Home / Author Archives: hellenicshippingnews. (page 10)

Author Archives: hellenicshippingnews.

Oil Prices Rise On ‘Surprise’ Saudi Production Cut, But Can The Rally Last?

Saudi Arabia surprised the oil market today when, after a day of tense negotiations with Russia and other oil producers, it announced that it will cut 1 million barrels per day of oil of its own production in the months of February and March. Other OPEC+ producers will continue at current rates, except for Russia and Kazakhstan, which will increase production slightly. The decision looks an awful lot like the kingdom returning to its role as OPEC’s “swing producer.” In this scenario, other countries in the cartel increase their production ...

Read More »

Gulf Coast ULSD producers likely to remain cautious in 2021

US Gulf Coast refiners cut ULSD production in 2020 as the coronavirus pandemic lockdowns cut demand for transportation fuels virtually overnight, causing stocks to build as refiners were unable to slow down runs fast enough. While a rosier demand picture is forecast for 2021, USGC refiners are likely to remain cautious and carefully monitor market conditions so as not to overwhelm green shoots of recovery emerging as the coronavirus vaccine is rolled out. By year’s end, USGC refiners were running at 80.8% of capacity, up from October’s 72.7% utilization rate, ...

Read More »

2021 Will Be A Year Of Endless Uncertainty For U.S. Oil And Gas

As the new year dawns, the U.S. oil and gas industry is relieved to be leaving 2020 in its rear view mirror. The new year of 2021 will surely treat the industry better than 2020 did, won’t it? Or will 2021 turn to 2020 and say “hold my beer” where oil and gas is concerned? It’s a great question, and the truth is that no one knows the answer right now. Still, it’s time to roll out annual predictions for the year, and all a guy can do is take ...

Read More »

Venezuela’s oil industry expected to deteriorate further

Venezuela’s oil industry will likely continue to deteriorate in 2021, with the country’s roughly 300 billion barrels of crude in reserves left largely untapped even if oil prices move higher, according to industry sources. Venezuelan President Nicolas Maduro expanded his power after his political allies won a majority of the National Assembly in a Dec. 6 election. The election has made regime change less likely, and has been condemned by several countries, most notably the U.S., which has imposed harsh sanctions against Venezuela, contributing to a near-crippling of its oil ...

Read More »

China’s economy is expected 7,9% this year, forecasts the World Bank

The global economy is expected to expand 4% in 2021, with China’s economy expected to expand by 7.9% this year, World Bank said, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. The near-term outlook remains highly uncertain, and in a downside scenario in which infections continue to rise and the rollout of a vaccine is delayed, global expansion may be limited to 1.6%. Meanwhile, in an upside scenario with successful pandemic control and a faster vaccination process, global growth could accelerate to nearly 5%. World Bank said. ...

Read More »

China faces its biggest transformation to date

China’s well-known story of spectacular growth, at around 10 per cent annually for 40 years, is coming to an end because of both domestic and global factors. In analysing China’s prospects for the next several decades, three particular challenges are striking: The shift from a labour-surplus to a labour-scarce society; the shift from investment to innovation as the primary source of growth; and the shift in China’s global position from a rising power to an established power. AN AGEING WORKFORCE Rapid ageing is probably China’s biggest domestic challenge. The population ...

Read More »

Cooperation in East Asia key to economic recovery

Cooperation between China, Japan and South Korea helps promote regional and global economic recovery and is fundamentally important to maintaining order in East Asia as the world enters a period of turbulent changes, analysts said. The three countries should continue with practical efforts to boost cooperation in fighting against the novel coronavirus and push forward trade and economic cooperation in the wake of the COVID-19 pandemic, they said. “Looking back, trilateral cooperation was carried forward despite the impact of the coronavirus which is still raging across the world. Governments in ...

Read More »

Analysis: What obstacles does China need to overcome to join CPTPP?

China said in late 2020 that it would seriously consider joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP), but the process won’t be easy given the bloc’s strict membership requirements. Beijing’s announcement last December came during the Central Economic Work Conference, a key annual event in which the Chinese authorities lay out development plans for the coming year and beyond. It echoed a November pledge by Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) leaders meeting that China is sincere in its bid to embrace global trade ...

Read More »

Revised Dangerous Goods Code – check out the amendments!

BIMCO providing information on the latest amendments made to the International Maritime Dangerous Goods (IMDG) Code for shipment of packaged goods at sea: Amendment 40-20. The IMDG Code entered into its 40th Amendment in 2020 and came into voluntary application on 1 January 2021. Amendment 40-20 ( Amdt 40-20) will run concurrently with the mandatory IMDG Code Amdt 39-18 for this year 2021. It is envisaged that it will enter into mandatory force on 1 June 2022, a delayed enforcement date from 1 January 2022. BIMCO provides a summary of ...

Read More »

Fitch Ratings Updates Oil-Vessel Backed Financing Rating Criteria; No Rating Impact

Fitch Ratings has published an updated criteria report for rating oil-vessel-backed financing. It replaces the prior version published Feb. 4, 2020. The report outlines Fitch’s criteria for rating transactions backed by long-term charter and services agreements related to offshore vessels used in the production stage. The asset types currently include floating-production storage and offloading units and shuttle tankers. Fitch has clarified its view on the interaction with other criteria, specifically the Structured Finance and Covered Bonds Country Risk Rating criteria. Fitch has also incorporated additional sensitivity scenarios to its rating ...

Read More »

MABUX: Bunker market this morning, Jan.07, 2021

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO Gasoil) in the main world hubs) increased on Jan.06: 380 HSFO – USD/MT – 351.15 (+4.98) VLSFO – USD/MT – 439.00 (+7.00) MGO – USD/MT – 500.04 (+7.66) Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Jan.06 showed undercharging of 380 HSFO bunker grades in Singapore (-6 USD), Rotterdam (-7 USD) and Fujairah (-4 USD) and overcharging in Houston (+12 USD). At ...

Read More »

Scorpio Bulkers Inc. Announces Intention to Change Its Name to Eneti Inc.

Scorpio Bulkers Inc. announced that the Company intends to change its name to Eneti Inc. The change of the Company’s name is subject to approval at an Extraordinary General Meeting to be held on February 3, 2021 for shareholders of record as of December 29, 2020. Scorpio Bulkers Inc. announced on August 3, 2020, its intention to transition away from the business of dry bulk commodity transportation and towards marine-based renewable energy including investing in the next generation of wind turbine installation vessels. The Company intends to sell or have ...

Read More »

Wilson Sons will build six tugboats starting from 2021 

The new vessels will have a new project from Damen Shipyards and will add to the largest fleet in Brazil Wilson Sons will start, from the first quarter of 2021, the construction of six tugboats, at the Group’s shipyards in Guarujá (SP). The new vessels will be added to the Company’s fleet, the largest in Brazil, with 80 tugboats, spread across the Brazilian coast. “The new series will contribute to the renewal of the fleet and will facilitate support for large ships that will stop over the next few years ...

Read More »

Pan Ocean: Discount Factor to Erase

In 2021, the scale of Pan Ocean’s OP growth scale is set to expand on operating leverage effects in response to freight rate hikes and operating fleet expansion. Also boding well is Pan Ocean’s securing of long-term earnings growth momentum via strengthening LNG market exposure. We raise our TP from W5,400 to W6,400. Operating leverage effects to appear in 2021 on freight rate hikes Adhering to a Buy rating, we raise our TP on Pan Ocean from W5,400 to W6,400. Our TP increase reflects an upward revision in our target ...

Read More »

Shippers urged to take more responsibility for supply chain safety

TT Club’s analyses consistently indicate that two thirds of incidents related to cargo damage are caused or exacerbated by poor practices at the time of packing goods into a freight container. Such supply chain malpractice results in multi-million dollar losses, including tragic containership fires with loss of seafarers lives and significant delays. Extrapolating known figures, all such incidents are estimated to result in economic losses exceeding USD6 billion per year. Cargo interests, whether retailers, manufacturers, traders, exporters and particularly importers, which rely so heavily on the global supply chains that ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping