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Risk of U.S. ‘profit recession’ eases as results beat forecasts

The initial earnings results of this reporting period are beating expectations by a wide margin, suggesting to some investors that the S&P 500 may be able to avoid a so-called “profit recession” this year because predicted economic bad news has failed to materialize. That is a reversal of the view from a few months ago, when the 2019 profit outlook appeared to be getting worse. Earnings already faced tough comparisons with last year, when the U.S. tax code overhaul provided a big boost. The quarter could be the trough for ...

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No signs of global recession in next 12 months: BlackRock’s Fink

There are no signs that the global economy is sliding toward a recession in the next 12 months, BlackRock Inc’s Chief Executive Larry Fink said in recent remarks. In an interview with German business daily Handelsblatt, Fink warned, however, that the global economy was in the late stage of a long growth cycle, suggesting that downturn was becoming more likely. “I see no signs of a global recession in the coming 12 months,” said Fink, who leads the world’s largest asset manager. “The central banks have loosened their policy above ...

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The Global Economy Looks Disturbingly Like Japan Before Its ‘Lost Decade’

After World War II, Japan experienced rapid growth as the US and others helped rebuild its economy. This led to a roaring expansion that culminated in the 1980s Japanese asset bubble. It popped in the early 1990s bringing what came to be called the “Lost Decade.” It was really more than a decade, as the early 2000s brought only mild recovery. GDP shrank, wages fell, and asset prices dropped or went sideways at best. Japan is still grappling with it today. Now the rest of the world is approaching a ...

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China keeps buying crude oil for storage, but difficulties loom

China appears to have kept the flow of crude into strategic and commercial storage facilities at high levels in the first quarter, even as the price of oil climbed. While China doesn’t release detailed statistics of its strategic petroleum reserve (SPR) and commercial stockpiles a rough idea can be gleaned by looking at refinery throughput numbers and the volume of domestic and imported crude. Refineries processed 12.6 million barrels per day (bpd) of crude in the first quarter, according to official data released on Wednesday, up 4.4 percent from the ...

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North P&I Club – It’s time to prepare for the big switch

North P&I Club has updated its guidance on the 2020 Sulphur Cap for Members, helping them prepare for the big switch to compliance on 1 January 2020. Following on from a comprehensive programme of events, training sessions and publications which have been rolled out over the past 12 months, North’s Members now have access to three new guides to ensure safe and compliant operations. The three guides cover the three main methods of achieving compliance: using distillates (MGO/MDO), using blended very-low-sulphur fuel oils (VLSFO) or installing exhaust gas cleaning systems ...

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Greece’s Piraeus port lifts economic gloom, shines into future

As Greece exited its eight-year bailout last summer, the Piraeus port shined with rising throughput and revenues. The port has enjoyed a long historical excellence since ancient times, but its fate took a wrong turn a decade ago. The throughput dropped dramatically and port facilities were barely functioning. Things began to look up in 2008, when China’s COSCO Shipping obtained a 35-year franchise right of Container Terminals 2 and 3 of the Piraeus. Two years later, Piraeus Container Terminal S.A. (PCT), set up by a Sino-Greek management and operation team, ...

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Weber Weekly Tanker Report Week 16 2019 – Spot Market Summary

Another active week in the VLCC sector as Charterers progressed into the May cargo program ahead of the Easter holidays that has many

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ETF and ECSA welcome the adoption of the Regulation establishing a European Maritime Single Window environment

The EU Social Partners in the maritime sector, ECSA and ETF, welcome the adoption by the Members of the European Parliament of the proposal for a Regulation establishing a European Maritime Single Window environment. They look forward to the soon expected formal adoption by the Council in order for the Regulation to enter into force and deliver on the much-awaited administrative simplification for shipping. For several years now the maritime transport social partners have called for a reduction of the administrative burden for shipping. The endless paperwork faced today is ...

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New Tanker Shipping Company In Denmark

The newly established ship management, CORNERSTONE MARITIME APS (cvr 40122877) in Denmark, is pleased to announce the take over of its first ship to the fleet – effective from 10th May 2019. CORNERSTONE MARITIME APS is going to act as Commercial Managers and will be handling all chartering and operations of M/T IERAX (built 1998 / dwt 15,885 mts). She is furthermore Ice Class 1A. CORNERSTONE MARITIME APS is founded by Simon Toft, who has been leading the ship-brokerage CASOS SHIPPING APS for the past five years. CORNERSTONE MARITIME APS ...

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WinGD reports strong first quarter as the 2020 sulphur cap draws near

A newbuild order spree of LNG carriers affirms the market leading position of WinGD’s XDF engines. WinGD is reporting a very solid order intake for the first quarter of 2020 for their low-pressure, dual-fuel two-stroke engines. The maritime industry’s response to the call for tighter environmental regulations combined with the 2020 sulphur cap is steadily driving the industry towards dual fuel solutions. A few recent high profile orders confirm that confidence in LNG as a marine fuel is growing to include a broader range of vessel types beyond LNGC to ...

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Drewry: World Container Index Down by 0.3% on Week

The composite index decreased 0.3% this week but 12.8% up as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1537/40ft container, which is $58 higher than the five-year average of $1479/40ft container. Drewry’s composite World Container Index (WCI) decreased 0.3% or $4 to reach $1,330.29 per 40ft container. Freight rates on Shanghai-Rotterdam dropped $48 to $1312 for a 40ft container. Similarly, rates fell $12 and stood at $1474 per feu on Shanghai-Genoa head haul leg. However, with imposition ...

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More Iron Ore Expected From Brazil But Probably Not Enough To Cut Sky-High Prices

A supply squeeze on iron ore which has driven the price up by 35% over the past three months is showing its first sign of easing, though perhaps not for long with pent-up demand likely to give the steel-making material a second wind which could see the price surge through $100 a ton. Pressure on iron ore is expected to ease after a court decision in Brazil cleared the way to re-start production at the mothballed Brucutu mine, one of several closed after a second dam-collapse disaster raised doubts about ...

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Coal Exports: The Trump Administration and Western States Take Action to Open Ports for Shipment of Coal

On April 10, 2019, President Donald Trump signed an Executive Order seeking to address permitting and policy obstacles preventing the export of coal and other energy resources through West Coast ports. New port facilities and improvements have been halted or delayed by state, local and tribal governments in California, Washington and Oregon.[1] The Executive Order is the most recent, but certainly not the only, response to efforts to stop interstate shipment and export of coal. The Executive Order requests a report on the economic impacts of blocking exports of domestic ...

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Biggest European Shipbuilders Collaborate On Vessel Connectivity

The biggest European shipbuilders have announced a new cooperative initiative to develop and demonstrate a connected vessel platform. This project is named Code Kilo. In order to meet the digitalisation challenges of a diverse audience of stakeholders, in a robust, secure and cost-effective way, EUROYARDS members (Chantiers de l’Atlantique, Damen Shipyards Group, Fincantieri, Lürssen, Meyer Werft, Naval Group and Navantia) joined forces to harmonise data management solutions and standards. This new, ambitious project will seek for the full cooperation and engagement of all maritime stakeholders, including shipowners, shipbuilders, suppliers and ...

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Freight throughput in the Port of Rotterdam grows by 5.1% in first quarter of 2019

In the first quarter of 2019, 5.1% more freight passed through the Port of Rotterdam than in the same period last year. In total, 123.9 million tonnes were handled compared with 117.8 million tonnes in the same period in 2018. The increase mainly concerned the throughput of containers (+7.3% in TEU, +5.9% in tonnes) and fuels. Mineral oil products, iron ore and scrap throughput fell. Allard Castelein, CEO Port of Rotterdam Authority: ‘We had an excellent start to 2019 with record throughput volumes in the first quarter. The quarterly figures ...

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