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ECB accounts show inflation fears justifying more rate hikes

European Central Bank policymakers feared that inflation may be getting entrenched at their last policy gathering so rates would need to rise further, the accounts of the Oct 26-27 meeting showed on Thursday. The ECB raised rates by 75 basis points to 1.5% at the meeting to fight sky high inflation, bringing its total hikes to 200 basis points since July for its fastest policy tightening on record. Policymakers also put the reduction of the bank’s 9 trillion euro balance sheet on the agenda – inching closer to unwinding a ...

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Castor Maritime Inc. Reports Record Net income of $37.1 Million for the Three Months Ended September 30, 2022 and $84.9 Million Net income for the Nine Months Ended September 30, 2022

Castor Maritime Inc., a diversified global shipping company, announced its results for the three months and nine months ended September 30, 2022. Highlights of the Third Quarter Ended September 30, 2022: Revenues, net: $70.6 million for the three months ended September 30, 2022, as compared to $43.3 million for the three months ended September 30, 2021, or a 63.0% increase; Net income: $37.1 million for the three months ended September 30, 2022, as compared to $15.5 million for the three months ended September 30, 2021, or a 139.4% increase; Earnings ...

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HMM’s Share of Asia-U.S. West Coast Route Falls to 4% Range

HMM’s share of the Asia-U.S. West Coast route has fallen to the 4 percent range in seven years. The route accounts for more than 40 percent of HMM’s sales. The drop in HMM’s market share is because not only large shipping companies but also small and medium-sized shipping companies that do not belong to maritime alliances have greatly increased services on the lucrative route. HMM’s share of the Asia-U.S. West Coast route reached 4.8 percent in the third quarter of this year. The company posted 6.8 percent in 2020 and ...

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Cobham Satcom introduces unique multi-band innovation to significantly simplify maritime operations

Cobham Satcom, the leading provider of radio and satellite communications solutions to the maritime and land mobile sectors is proud to add first-to-market innovation and versatility to its proven, industry-standard Sea Tel technology with the introduction of Sea Tel 1500, a 1.5-meter dual-band, multi-orbit VSAT antenna solution. Available in single Ku- or Ka-band, or as a ‘two antennas in one’ dual Ku-Ka-band configuration, the Sea Tel 1500 is a cutting-edge antenna system enabling vessels to seamlessly switch from Ku- to Ka-band in a simple click, ensuring that they benefit from ...

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Bidding Announcement of Bulk Carrier “DE XING HAI”

Entrusted by the transferor (the Sellers), we have scheduled to hold an online public bidding on www.shipbid.net from 14:00 to 14:30 (Beijing Time) on November 30th, 2022. 1. Bidding Object: MV “DE XING HAI”, Bulk Carrier; Flag: China; Class: CCS; LOA:185.84m; MLB: 30.40m; MLD: 16.20m; GRT: 25891; NRT: 14498;Light Displacement: 8015t; DWCC: 43665t on 11.3m Draft; M/E: 6L60MCE*1 set, [email protected]; Built Time: January 19th, 1990; Builder: Tsuneishi Shipbuilding Co., Ltd (Japan). (Data and relevant information provided in this announcement are for reference only) 2. Bidding Rules: 2.1 The bidding will ...

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Techcross Acquired the Cyber Security Capability Cert for its BWMS

Techross’ ballast water management systems received the Cyber Security Capability certification from Lloyd’s Register Classification on November 15. The two models that received the certificate are ECS, direct electrolysis and HYCHLOR, indirect electrolysis. LR Classification announced that Techcross is the first company to receive the Cyber Security Capability certification in the BWMS industry and Asia. With the recent development of smart ships, ship management has transitioned to computer-driven, such as IT and IoT. Voyage log software and digital data operated through the communications network present huge opportunities for improving efficiency ...

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Indian Register of Shipping supported INMARCO 2022 is a huge success

Indian Register of Shipping (IRS) continued its steadfast support as a ‘Principal Supporter’ to INMARCO 2022, a quadrennial event organised by The Institute of Marine Engineers (India). The much-awaited event saw attendance by a galaxy of leading Indian and international professionals from all segments of the maritime sector. With the event theme focussing on ‘Evolving Maritime World for Greener & Sustainable Future’ decarbonisation was high on the agenda and several deliberations focussed on the roadmap in achieving IMO strategy/goals. The event was well attended by policy makers, regulators and industry ...

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Global valuation and data provider, VesselsValue, announces the rebrand of recently acquired Shipping data and consultancy firm, ViaMar

The ViaMar rebrand reflects the ongoing synergies between both companies, as well as illustrating VesselsValue’s continued investment in and expansion of its Maritime data services and offering for their clients. The appointment of ViaMar’s new Managing Director, Martin Kjendlie will facilitate this growth. Martin will be responsible for overseeing the strategic direction of ViaMar, with a specific focus on the commercial development of the company’s Shipping consultancy, forecasting, and report services. He joins ViaMar with a wealth of experience in the Shipping industry, most recently having been a Senior Advisor ...

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DSME succeeds in testing autonomous-driving system for ships

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said Tuesday it has successfully completed the trial of its autonomous navigating system for ships. DSME conducted a two-day test of its testing ship, called DAN-V, equipped with its own autonomous navigating system last week near Jebu Island in Hwaseong City, Gyeonggi Province. The shipbuilder has been preparing for the future market of self-cruising vessels by signing a memorandum of understanding with Gyeonggi Free Economic Zone Authority, the local government of Siheung, and Seoul National University to develop and demonstrate autonomous navigating ...

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Putin promises further efforts to unblock more Russian fertiliser exports

President Vladimir Putin said on Wednesday Russian officials would work to unblock Russian fertilisers stuck in European ports and to resume ammonia exports via a pipeline through Ukraine. At a meeting with Russian businessman Dmitry Mazepin, who gave up control of fertiliser producer Uralchem-Uralkali after he was hit by EU sanctions in March, Putin said Russia was ready to increase its fertiliser exports. “The main problem was probably the fact that quite a lot of fertiliser was frozen in European ports,” Mazepin said at the meeting, which was shown on ...

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Turkey tenders to buy estimated 455,000 tonnes wheat – traders

Turkey’s state grain board TMO has issued an international tender to purchase about 455,000 tonnes of milling wheat, European traders said on Wednesday. The deadline for submission of price offers in the tender is Nov. 29. Source: Reuters (Reporting by Michael Hogan)

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Goldman sees support for global commodity prices from mid-2023

The global economic environment will be more supportive for commodities in mid-2023 on expectations the dollar will ease, while China’s reopening from COVID-19 curbs will boost risk appetite, a Goldman Sachs analyst said on Wednesday. Prices of commodities from oil to metals have been pummelled by a strong U.S. dollar this year as the Federal Reserves hiked interest rates aggressively to curb inflation. Goldman expects the U.S. central bank to pause its monetary tightening by the second quarter of next year, weighing on the greenback and providing some relief to ...

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European hot rolled coil prices maintain downward trend

Western European hot rolled coil prices continued to decline, during the past four weeks. Further reductions are expected in late November and early December. Prices in Germany are particularly weak. In contrast, they are holding up at a slightly higher level in France and the UK Most mills are short of orders and are aiming to fill gaps in their December production schedules, as they try to improve cash flow. Output is being cut and production facilities idled, in an attempt to balance supply with demand. Upcoming plant maintenance may ...

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Coal output in China’s Shanxi up 7.9 pct in Jan-Oct

China’s largest coal-producing region Shanxi saw steady growth in coal output in the first 10 months of 2022 as it strives to guarantee the country’s energy supply. In the January-October period, major coal mining enterprises in Shanxi produced nearly 1.07 billion tonnes of raw coal, up 7.9 percent year on year, the Shanxi provincial bureau of statistics said Wednesday, adding that the rise in output came after capacity expansions and the launch of new mines. The resurgence of COVID-19 in several major coal-producing cities in Shanxi since the end of ...

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Treasury Department releases guidelines for Russian oil transport ahead of planned price cap

The Treasury Department issued new guidance Tuesday about policies on the maritime transport of Russian oil ahead of a planned price cap in early December. The guidance, which complements the U.K.’s newly-released policies, outlines how U.S. service providers can continue carrying Russian seaborne oil that was loaded before Dec. 5, while complying with a strategic price cap on that oil devised by the G7 countries, the E.U. and Australia. That so-called Price Gap Coalition is aiming to deprive Russia of a funding source to continue its war against Ukraine. A ...

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