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Jun 29, 2015

Baltic Exchange ship futures platform examines move into commodities

LONDON, June 29 (Reuters) – London’s Baltic Exchange is
studying a potential foray into commodities and is open to
proposals on tie-ups as other exchanges attempt to boost
volumes, its chief executive said.

Baltex, the Baltic’s digital shipping platform, was launched
in 2011 as the first central electronic marketplace for freight
forward agreements (FFAs), which allow investors to take
positions on freight rates at a point in the future.

Jun 26, 2015

Greece’s creditors propose targeting shipping sector – documents

BERLIN/LONDON, June 26 (Reuters) – Under the latest
proposals made by Greece’s creditors, the country’s shipping
companies face paying a higher tonnage tax and a phasing-out of
special tax allowances which they have enjoyed, according to
documents seen by Reuters.

Together with tourism, its shipping industry is a vital
generator of income for Greece.

Jun 15, 2015

Iran’s 40 million barrels stored at sea hangs over oil market

LONDON, June 15 (Reuters) – Iran is storing as much as 40
million barrels of oil on supertankers at sea as it prepares for
a sales drive if a nuclear deal can be sealed.

Iran and six world powers are seeking to overcome remaining
differences with a looming self-imposed June 30 deadline to
reach a deal over Tehran’s disputed nuclear programme.

Jun 10, 2015

Iran to slow wheat imports after stockpile boost

LONDON, June 10 (Reuters) – Iran’s wheat imports are
expected to slow in coming months after a spate of buying
boosted stockpiles of food commodities, with buyers now waiting
for the outcome of Tehran’s nuclear talks, a leading Iranian
flour miller said.

Towards the end of last year Iran went on a major buying
spree, snapping up over half a million tonnes of wheat from
world markets.

Jun 10, 2015

Pakistan wheat surplus to cool imports this year – trader

LONDON, June 10 (Reuters) – A wheat surplus in Pakistan is
likely to mean little appetite for imports this year, although
it will purchase more oilseeds due lower crop prospects, a
leading local trader said.

In November last year, Pakistan imposed a 20 percent import
duty on wheat to help protect local farmers from imports,
leading to the cancellation of some of the import deals.

Jun 9, 2015

Iraq recaptures some grain silos seized by Islamic State

LONDON, June 9 (Reuters) – Iraq has re-taken control of some
grain silos previously seized by Islamic State, but most of the
grain held cannot be used as militants aim to destroy sites when
retreating, a senior grain official said on Tuesday.

Islamic State, the breakaway al Qaeda group, which declared
an Islamic caliphate across parts of Syria and Iraq last summer,
has seized fertile areas and controls territory that normally
produces significant quantities of Iraq’s wheat crop.

Jun 8, 2015

Most Libyan ports able to operate despite worsening violence

LONDON (Reuters) – Most ports in Libya are still able to operate despite the country’s rival governments, economic chaos and increasing violence between armed groups, a shipping industry official said on Monday.

Libya is in turmoil as a result of a struggle between forces backing its internationally recognized government based in the east and a rival administration that has taken control of Tripoli, as former rebels who helped to oust Muammar Gaddafi in 2011 have fallen out along political, regional and tribal lines.

Jun 4, 2015

Bloated oil market fed more crude from unwinding sea storage plays

LONDON, June 4 (Reuters) – Physical oil is coming under
pressure as trade houses unwind a profitable storage play after
several months that saw them holding millions of barrels on
tankers at sea.

A drop in the volume of crude stored for speculative profit
is putting more supply into an already saturated market,
elbowing out new loadings leading to a build-up of unsold West
African, North Sea and Mediterranean oil.

Jun 1, 2015

Commodities trade finance goes electronic after centuries of paper

LONDON, June 1 (Reuters) – Commodity traders and banks are
breaking with centuries of paper trails to embrace electronic
trade finance, helping to speed up deals and increase
transparency.

Completion times for transactions involving the transport of
dry bulk commodities such as grain or iron ore can take several
weeks, or even months, as they traditionally involve multiple
documents.

May 22, 2015

Iran’s Yemen-bound aid ship docks in Djibouti, WFP to deliver aid cargo

London, May 22 (Reuters) – An Iranian aid ship docked on
Friday in Djibouti, where its cargo will be inspected by the
United Nations before being moved to conflict-torn Yemen, Iran’s
semi-official Fars news agency reported.

“The ship docked a few minutes ago in Djibouti,” Fars said.
“The ship entered Djibouti waters yesterday and after inspection
by the international organization will head towards Yemen.”