Worrying Weaknesses in Markets after Swiss Bank move


Stewart Richardson
Chief Investment Officer

Financial markets were roiled last week as losses currently estimated in the hundreds of millions were realised in the wake of the Swiss National Bank (SNB) abandoning their currency floor with the Euro. The problem for the market in the short term is the worry that higher volatility will force leveraged investors to sell down positions across the board, and that this selling begets more selling and so on. There is a bigger long term concern that we will get to later.

(For those interested or concerned about how RMG fared during this event. Both our FX and Macro strategies made money and are posting positive returns for January.)

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Cartagena, puerto de entrada del turismo extranjero en la Región



Más de un centenar de cruceros atracarán en la ciudad portuaria en 2015 / El ayuntamiento de Cartagena desembarca en Fitur con la exposición ´El Tesoro de la Mercedes´



P. L.Una vez que Cartagena se ha consolidado como puerto de atraque de los cruceros que operan en el Mediterráneo, el siguiente reto está ya en marcha. Tanto el ayuntamiento de Cartagena como la Autoridad Portuaria tratan de reforzar el papel de la ciudad como escala de trasatlánticos y la búsqueda de nuevos mercados entre las compañías navieras que operan durante los meses de invierno en el Mediterráneo Occidental. En ese contexto, la pasada semana, el Auditorio y Palacio de Congresos de El Batel acogió el III Seatrade Winter Cruising Forum, que reunió

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Tanker Demand Outstripping Supply -BIMCO




Maritime Executive


BY MarEx 2014-12-12 10:43:00


Freight rates are always difficult to predict. This time around, the sudden tightness took us by surprise in a positive way. Beyond that crazy third week of November, we almost nailed it for crude oil tankers. Does the market hold more of that for us? During December, most certainly; going into January, the uncertainty is greater.

The demand side is seasonally strong now, but as touched upon in the macroeconomics section, the world has revealed limits to its thirst when it comes to oil.

So what is providing the stronger freight market? It is being delivered by the supply side! However, only the newbuilding side of it, because the crude oil tanker demolition segment has contributed very

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Falling crude prices: Crude indicators review




Falling crude prices: Crude indicators review

Falling crude prices: Crude indicators review (Part 1 of 8)

The crude tanker industry and its performance

Oil tanker basics

There are two primary types of oil tankers: crude carriers for unrefined products and product carriers for refined products. Crude tankers are mainly used for the deep sea transport of crude oil from production sites to refineries. They range in size from 55,000 deadweight tonnes (or DWT) up to around 450,000 DWT. The main trading routes are from the production areas in the Arabian Gulf and West Africa to Asia, Europe, and the US.

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Drewry says Asia-ECNA trade line best performer in 2014





Full ships eastbound, healthy revenue gains and an improving outlook for the American economy have enabled Asia-East Coast of North America (ECNA) trade lane to be one of the star performers in 2014, according to UK shipping consultant Drewry.

After a month of modest growth in August, headhaul volumes bound for ECNA soared by 16.6 percent in September against the same month in 2013, followed by a 10.6 percent increase in October.

The 12-month rolling average growth rate, having hit double digits in September, fell back to 8.9 percent in October, however; volumes in October 2013 were unusually strong.

“The US economy continues to pick up speed and a surge in business and

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