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Squeezed by sanctions, Venezuela sells oil to tiny Turkish firm

With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro’s government, according to internal documents and a PDVSA source. Until recently, some of the world’s largest petroleum and refining firms, including U.S. companies Chevron and Valero Energy, lined up to take Venezuelan oil cargoes and PDVSA had a rigorous vetting process to ensure potential buyers had the capacity to pay. But U.S. sanctions ...

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Analysis: US LNG feedgas demand hits record highs in July

US LNG feedgas demand is trending near record-high levels this month as newly minted liquefaction facilities along the Gulf Coast continue to ramp up, despite narrow margins for export profit. In July, gas demand from the six operational US export facilities has averaged nearly 6.2 Bcf/d. Demand hit a single-day record high just below 6.4 Bcf/d on July 4 and was estimated at just under that level Monday, data compiled by S&P Global Platts Analytics shows. The more-than-600 MMcf/d increase in feedgas demand since last month comes principally from an ...

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Russia’s Dirty Oil Crisis Leaves Pipe Giant With a Few Scars

As the biggest disruption to Russian oil flows in decades draws to a close the country’s European market looks remarkably unscathed, but its pipeline operator bears a few scars. For Transneft PJSC — the giant company that runs enough pipes to wrap five times round the Earth — the worst didn’t happen. There’s little sign that buyers are turning away from Russian crude, despite the crucial Druzhba supply network being shut down for weeks by chemical contamination. Yet the relief of retaining customers will be tempered by large compensation claims ...

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Europe sees lowest natural gas prices in a decade

Natural gas prices in Europe have plummeted thanks to a rising gas export war between Russia and the US, much to the delight of European consumers. European natural gas prices are at a historical low and below the cost of shipping gas from the US to Europe. In May, prices remained just above this floor, fetching around $4.20 per million British thermal units (MMBtu). But this floor seems to be crumbling, if not collapsing, now that the Dutch front month gas price (TTF) has hit a fresh low of $3.20 ...

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Europe Stocks Edge Down Ahead of Fed Testimony

European stocks slipped on Wednesday as investors awaited Federal Reserve Chairman Jerome Powell’s congressional testimony, where he will face questions on the central bank’s interest rate intentions. The pan-continental Stoxx Europe 600 fell 0.2% midmorning to extend Tuesday’s losses, dragged down by food-and-beverage and media stocks. Benchmark indexes in France and Germany also posted modest declines. In the U.S., futures for the S&P 500 and the Dow Jones Industrial Average both fell around 0.1%. Futures don’t necessarily predict moves after the market open. The yield on 10-year U.S. Treasurys rose ...

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‘Bad news everywhere’: Sterling held near two-year lows

Britain’s economic gloom and a fast-approaching Brexit deadline kept sterling near two-year lows on Wednesday, while diplomatic spats with the United States and China highlighted the country’s troubled ties with other trade and political partners. The past two weeks or so have seen a sharply deteriorating outlook for the British currency, which is set for a record 10-week losing streak versus the euro. Against the dollar, it is at its weakest since April 2017, excepting a “flash crash” in January. “It looks like sterling is managing to find bad news ...

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China’s elite lost $530 billion in 2018

Trade tensions with the US gripped the Chinese economy during 2018, and as growth sputtered worldwide, China’s wealthy lost nearly $530 billion, likely because of a dip in the country’s stock market. After seven years of increases in the number of high-net-worth individuals (HNWI), approximately 100,000 people fell from the global elite between 2017 and 2018, with the Asia-Pacific region hit the worst. Wealth among the rich in the Asia-Pacific region fell $1 trillion—from $21.6 trillion to $20.6 trillion—according to the 2019 World Wealth report from Capgemini, a French consulting ...

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What to expect from China’s economy

As frictions with the rest of the world pile up, China is actively turning to development of its domestic economy to find growth potential. Thanks to structural optimization, the economy is expected to expand. In the second half of the year, new and old structural components that curbed consumption will be eliminated. Tax cuts are expected to guide corporate profits and stabilize investment. While the total amount of real estate investment will decrease, its pressure on economic growth may end up being less than the market expects. In terms of ...

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SCF marks the first year of operating LNG-fuelled oil tankers

Since taking delivery of the first of its ‘Green Funnel’ LNG-fuelled Aframax crude oil tankers a year ago, in July 2018, PAO Sovcomflot (SCF Group) has accumulated data showing that using LNG as a primary fuel for these large-capacity tankers enabled a 30 per cent reduction of CO2 emissions compared with similar vessels powered by traditional heavy fuel. This reduction exceeds the original design target values. Igor Tonkovidov, Executive Vice President and CTO/COO of Sovcomflot, delivered a report on the first results of operating ‘Green Funnel’ series tankers while visiting ...

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MABUX: Bunker Market this morning July, 10

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated upward changes on July, 09: 380 HSFO – USD/MT 428.13 (+3.69) 180 HSFO – USD/MT 464.58 (+2.65) MGO – USD/MT 653.37 (+0.66) Meantime, world oil indexes demonstrated slight irregular changes on July, 09 Brent for September settlement increased by $0.05 to $64.16 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $0.17 to $57.83 a barrel on the ...

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Taiwan’s CSBC Corp. completes desulfurization mod on 13,000-TEU container ship

Taiwan’s premier shipbuilding company, CSBC Corp., recently completed modifications to a massive container ship owned by Hong Kong-based Orient Overseas Container Line (OOCL). The modification contract included the installation of a flue gas desulfurization system on the massive 13,000-TEU ship and took about a month and a half to complete, reports the Liberty Times. The ship docked on May 22, and the work was completed on Tuesday (July 9). This was the first time CSBC Corp. has carried out this modification on such a large vessel, and the company is ...

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Freight charges to go up for India’s exporters/importers

India’s exporters and importers will have to pay more on freight as global container lines start levying a war risk surcharge ranging between $36 and $42 for shipping cargo containers to and from the Arabian Gulf transiting through the Strait of Hormuz in the wake of escalating tensions in the region. French container line CMA CGM has started charging an Extra Risk Coverage Surcharge of $36 per twenty-foot equivalent unit or TEU from July 5 for shipments to/from Oman, the UAE, Qatar, Bahrain, Saudi Arabia (Dammam + Jubail), Kuwait and ...

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Committing to decarbonization in the Caribbean maritime sector

Government and private stakeholders have expressed their support for climate action in the Caribbean, with a focus on decarbonizing the shipping sector, during a regional workshop on Capacity Building for Climate Mitigation in the Maritime Shipping Industry, held at the Chaguaramas Campus of The University of Trinidad and Tobago (1-3 July). The workshop, the second for the region, was hosted by the Maritime Technology Cooperation Centre (MTCC) Caribbean – one of five regional centres established under the IMO-led, European Union-funded Global MTCC Network (GMN) project. Participants were updated on pilot ...

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Vessels Change Names or Go Dark to Ship Venezuelan Crude to Cuba

Stopping the flow of Venezuelan oil to its ally Cuba might prove harder than the U.S. expected. Tankers are being renamed and vessels are switching off their transponders to sail under the radar of the U.S. government. The vessel Ocean Elegance, an oil tanker that has been delivering Venezuelan crude to Cuba for the past three years, was renamed Oceano after being sanctioned in May. The ship S-Trotter, another one that’s on the sanctions list, is now known as Tropic Sea, according to data compiled by Bloomberg. The oil tanker ...

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Gulf tanker attacks had no impact on UAE maritime flows, minister says

The recent attacks on oil tankers in the Gulf of Oman had no impact on the UAE’s maritime flows, according to a top government official. “We have not seen any changes in this,” Abdullah Al Nuaimi, chairman of UAE’s Federal Transport Authority and its infrastructure and development minister, said on Sunday. “I don’t see an impact of that.” Oil prices continued an upward trend on Sunday gaining 1.47 per cent with benchmark Brent crude reaching $64.23 per barrel at 5.51pm UAE time amid simmering tensions in the Middle East. There ...

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