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World Steel Association: April 2022 crude steel production Down 5.4%

Crude steel production by region Africa produced 1.2 Mt in April 2022, down 5.4% on April 2021. Asia and Oceania produced 121.4 Mt, down 4.0%. The EU (27) produced 12.3 Mt, down 5.4%. Europe, Other produced 4.2 Mt. up 0.5%. The Middle East produced 3.3 Mt, down 14.5%, North America produced 9.4 Mt, down 5.1%. Russia & other CIS + Ukraine produced 7.3 Mt, down 18.4%. South America produced 3.6 Mt, down 4.8%. The 64 countries included in this table accounted for approximately 98% of total world crude steel production ...

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India’s palm oil imports could fall to 11-yr low – dealers

India’s palm oil imports could fall 19% to the lowest level in 11-years as soyoil, now cheaper, takes more market share because of Indonesia’s curbs on palm oil exports and New Delhi’s move to allow duty-free imports of soyoil, dealers said. Lower palm oil purchases by the world’s biggest vegetable oil importer could put pressure on Malaysian palm oil prices FCPOc3 and may lift soyoil imports to record highs and support U.S. soyoil futures prices BOc1. India’s palm oil imports in the 2021/22 marketing year, ending on Oct. 31, could ...

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Latin America soybean oil prices retreat 9% from record highs

Soybean oil prices in South America have lost nearly 9% since the April 28 record high, as sluggish demand from destinations and increasing supplies from Argentina and Brazil impacted market sentiment. Both Argentinian FOB Up River and Brazilian FOB Paranagua front-month outright prices were assessed at $1,745.40/mt on May 23, down 8.6% and 8.3%, respectively from the record highs reached on April 28, according to Platts assessments from S&P Global Commodity Insights. The drop in prices was partially due to a lack of fresh demand from key importers such as ...

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Russian oil’s Achilles’ heel: insurance

Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. Insurers from Europe and the United States, which dominate the international marine market, are curtailing coverage for Russian oil tankers, industry sources say, to avoid breaching sanctions imposed in the wake of Moscow’s invasion of Ukraine. Even non-Russian vessels are now at risk of being dropped by Western insurers if ...

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European Commission and International Energy Agency in a common bid to reduce EU reliance on Russian fossil fuels

The European Commission and the International Energy Agency are joining forces to help EU countries reduce their reliance on Russian fossil fuels. By strengthening investments in clean energy and energy efficiency, the project aims to mitigate the impact of Russia’s invasion of Ukraine on the EU energy sector. In the framework of this common endeavour, the Commission is offering support to Member States to reduce their dependence on Russian fossil fuels through the Technical Support Instrument. 17 EU countries have already joined the project. This support is in line with ...

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U.S. crude stocks fell in most recent week

Crude inventories fell by 1 million barrels in the week to May 20 to 419.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 737,000-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels in the last week, EIA said. Refinery crude runs rose by 334,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 1.4 percentage points in the week. U.S. gasoline stocks fell by 482,000 barrels in the week to 219.7 million barrels, the EIA ...

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China will strive for economic growth in second quarter, premier says

China will strive to achieve reasonable economic growth in the second quarter and stem rising unemployment, official Xinhua news agency quoted Premier Li Keqiang as saying on Wednesday. The cabinet announced a package of policy steps earlier this week, including broader tax credit rebates and postponing social security payments and loan repayments to support the economy. China will unveil detailed guidelines for implementing the package of policies by the end of May, Li said. “We must seize the time window and strive to drive the economy back onto a normal ...

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How China’s efforts are advancing global development

The World Economic Forum has been convening leaders to promote multilateralism and multistakeholder solutions to global challenges since its first Annual Meeting in Davos in 1971, more than 50 years ago. Multilateralism means not only agreeing on a set of global principles and rules, but also drawing on the diverse knowledge, strengths and perspectives from different sides to quickly turn new knowledge into collective action. At this year’s Annual Meeting, taking place in May 2022 after more than two years of the COVID-19 pandemic, alignment and cooperation across countries, companies ...

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Prices push value of G20 merchandise trade to new high in Q1 2022, while services growth slows

Following six quarters of sustained growth, the value of international merchandise trade for the G20 reached a new high in Q1 2022. Exports and imports increased by 3.6% and 5.8%, as compared to Q4 2021 and measured in current US dollars. The increase is largely explained by rising commodity prices, as the war in Ukraine and COVID-19 containment measures in East Asia placed further pressure on the prices of traded goods and on already strained supply chains. Growth in exports and imports of services for the G20 are estimated at ...

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Belships ASA: New acquisition and divestment of vessel

Belships has entered into an agreement for the acquisition of a modern 64 000 dwt Ultramax bulk carrier built at a Japanese shipyard in 2020. The vessel is financed through a time charter lease agreement for a fixed period of about 5 years with options to extend for a further 3 years. Belships will pay a total of USD 6.0m prior to delivery of the vessel. Cash breakeven for the vessel upon delivery will be about USD 11 600 per day. The agreement comes with an option to purchase the ...

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Crowley Inaugurates Liquified Natural Gas (LNG) Facility in Peñuelas, Puerto Rico

Crowley, the longest-serving U.S. supply chain company with a nearly 70-year history in Puerto Rico, today inaugurated its state-of-the-art LNG Loading Terminal in the southern town of Peñuelas. The liquefied natural gas facility marks a major milestone and supports the island’s economy with full-service, sustainable energy solutions to industrial and commercial operators in Puerto Rico, Central America and the Caribbean. The inaugural event hosted by Crowley Chairman and CEO Tom Crowley featured remarks from Puerto Rico Governor Pedro Pierluisi, and Puerto Rico’s Resident Commissioner in Washington D.C., Jenniffer González-Colon. “We ...

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KONGSBERG’S Technologies Underpin Innovative Cadeler Foundation Installation Vessel

Kongsberg Maritime (KM) has signed a new technology contract of around EUR 28m with Chinese shipbuilder COSCO Shipping (Qidong) Offshore for an F-Class, Foundation Installation Vessel. The vessel will have greater lifting capacity than previous vessels and will be delivered to Danish service provider Cadeler in 2025. The agreement will see KM supply a comprehensive technology package for the F-class jack-up which will be able to transport up to six XL monopiles (weighing 2,300-2,600mt each) per round-trip, substantially improving efficiency over current vessels. The F-class vessel also features a unique ...

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CIT Provides Up to $30.5 Million Financing for Lomar Portfolio

CIT, a division of First Citizens Bank, today announced that its Maritime Finance business served as sole lead arranger on up to $30.5 million in financing to expand Lomar Shipping’s portfolio of dry bulk vessels. The financing, which will be used to acquire Kamsarmax vessels, was arranged to support further diversification of Lomar’s growing fleet. Lomar is the shipping subsidiary of the Libra Group, an international business group predominately focused on six key sectors whose subsidiaries own and operate assets in more than 50 countries. “Global demand for dry bulk ...

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First Students Graduate Pioneering ABS & SkillsFuture Singapore Digital Course

A total of 17 students graduated from a pioneering digitalization learning program delivered by SkillsFuture Singapore (SSG) and ABS at a high-profile ceremony. Leveraging industry-leading capabilities from the ABS Global Simulation Center in Singapore, the course provides hands-on training in modeling and simulation of systems. The course is designed to support Singapore’s objective to equip its maritime workforce with advanced skills. The first tranche of graduates was recognized in a ceremony titled Celebrating Technology, Sustainability and Talent in front of an audience of ship owners, ship managers, shipyards, flag states, ...

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Nowports streamlines LatAm’s shipping to deliver a $1.1B valuation

Nowports, an automated digital freight forwarder in Latin America, has raised $150 million in a Series C funding round which values the company at $1.1 billion. For the unacquainted, digital freight forwarders use digital tools that improve communication and efficiencies in the shipping process, among other things, to help shipments get where they need to go in a timely manner. With so much attention on supply chain issues since the onset of the COVID-19 pandemic, the importance of an efficient supply chain is more apparent than ever. To quote my ...

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