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MISC group financial results for the second quarter of FY2022

MISC is pleased to announce its financial results for the second quarter ended 30 June 2022. Financial Highlights: • Group revenue for the quarter ended 30 June 2022 was higher than the corresponding quarter ended 30 June 2021. • Group revenue for the 6 months period ended 30 June 2022 was higher than the corresponding 6 months period ended 30 June 2021. Datuk Yee Yang Chien, MISC’s President/Group Chief Executive Officer, said, “MISC continues to record robust and commendable operational performance during the second quarter of the financial year. However, ...

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Asia to spearhead global refinery hydrotreater capacity additions between 2022 and 2026, says GlobalData

Asia is expected to register the highest refinery hydrotreater capacity additions globally between 2022 and 2026, accounting for approximately 39% of the total capacity additions by 2026, says GlobalData, a leading data and analytics company. GlobalData’s latest report, ’Refinery Hydrotreater Units Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Units, 2022-2026’, reveals that Asia is likely to witness total hydrotreater unit capacity additions of 4,180 thousand barrels per day (mbd) by 2026. Of this, 2,548 mbd is likely to be added from new-build refineries while the ...

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Santos reports record first half free cash flow and underlying earnings, and higher shareholder returns

Santos today announced its half-year results for 2022, reporting record free cash flow of US$1.7 billion and underlying profit of US$1.3 billion. The results reflect significantly higher oil and LNG prices compared to the corresponding period due to stronger global energy demand combined with a higher interest in PNG LNG following the Oil Search merger. Santos intends to return US$605 million to shareholders (equivalent to US18 cents per share) under the company’s capital management framework, comprising a 38 per cent increase in the interim dividend to US7.6 cents per share ...

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Analysis: Confident Algeria rides gas high

Europe’s attempts to wean itself off Russian gas have given Algeria a shot in the arm. Flush with energy revenues after Russia’s invasion of Ukraine sent demand for its oil and gas soaring, authorities are spending more on social benefits and taking a more assertive stance abroad, pivoting from years of declining wealth and the political upheaval of a mass protest movement. President Abdulmadjid Tebboune has announced expected increases to public sector wages, pensions and unemployment payments, returning to a model of generous social spending to which Algerians have long ...

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HOT PORT NEWS from GAC

Strike at country’s biggest container port 18 Aug 2022, Felixstowe, United Kingdom Unite the union has announced strike action at the Port of Felixstowe from 21-29 August. Read more » Marine site investigation off Aberdeen South Typhoon Shelter 18 Aug 2022, Hong Kong For approximately six months, marine site investigation works involving drilling of boreholes will be carried out. Read more » Source: GAC

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MABUX: Global bunker indices may turn to upward changes on Aug. 18

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated irregular changes on Aug. 17: 380 HSFO – USD/MT – 590.46 (-6.02) VLSFO – USD/MT – 830.04 (-5.52) MGO – USD/MT – 1142.00 (+3.57) As of Aug.17, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade remained undervalued in three out of four selected ports: Rotterdam – by minus ...

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The Port of Corpus Christi and Buckeye Partners, L.P., to Establish Solar Farm in Coastal Bend

The Port of Corpus Christi Commission approved a lease agreement with Buckeye Partners, L.P., that will establish the first solar farm in the 100-year history of the Port. The 81,000+ panel project will be located in San Patricio County on Port of Corpus Christi property near Midway Junction. This partnership is the latest initiative undertaken by the Port of Corpus Christi in its bullish drive to lead the global market into the energy renaissance, rendering renewable energy a legitimate and sustainable commodity. The lease agreement, approved by Port of Corpus ...

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Hutchison ports initials concessions for terminals in ain Sokhna port and Ei Dekheila port, Egypt

Hutchison Ports, the world’s leading port investor, developer and operator, is pleased to announce the expansion of its cooperation with the Egyptian Government through the initialing of concession agreements for two new concessions to operate world-class container terminals in Ain Sokhna Port and El Dekheila Port. Marking the event, an initialing ceremony was hosted by His Excellency Mostafa Madbouly, Prime Minister of Egypt and His Excellency Kamel Al-Wazir, Minister of Transport, Egypt. Other attendance included representatives from CMA CGM, COSCO SHIPPING Ports and Terminal Investment Limited; and Mr. Clemence Cheng, ...

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PPA books a 9% hike in 1H income, steadies pace in its pandemic recovery

The Philippine Ports Authority (PPA) continues to rebound from the effects of the global pandemic as net income increased by 9% in the first six months of the year. The agency’s net income is now only 13% down compared to the pre-pandemic figure. PPA’s net income declined by as much as 50% during the onslaught of COVID-19 in 2020. Data from the PPA showed that net income for the period in review reached P5.024 billion from P4.611 billion registered in 2021. Against the target of P4.056 billion, the actual figure ...

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India eases Russian oil buying in July, boosts Saudi imports -trade

India’s crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed. Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand. India shipped in 877,400 barrels per day (bpd) oil from Russia in July, a decline of about 7.3% from June, with Moscow continuing as its second biggest ...

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Port of Long Beach welcomes pasha Hawaii Lng – powered ship

‘MV GEORGE III’ FIRST TO REFUEL WITH LIQUEFIED NATURAL GAS ON WEST COAST The Port of Long Beach on Wednesday welcomed Pasha Hawaii’s MV George III, the first container ship powered by liquefied natural gas to refuel on the West Coast. The ship’s LNG-powered engines are dramatically cleaner than those of a traditional cargo ship. Following George III’s inaugural visit to Long Beach, the newly built 774-foot-long ship will begin its maiden voyage to its home port in Honolulu. And there’s another LNG Pasha ship on the the way – ...

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Act Announces The Launch Of Its 20 Year Decarbonization Plan

Aqaba Container Terminal (ACT), the sustainable gateway to the Levant region and beyond, has announced the launch of its comprehensive decarbonization strategy, which is set to reduce its carbon footprint to net zero by 2040. ACT is committed to leading the industry in reducing its greenhouse gas emissions: between 2020 and 2030, the terminal aims to reduce its total emissions by 70%. The company’s long-term target is to reach net-zero emissions by 2040. This objective is being supported by a high-level CAPEX plan that will devote more than USD50 million ...

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Oil prices hold steady as recession worries offset lower U.S. stocks

Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession. Brent crude futures climbed 15 cents, or 0.2%, to $93.80 a barrel by 0347 GMT. U.S. crude futures gained 4 cents, or 0.1%, to $88.15 a barrel. Prices rose more than 1% during the previous session, although Brent at one point fell to its lowest since February. Futures have fallen over the past few months, as investors have pored over economic data ...

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SFL – Acquisition of four Suezmax tankers in combination with long term charters

SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) announced today that it has agreed to acquire four modern Suezmax tankers in combination with long term time charters to a subsidiary of Koch Industries, a world-leading industrial conglomerate. The vessels are built in 2015 and 2020, respectively, and all four have modern eco-design features including exhaust gas cleaning systems. The aggregate purchase price of the vessels is $222.5 million and the Company expects to take delivery between August and October. The charter period of the vessels will be six years, ...

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FUJAIRAH DATA: Oil product stocks scale back from 20-month high as logjams ease

Oil products stocks at the UAE’s eastern port of Fujairah fell slightly in the week of Aug. 15, as logjams at the world’s third biggest bunkering hub eased following supply disruptions caused by heavy rain and flooding towards end-July. Total oil product inventories fell 1.4% to 23.770 million barrels on the week, according to data from the Fujairah Oil Industry Zone provided exclusively to S&P Global Commodity Insights on Aug. 17. This is the highest level of stocks since May 3, 2021. Stocks had soared to a 20-month high in ...

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