नवी दिल्ली – जानेवारीमध्ये आयात-निर्यातीतील तूट 14.73 अब्ज डॉलर नोंदली गेली आहे. व्यापार तुटीने डिसेंबरमध्ये गेल्या 10 महिन्यांचा तळ…
नवी दिल्ली – जानेवारीमध्ये आयात-निर्यातीतील तूट 14.73 अब्ज डॉलर नोंदली गेली आहे. व्यापार तुटीने डिसेंबरमध्ये गेल्या 10 महिन्यांचा तळ…
Under the contract, two LNG carriers built to service the INPEX-operated Ichthys LNG Project and one LNG carrier servicing the Prelude LNG Project would receive ClassNK-NAPA GREEN, to provide continuous real-time data to monitor and improve safety and performance.
The vessels in question are among the world’s largest MOSS-type LNG carriers, namely, the Oceanic Breeze, Pacific Breeze, and Symphonic Breeze.
“The propulsion system of an LNG carrier is far more complex than that of any other vessel type, which is why a fundamental understanding of elements including the cargo containment and management systems, as well as the ultra steam turbine is critical to efficiency,” Akihiko Itoh, Manager of Transportation group, LNG Trading Unit at INPEX, said.
“ClassNK-NAPA GREEN will effectively give us live sea trial results throughout the vessels’ working lives. This will help us to realise substantial operational savings across our entire fleet through timely evaluation of, and reaction to ship performance,” Itoh added.
XI’AN, Feb. 18 (Xinhua) — Xi’an, capital of northwest China’s Shaanxi Province, gained a 29.58 percent year-on-year increase in import and export volume in 2018, the city government announced in its work report.
Xi’an’s total foreign trade valued at 330.4 billion yuan (about 48.8 billion U.S. dollars) in 2018, accounting for 94 percent of the volume of the whole province, the report said.
The city’s foreign trade dependence degree, the ratio of foreign trade volume to the city’s gross domestic output (GDP), rose for three consecutive years to 39.57 percent.
The foreign trade market has become more open and vibrant, said Lyu Hengjun, head of the city’s bureau of commerce.
Trade between Xi’an and the United States grew by 17.5 percent and its trade with the Republic of Korea grew by 33.9 percent year on year. Trade with countries along the Belt and Road including Singapore, Malaysia, India, Vietnam and Russia also increased.
The city maintained an open economy with strong upward momentum, as the actual use of foreign direct investment rose by 19.7 percent to 6.35 billion U. S. dollars in 2018.
Xi’an, known in ancient times as Chang’an, is the starting point of the Silk Road and plays a key role in the Belt and Road Initiative.
According to local customs authorities, the city launched 1,235 China-Europe freight trains in 2018, 6.4 times the number in 2017, transporting a total of 1.2 million tonnes of goods with a value of 1.72 billion U.S. dollars.
Under the agreement, Aker Energy has an option to bareboat charter the FPSO for a period of 15 years. The FPSO is intended to be used for an early-production project offshore Ghana.
Aker Energy will pay USD 3 million for the option, that can be exercised before May 1, 2019. In addition, the company can extend the initial option-period by another 30 days against additional compensation.
Ocean Yield said it would finance the modification of the FPSO against a competitive charter rate that reflects the book value of the unit and the cost of the modification if Aker Energy exercises the option. The company added that it would not be exposed to risks related to the modification or be involved in the operation of the vessel.
“If the option is exercised, we expect some revenues from the FPSO already this year and increased revenue contribution from first oil, which is targeted in 2021,” Ocean Yield’s Chief Executive Officer, Lars Solbakken, said.
Aker Energy is, through its subsidiary in Ghana, the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana with a 50% participating interest.
ULAN BATOR, Feb. 16 (Xinhua) — The number of China-Europe freight trains traveling through Mongolia increased by well over 50 percent in 2018, benefiting the landlocked country’s economy, a senior foreign ministry official said Saturday.
“The China-Europe freight rail service network is a crucial part of China’s Belt and Road Initiative. We believe that the service is a ‘realistic step’ that supports the development of trade and economy of countries along the Belt and Road,” Tuvshintugs Battsetseg, deputy director of the Department of Foreign Trade and Economic Cooperation at the Ministry of Foreign Affairs of Mongolia, told Xinhua.
“We are happy that the number of the China-Europe freight trains via Mongolia has been dramatically increasing year by year. As the service expands, its contribution to the Mongolian economy has been increasing,” Battsetseg said.
There were 556 China-Europe freight trains traveling through Mongolia in 2017 and the number reached 856 in 2018, according to the official.
“Our country’s relevant departments, including the Ministry of Foreign Affairs, and the Ministry of Road and Transport Development, have been paying special attention to creating favorable conditions for China-Europe freight trains for traveling through the Mongolian territory without any obstacles,” she said.
The vessel is owned by K Line and INPEX Shipping, and dedicated for carrying 0.9 million tons of LNG per year from the Ichthys LNG Project in Darwin, Australia to the Naoetsu facility, operated by INPEX Coporation.
K Line also revealed its plans to be more involved in the shipment of LNG, LPG and condensate exported by the project.
Ichthys LNG Project would, in addition to LNG, produce around 1.65 million tons of LPG per year and some 100,000 barrels of condensate per day at peak.
The project’s first LNG cargo was carried by K Line’s LNG carrier Pacific Breeze in October 2018 and the first LPG was carried by the company’s Grace River. K Line said that Aframax tankers, operated by its subsidiary in Singapore, would carry condensate products.
Trade flows between China and the United States are shrinking quickly as officials scramble for a deal that would end the trade war.
Chinese imports of US products plunged 41.1 per cent from a year earlier to US$9.2 billion last month, the lowest since February 2016, according to data released by the Chinese General Administration of Customs on Thursday.
The fall in US exports to China contrasted sharply with the China’s overall imports last month, which remained largely steady with only a 1.5 per cent fall year-on-year.
According to Chinese customs data, China’s imports from the US has now fallen for eight consecutive months, month-on-month, the longest period of continuous decline since monthly bilateral trade data was first made available in 1999.
In January alone, China’s imports from the US were smaller than its imports from Australia, South Korea, Taiwan or Germany.
One of the few US products China is buying more of is soybeans. The data shows that soybean imports increased 29 per cent from December, after China agreed to make more purchases during trade negotiations.
“China has increasingly turned back towards US soybeans since the first trade talks took place at the G20 summit in late November. Just over the last week, almost 480 kilotons of US soybeans inspected for export were destined for China,” said Warren Patterson, head of commodities strategy at ING.
Going the other way, Chinese exports to the US fell slightly, down 2.4 per cent to US$36.5 billion in January.
In comparison, Chinese exports to the European Union jumped 15.3 per cent in January from a year earlier, while exports to Asean improved by 12.5 per cent if measured in US dollar terms.
China’s overall exports expanded by 9.1 per cent, however analysts have warned that this should not be taken as a barometer of the health of the country’s trade economy and was largely due to seasonal factors.
“Nobody was looking at the seasonality of that data until we got the 9.1 per cent growth, at which point we realised it was a long January compared to last year,” said Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis.
The future of bilateral trade between China and the US is largely dependent on the outcome of trade talks ongoing in Beijing this week.
The US has threatened to increase tariffs on US$200 billion worth of Chinese products to 25 per cent from 10 per cent if the two sides fail to reach a deal by March 1.
However, US President Donald Trump said earlier this week that he could let the deadline “slide” if a deal appears to be close, while Bloomberg reported on Thursday that Trump is considering extending the deadline by another 60 days.
Chinese President Xi Jinping is expected to meet a top US delegation, including US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin, in Beijing on Friday, sources told the South China Morning Post earlier this week.
Louis Kuijs, the chief Asian economist at Oxford Economics in Hong Kong, wrote in a note that further tariff hikes will be suspended between China and the US in light of “positive signals” regarding the US-China trade negotiations.
While a trade pact will not dispel “underlying tensions about technology and China’s industrial policy”, an agreement and prolonged tariff suspension would “imply an upside risk to growth of China’s exports and economy more generally,” Kuijs wrote.
Logistics investment analyst Jefferies anticipates ‘a higher and recommended offer’, with Panalpina’s board reported to be in negotiations with DSV.
A raised offer from DSV for Panalpina remains “the most likely outcome” following the decision by Panalpina’s largest shareholder to reject DSV’s initial bid, according to logistics investment analyst Jefferies.
Jefferies noted that the Panalpina board of directors had started negotiations with DSV, according to reports in the Swiss press last week, after the Ernest Goehner foundation, with a 46% stake, rejected DSV’s initial offer on 4 Monday February.
“We think this will likely lead to a potentially higher and recommended offer, as it is unlikely there will be any competing offers, after Kuehne + Nagel has already said not to be interested at the current price,” Jefferies analyst David Kerstens said. “Furthermore, Panalpina’s profitability has been stable at 2.0% since 2010 under Panalpina’s independent strategy, while the estimated EBIT recovery of 20% for 4Q18E might prove too optimistic (due Feb 28th), after a 5% decrease in 3Q18.
“We think the rejection by the Ernest Goehner Foundation is an attempt to achieve a higher offer, as the Foundation’s chairman talked about concerns over job losses and IT investments of CHF250m–CHF300m in SAP Transport Management, while remaining interested in a higher price. The current CHF180 offer values Panalpina at CHF4.0bn, implying a takeover multiple of 26.0x EBIT at a 60% premium to the sector.
“Panalpina would add 50% to DSV’s revenue and 18%-35% to EPS, after a 20% capital increase, assuming Panalpina’s profitability recovers from 2% to 7%-10%, resulting in an ROIC of 9%-13%. A higher offer of up to CHF 200, in line with our Panalpina Long View Upside Scenario, would reduce EPS accretion to 17%-34% and result in an ROIC of 8%-12%.
Jefferies described DSV’s recent four-quarter 2018 results as “mixed, with a slowdown in Road, which is reflected in cautious FY19E EBIT growth guidance of 2%-9%, reflecting market volume growth of 3% and increased macro-economic risk”.
It added: “DSV’s 4Q18 results reflected continuing strong momentum in Air & Sea, driven by market share gains and higher yields, and in Solutions, on the back of strong top-line growth, driven by retail and automotive, but a weaker than expected stable result in Road, held back by Brexit preparations as the UK accounts for 6% of Road and 5% of group revenues.
“Cautious FY19E EBIT guidance of DKK5,900-6,300m includes a positive IFRS 16 impact of DKK300-350m, implying underlying EBIT growth is in the range from 2%-9%, reflecting market growth of c3% and increasing macro-economic risk.
“We have updated our estimates for IFRS 16 and lowered EPS estimates by up to 12% for FY21E, as we now no longer assume a continuation of the share buyback program (vs. 5% per annum previously) in the light of the pending Panalpina takeover offer.”
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The Swiss franc is the latest currency to have gone bump in the night.
At the point where the week’s global trading got under way in Asia, the euro abruptly shot up one whole point from SFr1.1325 before immediately dropping back down. The dollar made a similar move.
The way the swoon happened, with a drop in one big hit from around 22:06 on Sunday, London time, followed by a slightly longer path back up, suggests that the move was the result of human error, rather than a computer programme somehow spitting out the wrong price.
A public holiday in Japan meant that markets were quiet and the shock absorption that would normally have come from wider flows did not appear.
It seems that “a badly executed [trade] triggered the move, which was exacerbated by the thinner-than-usual liquidity due to the Tokyo holiday,” said Lee Oliver at market intelligence firm InTouch FX.
The mini flash crash, which took the franc down only to levels seen in the previous week, is the latest in a series of late-night wobbles in the foreign exchange market.
In the opening days of January, the yen leapt higher with no obvious trigger for the move.
That was a flicker in comparison with an ugly flash crash in sterling in October 2015.
Investors are increasingly unnerved by such events, with some 40 per cent of those polled by JPMorgan saying poor liquidity was a concern for them, up from 29 per cent in the previous year.
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