zoom Bermuda-headquartered crude oil tanker company, DHT Holdings, has taken delivery of a very large crude carrier (VLCC) newbuilding from South Korean shipbuilder Hyundai Heavy Industries. The 299,900 dwt vessel is named DHT Lion and is entering the spot market. It is the third of a series of six VLCC newbuildings to be delivered to the company from November 2015 to October 2016. The crude oil tanker with a gross tonnage of 154,000 t is sailing under the flag of Hong Kong.“The newbuildings are all fully funded and are expected to contribute greatly to the company’s earnings power,” DHT Holdings reported.DHT reported in February annual net income of USD 105.3 million for 2015, compared to net income of USD 12.9 million in 2014, due to a stronger market as well as the delivery of the VLCC DHT Jaguar.The company has a fleet of 17 VLCCs, 1 Suezmax, 2 Aframaxes and 3 newbuildings. The next newbuild is scheduled to be delivered in July 2016.
OTTAWA — The Bank of Canada is encouraged by a broadening of economic strength, which includes gains across 70 per cent of industries, a top official said Monday, in what was widely seen as a “hawkish” speech from the country’s central bank.Senior deputy governor Carolyn Wilkins said the gains are something Canada hasn’t seen since before the oil-price collapse nearly three years ago. Analysts said these and other comments suggest the central bank is beginning to assess when, not if, the bank might introduce its first rate increase in nearly seven years.Wilkins: More than 70% of Canadian industries are expanding. Diversity helps support strong and sustained growth pic.twitter.com/LGlWunDKJd— Bank of Canada (@bankofcanada) June 12, 2017For nearly two years, the rate has been locked at the very low level of 0.5 per cent as a way to help lift the economy.“As growth continues and, ideally, broadens further, (the bank’s) governing council will be assessing whether all the considerable monetary policy stimulus presently in place is still required,” Wilkins said in a speech delivered at the Asper School of Business in Winnipeg.“Just think about it, if you saw a stop light ahead, you would start letting up on the gas so that you could slow down smoothly. You don’t want to have to slam on the brakes at the last second. Monetary policy must also anticipate the road ahead.” But despite the bank’s brightening outlook, Wilkins underscored several lingering uncertainties that suggest it won’t be ready to raise its benchmark as early as its next scheduled announcement July 12.Top takeaways from what Canada’s blockbuster job numbers tell usCanada becoming more vulnerable as rising debt and hot housing get worse, bank warnsTop takeaways from what the Bank of Canada said about risks to our financial securityShe pointed to unknowns surrounding U.S. economic policy and Canada’s recent below-target inflation readings, as well as employment weaknesses in wage growth and the number of hours worked.Experts noted Monday how the speech was filled with optimism about the economy’s trajectory.“The hawkish nature of the speech is the first acknowledgment from the bank that the next move is likely to be a hike,” CIBC’s Royce Mendes wrote in a research note to clients.TD senior economist Brian DePratto wrote: “Rather than signalling imminent action, today’s remarks are more likely to be aimed at preparing markets for eventual monetary tightening.”He added that TD is predicting the next rate hike in early 2018.Looking at the positives, Wilkins credited strength in consumer spending, the services sector and the housing markets for helping carry Canada over the last few years.She said Canada is now seeing an expansion of business investment, particularly in the energy sector, and “broadening” economic activity across the provinces as reasons for optimism.The economy’s sources of strength also come from a number of sources, she added. “What’s encouraging is that this growth is not being driven by just a few key industries,” Wilkins said.“More than 70 per cent of industries have been expanding – and that’s a rate we haven’t seen since the oil-price shock. It’s the kind of diversity that helps support strong and sustained overall growth.”Following months of improving economic indicators, a growing number of analysts have been saying it’s increasingly difficult for the bank to find reasons to hold back from raising its trend-setting rate.