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Lighthouse Tender ‘PHAROS’ To Take Part In London International Shipping Week 2019

The Northern Lighthouse Board’s 84m multi-function Tender PHAROS is set to play a significant role at London International Shipping Week this September. PHAROS will be berthed alongside HMS BELFAST in the Thames to provide a venue for seminars, meetings and receptions, including the hosting of a major careers event for Maritime UK. PHAROS’ usual home is Oban, Scotland and she works mainly in Scottish and Isle of Man waters. In addition to her primary role to respond to wrecks and new navigational dangers, the vessel supports the maintenance and refurbishment ...

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Indonesia dreams of becoming a maritime fulcrum but obstacles stand in the way

China’s ambitious investment scheme in Africa and Eurasia, includes Indonesia. The China’s Belt and Road Initiative, first proposed in 2013, provides loans to partner countries to build roads, railways, ports, energy pipelines, and telecommunications. Incumbent Joko “Jokowi” Widodo, elected in 2014, has a vision of making Indonesia part of the world’s “maritime fulcrum”. He wants to achieve this by building ports to support fisheries and shipping to increase the archipelago’s marine-based economy, aside from strengthening the Indonesian Navy as a regional maritime power. Meanwhile challenger Prabowo Subianto and his running ...

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China Dec ethanol imports dive 73% from Nov, spike from 33 cu m a year ago

Chinese ethanol imports slumped 73.2% month on month to 25,178 cu m in December last year, with both denatured and undenatured imports falling month on month, latest customs data showed. On a year-on-year basis, however, the ethanol imports had spiked from 33 cu m in December 2017. Denatured ethanol shipments to China fell 91.4% month on month to 5,758 cu m in December. Indonesia remained the main supplier with 3,226 cu m, versus 59,924 cu m supplied in November. Another 2,524 cu m of denatured ethanol was from South Africa, ...

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China’s coal hub Shanxi establishes no-coal zones to curb pollution

A total of 11 prefecture-level cities in China’s coal hub Shanxi Province have established no-coal zones in its urban districts to tackle air pollution, local authorities said. The storage, sales and use of coal are all banned in the no-coal zones, according to the Shanxi Provincial Department of Ecology and Environment. The exceptions are made for coal-fired electricity generators, large-scale heat providers and industries that use coal as a raw material. The authorities said the area covered by the no-coal zones will be gradually expanded. Meanwhile, the sale or burning ...

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For Trump And America’s Frackers, A Successful OPEC Meeting

Donald Trump and America’s oil frackers are driving OPEC crazy. American oil output has surged to a record 11.7 million bpd from 8.5 million just two years ago—an unparalleled supply boom. Not only have the Americans been covering all the world’s oil demand, but they are nibbling at OPEC market share. None among OPEC want to cut to make room in the market for the Americans (or the Brazilians for that matter). But they know they have to or risk scuttling oil prices further. After two days of wrangling in ...

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India Rewrites Economic History, Again

It’s GDP all over again. India has recalculated its already recalculated historical economic figures, downgrading growth before Prime Minister Narendra Modi came to power–and so making his numbers look better. Coming less than six months before national elections that will determine whether Mr. Modi and his Bharatiya Janata Party get another term, the change struck the opposition, led by the Indian National Congress party, as suspiciously self-serving. The “revised GDP numbers are a joke,” tweeted Parliament member P. Chidambaram, who served as finance minister in the previous Congress party government. ...

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Who Gains From Growth? Let’s Get a Better Answer

Judging from the official data, the U.S. is in the midst of an extended period of prosperity: In inflation-adjusted terms, the economy has grown more than 20 percent since it last hit bottom in 2009. But who is really benefiting? Are the gains broadly shared, or are they going mainly to a privileged few? These questions need better answers. The U.S. has long produced some of the world’s most detailed and reliable economic data. It’s a tradition that harks back to the Great Depression of the 1930s, when the Commerce ...

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Inpex-operated Ichthys project in Australia set for first LPG shipment: sources

Japan’s Inpex-operated Ichthys project is expected to make its first LPG shipment in coming days, industry sources said Thursday, which would add to growing LPG supply in Asia following the rush of arrivals from the US since 2014 driven by the shale boom. A Very Large Gas Carrier time chartered by France’s Total is in the midst of loading the first LPG cargo from the Ichthys LNG project off northwestern Australia, according to sources familiar with the matter and cFlow, S&P Global Platts trade flow software. The 48,022-dwt Malta-flagged Hellas ...

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Oil’s Slide Has Hedging Bet Finally Paying Off for U.S. Drillers

The plunge in oil prices may finally make oil producers’ hedging contracts into a financial winner for 2018. After more than a year of surging prices made the contracts a drag on profits, the slide in West Texas Intermediate crude to around $55 a barrel this month means some of the hedges are edging toward profitability, said Anastacia Dialynas, a Bloomberg NEF analyst. A BNEF analysis based on regulatory filings by top Permian shale basin producers shows Diamondback Energy Inc. with 49 percent of its output hedged for 2018 at ...

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Trump’s steel tariffs create big profits but few new jobs

Nucor Corp, America’s largest steelmaker, planned a new plant in Sedalia, Missouri, long before U.S. President Donald Trump imposed tariffs to protect the industry – and it does not need them to make money. Although the firm helped lead the lobbying push for tariffs on imports, executives say they invested in Sedalia and two other sites to capitalize on an already profitable strategy that doesn’t depend on government help. While Trump has played up the narrative of downtrodden steel workers losing jobs to unscrupulous foreign competitors, most of the benefit ...

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Trump Trade War Fallout Could Haunt U.S. Soy Farmers for Years

If history is any guide, the trade war with China will have lasting affects for U.S. farmers and their soybean crops that the president won’t be boasting about. Donald Trump is set to meet Xi Jinping, his counterpart in China, at the G-20 summit and traders are optimistic for a resolution. But a flashback to Richard Nixon’s 1973 soybean embargo and Jimmy Carter’s 1980 Soviet grain ban suggest that what’s already happened this year may lead to permanent changes ahead as China seeks alternatives to the U.S. market. Nixon’s move ...

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Two Crashes Don’t Spell Disaster in Australia’s Iron Ore Country

Australia’s $44 billion iron ore sector has suffered two rare train derailments in less than a week, scattering wagons into twisted wrecks in the rust-red earth of Western Australia. Even so, it’s little cause for wider alarm for the world’s top exporter of the steel-making ingredient, with the two cases in the vast state striking about 1,000 miles apart and in very different circumstances. Mineral Resources Ltd. said about 30 empty ore wagons derailed from a track early Sunday, in a region south of the town Norseman, on a return ...

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Russian oil output reaches post-Soviet record high – source

Russia has reached an oil output of 11.41 million barrels per day, unseen since the collapse of the Soviet Union in 1991, as global curbs on production eased, an industry source familiar with the data told Reuters. The source said oil production has risen from 11.36 mln bpd in September. The energy ministry will publish the official data for October on Friday. Russian oil output C-RU-OUT surged as the Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed in June to ease production curbs ...

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Thousands of ships could dump pollutants at sea to avoid dirty fuel ban

Thousands of ships are set to install “emissions cheat” systems that pump pollutants into the ocean to beat new international rules banning dirty fuel. The global shipping fleet is rushing to meet a 2020 deadline imposed by the International Maritime Organization (IMO) to reduce air pollution by forcing vessels to use cleaner fuel with a lower sulphur content of 0.5%, compared with 3.5% as currently used. The move comes after growing concerns about the health impacts of shipping emissions. A report in Nature this year said 400,000 premature deaths a ...

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MMC Corp’s earnings outlook likely to rely on port operations

Upgrade to outperform with a lower target price (TP) of RM1.30: Positive on the news that the cabinet has accepted MMC Corp Bhd-Gamuda Bhd joint venture’s (JV) offer to reduce the cost of tunnelling works for the mass rapid transit line 2 (MRT2) by RM3.6 billion to RM13.1 billion, we raise our financial years 2019 to 2020 estimate (FY19 to FY20E) core net profit (CNP) by 46% to 62% respectively. We upgrade to “outperform” (OP) but on a lower TP of RM1.30 (from RM1.45) after lowering valuations on Malakoff Corp ...

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