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

China, which is responsible for approximately half of steel production worldwide, is suffering from a prolonged period of low market activity. Economic growth is being negatively affected by the authorities’ zero-Covid strategy. Moreover, supply chain difficulties and financial problems in the real estate sector are weighing heavily on consumer confidence. Domestic hot rolled coil prices, in November, fell to their lowest level since June 2020. The expected seasonal improvement in demand, in September and October, failed to materialise. Policymakers subsequently unveiled a 16-point plan to support the ailing property sector. ...

Japan is poised for more spot LNG trades in 2023 as more than 6 million mt/year of long-term LNG supply contracts are due to expire, a trend likely to persist for the next few years at least. The long-term contractual expiries come at a time when Japan faces stiff competition for LNG from Europe, which has committed to replace Russian gas supply in the wake of Russia’s invasion of Ukraine. Roughly 6.1 million mt of long-term LNG contracts held by Japanese companies are up for expiry in 2023, with Brunei ...

Ukraine’s grain exports have gotten off to a slower start after a U.N.-brokered deal was extended last week to help ease global hunger, and one Ukrainian envoy put part of the blame on Russia’s reluctance to speed up ship inspections. Since the agreement was extended beyond Nov. 19, no more than five ships a day have departed Ukraine, U.N. data show, down from previous weeks and months when up to 10 departed. A U.N. spokesperson, Ismini Palla, said vessel flows were affected by past uncertainty over extending the deal, poor ...

A.P. Moller – Maersk (Maersk), the integrated logistics company, continues to design and implement logistics solutions that address the ever-evolving needs of its customers. Building further on its strong commitment towards developing a robust rail network in India, Maersk flagged off yet another weekly, dedicated rail service, the ‘Pratigya Express’, from Sonipat Inland Container Depot (ICD) in NCR to APM Terminals Pipavav Port on the western coast of India in Gujarat. The NCR is abundant with retail and rice exporters who need a regular connection from their manufacturing facilities to ...

The UAE will continue to promote its shipping sector as it recognising the critical role of the maritime sector in keeping trade flowing, its top official says. Hessa Al Malek, advisor to the Minister for Maritime Transport Affairs, UAE Ministry of Energy and Infrastructure, emphasised that seafarers are undoubtedly the backbone of the maritime and shipping sector. “We aim to increase the volume of containers handled by the nation to 50 million by 2032, with a growth rate of about 150 per cent. This is in addition to our ambition ...

Macro sentiments in many parts of the world have been weak, keeping prices lower with prices trading near a 2-month low. Time spreads of Dubai crude oil swaps have continued to trend lower, reflecting the weaker demand fundamentals in several parts of the world. With recessionary indicators, sentiment has been weak. Spreads in the Brent complex have also weakened with the level of backwardation dropping, pointing to near term sufficient supply of oil in European markets. With the December 05 EU deadline to ban imports of Russian oil and G7 ...

Deepwater is the fastest growing upstream oil and gas resource theme. From just 300,000 barrels of oil equivalent per day (boe/d) in 1990, production is expected to hit 10.4 million boe/d in 2022. By the end of the decade, that figure should pass 17 million boe/d. Our latest global upstream report explains what’s driving deepwater’s rapid growth, along with the challenges and opportunities the sector represents. Fill out the form to get access to the full Insight, or read on for a quick overview. Production to grow by six million ...

Asian spot liquefied natural gas (LNG) prices rose this week for the first time since September and hit a 7 week high, tracking European gas prices on cooler weather forecasts and after Gazprom threatened to further reduce gas flows to Europe. The average LNG price for January delivery into northeast Asia LNG-AS was $31 per million British thermal units (mmBtu), up $5.5, or 25.5%, from the previous week, industry sources estimated. “This week Asian rates traded up with a significant jump midweek on the back on the news of the ...

Chevron Corp on Saturday received an expanded U.S. license allowing the second-largest U.S. oil company to resume production in Venezuela and to import the South American country’s crude into the United States. The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the United States. However, it restricts cash payments to Venezuela, which could reduce the amount of oil available to Chevron. License terms are designed to prevent Venezuelan state-run oil firm PDVSA from receiving proceeds from Chevron’s Venezuelan ...

Regional PMIs Both official manufacturing and non-manufacturing PMIs for China should be in a deeper contraction in October as the number of Covid-19 cases increased, affecting both factory and retail activities. This should also be reflected in the Caixin manufacturing PMI numbers which could show a bigger contraction, as smaller factories are more adversely affected given the challenging logistical situation. Meanwhile, PMI indices for both South Korea and Taiwan should edge lower due to stalling demand for semiconductors from the US, Europe and China. Inflation from Australia, Indonesia and South ...

In the Year Ahead 2023, UBS Global Wealth Management’s (GWM) Chief Investment Office outlines what investors should expect as one of the most challenging years in history for markets draws to a close. The investment backdrop should become more constructive as 2023 evolves, as inflation falls and as investors start to anticipate rate cuts and higher growth. But as we enter 2023, high inflation, rising rates, and slowing growth expectations favor a relatively defensive stance on risky assets. With that in mind, the report’s core recommendations for the year ahead ...

China’s industrial firms saw overall profits decline further in the January-October period as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity. Industrial profits fell 3.0% in the first 10 months of 2022 from a year earlier. That compares with a 2.3% drop for January-September, National Bureau of Statistics data released on Sunday showed. The bureau has not reported standalone monthly figures since July. Profits declined for 22 of China’s 41 major industrial sectors. “Recent outbreaks of domestic epidemics have frequently occurred, the ...

Greece will sell 625 million euros ($612 million) of six-month treasury bills on Nov. 30, its debt agency PDMA said on Friday. The debt agency last sold six-month T-bills in October with the paper priced to yield 2.03%. The settlement date of the new T-bills will be Dec. 2. Only primary dealers will be allowed to participate and no commission will be paid. Primary dealers can submit non-competitive bids for up to an additional 30% of the auctioned amount until Dec. 1, PDMA said. Source: Reuters (Reporting by Lefteris Papadimas; ...

AD Ports Group has signed a contract with China Harbour Engineering Company for the development of buildings and topside infrastructure for the cutting-edge CMA Terminals Khalifa Port, a joint venture owned by CMA CGM’s subsidiary CMA Terminals (with a 70 percent stake) and AD Ports Group (30 percent stake). The agreement includes the development of the first net zero carbon administration building to be constructed for the joint venture, which is being developed in-line with the company’s role as an official partner of World Green Building Council’s Middle East & ...

In an emotional ceremony held at ZIM headquarters in Haifa, Angelina Egorenkov received the official appointment of captain from ZIM President and CEO Eli Glickman this morning. Egorenkov, a graduate of the Marine Institute in Akko and a multidisciplinary bachelor’s degree from the University of Haifa, began her maritime career as a cadet on the company’s ships in 2003. In 2010, she began sailing as an officer on the company’s ships, and in 2013 she was appointed second mate. From 2017, she sailed on the company’s ships as a chief ...