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International Shipping Company SHIPLILLY Announces Name Change

LILLY + Associates International, a multinational international freight forwarder and distribution specialist, has just announced a name change. The company will now go by SHIPLILLY. Always proud of company roots, SHIPLILLY’s founder Lilly Cabrera founded the company in 1996 with her son Nelson R. Cabrera. Mrs. Cabrera worked her way up in the logistics industry after immigrating from Peru in 1979, originally waiting tables and cleaning homes and offices to support her three children. As a result of that same work ethic the company was rooted on, the Miami-based forwarder ...

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Dutch shipbuilding firm eyes PHL investment

The government said a Dutch shipbuilding company is taking an interest in investing in the Philippines, and among the options it is looking into is working with the Philippine Navy and taking over the facility of Hanjin Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-Philippines) in Subic, Zambales. In a statement released on Friday, the Department of Trade and Industry (DTI) said the Damen Shipyards Group met with Trade Secretary Ramon M. Lopez on March 4 to discuss opportunities for investment in the country. “Shipbuilding is one of our priority ...

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Indian mills contract to export 2.2 million tonnes sugar: trade body

Indian sugar mills have contracted to export 2.2 million tonnes of sugar since the current marketing season began on October 1, a leading trade body said on Thursday. Mills have already shipped out a little over a million tonnes of the sweetener, Praful Vithalani, president of the All India Sugar Trade Association, said. “So far India has exported almost an equal amount of raw and white sugar for which the top three destinations are Bangladesh, Sri Lanka and Somalia,” Vithalani said. Prime Minister Narendra Modi’s cabinet late last year approved ...

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NMDC announces production and sales figures (provisional) of Iron Ore

NMDC has achieved total production of 3.34 MT in February 2019 compared to 3.45 MT in February 2018. Cumulative production up to February 2019 stands at 28.43 MT compared to 31.32 MT in corresponding period year ago. Total sales were 3.55 MT in February 2019 compared to 3.03 MT in February 2018. Cumulative sales up to February 2019 stand at 28.80 MT compared to 31.92 MT in corresponding period year ago. Source: Capital Market

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ADNOC raises all Feb crude OSPs; cuts Murban, Das differentials by 9-14 cents/b

Abu Dhabi National Oil Co. raised the crude oil official selling prices for all of its four crude grades which loaded in February by $5.35/b to $5.55/b, a company notice issued late Thursday showed. The price hikes are comparable to the rise in sour crude oil prices between January and February. Front month cash Dubai averaged $64.57/b over February, up $5.49/b from January. ADNOC set the price for February Murban at $66.35/b, up $5.40/b from January. As a differential to February Dubai crude assessments, the Murban OSP is at a ...

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Second-month Dubai cash at premium over Brent in Asia; first time since 2000

The second-month June cash Dubai crude was assessed at a premium of 12 cents/b over June cash Brent on Thursday, for the first time in eight and a half years, S&P Global Platts data showed. June cash Dubai was assessed at $66.17/b at the close of the Asian trading session at 0830GMT on Thursday, while June cash Brent was assessed at $66.05/b at the close on Thursday, according to Platts data. This puts the June cash Dubai assessment at a premium of 12 cents/b over cash Brent. The M2 cash ...

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Malaysia’s Petronas to boost 2019 capex and upstream activity

Malaysia’s Petronas will boost its overall capital expenditure levels in 2019 and renew focus on its upstream business after the completion of its Pengerang Integrated Complex, or PIC refinery project, its chief executive Tan Sri Wan Zulkiflee Wan Ariffin said Friday. The national oil company is ramping up upstream investment due to falling oil and gas production levels from a range of mature fields, with an increasing amount of the capex going into overseas assets including exploration blocks in Oman and LNG projects in North America. Wan Zulkiflee said Petronas’ ...

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Singapore front-month Apr gasoline swap breaches $70/b on stronger fundamentals

The Singapore front-month April outright gasoline swap rose above $70/b for the first time in 2019, tracking the recent run up in the physical market. At the Asian close Thursday, the April gasoline swap rose $1.07/b to the year-to-date high of 70.15/b. The last time the swap was higher was on November 12, 2018 when it was assessed at $70.76/b, S&P Global Platts data showed. The prompt April/May timespread hovered around the year-to-date high of 48 cents/b, marking a 46 cents/b spike since the beginning of March, Platts data showed. ...

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Australia’s Woodside to increase short-term exposure as LNG contracts expire – CEO

Australia’s largest LNG producer Woodside Petroleum is planning to replace expiring long-term contracts with “far more flexible” deals of three to five years duration, CEO and Managing Director Peter Coleman said in an interview this week. Nearly two-thirds of all the long-term contracts — around 11 million mt/year — from the Woodside-operated North West Shelf and Pluto LNG export plants in Western Australia are due to expire by 2025. These volumes are largely contracted with Japanese power and gas utilities, which have been at the forefront of global efforts to ...

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ECB pushes out rate hike, offers cheap cash to banks

The European Central Bank changed tack on its tightening plan on Thursday, pushing out the timing of its first post-crisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone economy. The bolder-than-expected move came as the U.S. Federal Reserve and other central banks around the world are also holding back on rate hikes. It underlined how a global trade war, Brexit uncertainty and simmering debt concerns in Italy are taking their toll on economic growth across Europe. ...

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Is Chinese Quantitative Easing On the Way?

Chinese short-term borrowing rates are too low, helping stoke a new stock bubble, writes Nathaniel Taplin for WSJ Heard on the Street. Long rates are too high, thanks to surging government debt issuance. Meanwhile, private-sector borrowing is weak. What to do? KEY FACTS — Facing a similar situation in 2009, the Federal Reserve turned to QE. — The Fed embarked on large-scale purchases of long-dated government debt to ease borrowing conditions. — Chinese central bank officials deny similar measures are needed. — But local media report they are under consideration. ...

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Japan sees global growth risks persisting on trade war, China slowdown

Downside risks in the global economy are likely to persist over the medium to long term, pressured by the Sino-U.S. trade war and a slowdown in China, Japan’s top financial diplomat said. Masatsugu Asakawa, vice finance minister for international affairs, said he hoped Washington and Beijing would resolve their trade dispute by tackling not just trade issues but China’s structural problems. Asakawa’s comments came just days after China set an economic growth target of 6.0 to 6.5 percent in 2019, below the 6.6 percent gross domestic product growth reported last ...

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Productivity Growth Shows Signs of Long-Awaited Strength

U.S. worker productivity, an important driver of wage and output growth, is showing glimmers of recovery after years of subdued increases that held back the economy. Output per hour of nonfarm business sector workers grew at a 1.9% annual rate in the fourth quarter and registered the strongest nine-month stretch of growth between April and December since 2010, averaging 2.2% growth during that period last year. It beat the 1.3% average growth registered so far in the expansion and was near a 2.1% post World War II average. Productivity growth, ...

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French trade deficit widens in January as exports soften

France’s trade deficit widened in January as exports fell and imports rose slightly, seasonally adjusted data from the customs office showed on Friday. The trade balance showed a deficit of 4.2 billion euros ($4.71 billion) in January compared with a shortfall of 3.6 billion euros in December. The customs office had previously reported a December deficit of 4.65 billion euros, but revised it to take into account changes in the way in accounts for seasonal variations and calendar effects. In January, exports fell 1.0 percent on lower shipments of refined ...

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German Manufacturing Orders Plunged in January After Positive Revision in December

German manufacturing orders plunged at the start of the year, but orders in December were revised sharply higher due to the late reporting of large tickets, the Federal Statistical Office said Friday. Total orders for the key sector declined 2.6% month-to-month in January, missing economists’ forecasts of a 0.5% increase. But December data now show a 0.6% monthly rise in orders thanks to the late reporting of two large tickets in the aircraft industry, said a statistician at the German statistics body, which had previously reported a 1.6% drop in ...

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