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Scope, Europe’s first ECB-approved credit ratings agency, promises to put more weight on the euro zone’s improved ability to navigate crises although it has concerns about Italy and France and warns the Dutch election result could trouble its coveted triple-A grade. By joining a soon-to-be-five-member group that the European Central Bank uses to judge government bond collateral values, Berlin-based Scope could play a significant role in any future financial market crisis. It also fulfils an ambition held by policymakers for a domestic player since the height of the bloc’s debt ...

The German economy faces an uphill challenge as recent economic data has revealed with its health dependent on a few pending factors. Euronews Business takes a look at some of them. Germany’s economy continues to remain under pressure as indicated by recent economic data with its gross domestic product (GDP) shrinking on Friday 24 November and its manufacturing sector still in contraction territory. However, the global Purchasing Managers’ Index (PMI) data for the country, which summarises whether market conditions are expanding, staying the same, or contracting, came in at 47.1 ...

China’s coastal bulk freight index increased during the week ending on Nov. 24, according to the Shanghai Shipping Exchange (SSE). The composite index for coastal bulk freight rose 2.4 percent week on week to 1,063.16, the SSE said. According to the data, the coal sub-index increased 2.8 percent to 1,065.79. The figure for crude oil edged up 0.4 percent to 1,621.07, while that for refined oil stood at 1,525.18, up 2.8 percent from the previous week. The SSE initiated the index in 2001 under the guidance of the Ministry of ...

Global shipping markets, which are due to add more capacity than anticipated demand will support, have a good chance of rebalancing within two years, the chief executive of Germany’s Hapag-Lloyd told reporters on Thursday. “The gap between supply growth and demand growth is possibly smaller than people think and therefore, the outlook that the market may recover to a more balanced situation in one or two years is better than most people feel,” said CEO Rolf Habben Jansen. The company, the world’s number five in container shipping, earlier this month ...

The Panama Canal has been a diligent steward of its most precious resource—water, dedicating extensive research and investments to its management. However, 2023 has recorded some of the highest temperatures in history, causing far-reaching consequences for millions around the world. For the Panama Canal, it has been no different. Elevated temperatures in the Atlantic Ocean, compounded by the presence of the El Niño phenomenon and the delayed onset of the rainy season, have directly impacted the levels of freshwater in the Canal’s reservoirs, which are essential for its operations. The ...

Russia’s export revenue from fossil fuels for October was the second highest in 2023, with a noticeable increase in sea and pipeline supplies of crude oil. Half of the oil products were transported by “shadow” tankers, which are not subject to the price cap policy. Quote: “Compared to September, Russia’s monthly export revenue from fossil fuels marginally declined in October by EUR 16 mn per day (-2%). Seaborne oil products saw the most significant decline — amounting to EUR 19 mn per day (-7%) — primarily due to restrictions on ...

Aristos Philis, a Limassol native, stands at the helm of Lemissoler Navigation Company’s Strategic Development department while simultaneously holding the positions of CEO and co-founder at KeelX. Philis is deeply committed to fostering innovation, drawing from his tenure at Barclays Investment Bank to steer KeelX and Lemissoler towards a future where innovation and sustainability intertwine within the maritime industry. keelx black fontKeelX logo His exposure to Agile Methodology at Barclays has instilled in him the value of collaboration and continual enhancement, shaping his maritime strategy to embody agility and adaptability. ...

The European Commission will allocate 50 million euros ($54,7 million) to restore Ukrainian ports affected by Russian attacks, according to the Commission’s President Ursula von der Leyen. “Despite the war, Ukraine keeps feeding the world. In this effort, you can count on the EU. We continue enhancing our Solidarity Lanes and will provide €50 million to repair your port infrastructure. Together we ship Ukrainian grain to the world,” she wrote on X/Twitter on 25 November. In a letter to Ukrainian President Volodymyr Zelenskyy attached to her message, Leyen said that ...

Grain traders have stopped their negotiations to sell from the port of Kavkaz amid the news that the Kerch Strait will be closed until Nov. 30 due to another storm in the region, multiple market participants told S&P Global Commodity Insights Nov. 24. Local weather forecasts are for wind gusts to reach in excess of 40 mph over Nov. 26 until Nov. 30. With delays caused by the inspection of vessels already at two weeks, the suspension of traffic will cause extra delay for coasters coming from the Azov Sea ...

AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, in collaboration with KazMorTransFlot (KMTF), national shipping company of Kazakhstan, fully-owned by the national Kazakhstan oil company – KazMunayGas (KMG), has announced the acquisition and commencement of operations of two state-of-the-art vessels designed for the transportation of Kazakhstan’s oil across the Caspian Sea. A naming ceremony, marking this significant milestone, took place in Aktau, Kazakhstan, attended by a number of esteemed guests and dignitaries including Mr Nurlan Nogayev, Akim of Mangistau Region; H.E. Dr. Mohamed Saeed ...

More LNG carriers taking US cargoes to Northeast Asia are avoiding the Panama Canal in light of tightening restrictions on the route, shipping data shows, with the number of ships using the Suez Canal route looking set to continue rising for the upcoming high-demand winter period despite the recent seizure of a vessel in the Red Sea. The SM Eagle — chartered by Korea Gas Corp. — is currently sailing in the Caribbean after having loaded an LNG cargo and left Sabine Pass in Louisiana Oct. 30, and is expected ...

China’s state planner said on Friday it would strengthen the supervision of iron ore at ports and guard against hoarding and speculation in order to maintain an orderly market, its second move this week aimed at curbing a price rally. The National Development and Reform Commission (NDRC) said it had recently held a meeting with major ports, to understand portside iron ore inventory and storage fees at yards. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) dropped 0.41% to 973 yuan a metric ton at 1337 ...

If commodity prices are anything to go by, sentiment is improving in China. The benchmark December SZZFZ3 iron ore futures contract on the Singapore Exchange is up 10% this month at $133.45 a ton on hopes Beijing will kickstart the property sector. A warning from Chinese regulators for traders on Thursday not to hype up the key ingredient for steelmaking will do little to dampen the bullish mood. Anticipating spiking demand from the world’s second largest economy, Citi analysts on Tuesday upgraded their forecast iron ore price to $140 per ...

Steel raw materials markets hoped for stronger demand and higher forward pricing cues this week, with buyers and traders converging in Dubai showing cautious optimism after a weak fourth quarter. At a Liberty Steel event Nov. 21 around a regional industry conference, iron ore suppliers, steel and ferroalloy producers and traders discussed the restart of a blast furnace at Galati in Romania a week earlier as a sign of better times for the industry. Feeding expectations of further restarts and stronger output at units across Europe was an improving economic ...

Chicago soybean futures firmed on Monday as forecasts of lower output in the world’s biggest exporter Brazil following hot and dry weather underpinned prices. Wheat inched higher, recouping some of last session’s losses while corn gained ground. FUNDAMENTALS * The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.4% to $13.35-1/2 a bushel, as of 0113 GMT, after sliding to its lowest since Nov. 2 at $13.24 a bushel earlier in the session. * Wheat gained 0.4% to $5.79-1/2 a bushel and corn added 0.4% to $4.84-1/4 ...