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Oil traders to Saudi Arabia: “show us the barrels” – Kemp

“The United States, Saudi Arabia and the United Arab Emirates … are committed to ensuring that global oil markets remain adequately supplied,” the White House said in a press statement issued on Monday. “Oil markets are well-supplied and oil inventory levels are seasonally strong,” the U.S. State Department wrote in an accompanying briefing note explaining the rationale for eliminating sanctions waivers for buyers of Iranian oil. “We have commitments from oil-producing countries, including the kingdom of Saudi Arabia and the United Arab Emirates, to increase oil production to offset reductions ...

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As Iran’s top oil buyer, China holds key to price impact of tighter US sanctions

China’s response to tougher US oil sanctions on Iran will be crucial to the 2019 oil supply and price outlook, because the top importer accounted for 40% of Iran’s shipments in the first quarter and has the ability to skirt sanctions without damaging its economy, analysts said Monday. India — Iran’s No. 2 customer, accounting 23% of Q1 shipments — is expected to largely comply with US sanctions when its waiver expires next week, analysts said. Japan and South Korea, which each accounted for 13% of Iran’s Q1 exports, will ...

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OPEC is gambling with success of production cuts as $80 oil looms

After managing to revive oil prices through production cutbacks, Opec now risks squandering its victory again by letting crude surge too high. In the first quarter, co-ordinated production curbs by the Organization of Petroleum Exporting Countries and its allies helped oil rally the most in almost a decade, restoring prices to over $70 a barrel. Saudi Arabia has made clear that it’s determined to keep supplies tight. That risks a repeat of 2018, when production cuts propelled oil to a four-year high, provoking a backlash from President Donald Trump and ...

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Asian gasoil refining margins drop to lowest so far in 2019

Key Asian gasoil refining profit-margins fell to their lowest levels this year as crude oil prices surged and demand for the industrial fuel remained sluggish amid plentiful supply. Refining margins, also known as cracks, for gasoil with 10 parts per million (ppm) sulphur content dropped as low as $13.09 a barrel over Dubai crude during Asian trading hours, the lowest since Dec. 28, Refinitiv Eikon data showed. The cracks for the Singapore benchmark gasoil grade, which have shed about 15 percent over the last two months, were at $13.35 a ...

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LNG prices to go down in 2019

The first quarter of 2019 will mark the 2019 nadir for liquefied natural gas (LNG) prices, but an ongoing ramp up of supply in Russia and the US should constrain future price gains, Trend reports citing UK-based Capital Economics Consulting company. ‘Therefore, we expect the price of spot LNG to average $5.6 per mBtu in 2019, down from $9.7 in 2018. Elsewhere, the price of US natural gas has fallen sharply since reaching its highest price in over four years at the end of 2018. We expect prices to pick ...

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Global Stocks Waver After Earnings-Driven Jump

Global stock markets paused Wednesday after strong earnings propelled U.S. stocks to new highs. In Europe, the Stoxx Europe 600 was down 0.1%. That followed losses across most Asian markets. Futures pointed to a broadly flat open for the S&P 500 and the Dow Jones Industrial Average. The S&P 500 registered its first record-high close of 2019 on Wednesday, while the Dow is within less than a percentage point of an all-time high. Strong earnings have boosted stocks this week, in a year marked by a more accommodative Federal Reserve ...

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China means business when it comes to high-quality development

Once again, China’s economic resilience defied doomsayers’ projections, and it deserves the world’s confidence. China’s GDP growth in the first quarter beat market expectations to achieve a 6.4 percent year-on-year expansion, on par with that registered in the fourth quarter last year. Pessimists who warned that China’s economic slowdown would continue this year can now take a break — China remains a major stabilizer of the world economy. It is a hard-won result that reflects the country’s unswerving efforts to keep the world’s second-largest economy on track. Since last year, ...

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The world economy is moving closer to another hard landing

During the long Easter weekend, a colleague shared some information about a course that two teachers at the University of Washington have floated. The course is titled, “Calling Bullshit”. It is about identifying, understanding and dealing with bullshit. The instructors would find rich pickings in financial markets and in macroeconomic data and policies. Take the valuation of technology unicorns. According to a recent article (The wave of unicorn IPOs reveals Silicon Valley’s groupthink, 17 April) in The Economist, 11 out of 12 unicorns lack profits. In general, 84% of companies ...

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China central bank likely to pause reserve cuts, but policy easing on track – sources

China’s central bank is likely to pause to assess economic conditions before making any further moves to ease lenders’ reserve requirements, after better-than-expected growth data reduced the urgency for action, policy insiders said. Although the central bank’s easing bias remains unchanged, it sees less room this year for cutting reserve requirement ratios (RRRs) – the share of cash banks must hold as reserves – as fiscal stimulus plays a bigger role in spurring growth, according to government advisers involved in internal policy discussions. The People’s Bank of China (PBOC) is ...

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Tanker Market Rates 24/04/2019

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

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Ulysse Nardin, official sponsor of the 2019 Monaco Yacht Show

The Monaco Yacht Show, recognized as the world leading superyacht event, announces Ulysse Nardin as the Official Sponsor of the show for the 2019 edition. The renewal of the MYS official sponsorship illustrates the long-standing and loyal trust – started 11 years ago – between the luxury Swiss watch manufacturer and the show, which presents itself as the perfect backdrop to unveil the seafaring heritage of Ulysse Nardin through its expertise, innovation and DNA. Gaëlle Tallarida, Managing Director of the MYS, says “we’re absolutely proud to renew this association with ...

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MABUX – Bunker Market Trending Upwards

Global oil prices started the week by spiking around 3 percent on reports that Washington was preparing to announce that all buyers of Iranian oil will have to end those imports soon or face U.S. sanctions. Reuters cited a Washington Post article and sources stating that the U.S. will announce the termination of Iranian oil import sanctions waivers on Monday. The waivers move, granted by Trump in November, shocked global oil markets and created a supply overhang that the OPEC+ group of producers is now working to eliminate. Countries that ...

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Shipping companies showing more interest in Cyprus after Brexit

Shipping Deputy Minister Natasa Pilides said there is increased interest by shipping companies to establish a base in Cyprus after Brexit, in order to maintain their EU status for easier trading ties with Europe. Speaking at the 9th Nicosia Economic Congress, Pilides said that Cyprus could provide these companies with stability and security and expressed optimism that the country would hopefully increase the ships registered under the Cyprus flag. She said her deputy ministry aims to strengthen international relations, enhance maritime safety and environmental protection and develop a blue growth ...

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Why Illegal Bunkering Thrives in the Niger Delta

A few weeks ago, troops from the Join t Task Force, Operation Delta Safe, stormed the Brass River terminal of the Nigerian Agip Oil Company (NAOC) on an investigative mission. Operation Delta Safe was set up with the mandate to protect oil and gas infrastructure, deter and prevent sea robbery, crude oil theft and other criminalities within the joint area of operation that could impact negatively on economic activities in the Niger Delta. According to an eyewitness at the location, the inspection was most likely based on reports that the ...

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FONASBA Celebrates 50th Anniversary

Fifty years ago today, on 23rd April 1969, delegates representing Belgium, Denmark, Finland, France, Great Britain, Greece, Italy, the Netherlands, Norway, Sweden and (as it was then) West Germany, met at the offices of Institute of Chartered Shipbrokers in the Baltic Exchange in the heart of the City of London, to form the Federation of National Associations of Ship Brokers and Agents. Fast forward half a century and whilst in some respects FONASBA has changed out of all recognition, some things remain essentially unchanged, including that it is still based ...

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