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China Oct steel output hits 7-mth low on National Day, lower margins

China’s steel output fell to a seven-month low in October, official data showed on Thursday, as operations at mills were crimped by a week-long national holiday and shrinking profits. The world’s top steel-making country produced 81.52 million tonnes of crude steel in October, down from both 82.77 million tonnes in September and 82.55 million tonnes a year earlier, data from the National Bureau of Statistics showed. That marked the lowest level since March. Average daily output of the industrial metal was 2.63 million tonnes, down from 2.76 million tonnes in ...

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US became net petroleum exporter in September

September marked the first month in recorded history that the US exported more total crude oil and petroleum products than it imported, according to preliminary data and model estimates released by the US Energy Information Administration. In its Short-Term Energy Outlook, EIA said that the US became of net exporter of petroleum in September, exporting 140,000 b/d of total petroleum and other liquids after importing 850,000 b/d in August. “If confirmed in survey-collected monthly data, it would be the first time the United States exported more petroleum than it imported ...

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OPEC Sees Smaller 2020 Oil Surplus, Expects Shale Growth to Slow

Crude Oil Price Movements The OPEC Reference Basket (ORB) value declined by $2.45, or 3.9%, month-on-month (m-o-m) in October to settle at $59.91/b. In October, ICE Brent was on average $2.65, or 4.3%, m-o-m lower at $59.63/b, and NYMEX WTI fell m-o-m by $2.96, or 5.2%, to average $54.01/b. Year-to-date (y-t-d), ICE Brent was $9.37, or 12.7%, lower at $64.21/b, while the NYMEX WTI declined by $10.46, or 15.6%, to $56.76/b, compared with the same period a year earlier. The backwardation price structures of both ICE Brent and DME Oman ...

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China Oct refinery output rises 9.2% from year ago to second-highest ever

China’s crude oil throughput in October rose 9.2% from a year earlier to the second-highest on record, as refineries in the world’s second-biggest oil consumer and top importer ramped up output after returning from plant maintenance. Last month, crude processing volumes were 57.84 million tonnes, or about 13.62 million barrels per day (bpd), below the record of 13.75 million bpd reached in September, data from the National Bureau of Statistics showed on Thursday. “Most of the refineries have resumed operations from maintenance and have kept a relatively high processing rate ...

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Oil prices and Aramco IPO raise stakes for OPEC cuts

OPEC officials have played down the prospect of deeper crude oil production cuts. Demand may be picking up and US shale producers are finally feeling the pinch. However, tepid prices and the awkward timing of the giant Aramco IPO will make a strong case for the group to take more action. Oil continuing to trade around $62/b is a problem OPEC has failed to resolve. The group’s key producers from the Middle East require higher prices to sustain their petrodollar economies. Saudi Arabia requires prices above $80/b to balance its ...

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U.S. crude stockpiles rise as production hits record high – EIA

U.S. crude oil stockpiles rose last week for the third consecutive week as production hit a record high, while distillate inventories, which include heating oil, fell for the eighth week in a row, the Energy Information Administration said on Thursday. Crude inventories rose by 2.2 million barrels in the week to Nov. 8, compared with analysts’ expectations in a Reuters poll for a 1.6 million-barrel rise. “Further drawdowns in … distillate fuels were supportive, but the rebound in refining utilization works against those data points,” said John Kilduff, a partner ...

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Global trade is likely contracting and we’re now ‘betting’ on a US-China deal, OECD chief says

Investment and trade growth at the moment are reliant on a deal between the U.S. and China, the secretary general of the Organisation for Economic Cooperation and Development (OECD) told CNBC. “Yesterday, he (President Donald Trump) made a presentation at the Economic Club (in New York) and basically he said ‘Yes, maybe we’re close to a deal with China’ — we’re betting on that,” Angel Gurria told CNBC’s Charlotte Reed in Paris. “The rate of growth of trade has come down from 5.5% in 2017 to basically flat. In fact, ...

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China’s main growth engines falter in October on trade frictions

China’s factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on broad segments of the world’s second-largest economy. Industrial production rose 4.7% year-on-year in October, data from the National Bureau of Statistics released on Thursday showed, below the median forecast of 5.4% growth in a Reuters poll and slower than September’s 5.8%. Indicators showed other sectors also slowed significantly and missed forecasts with retail sales growth back near a 16-year trough and fixed asset investment ...

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Latest Chinese Numbers Show Economy Dragging

China’s economy is showing fresh signs of weakness even as inflation continues to tick higher–a conundrum for policy makers as the trade dispute with the U.S. drags on. Readings of economic growth slowed further in October, government data showed on Thursday, with disappointing numbers in industrial output, household consumption and fixed-asset investment. China’s official National Bureau of Statistics said value-added industrial output in October was up 4.7% from a year earlier, slowing from September’s 5.8% pace and short of the median 5.2% forecast of 15 economists polled by The Wall ...

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Medusa with Cargill

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about eleven (11) months to maximum thirteen (13) months. The new charter period is expected to commence on November 15, 2019. The “Medusa” is ...

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Navigator Holdings Ltd. Reports Third Quarter Net Loss of Almost $3 Million

Navigator Holdings Ltd. reported operating revenue of $75.6 million for the three months ended September 30, 2019, compared to $80.8 million for the three months ended September 30, 2018. • Net loss was $2.9 million (loss per share of $0.05) for the three months ended September 30, 2019 (which includes a $1.0 million non-cash loss on exchange rate movements), compared to net income of $0.6 million for the three months ended September 30, 2018. • Adjusted EBITDA1 was $29.5 million for the three months ended September 30, 2019 compared to ...

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Teekay Corporation Reports Third Quarter 2019 Results

Teekay Corporation (Teekay or the Company) (TK) yesterday reported results for the quarter ended September 30, 2019. These results include the Company’s two publicly-listed consolidated subsidiaries Teekay LNG Partners L.P. (Teekay LNG) (TGP) and Teekay Tankers Ltd. (Teekay Tankers) (TNK) (collectively, the Daughter Entities), and all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than the Daughter Entities, is referred to in this release as Teekay Parent. Please refer to the third quarter 2019 earnings releases of Teekay LNG and Teekay Tankers, which are available on Teekay’s ...

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Evergreen Marine and BlueX Trade Partner to Revolutionize Integrated Ocean Logistics

Evergreen Marine Corporation and BlueX Trade, have established a partnership to bring customers digitalized integrated logistics. Through the launch, customers can easily search online for thousands of routes and book within minutes directly with Evergreen. In addition to providing a white-label digital booking platform, BlueX is also building a trade-matching network that integrates the logistics ecosystem required to move a shipment from door to door. In the future, Evergreen will leverage the ecosystem to offer services such as freight financing, trucking, and insurance. “Evergreen Marine decided to partner with BlueX ...

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French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille

CEVA Logistics new global headquarters in Marseille was officially opened by the Prime Minister of France, Edouard Philippe and the President of the French Region “Sud”, Renaud Muselier accompanied by CEVA’s CEO, Nicolas Sartini, and Rodolphe Saadé, Chairman and CEO, CMA CGM Group. Following a guided tour of the offices where they met with some of the 170 executives based in the company headquarters, they were shown how digital projects developed by the teams in Marseille will help transform the way CEVA operates. Amongst the many digital transformation projects developed ...

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Clean Arctic Alliance Welcomes Expedition Cruise Industry Ban on Heavy Fuel Oil

Responding to the news that the 30 member companies of AECO, the Association of Arctic Expedition Cruise Operators, have agreed on a mandatory guideline banning the use of heavy fuel oil in the Arctic, Clean Arctic Alliance Lead Advisor Dr Sian Prior said: “With an International Maritime Organization ban on the use of carriage of heavy fuel oil in the Arctic coming over the horizon, we welcome the decision made by AECO’s 30 expedition cruise companies to get ahead of the crowd, and for forging a path towards powering Arctic ...

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