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Dongsung Finetec’s order backlog is to surge in 2021 on rising orders for LNG carriers. It should enjoy record-high OP in 2022, and CBs-related dilution risk is easing. Boding well for long-term earnings are planned new projects such as high-efficiency liquefied hydrogen storage facilities. Upgrade rating to Buy; adjust 2021F target P/E from 10.1x to 14x We raise our TP on Dongsung Finetec from W9,100 to W13,500 and upgrade from Hold to Buy, reflecting an adjustment in our 2021F target P/E (10.1x → 14x, the average P/E level for the ...

Stockpiles of oil products at the UAE port of Fujairah fell 4% in the week to Dec. 21, with the biggest decline recorded in middle distillates, the latest data from the Fujairah Oil Industry Zone showed. The total stood at 23.684 million barrels, a drop of 900,000 barrels from the previous week, according to the data provided exclusively to S&P Global Platts. Middle distillate stocks in Fujairah, including jet fuel and diesel, fell 9.5% on the week to 5.478 million barrels. The volume of jet fuel cargoes headed to Asia ...

President Donald Trump is expected to sign on Tuesday a massive relief and federal spending package passed by Congress late Monday that authorizes major port expansion projects and opens $1 billion in funds for harbor maintenance dredging. The port funding legislation, the biennial Water Resources Development Act (WRDA), was part of a $1.4 trillion fiscal year 2021 appropriations omnibus bill that also contains $900 billion in emergency COVID-19 relief and program funding for the U.S. Department of Transportation and other federal agencies. WRDA formally authorized the expansion of the Houston ...

Pakistan International Container Terminal (PICT) recently welcomed the inaugural call of the newly launched Pakistan – United Arab Emirates (PS2) Service. Jointly operated by Wan Hai Lines with Global Feeder Shipping, the point-to-point service links the ports of Jebel Ali and Karachi and uses a single vessel with a nominal capacity of 1,800 TEUs. With this service, PICT looks to further strengthen trade patronage with the Gulf market by handling increased cargo through non-vessel operating common carriers and mainline operators. “With the commencement of the PS2 Service, PICT looks forward ...

India’s crude oil imports fell at the slowest annual rate since the coronavirus pandemic forced lockdowns in the country in March as fuel demand slowly increased. Crude oil imports into the world’s third-biggest oil importer and consumer rose to 18.28 million tonnes last month, jumping about 20% from October, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Tuesday. Compared with the corresponding period last year, imports were down 4.6%, the smallest year-on-year fall since at least March, when imports ...

Coal is a globally traded commodity, as China appears to be discovering, along with an unpleasant insight into the nimbleness and creativity of participants in the global markets. China’s ban on Australian coal is having a more visible effect on China than it is on the Australian coal exporters. The street lights and billboards are being turned off in its major cities; factories are being shut down or forced into reduced shifts; office lighting and lifts have had their power cut off; consumers have been told not to use electric ...

Indian refiners have stepped up oil products marketing efforts in Australia, and the South Asian fuel suppliers plan to raise their export market share in the country as Australia faces limitations in producing its own fuel following a series of refinery closures. Australia imported 1.43 million barrels of gasoline from India in October, up 93.1% from September, latest data from the Department of Industry, Science, Energy and Resources showed. Australia had received no gasoline cargoes from the South Asian supplier in the same month a year earlier. Australia’s fast growing ...

US prices for flat products are changing rapidly, almost on a daily basis. Aggressive pricing policies are being adopted by the steel producers. This is creating very challenging times for steel buyers. Hot rolled coil prices continue to rise, amid low stock levels, increasing raw material costs and strong demand from the automotive and construction sectors. Inventories at distributors and service centres remain depleted. Orders at the steel mills are almost full for quarter one, 2021, with bookings already into the second trimester. Consequently, purchasing is becoming very difficult for ...

China’s crude throughput fell slightly in December, with both state-run and independent refiners posting lower run rates due to some maintenance works toward the year-end, latest industry data and information collected by S&P Global Platts showed. State-run PetroChina’s average run rate fell this month due to maintenance at its subsidiary refineries, while another state-owned Sinopec’s run rates at its refineries were relatively steady from November. The average run rate of the four state-owned oil majors, Sinopec, PetroChina, CNOOC and Sinochem, stood at around 78% to date in December, compared with ...

With an eye on US sanctions relief once US President-elect Joe Biden takes office, Iran’s leaders have ordered its oil sector to prepare to ramp up production and exports in 2021. The government has scant time to lose. Iran will hold its next election in June, and the coming months will be the last chance for term-limited President Hassan Rouhani and his moderate allies to show the country they can lead it back from years of deprivation, without kowtowing to long-time adversary the US. Many analysts expect the two sides ...

Oil extended gains on Thursday in light holiday trade as a drop in U.S. stockpiles spurred demand hopes, while hints of an imminent Brexit deal underpinned investors’ risk appetite. Brent crude futures rose 17 cents, or 0.3%, to $51.37 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) crude increased 10 cents, or 0.2%, to $48.22. Both contracts gained more than 2% on Wednesday. “Lower U.S. inventories of crude and fuels as well as signs of a potential Brexit deal which led to weaker U.S. dollar were good ...

A steep drop in Permian gas production this year is driving a significant shift in regional flow dynamics that’s likely to endure into 2021 as higher West Texas gas prices cut supply flowing to the Midcontinent and San Juan markets. Following a 3.8 Bcf/d, or nearly 30%, decline in Permian Basin gas production that came following the oil-market collapse earlier this year, West Texas producers have since struggled to mount a recovery. In December, output has averaged just 10.4 Bcf/d as the basin’s growing inventory of aging wells reverses a ...

Global methanol capacity is poised to see considerable growth by 2030, potentially increasing from 148.44 million tonnes per annum (mtpa) in 2019 to 310.94 mtpa in 2030, registering a total growth of 109%. Russia, Iran and the US are expected to drive capacity additions during the forecast period. Together these three countries will contribute around 59% of the total global methanol capacity additions, says GlobalData, a leading data and analytics company. GlobalData’s report, ‘Global Methanol Capacity and Capital Expenditure Outlook to 2030’ reveals that Russia accounts for the highest capacity ...

European naphtha and LPG markets look set to remain relatively resilient into 2021 as cracking and heating demand continue to provide support, in contrast with much of the rest of the oil complex which has suffered through the coronavirus pandemic. European naphtha market dynamics will remain closely tied to developments in the global battle against the coronavirus pandemic. While other oil products such as gasoline and jet crashed, there has been steady petrochemicals demand. Demand for PPE and consumer plastics has been robust, supporting naphtha as a feedstocks. Demand from ...

Banks put European shares on course for a third straight session of gains on Thursday as a Brexit trade deal seemed almost at hand, with just a week left for Britain’s final exit from the European Union. After months of wrangling, and amid warnings of no deal, Britain and the European Union were on the cusp of striking a narrow trade agreement, sources in London and Brussels said, swerving away from an acrimonious split five years after the initial referendum. A last-minute hitch related to fishing has delayed the agreement, ...