Tag Archives: Sea Freight & Logistics (TRBC level 4)

Italian authorities rescued 47 migrants after the boat capsized | Instant News


Migrants wait to disembark from the Italian coast guard ship “Diciotti” when they arrive at the port of Catania, Italy, August 21, 2018. REUTERS / Antonio Parrinello / File Photo

MILAN (Reuters) – The Italian Coast Guard said on Saturday it had rescued 47 migrants after their boat capsized 15 miles south of the Italian island of Lampedusa.

The Coast Guard said it was continuing to search for missing people, in conjunction with the Italian tax police, who deal with smuggling and financial crimes.

Migrants were heard screaming for help in the dark when life jackets and buoyancy aids were thrown overboard Saturday morning, a video from the Coast Guard shows.

Italy is a major route for migrants who mostly depart from Tunisia and Libya to reach Europe.

Reporting by Fabiano Franchitti; Written by Gianluca Semeraro; Edited by Jan Harvey

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Brazilian maritime services company Oceanpact completed a $ 227 million IPO | Instant News


SAO PAULO, February 10 (Reuters) – Brazilian maritime service provider Oceanpact Servicos Maritimos has completed an initial public offering of 1.22 billion reais ($ 226.51 million), according to a securities filing on Wednesday.

Oceanpact is pricing the offer at 11.15 reais per share, below the lower limit of the indicative range to 13.85 reais per share.

The company raised 920 million reais in the offering, which aims to expand its fleet and purchase other equipment, while shareholders sell about 300 million reais of shares. ($ 1 = 5,3860 reais) (Report by Aluisio Alves Written by Jake Spring Editing by Chris Reese)

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New Fortress Energy is betting on Brazilian LNG growth with the acquisition of Hygo | Instant News


RIO DE JANEIRO (Reuters) – US-based New Fortress Energy Inc said on Wednesday it would buy natural gas company Hygo Energy Transition Ltd for $ 2.18 billion to expand its presence in Brazil, the frontier for growth in the burgeoning liquefied natural gas market. developing.

New Fortress, an energy infrastructure company, is among the private sector players turning their sights to Brazil, where demand for super-cooled LNG is increasing, although the market is smaller than in India and China, where power generation is shifting away from more coal. dirty to natural gas.

With Brazil opening up its natural gas industry to private investors, other companies including oil major BP PLC and US-based EIG Global Partners are also planning multibillion-dollar investments in the country.

New Fortress, a growing competitor in the LNG industry, has a small liquefaction plant in Florida and ships LNG throughout the Caribbean. In the past year, its market value has jumped 286% to $ 10 billion, according to Refinitiv Eikon data. The company is building a larger LNG import terminal in Mexico.

The company will acquire all of Hygo’s outstanding shares for 31.4 million shares of NFE Class A common stock and $ 580 million in cash.

Brazil’s annual demand for LNG is expected to grow by more than 80% by 2021, the fastest rate in the world, although its starting point is relatively low compared to large Asian consumers, said Kristen Holmquist, forecasting specialist at Poten & Partners.

Unlike these countries, most of Brazil’s electricity comes from hydropower. This LNG supply is partly intended to replace the supply of natural gas from pipelines originating from Bolivia.

Hygo transports supercooled fuel and has become a key player in Brazil’s natural gas industry as state-controlled Petrobras sells assets, canceling what was almost a monopoly on the market.

Hygo – a 50-50% joint venture between US private equity firm Stonepeak Infrastructure Partners and Golar LNG – has recently invested in a number of LNG projects in Brazil for power generation. The company is also competing to operate a highly desirable LNG import terminal which is leased by Petrobras.

“There is strong growth in Brazil for electricity-powered projects,” Holmquist said in a webinar on Wednesday.

Hygo has told Reuters in 2020 that it plans to use LNG instead of diesel in trucks.

The transaction has a corporate value of $ 3.1 billion and an equity value of $ 2.18 billion, according to the statement.

The Hygo acquisition comes four months after the company’s trading debut in New York was suspended at the last minute after Brazilian federal prosecutors said the then company’s chief executive was appointed in the early stages of a corruption investigation, to activity at the company previously.

The CEO at the time, Eduardo Antonello, had left the company. He hasn’t been charged.

New Fortress also agreed to buy Hygo’s controlling company, Golar LNG Partners LP for about $ 251 million in general equity value and a company value of $ 1.9 billion.

Golar LNG Ltd was up 15% in US trading, while New Fortress Energy was up 10%.

Reporting by Sabrina Valle and Rithika Krishna; Edited by Maju Samuel, Krishna Chandra Eluri, Steve Orlofsky and David Gegoryo

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A shortage of containers delayed the shipment of Brazil’s record coffee plant | Instant News


NEW YORK (Reuters) – Coffee traders are struggling to get cargo out of Brazilian ports because of a shortage of containers or space available on board to accommodate them, according to traders and analysts.

FILE PHOTO: Maersk container seen in Port Santos, Brazil 23 September 2019. Image taken 23 September 2019. REUTERS / Amanda Perobelli / File Photo

The Brazilian economy is suffering from the coronavirus pandemic, causing a 40% drop in its currency, which is actually. That triggered a flood of exports of goods that are now cheaper, but imports fell sharply, causing imbalances in containers leading to delays.

That was a direct hit to Brazil, which with 30% of the global coffee trade is the world’s biggest commodity exporter.

According to shipping industry consultant Datamar, there was an imbalance of nearly 80,000 boxes in Brazil in August, with about 251,000 containers leaving the country and only 172,000 arriving. By contrast, in January, 216,000 boxes arrived and 201,000 left.

Global shipping companies such as MSC and Maersk have been fully booked for weeks to months in Brazil. Traders say it is currently not feasible to export Brazilian coffee for immediate delivery, and what may only be done at a higher cost.

“I sell coffee to a client in Spain and I’m still waiting for MSC to provide a container for delivery,” said Nelson Salvaterra, partner at Brazilian coffee exporter Coffee Selection.

The MSC press office did not confirm the specific issue, and declined to comment further. Maersk said his party was working to increase the availability of containers.

“It is clear that the coffee sector is entering its peak season. “It’s important for producers to provide proper visibility on when to move stocks first,” said Julian Thomas, general manager of Maersk East Coast South America.

He added that there was no more room for delivery in October.

Coffee, unlike other soft commodities such as sugar, is shipped by container rather than by dry bulk ship.

Christian Wolthers, a partner at US-based coffee importer Wolthers Douque, said he managed to find a container for shipping out of Brazil, but there was no room on the ship and his merchandise was left in port to be loaded onto another ship.

Brazil’s trade surplus surged to $ 6.16 billion in September, 38% more than a year earlier, due to real weakness. In recent months, Brazilian farmers have rushed to sell their crops, increasing exports, as a weak currency means they receive more reais in dollar-denominated trade.

Previously planned foreign coffee sales were being processed without much trouble, traders said. However, they said that some cargoes from Brazil may take longer to arrive, meaning global coffee traders may need to replace supplies from other countries.

Reporting by Marcelo Teixeira; Edited by David Gaffen and David Gregorio

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