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India will buy more second-hand ships to increase container capacity
Two senior shipping officials announced on Thursday that India would purchase additional second-hand ships to increase the country's capacity for container shipping. This follows discussions with various ministries to reduce transportation costs and boost exports. After India's goods exports dropped for two months in a row, including a 9.3% drop year-on-year in August, traders held discussions. They blamed rising shipping costs, the slowdown in China, and the recessionary trends across Europe and America. After the meeting, shipping officials informed reporters that the addition of new vessels would reduce export times and increase container capacity between 10% and 12%. Piyush Goyal, the Indian Trade Minister, said that he expects shipping and transport costs to drop by a third in the near future. India's Shipping Minister said that attacks on the Red Sea shipping routes since late 2023 have increased transit times as vessels were diverted around Africa’s Cape of Good Hope. This has led to higher charter hire costs and port delays, he added. Goyal stated that the discussions with ministers from finance, shipping and railways, as well as aviation, on Thursday focused on geopolitical issues, such as those in the Red Sea and their impact on commerce. (Reporting and writing by Shivangi Asharya, Editing by Christian Schmollinger & Emelia Sithole Matarise).
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Ukraine's Naftogaz and Ukrnafta gas output up 7% so far in 2024
Ukraine's staterun Naftogaz and Ukrnafta oil and gas companies have actually raised their gas output by 7% up until now this year, Naftogaz President Oleksiy Chernyshov said on Thursday. Naftogaz stated formerly that it prepared to increase gas output to 15 billion cubic metres (bcm) this year, from 14 bcm in 2023. Naftogaz said that since the start of 2024, the two companies had actually produced 9.8 bcm of gas. Ukrnafta is the largest oil company in Ukraine, and its 50%. plus one share owned by Naftogaz. We are not deserting our goal of switching to making use of. specifically domestically produced gas for the requirements of. Ukrainians, Chernyshov said in a statement. Enough gas reserves are essential during the winter cold. season for Ukraine, whose energy system is regularly attacked by. Russian rockets and drones and has lost half of its getting. capability throughout the war. Last year, total Ukrainian gas production increased to. 18.7 bcm from 18.5 bcm in 2022, while domestic intake fell. to about 19 bcm.
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Georgia's new nuclear plants drive United States power sector clean-up: Maguire
New nuclear power plants in Georgia have actually assisted flip the state's power mix so that electricity from tidy energy sources has gone beyond nonrenewable fuel source electrical energy output for the first time. Georgia's greater nuclear generation has in turn helped to slash the carbon intensity of power generation within the Southern Providers power system, which produces electrical energy and power for most of Georgia, Alabama and parts of Mississippi. The generation mix reversal and drop in power emissions demonstrate the impact that a broadened nuclear fleet can have on energy systems, regardless of the considerable expense overruns and construction delays that beset the Georgia reactors. VERY LONG TIME COMING The Vogtle Electric Getting Plant in Waynesboro, Georgia is the largest nuclear plant in the United States, with a power producing capability of 4,536 megawatts (MW). The very first 2 reactor systems went into production in the late 1980's, and between 2012 and 2022 generated around 27% of Georgia's electricity, according to information from Coal. Since the beginning of 2023, that nuclear generation share has climbed to 30% thanks to the start-up of the final two reactors at the Vogtle website. Initial building on the last 2 reactors - Vogtle 3 and Vogtle 4 - started in 2009, and were originally slated to expense around $14 billion, according to a Vogtle Construction Monitoring report. However, a series of development hold-ups and enormous cost overruns indicated the last reactors just got in production within the last 18 months, nearly 15 years after task beginning. The last costs for systems 3 and 4 was over $35 billion, according to a report titled Plant Vogtle: The True Expense of Nuclear Power in the U.S., issued this year by a group of Georgia consumer supporters. The report's authors claim that the final expense of electricity created by the Vogtle reactors will be $10,784 per kilowatt hour (KWh), which would make it the most expensive electrical energy worldwide. In contrast, electricity produced from wind farms, solar jobs and natural gas-fired plants varies from $1,000 to $ 1,500 per KWh, the report added. UP AND RUNNING Leaving the cost problem aside, the effect of the now completely functional Vogtle plant is beginning to emerge. From 2018 through 2022, the Vogtle website created an average of 2,813 gigawatt hours (GWh) of electrical energy a month for the state of Georgia, around 27% of total state electricity materials according to Ember. Because Vogtle 3 began operations in April 2023, that generation overall rose to approximately around 3,500 GWh a month, and climbed to over 4,600 GWh in May 2024, when Vogtle 4 initially began running. CHANGING MIX The dramatically higher production from atomic power plants has affected Georgia's electrical energy mix in several crucial methods. To start with, the share of generation from nuclear reactors leapt to 37% in May - a complete 10 portion point above the long-term average - as the Vogtle 4 plant came online. Second of all, the state's overall electrical power generation overall climbed to new highs as more nuclear generation was added to the output from other sources. Throughout the January to May period, Georgia's overall electricity generation was 55,634 GWh, which was a record for that period and marked a 12.3% jump from the exact same months in 2023, Ash data shows. Finally, the higher level of nuclear generation likewise increased Georgia's overall clean electricity output levels, which surpassed generation from the state's fossil fuel properties throughout March, April and May of this year for the very first time on record. Tidy power's share of the Georgia generation mix was a. record 47% for the January to May period, and compares to 41.5%. during the same months a year back. Continual output from Vogtle 3 and 4 over the rest of. 2024 might assist push the clean power share of the general mix. closer to 50%. LARGER IMPACT Vogtle's complete ramp-up was also apparent farther afield, with. the carbon strength of power production of the Southern Company. Providers power system visiting 14% up until now in 2024 from 2023's. average levels. Roughly 427 grams of carbon dioxide were released by the. Southern power system for every single kilowatt hour of electrical power. produced up until now in 2024, according to Electricitymaps.com. That carbon intensity compares to 440 grams of CO2/KWh in. 2023, and 467 g/CO2/KWh in 2022. For Georgia's power customers, the steep decrease in. emissions per system of electricity, in addition to greater overall. electrical energy products, are a favourable result of the conclusion. of the Vogtle site. And over the longer term, rising amounts of clean power. might become a more significant aspect of the energy sector than. the last expense of any specific generation property. << The opinions revealed here are those of the author, a. columnist .>
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Hong Kong probe reveals Cathay Airplane engine failure due to ruptured fuel hose pipe
A probe by Hong Kong's air travel mishap examination company exposed Cathay Pacific's. Airplane A350 engine stopped working inflight due to a. damaged fuel hose which also revealed indications of a fire, the. firm's report stated on Thursday. Hong Kong's Air Accident Investigation Authority (AAIA). found a burst fuel hose pipe in the second engine of the Cathay. Pacific-operated A350 jet, with five extra secondary fuel. hoses likewise showing signs of wear and tear. Paired with other contributing elements, such as the. existence of oxygen and an ignition (heat) source, this could. lead to a fire that could spread to the surrounding location, the. report stated. If not promptly detected and resolved, this circumstance,. along with further failures, might intensify into a more serious. engine fire, potentially triggering substantial damage to the. aircraft. Cathay Pacific began checking all its Airplane A350 jets after guest flight CX383. got an engine fire cautioning soon after take-off on Sept. 2. It was the very first component of its type to suffer such a. failure on any A350 airplane worldwide, Cathay said at the time.
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New york city Times company news - Sept 19
The following are the top stories on the New york city Times organization pages. Reuters has not confirmed these stories and does not guarantee their accuracy. - Boeing will begin furloughing 10s of countless staff members in the coming days as it looks for to blunt the impacts of a strike involving its largest union. - Iranian hackers looking for to influence the 2024 election sent excerpts from pilfered Trump project files to people connected with President Biden's re-election campaign this summer, but the recipients did not respond, police officials stated. - A consumer-protection suit submitted by Environmental Working Group alleges that Tyson Foods is misinforming consumers with claims about its efforts to curb greenhouse gas emissions. - A group of contestants who participated in Monster Games, the reality competitors reveal hosted by Jimmy Donaldson, much better known online as MrBeast, are suing Mr. Donaldson and the production business behind the show, implicating them of exposing individuals to dangerous scenarios and conditions.
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Ammonia cargo transferred between ships by Global Consortium at Australian port
Japan's Mitsui O.S.K. Lines, Norway’s Yara, and Singapore’s Global Centre for Maritime Decarbonisation announced that they had completed a joint ammonia cargo-transfer operation in Australia. This will pave way for ammonia bunkering in the area. Ammonia, one of the alternative fuels being explored by shipping companies to reduce carbon emission, is still in its preliminary development. Mitsui O.S.K Lines stated that the Dampier port, which has experience in exporting ammonia to Australia, is expected to be a hub for ammonia bunkering in the near future. Companies said that the trial was to simulate the bunkering conditions in the Dampier port (an ammonia producing region) and it marked the first time ever for ships at anchorage to transfer ammonia from one ship to another. Murali Srinivasan is senior vice president at Yara and head of commercial. He said that the successful transfer of ammonia from ship to ship was a crucial learning step in enabling ammonia bunkering operations in a Port Environment as global shipping moves towards effective use of ammonia clean as a fuel. During the trial two ship-to -ship transfers involving 4,000 cubic meters ammonia were conducted between a gas transporter owned by Mitsui O.S.K Lines, and a second carrier owned Navigator Gas. The Global Centre for Maritime Decarbonisation was responsible for the transfers. It has been testing and studying alternative fuels for refueling ships. (Reporting and editing by Jamie Freed; Jeslyn lerh)
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The COP28 initiative states that a lack of demand for green products is preventing investment in the sector.
An initiative launched last year at the United Nations Climate Summit states that a lack of demand for green products has slowed down investment in low-carbon projects, such as those in industries with high emissions, like aluminium, cement and steel. The Industrial Transition Accelerator said that over 450 large industrial projects around the world are looking for hundreds of billions in investment to reduce carbon emissions. The ITA was established at the COP28 Summit in Dubai in order to stimulate investment in green projects. According to the ITA, the six heavy industries examined in the report – aluminium, cement and chemicals, steel, aviation, and shipping – contribute about 30% of global CO2 emissions. The group stated that "to stay on track with Paris climate targets, a mass of large-scale project... must make their final investment decisions in the next 2-3 year," It added that project developers had not obtained firm commitments from buyers of low-carbon products, such as green aviation fuel and green steel to secure the required finance. The biggest obstacle to investment is the lack of a clear and sustained demand for products with low carbon emissions. "Investors and businesses cannot commit to these project without market certainty," stated Faustine Delasalle. The statement stated that the ITA provides targeted support for project developers in Brazil and the United Arab Emirates. (Reporting and editing by Emelia Sithole Matarise; Reporting by Eric Onstad)
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British Service - Sept 19
The following are the top stories on business pages of British papers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Legal & & General has actually consented to sell Cala Residences to American private equity firm Sixth Street Partners and London-based buyout house Patron Capital for 1.16 billion pounds ($ 1.53 billion) in money. - Nick Read will step down as chief executive of the Post Workplace next year after a five-year stint. The Guardian - Veteran seller Stuart Rose will organize running Asda as the struggling supermarket's co-owner Mohsin Issa steps back from executive responsibilities in the middle of falling sales, the company stated on Wednesday. - Hostmore stated it prepares to appoint administrators, putting the future of its 87 outlets and 4,500 staff members in doubt. The Telegraph - Aslef, the British train motorists' union, said 96% of its members had actually voted in favour of an offer it stated was worth 15% over 3 years. Sky News - Royal London Asset Management (RLAM), which manages 169 billion pounds in possessions, is calling on the UK's regulated water business to address the threats of antimicrobial resistance (AMR). by dealing with wastewater better. The Independent - The X social networks accounts of a number of British political leaders. and organisations worldwide were hacked on Wednesday.
Major Gulf markets pull away on weak oil
Significant stock markets in the Gulf pulled back in early trade on Thursday following a decline in oil costs, although the Abu Dhabi index bucked the pattern.
Saudi Arabia's benchmark index dropped 0.5%, weighed down by a 1% fall in Al Rajhi Bank and a 1.1% decline in the nation's greatest loan provider Saudi National Bank.
Oil rates - a catalyst for the Gulf's financial markets - eased, as concerns over weak demand in China, the world's. biggest unrefined importer, and expectations of a nearing ceasefire. deal in the Middle East conquered gains in the previous session. after attracts U.S. inventories.
This year, China's oil imports and refinery runs have. trended lower than in 2023 on weaker fuel demand in the middle of sluggish. economic development, according to federal government data.
Dubai's primary share index lost 0.4%, with. sharia-compliant lender Dubai Islamic Bank falling. 1.3%.
To name a few losers, Parkin Company, which. supervises public parking operations in the Emirates, declined 3%. ahead of its revenues statement on Friday.
The Qatari benchmark shed 0.6%, with Qatar Islamic. Bank falling 1.5%.
In Abu Dhabi, the index edged 0.1% higher, assisted. by a 0.6% boost in corporation International Holding .
However, the United Arab Emirates' most significant loan provider by possessions,. First Abu Dhabi Bank, fell 1.1% after reporting a 1%. increase in second quarter net profit.
(source: Reuters)