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VIKING reaps Shipowner Agreement reward after Marine Fire Safety restructure

VIKING Life-Saving Equipment has reported a surge in demand for its one-stop shop Shipowner Agreement concept, following the integration of the Drew Marine Fire Safety and Rescue (FSR) division into its maritime safety solutions business. Having added all Drew Marine FSR marine firefighting equipment services (MFS) activities to its own industry-leading credentials in life-saving appliances late last year, VIKING is now a prominent supplier and service provider in the MFS segment. The Denmark based company employs over 100 specialist technicians who provide marine fire support in 47 countries, while its ...

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In China’s ‘Little Africa,’ a struggle to get back to business after lockdown

Mohammed has spent several weeks sleeping in his cramped trading booth in one of Guangzhou’s export centres after being kicked out of his apartment and forced into quarantine in April, but the Tanzanian trader says he is content to be in China. As Africans in the Chinese metropolis were targeted that month in a coronavirus clampdown that sparked a diplomatic backlash, Guangzhou’s Xiaobei neighbourhood – known as “Little Africa” – went into lockdown. Like many in the community, including those who were evicted from their dwellings, Mohammed said he is ...

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Maersk: Introduction to Special Cargo Misdeclaration Fee

Due to safety and operational challenges with dimension mismatches, Special Cargo introduces a new misdeclaration fee of 500 USD from 1 July 2020. How is the fee applied? The fee is applicable to shipments which at gate-in exceed the booked dimensions in any way. Five days prior to departure date, our Special Cargo team will reach out to the customer to confirm the booked dimensions, as well as the End-Wall position in case the cargo is transported on a Flat-rack. If we do not receive updated dimensions before gate-in but ...

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BPA teams up with Astaara to highlight growing cyber risk management and recovery plans for ports

Guernsey-based cyber insurance and risk management specialists Astaara has today launched a white paper in partnership with the British Ports Association aimed at highlighting the strategies to promote cyber security in ports. The explosion in remote working and reliance on technology in maritime business continuity throughout the covid-19 crisis has boosted interest in cyber security and resilience in the wake of a fourfold increase in cyber-attacks in the maritime industry since February. In one high profile attack last month, (9 May) computer systems at the Shahid Rajaee port in the ...

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No rebound for container shipping demand this year, say analysts

A return to pre-pandemic levels of consumer goods travelling on container vessels internationally is unlikely this year, analysts have said. Although social distancing measures are starting to ease across Europe – with the UK set to allow non-essential shops to re-open in June – lower consumer spending is likely to persist as economies grapple with the long-term impact of the pandemic. As a result of this, there is little chance of a rebound in demand for container shipping in 2020, said shipping analysts on a webinar yesterday (26 May) titled ...

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Dow expects gradual economic recovery in H2 2020: CEO

Dow Chemical expects economic recovery to take hold in the second half of 2020 as gradual emergence from coronavirus pandemic-related shutdowns continues, CEO Jim Fitterling said. “We see signs of strength every week, gradual,” he said during the virtual Bernstein 36th Annual Strategic Decisions conference. “We’ve seen China on the industrial side come back to almost 80%, maybe in some cases 90% of where it was pre-COVID. We’ve started to see some of that play out through the rest of the world,” he said. “I would say it’s very uneven, ...

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China central bank injects 670 billion yuan via reverse repos for week, rate unchanged

China’s central bank kept the interest rate on seven-day reverse repurchase agreements unchanged at 2.20% on Friday. The People’s Bank of China (PBOC) said it injected 300 billion yuan ($41.96 billion) into money markets on the day, according to a statement published on its website. The central bank said the funds were intended to counteract the impact from factors including government bond issuance and corporate income tax settlement and in order to keep banking system liquidity “reasonably ample”. Friday’s injection has brought the PBOC’s weekly cash injection through open market ...

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Britain borrows at negative interest rate for first time

Britain sold a government bond with a negative yield for the first time on Wednesday, meaning the state is effectively being rewarded to borrow as investors agree to be repaid slightly less than they lent. Britain joins Japan, Germany and some other European countries in selling government debt with a negative yield, reflecting the prospect of a severe global recession caused by the coronavirus and bond-buying by central banks to mitigate it. Yields for two-year benchmark gilts, which are sensitive to Bank of England interest rate expectations, sank to a ...

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NATO Support and Procurement Agency Awards Global Fuels Consulting Contract to Crowley Solutions

Crowley Solutions, a leading provider of energy, maritime, technology and supply chain services for the U.S. government, announced today that it has been awarded a multi-year contract from NATO Support & Procurement Agency (NSPA) for global fuels services consulting. Crowley-Gov-Solutions-Over-the-Shore-3.jpgCrowley’s technical experts will be supporting and participating in a NSPA project management team (PMT), while assisting in planning and developing technical aspects of global fuel services requirements for Operational Logistics Support Partnership (OLSP) nations. The focus is on developing scalable commercial solutions and capabilities covering all aspects of the fuel ...

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US$500M Loan To Help Port Handle Bigger Ships

A US port will be able accommodate larger cargo vessels following confirmation of a loan to help finance a major infrastructure project. The US Department of Transportation’s Build America Bureau will provide a loan of US$500m to the City of Long Beach, California, acting through its Board of Harbor Commissioners (the Port of Long Beach). This loan will help finance construction of the Gerald Desmond Bridge Replacement Project, located at the Port of Long Beach. The new bridge’s 205ft vertical clearance will accommodate larger cargo vessels. “This $500 million federal ...

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Lots of talk for little action in big Texas

In an oversized state known for its ingenuity, pride, stubbornness and free-range capitalism, it’s a borderline miracle that Texas is even seriously considering implementing a plan for mandatory oil production reductions. Texas and oil go together like chips and queso, but if there’s way too much cheese, you just end up with a bunch of waste and soggy chips. During the worldwide collapse in oil triggered by the coronavirus pandemic, the contention is that Texas is producing way too much oil at no profit, potentially leaving the state’s economy much ...

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Chevron Announces First Quarter 2020 Results

Chevron Corporation (NYSE: CVX) reported earnings of $3.6 billion ($1.93 per share – diluted) for first quarter 2020, compared with earnings of $2.6 billion ($1.39 per share – diluted) in the first quarter 2019. Included in the current quarter was a gain of $240 million associated with the sale of upstream assets in the Philippines and favorable tax items totaling $440 million attributable to international upstream. Foreign currency effects increased earnings in the first quarter 2020 by $514 million. Sales and other operating revenues in first quarter 2020 were $30 ...

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Nine companies rent 23 mln barrels worth of space in U.S. emergency oil reserve -official

ine companies including Chevron Corp, Exxon Mobil Corp and Alon USA Inc have agreed to rent space to store 23 million barrels of crude in the U.S. emergency oil reserve, a U.S. official said on Wednesday, as the Trump administration tries to help energy firms deal with the crash in oil prices. The Department of Energy, or DOE, said on April 2 it would offer to oil companies 30 million barrels of space in the Strategic Petroleum Reserve, or SPR. Later in the month, it said that companies were in ...

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With economy in crisis, U.S. lets importers delay some tariff payments

The measure aims to help businesses hit by the coronavirus pandemic, which has put millions of Americans out of work and is widely seen pushing the economy into a deep recession. President Donald Trump signed an executive order allowing deferred payments to “protect American jobs and help these businesses get through this time,” Treasury Secretary Steven Mnuchin said in a statement. Still, the tariff deferment policy does not extend to importers of goods caught up in several trade conflicts, the Treasury Department said. Importers of some goods the Trump administration ...

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UKMTO Weekly Piracy Report 12 – 18 April 2020

Warnings, advisories and piracy incidents in the Indian Ocean Area by the UKMTO in the past week.

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