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Most euro zone firms expect Brexit would hurt economy – survey

Most companies based in the euro zone believe a British decision to leave the European Union would hurt the region as it struggles with a sluggish economy and a migration crisis, a survey showed on Wednesday. Seventy-nine percent of firms based in the euro zone said a Brexit would be bad for the area, with less than 4 percent saying it would have a positive impact, according to the report from accountants Grant Thornton. “What’s abundantly clear from our research is that European business leaders overwhelmingly view a Brexit as ...

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Oil falls as Fed rate hike speculation sends dollar surging

Oil prices retreated from 2016 highs and snapped a two-day rally on Wednesday, hurt by a surge in the dollar after the U.S. Federal Reserve signaled it could raise interest rates next month. Brent and U.S. crude’s West Texas Intermediate (WTI) futures had advanced closer to $50 a barrel on Wednesday after large gasoline and distillate drawdowns were announced by the U.S. Energy Information Administration (EIA). But minutes from the Fed’s April 26-27 policy meeting, released in late afternoon trading of oil, sent the dollar .DXY rallying against a basket ...

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Dry bulk ships’ values increase as market sentiment improves

Ship owners have made second hand dry bulk carriers their most sought after asset since the start of the year, as low prices have prompted many of them to acquire such vessels, even though market conditions mean that they will be a long-term investment and will require at least a few years, until they earn their money’s worth back. Still, as market sentiment has started to improve, sellers have increased their asking prices as well. As such, as shipbroker Intermodal noted in its latest weekly report, “as we are approaching ...

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Asian Shipyards: Outside The Usual Suspects?

Although many builder countries struggled to win new orders in 2015, yards in the Philippines, Vietnam and Taiwan managed to increase their combined share of global ordering to its highest level on record. Foreign owned yards have taken a significant proportion of these new orders, while domestically owned shipyards in these countries have had varying degrees of success. Outside The ‘Big 3’ The past 18 months have been a difficult period for shipyards across the globe, with contracting activity weak in most sectors and showing few signs of recovery. Not ...

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Baltic index falls marginally on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, marginally declined on Wednesday on weaker demand for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down one point, or 0.16 percent, at 642 points. The capesize index lost 34 points, or about 3.44 percent, to 954 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $62 to $7,729. The panamax index was up seven ...

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Experts Say Shipping Emissions Must Peak Soon to Achieve Paris Goals

International shipping and aviation will have to cap their greenhouse gas emissions (GHG) soon for the world to meet the ambitious goals laid down in the Paris Climate Change Agreement, participants at a side event at the Bonn climate change conference heard today. Emissions of carbon dioxide from aviation and shipping are growing at a combined rate of 3-5 percent annually. Efforts by the United Nations bodies overseeing these sectors to agree and adopt strategies to address climate change have moved forward but critical action areas remain to be fully ...

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Rotterdam bunker fuel volatility falls to four-month low

Price volatility in the key north European bunker fuel market of Rotterdam has fallen by over 5 percentage points in the last week to its lowest level in four months, according to analysis by S&P Global Platts. Based on daily delivered RMG 380 CST Rotterdam bunker prices, volatility dropped to 42.7% from a measure of 48.2% a week ago. Last month, it was running higher at 54.43%. The oil market saw volatility peak in January/February across many types of crude and refined products, when it appeared that the crude price ...

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Hyundai Merchant, shipowners fail to reach deal over charter rate cut

Financially ailing Hyundai Merchant Marine Co. and the owners of ships that it leases on Wednesday failed to reach an agreement over a cut in charter rates as the shipper faces risks of being under court receivership, company officials said. Hyundai Merchant and high-ranking officials from five major shipowners held their talks over the charter rate cut in downtown Seoul earlier in the day, which is crucial to the South Korean shipper’s fate. The country’s No. 2 shipper has been under severe financial strains in the face of falling freight ...

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Fearnleys Week 20 2016

The volumes in the MEG for May came out somewhat bigger than most had thought. The start of the June liftings have however started slower

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Rising VLGCs fleet to put further pressure on LPG shipping rates

LPG shipping freight rates are forecast to deteriorate further through 2016 as a result of the fast rising fleet of Very Large Gas Carriers (VLGCs) which has already started to impact earnings of smaller vessel classes, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. VLGC freight rates have been in free-fall since August 2015 as fleet growth has continued to outpace demand. Over this period as many as 41 VLGCs have been delivered and as a result, spot rates for these vessels touched ...

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WWL launches ambitious sulphur policy in ports globally

Reducing sulphur emissions has been a focus for WWL since its foundation. For the past 11 years, WWL has operated with a voluntary policy which limits the average sulphur content in fuel to 1.5 percent (the industry average is currently between 3.5 and 2.7 percent), over time avoiding the release of about 220.000 tonnes of sulphur into the atmosphere. To put the figure in perspective, that’s close to the total amount of sulphur emitted in France in 2012. But if the focus a decade ago was sulphur’s contribution to acidification, ...

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German ship financier NordLB eyes full-year loss

German state-backed lender NordLB now expects to report a loss in 2016 after non-performing loans in shipping, where it is one of the world’s top lenders, helped push it into the red in the first quarter. The results at NordLB, which previously said it expected an earnings decline this year but did not point to a loss, bode ill for German peers HSH, Commerzbank, DVB and KFW, who have also been forced to take writedowns and boost capital buffers against shipping loan portfolios turning bad. “We are expecting NORDLB to ...

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Crisis for South Korea shipbuilders as golden age fades

After more than a decade of global dominance, South Korea’s shipbuilders face an unprecedented crisis that threatens the very survival of one of the flagship industries of Asia’s fourth largest economy. South Korea’s “Big Three” shipbuilders were once considered the holy trinity of Korea Inc – controlling nearly 70 per cent of the global market after seeing off their European and Japanese rivals in the 1980s and 1990s. Year after year, the shipyards of Hyundai Heavy Industries, Daewoo Marine and Shipbuilding, and Samsung Heavy Industries churned out massive cargo ships, ...

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Samsung Heavy Industries submits self-rescue plan to KDB

Samsung Heavy Industries Co., one of three Korean shipbuilding majors struggling in prolonged business slump, handed in an outline to restructure its company to its main creditor Korea Development Bank (KDB). The last time a Samsung unit submitted a self-restructuring plan in return for a debt relief was during the Asian financial crisis in the late 1990s. The shipyard is in its worst crisis with orders stop coming in from October last year. Creditors’ response remains doubtful as the outline did not include support from Samsung Group. The company did ...

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Cai Mep International Terminal Doubles Q1 Volume with Five New Service Calls

With five new services calls added to Cai Mep International Terminal (CMIT) since May of 2015, container volume has surged by 130% to 277,303 TEUs for the first three months of 2016, as compared with the same period a year ago. This growth follows an 80% expansion in container traffic at CMIT in 2015 over the year prior, to 724,768 TEUs. CMIT, part of the APM Terminals Global Terminal Network, is a deep-water facility located in the Ba Ria‐Vung Tau Province, southeast of Ho Chi Minh City, and is capable ...

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