Home / Author Archives: hellenicshippingnews. (page 20)

Author Archives: hellenicshippingnews.

Korean shipbuilding stocks on uptick on expected boon from Chinese virus outbreak

South Korea’s three major shipbuilders are expected to benefit from the misfortunes of their Chinese rivals whose operations have been crippled since the new coronavirus broke out from central Chinese city of Wuhan. Local analysts forecast that the country’s big three shipbuilders – Korea Shipbuilding & Offshore Engineering Co. (KSOE, formerly Hyundai Heavy Industries), Samsung Heavy Industries Co. (SHI) and Daewoo Shipbuilding & Marine Engineering Co. (DSME), would see a surge in order book this year as they could snatch the new orders that could otherwise have gone to price-competitive ...

Read More »

Post-Brexit UK to announce 10 new free ports

With Brexit done, the United Kingdom plans to announce the location of up to 10 new free ports – scheduled to begin operating in 2021 – by the end of this year, the government said. As the UK develops its own trade policy for the first time in decades after leaving the European Union at the end of January, the government has launched a 10-week consultation setting out its plans for the free ports, also known as free trade zones. Once the consultation is completed, sea, air and rail ports ...

Read More »

ECSA And ESPO To Discuss Decarbonisation Of Shipping On 19 February

On 19 February at 11 am, European shipowners and ports will discuss the latest developments in the reduction of shipping’s carbon footprint during a workshop organised by ECSA and ESPO in the framework of the European Shipping Week. Shipowners will present what they have been doing so far to reduce GHG emissions. Port representatives will likewise discuss their contributions and address the consequences of the energy transition for ports. A debate between shipowners, ports and the European Commission will conclude the workshop. Practical information: • Workshop: Decarbonising the shipping industry: ...

Read More »

BPCL commences export of very low sulphur fuel oil from Kochi Port

With the export of its first parcel of IMO 2020 grade Very Low Sulphur Fuel Oil (VLSFO) from Kochi to Singapore, Bharat Petroleum has become the first oil marketing company to export this cleaner shipping fuel from the country. The tanker MT Alnic MC carrying the first parcel of 15 TMT VLSFO to Singapore was flagged off by Cochin Port Trust Chairperson M Beenafrom the Cochin Port on Friday, a BPCL press release said here on Saturday. Stringent International Maritime Organization (IMO) standards aimed at preventing pollution from marine and ...

Read More »

DP World moves closer to sealing Senegal port, economic zone deal

DP World said on Sunday it will soon be finalising agreements on the construction of a new port and economic zone in Dakar, Senegal. The project will support the economic growth of the west African country by developing the capital Dakar into a major logistics hub and gateway to west and north-west Africa. The announcement was made following a meeting between Macky Sall, President of Senegal, and Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, in Abu Dhabi on Friday. “The economic zone in Dakar will serve ...

Read More »

Australia Will Take Over The Throne As The World’s Largest LNG Exporter This Year

Australia is set to become the world’s largest liquefied natural gas (LNG) exporter this year, overtaking Qatar, with its supplies expected to reach 81 million tonnes (MT) as Ichthys LNG and Prelude FLNG increase production, a Rystad Energy report shows. Meanwhile, Qatari exports will remain at current levels, around 77 MT. The US will increase LNG exports from about 36 MT in 2019 to 56 MT in 2020, dominating new LNG supply contributions. Both Russia and Malaysia are each expected to add about 1.5 MT of LNG production during 2020. ...

Read More »

Ukraine weekly seaport grain exports fall 37% to 772,000 T – APK-Inform

Ukrainian grain exports from sea ports fell to 772,000 tonnes in the week of Feb. 1-7 from 1.228 million tonnes a week earlier, preliminary data from APK-Inform consultancy showed. Wheat exports fell to 152,000 tonnes from 207,000 tonnes, while corn shipments fell to 606,000 tonnes from 991,000 tonnes, the consultancy said. Most of Ukraine’s grain exports last week headed to Egypt, Algeria and South Korea. The consultancy said grain exports jumped to about 36.4 million tonnes so far during the 2019-20 July-June season, from 25 million tonnes in the same ...

Read More »

Competition with France, mild winter press Russian wheat down

Export prices of Russian wheat fell last week for the second consecutive week as competition with other major wheat exporters has intensified and mild Russian winter weather favoured sowings, analysts said. Egypt, traditionally the second largest buyer of Russian wheat after Turkey, purchased 180,000 tonnes of French wheat in a state tender on Jan. 30. Russian wheat with 12.5% protein content, loaded from Black Sea ports and intended for delivery in February, fell by $4.5 to $226 per tonne on a free-on-board (FOB) basis at the end of last week, ...

Read More »

Dubai crude futures spreads rangebound as traders digest latest price releases

Dubai paper markets treaded in a tight range within the contango market structure, while market inquiries for trading of sour crude picked up in Asia Tuesday morning, following the release of a second round of prices from Middle East crude producers overnight. The March/April Dubai crude futures spread, which had been assessed at minus 31 cents/b at the 0830 GMT Asian close on Monday, was a few notches up at minus 26 cents/b by 11 am Tuesday morning (0300 GMT) in Singapore. The contango deepened further along the curve, however, ...

Read More »

Oil rises from 13-month low as new virus cases slow

Oil rose to $54 a barrel on Tuesday, recovering from a 13-month low as the number of new coronavirus cases slowed in China, easing some concerns about a lasting hit to oil demand. The death toll climbed above 1,000 on Tuesday, while the number of new confirmed cases fell. The epidemic may peak in February and then plateau before easing, the Chinese government’s top medical adviser on the outbreak said. Brent crude rose 82 cents to $54.09 a barrel by 1008 GMT. It fell to $53.11 on Monday, the lowest ...

Read More »

Will Crude Oil Ever Bottom?

The selling in crude oil has increased, predominantly driven by fears of what the coronavirus may do to demand as China’s economy shuts down. Despite this, prices have attempted to rebound on the hopes that scientific efforts to contain the virus would be successful. The May crude oil contract had a low of $49.72 on Tuesday, but was up 2.5% early Wednesday. It then traded as high as $52.52 in Thursday’s trading before closing at $51.47. In last week’s post, I looked at the seasonal trends for gold. I have ...

Read More »

Hedge funds sell oil as coronavirus stokes recession fear: Kemp

Hedge funds were heavy sellers of petroleum last week for the third time in four weeks, amid mounting anxiety about the impact of a coronavirus outbreak on oil consumption in China. Hedge funds and other money managers sold the equivalent of 131 million barrels in the six most important futures and options contracts in the week ending Feb. 4. Portfolio managers have sold a total of 367 million barrels since Jan. 7, reversing a large amount of the 533 million barrels bought during the previous 13 weeks. Fears about a ...

Read More »

Coronavirus Set To Slash Chinese LNG Demand But US LNG Tariff Lift Could Save The Day

The unseasonably warm weather in the northern hemisphere has undercut liquefied natural gas (LNG) demand and, combined with the steady rise of global supply levels, has resulted in record-low prices. Adding insult to injury, the coronavirus epidemic in China has reduced business and industrial activity, with January’s LNG imports dropping by about 10% year on year. Calculating the impact of the virus, independent energy research and consulting firm Rystad Energy has revised its growth estimate for Chinese LNG demand this year, limiting it to 4.7% compared to 2019. Previously, Rystad ...

Read More »

Structurally cheaper LNG should displace coal from Japan, and broader Asia

The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may well end up having a longer-term impact, especially on thermal coal. The spot price dropped to $2.95 per million British thermal units (mmBtu) for the week ended Feb. 7, the lowest price in records stretching back to 2010. It has lost 57% of its value since the pre-winter peak of $6.80 per mmBtu in mid-October, and is down 74% from the peak price in 2018 and 86% from the all-time high ...

Read More »

European shares hit record high as new coronavirus cases slow; Travel stocks lead

European shares hit a record high on Tuesday as the number of new coronavirus cases slowed in China and the country’s factories slowly returned to work, easing some concerns of a long-drawn impact to the global economy. The pan-European STOXX 600 index rose as much as 0.9% to a record high of 428.30. The index has seen several volatile weeks following the news of the virus outbreak. Markets have been weighing the economic impact even as China infused liquidity in an attempt to soften the blow on the world’s second-largest ...

Read More »

Recent Videos

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