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Dong Fang Offshore Orders Huisman Cable Lay System
Huisman has signed a contract with Dong Fang Offshore (DFO) for the delivery of a modular cable lay system, specifically designed for deployment across range of vessels.Huisman’s 30mt cable lay system will be suitable for deployment for DFO’s newbuild Construction Service Operation Vessels (CSOVs) and Offshore Construction Vessels, built by Vard.This marks Huisman’s first cable lay system, built on the company’s extensive track record in the deepwater pipelay market.The system can be configured to support both inter-array and export cable laying with DFO’s existing and newbuild vessels, enabling efficient utilization across DFO’s fleet.A key innovation is Huisman’s smart quadrant handling system, which eliminates the need for a crane to overboard the quadrant. During repair campaigns, the quadrant system can also serve as a joint handling arm, reducing dependency on the vessel’s lifting equipment.The system will be delivered as a single, integrated spread with quick connection interfaces, allowing for fast mobilization in various configurations tailored to vessel type and operational requirement.In developing this solution, Huisman is collaborating closely with ESD, a specialist in cable lay operations.“We are excited to place an order for a first-of-its-kind modular cable-lay spread for our growing fleet of vessels. The flexibility to be able to deploy integrated, fit-for-purpose spreads on both our CSOVs and Offshore Construction Vessels, in a short period of time we believe creates significant value for our customers and will ensure that there continues to be fit-for-purpose, best in class cable installations available to meet the challenging conditions of Taiwan and beyond,” said Polin Chen, CEO at Dong Fang Offshore said:“We are proud to support our valued client Dong Fang Offshore with this next step in their offshore cable-lay ambitions. With this modular system, we are introducing a unique solution that offers both operational flexibility and efficiency, supporting DFO’s commitment to deliver reliable and cost-effective services to the offshore wind industry,” added Timon Ligterink, Commercial Director APAC at Huisman.
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Bankers report that two Tata Group companies plan to issue bonds in India
Three bankers told this week that two firms of the Indian conglomerate Tata Group plan to raise approximately 20 billion rupees (231.5 million dollars) by selling bonds in the next few days. Bankers say that Tata Power Renewable Energy (a subsidiary of Tata Power) is likely to raise 10 billion rupees by selling 10-year bonds. Tata Communications, on the other hand, could raise the same amount with three-year notes. The bankers asked for anonymity because they were not authorized to speak with media. Companies did not reply to an email seeking comment. One of the bankers stated that "mutual funds will be buying Tata Communications' issue in the majority of cases, while insurance companies are expected to queue up for the Renewable Energy Company issue." Tata Communications is in discussions with foreign banks about managing the issue. CARE Ratings has rated its notes AAA. In August 2023 the company will raise 17.50 billion rupees by issuing three-year bonds with an annual coupon rate of 7.75%. Two of three bankers stated that the pricing for this planned issue should be about 100 basis points lower. Tata Power Renewable will tap the market again this year. In April, it raised 10 billion rupees by issuing 15-year bonds with a coupon rate of 7.55%. Rating agencies have given the notes of Tata Power Renewable a rating of AA+. Bonds in the amount of 53 billion rupees are outstanding.
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At least three people have been killed by severe floods caused by the storm Wipha in Vietnam's Nghe An
In the province of Nghe An in central Vietnam, heavy rains caused by tropical storm Wipha led to severe flooding. At least three people have died and another is missing. Vietnam's long coastline, which faces the South China Sea is susceptible to typhoons. These storms can cause deadly flooding and mudslides. Wipha was the first major storm of the year to hit Vietnam. Wipha, which has been ravaging Hong Kong, China and the Philippines with monsoon rains causing flooding and severe weather conditions in the Philippines and Hong Kong for several days now, made landfall on Vietnam Tuesday. Kinh Te Moi Truong, citing the People's Committee of Nghe An, reported that one victim was buried under a landslide, while another was washed out by a strong stream. According to the report, more than 3,700 homes in the province were inundated by floodwaters, while another 459 houses were damaged by strong wind. Images on state-run media show houses in villages of the province flooded to the roofs. Dang Thi Ngoc told VTV, the state broadcaster, that "our rice, clothing, and money are all gone." "We are left with nothing but our bare fingers." The report also said that flood waters had damaged 1,600 hectares worth of rice plantations in the province and 1,290 acres of cash crops. Weather forecasters say heavy rains of up to 250 millimetres could fall on Thursday and Friday in some parts of the north, causing flooding. (Reporting and Additional Reporting by Minh Nguyen; Khanh Vu)
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Former Australia PM: US should focus on economic relations to compete with China.
Scott Morrison of Australia, who testified at a U.S. Congress hearing on countering China, urged the U.S. "to double down" on their economic engagement in Indo-Pacific, where Beijing has asserted influence. Morrison, speaking on Wednesday, said that economic security was the primary focus for many countries in Southeast Asia. U.S. leadership and Western investment give the region a choice. He said that when China was active in a country, it wasn't the U.S. and other allied interest that should be absent. Instead, they should double down on their efforts to be present even more to give them that choice. Morrison was asked to address the Select Committee on the Strategic Competition Between the United States of America and the Chinese Communist Party. He spoke about the experience his government had with China's unofficial trade sanction of $20 billion after Australia demanded an investigation into the origins the COVID-19 Pandemic. Beijing lifted the sanctions after Morrison lost an election in 2022. Anthony Albanese’s Labor government then sought to stabilize ties with Australia’s largest trading partner. Morrison said that the U.S. and its Quad Allies, which include Australia and Japan, should work together to create a supply chain of rare earths and minerals needed for defence equipment. This includes the submarines powered by nuclear power Australia purchases from the United States as part of the AUKUS agreement. He said that "processed rare earths are essential to these things, whether they're going into nuclear submarines or F-35s." He said that deals similar to the one struck by the U.S. Department of Defense this month to support U.S. rare earth magnets manufacturer MP Materials should be extended to partners and allies. China showed its power by withholding rare earth magnet exports and upsetting global markets before changing course. Morrison stated that the Australian public's awareness of China's potential threat is "somewhat at risk". He cited a Lowy Institute survey showing more Australians view China as an economic partner rather than a threat to security. Reporting by Kirsty Neeham in Sydney, Editing by Raju Gopikrishnan
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Gold prices flatten as trade tensions ease and dollar weakness offsets support
The gold price held steady after a sharp fall in the previous session. This was due to easing trade tensions, which overshadowed support from a lower dollar. As of 0138 GMT spot gold was unchanged at $3,387.15 an ounce after falling 1.3% the previous session. U.S. Gold Futures fell 0.1% to $3.492.50. "We saw gold prices seem to be building up for a bullish run yesterday, until news on the trade front came out, triggering profit-taking," Brian Lan, managing Director at GoldSilver Central in Singapore. "We have seen that the dollar has also declined quite a lot, and this supports gold as well. This is, in my opinion, a minor retracement. "We are still bullish on the gold market." In a move to show progress in the fight against tariffs, U.S. president Donald Trump has struck a deal with Japan to lower tariffs on automobile imports. According to officials of the European Commission, the European Union and the United States have reached an agreement on a trade deal similar to that between the two countries. The agreement would impose a 15% tariff on European imports while waiving duty on certain items. The risk sentiment on financial markets increased as a result of the progress made in trade negotiations and the hope that there could be more deals in the future. The U.S. Dollar Index fell to its lowest level in more than two weeks, lowering the price of gold for holders of other currencies. Investors are also anticipating a rate announcement from the European Central Bank, due later that day. The U.S. Weekly Jobless Claims Numbers on Thursday, and S&P Global’s Flash PMI Data will also be watched to gauge the economic health before the Federal Reserve’s monetary policy announcement next week. Spot silver fell 0.3% per ounce to $39.16, platinum remained at $1,411.53, and palladium dropped 1% to $1265.50.
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Copper prices rise as trade talks and US tariffs details are revealed
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Thursday as traders watched the progress of U.S. Trade Talks with trading partners and details regarding the U.S. 50 percent tariff on imported copper. The three-month copper price on LME rose 0.05% by 1100 GMT to $9,935 per ton, while the most traded copper contract on SHFE grew 0.04%, to 79.840 yuan ($11150.99) per ton. Two European diplomats stated on Wednesday that the European Union and U.S. were moving towards a trade agreement which could include a U.S. base tariff of 15% on EU goods, as well as possible exemptions. This would potentially move President Donald Trump toward another major trade deal, following the one with Japan. In the case of copper, Chilean mining ministers and the chairman Codelco, the world's largest copper producer, both said that they had not received any details about the 50% tariffs on copper which the U.S. will impose on August 1. Chile is the main source of refined copper imported by the United States. A Shanghai-based metals expert at a futures firm said that it was "hard to predict the direction of copper prices with so many different scenarios after". Copper stocks will be depleted by Wednesday at COMEX registered warehouses Totaled 245,508 tonnes, or 163% more than at the end of February when U.S. announced a probe on copper imports. SHFE metals were in a range, and showed signs of cooling from Wednesday's enthusiasm following Beijing's announcement about stabilizing industrial growth. SHFE aluminium was down 0.41% at 20,760 yuan per ton. Lead traded at 16,905 Yuan. Nickel gained 0.23%, zinc 0.26%, and tin increased 1.79%. LME aluminium fell 0.17%, to $2.646.5 per ton. Zinc rose 0.12%, to $2.865.5. Nickel also increased 0.12%, to $15.590. Lead traded at $2.032. Click or to see the latest news in metals, and other related stories. Data/Events (GMT) 0645 France Business climate Mfg Overall 0715 France Flash Composite Manufacturing, Services PMI 0730 Germany Flash Composite Manufacturing, Services PMI 0800 EU Flash Composite Manufacturing, Services PMI 0830 UK Flash Composite Manufacturing, Services PMI 0700 UK CBI Business Outlook Q3 1215 EU Refinancing rate, Deposit rate July 1230 Initial Jobless Clm 19, July, w/e 201345 US S&P Global Svcs PMI Flash 0745 1400 US
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Fire in Cyprus leaves two dead and homes burning
A massive wildfire ravaged southern Cyprus, destroying houses and threatening local communities in the midst of an intense heatwave. Firefighters struggled to contain a blaze that erupted midday on Wednesday in a mountainous area north of Limassol, a southern city. The fire was sparked by high winds and scorching temperatures. Two people died in an abandoned vehicle overnight, and authorities continue to try to rescue people trapped in Lofou village, which is about 26 kilometers (16 miles) away from Limassol. The situation is extremely difficult, and the firefront is massive. "All forces have been mobilised," Cypriot president Nikos Christodoulides said to reporters earlier. On Wednesday, temperatures on the island soared to 43 degrees Centigrade (90.4 Fahrenheit), triggering a yellow weather alert. Conditions are expected worsen on Thursday with temperatures reaching 44 degrees, the highest of the year. After a brief pause due to darkness, firefighting aircraft are expected to resume operations at first light. The fire brigade reported that homes were on fire in the Souni and Zanakia communities at dawn Thursday. Konstantinos Letymbiotis, the government spokesperson, said that Cyprus had requested assistance through the Civil Protection Mechanism of the European Union. Spain is expected to send at least two aircrafts on Thursday. Jordan has also offered assistance. Cyprus has been suffering from a prolonged drought that has pushed water resources to critical levels. The area affected is located just north of Cyprus’s largest reservoir, Kouris. On Wednesday, it was only at 15.5% capacity. (Written by Michele Kambas, edited by Christopher Cushing).
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The Australian dollar and Asian shares are both rising on the back of trade optimism
The Australian dollar and shares in Asia rose to an eight-month peak on Thursday, as the demand for higher yielding investments was boosted by optimism about earnings and trade. Tokyo's Topix index of shares reached an all-time record, after Wall Street set new records overnight. A trade agreement between Japan and the U.S. had stoked speculation that more deals were likely to be announced soon in order to avoid sweeping tariffs. Nasdaq futures and S&P futures both rose after Alphabet, the parent company of Google, beat expectations to start off "Magnificent Seven' earnings season. The U.S. also has agreements with the Philippines, Indonesia and the European Union. In a podcast, Brian Martin, ANZ’s head of G3 Economics, stated that "worst-case concerns about tariffs" in the U.S. have probably subsided to some extent. However, tariffs continue to rise and this is a barrier for consumers. According to European Commission officials, the EU and U.S. have reached a deal on a trade agreement that would impose 5% tariffs on European imports while waiving duty on certain items. Treasury Secretary Scott Bessent announced that U.S. officials and Chinese officials would meet in Stockholm, Sweden next week. The second quarter earnings season in the U.S. is in full swing. 23% of companies in the S&P 500 have already reported. LSEG data shows that 85% of those companies have surpassed Wall Street expectations. The Magnificent Seven, whose performance has pushed indexes up to previous peaks are the focus of attention for guidance regarding spending and returns on artificial intelligence (AI). Alphabet's capital expenditure plans were increased as it beat expectations and cited the massive demand for cloud computing services. Tesla, the electric car manufacturer, posted its worst quarter-on-quarter sales decline in over a decade. Its profit also fell short of analyst expectations. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.3%. Japan's Topix index surged for the second day in a row, rising by 1.4% and surpassing its previous record set last year. The Australian dollar (a common proxy for risk-taking sentiment) was trading at $0.66. This is just a few cents off the $0.6604 it had earlier reached, which marked its highest level since November 2024. The U.S. Dollar dropped by 0.1% to 146.38 Japanese yen. U.S. crude rose 0.4% to $65.5 per barrel. Gold spot traded at $3.390.84 an ounce, up by 0.1%. Early trades saw the pan-region Euro Stoxx50 futures jump 1.3% to 5,435, and German DAX Futures rise 1.3%. The S&P 500 E-minis and Nasdaq Contracts rose 0.4%.
China's coal exports increase in January and February despite the risks to outlook
China's coal exports increased 2.1% in the past year, according to official data released on Friday. The import arbitrage was still open, despite the risks that could affect the outlook of imports.
China releases data for both months together to reduce the impact of Lunar New Year which can fall in either month.
Data from the General Administration of Customs shows that imports from January to February were 76.12 millions metric tons. This is up from 74.52million tons the previous year.
Two major industry groups last week called for limits on coal imports from China, especially low-quality coals, due to an oversupplied marketplace. A warm and unseasonably dry winter has affected both the demand for coal as well as domestic prices.
Shenhua, a major coal miner, also suspended its spot imports in order to protect domestic sales from port stocks.
The plan of Indonesia, a major supplier, to begin using its government-set benchmark prices for international transactions on March 1 will create uncertainty for buyers and could cause further imports this month.
Analysts at Guosheng Securities stated in a report that the requirement to use government index – which ranges between $1.5 and $14 higher than the ICI index based on the grade coal – is expected to raise the cost of China’s coal imports.
In a recent note, LSEG analysts stated that this will likely reduce China's coal demand and lead buyers to switch to domestic coal.
Analysts at the China Coal Transportation and Distribution Association predict that imports of coal will drop by 1.9% this year to 525 millions tons, down from a record high in 2024.
Guosheng Securities reported that thermal coal imports fell even more dramatically, falling 4.9% to 385 millions tons due to a weaker yuan as well as a narrowing of import arbitrage.
China has also imposed 15% tariffs on U.S. imports of coal as tensions in trade between the two largest economies increase. Analysts say that shipments from the U.S. make up only a small part of imports, and could be replaced by other foreign suppliers.
According to the Statistics Bureau, China's coal consumption will increase by 1.7% annually in 2024. (Reporting and editing by Christopher Cushing; Colleen howe)
(source: Reuters)