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Konecranes and Fluidmesh join forces to deliver world-first 100% wireless Automated Rubber Tired Gantry (ARTG) crane system

Konecranes and Fluidmesh Networks announce that they have joined forces and successfully carried out proof-of-concept testing of fully wireless communication for the Konecranes Automated RTG system. This breakthrough allows container terminal operators to roll out remote control and automation to RTGs in the container yard without running fiber or cable spools, with substantial savings in cost and time. Port and container terminal operators have been embracing automation to increase productivity and give better working conditions to their employees. Many of the newest and largest container terminals have been adopting some ...

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Russian gas flows to Europe via Poland halt again: operator

Russian natural gas transit via the Yamal-Europe pipeline, which crosses Poland, has been halted again because no capacity for Thursday was booked, Poland’s gas system operator said. Gaz-System has been selling pipeline capacity in auctions since a gas transit deal between Russia and Poland expired on May 17. About 20% of the pipeline’s available capacity was booked for Wednesday, compared with about 5% for Tuesday. “No capacity has been booked for today,” the operator’s spokeswoman said on Thursday. Gaz-System had said that the low levels mean there is no need ...

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China coal hub Shanxi to halve coal-washing capacity by Sept 2020

China’s coal mining hub of Shanxi province aims to halve its coal-washing capacity to 1.8 billion tonnes a year and reduce the number of plants involved in the process to 1,200 by end-September, the area’s energy administration said on Thursday. Shanxi pledged last year to reduce excessive capacity in the coal-washing industry and to shut plants that failed to meet tougher environmental standards. The washing process removes sulphur and other impurities from coal with water and chemicals before it is burned in power plants. Shanxi, China’s second-biggest coal-mining province by ...

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Energy spending slump risks slowing transition, creating supply shortage

Global energy investment is expected to plunge by 20%, or almost $400 billion, in 2020 as the COVID-19 crisis risks slowing the world’s transition to cleaner and sustainable energy systems, the International Energy Agency. Through a combination of falling demand, lower prices and a rise in non-payment of bills, world energy revenues flowing to governments and industry are set to shrink by well over $1 trillion this year, according to IEA’s World Energy Investment 2020 report. Set to be the largest ever collapse in global energy investment in history, the ...

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U.S. Unemployment Claims Eased to 2.1 Million Last Week

U.S. workers filed 2.1 million jobless claims last week, extending a downward trend but remaining multiple times higher than before the coronavirus pandemic. The Labor Department’s tally of filings for unemployment benefits was down compared to 2.4 million the prior week. Weekly unemployment claims — a proxy for layoffs — have held above 2 million jobs since mid-March, breaking records dating back to the late 1960s. The number of workers initially seeking jobless benefits peaked at a seasonally adjusted 6.9 million for the week ended March 28, and has eased ...

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WTO issues 2020 Annual Report

The WTO’s Annual Report, published today (28 May), provides a comprehensive account of the organization’s activities in 2019 and early 2020. The Report opens with a message from Director-General Roberto Azevêdo and a brief overview of the year. This is followed by in-depth accounts of the WTO’s main areas of activity over the past 12 months. In his opening message, DG Azevêdo says: “International trade faces unprecedented uncertainty amid the coronavirus pandemic and its immense economic fallout. … Cooperation and solidarity among governments and international organizations will be essential for ...

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Minimal Activity Becomes the Norm in the Shipbuilding Market

Ship owners are refraining from aggravating the existing balance between demand and supply, already not in their favor in many ships classes. This translates to a lull in newbuilding activity, a trend also noticed during the 2009-2010 crisis. In its latest weekly report, shipbroker Allied Shipbroking said that “this was another week of minimal activity to be seen in the newbuilding market, as concerns regarding the health of the global economy starting to intensify once again after the latest macroeconomic data that has come to light. The uncertainty and the ...

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One third of global energy firms plan to lay off staff due to Covid-19 pandemic, says Mercer

One-third (34 per cent) of companies from across the global energy sector value chain have either laid off employees or plan job cuts as a result of the impact of Covid-19, according to a poll conducted by human resources consultancy Mercer. Some 71 per cent of 228 energy companies surveyed said they expect to implement a headcount freeze. The survey was conducted in the last week of April, as oil prices dropped 80 per cent from their peaks in January. “The drilling industry and the EPC [engineering, procurement and construction] ...

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UK lockdown drives fastest growth in grocery sales for over 25 years

UK grocery sales grew at the fastest rate since comparable records began in 1994 as Britons adapted their behaviour in the national lockdown, industry data showed on Wednesday. Market researcher Kantar said total UK grocery sales rose 14.3% to 31.4 billion pounds ($38.6 billion) in the 12 weeks to May 17 – a period which includes both the pre-lockdown rush to the shops in March, and eight weeks of stay-at-home advice from the government. Britain has been in lockdown since March 23, though restrictions are being gradually eased. The sales ...

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Measures aimed at stabilizing enterprises expected to boost economic growth

A series of measures proposed by the 2020 government work report to stabilize the supply chain, industrial chain and market players has won praise from deputies to the National People’s Congress (NPC) and members of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). The measures will lessen the impact of the COVID-19 epidemic on the economy, while also helping achieve other national goals such as boosting employment, alleviating poverty, and gathering strength to ensure economic recovery, according to the deputies and members. Stabilizing market players and helping ...

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Tale of Two Vessels: Hedging Freight to Control Costs

The COVID-19 pandemic has sent shock waves through the shipping industry. The supply glut of crude oil due to the Saudi/Russian price war and the declining demand due to global “stay at home” advisories sent tanker rates through the roof as oil traders and marketers scrambled to lock down floating storage. On the flip side, the shutdown, in attempts to mitigate further spread of the virus, has hurt supply chains worldwide and dried up the bulk cargo market. While freight rates are typically cyclical, these world events have caused extreme ...

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COVID-19: A Force Majeure event?

The unexpected outbreak of COVID-19 and its unforeseen consequences all over the world have not left the commercial sector in Cyprus unaffected. Emergency measures such as travel restrictions, citizens placed on quarantine and self-isolation are only some of the factors that have impacted and continue to impact parties to commercial transactions that render contract performance physically or commercially impossible. May, a party invoke contractually agreed force majeure clauses or, the doctrine of frustration in an attempt to protect themselves from being unable to meet its contractual obligations? Force Majeure The ...

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The Mission To Seafarers Appoints Two New Vice-Presidents

The Mission to Seafarers yesterday announced the appointment of two new Vice-Presidents; Esben Poulsson, Chairman of the International Chamber of Shipping and Chairman of Enesel Pte. Ltd, and Dr Grahaeme Henderson, Vice President, Shell Shipping & Maritime. The creation of this new position and the two appointments has been approved by HRH The Princess Royal, President of The Mission to Seafarers. This is an important role, appointed for a four year-term by the trustees to support with new initiatives and contribute to the charity’s aim to care for the shipping ...

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US natural gas in storage forecasts to increase by 101 Bcf: survey

Despite lower associated natural gas production from nearly all major US oil basins due to plummeting rig counts, as well as states easing up on coronavirus restrictions, US working gas stocks in storage likely increased by triple digits last week, according to a survey of analysts. The US Energy Information Administration is expected to report a 101 Bcf injection for the week ended May 22, according to a survey of analysts by S&P Global Platts. Responses to the survey ranged from an injection of 88 Bcf to 114 Bcf. The ...

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China Trade Clash Risks Vary for Australian Corporates

Fitch Ratings-London/Sydney/Hong Kong-26 May 2020: China’s decision to impose tariffs on imports of Australian barley and to suspend some Australian beef imports highlights the risks that a deterioration in China-Australian relations could pose to Australian companies that export to China, although the risks vary between sectors, says Fitch Ratings. China is Australia’s largest market, accounting for AUD153.2 billion, or 32.6%, of its total goods and services exports in the financial year ended June 2019 (FY19), according to Australia’s Department of Foreign Affairs and Trade. Fitch believes Australia’s agriculture, tourism and ...

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