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Vietnam – dynamic trading partner for the Port of Hamburg

The EU-Vietnam Free Trade Agreement will enter into force on August 1 2020. Trade between the Port of Hamburg and Vietnam, which has already increased in recent years, should continue to benefit from this agreement. Although the corona-related developments will also affect trade between Germany and Vietnam in the current year 2020, for the Port of Hamburg there has been very positive growth in the Vietnam shipping region in the recent past. In 2019, a new record quantity of 106,000 standard containers (TEU) was moved between Hamburg and Vietnam. This ...

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Bull’s Net Profit In First Half Of 2020 Is 3.3x Of First Half Of 2019, Another Record High

Comparison of First Half of 2020 with First Half of 2019 PT Buana Lintas Lautan Tbk (“BULL”) reported record net profit of US$32.2 million on revenues of US$98.0 million in the First Half of 2020 compared to net profit of US$9.7 million and revenues of US$48.8 million in the First Half of 2019. These represent 3.3x and 2.0x of the corresponding numbers in the First Half of 2019. The strengthening results are due to the following factors: 1. Record fleet growth with 14 additional tankers; 2. All of the additional ...

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ABS to class First Taiwan-built Offshore Installation Vessel

ABS is to provide classification services to the first floating heavy lift and installation vessel to be built in Taiwan. Named ‘Green Jade’, the vessel has been commissioned by CDWE, a joint venture between Taiwanese company CSBC and Belgian offshore contractor DEME, and will be built at CSBC in Taiwan for delivery in 2022 for deployment in the region’s offshore wind market. “This is a key development for the region’s offshore wind capability and for the Taiwanese shipbuilding industry and we are delighted to be able to support it,” said ...

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Venezuela’s oil exports stagnant in July at below 400,000 bpd -data

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company. Washington has ramped up pressure this year on PDVSA’s customers, trade partners and shippers aiming to stop the re-sale of Venezuelan oil and block efforts to hide or change its country of origin. That is making it increasingly difficult for many of the company’s clients to find tankers for transporting the oil. ...

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JAPAN DATA: Crude imports hit 54-year low on pandemic, non-Mideast oil squeezed out

Japan’s crude imports plunged 31% year on year to 1.91 million b/d in June, the lowest for the month in 54 years, as refiners slashed their crude throughput because of the plunge in domestic oil-product demand caused by the coronavirus pandemic. June crude imports, which were the lowest for the month since 1966, also dropped 16.3% from May as refiners cut their crude throughput by 28% year on year to 2.08 million b/d, according to preliminary data released July 31 by the Ministry of Economy, Trade and Industry. Japanese refiners ...

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China steelmaking ingredients futures prices rise on strong demand

Futures prices of steelmaking ingredients in China rose on Monday, with iron ore jumping more than 4% and coke scaling a 12-month high, on strong demand as the world’s top steel producer continues to ramp up output. The most-traded iron ore contract for September delivery on China’s Dalian Commodity Exchange rose as much as 4.3% to 873.50 yuan ($125.24) a tonne in early trade. Iron ore’s September contract on the Singapore Exchange climbed 2% to $108.08 a tonne. Dalian coke for September delivery gained 3% to 2,032 yuan a tonne, ...

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Abu Dhabi seeks to spur Ruwais downstream plan, says Globaldata

Following the news that Abu Dhabi National Oil Company (Adnoc) and state holding company ADQ are to form a joint venture; Indrajit Sen is the Oil & gas Editor at MEED, part of GlobalData. “The joint venture is meant to fund and manage the development of Abu Dhabi’s Ruwais into a global downstream energy hub. This will help adnoc reach its downstream ambitions by transforming Ruwais into a hotspot for oil and gas refining, and a petrochemicals manufacturing base that acts as a nerve centre for a sprawling derivatives industries ...

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ExxonMobil to ease shut-ins to 200,000 boe/d in Q3 on recovering demand

ExxonMobil aims to ease global oil and gas production shut-ins by about 40% to 200,000 b/d of oil equivalent as demand for transportation fuels slowly recovers from a second-quarter plunge. About 70% of the shut-ins expected to persist into Q3 are from government mandates, with the rest being market-based cuts, the company said. ExxonMobil sees global gasoline and diesel demand returning to year-ago levels by Q4, while jet fuel demand will take much longer to recover. The driller posted a $1.1 billion loss in Q2, its largest-ever quarterly loss, as ...

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Portuguese Bank Ratings Vulnerable to Prolonged Coronavirus Fallout

The unprecedented economic fallout from the coronavirus pandemic is a key risk for Portuguese bank ratings, with the sharp recession pressuring banks’ operating environment, asset quality, earnings and capitalisation, Fitch Ratings says. Long-term prospects for profitability were already limited for most banks entering the crisis. Maintaining adequate capital buffers and actively managing problem assets in the downturn will be key to current ratings. Portugal has a small and open economy that extensively relies on exports and tourism, leaving it vulnerable to the weakening of the European economy. The extent and ...

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MABUX: Bunker market this morning, Aug. 03.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs decreased on July 31: 380 HSFO – USD/MT – 301.30 (-1.82) VLSFO – USD/MT – 358.00 (-3.00) MGO – USD/MT – 437.83 (-4.86) Meantime, world oil indexes demonstrated slight upward changes on July, 31 after data from oilfield services firm Baker Hughes showed the small fall in the number of U.S. oil rigs. Brent for September settlement increased by $0.36 to $43.30 a barrel on the London-based ICE ...

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New Asian port plan progresses

A Japanese company has confirmed it is involved in a tender process for consultancy services relating to a new port in Asia. Construction engineering company Nippon Koei Company (NKC) said that the consultancy services tender is for the Japan International Cooperation Agency (JICA)-funded proposed deep seaport at Matarbari in Bangladesh. “Regarding the project of consultancy services for the construction of the JICA-funded proposed deep seaport at Matarbari in Bangladesh, we are in the process of tender,” NKC told Port Strategy. The objective of the Matarbari Port Development Project is to ...

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APM Terminals Gothenburg grows four times faster than the market

Recently published figures from Swedish Confederation of Transport Enterprises for the first quarter of 2020 show a clear trend. APM Terminals in Gothenburg is growing four times faster than the market. Through creative and customized solutions, APM Terminals Gothenburg ends the first quarter of the year with a market share of 44%. The trend in the first quarter of 2020 continues the pattern seen for the full year 2019. It is evident that APM Terminals in Gothenburg is growing more than the market and gaining market share. Volume is being ...

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Containers Shrink for 3 Months Running between S. Korea and 8 Asian Economies

A total of 317,900 TEUs of containers were traded between South Korea and eight other economies in Asia in June, which decreased 6.5% year on year from 340,000 TEUs, according to statistics compiled by the Korea Customs Service (KCS). South Korea exported 163,800 TEUs, down 10.6%, and imported 153,000 TEUs, down 1.6%, indicating that exports diminished much more severely than imports. By trade partner, 97,000 TEUs were moved to and from Vietnam, down 6%; 46,900 TEUs to and from Thailand, down 17%; 38,000 TEUs to and from Malaysia, down 5%; ...

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Russian wheat prices down under pressure from new crop, weaker rouble – IKAR

Russian wheat export prices fell last week after three weeks of growth, under pressure from the arrival of the new crop and the weakening of the rouble against the dollar, IKAR agriculture consultancy said on Monday. Russian wheat with 12.5% protein loading from Black Sea ports was at $207 a tonne free on board (FOB) for supply in August at the end of last week, down $3 from the week before, IKAR said in a note. SovEcon, another consultancy in Moscow, pegged wheat unchanged at $209 per tonne. Barley was ...

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Crude oil futures lower on weakening demand, rising supply

Crude oil futures were lower in mid-morning trade in Asia Aug. 3 as weakening demand and rising supply weighed on market sentiment. At 10:48 am Singapore time (0248 GMT), the new front-month ICE Brent October crude futures fell 26 cents/b (0.6%) from the July 31 settle at $43.26/b, while NYMEX September light sweet crude contract was down by 30 cents/b (0.74%) at $39.97/b. The unabated COVID-19 spread and rising fatalities worldwide continue to be the most significant issue capping oil demand recovery. The global case count stands at 17.97 million, ...

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