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Crude oil prices slipped by 3 percent overnight after US President Donald Trump called on Organization of the Petroleum Exporting Countries (OPEC) to ease its efforts in boosting crude prices. MK Surana, CMD of Hindustan Petroleum Corporation Ltd (HPCL) shared his views and outlook on what is the road ahead. In terms of inventory gains, he said, “Q3 ended with an average of around USD 57 per barrel, and right now we are looking at somewhere in the range of USD 65-68 per barrel. So, definitely there is a gain ...

As Saudi Arabia leads the way for OPEC by aggressively cutting output in a bid to shrink an oil glut, the impact is being felt in markets beyond crude. While Crown Prince Mohammed Bin Salman swung through Asia last week, the kingdom’s customers in the region were scrambling to find enough liquefied petroleum gas. Supply of the gases — including propane and butane that are used for cooking and heating — is drying up as they’re byproducts of crude production. On the demand side, rising consumption in India and increased ...

Azerbaijan, the third-biggest former Soviet oil producer, wants to see stability in oil prices before deciding whether to support any extension of global cuts in crude output, the country’s energy minister said. The Organization of the Petroleum Exporting Countries and several other exporters, including Azerbaijan, are cutting oil production jointly by 1.2 million barrels per day (bpd) in an effort to stabilise oil markets and boost the price of crude. The current arrangement runs until the end of June and is the subject of further discussion on whether it should ...

US shale operators will in 2019 barely have cash to both service debt and pay out dividends. Rystad Energy, the independent energy research and consulting firm headquartered in Norway with offices across the globe, has analyzed the 33 largest public shale operators in the United States, representing 39% of US shale production. Indebted shale exploration and production companies (E&Ps) spent the second half of 2018 reducing their leverage ratios. Yet, many of them will barely generate enough free cash flow to cover debt service payments in 2019. “Shale E&Ps struggle ...

When a few hundred Royal Dutch Shell Plc shareholders piled into a Methodist church in Westminster for their 2018 annual meeting, they got a lot more than the usual free sandwiches and PowerPoint slides. As half a dozen pensioner activists hogged the microphones to warn of the dangers of fossil fuels and the merits of renewables, Chief Executive Officer Ben van Beurden gave them a lesson on the risks of Big Oil embracing clean energy. Turning to Chief Financial Officer Jessica Uhl, he asked her to tell the crowd how ...

Amid reports that the United States will demand that China stop devaluing its currency as part of any trade agreement, Beijing has been urged to learn from the cautionary tale of Japan, which in 1985 agreed to a currency deal which has shouldered a good portion of the blame for its economy’s disastrous “lost decade”. The US demands that China limit the yuan’s depreciation have been compared with the Plaza Accord, under which Japan, France, Germany, the United Kingdom and the US agreed to push the value of the US ...

The European Central Bank is getting some counterintuitive advice on how to respond to the euro area’s deepening economic slowdown — raise interest rates. Some ECB watchers have started to voice concern that negative rates — in place since June 2014 — could become self-defeating as banks struggle to pass them on to depositors and may eventually be forced to curb credit. Their argument: Policy makers should remove what’s effectively a tax on bank profits and offer another round of cheap longer-term financing to spur lending. The public debate about ...

US President Donald Trump’s administration has underestimated China’s resilience and strategic resolve. With the Chinese economy slowing, the US believes that China is hurting and desperate for an end to the trade war. But with ample policy space to address the current slowdown, China’s leadership has no need to abandon its longer-term strategy. While a cosmetic deal focused on bilateral trade appears to be in the offing, the sharp contrast between the two economies’ fundamental underpinnings points to a very different verdict regarding who has the upper hand. Yes, the ...

Today, Wednesday, February 27 2019, the Baltic Dry Index climbed by 2 points, reaching 651 points.

NOBISKRUG has signed partnership with the Yacht Club de Monaco, in the context of the Club’s La Belle Classe Academy training center, set up to boost and promote development of yachting professions. Innovation is a value NOBISKRUG and the Yacht Club de Monaco share, as evidenced by the participation of a boat developed by this prestigious yard to compete in the 6th Solar and Energy Boat Challenge, organized by the YCM from 2-6 July 2019. A key objective of this unique powerboat competition is to give free rein to the ...

SAL: MV Palmerton, loading three shiploaders in Germany

The majority of traders maintained their current physical iron ore port stock quotes though felt pressure from the mills. Total transactions were thus low today.

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

Star Bulk Carriers was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report. According to Zacks, “STAR BULK is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under ...

The British International Freight Association (BIFA), the trade association for UK freight forwarding and logistics companies, has warned its members about the dangers of requesting a switch bill of lading without being fully aware of potential liabilities. Switching bills of lading is a practice where a request is made to the issuer/carrier (or the carrier’s agent) to issue a second set of bills of landing in substitution for the original documents issued at the time of shipment. This can often occur at a port other than the load port and ...