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SDRL – Joint Venture with Gulf Drilling International

“Seadrill Limited (“Seadrill” or the “Company) refers to the announcements made on May 1, 2019 in connection with the award of drilling contracts by Qatar Petroleum to Gulf Drilling International (“GDI”). Seadrill and GDI have entered into a 50:50 joint venture, GulfDrill, which will initially manage and operate five premium jackups in Qatar with Qatar Petroleum commencing throughout 2020. The five firm well based contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 & 2024 respectively. The total contract value is expected to be $656 million ...

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SINOPEC Engineering : Launches Sustainability Report in Saudi Arabia

China Petroleum & Chemical Corporation (SINOPEC Corp. or SINOPEC) officially launched its SINOPEC in Saudi Arabia: Sustainability Report on Serving the Construction of the Belt and Road (the “Report”) in Daman, Saudi Arabia. The Report showcases how SINOPEC is fulfilling its economical, safety, environmental and social responsibilities in Saudi Arabia. It is the first sustainability report issued by a Chinese company in Saudi Arabia. Having operated in Saudi Arabia for 19 years, Sinopec has from the beginning adhered to local laws and regulations and dedicated to fulfilling its social responsibilities. ...

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‘Too much damage has been done’: strategist on US-China trade war

The chance of a comprehensive deal between the United States and China to mitigate the ongoing trade war looks unlikely, according to Liz Ann Sonders the chief investment strategist and a senior vice president at Charles Schwab & Co., Inc. (SCHW) “We’re really looking at an environment, I think, where too much damage has been done on the perception of both sides to expect a deal that looks anything like the comprehensive deal that was hoped for even a few months ago,” she told Yahoo Finance’s On the Move. President ...

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Fed may not have enough firepower to prevent a recession

President Donald Trump wants the Federal Reserve to help head off a feared economic slowdown, but it’s not clear the central bank has enough firepower left to do so. Besides, some economists say, there’s really not much reason for the Fed to act any more aggressively than it already plans, considering that growth signs remain intact, though dinged a little bit, by worries over tariffs and a slowdown in some other areas outside the U.S. “Federal Reserve officials have some explaining to do when it comes to cutting interest rates ...

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Eagle Bulk Shipping Inc. Establishes New European Office in Copenhagen

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax segment, today announced the establishment of a new commercial office in Copenhagen, relocating from its existing base in Hamburg. The Copenhagen office will be led by Mathias Groenvald, who recently joined Eagle Bulk. Mr. Groenvald previously served as Senior Vice President, Head of Chartering for Clipper Bulk, and has over 30 years of drybulk industry experience. Gary Vogel, Eagle Bulk’s CEO, commented, “Given its significant concentration of drybulk ...

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Emily McCulloch joins the Club as a Senior Claims Manager

Emily has joined the London office on the 7th August and will initially work alongside Jonathan Kefford in the Americas Team. She will transfer to the New York office before the end of the year where she will provide a localised claims service to the Club’s Members in the USA, Canada and South America. A qualified lawyer, Emily has significant experience of both P&I and Defence claims, having worked as a Syndicate Manager at another International Group Club prior to joining the West. Before that she worked as in-house counsel ...

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AQS to hot-test Algeria’s Bellara melt shop in September: official

Algeria Qatar Steel’s works at Bellara, in Algeria’s Jijel province, will start testing at its first melt shop in September, a company spokesperson told S&P Global Platts Thursday. The melt shop has a capacity of 1.1 million mt/year. The facility currently imports billet, but once its two melt shops are in operation it will produce its own steel, leading to fewer imports of semi longs into Algeria. A second melt shop with the same capacity has already been built and is expected to come on stream by the firstquarter of ...

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Gold falls 1% as equities rise, but eyes 3rd weekly gain

Gold fell 1% on Friday hurt by an uptick in equity markets and the dollar, but fears of a slowing global economy and lack of clarity on the U.S.-China trade war kept bullion above the $1,500 level, putting it on track for a third straight weekly gain. Spot gold was down 1% at $1,508 per ounce as of 11:10 a.m. EDT (1510 GMT), but is up 0.7% so far this week. U.S. gold futures fell 0.8% to $1,518.50. “The dollar index is strengthening quite a bit, equity futures are coming ...

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Turkish army pension fund to buy British Steel

Turkey’s military pension fund has reached a tentative deal to buy British Steel out of insolvency. The Turkish Armed Forces Assistance Fund (known as Oyak) says it plans to take over British Steel, which employs 5,000 people, by the end of the year. British Steel owns the Scunthorpe steel works where 3,000 people work and it employs another 800 on Teesside. But the firm was put into compulsory liquidation in May after rescue talks with the government broke down. Another 20,000 jobs in the supply chain were put at risk ...

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Russian steel group Mechel expects debt repayment deal soon

Russian coal and steel producer Mechel expects to reach an agreement with its main creditors in the near future about pushing back its debt repayments, the company said on Thursday. Mechel, which has been in restructuring talks with its lenders for several years, has already asked banks to push back its debt repayments to 2024-2026 from 2020-2022. “We are approaching the period of our main debt’s maturity in accordance with loan agreements we made with lender banks in 2016,” Mechel chief executive Oleg Korzhov said in a statement. But Korzhov ...

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Second corn crop harvest in Argentina 90% complete as of Wednesday

Harvesting of the second 2018-19 corn crop in Argentina was 90.1% complete as of Wednesday, with about 43.722 million mt of corn collected from 5.23 million hectares, the Buenos Aires Grain Exchange said Thursday. Last year, about 94% of the sown crop had been harvested by this time, yielding 29.26 million mt of corn from 4.85 million hectares, according to the exchange report. In Argentina, early corn is normally planted in September-October and harvested in April-May, while late or second corn planting starts in early December and is harvested in ...

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CNOOC : China National Oil Corp. Seeks Nigeria’s Support to Boost Output

The China National Offshore Oil Corporation currently produces 800,000 barrels of oil per day worldwide and plans to raise the output to 1.2 million barrels per day, its vice president Lu Yan Ji said Thursday. Speaking at a meeting with Mele Kyari, head of Nigeria’s National Petroleum Corporation, in Abuja, Mr. Ji said Nigeria was one of the targeted places to actualize the target. He said Nigeria was one of his company’s largest investment destinations, with an investments outlay of about $16 billion in the West African country, and sought ...

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Higher hydropower production hits Taiwan’s H1 2019 LNG consumption

Taiwan’s LNG imports in the first half of 2019 were hit by higher rainfall and subsequent greater hydropower production, adding to the bearishness in the Asian markets where spot prices have hit multi-year record lows in recent weeks. “This is largely driven by rainfall, as power consumption has remained relatively stable,” an industry source with knowledge of the matter said. Taiwan imported 1.15 million mt of LNG in June, dropping 27.2% year on year, and 7.72 million mt over January-June, down 10.3% on year, according to Taiwan’s Bureau of Energy ...

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London Stock Exchange suffers worst outage in 8 years

A fault at the London Stock Exchange prevented blue-chip British companies from trading on Friday for over an hour, the longest such outage in 8 years. What was called a “technical software issue” kept FTSE 100 UKX, +0.48% and FTSE 250 MCX, +0.30% companies from opening until 9:40 a.m. local time. Volumes for top U.K. companies lagged their European peers on Friday even after the re-opening. That’s the second outage in 14 months for the LSE LSE, +1.13% , which recently inked a $27 billion pact to buy Refinitiv, a ...

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Maersk increases rates from India to Africa

Maersk is announcing an increase in FAK rates (Freight All Kinds). Below are the FAK rates for a sample list of corridors, commodities and container types where the rate increase is effective. -Effective start date: 01-09-19 -Until further notice, but not beyond 15-09-19 Source: Maersk Line

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