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Hapag-Lloyd acquires stake in Moroccan terminal | Brazil Modal

The port on the southern coastline of the Strait of Gibraltar offers excellent conditions for doing so, as it is now regarded as a strategically important hub for global container traffic. Hapag-Lloyd’s minority stake in the TC3 terminal will now help to link the attractive African markets and the entire Mediterranean even more closely with the liner shipping company’s global network of services. By acquiring a stake in the terminal, the company is ensuring that it will enjoy the necessary capacities.

Once it is fully operational, which is expected to happen in mid-2020, the terminal will have an annual capacity of roughly 1.5 million TEU. Other principal shareholders are the Moroccan port operator Marsa Maroc (50% plus one share) as well as Contship Italia and Eurogate (together 40% minus one share).

Source: Hapag-Lloyd


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Indian companies: India Inc foreign borrowings jump over two-fold to $3.41 billion in Oct

New Delhi: India Inc’s foreign borrowings grew over two-fold to $3.41 billion in October over the corresponding month a year ago, according to data from the Reserve Bank of India.

Indian companies had raised $1.41 billion in borrowings from overseas markets in October 2018.

Of the total money borrowed by the domestic companies, $2.87 billion was through the automatic route of external commercial borrowing (ECB), $538 million came in through the approval route of ECB, showed the data.

In the ECB category, the major borrowers tapping the automatic route included Muthoot Finance ($400 million), HPCL-Mittal Energy ($300 million), Wardha Solar (Maharashtra) ($251 million), Larsen and Toubro ($200 million), Deccan Fine Chemicals ($140 million) and Aditya Birla Finance ($75 million).

Two companies tapped the approval route with JSW Steel raising $400 million, while Shriram Transport Finance borrowed $138 million in October this year.

No money was raised through the rupee-denominated bonds or the masala bonds during the month, nor in the year-ago period.


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APM Terminals receives Costa Rica’s largest ever container ship | Brazil Modal

In 337 lifts, exports of key Costa Rican exports, included pineapples and bananas, were loaded onto the Sara Elena destined for Rotterdam, the Netherlands. The vessel was in port for just under nine hours, including the obligatory first call celebrations.

This successful call once again validates the opportunity to serve Costa Rica’s economy with larger vessels. APM Terminals Moin has been consistently breaking its own gross moves per hour (GMPH) record, achieving GMPH of 28 in its first half year of operation.

In this first phase, equipped with six Super-Post Panamax cranes and two berths with a draft of 14.5m, the terminal is capable of handling container ships of up to 8,500 TEUs, 24 hours a day, 7 days a week, 365 days per year.

Upon the completion of the project’s final phase, the facility will cover double its current area of 40 hectares, with 5 berths, and be capable of handling vessels of up to 13,000 TEU, the largest size of vessels capable of passing through the Panama Canal locks.


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Applications are submitted to the FTZ Board by the grantee for foreigntrade zone status. , FTZ 202, SITE 2A SUMMARY: Staff requests the approval of …


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DNV GL Unveils ‘Gas Fuelled LPG’ Class Notation | Brazil Modal

Image Courtesy: BW LPG/DNV GL

The development comes as a way of bridging the gaps present in international regulations for such fuels, with the exception of LNG, the classification society said.

“Except for liquefied natural gas, currently, all gases and low-flashpoint fuels are subject to the ‘alternative design approach’, which means that they may be used if their safety, reliability and dependability of the systems can be shown to be equivalent to those achieved by new and comparable conventionally fuelled main and auxiliary machinery,” DNV GL explains.

“This can be a time-consuming and costly process and may impede the uptake and expansion of lower emission alternative fuels.”

The rules and notation are based on DNV GL’s rules for ships using LNG as fuel but account for the differences in properties and phases between LPG and LNG.

The class notation covers internal combustion engines, boilers and gas turbines for both gas-only and dual-fuel operations. It also includes requirements for the ship’s fuel supply, considering all aspects of the installation from the bunkering connection up to and including the LPG consumers (main and auxiliary engines, boilers, etc.).

“With the new rules and class notation, we want to offer owners interested in LPG a straightforward path towards compliance with the alternative design approach mandated by the IGF Code,” said Geir Dugstad, Director of Ship Classification & Technical Director at DNV GL – Maritime.

“As the fuel environment within the maritime industry becomes more diverse, it is essential that we continue to broaden the enabling rules and regulation to support these new choices.”

LPG as a fuel can lower a vessel’s emissions to air, both in terms of greenhouse gases and other pollutants. It virtually eliminates sulphur emissions and reduces GHG output by approximately 17 per cent compared to burning HFO or MGO, DNV GL explained.

LPG could also act as a bridging fuel to ammonia, as the materials used for LPG tanks and systems is, in most cases, suitable for ammonia. With advanced planning, the adjustments needed for a switch to ammonia from LPG could also be minimized, the classification society adds.

In August 2019, BW LPG announced plans to retrofit four ships with LPG-propelled dual-fuel engines. The move has been described by the company as a pioneering step in the development of next-generation, high-tech green ships with dual-fuel propulsion.

With LPG propulsion, BW LPG plans to reduce its sulphur oxide emissions by up to 97 percent, allowing for full compliance with all current and future sulphur emissions requirements.

This means the retrofitted ships, when operating on LPG, will go beyond IMO’s global 0.5% sulphur emissions cap to also be in full compliance with Emission Control Areas (ECA) and Sulphur Emission Control Areas’ (SECA) 0.1% sulphur cap.

Dorian LPG is also interested in the viability of LPG as an attractive and cost-effective alternative fuel that is widely available and inherently compliant with the IMO mandate.

In 2018, the company teamed up with Hyundai Global Service to study the retrofitting of engines onboard ten of its very large gas carriers to use LPG as fuel.

The initiative follows the conclusion of a study announced in September 2017 by Dorian LPG and the American Bureau of Shipping to evaluate the use of LPG as a marine fuel in advance of the sulphur cap.

Global engine makers such as MAN Energy Solution also support the switch to natural gases as the fuels of choice in global shipping as one of the best ways of decarbonizing the industry.


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Case study on Foreign Exchange Risk Management Narasimha Prakash 1 The dilemma of Hedging Foreign Exchange Risk By Narasimha Prakash, …


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Waberer’s reports net loss and revenue decline as restructuring continues | Brazil Modal

European road freight firm said economic conditions ‘remained broadly neutral’ in the third quarter of 2019, providing the chance to focus on the transformation programme of its flagship international transportation segment.

One of Europe’s leading full truckload (FTL) operators, Waberer’s International, has reported a net loss and decline in turnover in the third quarter (July-September), compared with the same period last year.

However, the Hungary-based firm underlined that the negative figures were largely a result of ongoing restructuring measures in its international road freight business focusing on a fleet reduction programme and which are beginning to bear fruit.

Net income for the third quarter (Q3) of 2019 and the first nine months of the year was a negative €5.6 million and €19.1 million respectively. Q3 revenue was down by 7.1% to €169.8 million year-on-year and showed a decrease of 3.9% for the nine-month period (January-September 2019) to €524.6 million.

“In the third quarter of 2019, economic conditions remained broadly neutral so Waberer’s had the chance to focus on the transformation programme of its flagship International Transportation Segment (ITS), which had visible effects on the reported financials for the quarter, CEO Robert Ziegler said in a statement.

“The basis of the transformation programme is the reduction of (our) own trucking capacities, in order to improve the utilisation and thus the profitability of the ITS segment. The first encouraging signs that this concept is working emerged already in the second quarter. In the third quarter, the fleet was cut by another 260 trucks and utilisation levels rose to improved levels.”

The statement added that gains in truck efficiency and the fleet reduction programme have started to influence margins positively and will show more positive effect on results in the quarters to come.

Waberer’s regional contract logistics segment posted a strong Q3 with the successful renegotiation of low-margin or loss-making contracts while new client acquisitions are expected to have higher profitability. A recent contract signed with German automotive group Audi is its largest to date.


Source: Lloyd’s


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Wall Street Is Ignoring This ‘Forgotten Victim’ Of Trump’s Trade War

Financial markets tend to obsess over the behavior of the American consumer, and for good reason—their spending makes up more than two thirds of activity in the world’s largest economy. 

Yet there is a ‘forgotten victim’ of Donald Trump’s increasingly endless trade war that investors ignore at their own peril—consumers of the globe’s number two economy, China, says Douglas Porter, chief economist at BMO Capital Markets. 

“Conventional wisdom had it that the cost of the successive waves of U.S. tariffs on China’s imports would be spread among U.S. consumers, U.S. companies,and Chinese exporters,” Porter writes in a research note to clients. 

“To this point, it looks like the U.S. consumer has been largely spared, although the proposed next round of tariffs would land much more heavily on consumer products. The same can’t be said of consumers in China.”

Porter argues that “this is the group that has been hardest hit by the trade war—and they weren’t really even in the conversation when the trade tiff began.”

The extent of China’s economic slowdown is one of the biggest sources of uncertainty for forecasters, who know not to trust the country’s unusually steady gross domestic product figures.

A consumer-led slowdown would undermine one of the key purported goals of U.S. economic policy toward China—getting the country to move away from an export led model toward a more consumption driven economy.  

 Stateside, a new survey shows many firms have no contingency plans should the trade war worsen, something that seems almost inevitable given Trump’s abysmal track record in striking actual deals that go beyond an empty photo-op. 

“By flouting international trade rules, the administration has diminished the country’s standing in the world and led other governments to consider using the same tools to limit trade arbitrarily,” wrote economists Douglas Irwin and Chad Bown, of Dartmouth College and the Peterson Institute respectively, in a recent Foreign Affairs essay.

“In some respects, there will be no going back.”

Just witness the administration’s latest random move: Starting a new front on the wanton trade war by imposing unilateral tariffs on steel from Brazil, Argentina and France.


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Flying Whales cargo airship attracts €20m Canadian investment | Brazil Modal

Support from Quebec government for R&D and manufacturing plant to serve the North American market follows European investment of €90m to build 60-tonne payload craft to enter service in 2021-2022.

Flying Whales, a French firm developing a 60-tonne payload cargo airship dedicated to the heavylift and outsize cargo market, has attracted investment of €20 million from the government of Quebec. 

The partnership makes provision for the setting up a local subsidiary in the French-speaking Canadian province next year to carry out research and development (R&D) work and in the longer term for the construction of a manufacturing plant for the hybrid craft. Flying Whales’ Quebec unit would also have exclusive rights on the North American market.

“The location of Flying Whales (in Quebec) will strengthen our position in aerospace and transport on a worldwide scale,” said the government minister for the Economy and Innovation, Pierre Fitzgibbon.

A 2013 report commissioned by Canada’s House of Commons transportation committee highlighted that airships could play a new role in Canada, especially when it comes to reaching remote communities in the north of the country. “Hybrid air vehicles may one day provide a superior solution, as they can travel over snowfall, frozen water or impenetrable terrain, and require no roads or rail installations to operate,” the report said.

Earlier this year, Flying Whales signed a draft agreement with the engineering unit of the Aéroports de Paris (ADP) that focuses on a long-term partnership to set up operating bases for the craft both in France and worldwide.

Flying Whales’ business plan focuses on the production of a 140-150 metre craft, code-named Large Capacity Airship (LCA) 60T, that it does not need to land to pick up or deliver loads.

In an interview with French newspaper Sud-Ouest, Flying Whales’ president, Sébastien Bougon, revealed that the company had chosen the Bordeaux region as the location of its first manufacturing plant, which will serve the European market. Representing an investment of €90 million, it is scheduled to enter service in 2021-2022 and have a production workload of up to a dozen airships annually.

Flying Whales has also received funding from French state bank bpifrance and the Conseil Régional de Nouvelle-Aquitaine, a regional government authority.


Source: Lloyd’s


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IMF wants to add Georgian Bitcoin exports in foreign trade balance

The Georgian Bitcoin exports have sparked a new debate. The International Monetary Fund (IMF) and Georgia saga continue with a cryptocurrency twist. The country is grappling with regulatory issues, and the IMF is taking matters seriously. Now, it has suggested that Georgia adds the income it generates from cryptocurrency mining and trading operations into its foreign trade balance figure.

Georgia has extensive cryptocurrency operations going on its soil. Statistically, it stands at fourth place globally in digital currency mining operations. So, the IMF suggestion is only relevant given the context of substantial mining-related income generated by Georgian Bitcoin exports. The Georgian government must include this figure into the trade balance to give an accurate picture of its financial sector.

IMF representatives have already undertaken meetings with the leading cryptocurrency firms in the country. They were asked by IMF officials to report the number of foreigners who purchase cryptocurrencies from them. To put it, they were asked to explain their Bitcoin exports operations and the subsequent income generated from Georgian Bitcoin exports.

IMF wants the accountability of Georgian Bitcoin exports

The IMF is working with the Georgian government to improve its financial sector reporting initiatives, including statistics. They are being guided on how to promote foreign trade balance reporting methodology. Thus, cryptocurrency accountability has emerged as a natural addition to international trade due to its extensive spread in Georgia.

The contribution of cryptocurrency to the national GDP must also be reported accurately. The government should closely monitor the industry since it has a decent contribution to the GDP and export figures. IMF Deputy Division Chief Mercedes Vera-Martin, said that cryptocurrency mining operations have a mixed effect on the country’s economy. If cryptocurrency is exported in large numbers, Georgian Bitcoin exports must be a part of the foreign trade balance.

She mentions that Bitcoin mining requires the import of strategic mining hardware and specialized equipment. These are reported well in the accounts. However, when the export commodity, i.e., Bitcoin, is not included in the figures, the trade balance is distorted. To accomplish this task of calculating Georgian Bitcoin exports, the IMF has presented a questionnaire for the finance department of Georgia to estimate the export of Bitcoin from the country.

Image Source: Pixabay

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