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EBRD: Growth forecasts revised up sharply for 2017

The European Bank for Reconstruction and Development (EBRD) has revised up sharply its 2017 economic growth forecasts, with higher export levels, a revival in investment and firmer commodity prices supporting a broad-based upswing. Average growth across the EBRD region is seen at 3.3 per cent this year, a rise of 0.9 percentage points against the previous forecast from May, and compared with growth of just 1.9 per cent in 2016. The EBRD tracks the economies of 37 emerging countries, where it finances projects and supports reforms that promote sustainable and ...

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Saudi Crackdown Widens as More Bank Accounts Said Frozen

Saudi Arabia’s surprise crackdown, which led to the arrests of princes, billionaires and officials over the weekend, is expanding beyond those previously detained in what authorities described as an anti-corruption drive. The central bank ordered banks in the kingdom to freeze the accounts of dozens of individuals who aren’t under arrest, according to three people with knowledge of the matter. Already, as much as $33 billion in personal wealth belonging to the richest detainees has been put at risk. More may be on the way: The Saudi Arabian Monetary Authority ...

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EfficienSea2 Announces Final Conference

In roughly six months the European project EfficienSea2 will have completed its work to ‘create and implement innovative and smart solutions for efficient, safe and sustainable traffic at sea’. Therefore, the 32 partners behind the project have announced that they will showcase their results during a conference in Copenhagen on 5-6 April 2018. The results include more than fifteen new or improved maritime services, the web-based platform BalticWeb for displaying them on tablets or computers, work on the so-called VHF Data Exchange System (VDES) and the centrepiece of the project: ...

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Pakistan National Shipping Corporation inducts two tankers

Pakistan National Shipping Corporation (PNSC) is inducting two Aframax-category tankers and will soon be commencing a coastal ferry service between Karachi and Port Qasim, and Karachi and Gwadar. This was stated by PNSC Chairman Arif Elahi in a recent meeting with Director General of Defence Purchase (DGDP) Major General Naveed Ahmed. They met in the wake of the signing ceremony held for the renewal of the evergreen memorandum of understanding (MoU) between the DGDP and Pakistan National Shipping Corporation. The meeting recognised the importance of having a national merchant fleet ...

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Exports increased by 15% in Damietta port

A report issued by Damietta Port Authority (DPA) showed an increase of 15.3% in the number of ships on the port in September 2017 compared to September 2016. According to the report, the number of ships on the docked at Damietta port increased to 226 in September compared to 196 ship during the same month in 2016. The number of general cargo ships increased by 48.7% in September, increasing from 39 in September 2016 to 58 in September this year, and in vessels of special nature, which increased by 66.5% ...

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PierPass Retains Tioga Group to Evaluate Extended Gate Options

PierPass has retained the consulting firm The Tioga Group Inc. and its partner World Class Logistics (WCL) Consulting Inc. to evaluate alternative models for providing the traffic mitigation benefits of extended gates at the Ports of Los Angeles and Long Beach, which are offered through the OffPeak program. Tioga will analyze the traffic, commercial and operational impacts of two potential alternatives to the current model used by OffPeak, which mitigates traffic congestion caused by port truck operations through encouraging the pickup and delivery of containers on weeknights or Saturdays. Tioga, ...

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A privatised Dredging Corporation is advantage ports on pricing front

Central government-owned major ports trusts will not be affected by the decision to privatise Dredging Corporation of India (DCI) because they are hiring dredging contractors to deepen or maintain their channels and berths through open competitive bids. Barring Kolkata Port Trust, all the port trusts were advised by the Shipping Ministry in April 2007 to finalise their dredging contracts through auctions. Nomination basis Till then, port trusts had been awarding contracts to DCI on a so-called nomination basis (without tender) at rates negotiated between the two sides. In 2015, the ...

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We ‘re automating to decongest ports – Enelamah

The Minister of Trade and Investment, Dr. Okechukwu Enelamah, has said that prioritizing clearance of goods at the nation’s ports was a key focus of the federal government’s new strategies towards Ease of Doing Business, in the country. He spoke in an interview at the end of the High-Level Policy Private Sector Trade and Investment Facilitation Partnership Forum, held in Abuja, last week. According to him, the on-going automation (Single-Window) project and the rebuilding of roads the ports would result in decongesting the ports. His words, “When it comes to ...

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Capital port signs MoU for container shipping

The Phnom Penh Autonomous Port (PPAP) announced yesterday that it recently signed a memorandum of understanding (MoU) with contractor KTC International in an effort to establish future cooperation between the two entities, according to a filing on the Cambodia Stock Exchange (CSX). As part of the MoU, the two parties will conduct a feasibility study to discuss an offer of shared shipping container services, with KTC transporting containers from PPAP’s new LM17 container terminal to its clients. Both PPAP and KTC are also seeking to jointly operate a 2-hectare warehouse ...

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Oil’s Upside Breakout Is Real And It Could Be Spectacular

U.S. crude oil prices jumped through $57 per barrel today and many investors are wondering if this move portends a sustained move to the upside or just another head fake of the type we’ve seen so many times since oil prices first started to fall in autumn 2014. I predicted this move in my Forbes column on September 28, but by no means am I declaring victory here. The small E&P stocks I recommended in that piece–Sanchez Energy, Gastar Exploration, Ring Energy, Evolution Petroleum and Denbury Resources–have skyrocketed for the ...

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The U.S. Over-Supply Of Oil Is Ending

The U.S. over-supply of oil is ending. Comparative inventory (C.I.) has been dramatically reduced in 2017. Levels have fallen 159 mmb since February and are now approaching the 5-year average for the first time in nearly 3 years (Figure 1). An interpreted yield curve that correlates C.I. and WTI price is developed by cross plotting the same data without the time dimension (Figure 2). The yield curve may provide price solutions to inventory reduction assumptions in the near term. Accordingly, if C.I. continues to fall at the 9-month average of ...

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Baker Hughes, a GE Company Announces October 2017 Rig Counts

Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for October 2017 was 951, up 20 from the 931 counted in September 2017, and up 31 from the 920 counted in October 2016. The international offshore rig count for October 2017 was 204, up 14 from the 190 counted in September 2017, and up 4 from the 200 counted in October 2016. The average US rig count for October 2017 was 922, down 18 from the 940 counted in September 2017, and up 378 ...

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BP joins Shell in helping Mexico execute oil hedge

BP helped Mexico execute its 2018 oil hedge, the biggest in the industry, becoming the second major after Shell to participate in the highly coveted programme and challenging the traditional role of banks in the operation. Three industry sources said BP has become a participant of the 2018 programme on which Mexico spent some $1.26 billion to hedge its 2018 oil exports against oil price falls as part of government’s efforts to stabilise its budget. BP joins rival Royal Dutch Shell, which made a first foray last year to become ...

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Expert Oil Investors Say Risk Of ‘Triple-Digit Oil Prices’

Oil is up over 3% today, trading up to the highest levels since June of 2015. We were already at new highs for the year as of Friday’s close, and then we got news over the weekend of the political shakeup and arrests in Saudi Arabia. We’ve talked about the fundamental case for much higher oil prices throughout the recovery last year, and again this summer. You never know what catalyst may come in to accelerate the move in price. We may have had it with this Saudi news. Among ...

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Middle East Crude-Dubai strengthens; awaits more OSPs

The Middle East crude market held firm on Tuesday as cash Dubai’s premium to swaps climbed while DME Oman was little changed from Monday. Iran, Iraq and Kuwait are expected to release December official selling prices soon. Iraq may have to adjust its Basra crude prices after spot cargoes were sold at the widest discounts to OSPs in more than a year. While Saudi Aramco raised December Arab Medium OSP by 65 cents, SOMO was unlikely to raise the OSP for Basra Light crude to Asia by that much, a ...

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