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