Home / Author Archives: hellenicshippingnews. (page 1158)

Author Archives: hellenicshippingnews.

India’s Crude Oil Production Falls 5.83% In April-October 2019

Domestic Crude oil production during October, 2019 was 2738.44 TMT which is 7.21% lower than target and 5.09% lower when compared with October 2018. Cumulative crude oil production during April-October, 2019 was 19110.46 TMT which is 4.91% and 5.83% lower than target for the period and production during corresponding period of last year respectively. Natural gas production during October, 2019 was 2641.04 MMSCM which is 8.46% lower than the monthly target and 5.60% lower when compared with October, 2018. Cumulative natural gas production during April-October, 2019 was 18646.15 MMSCM which ...

Read More »

EIA Reports Season’s First Natural Gas Storage Withdrawal

The U.S. Energy Department’s weekly inventory release showed a larger-than-expected decrease in natural gas supplies – the season’s first withdrawal. However, the positive sentiment was overwhelmed by the lack of meaningful demand amid strong production, which led prices to trickle down. The Withdrawal Season is Underway Stockpiles held in underground storage in the lower 48 states fell by 94 billion cubic feet (Bcf) for the week ended Nov 15, above the guidance (of 91 Bcf fall). The decrease was also higher than the five-year (2014-2018) average net shrinkage of 32 ...

Read More »

Controversial Wildcat Disappoints

Commenting on Wintershall Dea’s controversial but ultimately unsuccessful wildcat well near the closed-off Lofoten archipelago in northern Norway, Rystad Energy’s senior exploration analyst Palzor Shenga said: “This stands as a big setback for Norway’s offshore industry but will be received enthusiastically by environmental groups. The two sides have been locked in a dispute for years as oil and gas companies have lobbied to reverse a moratorium against drilling operations in the environmentally-sensitive waters around Lofoten, just north of where Toutatis was drilled.” The well was targeting a pre-drill resource of ...

Read More »

Global Stocks Edge Higher as Trump Fuels Trade Optimism

Global stocks ticked higher Wednesday following optimistic comments from President Trump on progress in the trade talks. Futures tied to the Dow Jones Industrial Average edged up less than 0.1%, after notching its 14th record close on Tuesday. The pan-continental Stoxx Europe 600 climbed 0.3%. Investors expect a muted day in markets ahead of the Thanksgiving holiday and reduced trading hours on Friday. Mr. Trump stoked hopes that negotiations may be advancing between the world’s two largest economies when he said Tuesday that the U.S. and China were in the ...

Read More »

A Too-Big-to-Fail Toxic Monster. China’s Plan C?

China’s small bank problem may be about to get a lot bigger. The slowing economy is exposing vulnerabilities built up by years of aggressive lending — and Beijing’s plans to preserve stability by merging weak lenders with each other could end up creating an even worse headache. The country’s hundreds of rural commercial and city lenders account for 27% of banking assets, but their influence is far larger than this because of their web of connections to the wider system. Small banks are significant players in the interbank market, relying ...

Read More »

Once ambitious to expand into the US, some Chinese firms are now scaling back

As trade tensions between China and the U.S. ramp up, many Chinese companies — once with ambitious plans to expand into the U.S. market — have been quietly scaling back. Still, that’s not holding back some businesses, and many Chinese companies have announced partnerships in Southeast Asia, Europe, and even the Middle East. One example is Guangzhou Automobile Group — one of China’s largest carmakers. GAC has set its eyes on the U.S. market since 2018. The company set up research and development centers in Silicon Valley, Los Angles and ...

Read More »

Boris Johnson Poses a New Challenge to the Bank of England

With two weeks to go until the U.K. election, plenty can change — especially when Brexit allegiances are testing old party loyalties like never before. But with the ruling Conservatives leading consistently in the opinion polls, it’s worth at least pondering the prospect of a Boris Johnson majority government. The Bank of England, especially, will be running the numbers on that outcome as it will change its view on interest rates. Government spending is coming back with a vengeance regardless of which party wins. While the Tory fiscal plans are ...

Read More »

Fed Has Taken ‘Significant Action’ to Offset Risks to Economy, Brainard Says

Federal Reserve Gov. Lael Brainard said Tuesday that three central-bank rate cuts have put monetary policy in the right place for now, in remarks that also sketched out her preferred path for updating central-bank tools to deal with a low interest-rate world. “It will take time” for the full effects of the Fed’s rate cuts to move through the economy, Ms. Brainard said in a speech prepared for delivery before a gathering of the New York Association for Business Economics. “I will be watching the data carefully for signs of ...

Read More »

Sludgy Crude Oil Gets Surprising Price Boost Ahead of New Ship-Fuel Rules

One of the world’s sludgiest crudes is getting a curious price boost just weeks before the introduction of ship-fuel rules that were expected to sap demand for heavier oil. Iraq’s Basrah Heavy commanded premiums of $1.70 to $2 a barrel over its official selling price for December shipments in the spot market last week as Chinese and Korean refiners went on a buying spree. That’s more than double the previous month and the widest gap since August-loading cargoes. Demand for sulfurous grades had been expected to fall due to the ...

Read More »

KPI Bridge Oil’s IMO-compliant bunker sales build ahead of 2020 deadline

KPI Bridge Oil’s sales of low-sulphur fuels now exceed those of high-sulphur alternatives for the first time, the marine fuels broker and trader said, ahead of stricter global rules aimed at curbing pollution that kick in little over a month. The United Nations’ International Maritime Organization (IMO) has set a January 1, 2020 deadline to limit the sulphur content in marine fuels, also known as bunkers, to 0.5% from 3.5% currently. Those who do not switch to low-sulphur fuels must be equipped with so-called scrubbers to clean up emissions. “We ...

Read More »

VesselsValue launches next generation of automated vessel valuations with Idwal Marine

VesselsValue is excited to announce the launch of automated Condition Adjusted Values (CAV) in partnership with Idwal Marine. CAV combines a vessel’s actual condition with algorithmically derived market values to now account for a vessel’s physical condition; a first for the maritime industry. Tom Evans, Director of VesselsValue explains that “CAV will assist stakeholders to get value for the additional time, effort and expense of maintaining quality fleets; an effort that we see rewarded in transactions but not in valuations currently.” Unique Idwal vessel grading data is fed into the ...

Read More »

MABUX: Bunker market this morning, Nov.27

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) increased on Nov.26: 380 HSFO – USD/MT – 341.95 (+2.07) 180 HSFO – USD/MT – 386.18(+1.64) MGO – USD/MT – 667.93(+2.86) Meantime, world oil indexes also demonstrated upward changes on Nov.26 on hopes that United States and China will soon reach an agreement to at least partially resolve their trade war. Brent for January settlement increased by $0.62 to $64.27 a barrel on the London-based ICE Futures ...

Read More »

Golar LNG: Shipping Spin-Off Called Off

Transformation and simplification Iain Ross, CEO, Golar LNG, said: “Further progress has been made this quarter toward the Company’s goal of being the leading independent developer of long-term LNG infrastructure. Significant progress has been made on execution of the Company’s downstream LNG distribution strategy and on strengthening the Company’s financial position. Continued strong growth in LNG production around the world and associated lower pricing together with customer’s increased focus on their ESG responsibility is also accelerating their appetite to switch from burning coal, fuel oil and diesel to cheaper and ...

Read More »

UKHO to explore future of ECDIS and digital navigation in Marintec seminar series

The United Kingdom Hydrographic Office (UKHO), a world-leading hydrographic office and marine geospatial information agency, is to repeat its successful series of free technical seminars at Marintec 2019. The ‘A Future with ECDIS’ sessions will explore the latest developments in e-navigation and bridge technologies, discussing the maritime connectivity and cyber security challenges facing the industry. The interactive seminars will also allow participants to share their own views surrounding the effective use of digital navigation systems. Speaking ahead of the ‘A Future with ECDIS’ seminars and Marintec 2019, Tom Mellor, Head ...

Read More »

Bow Orion wins ‘Tanker Ship of the Year’ award

Odfjell’s newbuilt chemical tanker, the 49,000 dwt Bow Orion, was tonight recognized with the ‘Tanker Ship of the Year Award’ at the Tanker Shipping & Trade Conference. The Riviera Maritime’s Tanker Shipping and Trade Awards honor ‘excellence across the Tanker industry.’ One of the awards is the Tanker Ship of the Year Award, recognizing ‘a tanker delivered over the last 12 months engaged in bulk liquid transportation that sets new benchmarks in one, more or all of the following areas: design, environmental, operational, safety and technical performance’. Bow Orion was ...

Read More »

Recent Videos

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