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Tokyo Gas to sell 170,000T/Y of LNG to Sumitomo Joint Electric for 5 yrs

Tokyo Gas Co Ltd said on Wednesday that it has signed a heads of agreement to sell 170,000 tonnes of liquefied natural gas (LNG) a year to Sumitomo Joint Electric Power for five years from the 2021 business year. * The supplies to Sumitomo Joint Electric Power, a unit of Sumitomo Chemical Co Ltd, will come from multiple LNG projects with which Tokyo Gas has signed contracts, the company said in a statement. * It marks Tokyo Gas’ third LNG wholesale deal with “ex-ship” delivery condition in which the seller ...

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What’s next for Chevron?

Already a leader in the Permian, Chevron is well positioned to deliver sustained, profitable growth if the oil price holds up. Add its youthful, highly cash-generative legacy assets and the company is in an enviable position. What will Chevron do next? The Permian is vital to Chevron’s growth and will be its top priority, as will growing shareholder distributions; its first move on pulling back from Anadarko was to increase its share repurchase programme by 25%. We can expect it to stay on the lookout for good value business development ...

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Anadarko approves $20 bln LNG export project in Mozambique

U.S. energy firm Anadarko Petroleum Corp gave the go-ahead for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa. The announcement, which occurred at an event in Mozambique, was widely expected after Anadarko last month flagged the decision date. “As the world increasingly seeks cleaner forms of energy, the Anadarko-led Area 1 Mozambique LNG project is ideally located to meet growing demand, particularly in expanding Asian and European markets,” Chief Executive Officer Al Walker said in a statement ...

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Shell sees more opportunities for floating LNG after Prelude delays

Royal Dutch Shell sees more opportunities for floating liquefied natural gas projects, but not necessarily like its $17 billion Prelude operation off Australia, which shipped its first cargo last week, over two years behind schedule. Shell Australia Chair Zoe Yujnovich said on Wednesday that it was too early to tell whether Prelude, one of two floating LNG (FLNG) projects in the world, would be replicated in future, as the company was still commissioning the project. “I think that there’s an opportunity for the floating concept. Whether it be used as ...

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Dollar dips with all eyes on the Fed

The dollar dipped against the euro on Wednesday, though remained near two-week highs as investors waited for the Federal Reserve to release a policy statement later in the day. The central bank is expected to leave interest rates unchanged at the current range between 2.25% and 2.5%. But slow employment growth in May, the ongoing trade war with China and weak inflation data have increased expectations for dovish remarks. “We don’t think the Fed will cut today and it seems more likely that this meeting is an appetizer to the ...

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EuroDry Ltd. Announces Partial Redemption of its Preferred Shares and Reduction of Their Dividend Rate until 2021

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced that it agreed to redeem approximately $4.3 million of its Series B Preferred Shares with a simultaneous reduction of the dividend rate for the remaining outstanding shares. The Series B Preferred Shares have an aggregate value of about $19.7 million as of March 31, 2019 and since January 2019, carried an annual dividend of 12% which is set to increase to 14% in January 2021. After the agreed upon redemption of $4.3 ...

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MARKETS SNAPSHOT FOR 19/06/19

NASDAQ-Adv: 1,828 Dec: 1,318 NYSE-Adv: 1,761 Dec: 1,170 (Source: Nasdaq)

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Oil prices little changed despite U.S. crude stock draw

Oil futures were mostly steady on Wednesday as price support from a larger-than-expected decline in U.S. crude inventories was countered by a lull in equities. Brent crude futures settled at $61.82 a barrel, shedding 32 cents, or 0.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $53.76 a barrel, falling 14 cents, or 0.26%. On Tuesday, WTI had recorded its biggest daily rise since early January. After swelling to near two-year highs, U.S. crude stocks fell 3.1 million barrels last week, compared with analysts’ expectations for a draw of ...

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Bahri hosts internship program in Dubai to equip students with maritime industry skills

Bahri, a global leader in logistics and transportation, has announced the expansion of its ‘Bahri Cooperative Training Program,’ which is being held annually in Riyadh, to the UAE. The program offers two-month on-site practical experience to ambitious undergraduate students from Saudi Arabia and other GCC countries. As part of the internship program, which got underway on 16 June at Bahri’s office in Dubai, the trainees will be assigned a number of tasks and responsibilities and have the opportunity to develop a comprehensive understanding of the various aspects of Bahri’s operations ...

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ECOWAS partners EU on combating piracy and maritime criminality

The Commission of Economic Community of West African States (ECOWAS) has developed measures to intensify effort towards combating piracy and other maritime criminality with the support of development partners. A statement from the Commission and copied to the Ghana News Agency said development partners such as the European Union (EU), United Nations Office on Drugs and Crime (UNODC), and the governments of Germany, Denmark and the USA were helpful in that regard. Col Abdourahmane Dieng, the Head of Regional Security Division at the Department of Political Affairs, Peace and Security ...

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US wheat inspected for exports down 21% on week: USDA

US wheat inspected for exports for the week ended June 13 fell 21.2% on week to 375,365 mt, data from the US Department of Agriculture showed Monday. The volume of US wheat inspected for the reporting week was marginally higher than the same period a year ago. US wheat inspected for exports is wheat that has been sold and inspected during loading at export locations for shipment overseas. The wheat crop market year in the US begins June 1. The total volume of US wheat inspected for exports so far ...

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High Costs, Oversupply to Hurt Steelmakers’ Q2 Performance: Analysts

South Korean steelmakers are likely to continue to suffer weak business results in the second quarter of the year due to high iron ore prices and a supply glut amid concerns over a global economic slowdown, analysts here said Wednesday. The price of iron ore, one of the main raw materials to make steel, reached a five-year high last week, surpassing the US$110-per-ton threshold for the first time since April 2014, according to industry data. The price of the commodity has surged more than 40 percent since January following supply ...

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Shanghai base metals rise as U.S.-China trade talks set to resume

Shanghai base metals prices rose on Wednesday as hopes grew for a resolution to the prolonged U.S.-China trade war after U.S. President Donald Trump said talks would resume later this month after a recent hiatus. Prices of base metals, used vastly in industrial and manufacturing sectors, have been hit by the trade spat between the world’s two biggest economies, as investors worried weaker global economic growth would hurt demand for metals. Trump said on Tuesday he had a phone call with Chinese President Xi Jinping, adding trade talks would resume ...

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China’s Baosteel to launch test aluminium production in June 2020

China’s Baoshan Iron and Steel Co Ltd (Baosteel), the country’s largest listed steel producer, will begin test production at an aluminium project in Henan province in mid-2020, according to the industrial zone hosting the plant. The first phase of Baosteel’s aluminium alloy casting and deep processing plant will have a capacity of 300,000 tonnes per year and involve an investment of 6.14 billion yuan ($889.35 million), the Sanmenxia City Urban and Rural Integration Demonstration Zone said in a statement posted on its website. The steel giant’s move into aluminium underscores ...

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Dubai crude structure hits month-to-date high at $2.35/b on demand upswing

The August Dubai cash to swap spread hit a month-to-date high at $2.35/b at the close of Asia trading Tuesday after tracking within a narrow range around $2/b for the first half of June. The spread, an indicator of sentiment in the Middle East sour crude market, has risen steadily this week after being assessed at $2.04/b last Friday, S&P Global Platts data showed. It was assessed at $2.19/b at 4:30 pm Singapore time (0830 GMT) on Monday. Traders attributed the rise to a modest resurgence in buying appetite as ...

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