Nordic Shipholding Breaches Loan Covenants amid Market Headwinds

Denmark-based shipowner Nordic Shipholding A/S has breached some of its loan covenants due at September 30, 2018, the company said. As disclosed, during the third quarter of 2018 the tanker market had continued to weaken and reached levels not seen for decades. This has resulted in a tightened cash-flow for Nordic Shipholding, making the company
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China’s steel and iron ore prices finished trading up more than 1 percent on Tuesday, with Beijing announcing after the close that it would take countermeasures in response to the latest round of U.S. trade tariffs. China’s commerce ministry said in a statement that it had “no choice but to retaliate” to the latest move
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Chinese steel futures fell more than 4 percent and coke prices also tanked on Tuesday after a source involved with China’s output-cut plan said the environment ministry may allow northern provinces to set their own production curbs over winter. The plan allows for a more flexible implementation of the anti-smog policy during the winter heating
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Chinese steel futures climbed to a two-week high on Monday, gaining for the third straight day amid ongoing restrictions on production to control pollution led by top steelmaking city Tangshan. Tangshan said last week it will extend summer output cuts across the steel, coke and power sectors into September. “The market remained focused on the
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Global stocks extended losses Wednesday as trade talks between the U.S. and Canada were expected to come into focus. The Stoxx Europe 600 was down 0.4% in morning trading, following steeper losses in Asia. Futures pointed to a 0.4% opening fall for the S&P 500 after U.S. stocks began September with small declines. Shares of
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Russia kept pumping oil near post-Soviet records last month as it reaped benefits from a deal with OPEC easing output caps and record-high oil prices in rubles. The nation extracted an average of 11.21 million barrels of crude per day in August, according to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit. Volumes
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The consensus view of global steel market participants is that they are uncertain about the future direction of domestic pricing. At this time of year, US and European flat and long product prices would be expected to weaken, as market activity slows down, during the summer holiday period. The implementation of trade legislation has given
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NEW DELHI: India can capture the Chinese commodity market vacated by US exports following the trade war between the world’s two biggest economies, a Commerce Department study has found. The study has analysed and identified at least a 100 products where India can replace US exports to China by benefiting from the higher import duty
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Japan’s bunker fuel market is bracing itself for the impact of two typhoons, which is forecast to make landfall later this week. “Typhoon Soulik will hit west Japan on Wednesday-Thursday, and typhoon Cimaron will hit the entire Japan from Friday-Saturday,” a trader said. The Japan Meteorological Agency at 0045 GMT Monday reported that typhoon Soulik,
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Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States. The shift demonstrates that China, Iran’s biggest oil customer, wants to keep buying Iranian crude
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