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16 hours ago
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Crude Oil Carrier Market Trends, Opportunities, and Forecast, 2020-2024 & 2025-2030: Eco-Friendly and Energy-Efficient Innovations Fuel Expansion, Navigating through Innovation and Sustainability
The key market opportunities in the Crude Oil Carrier Market include growing global demand for efficient, large-capacity vessels due to rising crude oil trade and regional production disparities. There's also a strong push for eco-friendly, energy-efficient ships driven by regulatory mandates and environmental awareness, fostering innovation and technological advancements. Crude Oil Carrier Market Dublin, June 03, 2025 (GLOBE NEWSWIRE) -- The "Crude Oil Carrier Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" has been added to offering. The Crude Oil Carrier Market was valued at USD 221.35 Billion in 2024, and is expected to reach USD 461.30 Billion by 2030, rising at a CAGR of 12.85% This market encompasses the design, construction, and operation of specialized vessels used to transport crude oil across international waters. These vessels are vital to the global energy infrastructure, facilitating the bulk movement of crude oil from production regions to refineries and end markets. Key carrier classes - VLCCs, ULCCs, Suezmax, and Aframax tankers - are engineered for capacity optimization, fuel efficiency, and compliance with international safety and environmental regulations. The growing scale of global crude oil trade, combined with the need for efficient, large-volume transportation solutions, is driving sustained investment in this market. As international energy demand persists - especially in emerging economies - alongside complex trade routes and regional production disparities, the market is poised for strong growth supported by technological innovation and environmental compliance initiatives. Growing Global Crude Oil Demand and Trade Volumes A key factor driving the crude oil carrier market is the persistent global demand for crude oil, which fuels increased cross-border trade volumes. Despite efforts to shift towards renewable energy, crude oil remains a critical energy source, especially in rapidly developing regions such as Asia-Pacific. Industrial growth, urban expansion, and rising populations in countries like China and India are driving energy needs that outpace domestic production capabilities. This imbalance necessitates larger, more frequent crude oil imports. As a result, oil-exporting nations and shipping companies are expanding their fleets to support uninterrupted supply chains. Furthermore, long-haul routes from regions like the Middle East and West Africa to major consuming nations increase the need for large-capacity, long-range crude carriers. Geopolitical factors and regional supply-demand disparities continue to support high levels of seaborne crude transport, reinforcing the strategic importance of a robust crude oil carrier fleet. Stringent Environmental Regulations and Compliance Costs The crude oil carrier industry is under pressure from increasingly strict environmental regulations aimed at minimizing the ecological footprint of maritime operations. Rules such as the IMO 2020 sulfur cap, ballast water management protocols, and GHG emission limits require significant investment in compliant technologies and fuels. Operators are compelled to retrofit existing fleets or commission new vessels with environmentally sound features like scrubbers or alternative propulsion systems. These regulatory demands drive up capital and operational expenditures and can deter investment from smaller operators. The need for LNG-ready ships, hybrid systems, and port infrastructure capable of supporting clean fuel technologies adds further complexity. Additionally, inconsistent enforcement across regions creates logistical uncertainty. Non-compliance risks, including fines, detentions, and insurance penalties, heighten the operational burden and risk profile of the sector, making regulatory navigation a formidable challenge for industry players. Increasing Adoption of Eco-Friendly and Energy-Efficient Vessels An emerging trend in the crude oil carrier market is the accelerated shift toward environmentally sustainable and energy-efficient vessels. Driven by global regulatory mandates and environmental awareness, shipowners are investing in dual-fuel engines, scrubbers, and clean propulsion technologies such as LNG and methanol. The adoption of energy-saving systems - such as advanced hull coatings, air lubrication, and optimized propellers - enhances fuel efficiency and reduces emissions. This movement is further supported by the digitalization of maritime operations through real-time performance monitoring and predictive maintenance systems. Charterers and stakeholders are increasingly prioritizing ESG compliance, prompting shipowners to align with sustainable shipping standards. Although these advancements require significant upfront capital, the long-term operational savings and regulatory benefits make green vessels a strategic asset. As environmental accountability becomes central to maritime logistics, demand for efficient and compliant crude oil carriers is set to rise, driving innovation across the industry. Key Attributes: Report Attribute Details No. of Pages 180 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $221.35 Billion Forecasted Market Value (USD) by 2030 $461.3 Billion Compound Annual Growth Rate 12.8% Regions Covered Global Report Scope Key Market Players China COSCO Shipping Corporation Limited China Merchants Group Limited Angelicoussis Group Teekay Corporation Tsakos Group Minerva Marine Inc. Nordic American Tankers Limited Kuwait Oil Tanker Co. S.A.K. SFL Corporation Ltd Taiyo Cabletec Corporation Crude Oil Carrier Market, By Type: Deposit Control Antioxidant Corrosion Corrosion Inhibitors Others Crude Oil Carrier Market, By Application: Diesel Gasoline Aviation Turbine Fuel Others Crude Oil Carrier Market, By Region: North America United States Canada Mexico Europe France United Kingdom Italy Germany Spain Asia-Pacific China India Japan Australia South Korea South America Brazil Argentina Colombia Middle East & Africa South Africa Saudi Arabia UAE Kuwait Turkey For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Crude Oil Carrier Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
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6 days ago
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Performance Shipping reports Q1 EPS 76c vs. 29c last year
Reports Q1 revenue $21.3M vs. $22.4M last on the results of the first quarter of 2025, Andreas Michalopoulos, CEO, stated: 'Our solid financial results for the first quarter of 2025 demonstrate our ability to successfully navigate the market cycle capitalizing on our efficient vessel operations and balanced fleet deployment strategy. During the quarter, our exposure to the spot market upside through the operations of our two Aframax tanker vessels under voyage charters and pool arrangements along with the robust cash flow secured through the time charter contract arrangements of our remaining fleet, enabled us to achieve a fleetwide average time charter equivalent rate of $30,843 per day. Notwithstanding the significant softening observed in crude oil tanker charter rates over the past year, our Company generated revenue of $21.3 million during the first quarter of 2025. This figure compares favorably to the revenue of $22.4 million generated during the same period last year, underscoring our ability to deliver strong performance even in more challenging market conditions. In particular, the average Aframax tanker charter rate stood at $31,931 per day in the first quarter of 2025, that is significantly lower than the average daily rate of $56,338 recorded in the same period last year. Despite this decline, the Aframax tanker market remains resilient and constructive, supported by solid market fundamentals. As a result, during the current quarter spot rates for Aframax tankers averaged at approximately $40,700 per day, providing an attractive freight rate environment for our fleet operations. Pursuant to our fleet renewal and expansion strategy, focused on selective acquisitions and opportunistic sales of older vessels, we completed the sale of our 2011-built Aframax tanker, M/T P. Yanbu, during the first quarter of 2025. The transaction was concluded at a gross sale price of $39 million and resulted in a gain on vessel sale of $19.5 million. As a result, our Company reported net income attributable to common stockholders of $29.0 million for the quarter, representing a 164% increase on a year-over-year basis. At the same time, we remain focused on our newbuild program, which remains well-supported by our strategic long-term partnership with a top-tier charterer as well as the delivery financing secured for three of our newbuilding vessels. Our financial position remains robust, with a quarter-end cash balance of approximately $108.3 million, representing 2.4x our outstanding bank debt, and an aggregate revenue backlog of $220 million.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on PSHG: Disclaimer & DisclosureReport an Issue PSHG Earnings Report this Week: Is It a Buy, Ahead of Earnings? Performance Shipping Inc. Announces Forward Sale Agreement for Aframax Tanker Performance Shipping enters potential forward sale agreement for M/T P. Sophia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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7 days ago
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Planning to dredge the Burrard Inlet to maximize oil shipments is underway
An ocean pollution researcher and at least one First Nation are raising concerns about the Vancouver Fraser Port Authority's (VFPA) plan to dredge the Burrard Inlet. Dredging is when the bed of a body of water is dug out to make way for ships or for construction or cleaning purposes. Ocean researcher Juan José Alava told CBC's On The Coast that periodic dredging is common for navigation maintenance in the Inlet. However, he says he was surprised to hear that the port is planning to dredge for the purpose of maximizing oil tanker capacity. The VFPA plan is to maximize oil shipments from the port. Currently, Aframax tankers, a specific size of oil tanker, with a deadweight ranging from 80,000 to 120,000 metric tonnes, can carry loads up to 80 per cent, with the goal of increasing capacity to 100 per cent. However, doing so carries the risk of hitting the sea bottom. According to Alava, another risk is environmental harm. LISTEN | Burrard Inlet could be dredged to maximize oil shipments: Alava is the principal investigator for the Ocean Pollution Research Unit at the University of British Columbia, and says that this development is deeply concerning because of the potential effect on water quality, aquatic life, and First Nations culture in the area that is dependent on the Inlet and the Second Narrows channel. "At what environmental cost, for a single tanker, do you want to dredge the Burrard Inlet? What about the First Nation communities that are living there?" He says that as a scientist who studies marine toxicology, the risk of dredging to increase oil tanker capacity can have a drastic impact on the environment if there is an oil spill, citing lessons learned from the Exxon Valdez southern Alaska spill 36 years ago. Alava says that you can still find oil remnants in B.C. from that spill today, so environmental impact assessments and Indigenous consultation are necessary. Tsleil-Waututh Nation's Chief, Jen Thomas, said in a written statement on May 8, that no formal engagement has happened about dredging the Burrard Inlet that runs past the nation. Thomas says that the nation firmly opposed the Trans Mountain Expansion Project, adding that the Government of Canada built it despite the nation's informed decision not to consent to the project. "Tsleil-Waututh has a sacred, legal obligation to protect, defend and steward our Inlet. We hold inherent and Constitutionally-protected Indigenous title and rights to this area." Under UNDRIP, the B.C. government has a duty to obtain free, prior and informed consent from First Nations when pursuing projects in their territories. Thomas says that the nation will have more to say about the matter once it reviews the proposal and says that it looks forward to meeting with agencies in the future about any projects that may affect Tsleil-Waututh Nation rights and title. Despite concerns from environmentalists and First Nations, B.C. Energy and Climate Solutions Minister Adrian Dix is supportive of the project, pending it meeting environmental assessment and consultation requirements with First Nations. In a report from the Canadian Press released on May 11, Dix says that the province spoke with the Tsleil-Waututh Nation before expressing views about the project to the federal government. The plan, floated by Prime Minister Mark Carney in early May, comes at a time when Canada is looking to diversify energy exports away from the United States. Dix stressed that the dredging would be a federal project, not provincial and that the project "would allow for less traffic at the port and better utilization" because ships could fully load. The dredging project's preliminary stages of environmental assessment and First Nation consultation began on May 20.
Yahoo
23-05-2025
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Frontline CEO Says Tanker Industry 'Maintains Business As Usual' Amid Uncertainty
Frontline Plc (NYSE:FRO) shares are trading higher on Friday. The company reported revenue of $427.9 million, surpassing the $264.2 million consensus. Adjusted EPS declined to 18 cents from 62 cents a year ago, missing the consensus of 23 cents. The company's reported spot time charter equivalent earnings (TCEs) for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $37,200 (vs. $48,100 last year), $31,200 (vs. $45,800 last year) and $22,300 (vs. $54,300 prior year) per day. At the close of the first quarter of 2025, contracted ballast days totaled 887 for VLCCs, 306 for Suezmax tankers, and 216 for LR2/Aframax of March 31, 2025, the company owned a fleet of 81 vessels, including 41 VLCCs, 22 Suezmax tankers, and 18 LR2/Aframax tankers, with a total capacity of approximately 17.8 million DWT. Net operating income for the quarter declined to $93.2 million from $251.3 million a year ago. Operating cash flow was $137.9 million in the first quarter, compared to $171.3 million in the same quarter a year ago. The company held cash and cash equivalents of $436.5 million at the end of the quarter. The Board declared a $0.18 per share dividend for the first quarter, payable on or about June 24, 2025, with a record date of June 12, 2025. Lars H. Barstad, CEO of Frontline Management AS, said, 'The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace.' 'Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys.' 'Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet,' Barstad added. Inger M. Klemp, CFO of Frontline Management AS, said, 'Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates.' Frontline expects spot TCEs for the second quarter of 2025 to be lower than the spot TCEs currently contracted, primarily due to the impact of ballast days. Investors can gain exposure to the stock via SonicShares Global Shipping ETF (NYSE:BOAT). Price Action: FRO shares are trading higher by 3.90% to $17.85 at last check Friday. Read Next:Photo by Faraways via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? FRONTLINE (FRO): Free Stock Analysis Report This article Frontline CEO Says Tanker Industry 'Maintains Business As Usual' Amid Uncertainty originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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23-05-2025
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FRO – First Quarter 2025 Results
FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025 Frontline plc (the 'Company', 'Frontline,' 'we,' 'us,' or 'our'), today reported unaudited results for the three months ended March 31, 2025: Highlights Profit of $33.3 million, or $0.15 per share for the first quarter of 2025. Adjusted profit of $40.4 million, or $0.18 per share for the first quarter of 2025. Declared a cash dividend of $0.18 per share for the first quarter of 2025. Reported revenues of $427.9 million for the first quarter of 2025. Achieved average daily spot time charter equivalent earnings ("TCEs")1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the first quarter of $37,200, $31,200 and $22,300 per day, respectively. Entered into three senior secured credit facilities in February 2025 for a total amount of up to $239.0 million to refinance the outstanding debt on three VLCCs and one Suezmax tanker maturing in 2025 and, in addition, provide revolving credit capacity in a total amount of up to $91.9 million. Entered into one senior secured term loan facility in April 2025 in an amount of up to $1,286.5 million to refinance the outstanding debt on 24 VLCCs approximately three and a half years prior to maturity to reduce the margin. Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented: 'The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace. Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys. Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet.' Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added: 'Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the Company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.' Average daily TCEs and estimated cash breakeven rates ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for the next 12 months Q1 2025 Q4 2024 2024 Q2 2025 VLCC 37,200 35,900 43,400 56,400 68% 29,700 Suezmax 31,200 33,300 41,400 44,900 69% 24,300 LR2 / Aframax 22,300 26,100 42,300 36,100 66% 23,300 We expect the spot TCEs for the full second quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the second quarter of 2025. See Appendix 1 for further details. The Board of DirectorsFrontline plcLimassol, CyprusMay 22, 2025 Ola Lorentzon - Chairman and DirectorJohn Fredriksen - Director James O'Shaughnessy - Director Steen Jakobsen - DirectorCato Stonex - DirectorØrjan Svanevik - DirectorDr. Maria Papakokkinou - Director Questions should be directed to: Lars H. Barstad: Chief Executive Officer, Frontline Management AS+47 23 11 40 00 Inger M. Klemp: Chief Financial Officer, Frontline Management AS+47 23 11 40 00 Forward-Looking Statements Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies; fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and high interest rates and foreign exchange rates; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company's floating interest rate debt instruments; general market conditions, including fluctuations in charter hire rates and vessel values; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; changes in the Company's operating expenses, including bunker prices, dry docking, crew costs and insurance costs; planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned; our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market; availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements; availability of skilled crew members and other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies; Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery; general economic conditions and conditions in the oil industry; effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries; vessel breakdowns and instances of off-hire; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate; risks associated with potential cybersecurity or other privacy threats and data security breaches; potential conflicts of interest involving members of our Board of Directors and senior management; the failure of counter parties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; our dependence on key personnel and our ability to attract, retain and motivate key employees; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; the volatility of the price of our ordinary shares; our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States; changes in governmental rules and regulations or actions taken by regulatory authorities; government requisition of our vessels during a period of war or emergency; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the arrest of our vessels by maritime claimants; general domestic and international political conditions or events, including 'trade wars'; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the war between Russia and Ukraine and possible cessation of such war, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels; the impact of restriction on trade, including the imposition of tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the EU on the United States, and potential further protectionist measures and/or further retaliatory actions by others, including the imposition of tariffs or penalties on vessels calling in key export and import ports such as the United States, EU and/or China; the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation of crude oil and refined products; the impact of port or canal congestion; business disruptions due to adverse weather, natural disasters or other disasters outside our control; and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission. We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS ('non-GAAP'). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure. Attachment 1st Quarter 2025 ResultsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
