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Deepwater Production To Reach 10 Million Bbl/D This Year

Rystad Energy expects global deepwater production to reach record high level and surpass 10 million bb/d. With new fields starting up in Brazil and Gulf of Mexico, we expect the total deepwater liquid production to reach 10.3 million bbl/d in 2019. This is an increase of 700 kbbl/d compared to 2018. In addition to Brazil and the US, Angola, Norway and Nigeria are the largest deepwater producers. Source: Rystad Energy

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Disappointing factory activity threatens global growth

Factory activity was at its weakest in years across much of the world during January, adding to worries trade tariffs, political uncertainty and cooling demand poses an increasing threat to global growth. Weak Purchasing Managers Index (PMI) readings reinforce expectations central banks will put any further interest rate hikes on hold this year and fuel expectations a global economic slowdown is underway, as highlighted in a Reuters poll last month. Trade-focused Asia appears to be suffering the most visible loss of momentum so far, with activity shrinking in China, although ...

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China May Cut Rates Soon, Says Economist Who Called 2014 Move

The rapid deterioration in China’s economic data could spur the central bank to cut its benchmark interest rate as soon as Feb. 1, according to Barclays Plc economists. “Existing measures are not sufficient to lower the financing costs of the real economy, in a down-cycle with rising credit risk and falling producer-price inflation,” the analysts led by Jian Chang wrote in a note. “Hence, lowering the risk-free rate is unavoidable, in our view,” she wrote. It’s a notable call: Chang was the only economist in Bloomberg surveys to correctly predict ...

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ABS Grants AIP for Two Dalian Shipbuilding LNG as Fuel Designs

ABS granted Approval in Principle (AIP) to two LNG powered designs from China’s Dalian Shipbuilding Industry Group Co (DSIC). DSIC’s designs include a 208,000 dwt bulk carrier and a concept 260,000 dwt Very Large Ore Carrier (VLOC). “ABS has extensive experience of LNG as a marine fuel and it is a privilege to work closely with DSIC on these projects,” said Patrick Janssens, ABS Vice President, Global Gas Solutions. “China shipbuilders have a fantastic record of innovation in LNG and, as a recognized global leader in gas, ABS is proud ...

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Bad weather closes Algerian ports

Most of Algeria’s ports have been closed to traffic as a result of bad weather. Ports closed include Arzew, Oran, Mostaganem, Skikda and Tenes. Vessels which were already in sheltered berths have been able to remain at quay, while all other vessels have been obliged to sail to anchorage pending calmer conditions. Members should be aware that considerable congestion is building up in the ports and delays in berthing are very likely. Members are advised to check individual ports for the current situation and to discuss alternative arrangements with shippers ...

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Bad start continues for China economy as private data shows manufacturing activity weakest since 2016

China’s factory activity contracted for a second consecutive month in January, with the pace of the downturn picking up speed, due in large part to the effects from the ongoing trade war with the United States. The Caixin Purchasing Managers’ Index (PMI), which tracks the activities of small- and medium-sized manufacturing enterprises, fell to 48.3 from 49.7 in December, well below the 49.5 reading analysts expected in a Reuters poll. The January reading is the lowest since February 2016. Readings below 50 indicate that manufacturing sector activity contracted during the ...

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Teesport Becomes First Port in Northern Powerhouse to Gain International Quality Mark

PD Ports, one of the UK’s major port operators, has been officially accredited with the internationally recognised quality mark of Authorised Economic Operator (AEO) for its operations at Teesport by Her Majesty’s Revenue and Customs (HMRC) affirming the Port’s efficient and robust processes to shippers worldwide. The accreditation recognises that a business’ customs controls and procedures are efficient and meet EU benchmarks. Within the Northern Powerhouse, Teesport has become the first port to gain AEO status. It was awarded following a 12-month internal review process that culminated in an audit ...

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Port pro of the month: Valdo Kalm (EE)

This month we are taking you to the Baltic region, and more precisely to the Port of Tallinn, where Mr Valdo Kalm has been CEO of the company since beginning 2016. In this interview, we will learn more about the strengths, challenges and ambitions of the Port of Tallinn. We will learn more about the Port of Tallinn’s introduction to the stock exchange, its ambitions with regards to digitalisation and its green services to shipping. Can you briefly tell us about the Port of Tallinn? What are its main characteristics ...

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Mammoet’s MTC 15 brings major upgrade to lifting capacity at Mammoet’s MultiPurpose Terminal Terneuzen

The quay-side mobile terminal crane has been engineered and built by Mammoet to lift 600 tons at 25 meters, while reducing project time and costs. To upgrade lifting capacity at its multi-purpose terminal at Westdorpe, near Terneuzen, The Netherlands, Mammoet has installed one of its highly efficient heavy-lift MTC 15 cranes. With a capacity of 600 tons at 25 meters, no other heavy-lifting device on the market combines the MTC 15’s features, lifting power and efficiency. With a load moment capacity equal to a large 1,200 metric ton crawler crane ...

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Texas COLT Submits Application with MARAD for Deepwater Port Project

Texas COLT, a proposed joint venture among Enbridge Inc. (NYSE: ENB) (TSX: ENB), Kinder Morgan, Inc. (NYSE: KMI) and Oiltanking, yesterday announced that it has submitted an application with the U.S. Maritime Administration (MARAD) to construct and operate a deepwater crude oil export port located off the coast of Freeport, TX. The Texas COLT Project includes an offshore platform and two offshore loading single point mooring buoys capable of fully loading a 2-million-barrel Very Large Crude Carrier (VLCC) in approximately 24 hours. The offshore facilities will be connected by a ...

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SL ports should evolve beyond transhipment

Sri Lanka’s ports should reduce dependency on Indian transhipment and become global maritime hubs, the National Policy for Maritime and Logistics Sectors has recommended, as it would improve their competitiveness. The recommendations were outlined in the final draft of the National Policy for Maritime and Logistics Sectors that was presented to Minister of Ports and Shipping and Southern Development Sagala Ratnayaka by Ministry Secretary Dr. Parakrama Dissanayake. The policy was drafted by the Committee comprising leading experts on maritime affairs, chaired by Dr. Dissanayake. Around 80 stakeholders participated during the ...

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Significant milestone for Auckland Container Terminal

Aucklanders got a glimpse of the future at Ports of Auckland when three container vessels berthed at the Fergusson Container Terminal for the first time ever earlier this week. The Gottfried Schulte became the first container ship to berth at the new Fergusson North Wharf, which is not yet operational, while two other vessels were serviced at the main wharf. Fergusson North will eventually be Ports of Auckland’s premium berth, with the deepest water and largest cranes, capable of handling ships of up to 11,000 TEU (1 TEU = 1 ...

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Oil exports top imports for the first time, adding to Texas transportation challenges

In the last week of November 2018, daily exports of U.S. oil, gasoline and other products exceeded imports for the first time in nearly 70 years, thanks in large part to energy-rich Texas. But despite appearances, the boom of the state’s oil and gas production will not halt the flow of oil imports to the refineries on the Texas coast. The crude oil being pumped from the Permian Basin of West Texas is light crude. Our refineries along the Gulf Coast use a mix of crude oils (light, medium and ...

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Hutchison Ports Officially Opens Terminal D At Laem Chabang Port In Thailand

Hutchison Ports Thailand, the leading port operator in Thailand, officially opened its Terminal D facility at Laem Chabang Port, Chonburi. Already attracting some of the world’s largest ocean going container vessels, Terminal D’s world leading remote control technology will significantly boost Hutchison Ports Thailand’s operational efficiency and productivity, heralding a new era for Thailand as a global shipping hub. Terminal D, one of the world’s first container terminals fully equipped with remote control technology for all of its quay cranes and yard side rubber tyred gantry cranes, will be the ...

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South Korea’s Jan crude oil imports fall 8.8 pct y/y – preliminary data

South Korea’s crude oil imports in January fell 8.8 percent to 91.0 million barrels from a year earlier, preliminary data from the Ministry of Trade, Industry and Energy showed on Friday. Final data will be released later this month by state-run Korea National Oil Corp (KNOC). Details of preliminary imports and previous actual figures are as follows: (In millions of barrels) Jan 2019 Dec 2018* Jan 2018* Crude Oil 91.0 93.0 99.8 * Actual import figures Note: The ministry does not break down imports by country of origin. South Korea’s ...

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