Editor’s Note: Blue Ridge Outdoors contributor Chris Gallaway is currently thru-hiking the Appalachian Trail. He will be periodically checking in with BRO and sharing the story of his hike. This is his fifth dispatch from the A.T. Read his other dispatches from the trail: A Cold Start, Trail Magic, Difficult Winter, and Monuments.As is surely evident from previous posts, we’ve had our share of winter weather on the A.T. this year. Even after I took a two-week layover in my hometown of Asheville this March, I returned to my hike and was greeted immediately by a heavy snowstorm. One long morning climbing up to Sam’s Gap I cussed my way through a bitter wind whipping icy snow in my face and cutting through my layers. It’s times like that when you feel an illogical anger towards the Trail and the weather: you want someone to blame for how hard it feels.Fortunately, I’ve had several friends here in the Southeast who joined me on my hike and keep me company through the harder sections. My bud Josh came out to hike an 18-mile day with me that turned into a 24-mile day when we arrived at the shelter and found it full (and us without tents!). I hobbled into the Holiday Inn Express that night barely able to walk. My friend Brandon came out for what was supposed to be a mild, two-day hike into the Roan Highlands. We found the trail on Roan High Knob had become a treacherous ice chute where you could barely keep your footing. We slid our way up and down the mountain, and we spent a cold night packed into the highest shelter on the AT with numerous other thru-hikers, thankful for its four walls and door. And of course, Sunshine has been a constant companion and support, meeting me on the trail whenever she has a few days off work.Sometimes it seems like my most relentless companion has been Old Man Winter. My trail name “Frost” became a running joke with other thru-hikers—perhaps I invited this fate on us! One day it all changed at once, though, as I hiked with my trail friends Ember, Passover and Lucky. We awoke at a hostel to snow on the ground and ice sheathing the trees, and we walked through a chilly, wet morning that gradually warmed. When the air temperature hit the right point, the ice began calving off the trees and piling up on the ground, reminding me of the Robert Frost line “Such heaps of broken glass to sweep away, you’d think the inner dome of heaven had fallen.” By the afternoon we were walking under blue skies and stripping down to t-shirts. We’ve had warm weather for the most part ever since then, and I found myself a bit caught out with the wrong gear, all of a sudden regretting my insulated boots and zero-degree down sleeping bag.But I have been oh-so-thankful for the spring weather and the fine breeze that often spells the warm days. As Sunshine once described to me, we find ourselves dropping in and out of Spring as we hike the Trail. Up on the ridge it’s still bare winter woods, but every time we come down to a low gap or into town we see more buds on the trees and flowers pushing out of the ground. It all feels like such a gift: even my farmer’s tan is a mark of pride.
View image | gettyimages.com “The proposed AUMF wisely does not include any geographical restriction because ISIL already shows signs of metastasizing outside of Syria and Iraq,” Carter told committee members.Kerry, for his part, acknowledged that the AUMF sets no geographic limitations but said the administration does not “anticipate conducting operations against targets in countries other than Iraq and Syria at this time.”The administration may have a difficult time persuading Congress to pass a new AUMF, despite Obama’s calls for American unity and, as Kerry put it, to speak with a “singular voice.”Some Congressional Democrats have expressed concerns about the lack of limitations—both geographically and with respect to the future use of ground troops—while several Republicans on Capitol Hill believe the AUMF may handcuff the military.Considering that both Kerry and Carter have admitted that the administration already believes it has the authority to fight ISIS, Congress may not feel the urgency to give Obama the authorization he’s requesting.Time will tell if Congress eventually passes a new AUMF. But in the meantime, the war will go on—with or without Congressional authorization—continuing the “War On Terror,” the longest conflict in U.S. military history, and the costliest. Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Between presumptive Democratic presidential nominee Hillary Clinton’s private email hullabaloo and outrage over 47 Republicans sending Iran a politically-charged letter to undermine its nuclear negotiations with Secretary of State John Kerry, it’d hardly be a surprise if a large chunk of the American public had no idea Congress last week debated President Barack Obama’s authorization for a war he’s already fighting.The idea that the administration is seeking a new authorization to use military force for its war against the so-called Islamic State, also known as ISIS or ISIL—a conflict that the US has been involved in for more than seven months—may be confusing to some folks. Although the Obama administration whole-heartedly believes it has the necessary authorization to battle the militant group because of previous versions of the AUMF, passed in 2001 and 2002, it still wants Congress to codify a version related to ISIS, so as to ostensibly show the world that the American people—and its policymakers—are united in this effort to “degrade and destroy” ISIS.Secretary of State John Kerry didn’t even try to conceal the administration’s motives when he testified in front of the Senate Foreign Relations Committee last week. View image | gettyimages.com “The President already has statuary authority to act against ISIL, but a clear and formal expression of your backing would dispel any doubt anywhere that Americans are united in this effort,” Kerry told the Senate committee on March 11.Obama’s proposed ISIS AUMF, which would remain in effect for three years, is very much a symbolic move. If Congress never passes a new AUMF, the Obama administration would still continue to bomb Iraq and Syria, and support local forces on the battlefield, the Iraqi military and its allied militias.The administration has repeatedly invoked the 2001 AUMF, passed three days after the Sept. 11 attacks, which allowed the US to fight those who orchestrated the attacks—meaning al Qaeda—to justify the war on ISIS. It’s also relying on the 2002 AUMF, which opened the door for President George W. Bush to “defend the national security of the United States against the continuing threat posed by Iraq.”The 2001 AUMF, in particular, has been criticized as too broad. Originally, it was intended to justify war with al Qaeda, which ISIS was born out of but is no longer associated with. A new AUMF would sunset the 2002 version while the authorization passed shortly after 9/11 would remain on the books.After months of publicly calling on Congress to act, Obama finally moved ahead in February and sent a draft letter to Congress outlining the ISIS AUMF. This version would allow the US to fight ISIS and any “associated forces” partnering with the group or any “closely-related successor entity.” It does not establish any geographical boundaries, nor does it fully prevent the use of ground troops, such as Special Forces.In his testimony last week, Kerry didn’t necessarily rule out sending American ground troops. He said the “administration sees no need for U.S. forces to engage in enduring offensive ground combat operations against ISIL,” adding that the responsibility for such fighting fell on “local partners.” At the committee hearing, neither he nor Secretary of Defense Ashton Carter eliminated the possibility of expanding the current operation outside of Iraq and what’s left of Syria. ISIS, which has brutally slaughtered innocents, including American journalists, and claimed large swaths of the region rather quickly as it strives to create its so-called new caliphate, is now known to be fighting in Libya, which has struggled to find stability after Colonel Muammar Gaddafi fell from power in 2011.
32SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Vardallas John A. Vardallas CAE, CUDE is Founder/CEO of The AmericanBoomeR Group, a Madison, Wisconsin based speaking/consulting firm. He is also Senior Faculty Advisor/Project Evaluator for SCMS and … Web: www.theamericanboomer.com Details As a longtime credit union consultant I have always explored how credit unions can create a better engagement proposition and credit union difference messaging for members.I have extolled the virtues of credit unions becoming more “Member- Centric” where staff can and should wow members at every touch point opportunity.Now the time has come for credit unions to really step up and promote our Differentiation going forward in the competitive financial services industry.As a raving fan and Member-Shareholder Owner (one of 360,00) of the Green Bay Packers NFL team, I am advocating we treat our members as true owners and make them more financial fans of our credit unions.One step in that direction would be to advocate that credit unions create and provide members with a “Certificate of Member Ownership” solidifying the brand that our credit unions are financial cooperatives completely owned by the members.The Packers are the only community owned professional football team in the USA and folks like yours truly are very passionate about our Green & Gold. Being a community owned team, the Packers will never be bought, sold or traded (is this sounding more like our credit union structure).As a shareholder owner of the team, I feel I have a voice to be heard in the future of the team. I get to vote on key issues, for the Board of Directors (45) who are unpaid volunteers and attend the annual shareholder meeting where thousands show up every July in Lambeau Field.I want our credit union members to generate that same enthusiasm for our credit unions. They should be proud and excited to be part of the “people helping people” philosophy that makes a difference in the communities where we serve. We should think about our members more than just a transaction. I believe that membership should have its privileges. They are members here not just random customers. Why Not Ownership?From the moment they join they should understand the difference from a credit union member and being a customer at a bank.And using a Certificate to reinforce that difference should go a long way to create a mindset that being a credit union member is unique to other financial institutions.All of this should be part of the new member On-Boarding process when folks join. In addition to their new member packet they should be sent a welcome letter and Certificate of Ownership signed by the CEO and Board Chairman welcoming them to the Credit Union Family.The Goal of the Certificate is to reinforce the Members awareness of being a shareholder and valued member of their credit union and differentiating from a bank customer.The more you can reinforce the value of Credit Union Member Ownership the more chance you have to Make Your Members Raving Credit Union Fans!
For much of 2018, locking in deposits was top of mind for financial institutions. The general consensus was that rates would continue to increase throughout the year. In anticipation, financial institutions rolled out a slew of CD rate specials, high-yield money market accounts and online deposit-gathering portals. However, after four rate increases in 2018 and a fear of stalling the economy, the Fed has now hit the pause button. The Treasury Yield Curve has become inverted for the first time since the financial crisis, causing market watchers concern about the future prospects of the economy. Furthermore, a general consensus has emerged that the Fed will, in fact, lower interest rates by the end of the year. This rate uncertainty is causing financial institutions to rethink how to best continue funding their balance sheets.Overall, financial institutions’ cost of funds rose substantially over the past year. Specifically for community-sized financial institutions, they saw median cost of funds rise from 52 bps in Q1 2018 to 81 bps in Q1 2019. This increased cost of funds has produced a strong year-over-year median deposit growth of roughly 5.5 percent for Q1 2019, outpacing median loan growth of 2 percent for the same time period. This highlights the degree of urgency for most financial institutions in growing deposits throughout 2018 and the first quarter of 2019. It is also the cause of stress for financial institutions when facing the current yield curve and Fed probability chart.Depicted in Figure 1, the current yield curve is inverted from six months to 10 years, eliminating investor risk premium for making duration investments. Furthermore, looking at the Fed probability chart (Figure 2), financial institutions are hesitant in offering term deposits due to a growing consensus that the Fed will cut interest rates toward the end of 2019 or early in 2020. With these dynamics, financial institutions with strong loan growth find themselves between a rock and a hard place. How do they effectively fund their balance sheet? ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James Lutter D. James (Jim) Lutter is the Senior Vice President of Trading and Operations at PMA Financial Network and PMA Securities where he oversees PMA Funding, a service of both companies … Web: pmafunding.com Details Managing funding costs and maintaining deposit stability are key themes for 2019. Outside of maximizing core depositors and reaching new retail depositors, wholesale funding strategies are not only relevant, but necessary to compete. Wholesale funding allows financial institutions to aggregate large groups of deposits to recreate stability up and above their core. Additionally, these sources provide “quiet” funding, allowing financial institutions to segment depositor groups and control marginal costs of funds without cannibalization. It is important to note that not all wholesale funding sources are the same. Proper vetting is required prior to engaging wholesale sources to define the dynamics of the underlying depositor, such as credit standards, investment policies, associated cash flows, etc. This process allows a financial institution to understand the depositor’s behavior and how they will react during changing credit cycles. With increased competition for depositors and interest rate uncertainty, financial institutions are finding themselves hard pressed to implement the “correct” deposit gathering/retention strategy. When used appropriately, wholesale funding sources can create stability and provide diversification. Understanding the unique characteristics of wholesale sources is paramount to successful integration and should be conducted prior to receiving deposits.
Leading a credit union – or any organization – has perhaps never been more difficult than with the onset of the COVID-19 pandemic. And, in the case of credit unions, perhaps demonstrating leadership in financial services has never been more critical.We asked the eleven members of CO-OP’s Board of Directors, leaders of prominent credit unions across the country, to share their perspectives on how they have responded to COVID-19. All of them, as you might expect, deferred enormous credit to their employees for rising to the challenge and acting as #CreditUnionHeroes during these uncertain times.Perspectives from the CO-OP Board of Directors:On the member front, we split into project teams and quickly rolled out parts of a relief package. We implemented Skip-A-Pay for consumer loans and credit cards, modified mortgages, ramped up emergency relief loans, slashed late fees and NSF fees, and tweaked mobile deposit limits. On top of all that, our Foundation identified nonprofits in the community that were making immediate impact, and provided them with nearly $700,000 in grants. – Chuck Purvis, President & CEO, Coastal FCU (Board Position: Chairperson) continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The FulcrumThis up-and-coming rock trio from Long Island can be somewhat difficult to define, as they deftly infuse their music with diverse influences, but their sound can best be described as emotional, intriguing and memorable. Also performing will be Jungle Gypsy, a four-piece local band that considers themselves “Island Rock.” That is, rock music flavored with reggae, blues, funk and just about anything a song’s mood calls for. Treme Blues and Jazz Club, 553 Main St., Islip. tremeislip.com Free. 8 p.m. January 21.God of CarnageThis internationally acclaimed comedy, which won the Olivier Award in London and a Tony Award in New York, takes you into the most dangerous place on Earth: parenthood. The play is about two pairs of parents who meet after their kids got into an altercation at a public park in Brooklyn. At first, they intend to discuss the matter in a civilized manner. But as the evening wears on, the parents become increasingly childish, and their meeting devolves into unmannered chaos. When it premiered on Broadway, the cast included James Gandolfini, Hope Davis, Marcia Gay Harden and Jeff Daniels. You can bet that the cast at the Engeman will be up to the challenge. John W. Engeman Theater, 250 Main St., Northport. engemantheater.com $59-$64. Times vary. January 21-March 6.Joelle & The Pinehurst TrioThis classic quartet’s unique chemistry on and off the bandstand has led the versatile ensemble to perform their distinctive brand of “jazzed up pop and popped up jazz” at many of the top venues in New York City and beyond. Coe Hall at Planting Fields Arboretum, 1395 Planting Fields Arboretum, Oyster Bay. plantingfields.org $25. 6:30 pm. January 22.The Fresh Kids of Bel-AirNow, this is a story all about how the ’90s got flipped-flopped-turned upside down. And they’d like to take a night, so just sit right there, and they’ll tell you how they became the Fresh Kids of Bel-Air. Break out the Starter jackets and pump sneakers for this “I Love the ’90s” show. The Paramount, 370 New York Ave., Huntington. paramountny.com $10-30. 8 p.m. January 22. Joseph VecseyWhether it’s sharing stories about his days playing professional street basketball with the modern Globetrotters or being the sensitive soft dude in relationships, Joseph Vecsey loves making audiences laugh at his expense and sharing his bizarre personal experiences. Joseph made his television stand up debut on Gotham’s AXS TV and also co-starred and punched up a web series and commercial for Optimum Cable TV called “The Un-Movers.” Bay Street Theater, 1 Bay St., Sag Harbor. baystreet.org $20. 8 p.m. January 22.Darlene LoveHers was the voice that helped launch 100 hits: The No. 1 “He’s a Rebel,” “(Today I Met) the Boy I’m Gonna Marry,” “He’s Sure the Boy I Love” and ”Christmas (Baby Please Come Home),” all of which she sang for the legendary producer Phil Spector during the glory days of the girl-group era, as well as countless songs she sang backup for such as artists like Sam Cooke, Elvis Presley, Dionne Warwick, Cher and Aretha Franklin. This woman is a living legend. Suffolk Theater, 118 East Main St., Riverhead. suffolktheater.com $47.50-65. 8 p.m. January 22.William ShatnerIf there was ever a person who truly needs no introduction, this is the guy. After all, it’s “Shatner’s World: We Just Live In It.” In this one-man show, Shatner will take you through his 50-year career in front of the camera, with anecdotes about his work on Star Trek and Boston Legal, his musical career, and his Canadian upbringing. Poignant, insightful and even laugh-out-loud funny at times, this is Shatner like you’ve never seen him before. NYCB Theatre, 960 Brush Hollow Rd., Westbury. venue.thetheatreatwestbury.com $25-90. 8 p.m. January 22. Jessica KirsonThis comic’s unique style and captivating stage presence captures the attention of audiences everywhere she performs. Her wide variety of characters brings a diverse energy to her routine. Governor’s Comedy Club, 90 Division Ave., Levittown. govs.govs.com $17. Various times January 22, 23.Dennis DeYoung: The Music of Styx***POSTPONED TO FEB. 25 DUE TO SNOW***Domo Arigato, Mr. Roboto! We’re still not sure what that means—but who cares?!? Dennis DeYoung, the founding member of Styx, will perform (we can only hope) hits like “Mr. Roboto” and “Come Sail Away” (a six-minute adrenaline-filled work of musical genius) and several other blasts-from-the-past that made the prog rock band from Chicago a nationwide sensation. The Paramount, 370 New York Ave., Huntington. paramountny.com $35-79.50. 8 p.m. January 23.The Lords of 52ndLong Island’s best musicians—Liberty DeVitto, Richie Cannata, and Russell Javors—whom Billy Joel hand selected to help create his classic hits and unforgettable tours, reunite on stage once again as The Lords of 52nd Street! Get ready to hear an eclectic mix of tunes from the Piano Man’s music catalog including hits and rarities with the same energy and passion as you’ve always known because, the band recorded, toured and performed extensively with Joel during his prominence in the 1970s and ’80s. The Lords aided in the creation of hit records with Joel including, “The Stranger,” “52nd Street” and “Glass Houses.” Opening the show will be Rick & Tara Eberle of iRideSense The Space At Westbury, 250 Post Ave, Westbury. venue.thetheatreatwestbury.com $30-55. 8 p.m. January 23. Rex & The Rockabilly KingsThis Elvis birthday show is all about The King’ early era. Bring your Pink Cadillac and your Blue Suede Shoes and dance to the dozens of amazing songs that inspired John Lennon, Keith Richards and changed popular music forever. The Rockabilly Kings features Scotty Moore-style electric guitar, Bill Black-style slap back bass, DJ Fontana-style drums and Elvis Presley-style acoustic guitar plus great lead, and Jordanaires-style backing vocals. Add it up and you get a whole lot of burning love. YMCA Boulton Center for the Performing Arts, 37 West Main St., Bay Shore. boultoncenter.org $25-$30. 8 p.m. January 23.Escape Fire: The Fight to Rescue American HealthcareEscape Fire examines the powerful forces maintaining the status quo, a medical industry designed for quick fixes rather than prevention, for profit-driven care rather than patient-driven care. After decades of resistance, a movement to bring innovative high-touch, low-cost methods of prevention and healing into our high-tech, costly system is finally gaining ground. The screening will be followed by a panel discussion featuring health care experts. Cinema Arts Centre. 423 Park Ave., Huntington. cinemaartscentre.org $15 members, $20 public. 10:30 a.m. January 24.Rock in the Red ZoneDespite constant fear and regular runs to bomb shelters that occur in the Israeli town of Sderot, this particular community has become an epicenter for rock music in Israel. Director Laura Bialis travels to Israel and finds a community there that is unlike any other. Screening to be followed by panel discussion featuring a Middle East expert from the Anti-Defamation League. Cinema Arts Centre. 423 Park Ave., Huntington. cinemaartscentre.org $13 members, $18 public. 6:30 p.m. January 24.Bill Burr ***POSTPONED***Having first gained notoriety for his recurring role on the second season of “Chappelle’s Show,” Bill soon developed his own comedic style making him a regular with Conan O’Brien and Jimmy Fallon. Bill went on to create his animated Netflix series “F is For Family” featuring Bill, Laura Dern and Justin Long as the Murphy Family. Bill has starred alongside Mark Wahlberg and Will Farrell in “Daddy’s Home,” and can be recognized for his work in “The Heat” featuring Sandra Bullock and Melissa McCarthy, “Stand Up Guys” starring Al Pacino and Christopher Walken and “Date Night” alongside Steve Carell and Tina Fey. The Paramount, 370 New York Ave, Huntington. paramountny.com 7, 10 p.m. January 24 Call it HomeThe five-man Long Island-based band connects with fans through hardcore jams, detailing experiences throughout their lives. Following their latest single, “Just A Dream,” a full-length album, Unfamiliar, released late last year. Opening the show will be White Fox Society, In Honor of, Ashes of My Regret, Part Time Bear and Onto Carthage. Revolution Bar & Music Hall, 140 Merrick Rd, Amityville. clubloaded.com/events $12. 6 p.m. January 25. Chosen: The True Story of America’s Trafficked TeensAs traffickers narrow their target to lure younger and younger victims, America’s youth find themselves engaged in a battle they never prepared for. Hear the shocking true stories of two “All-American” teenage girls tricked into trafficking. Eighteen-year-old Brianna was an honor-roll student, cheerleader and waitress at a local café. Thirteen-year-old Lacy was an active member of her youth group and a community volunteer. Both were manipulated. Both were exploited. Both were chosen. Both were abused. Both escaped to make a new life. Screening followed by a panel discussion. Cinema Arts Centre. 423 Park Ave., Huntington. cinemaartscentre.org $10 memebrs, $15 public. 7 p.m. January 25.“Dolores,” a one-act play presented by NY-based theatre and performing arts company FENGARI Ensemble, raises awareness about domestic violence.DoloresArt can be an extremely powerful vehicle for social change, and this ambitious one-act, all-women show based on the play by NYC playwright Edward Allan Baker aims to cast light on one of the darkest-yet-pervasive crimes permeating modern-day society: domestic violence. Set in the suburbs of Providence, RI in the early 1980s and directed by Kathleen McNenny, Dolores tells the tragic story of two sisters, Dolores and Sandra—portrayed by actresses/producers Paulina Cossio and Luisa Muhr, respectively—grappling with the nightmarish effects of the former’s dangerously abusive husband. Though first performed in 1986, Dolores‘ tale is timeless, and its many lessons remain all-too relevant to this day. This performance, presented by FENGARI Ensemble & Coaching—a New York-based theatre and performing arts company co-founded by Muhr—seeks to raise awareness about the insidious abuse that thrives within every community, highlighting not just the wrath unleashed against domestic violence’s direct victims, but its myriad collateral damage, too. Amplifying this message and further disseminating the ugly truths about domestic violence and all forms of abuse will be guest speaker Marissa Ghavami, founder/CEO of nonprofit SHEARED (Spreading Hope for the Exploited and Abused through Resources, Education and Discourse), who will host a discussion following each performance. Her group strives to spread hope of true healing to survivors of all types of exploitation and abuse, reduce further instances of abuse, and decrease the harmful misunderstanding of trauma and its widespread effects. Support the Dolores project via its Indigogo Crowdfunding Campaign, and don’t miss this moving weaponization of art. The Playroom Theater, 151 W. 46th St., Manhattan. theplayroomtheater.com General Admission: $16.50. Students & Seniors: $13.50. 7 p.m. & 9 p.m. January 25 & 27.Daniel SimoneThis local author will speak about and sign copies of his new book, The Lufthansa Heist, which he co-authored with Henry Hill before the late mobster-turned-informant’s death, telling the inside story—from the wily organizer himself—of the largest unrecovered cash haul in history. This full account brings readers behind the heist memorialized in Goodfellas, which baffled law enforcement for decades. Book Revue, 313 New York Ave., Huntington bookrevue.com Price of book. 7 p.m. January 27.–Compiled by Chuck Cannini, Timothy Bolger & Zackary B. Tirana III
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The company’s MRs earned $19,300 per day compared to $17,700 in the prior quarter, while its chemical tankers earned $19,700 per day compared to $14,300 in the prior quarter. The fleet growth is expected to be limited in the upcoming two years staying at around 1.7 and 1.8 percent in 2020 and 2021 respectively. As a result of robust tanker demand, the rates in the second quarter have been rising even further, with MR voyages being book at $ 24,000 per day, with 55% of fixed for the quarter. Source: Ardmore “Based on these levels of oversupply, approximately 20% of the world tanker fleet could be committed to floating storage by the end of June, which is unprecedented. Floating storage is expected to rise rapidly as a practical and viable option,” Paul Tivnan, Chief Financial Officer of Ardmore Shipping, said in a conference call. The depleting on-shore oil storage capacities are expected to be capped by mid-May, according to the estimates from the International Energy Agency (IEA). IEA estimates that there are approximately 100 million barrels of available operational capacity in storage as of the end of April. A global oversupply of oil resulting from lower demand due to the COVID-19 pandemic and high production level has seen the unprecedented shortage of storage capacities translating in high rates for floating storage. “When an economic recovery does occur, oil demand would rise with it, with oil products available but in the wrong locations and a significant portion of the world tanker fleet still tied up in storage. This, we believe, could result in potentially a third round of strong rates,” he said. “In particular, if and when the oil market reaches max capacity for shore oil storage, we may enter a new and potentially more volatile phase of the tanker market, and if and when oil demand rebounds with an economic recovery sometime in the third quarter as the IEA are forecasting, we would expect more demand-driven volatility, potentially carrying into the winter. The MR order book is at an exceptionally low, with 173 product tankers on order and with around 80 MRs over 23 years old, which will be the likely candidates for scrapping. Ardmore reported a net income of $6.5. million for the first quarter of 2020, compared to a net loss of $9.2 milion in Q1, 2019 amid strong MR charter market. The net loss for the three months ended March 31, 2019, includes the loss on the sale of the Ardmore Seamaster of $6.6 million. Tanker owners have been reporting high earnings for the first quarter of this year amid soaring rates increasing by the week as demand for tanker storage shoots up. According to Ardmore’s CEO Anthony Gurnee, under such market conditions, the value of floating storage could go extraordinarily high resulting in the second round of strong tanker rates. “And most recently, we’ve booked voyages as high as $72,000 a day. So clearly, the market has been building over time. Any increase in TCE performance goes straight to the bottom line with every $10,000 a day increase in TCE performance adding $90 million to earnings and cash flow annually,” he added. Gurnee said that over the past three weeks the company’s MR voyages in progress have been earning $28,200 per day. The company has 25 vessels in operation, including 19 Eco MR tankers and six Eco-Design IMO 2 product / chemical tankers.
On Wednesday, April 19, the Southeastern Indiana Volleyball (SEIVB) coaching staff wrapped up their season with an end of year dinner. After dinner, we handed out a few awards to recognize our returning coaches who continue to dedicate their time and energy into improving area volleyball and impacting the future of volleyball in Southeastern Indiana.Tracy Meyer has been involved with the club for ten years. She continues to push her teams as well as be a cheerleader from the sidelines. Tracy enjoys the game and watching her daughter play for Batesville in the fall.The other years of service award was given to Larry Ehler for 20 years of dedication to the club. He has been an important part of the club since the beginning in 1997. Larry currently serves as a member of the board of directors for SEIVB as well as a coach in the 14-18s ages. Larry is also the assistant coach at East Central High School.We also recognized the teams that finished in the gold bracket at the Mideast Qualifier (MEQ) in Indianapolis at the end of March. Head coaches Ned Rogers and Emily Egbers finished 5th and 3rd respectively at the top tournament in this area.Overall, it was a great season for SEIVB. Several teams came home with tournament championships, others were lucky to go .500 on the weekend. However, all coaches felt the girls on their team improved drastically throughout the season and they will be contributors for their school teams next year.“We have a great group of coaches at our club. They are fun to watch coach and really do have a love for the game and the girls. I’m not sure they truly understand the impact they have on the girls and this game, but we are honored to have them and hope to have them all back again next year!” – Cassie Laker, SEIVB Board of Directors.