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Opec can help stabilise the world economy

Healthy global oil markets rely on stability, which has been hard to find recently. Intricately linked to all parts of the world economy, they are unsettled today for reasons as diverse as Covid-19 and the supply chain crisis, to name only a few. Perhaps most important of all, the war in Ukraine has sent shock waves that will be felt for quite some time. Brent rose to a staggering level of almost $140 per barrel following its start. The commodity will be hard to tame in the short to medium ...

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Conoco forecasts low, single-digit oil production growth this year

ConocoPhillips said its full year oil and gas production could rise at a low-single digit percentage rate over last year, with stronger gains in the top U.S. shale oil field. A final investment decision to proceed with a long-proposed Willow oil-development project in Alaska’s North Slope, could come this year, executives said on a conference call. If final approvals are received, construction on the up to 600 million barrel holding in Alaska’s National Petroleum Reserve could begin this winter. Peak production at the field is forecast to be 180,000 bpd. ...

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FX Daily: Fairly priced

USD: Dollar to hold near highs, but interest in carry could emerge An unequivocally strong US July jobs report released on Friday has gone a little way to assuaging recession fears and given credence to last week’s pushback from the Fed that it was nowhere near done in terms of tightening. Pricing in the US money markets now sees a further 125bp of Fed hikes this year (we see hikes of 50bp, 50bp, and 25bp in September, November and December). And those money markets price in around 50bp of cuts ...

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QNB expects global economy will avert recession

QNB dedicated its weekly commentary to assess the risk of recession for the global economy, saying that the likelihood of a recession remains unclear despite increasing predictions that the global economy will slowdown. The note focused its analysis on the US, Euro area, and the rest of the world in its bid to assess whether a global recession was likely. It said that, assuming no further increases in energy prices, the global economy can grow at a 3 percent rate, driven by China and the rest of the world. The ...

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China to help stabilize global supply chain

China will play a key role in underpinning the global supply chain in the second half of the year amid government policy measures to stabilize the economy while tackling the impact of COVID-19 via targeted means, experts said. Although major economies such as Germany, France, South Korea and the United States saw trade deficits in recent months, the surplus of China’s foreign trade topped 2.48 trillion yuan ($367 billion) in the first half, as exports soared after the COVID-19 resurgences were brought under control in the Yangtze River Delta region ...

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How can our perception of the world impact positive change?

The world is awful. The world is much better. The world can be much better. All three statements are true at the same time. Discussions about the state of the world too often focus on the first statement: The news highlights what is going wrong, rarely mentioning any positive development. A pushback on this narrative takes it to the other extreme, which is equally damaging. Solely communicating the progress that the world has achieved becomes unhelpful, or even repugnant, when it glosses over the problems that are real today. It’s ...

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Cyprus shipping signs €1.68 mln digitisation contract

The Deputy Ministry of Shipping announced it had signed a contract for digitising its services, heralded as “an important step” to further strengthen the important sector’s efficiency. The contract was signed with the CSC Consortium (Cellock, SignalGenerix and Computer Resources International (Luxemburg)) following a tender process. It covers the digitisation of the Deputy Ministry’s services at the cost of €1.68 mln. The project, financed by the EU through the Recovery and Resilience Facility, is expected to be completed within 21 months. Shipping minister, Vassilios Demetriades, said it was an important ...

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Baltic Dry Index climbs to 1566 up 06 points

Today, Tuesday, August 08 2022, the Baltic Dry Index climbed by 06 points, reaching 1566 points.

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FBX Index July: Market Summary

The Freightos Baltic Global index fell 6% to $6,159/FEU in July, driven by rate decreases on lanes ex-Asia to the US West Coast and Europe. With these decreases, and as prices climbed sharply in July last year, this rate is 39% lower than its level a year ago, although it is still more than four times the pre-pandemic norm. Asia – US West Coast prices fell 13% since the end of June to $6,593/FEU, a level last seen in early May 2021. This rate is 55% lower than at the ...

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Sinopec Fuel Oil remains China’s top bunker supplier

Sinopec Fuel Oil remained China’s top bunker fuel supplier in the first half of 2022 with a 51% market share, Sinopec said. China’s bonded bunker suppliers rely on resource both from domestic production and imports. Sinopec Fuel Oil’s bunker sales jumped 25% year on year in 2021 to become the world’s fifth biggest supplier, according to data from the China Petroleum Circulation Association. Sinopec Fuel Oil is the bunker supply arm of the Sinopec, the world’s top refiner and which produced 3.48 million mt (122,000 b/d) of LSFO over January-June ...

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China’s coastal bulk freight index up in July

China’s coastal bulk freight market saw an expansion in July as high temperatures in various parts of the country pushed up the demand for energy, industry data showed. On a monthly basis, the composite index for coastal bulk freight, which measures transportation costs in the coastal shipping market, rose 8.9 percent to 1,142.32, according to the Shanghai Shipping Exchange (SSE). In the period, the sub-index for coal logged the most notable increase of 13.4 percent, followed by that for grain and metal ore, which climbed 7.4 percent and 3.6 percent, ...

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MABUX: No firm trend in Global bunker market on Aug 08

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued firm downward trend on Aug. 05: 380 HSFO – USD/MT – 589.80 (-9.88) VLSFO – USD/MT – 847.51 (-23.28) MGO – USD/MT – 1 145.43 (-18.89) As of August 05, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices vs. the MABUX digital bunker price benchmark) had no significant changes: the HSFO segment was mostly undervalued, the VLSFO segment was overvalued, and the MGO LS segment changed ...

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Global Methanol & MTBE Trade Tracker: July spot trading intensifies globally

Activity in global spot methanol and MTBE markets mostly increased month on month and year on year in July. Methanol spot prices were seen weaker in July from the previous month, creating opportunities to buy more from the spot market. Methanol ASIA: Trading activity in the Chinese methanol market soared 168% on the month to 67,000 mt in July, even besting May sales by 2,000 mt, as methanol prices hit an 18-month low. Trades early in the month were underpinned by a shortage of tank space and sellers were under ...

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ABS Publishes Industry Leading Metadata Best Practices to Support Marine and Offshore Operations

BS’ latest advisory provides best practices for creating and using metadata for managing digital information to support the growing development and adoption of smart, autonomous and remote-control functions in the marine and offshore industries. Metadata defines and describes other data and what it relates to, providing context to enable data to be processed and translated into usable information. “Metadata is one of those behind-the-scenes elements of the digital transformation that impacts all aspects of a vessel from design to operation to decommissioning. Supporting ship owners and operators to capitalize on ...

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Pan Ocean: Winning Strategy and Expansion of LNG Business

Pan Ocean logged a 2Q22 earnings surprise thanks to a clever market response. We lower our TP by 10% to W9,000 in consideration of concerns over slowing raw material demand. However, we maintain a Buy rating, as long-term growth still looks attainable thanks to the firm’s outstanding market response capabilities and its expansion of LNG business. Differentiated strategy stands out despite demand concerns We maintain a Buy rating on Pan Ocean but lower our TP by 10% from W10,000 to W9,000. The downward adjustment stems from: 1) lowering of 2023F ...

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