Indonesia: Marine and Fisheries Minister Freddy Numberi has said that illegal fishing by foreign vessels costs the eastern part of the nation trillions of Rupiah in lost revenue per year.
Since January, more than 500 foreign ships have been caught fishing in Indonesian waters. However Mr Numberi said that foreign vessels continued to fish illegally in Indonesian waters including the Arafura Sea. “I remind all law and security officers involved in illegal fishing raids and investigations not to be lured with money offered by ships’ owners,” he was quoted as saying in the Jakarta Post. Mr Numberi said that illegal fishing also damaged sea biota.
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Sunday, November 30, 2008
Imarex announces third quarter results
Imarex continued its strong development in the third quarter 2008, with sharply increased operating revenue, operating profit and net results compared to the third quarter last year.
Earning per share was NOK 1.22 in the third quarter 2008, up from NOK 0.37 in the same period last year.The financial turmoil reduces demand visibility and the overall growth outlook but also opens new opportunities in clearing. While Imarex sees a positive long-term market outlook and remains well positioned to continue to gain market shares in all segments, the company acknowledges that the overall growth is likely to be lower than previously expected in the near- and medium-term. Please find enclosed the completed interim report and presentation for the third quarter 2008.Third quarter highlights: - Operating revenue of NOK 179 million in the third quarter, up from NOK 63 million in the third quarter 2007- Pre-tax profit of NOK 25.1 million, up from NOK 6.4 million in the third quarter in 2007 - Positive operating cash flow of NOK 13.9 million and liquid funds of NOK 643.8 million - Energy trading volume at 3,024 TWh, up 13% from the third quarter 2007 (pro forma) - Freight trading volume at 125,661 lots, up 40% from the third quarter 2007 ‘Although the Imarex Group will continue to evaluate growth opportunities through M&A, the company`s main focus is currently on organic business development and further improvements in operational efficiency and cost control,` says CEO Herman W. Michelet in Imarex.
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Earning per share was NOK 1.22 in the third quarter 2008, up from NOK 0.37 in the same period last year.The financial turmoil reduces demand visibility and the overall growth outlook but also opens new opportunities in clearing. While Imarex sees a positive long-term market outlook and remains well positioned to continue to gain market shares in all segments, the company acknowledges that the overall growth is likely to be lower than previously expected in the near- and medium-term. Please find enclosed the completed interim report and presentation for the third quarter 2008.Third quarter highlights: - Operating revenue of NOK 179 million in the third quarter, up from NOK 63 million in the third quarter 2007- Pre-tax profit of NOK 25.1 million, up from NOK 6.4 million in the third quarter in 2007 - Positive operating cash flow of NOK 13.9 million and liquid funds of NOK 643.8 million - Energy trading volume at 3,024 TWh, up 13% from the third quarter 2007 (pro forma) - Freight trading volume at 125,661 lots, up 40% from the third quarter 2007 ‘Although the Imarex Group will continue to evaluate growth opportunities through M&A, the company`s main focus is currently on organic business development and further improvements in operational efficiency and cost control,` says CEO Herman W. Michelet in Imarex.
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Oil hits $55 ahead of Opec talks
Oil rose in late trade on short-covering ahead of Opec's meeting this weekend after slowing demand sent prices down nearly 20% in November.
US crude traded up 76 cents to $55.20 a barrel at 2:32 p.m. EST (1932 GMT) in late post-settlement trade. Earlier, US crude settled at $54.43 a barrel, down 1 cent from Wednesday's close, in a shortened Nymex trading session. US markets, including the New York Mercantile Exchange, were shut on Thursday for the Thanksgiving holiday, though US crude did trade on the Globex electronic platform. London Brent crude settled at $53.49, up 36 cents from Thursday. "It looked like there was some short-covering ahead of the Opec meeting," Jim Ritterbusch, president, Ritterbusch & Associates, in Galena, Illinois, told Reuters. "There was some support from the recovery in the stock market." US stocks rebounded from early losses as financials gained on signs that liquidity measures were beginning to work. Oil prices have tumbled from record highs over $147 a barrel struck in July as demand in the US and other large consumer nations slumped amid an economic crisis. Global oil demand is expected to decline slightly this year and next, the first fall in a generation because of the world economic downturn, according to a Reuters poll. Crude's steep November drop followed a 32% fall in October, the biggest monthly drop ever. The losses came despite agreements by Opec since September to cut output by a total of 2 million barrels per day. Opec ministers gathering in Cairo for an informal meeting this weekend said they were likely to defer a decision on more output cuts until the 17 December meeting in Algeria. A Reuters poll this week of 15 analysts forecast by a narrow margin that Opec would make no announcement of a further reduction in oil output this weekend but would probably do so at its meeting in Algeria.
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US crude traded up 76 cents to $55.20 a barrel at 2:32 p.m. EST (1932 GMT) in late post-settlement trade. Earlier, US crude settled at $54.43 a barrel, down 1 cent from Wednesday's close, in a shortened Nymex trading session. US markets, including the New York Mercantile Exchange, were shut on Thursday for the Thanksgiving holiday, though US crude did trade on the Globex electronic platform. London Brent crude settled at $53.49, up 36 cents from Thursday. "It looked like there was some short-covering ahead of the Opec meeting," Jim Ritterbusch, president, Ritterbusch & Associates, in Galena, Illinois, told Reuters. "There was some support from the recovery in the stock market." US stocks rebounded from early losses as financials gained on signs that liquidity measures were beginning to work. Oil prices have tumbled from record highs over $147 a barrel struck in July as demand in the US and other large consumer nations slumped amid an economic crisis. Global oil demand is expected to decline slightly this year and next, the first fall in a generation because of the world economic downturn, according to a Reuters poll. Crude's steep November drop followed a 32% fall in October, the biggest monthly drop ever. The losses came despite agreements by Opec since September to cut output by a total of 2 million barrels per day. Opec ministers gathering in Cairo for an informal meeting this weekend said they were likely to defer a decision on more output cuts until the 17 December meeting in Algeria. A Reuters poll this week of 15 analysts forecast by a narrow margin that Opec would make no announcement of a further reduction in oil output this weekend but would probably do so at its meeting in Algeria.
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Baltic Dry Index teeters on record low
Hong Kong: On Thursday, the Baltic Dry Index, which measures dry bulk shipping rates on 40 routes across the world, sank 3.9% to 733 points, its seventh straight daily decline and its lowest level since January 1987.
The index has plummeted 94% from its high in late May. Many are anticipating that in the next couple of weeks it could hit a record low. Putting a brave face on the market, Kenneth Koo, group ceo and chairman of Hong Kong bulk owner Tai Chong Cheang Steamship, told Seatrade at a press conference earlier this week, that he hoped the current plunge would be a 'short and sharp' one. He said the market could be back up to manageable levels by Q2 next year. Mr Koo, who is also deputy chairman of the Hong Kong Shipowners Association, was speaking at an event in Hong Kong to detail next year's premier shipping event, Sea Asia, to be held in Singapore on April 21 where leading owners will debate the perilous state of the markets.
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The index has plummeted 94% from its high in late May. Many are anticipating that in the next couple of weeks it could hit a record low. Putting a brave face on the market, Kenneth Koo, group ceo and chairman of Hong Kong bulk owner Tai Chong Cheang Steamship, told Seatrade at a press conference earlier this week, that he hoped the current plunge would be a 'short and sharp' one. He said the market could be back up to manageable levels by Q2 next year. Mr Koo, who is also deputy chairman of the Hong Kong Shipowners Association, was speaking at an event in Hong Kong to detail next year's premier shipping event, Sea Asia, to be held in Singapore on April 21 where leading owners will debate the perilous state of the markets.
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