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Midwestern refinery margins last week showed the greatest decline of all US regions after US government inventory data showed the largest stock build in 20 years, with anemic diesel demand weighing on economics as wet weather kept farmers from planting, an analysis from S&P Global Platts showed Tuesday. Midwest coking margins for Western Canada Select ex-Cushing fell to $14.90/b for the week ended June 7, compared with the $17.43/b the week earlier, according to S&P Global Platts Analytics data. The discount held by WCS in Cushing to WTI widened last ...

US President Donald Trump will probably want to reach a deal with China in the trade war by next year in order to avoid hurting the American economy before the 2020 elections, according to a senior executive at DWS Group, Deutsche Bank’s asset management arm. Trump’s threat to put 25 per cent tariffs on US$300 billion of Chinese-made products later this year could hurt the US economy by either forcing consumers to pay higher prices or squeezing corporate margins, said Sean Taylor, chief investment officer for Asia Pacific at DWS. ...

Though faced with trade barriers set up by the United States, China’s foreign trade remained steady, showing its ability to handle external headwinds. As China continues upgrading its industries, its foreign trade structure saw prominent adjustments. China’s processing trade declined by 2.4 percent year on year in the first five months, with general trade registering rapid growth and expanding its proportion of the total trade volume. An improved industrial structure will strengthen China’s competitiveness in the global market, boosting the country’s confidence to cope with external uncertainties. On the other ...

“For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday.” US President Donald Trump, Twitter 05 May 2019 “…now there is a new long march, and we should make a new start.” President of the People’s Republic of China Xi Jinping, speech at Jiangxi province 20 May 2019 China, the mothership of ...

Parts of the financial sector were still not ready for a no-deal Brexit in October that would split the industry, the European Union’s executive body said. Although Oct. 31 is the third deadline for Brexit, the European Commission said that some “residual” preparations for a no-deal exit remain for insurance and payments companies, and access to market infrastructure. Financial companies using London as a gateway to the EU – their most important customers – have had to open subsidiaries in the bloc to ensure continuity of service in case of ...

U.S. consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy increased pressure on the Federal Reserve to cut interest rates this year. But the report from the Labor Department on Wednesday will likely not shift Fed officials’ views that temporary factors are behind the weak inflation readings. Airline fares, among the transitory factors identified by Fed Chairman Jerome Powell, rebounded and apparel prices stabilized after two straight monthly decreases. U.S. central bank policymakers are scheduled to meet on June 18-19 against the backdrop ...

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

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2019. In Q1 2019, Average operating expenses per vessel per day decreased by about 19% compared to Q1 2018 Current Fleet Deployment All of our vessels are currently operating on short term time charters (“on spot”). Management Commentary Athanasios Feidakis, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated: “We are pleased with our performance during the first quarter of 2019 despite the difficulties ...

The International Chamber of Commerce (ICC) Banking Commission has released its 2018 Trade Register report – again highlighting the low risk nature of trade finance in comparison to other asset classes. This year’s report captures a full decade of trade finance-related data – containing over US$12 trillion of exposures from 24 million transactions across six products and 25 banks worldwide. Results indicate that default rates from 2008-2018 are low across all products and regions, averaging 0.37% for Import Letters of Credit (L/Cs), 0.05% for Export L/Cs, 0.76% for Loans for ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued slight downward trend on June 11: 380 HSFO – 397.07(-3.45) 180 HSFO – USD/MT – 435.50(-4.27) MGO – USD/MT – 644.56(-3.05) Meantime, world oil indexes were steady on Jun.11 as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand. Brent for August settlement unchanged: $62.29 a barrel on the London-based ICE Futures Europe exchange. West Texas ...

In response to increasing demand for compact and efficient turbocharger technology for marine engines, ABB Turbocharging has launched the new A255-L and A260-L turbochargers optimized for small and medium bore two-stroke diesel and gas engines. Scaled down from the proven and reliable A100-L and A200-L designs, the new turbocharger models offer a smaller size and best in class performance while retaining key design features incorporating the latest rotor component technologies. Their compact design allows installation flexibility in modern, space-optimized engine rooms. Delivering the high-power density normally expected from larger turbocharger ...

Jan De Nul Group has revealed its commitment to reduce CO₂ emissions by 15% a year during maintenance dredging works at the Nieuwpoort coastal marina. It is the first dredging company in the world to aspire to such a reduction in a commercial application for a project. In collaboration with the Flemish government, the company also wants to include by 2020 a minimum requirement of 15% CO₂ reduction in 80% of maintenance dredging contracts in Flanders. Upon issuing an invitation to tender for the maintenance dredging works in the Nieuwpoort ...

Global prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said. Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan. 1, under the International Maritime Organization (IMO) 2020 standard. In addition to the 0.5%-sulfur fuel, called Very ...

Gard participates in the United Nations Global Compact Action Platform for Sustainable Ocean Business. The Platform is taking a comprehensive view of the role of the ocean in achieving the UN’s 17 Global Development Goals. The aim is to explore attractive, viable solutions and best practices for sustainable use and management of humanities’ greatest ’common’ – our ocean. In December 2018, Gard was asked to join the editorial board for the Ocean Opportunities Report and Erika Lindholm and I took on the challenge. The report was released this week as ...

KNUD E. HANSEN and DTU Aqua (Technical University of Denmark) has completed the comprehensive design study for a new 65-m multidisciplinary marine research vessel. Looking ahead DTU Aqua urgently needs to replace the aging R/V DANA IV as it is facing a 40-year Class survey in ultimo 2022. The purpose of the project has been to develop a concept design and budgetary cost estimate for the replacement of the R/V DANA with scientific capacity and equipment for a highly advanced multidisciplinary research vessel that will place DTU Aqua in position ...