• Same story, different day...........year ie more of the same fiat floods the world
  • There are no markets
  • "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Business News & Views - Metals, Markets, Shipping, Energy, More

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
This Sanction-Proof Rig Beats U.S. Policy From Cuba to Russia

December 19, 2017 by Bloomberg


The Scarabeo 9 ultra-deepwater drilling rig is designed to operate in water depth up to 12,000 ft and can drill to a depth of up to 50,000 ft. Photo: Saipem

By Jack Farchy and Chiara Albanese (Bloomberg) — The oil rig was built mostly in China and drilled its first well in Cuba. Now it’s delivering a victory for Russia in its fight against U.S. sanctions.

Italian oil giant Eni SpA and Russia’s state-controlled Rosneft PJSC are using the Scarabeo 9 ultra-deepwater rig to drill in water more than 2,000 meters (6,600 feet) deep in the Black Sea. It’s the first well drilled by a western company at a Russian oil project that falls squarely under U.S. sanctions imposed on the sector in 2014.

For Vladimir Putin, it’s a second energy-sector victory in a little over a week after the $27 billion Yamal liquefied natural gas project started shipping cargoes despite U.S. sanctions against its controlling shareholder.

“It is important not because of the size, but from a geopolitical perspective it is key,” said Alejandro Demichelis, director at boutique investment bank Hannam & Partners. “Eni and the Italians in general have been closer to Russia than they have been to the U.S., at least in terms of oil and gas. They have always been on Putin’s side to solve problems.”

Rosneft Chief Executive Officer Igor Sechin said on Monday that drilling had started on the Maria-1 well in the past few days, highlighting the “technological complexity” of the project.

Legal Loopholes
It’s also legally complex. Indeed, a request from Exxon Mobil Corp. earlier this year for a sanctions waiver to drill with Rosneft at a nearby license was rejected by the U.S. government.

For Eni to drill the well, which falls under U.S. and European sanctions targeting Russian shale, Arctic and deepwater oil development, the Italian company had to exploit a series of loopholes.

First, while European Union sanctions largely mirror those of the U.S., they do allow the “grandfathering” of projects that were agreed before sanctions were imposed.

Second, the Scarabeo 9, which is owned by Saipem SpA, is no ordinary deepwater rig. It was built mostly in China, to a Norwegian design. That means it sidesteps U.S. trade sanctions that restrict the use of U.S.-made or -designed equipment, even by non-U.S. companies.

The rig’s first outing in 2012 was to drill for Repsol SA off Cuba.

Made in China
“The Scarabeo 9 is one of the very few units in the industry which is using a technology which is not an American one,” Saipem’s then CEO Pietro Franco Tali told investors before its maiden voyage to Cuba.

In a letter to the U.S. Securities and Exchange Commission in 2014, National Oilwell Varco Inc. confirmed it had sold a blow-out preventer, a key piece of high-tech kit, to Scarabeo 9 before the Cuba project. The Houston-based company said it stopped providing equipment to the rig as soon as it knew where it would be operating.

Earlier this year, the rig spent several months in port in the Canary Islands to make its towers bendable so it could pass through the Bosphorus and get to the Black Sea.

Eni and Saipem discussed the drilling campaign with the U.S. and Italian governments and received authorization to proceed, according to people familiar with the matter who asked not to be named because the talks were private.

Eni and Saipem declined to comment.

Frontier Well
Sechin said on Monday that the West-Chernomorsky block where Eni and Rosneft are drilling could contain 600 million tons of oil and 100 billion cubic meters of gas.

“You have quite a large chance of finding something there,” said Christian Boermel, senior Russia analyst at consultants Wood Mackenzie, though he added that it remained unproven. “It’s very much a frontier well.”

Still, analysts said Eni’s main objective was probably to maintain good relations with Rosneft, which recently paid $1.125 billion for a stake in the Italian company’s Zohr field off Egypt.

Rosneft had originally agreed to develop the Black Sea license with Chevron Corp. in 2010, before the U.S. company walked away after drilling a dry well in nearby Turkish waters.

Tightening Sanctions
Eni’s Black Sea well may end up being an outlier rather than a trendsetter. A new law passed by U.S. congress this year strengthens sanctions on the Russian oil industry by extending them to any non-U.S. person who “knowingly makes a significant investment” into a Russian deepwater, shale or offshore Arctic project after Sept. 1, 2017.

Eni’s Black Sea project was able to proceed in spite of this and thanks to lobbying by the Italian government and the fact the company had agreed to the drilling program before sanctions were imposed, according to a person familiar with the matter. The company is unlikely to drill more than one well in the area, said another person.

Still, the drilling sets a new benchmark for the ability of companies from U.S. allies to work in Russia’s oil sector.

A Japanese group’s plans to explore for oil with Rosneft off the coast of Sakhalin were stymied earlier this year after the U.S. objected, saying that G-7 allies shouldn’t “backfill” sanctions by allowing their companies to carry out projects barred to U.S. ones.

“It clearly gives Eni an advantage in terms of their relationship with Rosneft,” said James Henderson, a Russian oil expert at the Oxford Institute of Energy Studies. “You can understand why Exxon are upset about that.”

© 2017 Bloomberg L.P

Filed Under: Offshore News Tagged With: Cuba, russia, russia sanctions, saipem, Scarabeo 9 rig

http://gcaptain.com/sanction-proof-rig-beats-u-s-policy-from-cuba-to-russia/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Hyundai Merchant Marine Planning to Order 22,000 TEU ‘Megaships’ in 2018

December 19, 2017 by gCaptain



Photo: Sheila Fitzgerald / Shutterstock.com

South Korean shipping line Hyundai Merchant Marine has revealed plans to construct 22,000 TEU containerships in 2018 to boost its competitiveness within the global shipping sector.

The revelation was made this week by HMM President & CEO, C.K. YOO, during the company’s 2018 strategy meeting, intended to map out growth strategies for the coming year.

“This will be the mega-ship building project in accordance with the national expectation for being a leading shipping nation,” said YOO. “HMM is now located in the good position to be a world-class leading shipping company by overcoming new environmental regulations starting from 2020.”

Hyundai Merchant Marine became South Korea’s top shipping line following the collapse of Hanjin Shipping in the second half of 2016, but as the world’s 14th largest carrier it has struggled to stay competitive among the top carriers and shipping alliances.

Filed Under: News Tagged With: hmm, hyundai merchant marine

http://gcaptain.com/hyundai-merchant-marine-preparing-order-for-22000-teu-megaships-in-2018/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Dollar Falls, Bitcoin Correction, Gold Positions, EU Cash Laws, Silver Production
Junius Maltby


Published on Dec 19, 2017
https://www.thebitforum.com Dollar looks poised for declines, further bolstering gold. Bitcoin Cash landing on Coinbase with huge correction in BTC price. Gold corrected today and there are EU cash controls coming. Silver production discussion. Join the Junius Maltby look at metals news and events.
FREE $10 BTC: https://www.coinbase.com/join/59f9326...
Gold Coin: https://qualitysilverbullion.com/prod...

BTC Wallets:
189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
18vMJCAibzgFzSDoupoWe6noY8bvmWU4CK
LTC: LeR4z1FwYbgVHv791xydPqmbZeBjgG8wPt
Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
tag: 1317751799

FAIR USE STATEMENT
This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

For more information go to: http://www.law.cornell.edu/uscode/17/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
[Business Daily] Ep.692 - Increasing renewable energy / Cryptocurrency craze _ Full Episode
ARIRANG TV


Published on Dec 20, 2017
Increasing renewable energy
The government has also released plans to invest over US$100 bil. in renewable energy.
It will expand Korea's solar and wind power infrastructure to reduce the country's reliance on fossil fuels and nuclear power.

Cryptocurrency craze
2017 has been an amazing year for those who the early jump on cryptocurrencies... including many Koreans. The country is the world's third largest market for virtual currencies, all the more reasons for the government step in and prevent a bubble from being created.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
farm talk Sunday the 17th
Ag Talk In The Raw


Published on Dec 17, 2017
i am here to talk about farming and al that goes with it.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
farm talk wednesday the 20th
Ag Talk In The Raw


Published on Dec 20, 2017
i am here to talk about farming and al that goes with it.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
David Stockman - Thundering Collision Coming in Bond Market
Greg Hunter


Published on Dec 19, 2017
Former Reagan White House Budget Director David Stockman says, “The central banks realize they cannot keep printing money at these crazy rates, and by that I mean the bond buying. Now, they are going to begin to normalize and shrink their balance sheet. . . . By the fall (of 2018), they (the Federal Reserve) will be shrinking their balance sheet by $600 billion a year. What that means in plain simple English is that they (the Fed) are dumping $600 billion a year of existing bonds into the market just as Uncle Sam will be attempting to borrow $1.25 trillion more. Now, if you don’t think that is a financial collision waiting to happen, then I am not sure what would be. We are heading for a thundering collision in the bond market that will drive yields upward far more than the market is expecting. The stock market operates on the illusion of permanently low interest rates. When interest rates start to rise, everything is going to come apart because cheap debt has been priced in forever, and we are heading for far more expensive debt. . . . Bond prices are going to collapse when yields begin to rise. . . . Stock prices are going to collapse bigtime when the underlying predicate of cheap debt, massive stock buy backs and M&A deals and everything else supporting the market today finally reverses. So, we are going to have deflation in the canyons of Wall Street, and that will not be a happy day.”

Stockman also likes gold and silver and says those are only "safe investments left."

Join Greg Hunter as he goes One-on-One with financial expert David Stockman.

Donations: https://usawatchdog.com/donations/

Stay in contact with USAWatchdog.com: https://usawatchdog.com/join/

All links can be found on USAWatchdog.com: https://usawatchdog.com/gold-only-saf...
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Early Market Update and a Technical Look at Bitcoin and Gold Prices.
maneco64


Published on Dec 20, 2017
In this report I cover the early market action from London on Wednesday, December 20th, 2017. I focus as well on the technical picture for the bitcoin and gold prices.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
DB - Opening Bell: 12.20.17
https://dealbreaker.com/2017/12/opening-bell-12-20-17/

Naked Capitalism Links 12/20
https://www.nakedcapitalism.com/2017/12/links-122017-2.html

SA - Market News Live Feed 12/20
https://seekingalpha.com/market-news

TRB - Hot Links: Mind-Blowing 12/20
http://thereformedbroker.com/2017/12/20/hot-links-mind-blowing/

CWS - Morning News: December 20, 2017
http://www.crossingwallstreet.com/archives/2017/12/morning-news-december-20-2017.html

RR - Jealousy, Freeloaders and Early Retirement 12/20
https://www.bloomberg.com/view/articles/2017-12-20/jealousy-freeloaders-and-early-retirement

SA - Wall Street Breakfast: Make Way For The Tax Overhaul 12/20
https://seekingalpha.com/article/4132919-wall-street-breakfast-make-way-tax-overhaul

TBP - Visualizing the Money Made Per Second by Top Companies 12/20
http://ritholtz.com/2017/12/visualizing-money-made-per-second-top-companies/

ZH - Dow 25,000 In Sight As Tax Cuts Are "Priced In" One Last Time 12/20
http://www.zerohedge.com/news/2017-12-20/dow-25000-sight-tax-cuts-are-priced-one-last-time
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Ships Bottleneck: China, Australia Ports Clogged as Coal, Iron Ore Demand Soars

December 20, 2017 by Reuters


Illustration photo of an Eikon ship-tracking screen shows dry bulk ships waiting off Hay Point Australia December 15, 2017. REUTERS/Thomas White/Illustration


By Keith Wallis SINGAPORE, Dec 20 (Reuters) – More than 300 large dry cargo ships are having to wait outside Chinese and Australian ports in a maritime traffic jam that spotlights bottlenecks in China’s huge and global commodity supply chain as demand peaks this winter.

With some vessels waiting to load coal and iron ore outside Australian ports for over a month, key charter rates have jumped to their highest in more than three years. Placed end-to-end, the total delayed fleet would stretch more than 40 miles, enough to span the English Channel from Dover to Calais and back.

As well as choking supplies to the world’s second-biggest economy, the clog is costing extra in a shipping sector operating on tight margins, just as it recovers from its worst downturn in more than three decades. Charterers of capesize ships – the largest bulk dry cargo carriers – face paying an extra $1 million per vessel, assuming a 45-day wait, according to fixture data on the Reuters Eikon terminal.

“There are some ports in east Australia that have 80 vessels anchored, which translate into 20-25 days of delay and congestion,” said Ziad Nakhleh, managing director of Greek ship owner Teo Shipping.

Shippers and brokers said the delays were typical, especially during the peak demand winter season, as bad weather including fog and strong winds in China and infrastructure issues in Australia exacerbate increased demand for vessels to satisfy China’s soaring minerals appetite.

Australian ports affected include Queensland export terminals at Hay Point and Dalrymple Bay, where there are 76 capesize and panamax vessels – named for being the largest size than can navigate the Panama Canal – waiting to load, according shipping data in Thomson Reuters Eikon.

At Dalrymple Bay, the 93,296 deadweight tonne (DWT) panamax ship Piavia arrived to load coal on Nov. 4. But loading only started on Dec. 17.

“It must be congestion. I don’t think it’s normal to wait six weeks,” said Nicolaus Bunnemann, joint managing director of the ship’s German owner, Atlantic Lloyd.

Delays at Hay Point and Dalrymple Bay were caused by a combination of port maintenance and the ongoing impact and disruption caused by Cyclone Debbie in March, said Ian Macfarlane, chief executive of the Queensland Resources Council.

“It’s business as usual off Hay Point but we’re still seeing queues for Dalrymple, however it’s declining steadily and we’re expecting a return to normal sometime in January,” Macfarlane told Reuters.

PORTS CLOSED
Once finally loaded, most ships will head to China, where some vessels have already waited over two weeks to unload, according to shipping data.

“There have been several incidents where ports in China have been closed for two or three days at a time,” one Singapore-based capesize ship broker told Reuters. “Changjiangkou (or CJK, the anchorage outside Zhoushan-Ningbo) and Bayuquan were all closed at one stage, although CJK was the worst affected.”

Ship owners with ships stuck in the maritime traffic jam miss out twice around: they are unable to hire out their vessels at the higher rates the congestion has caused.

Charter rates for a 180,000 DWT capesize ship from Western Australia to China hit $10 a tonne – equivalent to about $28,000 a day – on Dec. 12, the highest since April 2014.

Adding to the congestion is a coal and iron ore buying spree that kicked in after the National Congress of China’s communist party in October.

“There has been an abundance of cargo in the market since November after import controls were imposed during the 19th National Congress Meeting,” said Ong Choo-Kiat, president of Taiwan’s dry cargo shipper U-Ming Marine Transport.

“Bad weather, substitution of domestic ore with better quality imported ore caused by the anti-pollution policy, and strong steel prices…have all helped to push freight rates up,” Ong said.

SHIPPERS FRAGILE
China’s December coal imports are set to hit 28 million tonnes, the highest since December 2013, according to Ralph Leszczynski, head of research at ship broker Banchero Costa in Singapore.

For all of 2017, China is on course to import 220.2 million tonnes of coal, up 10 percent year-on-year, according to shipping services firm Clarkson.

Iron ore imports are set to hit 1.07 billion tonnes, up 6 percent compared with 2016, Clarkson said.

The strong demand for iron ore and coal adds to already soaring Chinese consumption of oil and natural gas, most of which is also imported. That’s a boon for a shipping industry that is struggling to recover from on of its worst-ever downturns.

Still, shippers say any recovery is fragile, due to an ongoing oversupply in ships.

“The return to permanent profitable freight rates is still way off,” said Peter Sand, chief shipping analyst at shipping industry lobby group, Bimco.

(Reporting by Keith Wallis; Editing by Henning Gloystein and Kenneth Maxwell)

(c) Copyright Thomson Reuters 2017.

Filed Under: Maritime News, News Tagged With: australia, bulk carries, China, dry bulk market

http://gcaptain.com/ships-bottleneck-china-australia-ports-clogged-as-coal-iron-ore-demand-soars/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Periodicity of the Dow to Gold Ratio
belangp


Published on Dec 20, 2017
Regular cycles of optimism and pessimism indicated by the Dow to Gold ratio may not be a perfect valuation tool, but can provide a sense of timing.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
ATA: Tonnage kept climbing in November
Trade group’s for-hire tonnage index is up 3.5% year-to-date compared to 2016.
Fleet Owner Staff | Dec 19, 2017

The American Trucking Associations (ATA) for-hire truck tonnage index jumped 2.3% in November, which follows a revised 3.9% gain October. Year-to-date, compared with the same eleven months in 2016, the trade said its index is up 3.5%.

“The freight market is really strong,” said noted Bob Costello, ATA’s chief economist, in a statement.

Related: How quickly will ELDs be felt in the freight market?

“The solid truck tonnage figures over the last four months suggest to me that this holiday spending season might be better than many expected, and the best in several years,” he added. “The strength in tonnage also shows that other parts of the economy are doing well, too, including business investment, factory output, and even construction.”

That view regarding the “surge” in holiday freight dovetails with the perspective shared by Lee Spratt, CEO of DHL e-commerce for the Americas, earlier this month in New York City.

DHL expects that pickup and delivery volumes will be up 26% this year versus the 2016 last holiday season, with U.S. online retail sales are set to grow 16% this year to $462 billion.

http://www.fleetowner.com/fleet-man...m=email&elq2=b2abff2690284b83adccbe4f59f87506
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
DOT freight index reaches all-time high
Fleet Owner Staff | Dec 20, 201

The Department of Transportation (DOT) said its freight transportation services index reached an all-time high in October.

The reading of 129.2 was up 0.6% from September and 36.4% above the April 2009 low during the recession, according to the Bureau of Transportation Statistics. The index is based on the amount of freight carried by the for-hire transportation industry.

Related: ATA: Tonnage increased in October

The October reading was 0.2% above the previous high reached in August of 129. The freight index measures the month-to-month changes in for-hire freight shipments, and consists of data from for-hire trucking, rail, inland waterways, pipelines, and air freight.
The report said significant increases in trucking, rail carloads, rail intermodal, and water led the October increase, while air freight declined and pipeline was stable.

In a separate report, FTR said its trucking conditions index for October was 9.48, well above the prior month's reading of 3.5. FTR said a strong economy, combined with pressure from hurricane recovery and the electronic logging mandate, was creating a very tight market resulting in improved contract rates.

http://www.fleetowner.com/economics...m=email&elq2=b2abff2690284b83adccbe4f59f87506
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Low-Skilled Workers Are Doomed Due To Minimum Wage Hikes Across The Country in 2018
Anthony Brian Logan


Published on Dec 20, 2017
California’s plan to raise the minimum wage to $15 per hour could cause the state to lose 400,000 jobs, according to a study released Thursday.

The study from the Employment Policies Institute (EPI) conducted an analysis of employment trends from 1990 through 2017 and found that California’s minimum wage hike could trigger the loss of 400,000 private-sector jobs by the time it goes into effect in 2022.

“The job loss is not spread evenly. Slightly more than one-half of the job loss is projected to be in two industries: accommodation and food services, and retail trade,” the report states.

The EPI study found that for every ten percent minimum wage increase the state passed, employment declined two percent. California’s minimum wage increase had a greater impact on lower-income workers, where employment among that group decreased five percent.

The projected job losses represented 4.1 percent of employment in the 31 California counties in this study.

California Gov. Jerry Brown, a Democrat, signed a $15 minimum wage law in April 2016 that would increase the minimum wage in the state to $15 an hour by 2022.

Under the law, the minimum wage would increase to $11 per hour from $10.50 per hour by January 1, 2018, for businesses employing 26 or more people. After 2018, the minimum wage would increase $1 per year until it reaches $15 per hour in 2022.

The $15 minimum wage would go into effect for businesses with 25 or fewer employees by 2023.

Even though the minimum wage increase is not fully implemented, businesses and workers are already seeing job losses as a result of these policies.

Just more than a week after Brown signed the minimum wage hike into law, the clothing company American Apparel laid off 500 workers and announced that manufacturing of more complex pieces of clothing could be outsourced to third-party contractors.

(ARTICLE: BREITBART)
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Ira Epstein's End of the Day Financial Video 12 20 2017
Ira Epstein


Published on Dec 20, 2017
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Ira Epstein's End of the Day Agriculture Video 12 20 2017
Ira Epstein


Published on Dec 20, 2017
Ira Epstein reviews the days trading in the agriculture markets.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Ira Epstein's Metals Video 12 20 2017
Ira Epstein


Published on Dec 20, 2017
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
[Business Daily] Ep.693 - Shrinking demand / Jobs for the disabled _ Full Episode
ARIRANG TV


Published on Dec 21, 2017
Shrinking demand
A recent report showed that Korea's ratio of domestic demand to its GDP ranks low among major advanced and emerging markets. What could be the reason behind this and what problems could the growing imbalance between exports and domestic demand bring to Korea's growth?

Jobs for the disabled
Finding a right job is not so easy, particularly for the disabled here in Korea. But the good news is that local governments and enterprises are stepping up their efforts to give such people more opportunities to shine. Who are those that found the turning point in their lives?
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Goldnomics Podcast - Gold, Stocks, Bonds, Bitcoin in 2018. Everything Bubble Bursts? (Episode 1)
GoldCore


Published on Dec 21, 2017
In this our first GoldNomics podcast we take a look at the major financial market themes of 2017 and delve in to what 2018 might have in store. Dave Russell interviews GoldCore CEO Stephen Flood and GoldCore's Founder, Research Director and world renowned precious metals commentator Mark O'Byrne.

Touching on a wide range of macro-economic and geo-political developments in an attempt to assess the risks of a global financial shock in the coming year.

Cutting through the financial markets jargon and looking at risk to your investment portfolio that aren't spoken about in the mainstream media.

Listen to the full episode or skip directly to one of the following discussion points:

2:20 What had the biggest impact on financial markets in 2017

6:12 What we need to watch for in 2018

6:25 Is a sharp correction on the cards for financial markets?

6:59 "The Everything Bubble!"

8:30 The effect of zero percent interest rates

8:45 The effect of "Algos" - algorithmic trading

9:35 The markets awash with liquidity. What this means and what it's doing to financial markets

10:40 Turning away from fundamentals - stopping the markets pricing risks

11:20 Why investors now have to second guess central bankers

12:10 The markets are running blind because of the official sector

12:19 The effect of passive trading on the market

13:30 Is gold still capable of playing the role of Canary in the coalmine. Why is it not reacting to the increases in risk?

15:00 We are no longer creating the same level of return in the form of GDP growth

15:50 What is going to be the banana skin for the bull market

16:00 The brewing trouble with Italian banks - what no one is talking about

17:40 The search for yield driving markets higher

18:00 The rise of populism - will the trend continue

19:25 The need for central banks to raise rates - running out of tools

21:10 The rise of corporatism - and the continued rise of inequality

21:30 The political manipulation of money

22:20 Central Banks reaching the end point?

23:02 Bitcoin and the impact on the monetary system

24:25 Bitcoin and the search for yield

25:15 The importance and the impact of cryptographic ledger, the technology behind Bitcoin

26:35 Are we seeing a tulip bulb style mania in Bitcoin - how high will it go, when will it crash?

29:25 Why the psychology of bubbles may suggest that this is not a bubble

30:55 Will we see an official representation of cryptographic currency

31:55 Where are precious metals going in 2018? What will break this sideways cycle?

32:40 What are the reasons to continue to hold gold in 2018

33:25 What the smart money is doing

34:40 The nature of gold as financial insurance

35:25 The impact of China on the gold price

37:45 The production costs of gold as a floor to the gold price

38:55 Why Stephen hopes the price of gold falls

40:10 Stephen, Mark and Dave's ones to watch for 2018!

Make sure you don't miss a single episode......

Subscribe to the Goldnomics Podcasts on iTunes or on YouTube:
YouTube.com/user/GoldCoreLimited

Follow us on social media:

GoldCore on Twitter: https://twitter.com/goldcore

GoldCore on Facebook: https://www.facebook.com/GoldCore/

GoldCore on Linkedin: https://ie.linkedin.com/company/goldcore

Visit our website at: https://www.goldcore.com
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
TVR [#444] 12-21-2017 PRE-MARKET PULSESCAN: INSANE PROFITS!!! HAPPY HOLIDAYS....
ALGO CAPITALIST


Published on Dec 21, 2017
Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
London Analyst: Gold Manipulators Lose Control in 2018?
SilverDoctors


Published on Dec 21, 2017
https://sdbullion.com
http://www.silverdoctors.com/precious...

Alasdair MacLeod says demand in 2018 for gold could overwhelm America's attempts to suppress the price of gold.

The White House’s isolationist economic policy coupled with Chinese rejecting the U.S. Dollar in trade will push the Dollar’s value down and gold’s price up. China will soon role out a yuan denominated oil futures contract. MacLeod says this new contract could be used together with Dubai's gold contract. In this way, countries could convert their oil sales into gold. This increase demand for physical gold could overwhelm America’s and London’s attempts to suppress the price.

And contrary to conventional wisdom, interest rate hikes do not push gold prices down, MacLeod says. The Fed’s rate hikes next year will be bullish, not bearish for gold.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Offshore Oil Exploration Ramps Up – Just Not In Asia

December 21, 2017 by Reuters


Oil Service support vessels at dock in Singapore. December 2, 2017 photo by Henning Gloystein, Reuters

by Henning Gloystein (Reuters) – Surveying the ocean floor for oil and natural gas reserves is gradually emerging from a multi-year slump, everywhere apart from Asia.

That’s despite Asia being the world’s biggest consumer of oil, having by far the strongest demand growth while seeing its production fall faster than anywhere else.

The reasons for Asia’s dearth in offshore exploration and production (E&P) include high costs in Australia’s promising waters, declining reserves in production hotspots Malaysia and Indonesia, as well as territorial disputes in the oil- and gas-rich waters of the South China Sea.

“We only have two 3D vessels in Asia-Pacific, since there are fewer opportunities and less activity in that region,” said Bard Stenberg, vice president at Norwegian offshore survey company PGS, adding that most of his company’s vessels were in the Atlantic.


MISSING OUT
A 2017 and 2018 activity map by geophysical surveillance firm TGS shows the most activity in the North Atlantic.

A similar map by Bernstein Research showed the Asia-Pacific basin to have only four minor offshore developments of under 50,000 barrels per day (bpd). That compares to five major developments (above 50,000 bpd) and 11 minor ones in the Atlantic.

On Canada’s Atlantic coast, Newfoundland’s offshore petroleum board recently issued record exploration licenses worth nearly C$2 billion ($1.6 billion). The next round, to be held in autumn 2018, has attracted an all-time-high of 38 nominations.

On Africa’s Atlantic coast, Ivory Coast’s government this week said it awarded BP (BP.L) and Kosmos Energy (KOS.N) five new offshore oil blocks under an agreement with state oil company Petroci, after giving out several licenses to Tullow Oil (TLW.L) and Bouygues (BOUY.PA).

Asia’s dearth comes despite the region’s huge oil deficit, resulting from booming demand and declining output.

In one of the most promising regions, Australia, the main problem is cost, in part due to a requirement for rigs to pay for Australian crew once in Australian waters.

“Once any foreign-flagged vessel is in Australian waters, the ship operator has to pick up Australian workers … They work 12 hours a day, 7 days a week for 4 weeks, then get 4 weeks off,” said Christy Cain of the Maritime Union of Australia.

When oil prices were high, this was not a big problem, drillers said. But in times of cheaper oil and low profit margins, the added cost deters explorers, several said.

In another promising area, the South China Sea, conflicting territorial claims, especially between China and Vietnam, have hindered E&P activity.

Meanwhile, in Asia’s most established offshore oil and gas production basins of Malaysia and Indonesia, recoverable reserves are depleting.

Malaysia’s state-owned Petronas, Southeast Asia’s biggest oil producer, is increasingly focusing on downstream projects like the Pengerang Integrated Complex (PIC) in the southern state of Johor.

From 2019, PIC will refine crude oil into fuel and petrochemical products. Significant amounts of its crude will come from Saudi Arabia.

With little E&P activity, Asia’s oil import bill – which has already more than doubled since 2000 to over $420 billion a year – will rise further, likely above $500 billion in 2017, leaving other regions to cash in on Asia’s oil thirst.

COUNTING HELICOPTERS
Gauging the health of the secretive offshore industry is difficult. But dozens of mothballed rigs and support vessels sit idle in southern Malaysia’s Johor river delta, waiting to be used or scrapped.

Yet cautious optimism is emerging.

“Activity to support new development projects may increase slightly (between 2018 and 2020), but is unlikely to approach historical high levels (2013/14),” Petronas said in an outlook this month.

Douglas Westwood, which monitors helicopter activity to and from offshore vessels, has a similar view.

“The offshore helicopter market has finally started to recover following three years of decline,” Westwood said, although it added that average annual growth between 2018 and 2022 will still only be 1 percent.

“Global utilization will average 59 percent over the forecast,” it said, up from a paltry 54 percent in 2017.

At the root of the industry malaise lies rampant overproduction in the years running up to 2014, which crashed crude prices LCOc1 from over $100 per barrel in 2014 to below $30 in 2016.

E&P companies were among the first to feel the bite of aggressive industry cost slashing.

Firms in the seismic oil surveillance sector, including Polarcus, PGS, and Electromagnetic Geoservices have seen their share prices crash since 2015, in some cases by over 90 percent.

Only a production cut led by the Organization of the Petroleum Exporting Countries (OPEC) has stabilized Brent above $50 a barrel since mid-2017.

With oil demand healthy, the offshore industry hopes companies will start spending on future output again.

“We’re hoping that it’s going to pick up next year,” said Cain of the Maritime Union of Australia.

In a sign that even in Asia-Pacific there may be some more activity, the geophysical surveillance ship Polarcus Naila left Singapore in early December for a seismic mission in the Bonaparte Basin, off Australia’s northwest coast.

Speaking to Reuters during a visit to Singapore by the ship, one of the Naila’s senior crew members said he hoped things would go from “worst to bad.”

Reporting by Henning Gloystein and Gavin Maguire; Additional reporting by Keith Wallis in SINGAPORE, and Sonali Paul in MELBOURNE; Writing by Henning Gloystein; Editing by Lincoln Feast

Filed Under: Offshore News Tagged With: exploration, offshore exploration

http://gcaptain.com/offshore-oil-exploration-ramps-just-not-asia/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
[Business Daily] Ep.694 - New draft UN resolution / Global Business News _ Full Episode
ARIRANG TV


Published on Dec 22, 2017
New draft UN resolution
The U.S. has introduced a new draft resolution at the UN Security Council requesting even tougher sanctions on North Korea. The vote on the proposal will take place later on Friday and China and Russia are not expected to veto the measures.

Global Business News
The busy year in central banks wraps with the Bank of Japan's monetary policy meeting on Thursday. We take a look back - and forward - on the individual trajectories of the policy-setting bodies as we count down to the new year. This and other stories from the week.


 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Texas Company Providing Lethal Weapons to Ukraine, as Trump Admin Expands Sales
VOA News


Published on Dec 22, 2017
The Trump administration has given the green light to what some say is the largest U.S. commercial sale of defensive weapons to Ukraine since 2014. The State Department said this week it has approved a commercial license authorizing the export of small arms weapons valued at roughly $41.5 million. VOA recently visited one U.S. company in Texas that has been selling lethal weapons to Ukraine since last year.
Originally published at - https://www.voanews.com/a/4174894.html
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Hapag-Lloyd - Germany’s largest shipping company | DW Documentary
DW Documentary


Published on Dec 21, 2017
Germany’s largest shipping company Hapag-Lloyd has been sailing the seas for over 160 years. Its fleet has everything from container ships to cruise liners.

Hapag-Lloyd is based in the harbor city of Hamburg. In the 19th century, the German emperor would often travel there from Berlin for the ceremonial launch of a new luxury steamship. These days, shares of this gigantic multinational are traded on the Frankfurt Stock Exchange. When the global economy suffers, Hapag-Lloyd suffers too. This documentary looks back over the origins of this venerable shipping company. The 'Hamburg-Amerikanische-Packetfahrt-Actien-Gesellschaft' (HAPAG), was founded in 1847; Norddeutscher Lloyd ten years later in Bremen. At first the two companies were bitter competitors - it wasn’t until 1970 that they merged.

Today the company is active around the world. This report takes a look behind the scenes and accompanies young trainees, the First Officer and the Captain of a container giant on the way from Rotterdam to Southampton via Hamburg. It reveals how difficult sales negotiations can be and it asks CEO Rolf Habben Jansen with the question whether container shipping will remain profitable in the future.
_______

Exciting, powerful and informative – DW Documentary is always close to current affairs and international events. Our eclectic mix of award-winning films and reports take you straight to the heart of the story. Dive into different cultures, journey across distant lands, and discover the inner workings of modern-day life. Subscribe and explore the world around you – every day, one DW Documentary at a time.
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Fiat & Crypto: Gresham's Law? Gold, Silver Forecasts 2018
Junius Maltby


Published on Dec 21, 2017
https://www.thebitforum.com We look at gold and silver, more incoming predictions as to WHICH METAL will perform in 2018. A review of Gresham's Law and perhaps how it could relate to competing fiat and crypto as well as between competing crypto currencies.
FREE $10 BTC: https://www.coinbase.com/join/59f9326...
Gold Coin: https://qualitysilverbullion.com/prod...

BTC Wallets:
189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
18vMJCAibzgFzSDoupoWe6noY8bvmWU4CK
LTC: LeR4z1FwYbgVHv791xydPqmbZeBjgG8wPt
Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
tag: 1317751799

FAIR USE STATEMENT
This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

For more information go to: http://www.law.cornell.edu/uscode/17/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
SD Weekly Metals & Markets Wrap..............

Crypto Silver & End of Price Manipulation | Keith Neumeyer
SilverDoctors


Published on Dec 22, 2017
https://sdbullion.com
http://www.silverdoctors.com/precious...

CEO of First Majestic Silver Keith Neumeyer tells Silver Doctors the silver market will adapt blockchain technology ending the price manipulation.

“I believe that the current system - the LBMA, CME, COMEX type system - is at the end of it’s ropes.” The future gold and silver pricing mechanism will involve blockchain technology, Neumeyer predicts, allowing silver miners to sell directly to consumers.

How will possible rate hikes next year impact precious metal prices? Siding with Warren Buffett, Neumeyer says what the Fed does shouldn’t impact investment decisions. “When it comes to gold and silver, I’m all in.”
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
North Sea Pipeline Crack Stress Tests World’s Most Important Oil Benchmark

December 21, 2017 by Bloomberg



Photo: By cyberdog / Shutterstock


By Laura Hurst (Bloomberg) — When a vital North Sea oil pipeline cracked earlier this month, it did more than halt the flow of barrels: it stress tested the world’s most important physical crude-price benchmark for producers, traders and consumers.

The 40-year old Forties Pipeline System was shut down on Dec. 11 after a hairline crack was discovered near Aberdeen, Scotland. The outage resulted in the loss of 40 percent of crude that forms the world’s most important physical oil benchmark, Dated Brent. Flows of crudes underpinning the measure fell to the lowest since at least 2007 and not far from a level that could even have undermined the reliability of the yardstick.

“It’s the most important benchmark, but on the other hand it’s only 1.5 percent of global production, so it’s very strange,” says Hans van Cleef, ABN Amro senior energy economist. “It remains remarkable to see how big an impact can be from such a small production area.”

Dated Brent matters because producers and traders use it as a basis to sell crude oil around the globe. That means the price assessments made by its publisher S&P Global Platts directly influence how much revenue flows into the coffers of nations like Saudi Arabia, Nigeria, Iran and Iraq — not to mention North Sea producers themselves.

Platts has long maintained there needs to be a minimum of 500,000 barrels a day of crudes for the measure to retain full reliability. When the Forties network stopped, shipments of grades comprising Dated Brent fell to about 812,000 barrels a day for December, plans obtained by Bloomberg show. But that figure assumes some Forties cargoes will flow this month. If they don’t, shipments could be closer to about 650,000. Ineos, which operates the pipeline, said Thursday repairs should be complete around Christmas with flows normal early in 2018.

Helpfully for Platts, the company had just added a new grade — Norway’s Troll — to the Dated Brent mix just before the Forties system stopped. Without Troll flows of about 200,000 barrels daily, shipments would have fallen much closer to Platts’ threshold. Troll was added to four others — Brent, Forties, Oseberg and Ekofisk. It will boost the basket to around 1 million barrels of oil a day when everything’s working normally.

“The addition of Troll has enabled Dated Brent to remain healthy and well supplied during the largest pipeline disruption in its 30 years history,” said Jonty Rushforth, head of oil pricing at Platts. The company kept publishing its assessments of Dated Brent throughout a force majeure that ensued after the pipeline was cracked.

Work to Do
Platts is constantly looking to keep the pool of crudes underpinning Dated Brent big enough to make it a reliable benchmark. The Dated Brent price started in 1987 reflecting only oil from the Brent field. As volumes fell, Platts added Forties and Oseberg crude in 2002, followed by Ekofisk in 2007. There are still wrinkles with the inclusion of Troll that Platts is resolving. Its relative quality is high so Platts is looking at introducing so-called “quality premiums” for the grade, but wants to see how it trades first. The mechanism, which is used with Ekofisk and Oseberg, reduces the dominance of one grade in the basket by adjusting for quality differences.

There are candidate crudes to add to the basket to maintain the benchmark’s reliability not least the Johan Sverdrup mega-field that is due to start in 2019. But in the past few years talk has gathered pace about including oil from outside the North Sea, with barrels from Russia, the Caspian Sea and West Africa among those discussed by senior industry figures including Mike Muller when he was head of crude trading at Royal Dutch Shell Plc.

Either way, the crack in the Forties pipeline — and the resultant dip in flows — serves as an urgent reminder of the need to ensure enough crude is in included in the benchmark so that prices stay reliable.

“Supply crunches are only going to increase over the long term,” said Joel Hanley, an editorial director at Platts. “So more oil has to come in”.

© 2017 Bloomberg L.P

Filed Under: Maritime News Tagged With: north sea, North Sea pipeline crack

http://gcaptain.com/north-sea-pipeline-crack-stress-tests-worlds-important-oil-benchmark/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Greek Shipowner Bets $1 Billion on Low Sulphur Fuel Rule Upending World Trade

December 21, 2017 by Bloomberg



VladSV / Shutterstock.com


By Firat Kayakiran (Bloomberg) — A Greek shipowner is predicting new rules for marine fuel will put thousands of the world’s merchant vessels out of business in the next two years, roiling global trade. In fact, he’s wagering $1.1 billion on it.

Evangelos Marinakis, chairman of Capital Maritime & Trading Corp., based near Athens, says his company has invested that much in the last 18 months to upgrade its 71 ships spanning from oil tankers to container carriers. The rules, designed to clean up vessel emissions, will benefit more modern vessels and contribute to sending many older ones to the scrapyard, Marinakis said.

“As much as a quarter of the current fleet could be scrapped,” Marinakis said in an interview in London, where he also has an office. More than 20 percent of the 95,000-ship global fleet is over 15 years old, too old for additional investments. “This could have an adverse impact on world trade,” added Marinakis, who founded his first shipping company in 1991 at the age of 24.

It’s a bold prediction — one critics say is overblown — but something is clear: the changes are creating expensive complications for owners. As of Jan. 1, 2020, the entire fleet, handling about 90 percent of global trade, must reduce the amount of sulfur vessels belch into the atmosphere, under rules adopted last year by the International Maritime Organization, a United Nations agency.

The goal is to curb a pollutant, sulfur, that’s been linked to asthma and acid rain, and which is a component of so-called bunkering fuel for vessels. The rules have been nearly a decade in the making.

The shipping industry sees challenges on several fronts, noting that few vessels have been equipped with the scrubbers needed to reduce sulfur pollution and too few refineries churn out enough of the cleaner fuel needed to meet demand.




Teething Issues

“We expect full implementation in 2020 but there may be some teething issues about the availability of the fuel at the port,” Simon Bennett, director of policy and external relations at the International Chamber of Shipping, said in a phone interview. The London-based group represents shipowners and operators controlling thousands of vessels.

Last year, the IMO determined that enough fuel would be available for ships to adjust to the changes by 2020 and agreed to implement the rules by that date. While vessels can switch to lower-sulfur fuel, it would increase demand, and hence the cost of that product. Shippers may even have to pay as much as $60 billion a year on higher-quality fuel to comply, industry consultant Wood Mackenzie Ltd. predicted earlier this year.

“The cost of moving things will increase as the vessels will be using more expensive fuels, and there will be fewer of them,” Alan Gelder, Wood Mackenzie’s vice-president of refining, chemicals and oil markets, said in a phone interview.

Seaborne Trade
Not everyone in the industry foresees turmoil.

“World trade is probably not being affected directly to any degree, simply because there is little alternative to seaborne trade,” said Lars Robert Pedersen, deputy secretary general of the Baltic International Maritime Council, a Denmark-based owners’ group.

Some trade to remote locations may be affected by higher fuel prices, and there may be indirect effects on commerce if vessels are curbed by large-scale non-compliance with the rules or because compliant fuels aren’t available, Pedersen said.

Still, owners will likely pass along additional costs to consumers or run their vessels more efficiently instead of scrapping them, according to Faig Abbasov, an aviation and shipping officer at Transport & Environment, a Brussels-based group advocating for environmental standards.

“The high costs of fuel did not constrain world trade in any way” a decade ago, before the 2008 financial crisis, Abbasov said. “Why would it do it now?”

Upgrades, New Ships
Fuel oil prices in Rotterdam exceeded $700 a metric ton in mid-2008 and again reached that level in March 2012, data compiled by Bloomberg show. Since then, they’ve declined to about $340 a ton.

Less than a third of the world’s merchant fleet are eligible to be fitted with scrubbers or technologies to meet the sulfur cap by 2020, according to Marinakis. The company’s $1.1 billion modernization plan includes upgrades and new ships, allowing the vessels to be scrubber-ready and also to meet separate rules regarding water-ballast treatment.

“The scrubber is a mature technology onshore, but it’s considered relatively untested in shipping and shipowners are still reluctant to embrace it,” Marinakis said.

© 2017 Bloomberg L.P

Filed Under: Maritime News Tagged With: low sulphur fuel switch

http://gcaptain.com/greek-shipowner-bets-1-billion-low-sulphur-fuel-rule-upending-world-trade/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Euronav, Gener8 Maritime Merger to Create World’s Leading Independent Tanker Company

December 22, 2017 by Mike Schuler


The Euronav’s 299,533 dwt Very Large Crude Carrier (VLCC) Anne. Photo credit: Euronav

Belgian tanker company Euronav (NYSE:EURN, Euronext:EURN) and its New York-based rival Gener8 Maritime (NYSE:GNRT) have agreed to merge, thus creating the world’s leading independent operator of large crude tankers.

The agreement, announced Thursday, calls for a stock-to-stock merger for the entire issued and outstanding share capital of Gener8, through which Gener8 would become a wholly-owned subsidiary of Euronav.

The combined company will control a fleet of 75 crude oil tankers, including 44 VLCCs and 28 Suezmax’s representing a combined 18 million DWT.

The Exchange ratio of the transaction is listed as 0.7272 Euronav shares for each share of Gener8, which is expected to result in the issuance of approximately 60.9 million new Eurnav shares to Gener8 shareholders. This implies a premium of 35% paid on Gener8 shares based on its 20 December closing price.

The merger will result in Euronav shareholders owning approximately 72% of the issued share capital of the combined company, with Gener8 shareholders owning the remaining 28%.

The merger is still subject to approval by Gener8’s shareholders and certain lenders, as well as other closing conditions. Euronav’s board has unanimously approved the transaction and the merger does not require the approval of its shareholders.

Euronav CEO Carl Steen will remain as the Chairman of the Board while Paddy Rodgers will continue in his role as CEO.

“This transaction marks an exciting development for Euronav. The merger creates the leading tanker company which is better placed to serve the needs of our customers and supports our partners,” Carl Steen said.

Meanwhile, Peter Georgiopoulos, Chairman and CEO of Gener8, commented: “I have been a vocal advocate for consolidation in the shipping industry and have always stated that we would be a will buyer or seller depending upon what is best for our shareholders. This transaction crate the largest independent VLCC fleet in the world. The company has a very bright future that will benefit both Gener8 and Euronav shareholders.”

Filed Under: News Tagged With: euronav, gener8 maritime, tanker news, tankers

http://gcaptain.com/euronav-gener8-...te-worlds-leading-independent-tanker-company/
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259
Bitcoin's value crashes from high of $20,000 to $12,000... but analysts say the bubble has NOT burst yet
  • Analyst said that large swings in price are common so hard to say if bubble burst
  • Plunge in price comes after cryptocurrency exchange in South Korea went bust
  • Despite the plunge, bitcoin is well up this year having been $900 in January
  • US regulators approved futures trading in Bitcoin earlier this month


Read more: http://www.dailymail.co.uk/news/article-5205095/Bitcoin-plunges-rally-runs-steam.html#ixzz520ps8X2J
Follow us: @MailOnline on Twitter | DailyMail on Facebook
 

searcher

Mother Lode Found
Mother Lode
Sr Site Supporter
Joined
Mar 31, 2010
Messages
150,137
Likes
40,259