Hellenic Shipping News Worldwide Hellenic Shipping News Worldwide, Online Daily Newspaper on Hellenic and International Shipping

US gas-focused E&P companies are expected to raise production levels in 2025 when supply-demand fundamentals tighten, but the timing and volume will have everything to do with the winter’s severity and the ramp in operations at new LNG export projects, according to market players. For the gas market, 2024 was largely defined by oversupply and weak prices, which hit multiyear lows early in the year. In February, prompt-month NYMEX Henry Hub futures fell below $1.60/MMBtu, their lowest since the onset of the pandemic in 2020, leading operators to begin holding ...

Greece and Israel signed an agreement to promote regional energy stability and innovative energy projects in the Eastern Mediterranean and the European Union, the Greek Ministry of Environment and Energy said on Monday. The agreement was signed by Greek Energy Minister Theodoros Skylakakis and his Israeli counterpart Eli Cohen, during the latter’s visit to Greece, it added. “The creation of a ‘green’ electricity corridor from Israel to the EU via Greece will be a project of strategic importance for the Eastern Mediterranean region,” the Greek minister said in a statement. ...

South Korea’s jet fuel demand is expected to decline from December as tourist arrivals slow amid domestic political unrest, while a sharp drop in the local currency may also discourage overseas travel during the winter, middle distillate sales participants and analysts said over Dec. 20-24. Following President Yoon Suk-yeol’s insurrection — described by local media and judicial officials as a “coup d’etat attempt” — on Dec. 3, the UK Foreign, Commonwealth and Development Office issued a travel alert for South Korea, and the US Department of State raised a Level ...

U.S. natural gas futures rose on Tuesday to hover near a 23-month high hit in the previous session, on an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants, and forecasts for more cold weather in January leading to increased heating demand than what was previously expected. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 9.4 cents, or 2.6%, to $3.75 per million British thermal units (mmBtu) at 8:18 a.m. EST (1318 GMT). Prices had climbed to their highest since ...

North Sea Forties crude loadings will drop in February, a trade source said on Tuesday, while crude differentials were steady after a lack of deals, with the exception of Forties which was bid higher. FEBRUARY PROGRAMMES * The Forties loading programme lists seven cargoes amounting to 175,000 barrels per day, a trade source said, down from 181,000 bpd planned in January. * Programmes for the other four North Sea grades that are part of the dated Brent benchmark are due on Friday, the source said. PLATTS WINDOW * Indications are ...

Crude oil futures were higher in midmorning Asian trade Dec. 24 on expectations of a fifth straight drawdown in US crude inventories, while the Federal Reserve braces for a sweeping economic change while combating inflation under the Trump administration in 2025. At 10:41 am Singapore time (0241 GMT), the ICE February Brent futures contract was up 46 cents/b (0.63%) from the previous close at $73.09/b, while the NYMEX February light sweet crude contract rose 37 cents/b (0.53%) to $69.61/b. Global oil markets saw near-term support on the back of expectations ...

Middle East crude benchmarks Dubai and Murban rose on Tuesday from multi-week lows hit in the previous session, with some deals concluded ahead of the Christmas holiday. Spot premiums have gained this month compared with November thanks to better demand from Asian buyers. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 48 cents to $1.17 a barrel. BP Reliance, and ExxonMobil will each declare a February-loading Upper Zakum crude cargo to TotalEnergies following the deals. Trafigura will deliver a February Oman crude cargo to TotalEnergies following the deals. NEWS ...

Mexico’s production of liquid hydrocarbon and natural gas in November fell to the lowest levels recorded all year and was well below last year’s averages, official numbers published by the regulator showed. November was also the second month the country missed the 1.8 million barrel-per-day production target for crude oil and condensate, which President Claudia Sheinbaum has vowed to maintain during her six-year term. Mexico produced 1.747 million bpd of liquid hydrocarbon products in November, the numbers published late on Monday showed. Of this, 1.488 million bpd consisted of crude ...

Following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Tuesday. * CBOT markets close early at 12:05 p.m. CST on Tuesday and reopen at 8:30 a.m. CST on Thursday. WHEAT – Down 2 to 3 cents per bushel * Wheat weakened as traders adjusted positions ahead of the Christmas holiday on Wednesday. * Harvesting wound down in exporters Australia and Argentina, making more supplies available on the international market, analysts said. * Precipitation ...

Copper prices rose on Tuesday on revived hopes for additional fiscal stimulus in top consumer China in thin pre-Christmas activity, and were on track for a 4.6% gain in 2024 ahead of expected volatility in 2025. Three-month copper on the London Metal Exchange (LME) added 0.5% to $8,960 per metric ton in official open-outcry trading. Copper, used in power and construction, is down 19% since May when a fund buying frenzy drove the price to a record high above $11,100, as the unwinding of bullish investor positioning returned the focus ...

European wheat fell slightly in thin trade on Tuesday as traders were adjusting positions ahead of the Christmas break and the results of an international tender by Algeria. Benchmark March milling wheat (BL2H5) on Paris-based Euronext, closed early ahead of Christmas, down 0.4% to 231.00 euros per metric ton. The contract had fallen to two-week lows of 226.00 euros a ton on Friday. On the Chicago Board of Trade the most traded wheat contract ZW1! was down 0.4% to $5.37-1/2 per bushel by 1330 GMT. Algeria’s state grains agency OAIC ...

Malaysian palm oil futures traded sideways on Tuesday ahead of the Christmas holiday as profit taking capped gains. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange was up 13 ringgit, or 0.29%, at 4,555 ringgit ($1,015.83) a metric ton at the close. Crude palm oil futures traded sideways to lower on profit taking ahead of the Christmas holidays, said Anilkumar Bagani, commodity research head at Sunvin group. The contract gained 2.46% on Monday, snapping six straight sessions of losses, lifted by stronger Dalian ...

Chicago soybean futures rose on Tuesday, while wheat eased and corn futures were unchanged as traders were making adjustments in thin pre-holiday trading, with a stronger dollar weighing on the market. The most-active soybeans contract on the Chicago Board of Trade ZS1! rose 0.3% to $9.78-3/4 a bushel by 1115 GMT, while wheat ZW1! shed 0.1% to $5.39-3/4 a bushel. Corn ZC1! was unchanged at $4.47-1/2 a bushel. The U.S. dollar DXY was perched near a two-year peak as prospects of higher-for-longer U.S. interest rates remained on top of investors’ ...

Adani Gangavaram Port, the deepest and one of the most modern ports in India today inaugurated its new Railway Crew Lobby with a modern Crew Management System (CMS) facility at its R&D yard. The facility was inaugurated by Shri. Manoj Kumar Sahoo, DRM, Waltair Division, East Coast Railway, in the presence of the CEO of Adani Gangavaram Port and senior officials from the port and the railway sector. The state-of-the-art lobby includes a dedicated Crew Controller Office and well-equipped rest rooms with amenities for both male and female railway employees. ...

ABS and Akselos have signed a Memorandum of Understanding (MoU) to advance engineering and certification processes for floating offshore wind projects. The companies signed a Memorandum of Understanding (MoU) to collaborate on solutions aimed at optimizing design, reducing costs, and improving efficiency for the floating wind sector globally. The collaboration utilizes ABS’s expertise in offshore certification and classification with Akselos’ simulation technology for structural risk mitigation and optimization. Together, they aim to support the U.S. Department of Energy’s Floating Offshore Wind Energy Shot initiative, which targets a 70 percent reduction ...