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Rising oil prices test US producers’ willpower

The sirens in Homer’s Odyssey sing so beautifully that passing sailors can be lured to their deaths, and have to plug their ears with wax to pass by safely. As oil prices recover, US E&Ps are facing a similar test. Helped by Saudi Arabia’s decision to cut oil production by 1 million barrels a day in February and March, crude prices have risen to their highest levels since February last year. Benchmark West Texas Intermediate crude rose to just below $54 a barrel this week, and was trading at close ...

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Australia: LNG sales take $12.6b hit despite record exports

Surging renewable energy helped lift Australia’s LNG exports to a record last year as increased use of wind and solar power freed up gas that would otherwise be used in power generation, according to consultancy EnergyQuest. But the “win-win” for the country’s economy and its environment came as revenues from LNG exports slumped by an estimated $12.6 billion last year after a roller-coaster period in prices that has become even more dramatic in early 2021. LNG export revenues in 2020 were probably about $36.1 billion, down more than a third ...

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China: About 2% growth expected for 2020 GDP, fueled by robust exports

China’s GDP is expected to expand above 2 percent in 2020, as the only major economy to grow in positive territory while other economies are still being hammered by the global pandemic outbreak, analysts said. The robust economic rebound is a vivid display of how the world’s second-largest economy pulled off a monumental effort to successfully control COVID-19, enabling its factories to start roaring again in first place and supply essential materials to the world, and how its pent-up consumption demand climbed from the bottom with stimulus measures kicking in. ...

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Dark days are far from over: Five questions for the ECB

The European Central Bank will this week face more questions about an increasingly challenging outlook only a month after it unleashed fresh stimulus to bolster the euro zone economy. Policymakers boosted emergency bond buys by 500 billion euros ($607 bln) in December. But resurgent COVID-19 cases, new restrictions on activity in countries including Germany and France and the slow roll-out of vaccines has cast doubt over the pace of the region’s recovery. “At this point in time, the ECB still finds itself a little bit with its back against the ...

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China’s trade in services a new vista to watch

As China’s foreign trade in goods has notched a historic high in 2020 despite COVID-19 strains, the services trade sector is also expected to embrace more vitality amid the country’s efforts to open its market wider to the rest of the world. While data on services trade for the whole year has not yet been released, its performance in the first 11 months has demonstrated prospects of growing business opportunities for both domestic and global players. Resilience & vitality According to the World Trade Organization (WTO), in contrast to merchandise ...

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Here’s why Biden should end Trump’s trade war with China

When President-elect Joe Biden is inaugurated next week, he will quickly move to transform most dimensions of US policy. A glaring exception is China. But if Biden maintains outgoing President Donald Trump’s confrontational approach to the world’s second-largest economy, he will come to regret it. While Biden may be less overtly antagonistic toward China than Trump was, he has echoed many of his predecessor’s complaints about China’s trade practices, accusing the country of “stealing” intellectual property, dumping products in foreign markets and forcing technology transfers from American companies. And he ...

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Breakwave Dry Bulk Shipping Report 19.01.2021

Capesize rates rip as dry bulk volatility is making a comeback with a vengeance

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Shipping industry demands vaccine priority for seafarers, amidst renewed crew change struggles

The International Chamber of Shipping is leading calls for governments to put seafarers and frontline maritime shore workers at the head of the vaccine queue and to designate seafarers as keyworkers, to avoid a repeat of the 2020 ‘crew change crisis’. ICS is demanding that governments, who are once again restricting travel as a reaction to new COVID-19 mutations, recognise the vital role seafarers play in the global supply chain. The shipping industry knows that healthy, vaccinated seafarers are critical in keeping nations supplied with vital goods. Increasingly in 2021, ...

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A Dry Bulk Shipping ETF Is Having a Stellar New Year

A targeted dry bulk shipping exchange traded fund has rallied in the new year, breaking from traditionally weak seasonal trends. Among the best performing non-leveraged ETFs of Friday, the Breakwave Dry Bulk Shipping ETF (NYSEArca: BDRY) jumped 6.9%. BDRY has already surged 36.0% so far in 2021. BDRY tries to provide exposure to the daily changes in the price of dry bulk freight futures by tracking a three-month strip of the nearest calendar quarter of futures contracts on specified indexes that measure rates for shipping dry bulk freight. Capesize freight ...

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LNG shipping stocks: Big growth in America, decline in Asia

The UP World LNG Shipping Index, the world’s only stock index focused on companies in the LNG shipping industry, added 3.64 points, or over 4.65%, last week. US stocks represented by the S&P 500 (SPX) index lost 1.48%. Shares of companies traded in the USA were particularly successful. Many of them recorded double-digit gains, even over 25%. These include Golar LNG Partners LP (GMLP, + 27.8%), GasLog LNG Partners LP (GLOP, + 26.8%) and GasLog Ltd. (GLOG, +23.8%). The price of Dynagas LN Partners LP (DLNG) also increased by more ...

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Banchero Costa Weekly Market Report, Week 02 2021

As crude oil and natural gas processing increased with the United States’ fracking revolution, the USA

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MABUX: Bunker market this morning, Jan.19, 2021

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO Gasoil) in the main world hubs) decreased on Jan.18: 380 HSFO – USD/MT – 362.89 (-4.80) VLSFO – USD/MT – 458.00 (-3.00) MGO – USD/MT – 514.13 (-2.42) Correlation between the Market Bunker Price Index (BPI) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Jan.18 showed undercharging of 380 HSFO bunker grades in Singapore (-12 USD) and Rotterdam (-17 USD) and overcharging in Fujairah (+2 USD) and Houston (+7 USD). ...

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Top Four Everyday Shipowner Challenges In 2021… And One Solution

We sat down with leading Norwegian headquartered shipowners to quiz them on the top day-to-day operational challenges facing them in 2021, and the solution they desire. Could greater data integration and utilisation help them successfully navigate an increasingly demanding future? 1. Environmental efficiency “It’s a constant battle, but one we’re committed to fighting.” Anders Tønnessen, Performance Manager, Höegh LNG, is addressing the one subject that impacts upon every stakeholder within the shipping value chain – sustainability. Improving the industry’s environmental performance is intrinsic to survival: of individual companies, of commercial ...

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SCF further expands transit window through the Eastern part of the Russian Arctic

On 16 January 2021, at 20:20 Moscow time (17:20 GMT), SCF’s LNG carrier Christophe De Margerie, reached Cape Dezhnev in Russia’s Far East, completing her eastbound voyage carrying a cargo of LNG along the Northern Sea Route (“NSR”), for Yamal LNG, from the Port of Sabetta in the Russian Arctic to the Asia Pacific market. For the first time ever, Russian LNG has been transported across this route in January. The successful NSR passage proves that during the autumn-winter navigation season, commercial cargo shipping across the Eastern part of the ...

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Ince Piraeus adds lateral hire to expanding shipping team

International legal and professional services firm Ince has announced the hire of Konstantinos (Dinos) Mexias as Partner in Piraeus, to strengthen its already world leading shipping team. Dinos is an accomplished finance specialist, with skills across all aspects of ship finance. During his career, most recently at Watson Farley & Williams, he has advised and acted on behalf of major banks, private equity investors and shipping companies, both private and listed. His ship finance expertise includes loan financings, sale and lease back transactions, restructurings and loan portfolio transfers, in addition ...

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