Bussiness News

Hengyi Petrochemical Turns Shipowner With Tanker Order

Hengyi Petrochemical orders MR tanker fleet at GSI, says an article on Offshore Energy.

Orders for eight product tankers

China-based petrochemical group Hengyi Petrochemical Co. Ltd. has ordered up to eight 49,600-ton chemical/product tankers at the local Guangzhou Shipyard International (GSI) shipyard.

As informed, this is the largest single batch medium-range (MR) order won by GSI in the past few years.

Contract signed

The agreement between Hengyi Petrochemical, GSI, and China Shipbuilding Trading...

https://mfame.guru/hengyi-petrochemical-turns-shipowner-with-tanker-order/

Yara Marine Technologies Sets Up New Site In Poland

The new site will serve turnkey deliveries as part of the company’s green tech expansion, such as shore power and WindWings, as well as onboard repairs and upgrades. This marks a milestone for Yara Marine Technologies as they move into installation, reports Yara.

Supervising installation

When introducing new and unfamiliar technologies to the maritime industry, we experience that we need to be able to supervise and cover some of the installations ourselves, if only to get local installation and...

https://mfame.guru/yara-marine-technologies-sets-up-new-site-in-poland/

Does Cryptocurrency Pose A Threat To Fiat Currency?

Many organisations are accepting cryptocurrency. People all over the globe are trading in cryptocurrencies on various platforms like the Bitcoin up. This is because there are many advantages of using digital currency, and experts speculate that it can take over eventually, reports London Loves Business.

Let’s take a look at what will happen if crypto takes over:

Consumer interest

In 2017, there was a massive rise in consumer interest that led to the Bitcoin rally. People from across the world were...

https://mfame.guru/does-cryptocurrency-pose-a-threat-to-fiat-currency/

Economists Keep An Eagle Eye For Signs Of ‘Moreflation’

Sentiment in financial markets changes quickly. The big worry for most of the last year has been about collapsing growth and falling prices. Now markets are fretting about inflation. Such fears were behind the sharp sell-off in US equities in the early part of last week, reports Reaction.

Rising rates

Investors worry that a strong recovery may create supply shortages and propel commodity prices higher. The ensuing inflation would force central banks to raise interest rates, hitting equity values.

I...

https://mfame.guru/economists-keep-an-eagle-eye-for-signs-of-moreflation/

Peninsula Petroleum Group (PPG) Announces Re-brand of Business

Peninsula Petroleum undergoes rebranding exercise, emerges as ‘Peninsula’, says an article on Manifold Times.

Peninsula

Global integrated marine fuel supplier Peninsula Petroleum Group (PPG) announced a re-brand of the business. The company, which has also refreshed its visual identity, has dropped “Petroleum” from its name to represent the company’s transition to a more sustainably focused brand.

Peninsula has also launched a new website – www.peninsula360.com. The site is a complete re-vamp of...

https://mfame.guru/peninsula-petroleum-group-ppg-announces-re-brand-of-business/

Covid Crisis Hits Global Shipping Industries

India’s COVID crisis hits the global shipping industry hard, says an article on DW.

Covid hits global industries

India is one of the biggest providers of seafarers for the shipping industry. But the nation’s COVID wave has sparked travel curbs and restrictions on Indian crews, sending shipping firms scrambling to find replacements.

Along with the Philippines and China, India is one of the largest suppliers of the crew to the global shipping industry. But a huge surge of COVID-19 infections in the...

https://mfame.guru/covid-crisis-hits-global-shipping-industries/

COSCO Pioneers New Green Finance Framework

COSCO Shipping Ports has announced the launch of its green finance framework, which has successfully passed the verification by Hong Kong Quality Assurance Agency (HKQAA), reports Container News.

Green Projects

The Hing Kong-listed operator has been upholding the concept of sustainability in developing green and smart ports which offer mutual benefits and achieving the targets of reducing carbon emission and promoting energy efficiency, with an aim to creating value for its stakeholders.

The...

https://mfame.guru/cosco-pioneers-new-green-finance-framework/

Seanergy Maritime Takes Delivery of ‘Flagship’

Seanergy seals financing and fixture for the latest Capesize addition with Cargill, says a press release published on their website.

‘Flagship’

Greek Capesize specialist Seanergy Maritime has taken delivery of its latest Capesize acquisition, which is being financed and chartered by commodities giant Cargill. This vessel acquired is Hsin Chien Marine’s 2013-built (Mitsui) New Expedition, which has been renamed Flagship. The vessel is being financed through a leasing agreement with Cargill, who...

https://mfame.guru/seanergy-maritime-takes-delivery-of-flagship/

Belships ASA Acquires New Bulk Carrier

Belships ASA (OSE: BELCO) has agreed to acquire a newbuilding resale financed through a bareboat agreement for 10 years, reports Belships.

The agreement

The 61,000 dwt Ultramax bulk carrier of Japanese design is expected to be delivered upon completion of construction at a Chinese yard during November 2021 and will be named BELFORCE. The estimated cash breakeven for the vessel upon delivery is about USD 10,900 per day including operational expenses. Belships will pay a sum of USD 3.0 mill upon...

https://mfame.guru/belships-asa-acquires-new-bulk-carrier/

Baltic Freight Index Surge With High Vessel Rates

The Baltic exchange’s main sea freight index rose on Monday, buoyed by an uptick in rates for all vessel segments, reports Yahoo Finance.

The rates

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose by 57 points, or nearly 1.8%, to 3,240.

* The capesize index increased 103 points, or roughly 2.1%, to 5,109.

* ​Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making...

https://mfame.guru/baltic-freight-index-surge-with-high-vessel-rates/

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