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Maintain hold with a higher target price (TP) of RM6.70: At 29%/28% of our/consensus full-year estimates MISC Bhd’s first quarter of financial year 2019 (1QFY19) core net profit (CNP) of RM469.3 million surpassed expectations helped by higher-than-expected contribution from the petroleum segment. First interim dividend of seven sen per share (ex-date: June 10, payment date: June 25), as expected, was declared (versus seven sen in 1Q of 2018 [1Q18]). Quarter-on-quarter (q-o-q), MISC booked in CNP of RM469.3 million after stripping off: RM23.7 million gain on business acquisition and RM17.5 million ...

Gazpromneft-Lubricants, the oil business operator of Gazrprom Neft, has signed the agreement with Viborg Shipyard on supplying marine lubricants to the first non-nuclear icebreaker “Ob” that belongs to Rosatomflot. The vessel with the Arc7 ice class will provide safe navigation in the port of Sabetta. As a part of the agreement the engine oil was shipped for medium-speed engines running on high-sulfur grades of marine fuel. Performance characteristics of supplied oils include resistance to change in viscosity, optimum TBN value, detergent and dispersant properties. These enable to offer maximum engine ...

On the 12th of February 2019 Ocean Yield ASA (“Ocean Yield” or “the Company”) entered into an option agreement with Aker Energy AS (“Aker Energy”) for a long-term bareboat charter of the FPSO Dhirubhai-1. The option period expired on the 1st of May but was extended until the 30th of May 2019. Ocean Yield has today agreed with Aker Energy to further extend the option period until 1st September 2019 against an additional compensation. Aker Energy is currently evaluating different opportunities for the FPSO at the Deepwater Tano Cape Three ...

Watson Farley & Williams (“WFW”) advised Teekay Offshore Partners L.P. (“Teekay Offshore”) on two separate fleet refinancings with a combined value of US$550m. First was a US$100m revolving credit facility (“RCF”) for the Piranema Spirit, Voyageur Spirit and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a balloon payment of US$35m. The new facility was funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years. Second was a US$450m RCF for ...

Oil products inventories at the Port of Fujairah climbed for a third consecutive week, led by gains in jet fuel and other middle distillates, according to Fujairah Oil Industry Zone data. Total stockpiles of light, middle and heavy distillates products rose 1.9% to 24.387 million barrels, the most since the record high of 25.749 million barrels on April 29. The figures go back to January 2017. Middle distillates gained 7% to 2.481 million barrels. The category includes gasoil, diesel, marine bunker gasoil, jet fuel and kerosene. The gasoil market east ...

The Québec Port Authority (“QPA”) is proud to announce the signing of a long-term commercial agreement with Hutchison Ports, the world’s leading port network, and CN (Canadian National Railway), the leading North American transportation and supply chain company, to build and operate the new container terminal, known as project Laurentia (previously Beauport 2020). This agreement increases Hutchison Ports’ global network to 52 ports spanning 27 countries including the United Kingdom, Spain, Poland, Sweden, Germany, the Netherlands, Belgium, Australia, China, Pakistan, Egypt, Argentina, Mexico and Panama. Hutchison Ports plays a strong ...

The ESPO Blend crude oil ESPO-DUB loading plan from Kozmino port in June was revised up by 0.1 million tonnes to 2.84 million tonnes, according to trade sources. Russia’s Surgutneftegaz had an extra position on June 22-23, they added. The producer issued a spot tender to sell the cargo, which closes on May 29. The ESPO Blend loading plan from Kozmino, which is rarely revised, was topped up in May and in June this year. Russia’s oil producers have to divert exports to the East from Western destinations, where export ...

Market sources are optimistic that thermal coal demand in India will continue to be strong after incumbent Prime Minister Narendra Modi secured a landslide win in the country’s elections. India’s Bharatiya Janata Party-led National Democratic Alliance won a second term in office, a sign that policies in the energy and commodities sector undertaken during their first term in power would continue in the same direction, analysts and market participants said. This is also amid increased coal imports and upbeat views on the country’s economic development driven by the expanding manufacturing ...

Beijing plans to further internationalise its domestic commodity futures market by inviting foreign investors to trade upcoming yuan-denominated contracts of rubber and non-ferrous metals, a move designed to enhance itsglobal pricing power as the US-China trade war escalates. Jiang Yan, chairman of the Shanghai Futures Exchange, said the bourse would reach a new level of openness as regulators gave overseas investors widened access to yuan-denominated contracts. “We want to ensure the smooth running of crude oil futures and take advantage of the launch of the TSR 20 [technically specified rubber] ...

Oil prices fell more than 2% on Wednesday as China signalled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered some support, however. Front-month Brent crude futures, the international benchmark for oil prices, were at $68.55 a barrel at 0933 GMT, down $1.56 from last session’s close, having hit a session low of $68.44. U.S. West Texas Intermediate (WTI) ...

The LNG market could end up with excess supply in the next decade as companies race to build a new wave of LNG export projects, even without finalizing customers, senior executives said Tuesday at an industry conference in Australia. The oversupply will result in lower prices and affect profit margins, in a similar way to how the LNG market has been overwhelmed by excess supply from Australian and US projects starting in the last couple of years outpacing demand growth, they said. The S&P Global Platts JKM — the benchmark ...

Hedge funds liquidated more of their bullish petroleum positions as concerns about the health of the global economy and oil usage outweighed European and Middle Eastern supply disruptions. But selling in the most recent week was notably lighter than in the three previous, suggesting at least some managers think prices have pulled back enough for the time being. Positions were reported at the close on May 21, before oil prices slumped on May 23 amid fears about the economic impact of a prolonged trade conflict between China and the United ...

The fast-approaching lower sulfur cap for global maritime shipping fuels pushed prices for specific ‘cheap’ crude grades into significant premiums in H1 2019, as markets prepare for the IMO 2020 kick off in January next year, sources told S&P Global Platts this month. Crude grades yielding mostly fuel oil are typically ‘heavier’ by specific gravity, and tend to trade in discounts compared with those yielding mainly middle distillates or naphtha. However, the imposition of lower sulfur fuel emission standards adopted by the International Maritime Organization has skyrocketed demand for crudes ...

Global stocks dropped Wednesday as trade tensions and concerns around economic growth continued to dampen risk appetite, sending government bond yields lower. The yield on 10-year U.S. Treasurys extended its decline to 2.232%, from 2.268% on Tuesday, its lowest level since September 2017. Bond yields and prices move in opposite directions. In Europe, the Stoxx Europe 600 was down 1% in early trade, with the U.K’s FTSE 100 down 0.9% and Germany’s DAX 1.1% lower. Luxembourg-based steelmaker ArcelorMittal SA was the biggest loser on the pan-European index, shedding more than ...

The Japanese yen firmed to a two-week high versus the dollar on Wednesday as concerns of a further escalation in the trade conflict between the United States and China prompted investors to rush to perceived safe-haven assets. A global wave of risk aversion sent sovereign bond yields tumbling across the world. Benchmark U.S. Treasury yields fell to their lowest levels since September 2017 while New Zealand bond yields tumbled to a record low. The People’s Daily newspaper, owned by China’s ruling Communist Party, said Beijing was ready to use rare ...