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Oil slips 2% from highs ahead of Fed decision

Oil prices fell on Wednesday after hitting multi-month highs in the previous session, as investors braced for the U.S. Federal Reserve’s interest rate policy announcement later in the day. Brent crude futures for May were down $1.39, or 1.59%, at $85.99 a barrel by 12:05 p.m. EDT (1605 GMT) . U.S. West Texas Intermediate futures for April delivery , which expire on Wednesday’s settlement, fell $1.80, or 2.16%, to $81.67. The more active May WTI contract was at $81.22 a barrel, down $1.51 or 1.83%. Brent had settled at its ...

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Shipowners jettison the scrapping option

Since 2018 shipowners generally have been reluctant to sell older or less economical ships to breakers’ yards. During the past five years average annual recycling totals in the world merchant ship fleet were the smallest since an exceptional freight market boom, with associated reduced scrapping, ended almost sixteen years ago in 2008. Further emphasising how low scrapping has been, volumes were minor percentages of the existing fleet. In individual recent years relatively large annual recycling totals for bulk carriers and tankers were seen, preceded and followed by low annual volumes. ...

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Trump tariff threat: Another reason why US shippers are moving cargo early in 2024

The threat of major hikes in US import tariffs, combined with the fear of union action at East Coast ports and longer transit times due to the Red Sea crisis, is prompting US shippers to accelerate 2024 import schedules. Former US president Donald Trump has warned he will impose a universal baseline tariff of 10% on all imported goods, and tariffs of more than 60% on imports of Chinese goods if he wins the US election in November. Although the next US President will not be inaugurated until January 2025, ...

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Reduction in the count of Panamax vessels in ballast status with the ECSA daily volume loaded surpassing the demand benchmark

In the latter half of March, the freight market for large vessel sizes displayed a notable increase in momentum, particularly evident as the vessel count in terms of ballasters experienced an unexpected decline compared to the peak levels observed nearly four weeks prior. Amidst discussions surrounding whether the recent surge in Capesize and Panamax market rates stems from supply or demand dynamics, it becomes evident that the recent tightening of vessel supply serves as a significant upward catalyst. This trend is underscored by recent data indicating a surpassing of demand ...

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zero44 releases the first publicly available FuelEU Maritime Calculator

zero44, provider of digital CO2 management solutions, has today released its “FuelEU Maritime Calculator”. zero44 has developed this tool to enable shipping companies to quickly and easily understand the financial impact that the planned FuelEU Maritime regulation will have on their business. The results are estimates and not binding, but provide a good initial basis for dealing with the costs and cost factors of FuelEU Maritime. While the majority of shipping companies are still working on becoming EU ETS compliant, the next comprehensive legislation to decarbonise shipping is already on ...

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Fearnleys Week 12 2024

A very sluggish start to the MEG April program has seen a tonnage buildup, with vessels sailing free of cargo in the East. Coupled with a number of relets, and the scene is set for a rate drop.

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Russia remains China’s top crude supplier in Jan-Feb

Russia remained China’s top oil supplier in the first two months of this year, data showed on Wednesday, as Saudi supply cuts continued. China’s imports from Russia, including supplies via pipelines and sea-borne shipments, rose 13% on the year to 17.72 million metric tons, or 2.16 million barrels per day (bpd) over the January and February period, according to data from the General Administration of Customs. Russia was China’s top supplier throughout 2023, shipping more than 107 million tons, or 2.14 million bpd despite Western sanctions and a price cap ...

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Xclusiv Shipbrokers Weekly 19th March 2024

Reports from the Red Sea indicate no progress towards de-escalation. Houthi rebels continue targeting ships with drone missiles and recently claimed to possess a new hypersonic missile.

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Asia Fuel Oil-HSFO retains downside as more tender supplies loom

Asia’s high sulphur fuel oil (HSFO) market retained downside on Wednesday as more cargoes were offered via tender, while the existing market remains abundantly supplied, trade sources said. Kuwait Petroleum Corp has issued a semi-term tender offering more HSFO for loading between April to June, sources said, marking its second semi-term tender in just a week. The refiner is offering four 380-cst HSFO cargoes of 60,000 metric tons each for lifting from Kuwait during the period, the sources said, with the latest tender closing on Wednesday. The broader HSFO market ...

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India’s Feb Russian oil imports edged up from Jan- trade

India’s import of Russian oil edged up in February over January, reversing declines seen in the past two months, data from industry sources showed on Wednesday, as refiners received some parcels of Russian light sweet Sokol grade. The world’s third biggest oil importer and consumer, India has been gorging on Russian oil since the West imposed sanctions on Moscow for its invasion on Ukraine in February 2022. The South Asian nation emerged as the top buyer of Russian oil in 2023 after some entities and nations retreated from purchases in ...

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Oil loadings from Russia’s western ports seen at 2 year high from March 20-31

Oil loadings from Russia’s western ports from March 20-31 are expected to surpass 2.5 million barrels per day (bpd) and hit the highest level since April 2022, according to market and trading sources, as well as Reuters calculations. Russia is set to load some 30.2 million barrels (4.12 million tonnes) of Urals, KEBCO and Siberian Light at the ports of Primorsk, Ust-Luga and Novorossiisk from March 20-31 amid top ups to the original loading plan, the data provided by market sources and Reuters calculations showed. Russia will increase oil exports ...

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ENGINE: Europe & Africa Fuel Availability Outlook

Northwest Europe Bunker fuel availability is good in Rotterdam and in the wider ARA hub. Lead times of 4-5 days are recommended for VLSFO and 4-6 days for HSFO. LSMGO can be delivered with shorter lead times of 2-4 days. The ARA’s fuel oil stocks have grown to their highest monthly levels since April 2021. The region has imported 280,000 b/d of fuel oil so far this month, up from 256,000 b/d in February, according to data from cargo tracker Vortexa. The UK has been the ARA’s biggest fuel oil ...

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Navigating Excellence: The Norwegian – Greek Maritime Innovation Summit

A few Norwegians in Athens are always good for the booming Greek tourism economy, but what happens when more than a dozen carefully selected Norwegian maritime technologists come to Athens to share insights, connect with the customers, and participate in some insightful panel discussions? That happened just a few days ago in a unique location for a maritime technology conference. Oriani Hellas organized, curated, and hosted the event Navigating Excellence: The Norwegian – Greek Maritime Innovation Summit, held on March 13th & 14th at the Museum of Cycladic Art in ...

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China’s soybean imports from Brazil jump 211% in first two months

China’s soybean imports from Brazil surged 211%in the first two months of 2024 compared with a year ago, data showed on Tuesday, as strong harvest and competitive pricing in the South American producer outpaced the United States’ market share. The world’s top buyer of soybeans, China brought in 6.96million metric tons of the oilseed from Brazil, up from 2.24million tons in the same period last year. Imports from the U.S. fell to 4.96million tons from 9.71million tons in 2023. Total imports in the Jan-Feb period recorded a five-year low of ...

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SFL – Acquisition of three newbuild LR2 product tankers in combination with long term charters

SFL Corporation Ltd. announced today that it has agreed to acquire three new LR2 product tankers for an aggregate purchase price of approximately $230 million in combination with long term time charters to a world-leading energy and commodities company. The vessels are currently under construction in China, with the latest eco-design features. The sellers are affiliates of the Company’s largest shareholder Hemen Holding Ltd, and the purchase price is in line with valuations by independent shipbrokers. The Company expects to take delivery of the vessels between the second and fourth ...

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