The Organization of the Petroleum Exporting Countries (OPEC) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by available spare capacity, a Nigerian oil industry official said. “It’s obvious that if you have high prices it’ll affect...
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Cyprus finally gets back into ECB stimulus scheme
The European Central Bank has started buying Cypriot bonds once again, it said on Thursday, including the country in its stimulus programme for the first time since its exit from a painful bailout programme in 2016. The ECB said it would try to slowly make up for its missed purchases in the coming...
https://www.hellenicshippingnews.com/cyprus-finally-gets-back-into-ecb-stimulus-scheme/
US-China trade war winner: Brazil soybean exports
The ongoing U.S.-China trade war has been a good thing for Brazil’s soybean market. China, which uses one-third of the world’s soybeans, imported 89% of its soybeans from the U.S. and Brazil last year, according to the American Farm Bureau Federation. And since China has slapped a 25% tariff on...
https://www.hellenicshippingnews.com/us-china-trade-war-winner-brazil-soybean-exports/
GTT receives an order from SHI to design the tanks of two new LNG carriers
GTT announces it has received an order from the Korean shipyard Samsung Heavy Industries (SHI) for the tanks design of two LNG carriers. Each offering a capacity of 180,000 m3, these units will be built on behalf of the European ship-owner Celsius. The tanks will be fitted with the Mark III Flex...
8 Indian sailors stranded on ship for nine months in UAE
Eight Indian sailors are stranded without full wages for nine months aboard a vessel in Dubai, a media report said on Tuesday. The crew members of the Panama flagged ship, which entered Dubai waters in November last year, claimed that their company had abandoned them without providing wages and...
https://www.hellenicshippingnews.com/8-indian-sailors-stranded-on-ship-for-nine-months-in-uae/
ECB sees trade conflict slowing global growth
Global growth is expected to slow in the near term and the risk of an expanding trade conflict among major power could weigh on sentiment further, the European Central Bank said in regular economic bulletin on Thursday. “In the near term, global economic momentum is expected to moderate,” the ECB...
https://www.hellenicshippingnews.com/ecb-sees-trade-conflict-slowing-global-growth/
China’s preference for long-term contracts affecting Indian iron-ore miners
Indian overseas shipment of high-grade iron-ore fines and lumps is facing significant risks as Chinese steel mills are increasingly looking at long term supply agreements. According to three miner-exporters based in the eastern Indian province of Odisha, the largest iron-ore producer in the...
Barcelona Unaffected By Cyber Attack
Operations at the Port of Barcelona have remained unaffected by a cyber attack last week. Following the cyber attack on Thursday 20 September, the port warned on Twitter that delivery and reception of goods may be delayed but on 22 September stated it hadn’t altered its seaside and land operations...
https://www.hellenicshippingnews.com/barcelona-unaffected-by-cyber-attack/
Aegean Marine Petroleum Network Announces Key Leadership Changes
Aegean Marine Petroleum Network Inc. today announced that President Jonathan McIlroy will leave the Company, effective November 15, 2018. On August 9, 2018, the Company announced the appointment of Kostas Polydakis to the position of Chief Operating Officer, as well as his qualifications and...
Coal freight rates face 20-40% hike from 2020 – WoodMac
Looming restrictions on shipping fuel sulphur content could see freight rates on seaborne coal routes rise by as much as 40% in 2020, consultancy Wood Mackenzie said on Thursday. “Coal companies relying on ocean transport should brace for increased voyage rates,” said Anthony Knutson, principal...
https://www.hellenicshippingnews.com/coal-freight-rates-face-20-40-hike-from-2020-woodmac/