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Saudi Arabia may cut July oil prices to Asia for first time in 5 months

Saudi Arabia, the world’s biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said. The July official selling price (OSP) for flagship Arab Light crude is expected to fall by 30 to 50 cents a barrel, a Reuters survey of five refiners showed, after hitting a five-month high in June. The potential price reduction for Asia, which accounts for 82% of Saudi’s oil exports, ...

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CHINA DATA: May crude throughput unlikely to rebound amid maintenance, weak demand

Crude throughputs at China’s refineries are less likely to see a strong recovery in May from a four-month-low in April, amid heavy refinery maintenance coupled with weak demand for oil products, refinery sources told S&P Global Commodity Insights May 28. China’s crude throughput fell to 14.36 million b/d (58.79 million mt) in April with the first monthly year-on-year decline since August 2022, at 3.3%, latest National Bureau of Statistics data showed. In May, a combined capacity of 1.9 million b/d has been offline for maintenance, including those shut from April ...

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Why does OPEC+ often clash over oil production capacity?

OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation’s output target is calculated from its notional capacity. Members of OPEC+ – comprising OPEC and allies such as Russia – tend to push for higher capacity to get higher output targets after the percentage cut required by the group is factored in. OPEC+ has been curbing output to support prices. But as many members rely on oil export revenues, they have ...

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Bond yields climb, stocks under pressure as Fed cut doubts resurface

U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. rose for a fourth day to reach a four-week high amid speculation OPEC+ will maintain production cuts at a meeting this Sunday. Benchmark U.S. 10-year yields ticked up as high as 4.568% in Tokyo trading hours, a level not seen since May 3, following poorly received two- and five-year Treasury auctions overnight. Equivalent Japanese ...

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Yen hits 4-week low, euro dips after German inflation data

The Japanese yen drifted to its softest level in four weeks against the dollar on Wednesday on the back of rising U.S. yields, as placid markets encouraged investors to resume carry trades, while the euro weakened after German inflation data. The dollar reached as high as 157.41 yen early on Wednesday, inching back to levels that led to bouts of likely intervention from Tokyo at the end of April and early May, albeit rising at much slower pace than it did last month. It was last at 157.10 yen, steady ...

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BRI stabilizes China-Europe trade, transport, says rail CEO

The China-proposed Belt and Road Initiative (BRI) is bringing stability to people and trade routes, the chief executive officer (CEO) of Austrian Federal Railways (OeBB) has said. Geopolitical conflicts and crises, which are harmful to rail transport and the economy, have made the BRI “even more important,” Andreas Matthae said in a recent interview with Xinhua. As of Saturday, the total number of trips under the BRI flagship program — China-Europe freight train — has surpassed 90,000. This extensive network currently serves 223 cities in 25 European countries and over ...

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Climate debate intertwined with cost-of-living concerns as EU elections loom

Shaken by several crises in the past five years, EU citizens voting in the bloc’s elections in June will be doing so amid concerns over high inflation, rising energy costs and a war on their doorstep. Climate action could be a harder sell, and polls indicate a shift to the right. A new European Commission will also have to forge a path forward through challenging geopolitical relations with China, a key manufacturer contributing to the EU’s clean technology supply chains. Voters go to the polls June 6-9 to elect members ...

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Past ECB bond buys may have blunted rate hikes’ impact, Schnabel says

The European Central Bank’s massive bond purchases in the recent past may have blunted the impact of its subsequent interest rate hikes by keeping a lid on borrowing costs in the debt market, ECB policymaker Isabel Schnabel said on Tuesday. The ECB bought bonds worth more than 5 trillion euros between 2015 and 2022 in a bid to revive inflation that was then too low. But it pulled a belated U-turn when prices started soaring much faster than it had expected in the aftermath of the COVID-19 pandemic and Russia’s ...

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Drewry: Dry Bulk Equity Index Up 25.2% Year-to-Date Eclipsing the S&P 500

The difference in returns between the Drewry Dry Bulk Equity Index and the S&P 500 continues to narrow in 2024, showcasing the sectorial index’s outperformance. In YTD (ending 23 May), the Drewry Dry Bulk Equity Index rose 25.2%, surpassing the S&P 500’s 10.4% gain over the same period. This trend persisted into May 2024 (ending 23 May), with the sectorial index increasing 4.9%, slightly outpacing the S&P 500 index’s 4.6% rise. All stocks of the Drewry Dry Bulk Equity Index rose in May with DS Norden being the top performer ...

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LNG shipping stocks paused

The UP World LNG Shipping Index (UPI) lost 1.24 points or 0.76% last week, reaching a closing value of 152.38 points. This index monitors the stocks of companies that specialise in LNG shipping. The S&P 500 (SPX) index, representing US stocks, gained 0.03%. The image below displays both indices.   Despite the decline in UPI, there were two weeks of gains, and the uptrend continues. UPI remained at high levels this year, close to all-time highs. The number of decliners was higher than gainers, and most movements were mild. However, ...

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OOIL leads gains in listed dry bulk shipping firms on strong freight rates

Shares of Orient Overseas (International) Ltd 0316.HK (OOIL) lead the rise in Hong Kong-listed dry bulk shipping firms, climbing 5.3% to HK$144.50 – the highest since May 9, 2023 OOIL is the second biggest pct gainer in Hang Seng Commerce & Industry Index .HSNC and Hang Seng Index .HSI Jefferies says container freight rates continue their strong rebound with higher charter rates reflecting market tightness and it prefers pure container lines such as COSCO and OOIL HSBC says container shipping heading towards an early peak season and container freight rate ...

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Idemitsu, ENEOS, Toyota, MHI eye introducing carbon-neutral fuels in Japan by 2030

Japan’s Idemitsu Kosan, ENEOS, Toyota Motor and Mitsubishi Heavy Industries have agreed to jointly consider introducing carbon-neutral fuels in the country around 2030, the companies said in a joint statement May 27. Following the agreements, Idemitsu, ENEOS, Toyota and MHI have commenced a study to introduce and spread carbon-neutral fuels in the country as part of efforts toward carbon neutrality. The study followed a signing of memorandum of understanding Jan. 31, 2024, following a proposal from Toyota in the second half of last year to seek a multi-pathway approach toward ...

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NYK Begins First Long-Term Biofuel Test Run on Large Crude Oil Tanker

On May 2, Nippon Yusen Kabushiki Kaisha (NYK) began a long-term biofuel* test run on its very large crude oil tanker (VLCC) Tenjun (hereafter “the vessel”). The vessel received an initial supply of biofuel in Singapore and will continue to use biofuel for approximately three months to comprehensively verify the safe and stable procurement of biofuel for long-term use. NYK has conducted many short- and long-term safety trials of biofuel use on bulk carriers, car carriers, and liquefied petroleum gas (LPG) carriers, but this is the first time an NYK-operated ...

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Bidding Announcement of 4211DWT Oil Tanker “ GUANG HUI 318”

Entrusted by the transferor (the Sellers), we have scheduled to hold a public bidding online (www.shipbid.net) from 14:00 to 14:30 (Beijing time) on June 12th, 2024. 1. Bidding Object: MV “GUANG HUI 318”, Oil Tanker (flash point ≤ 60°C); Double Hull; PoR: Zhuhai, China; Inspection Authority: CCS; Trading Area: A1+A2+A3; LOA: 90.00m; MLB: 15.20m; MLD: 7.20m; DWT: 4211.87t; GRT: 2882; NRT: 1215; M/E: Wartsila 6L20, 1080kW@1000r/min*2; Built : July 10, 2014; Builder: Rizhao Kingda Shipbuilding Heavy industry Co.,Ltd China (Data and relevant information provided in this announcement are for reference ...

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The Port of Gothenburg Seeks Car Terminal Operator

Logent Ports and Terminals has successfully operated the Port of Gothenburg car terminal at since 2011, but the contract is set to expire in 2026. The Gothenburg Port Authority has now initiated the process of procuring a future terminal operator in Sweden’s largest car port. The number of vehicles handled at the port has increased by nearly 100,000 units since the terminal company Logent Ports and Terminals took over operations of the port’s car terminal in 2011. This is an increase of about 60% over 15 years. In 2023 alone, ...

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