|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||14.93 - 15.56|
|52 Week Range||11.23 - 16.03|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||31.54|
|Earnings Date||Apr 30, 2020|
|Forward Dividend & Yield||0.65 (4.22%)|
|Ex-Dividend Date||May 20, 2019|
|1y Target Est||12.98|
Recycling textiles, batteries and packaging will be the priority in a new plan to halve waste in the European Union by 2030, the head of the EU's "Green Deal" said on Tuesday. "It's not about forcing our citizens to go live in caves and eat grass, it's about ensuring a high level of comfort, of development in a new economy," said Timmermans, who is also vice-president of the European Commission, the EU's executive. This will ban all disposable plastics by 2040, including packaging for household and skincare products, disposable cutlery in fast food restaurants, plastic tea bags and confetti.
(Bloomberg) -- The shipping industry tends to do badly when Chinese demand disappoints, but the outbreak of the coronavirus has done more than just damage the amount of cargo that needs to be transported. It’s also preventing many owners from making their ships commercially viable.Giant Capesize carriers that take iron ore and coal to China are now earning less than $2,600 a day, according to the Baltic Exchange in London. That’s a fraction of what they need even to pay their crew, and 93% below a 2019 peak. Supertankers transporting 2 million-barrel cargoes of crude have collapsed about 95% from their high point last year.That’s bad enough, but for a big part of the shipping industry the virus is presenting additional woes: many owners urgently need to have their vessels fitted with equipment called scrubbers at shipyards in China. The kit allows carriers to keep legally burning fuel that would save them millions of dollars a year. The coronavirus is preventing such installations, according to DHT Tanker Holdings Ltd., a vessel owner.“Getting people and parts to the yards for installation has been a massive quagmire,” because of the outbreak, said Randy Giveans, senior vice president for equity research at Jefferies LLC in Houston.From Jan. 1, vessels had to cut emissions of sulfur oxides. As that happened, the cost of ship-fuel that was prevalent last year collapsed because it contained too much of the pollutant. The new variety surged in price. Some owners gleaned a big commercial edge by fitting the scrubbers in advance of the new rules, allowing them to continue burning the cheaper old product. Now others are rushing to get their own fleets refitted.Supertankers that have the scrubbers fitted are earning about $15,000 a day more than those that don’t have them, according to Giveans. Over a year, that means the scrubber-fitted ships would earn about $5 million more. There’s a similar picture in other freight markets.Shipyard DelaysDHT plans to install six scrubbers on its ships this year, and the recent slump in shipping rates would have made this a good time to get them fitted, co-Chief Executive Officer Trygve Munthe said in an earnings call on Thursday. But China’s shipyards can’t complete existing work due to the widespread shutdown sparked by the outbreak, let alone take on new business, he said.Eight supertankers and two smaller tankers are installing scrubbers in Chinese shipyards and now face delays as a result of the outbreak, according to Anoop Singh, head of East of Suez tanker research at Braemar ACM Shipbroking. The number of vessels idled near Shandong in China is also expected to rise as demand from refineries falls, Singh said.“Coronavirus is closing down retrofit yards in China -- naturally extending the waiting time for ships with a slot time for a retrofit,” said Peter Sand, chief shipping analyst at industry group BIMCO. “The uncertainty of how long this is going to take is massive.”(Updates with latest Capesize figures in second paragraph.)\--With assistance from Ann Koh and Jack Wittels.To contact the reporters on this story: Alex Longley in London at email@example.com;Firat Kayakiran in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Alaric Nightingale at email@example.com, John DeaneFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Shares in French waste and water group Suez dropped more than 6% on Wednesday after its new chief executive unveiled a four-year plan to boost earnings but lacked clarity on dividends and planned asset sales. The plan unveiled on Wednesday by Bertrand Camus, who was appointed in May, follows an appeal in July by activist investor Amber Capital for a review of the utility's strategy to create more value for its shareholders. Camus' 2020-2023 strategy focused on boosting earnings per share, cutting costs and selling assets, but he declined to say which assets the firm may sell and gave no date for a long-awaited dividend increase.