Home / Author Archives: hellenicshippingnews... (page 40)

Author Archives: hellenicshippingnews...

China’s exports smooth aluminium supply-chain disruption

China is playing a crucial role in rebalancing the global aluminium supply chain in the wake of Russia’s invasion of Ukraine. The country has lifted exports of alumina to Russia, compensating for the loss of raw materials feed after Australia banned exports in reaction to what the Kremlin terms its “special military operation”. China has also stepped up exports of aluminium this year, particularly to Europe, where smelters are struggling with the power price surge resulting from reduced flows of Russian gas. The country’s exports of semi-manufactured products are also ...

Read More »

Qatar-Italy ‘most common voyage’ in European LNG shipments in 2021: IGU

Qatar-Italy was the “most common voyage” in LNG shipments in Europe in 2021, International Gas Union has said in a report. As many as 76 LNG shipments were clocked in the Qatar – Italy route last year, IGU said in its ‘World LNG Report 2022’. With additional liquefaction capacity, 2021 was characterised by a resumption of growth in the number of voyages and vessel utilisation, after Covid-19 demand reduction in 2020, IGU noted. A total of 6,708 LNG trade voyages departed in 2021, up 12% from 2020, which in contrast ...

Read More »

Brazil dispute disrupts corn export payments, industry group says

A protest by Brazilian federal revenue service auditors is delaying clearance of documents needed to receive payments for corn exports, according to a local trade group representing global grain traders. The issue has been affecting exporters since the beginning of the year, including at the height of Brazil’s soybean exporting season in January, said Sergio Mendes, director general of Anec, in an interview. There is no end in sight and the problem is only getting worse, said Mendes, whose trade body represents the likes of Cargill, ADM, LDC and Cofco. ...

Read More »

ArcelorMittal expects Europe’s real steel demand to be ‘at least stable’ this year: CFO

ArcelorMittal expects real steel demand this year in Europe to be “at least stable if not slightly positive,” despite current headwinds, the major steelmaker’s CFO said on a conference call. In the auto sector, “we can be cautiously optimistic about seeing higher volumes moving into the second half, even though there was no significant improvement in the first half,” Genuino Christino said in a conference with analysts following release of the company’s Q2 results July 28. “Forecasts are still showing growth on year in terms of [auto] production,” he said. ...

Read More »

Supply constraints likely to prompt further commodity price gains

But the relief was short-lived. Over the weekend, Russian missiles hit the Black Sea port city of Odesa. On Monday, Russian state-owned energy producer Gazprom said gas exports through the Nord Stream 1 pipeline to Germany will drop to 20% of capacity from Wednesday, down from 40%, and blamed further problems with a turbine. The Bloomberg Commodity Index, which broke a five-week decline to climb 2.7% last week, at the time of writing has risen another 2.4% so far this week, and we expect further gains for commodities: Energy supply ...

Read More »

Copper due to recover on Chinese stimulus, infrastructure

Copper prices are expected to rebound further in the coming months after heavy losses, a Reuters poll showed, as China unleashes more infrastructure spending and other stimulus for the economy. Benchmark copper CMCU3 slid 36% in the four months after touching a record $10,845 a tonne in March on fears that a slowdown in China and a potential global recession would curb demand. It has since bounced back by about 10%. “Industrial metal prices may have undershot as the market mood shifted sharply from extremely bullish to bearish,” said Julius ...

Read More »

New Capacity Roundup – July 2022

Europe GravitHy, a joint venture backed by several energy and construction firms, has announced that it will build a new DRI production facility near Fos-sur-Mer, in southern France. The consortium, which includes plant equipment manufacturer Primetals Technologies, is looking to secure €2.2 billion of EU funding for the project, which is expected to have an annual production capacity of two million tonnes. Construction is scheduled to start in 2024 and is expected to take three years to complete. Liberty Steel is investing €350 million to install two electric arc furnaces ...

Read More »

Soybeans ease from 4-week top, U.S. weather limits decline

Chicago soybean futures fell more than 1% on Monday after six straight sessions of gains, although forecasts of hot and dry weather in parts of the U.S. Midwest raised supply concerns and curbed losses. Wheat slid for a second consecutive session, while corn lost ground. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 1.1% at $14.53 a bushel, as of 0313 GMT, but not far from Friday’s four-week high of $14.89 a bushel. Wheat lost 0.3% to $8.05-1/4 a bushel and corn eased 0.9% to ...

Read More »

Oil drops as weak China factory data fan demand concerns

Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down 82 cents, or 0.8%, at $103.15 a barrel at 0608 GMT. U.S. West Texas Intermediate crude was at $97.44 a barrel, down $1.18, or 1.2%. Fresh COVID-19 lockdowns snuffed out a brief recovery seen in June for factory activity in China, the world’s largest crude oil ...

Read More »

OPEC+ to weigh holding oil output steady or small hike, sources say

OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, will by August have fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020. Oil has soared in 2022 to its highest since 2008, climbing above $139 a ...

Read More »

Japan power utility interest boosts Asia-Pacific crude oil amid high LNG, coal prices

Asia-Pacific medium to heavy sweet crude oil grades have piqued the buying interest of Japanese power utilities during the peak summer demand season as lofty prices of typical generating fuels prompt a search for competitive alternatives, boosting regional crude prices in the process. While LNG and thermal coal remain the main feedstocks for power generation in Japan, regional sweet crudes offered for September loading have attracted the attention of some power utilities, market sources told S&P Global Commodity Insights July 25-29. Vietnam’s state-owned PetroVietnam Oil recently sold a 300,000-barrel cargo ...

Read More »

World stocks hit 7-week highs, dollar squeezed vs yen

World stocks hit seven-week highs on Monday, buoyed by recent strong corporate earnings and declining expectations for hefty interest rate rises, while the dollar slid against the yen as speculators exited suddenly unprofitable short positions. Global shares gained 7% last month and bond markets rallied as investors started to look for a peak in official interest rates, given slowing economic growth. Markets have gathered steam after last week’s 75-basis-point Federal Reserve hike and comments on the economy from Fed chair Jerome Powell. “There’s a sense of relief that the Fed ...

Read More »

Dollar struggles at 6-week lows vs yen as markets ramp up recession bets

The U.S. dollar sank to its lowest in more than six weeks versus the Japanese yen on Monday as investors ramped up bets that aggressive Federal Reserve monetary policy would tip the economy into a recession. With traditional market gauges of recession such as yield curve spreads pinned near their lowest levels this year, punters have ramped up bets in recent days that U.S. interest rates will peak by the end of 2022. With China’s official measure of factory activity contracting in July as fresh virus flare-ups weighed on demand, ...

Read More »

Record eurozone inflation: Which countries in Europe are being worst hit as energy prices soar?

Inflation in the eurozone is continuing to soar to record highs, hitting 8.9 per cent in July. That’s up from 8.6 per cent in June, 8.1 per cent in May, and 7.4 per cent in April, as Europeans continue to see soaring energy and food prices fuelled in part by Russia’s war in Ukraine. The preliminary estimate published on Friday July 29 by Eurostat, the European Union’s statistical office, is the highest since recordkeeping for the eurozone began in 1997. The steepest annual inflation rate in this estimate was once ...

Read More »

Xi is expected to face major economic challenges when he enters an unprecedented third term

President Xi Jinping will need to confront China’s several major economic challenges after he secures a widely expected unprecedented third term in office, according to veteran investor David Roche. Roche said Xi will very likely “sail through” his confirmation as China’s top party chief in the upcoming National Congress meeting, which sets the stage for him to secure another five-year term as the country’s leader. There won’t be any “real resistance to him at senior levels of the communist party,,” he added at the Congress party meeting due to be ...

Read More »

Recent Videos

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