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Indian refiners seek higher duty on Malaysian refined palm oil imports

Indian edible oil refiners have asked Prime Minister Narendra Modi to raise duty on refined palm oil imports from Malaysia to protect the local industry following a surge in inbound shipments from the South-east Asian country, a trade body said on Friday. India is the world’s biggest importer of edible oils. Its refined palm oil imports in May jumped to 371,060 tonnes from 238,479 tonnes in April, the Solvent Extractors’ Association (SEA) said in a letter to Modi. In January, India cut duty on refined palm oil sourced from Malaysia ...

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China’s May crude runs drop from peak, but natgas output surges

China’s crude oil throughput in May rose from a year earlier but eased from a record reached in April, government data showed on Friday, as refiners curbed output amid weakening fuel demand. Crude throughput last month climbed 2.8% from a year earlier to 51.9 million tonnes, or 12.22 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed. That compared to an all-time high in April of 12.68 million bpd. Seng Yick Tee, senior director of consultancy SIA Energy said lacklustre domestic fuel demand, for gasoline ...

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Euro zone takes small step on integration, but not on key ideas

European Union finance ministers took small steps towards deeper euro zone economic integration on Friday, but they failed to agree on key aspects of a planned euro zone budget, in a blow to French President Emmanuel Macron, who championed the idea. In 2017, Macron called on the 19 countries that share the euro to create their own budget, worth several percentage points of euro zone output, to help stabilise the economy. EU leaders agreed last December that a “budgetary instrument of competitiveness and convergence” should exist, then left its financing, ...

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U.S. companies warn on Trump’s tariffs

A host of U.S. consumer companies have warned that costs related to tariffs on goods imported from China will hit their profits. The United States increased tariffs on $200 billion (157.85 billion pounds) worth of Chinese goods to 25% from 10% in May. President Donald Trump has also threatened an additional round of tariffs on $300 billion worth of goods that would cover nearly everything imported from China to the United States. BEST BUY CO INC: “The impact of tariffs at 25% (proposed to be enacted) will result in price ...

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DryShips’ Fleet Valuation Provides Support For Economou Bid

Since its public debut in 2005, George Economou-led DryShips (NASDAQ: DRYS) has stood out from the pack in the public shipping arena. It has done more controversial related-party deals than any other listed shipping player. It has been sued by shareholders more often than any other public owner (although it has yet to lose a case). Its stock has risen more sharply and fallen more precipitously than any other ocean shipping equity. At times in its high-profile history, its trading volume has far exceeded that of any other shipping stock ...

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Global Ship Lease Announces New Charter Agreements

Global Ship Lease, Inc., a containership charter owner, announced that it has agreed new charters for two of its vessels. Commencing in June, the 2005-built, 2,824 TEU GSL Valerie will be chartered for 12 months to MSC at a fixed rate of $9,000 per day, and the 2006-built, 5,095 TEU Orca I will be chartered for minimum 12 months / maximum 24 months to Maersk Line at a fixed rate of $9,000 per day for the first 12 months, and $10,000 per day thereafter. Ian Webber, Chief Executive Officer of ...

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First time ever Blockchain applied to Oil Record Book

RINA, one of the leading ship classification societies, has announced the release of a new, tamper-proof, version of its electronic logbook (ELB). This innovative tool is the first of its kind to employ blockchain technology to provide a secure, traceable record of ship data for shipping companies wishing to fully demonstrate their commitment to integrity and transparency across all operations. Giosuè Vezzuto, Chief Digital Officer at RINA, commented: “This is the next evolution of our RINACube ELB platform, which is already offered to ship owners who want to protect and ...

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TOTE Maritime Puerto Rico Adds 220 NaturaLINE® Refrigeration Units from Carrier Transicold

Further extending its commitment to environmental sustainability, TOTE Maritime Puerto Rico (TMPR) is enhancing its fleet with 220 containers chilled by the industry’s only natural refrigerant-based system, the NaturaLINE® unit from Carrier Transicold. TMPR is the first shipping line to place a sizable quantity of NaturaLINE units into service on U.S. domestic trade routes. NaturaLINE units use carbon dioxide (CO2), a refrigerant with the lowest global warming potential (GWP) among all refrigerants currently used in container systems. Carrier Transicold is a part of Carrier, a leading global provider of innovative ...

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Nor-Shipping 2019 sets new records

Organisers have revealed that the latest Nor-Shipping was the most successful ever, with a record number of delegates attending the Lillestrøm-based exhibition halls and associated activities in Oslo. In all, almost 50,000 people participated in Nor-Shipping 2019 official events between 3 and 7 June – a 34% increase over 2017 figures. Although Nor-Shipping has been operating for the past 54 years, this was the first time organisers extended its remit to encompass ocean industry businesses as well as the traditional maritime audience. As such the international event week – which ...

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Ukraine: Revising ballast water regulations

Sampling of ballast water and analysing it for ecological control in Ukrainian ports has been an issue for some time. Our local correspondents, Dias Marine Consultancy, have advised us that the control of segregated ballast in Ukrainian ports has been cancelled and ecological inspectors are no longer permitted to inspect vessels for the purpose of “ecological control”, including taking and analysing samples of ballast water. Prior to the new rules, when visible traces of pollution were noticed during de-ballasting, ecologists were permitted to sample and analyse ships’ ballast water and ...

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Loading nickel ore in the Philippines or Indonesia

The mandatory notification requirement for the carriage of nickel ore loaded in Philippines and Indonesia still applies. This important loss prevention initiative was introduced in 2012 and allows early interaction with ship operators and an opportunity to reduce the risks presented by this cargo. Liquefaction of mineral ores, resulting in cargo shift and loss of stability, has been a major cause of marine casualties for many decades and the loading and carriage of nickel ore from Indonesia and the Philippines have been a concern for almost a decade now. In ...

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Korea, Norway to cooperate on hydrogen, shipbuilding

South Korea and Norway have agreed to strengthen ties in hydrogen energy and shipbuilding areas with the summit between the two countries’ heads of state serving as an opportunity to pursue future partnerships. During President Moon Jae-in’s visit to Norway on Thursday, the two nations signed a memorandum of understanding to cooperate in hydrogen energy to make the most of Korea’s strength in hydrogen-powered vehicles and Norway’s in production and supply capabilities. With Moon and Norwegian Prime Minister Erna Solberg in attendance, the two nations signed an MOU to cooperate ...

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Yangzijiang kept at ‘hold’ by OCBC on volatility, soft bulker, container markets

OCBC Research is maintaining Yangzijiang Shipbuilding (YZJ) at “hold” with fair value estimate of $1.45. OCBC says YZJ share price has seen some price correction due to recent softness amid a volatile market. YZJ shares rose in April, only to come off in May following the recent imposition of additional tariffs by the US on Chinese goods. And with the recent market correction, Yangzijiang has fallen some 18.2% from the peak in April of $1.65 to the recent low of $1.35 in May. “However, this is higher than the 9.1% ...

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Navis and ZPMC Sign Strategic Agreement to Jointly Pursue Global Opportunities to Drive Marine Terminal Performance, Optimization, and Automation

Navis, a part of Cargotec Corporation, and the provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, together with ZPMC, today announced the signing of a partnership agreement to jointly address opportunities for ZPMC to supply its products and services and act as a system integrator and Navis to supply its software and services. This agreement represents an important step for the market share leaders in their respective areas to continue to combine forces in an integrated ...

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Throughput of Russian seaports in 5M’2019 grew by 2.3% to 339.6 million tonnes of cargo

In January-May 2019, seaports of Russia handled 339.6 million tonnes of cargo (up 2.3%, year-on-year), says press center of the Association of Commercial Sea Ports. Transshipment of dry cargo totaled 148.8 million tonnes (-5.1%) including 70.5 million tonnes of coal (+10.3%), 12.2 million tonnes of grain (-44.8%), 23.2 million tonnes of containerized cargo (+6.4%), 12.0 million tonnes of ferrous metal (-10.1%), 7.4 million tonnes of mineral fertilizers (-4.1%), 3.2 million tonnes of ore (+12.9%) and 2.1 million tonnes of timber (-6.2%). Transshipment of liquid bulk cargo totaled 190.8 million tonnes ...

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