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U.S. shale producers last year again spent more money than they collected, extending a years-long streak of putting oil output above cash flow and investor returns, according to a Reuters analysis of top independent producers. All but seven of 29 of these producers last year spent more on drilling and shareholder payouts than they generated through operations, according to securities filings. Total overspending by the group was $6.69 billion in 2018, according to Morningstar data provided to Reuters by the Sightline Institute and the Institute for Energy Economics and Financial ...

Global refinery margins ticked higher as planned work in Canada, Europe and China offset the completion of planned maintenance in the US, analysis from S&P Global Platts showed Monday. On the US West Coast, margins rose again, gaining further traction as unplanned outages continued in the region. The Alaska North Slope cracking margin averaged $15.09/b in the week that ended March 29, the highest since October 2018, Platts margin data show. Coking margins also increased, with indigenous California THUMS coking margins averaging $17.89/b in the most recent week, up from ...

World stocks rallied to six-month highs on Wednesday thanks to signs of progress in U.S.-China trade talks, reassuring economic data and hopes of a softer Brexit, helping push Germany’s 10-year bond yield back above zero percent. Oil prices rose to within striking distance of the key $70 per barrel mark — a multi-month high — on supply concerns. And sterling extended its gains after British Prime Minister Theresa May said late on Tuesday she would seek another Brexit delay to agree an EU divorce deal with the opposition Labour Party ...

Theresa May set to meet with opposition leader Jeremy Corbyn in effort to ease Brexit fears. A raft of better-than-expected European data and continued optimism that the U.S. and China can hash out a trade deal boosted assets perceived as risky, while weighing on the U.S. dollar on Wednesday. After trading near a 16-month low on Tuesday, the euro rose toward $1.1250 after a slew of stronger-than-expected eurozone purchasing managers index readings . “Consequently, this has eased some concerns that the weakness in the manufacturing sector is spreading to the ...

European Central Bank officials pressed the case for continued monetary-policy support as they signaled the euro-area economic slowdown is weighing on inflation. In a foreword to the ECB’s annual report, President Mario Draghi warned of a “persistence of uncertainties” and said there’s a continued need for stimulus to boost inflation. His vice president, Luis de Guindos echoed that, saying “weaker growth momentum will leave its mark on domestic price pressures, slowing the adjustment of inflation toward our aim.” “Significant monetary policy accommodation therefore remains essential,” he said during the presentation ...

At the annual summer academy for University of Turin students held on the campus of Peking University, about 50 Italian business students spend their days learning Mandarin, studying macroeconomics and interning with Chinese companies. They call themselves the “Marco Polos of the 21st century”, a giggling nod to the famed 13th-century Venetian explorer. When asked what their career ambitions are, more than a few share the same goal: to be a country manager for China’s ICBC Bank back home in Italy. This is worth remembering when analysing Chinese President Xi ...

If anyone is going to champion faster growth in China this year, it will be up to consumers to go all out, save less and spend more to add growing weight to the recovery. But Beijing must play its part too, keeping consumers sufficiently upbeat to meet this year’s 6-6.5 per cent official growth target. It should also help the government meet its pledge to shift the long-term focus onto a stronger domestic economy rather than external trade. It is no accident that China is evolving into an advanced consumer-driven ...

The Republic of the Marshall Islands (RMI) has been recognized on the United States Coast Guard’s (USCG’s) QUALSHIP 21 roster for 2019-2020. The USCG program rewards vessels for commitment to safety and quality when calling at ports in the United States (US). Only flag States which maintain a port State control (PSC) detention ratio of 1.00% or less over a three-year period and also meet a stringent set of judgement criteria are eligible for the program. A vessel registered in a flag State with QUALSHIP 21 certification may apply to ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed irregular on Apr.02: 380 HSFO – USD/MT – 415.14(+1.14) 180 HSFO – USD/MT – 461.71(+0.71) MGO – USD/MT – 629.21(-4.43) Meantime, world oil indexes rose on Apr.02 on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut. Brent for June settlement increased by $0.36 to $69.37 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate ...

Bunker buyers should find their fuel suppliers as soon as possible, as compatibility and availability of compliant low sulfur fuel and scrubber-ready high sulfur fuel remains uncertain ahead of the January 1, 2020, implementation of the International Maritime Organization 0.5% sulfur bunker fuel regulation, panelists on the IMO 2020 & Beyond forum at Capital Link Forum said Monday. John LaRese, technical liaison manager at ExxonMobil Marine Fuels, said the shipping industry is moving from a system of fuel procurement to fuel management in 2020, and emphasized the importance of finding ...

Yara Marine Technologies is proud to announce the successful installation of an inline hybrid scrubber system for an undisclosed customer in the ultra-large container segment. This is the biggest ship engine ever to be successfully fitted with an inline hybrid scrubber system. The project marks an important milestone in expanding areas where shipowners can achieve full and cost-efficient IMO compliance with SOx scrubbers. The inline hybrid scrubber system also covers the vessel’s five auxiliary engines. “The installation of Yara Marine’s inline hybrid SOx scrubber on the vessel confirms our customer’s ...

Leading classification society ClassNK has developed “Guidance for onboard use of Compliant Fuel Oil with SOx regulation from 2020” and an implementation plan sample for switching to compliant fuel oil in order to support the industry in complying with the sulphur cap which will be enforced starting on 1 January 2020, requiring sulphur emission amounts to remain under 0.50%. ClassNK will also provide related appraisal services for the 2020 Sulphur Cap. Compliant fuel oil is anticipated to include more low-sulphur blendstocks than ever before in addition to light distillates. ClassNK ...

Singapore’s maritime sector is preparing to ride the wave of digitalisation as a means to further growth and navigate choppy waters, industry professionals said. Speaking on the sidelines of a media briefing for the upcoming Singapore Maritime Week 2019, Ms Quah Ley Hoon, the chief executive of Maritime and Port Authority of Singapore (MPA), said that digitalisation is key to developing “a vibrant maritime ecosystem”, using new digital technologies in blockchain and big data. Mr Michael Phoon, executive director of the Singapore Shipping Association (SSA), also said that digitalisation is ...

• A combined offer of 26 maritime services and 8 inland services operated through a fleet of 32 vessels and 700 trucks • Claude Lebel appointed new CEO of Containerships to promote the development of the new single brand • A new logo reflecting Containerships’ integration into the CMA CGM Group The CMA CGM Group, a world leader in shipping and logistics, is pleased to announce the union of its Containerships and MacAndrews brands under the single Containerships brand. Containerships: the new multimodal transport intra-European leader Together, Containerships and MacAndrews ...

Stolt-Nielsen posts its 1Q19 report (December-February) this Thursday. Although we are optimistic towards the expectations of development in rates throughout 2019, 1Q figures are not yet anticipated to be exceptional. Seasonal improvement in Tank Containers is projected to lift the top line for the company QoQ, while the other segments are seen stable to slightly improving. The company keeps its cautiously optimistic view in the annual report and also continues a share buy-back program together with reduced 2xUSD 0.25 dividends. Our view towards the stock remains positive with a slightly ...