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Sime Darby’s port divestment expected, in line with portfolio rebalancing, says AmInvestment

The divestment of the Weifang Port business is not unexpected and is in line with Sime Darby Bhd’s portfolio rebalancing, according to AmInvestment Bank Bhd. In a note on Tuesday (July 5), the research house said it is generally neutral on Sime Darby’s divestment and maintained its “buy” call on the stock with a lower target price of RM2.88, from RM2.90 previously, based on the disposal proceeds and rolling forward its valuation base year to the next financial year ending June 30, 2023 (FY23). “The group has been monetising its ...

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Performance Shipping Inc. Announces Delivery Of The Aframax Tanker Vessel

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Sophia (formerly “Maran Sagitta”), a 2009-built Aframax tanker of 105,071 dwt that the Company entered into an agreement to purchase in June 2022. Commenting on the delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are pleased to announce the delivery of the M/T P. Sophia, which increases our fleet to a total of six Aframax Tankers, all currently ...

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Sale of the P-MAX vessel Stena Paris

Concordia Maritime has entered into an agreement for the sale of the product tanker Stena Paris (65,000 dwt, built in 2005). The buyer is based in Greece and delivery is expected to take place at the end of July 2022. The sale is expected to have a positive liquidity effect of approximately USD 5 million. In accordance with existing bank agreement, the surplus will be used for accelerated repayment of loans and thereby strengthening the company in the longer term. Asset values for tankers have risen during the spring in ...

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Kremlin: no decision taken on switching Russian LNG sales to roubles

The Kremlin said on Tuesday that no decision had been made on whether to switch sales of Russian liquefied natural gas (LNG) to roubles. Russia’s Gazprom GAZP.MM could propose expanding its roubles-for-gas scheme for pipeline gas to include LNG, the Interfax news agency quoted a senior manager as saying on Monday. “Currently no decisions have been taken in this regard and there are not any prepared orders,” Kremlin spokesperson Dmitry Peskov told his daily conference call with reporters. Kirill Polous, a deputy department head at Gazprom, said on Monday that ...

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OPEC+ must produce more oil, says British premier

British Prime Minister Boris Johnson said on Monday OPEC+ must produce more oil to try to tackle a growing cost-of-living crisis and bring down prices. “There is no doubt that we are going to need a lot more OPEC+ oil,” he told parliament, referring to a group that includes Saudi Arabia, Russia and other major oil producers. “The UK has … strong and productive relations with Saudi Arabia. We need to make sure the whole of the West does as well,” Johnson said, adding that Saudi Arabia needed to produce ...

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HOT PORT NEWS from GAC

Port operations during Eid-Al-Adha 05 Jul 2022, Sohar, Oman During the Eid Al-Adha official holiday from Friday 8 July to Tuesday 12 July, Sohar Industrial Port Company will continue operations on an overtime basis. Read more » Removal of exclusive mandate for ship agency services 05 Jul 2022, Tanzania The Tanzanian government port agent TASAC has been excluded from performing the exclusive mandate functions in shipping agency services. Read more » Priority berthing for wheat vessels withdrawn 05 Jul 2022, Deendayal, India Priority berthing arrangements for wheat vessels at the ...

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Fleetzero begins its search for the first giant ship to convert to battery power

Fleetzero has an ambitious goal: to compete with global shipping companies with its own boats, powered entirely by electricity. The company just secured $15.5 million in new funding and is looking for the first ship to convert to run on its shipping container-shaped batteries. The company’s plan, described in detail here, is to convert existing ships to electric propulsion, replacing the diesel engine or generator with enormous batteries of the company’s own design. These would be loaded and unloaded like any other cargo, swapped out at ports and charged between ...

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Advanced Polymer Coatings Inks Ten Tanker Deal With Turkey’s Chemfleet

USA-based manufacturer Advanced Polymer Coatings (APC) is reinforcing its position as the prime protective tank coating company in Turkey’s maritime sector after signing a major multi-ship deal to recoat ten tankers with Turkish ship management firm Chemfleet. The deal was struck at Chemfleet’s Istanbul office by APC’s global marine manager, captain Onur Yildirim, and its Turkey marine manager captain Koray Karagoz. Captain Yildirim said APC now holds 80 per cent of the Turkish marine coatings market having coated and repaired more than 450 vessels since establishing in the country in ...

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There’s a massive pile-up of car, furniture exports bound for U.S. and it’s spreading across European ports

Labor slowdowns and strikes at the German and Netherland ports are creating a massive pile-up of export containers bound for the U.S. that will take months to clear out. According to the bills of lading found through ImportGenius, some of the items that are exported out of these ports are critical components to the auto sector like lithium batteries, fully assembled automobiles, as well as a wide variety of auto parts, and chassis. Mercedes, BMW, and Ford were listed in recent U.S. Customs filings. “U.S. importers need to look four ...

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New Vado Express Service to shorten transit times between Asia and Northern Italy

The new Vado Express feeder service will connect Port Said East, located on the Suez Canal where it meets the Mediterranean Sea, and Vado Gateway, at the Port of Genoa, one of the most significant and busiest ports in Italy. The new service will reduce transit times and alleviate congestion while offering higher flexibility in current challenging times. The first vessel from Maersk’s new service (3000 TEUs) will depart from the Suez Canal Container Terminal (SCCT) on the east bound lane of the Suez Canal, on July 8th and will ...

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U.S. supplies more gas to Europe than Russia for the first time

For the first time, the U.S. provided more liquefied natural gas (LNG) to Europe than Russia sends by pipelines, according to the latest data released by the International Energy Agency (IEA). Russia ships about 150 billion cubic meters of gas to Europe via pipelines every year, and another 14 billion to 18 billion cubic meters of LNG, accounting for over 40 percent of total imported natural gas of Europe. In 2021, Russia met more than a third of the European Union’s (EU) gas demand, said the IEA. However, in response ...

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BTC ship 106.9m barrel of crude oil from marine terminal in 1H2022

Some 106.9 million barrels of crude oil were shipped from the marine terminal of the Baku-Tbilisi-Ceyhan (BTC) pipeline in the Ceyhan region in the first six months of 2022, Azernews reports, citing Anadolu. “The crude oil that arrives at the Heydar Aliyev terminal is sent from there by tankers to the world market,” the statement reads. From the marine terminal, from its commissioning in 2006 until the end of last year, 4,947 tankers delivered 3.7 billion barrels of oil to the world market. In the first half of this year, ...

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The G-7 is considering a price cap on Russian oil. But energy analysts think it’s impossible

The world’s seven-largest industrialized economies have floated the idea of a price cap on Russian oil to further squeeze the Kremlin’s ability to fund its onslaught in Ukraine and try to protect consumers amid surging energy prices. The G-7′s pursuit of a price ceiling on Russian oil is not without its challenges, however, with energy analysts highly skeptical about the integrity of the proposal. For its part, the Kremlin has warned any attempt to impose a price cap on Russian oil will cause more harm than good. How the idea ...

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Ecuador’s oil output rebounds by about 90% after end of protests

Ecuador’s oil output has recovered by about 90% since a deal between the government and demonstrators ended nationwide protests late last week, with output up to 461,367 barrels per day (bpd), the ministry of mines and energy said on Monday. More than two weeks of protests in Ecuador caused state-run oil company Petroecuador to lose 1.99 million barrels of oil production, while the government declared force majeure for the public and private oil sector. Source: Reuters (Reporting by Yury Garcia and Oliver Griffin; Writing by Oliver Griffin; Editing by Paul ...

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Strike affecting Equinor-operated fields on the Norwegian continental shelf

Equinor has initiated a safe shutdown of the Gudrun, Oseberg South and Oseberg East fields after members of the Norwegian Organisation of Managers and Executives (Lederne) trade union went on strike from midnight. The background for the strike is that the members of Lederne in a referendum voted against the mediator’s proposal during the wage negotiations for offshore personnel between the labour organisations and the employers’ organisation, the Norwegian Oil and Gas Association (Norog). Total production from Gudrun, Oseberg South and Oseberg East is around 89,000 barrels of oil equivalent ...

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