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Monthly Archives: February 2017

Socio-economic impact of the EU shipping industry remains solid

The EU shipping industry directly employed 640,000 people and supported a € 57 billion contribution to GDP in 2015. Adding supply chain and worker spending multiplier impacts, the shipping industry’s total employment contribution rises to 2.1 million people and its total GDP contribution is estimated to have been € 140 billion in 2015. These are the key findings of the ...

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Up to $400 billion of shipping debt represents unassessed climate risk exposure at major banks

Carbon War Room (CWR) and UMAS released research that suggests climate transition pathways pose risks to the banks that hold $400 billion of global shipping debt. With the onset of climate policies as soon as 2023, there will be a need for significant capital investment to keep vessels competitive. Navigating Decarbonisation: An approach to evaluate shipping’s risks and opportunities associated ...

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VLCC tankers storing crude are much less than claimed, says shipbroker

Reports this week indicated that VLCC availability has been limited by a surge in floating storage which has consumed a large segment of the fleet, raising fears about the timing and implications of a mass return of these units to normal trading. However, according to shipbroker Charles R. Weber, “in examining both AIS idle fleet data and our proprietary commercial ...

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Chinese Teapots – The Game Changer In China’s Oil Industry

China’s privately owned refineries are the new force in the crude oil market. Once sidelined due to Chinese regulations, these refineries (known as “teapots” because of their small size in comparison with giant state-owned companies) are now importing as much as 1.2m barrels of crude oil per day into China. This accounts for as much as 15 per cent of ...

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LNG Update: Jordan Cove LNG Export Facility

In early December, the FERC denied requests for rehearing of its March 11, 2016 Order denying the applications of Jordan Cove Energy Project, L.P. (“Jordan Cove”) to site, construct and operate an LNG export terminal in Coos Bay Oregon (“Jordan Cove LNG Terminal”) and Pacific Connector Gas Pipeline, LP (“Pacific Connector”) to construct and operate an approximately 232-mile interstate natural ...

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NIMASA 2017 Budget Targets Strategic Growth of Maritime Industry – Dakuku

.To position NIMASA as African foremost maritime Agency (TRADE NEWSWIRE): The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has disclosed that the Agency’s 2017 budget is tailored towards the strategic growth and other developmental initiatives of the maritime sector, TRADE NEWSWIRE reports. Peterside who said this recently during the 2017 budget defence session ...

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NIGERIA HOSTS AFRICA AS AAMA BECKONS

.Association of Africa Maritime Administrations meet in Abuja.  .IMO Secretary General, Kitack Lim to lead International Stakeholders (TRADE NEWSWIRE): In a bid to continue to improve on its role as a global player in the comity of maritime nations, Nigeria would be hosting the 3rd Conference of the Association of Heads of African Maritime Administrations (AAMA Conference) in Abuja, at the ...

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Global bunker market: No firm trend in bunker prices next week, expert says

World fuel indexes did not have any firm trend during the week demonstrating irregular fluctuations. The fuel market is balanced between two drivers: OPEC cuts and rising U.S. inventories and production. There is still a general consensus that the OPEC/non-OPEC agreement helps supply to get in line with demand, although this bullish stance is countered by the ever-increasing inventories in ...

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Milaha Reports Net Profit of QAR 711 Million for Full Year 2016

Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the year ended December 31, 2016. The company declared a net profit of QAR 711 million for 2016 on revenues of QAR 2.55 billion. Key financial highlights: Operating revenue for the year ended December 31, 2016 was QAR 2.551 billion, compared to QAR 2.984 billion reported the previous year. Operating profit ...

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Asia Tankers-VLCC rates to slide further as cargoes dry up on Asia refinery work

Freight rates for very large crude carriers (VLCCs), which fell to multi-week lows this past week, could slip further as refinery maintenance in Asia weighs on cargo volumes and chartering activity, brokers said. “The pace of cargoes hitting the market is much slower. This time last month there were 50 VLCC fixtures from the Middle East. There are about 30 ...

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