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Tanker Market Rates 14/10/2018

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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UK GAS-Prices rise on expected Norway maintenance, lower wind power output

British wholesale gas prices rose on Thursday morning as maintenance in Norway’s gas export infrastructure is expected to curb flows from Friday, while power production from wind turbines is also forecast to decline. * Within-day contract was up 0.70 pence at 57.00 pence/therm at 0840 GMT. * Day-ahead gas rose by 1.90 pence to 58.00 pence per therm. * Expected maintenance at Norway’s gas system infrastructure will reduce gas flows to Britain from Friday, a day when wind power output is also expected to decline. As a result, prompt gas ...

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Germany’s Inflation Accelerates As Estimated In May

Germany’s consumer price inflation accelerated, as initially estimated, on energy prices in May, final data from Destatis showed Thursday. Consumer prices climbed 2.2 percent year-on-year in May, faster than the 1.6 percent increase in April but in line with the estimate published on May 30. The last time the inflation rate reached this level was in February 2017. EU harmonized inflation also accelerated to 2.2 percent in May from 1.4 percent in April. This was in line with preliminary estimate. The rise in the inflation rate was mainly due to ...

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China says exporters front-loading shipments on changes in trade environment

Chinese exporters are front-loading their shipments due to changes in the international trade environment, China’s commerce ministry spokesman Gao Feng said on Thursday amid rising trade tensions with the United States. Gao, who made the comment during a weekly briefing, did not specifically address Beijing’s escalating trade row with Washington. U.S. President Donald Trump will meet with his top trade advisers on Thursday to decide whether to activate threatened tariffs on billions of dollars in Chinese goods, a senior Trump administration official told Reuters. Gao also said China would push ...

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UK Retail Sales Growth Tops Expectations

UK retail sales growth accelerated more than expected in May, figures from the Office for National Statistics revealed Thursday. Retail sales volume including auto fuel, grew 1.3 percent month-on-month, following April’s 1.8 percent increase. This was the second consecutive rise in sales and much bigger than the expected 0.5 percent. Sales excluding auto fuel, climbed 1.3 percent versus 1.4 percent increase a month ago. Sales were expected to gain 0.3 percent. The ONS said feedback from retailers suggested that a sustained period of good weather and Royal Wedding celebrations encouraged ...

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China Retains Borrowing Cost; Industrial Output Growth Eases

China’s central bank kept its short-term borrowing costs unchanged after the U.S. Federal Reserve decided to hike its rate for the second time this year. Major economic indicators suggested a slowdown in economic activity in May as lending curbs weigh on industrial activity. The People’s Bank of China, on Thursday, maintained the 7-day reverse repo at 2.55 percent and the rate on 14-day tenor at 2.70 percent. The benchmark one-year lending rate has been unchanged since October 2015. Industrial production climbed 6.8 percent but slower than the 7 percent increase ...

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India’s Wholesale Price Inflation Accelerates More Than Forecast

India’s wholesale price inflation accelerated at a faster-than-expected pace in May to the highest level in fourteen months, preliminary data from the Ministry of Commerce & Industry showed Thursday. Wholesale prices climbed 4.43 percent year-over-year in May, faster than April’s 3.18 percent rise. The rate was expected to increase to 4.0 percent. Build up inflation rate in the financial year so far was 1.38 percent compared to a build up rate of -0.27 percent in the corresponding period of the previous year. The acceleration in inflation was mainly driven by ...

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French Inflation Accelerates As Estimated In May

France’s consumer price inflation accelerated as initially estimated in May, latest figures from the statistical office Insee showed Thursday. Consumer prices climbed 2.0 percent year-over-year in May, faster than April’s 1.6 percent rise. That was in line with the flash data published on May 31. The acceleration in May was mainly driven by higher energy prices and, to a lesser extent, in these of food and services. On a monthly basis, consumer prices rose 0.4 percent from April, when it edged up by 0.2 percent. The preliminary estimate was confirmed. ...

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Greece passes fast-track reform package to unlock bailout cash (23)

Greece’s parliament on Thursday passed a fast-track reform package to unlock bailout funds and wrap up a fourth and final review of its loan programme as it seeks more debt relief from its official creditors next week. Greece is due to exit its latest bailout programme in August and will then have to rely on financial markets to cover its borrowing needs. The country has a debt-to-GDP ratio of 179.8 percent, the highest in the 19-nation euro zone. Athens is keen to pass the final review of the country’s compliance ...

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US Import Prices Jump in May due to Oil Costs

Prices for goods imported into the U.S. rose in May, mainly reflecting the rising cost of foreign oil, the Labor Department said Thursday. Here are the report’s key takeaways: –Import prices increased 0.6% in May from the previous month. Unlike other price measures produced by the government, import prices are not seasonally adjusted. May’s monthly gain matched the forecast of economists surveyed by The Wall Street Journal. –Oil prices were the primary driver of the monthly gain. The cost of petroleum imports rose 5.9% on the month. Excluding petroleum, import ...

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Fitch ups India’s growth forecast to 7.4% for FY19; crude remains a risk

Fitch Ratings on Wednesday raised India’s economic growth forecast to 7.4 per cent for 2018-19 but cited higher finance costs and rising oil prices as risks. It also said that the rupee has been among the worst performers vis-a-vis Asian currencies this year. The global credit rating agency had earlier estimated the GDP growth at 7.3 per cent for the current financial year. For 2019-20, it projected the growth at 7.5 per cent. Fitch forecast global oil price to remain around $70 per barrel in 2018, up from $54.9 a ...

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China’s Economy Is Slowing Just as Trump Readies a Trade Beating (24)

China’s economy fell short of expectations and its central bank chose not to follow the Federal Reserve in raising borrowing costs, adding fresh caution on the outlook for global growth as trade tensions with the U.S. escalate. With President Donald Trump renewing threats to impose tariffs on the world’s second-largest economy, May data for industrial output, retail sales and investment all came in beneath economist forecasts on Thursday. The People’s Bank of China kept the cost of reverse-repurchase agreements steady, defying predictions it would track the Fed’s hike of Wednesday. ...

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U.S. Business Inventories Rose in April

U.S. business inventories rose 0.3% in April to a seasonally adjusted $1.930 trillion, the Commerce Department said Thursday. Here are the report’s highlights: –Economists surveyed by The Wall Street Journal had expected a 0.3% rise. –At the sector level, manufacturers’ inventories increased 0.3% in April from the prior month, while retail inventories rose 0.5% and wholesale inventories climbed 0.1% from March. –The inventories to sales ratio was 1.35, down from the 1.38 level seen in April 2017. –Though these data are adjusted for seasonal variations, they aren’t adjusted for price ...

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Ton mile demand on the rise in the tanker market, while slow steaming is the new norm

With VLCCs and Suezmaxes emerging as the most sought after tanker classes from ship owners this year, the focus has shifted away from product tankers, which were the “stars” of the first half of last year. According to Mr. Patrick Tye, Head of Research of Gibson Shipbrokers, nearly 300 product tanker orders were placed last year, versus just 62 crude tankers, but in the first fewmonths of 2014, owners have ordered 20 VLCC’s, versus just 29 product tankers, a complete reversal over last year. In an interview with Hellenic Shipping ...

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Dry bulk market to improve over the course of 2014, but oversupply still an issue says BIMCO’s Chief Shipping Analyst

As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slow steaming and other cost saving measures, will lead to the market’s rebound. Speaking with Hellenic Shipping News Worldwide in an exclusive interview, BIMCO’s Chief Shipping Analyst, Mr. Peter Sand, noted that lower freight rates over the first couple of months of 2014, were to be expected, but as 2014 moves forward, things will begin to improve. “On the average freight rates levels we have ...

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