Home / Author Archives: hellenicshippingnews. (page 1020)

Author Archives: hellenicshippingnews.

India’s Venezuelan June oil imports highest in 7 quarters- trade

India’s oil imports from Venezuela surged to about 475,200 barrels per day (bpd) in June, more than double the previous month and highest in 21 months, data from shipping and industry sources showed. Washington imposed sanctions on Venezuela’s state oil company PDVSA in January to put pressure on socialist President Nicolas Maduro. These sanctions have driven away many customers of Venezuelan oil, leaving supplies for some refiners. Private refiners Reliance Industries and Nayara Energy, part owned by Russian oil major Rosneft, are the only Indian buyers of Venezuelan oil. These ...

Read More »

Analysis: China steel margins skating on thin ice

Chinese steelmakers have seen their margins eroded due in large part to seaborne iron ore prices rising by around 70% since the start of the year. But margins for domestic hot-rolled coil sales were already under pressure before Vale’s iron ore tailings dam incident on January 25, and the cyclone that hit Australia’s Pilbara region in March, caused iron ore prices to start their climb. In January, S&P Global Platts 62% Fe iron ore benchmark averaged $76/mt CFR China; domestic Chinese HRC prices averaged $542/mt, and HRC margins were only ...

Read More »

Oversupplied Atlantic coal faces near-term pressure

European coal prices faced further losses this week amid a lingering glut of supply, although the market could garner some support from related energy markets and technical signals, participants said. The API 2 front-month contract traded last down USD 0.20 on Ice Futures to USD 59.50/t, while the front year was flat at USD 68.50/t. The front month has shed 3% over the past week, with pressure coming from oversupply as well as seasonally weak demand and softer freight rates. Last Monday, the Baltic Dry Index, a gauge for global ...

Read More »

China’s winter steel policy indicates continued strong output

China’s steel output cut policy for this coming winter period will be similar to the one implemented last year, with more autonomy given to provincial governments and higher performing mills exempt from the production restrictions. This could mean a continuation of strong steel production and more pressure on steel prices. China orders parts of its industrial sector to curb activity in a bid to lower pollution during the winter months. Mills that meet ultra-low emissions standards across the entire steelmaking process – from raw materials to finished steel – will ...

Read More »

Oil prices rise as market eyes likely Fed rate cut

Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel consumption in the world’s biggest oil user. Brent crude rose 56 cents to $64.27 a barrel by 0906 GMT. It is set for a monthly fall of more than 3%, however, due to lingering worries about oil demand. U.S. crude was up 44 cents at $57.31 a barrel, but also set for a monthly decrease of around 1.8%. ...

Read More »

On battleground Iran, a crude China versus US standoff

An interesting new variable is getting into the ‘crude’ play — its China versus the United States. And Iran is the battleground. Almost three months have elapsed since the US slapped sanction on crude imports from Iran. Washington’s intentions were clear. It wanted to bring Tehran to its knees. It wanted to bring down its crude exports to almost zero. But things don’t appear going that way. China is standing in between. Despite the US sanctions, Iranian crude continues to flow into China. China has been a signatory to the ...

Read More »

Opec could roll over cuts on weaker oil demand

Opec could roll over its regime of production cuts until the end of 2020 as demand from the top oil-consuming countries such as the US, China and India continues to slow, said a report from Jadwa Investment in Riyadh. “Partly as a result of global trade tensions, Opec now expects to see oil demand growth from US, China [and India] declining on a yearly basis in 2020,” the report said. “Whereas in 2019, the above three countries’ contribution to yearly demand growth is expected to make up 67 per cent ...

Read More »

Stormy sterling sinks again, stocks wilt before Fed

Brewing no-deal Brexit worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in U.S. rates since the financial crisis. Europe’s markets suffered a stormy start as the pound followed its worst day of the year with another 0.5% swoon against all the major currencies. A blizzard of fiery talk on Monday that included the new UK Prime Minister Boris Johnson calling his predecessor’s Brexit plans dead and ...

Read More »

Sterling slides towards $1.21 amid scramble to price no-deal Brexit

Sterling tumbled towards the $1.21 mark versus the dollar and crashed to 2-1/2 year lows against the yen on Tuesday as the growing likelihood of a disorderly Brexit led investors to hedge or cut their exposure to British assets. Its fortunes long tied to the outcome of Britain’s divorce from the European Union, sterling is suffering from an apparent panic among investors about the prospect of a no-deal Brexit – long regarded by financial markets as unlikely – materialising under the new prime minister. The British currency has shed around ...

Read More »

Goldman says Asia’s trade slump is showing signs of bottoming

There are signs that Asia’s export slump is bottoming out. That’s according to Goldman Sachs Group Inc. economists who highlight a substantial pick up in exports to the U.S. from Asian economies including Taiwan, Vietnam and India that’s effectively canceling out the fall in shipments from China. “Initial shocks from the trade war might be behind us, with Asian exports to China recovering and tech exports catching up with stable non-tech exports,” Goldman economists led by Andrew Tilton wrote in a note. “Also, a rebound in the Asian trade cycle ...

Read More »

Asia’s triple whammy — China slowdown, trade war and chips

They used to say that when the United States sneezes, the rest of the world catches a cold. These days, you can apply this economic metaphor equally to China, whose global influence is being felt like never before. In Asia, the impact is multiplied. Many Asian economies prioritized strong trade links with China long before the 2008/9 financial crisis took hold. So amid the Great Recession, as Beijing unleashed a RMB 4 trillion ($586 billion, €526 billion) super stimulus program for the Chinese economy, its positive effects rippled across the ...

Read More »

EU signals tighter financial market access after Brexit

Britain will not automatically have direct access to the European Union’s financial markets after Brexit, even if it meets all the conditions set out by Brussels, under an EU policy document. Updating its policy on market access for foreign banks, insurers and investment firms, the EU’s executive European Commission said countries outside the bloc would not necessarily have market access even if their rules were equivalent. Faced with a huge financial centre on its doorstep that would be outside the bloc after Brexit, Brussels has begun tightening up equivalence conditions. ...

Read More »

Tanker Market Rates 30/07/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Read More »

Iran’s use of the Strait of Hormuz is coldly calculated

The last two months have witnessed escalating tensions in the Gulf with magnetic mines exploding on tankers, surveillance drones shot out of the sky and oil cargo seized. With the seizure of the Stena Impero, a British-flagged oil tanker, Tehran has indicated, in deeds as well as in words, that, being geographically tied to the Strait of Hormuz, it views the security of the waterway as its “own responsibility.” Iranian officials have spoken about the country’s commitment to “securing” the highly strategic strait. What Tehran is implying is that the ...

Read More »

MABUX: Bunker market this morning, July 29.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight downward evolution on July 26: 380 HSFO – USD/MT – 415.70(-1.94) 180 HSFO – USD/MT – 451.55(-3.25) MGO – USD/MT – 657.07(-2.19) Meantime, world oil indexes changed also insignificant and irregular on Jul.26: the fears of a Middle East showdown in the Strait of Hormuz unable to push up prices after being trumped by greater fears of an economic slowdown and weak demand outlook. Brent ...

Read More »

Recent Videos

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