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Atlantic Panamax freight rates improve on tight prompt tonnage, better sentiment

Freight rates ticked up for trans-Atlantic Panamax runs as prompt tonnage was met with a fair volume of inquiry, but the long-term outlook remained uncertain, shipping sources said. The Hampton Roads, Virginia-Rotterdam coal route, basis 70,000 mt improved to $9.25/mt … Continue reading

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Bolder and more numerous pirate attacks haunt South China Seas

Bolder and more numerous pirate attacks haunt South China Seas THERE were eight pirate incidents in South China Sea in the first half, a year-on-year increase of three, according to the Singapore-based regional anti-piracy information hub (RECAAP). However, ReCaap said … Continue reading

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Hamburg Sud ups rate US$150/box from US to Mideast, India/Pakistan

GERMANY’s Hamburg Sud will levy a general rate increase (GRI) on all cargo from the United States to the Middle East and the Indian subcontinent from September 1. Tariff and service contract rates will be increased by US$150 per container, … Continue reading

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Asia Tankers-VLCC rates could nudge higher on more vessel charters

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering programme for the first 20 days of August, brokers said on Friday. The … Continue reading

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Delta refining arm charters Jones Act tanker amid trading revamp

Delta Air Lines Inc’s refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy. Monroe Energy LLC, the Delta subsidiary that … Continue reading

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OOCL quarterly revenue rises 6.8pc, but per box rate falls 4pc

HONG KONG’s Orient Overseas Container Line (OOCL) has posted a second quarter 6.8 per cent revenue increase to US$1.5 billion, but also recorded a four per cent per-box rate fall, mitigated by a 6.5 per cent higher load factor. OOCL … Continue reading

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HPH Trust first half profit up 16pc to US$119.6 million, revenues up 2pc

SINGAPORE-listed global port operator, HPH Trust, has posted a first half year-on-year 16 per cent increase in net profit of HK$927.3 million (US$119.6 million), drawn on revenues of HK$6 billion, up two per cent. The company said that cargo to … Continue reading

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India Blocks WTO Agreement to Ease Trade Rules

India effectively blocked an international agreement on easing trade regulations last week, saying the effort to promote global trade should be linked to food security. At a meeting of the World Trade Organization in Geneva on Friday, India said it … Continue reading

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Can OPEC Control World Oil Prices

It is the world’s most famous cartel OPEC that currently controls almost three quarters of the world’s crude oil, a commodity that, as of right now, industrialized nations cannot do without. OPEC is currently an organization comprised of 11 member … Continue reading

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Nuclear deal prevents further drop in Iran’s crude exports: NIOC

Iran has not been able to benefit from lifting of insurance ban * Short-term agreement makes oil sale conditions unclear The only advantage to Iran of the agreement to extend the interim nuclear agreement with the West by four months … Continue reading

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India liberalizes ship licensing rule

For many years, it has been an annual ritual for India’s shipowners to troop to the office of the directorate general of shipping to get a so-called general trading licence (GTL) renewed. Without such a licence, ships cannot ply, according … Continue reading

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A key gauge of global shipping costs is plunging and you should pay attention

A harbinger of global economic slowdown or simply an oversupply of big ships? That’s the debate surrounding the big drop in the Baltic Dry Index, a closely-watched gauge of global shipping costs, since the beginning of the year. The index … Continue reading

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Kamarajar Port draws up expansion plan

Kamarajar Port Ltd. (KPL), formerly Ennore Port, has chalked out a Rs.20-crore expansion plan to facilitate increased export of cars. As a new entrant, KPL is facing competition from the Chennai Port Trust, which exports about 3 lakh cars annually … Continue reading

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Greens call for shipping lanes

The Green Party wants to introduce compulsory shipping lanes for vessels operating along the coast. The policy was announced in Auckland on Sunday morning, as the party explained how it would protect beaches from oil spills. Co-leader Russel Norman said … Continue reading

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Port of Houston improvements expected to bring $35 million a year to economy

Dredging has started to deepen the Port Of Houston Authority’s container terminal channels from 40 feet to 45 feet, matching the depth of the Houston Ship Channel. The Barbours Cut Channel is being dredged first to ready it for the arrival … Continue reading

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Iraqi Kurdish oil nears Texas port for likely offloading

A tanker carrying crude oil from Iraqi Kurdistan is hours away from the Port of Galveston in Texas, according to Reuters ship tracking data and the U.S. Coast Guard, its arrival imminent despite Washington’s concerns about independent oil sales from … Continue reading

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Economical and agile offshore construction ship

Siemens is currently installing the power supply and propulsion systems into a new multi-purpose offshore construction ship for Toisa Ltd. The ship, which is being built by the Korean company Hyundai Heavy Industries Ltd., will be used for a variety … Continue reading

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China iron ore falls for 6th day to 1-mth low, down 3.1 pct on week

The price of imported iron ore sold in China fell for the sixth consecutive day to reach its lowest point in a month, with few positive signs to encourage buyers to make purchases. Iron ore with 62 percent grades for … Continue reading

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Vietnam’s Jan-July crude oil exports rise 5.8 pct y/y – govt

Vietnam’s crude oil exports in the January-July period would rise 5.8 percent from the same period last year to an estimated 5.28 million tonnes, or 182,560 barrels per day (bpd), the government said on Friday. Oil product imports in the … Continue reading

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France’s Wheat Exports in Question as Rain Spoils Quality

French soft wheat exports, the European Union’s biggest, are at risk of falling after grain cooperatives reported rain spoiled grain quality across the east and north of the country. Sprouting damage to wheat will hurt France’s ability to sell to … Continue reading

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25 Indian sailors stranded off Dubai ‘without pay or relief’ for 8 months

More than two dozen Indian crew members are stranded on two merchant vessels anchored off Dubai’s dry dock because the shipping company “has not paid their salaries for the last eight months or relieved them by sending in substitutes”. The … Continue reading

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Indian shipping industry awaits maritime labour law ratification

Much like mariners of yore waiting for monsoon winds to set sail, the Indian shipping industry awaits parliament’s ratification of the International Maritime Labour Conventionso as not to lose out on merchant traffic, according to industry leaders. With India yet to ratify the … Continue reading

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Ecuador bunker fuel prices dip, but market eyes future rise on tighter supply

Bunker fuel prices dipped in Ecuador, but market participants expect them to move higher in the coming days as a result of tight supplies due to maintenance at the 45,000 b/d La Libertad refinery, market sources said. Petroecuador’s second-largest refinery … Continue reading

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DP World volume surges 9.3pc to 29.4 million TEU in first half

Dubai’s global port operator DP World container terminals worldwide handled 29.4 million TEU during the first half of 2014, an increase of 9.3 per cent year on year. The terminal operator said that on a reported basis gross volumes grew … Continue reading

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