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China’s largest coal-based ethanol project with an annual output of 500,000 tonnes was put into trial operation in Yulin City in northwestern Shaanxi Province on Thursday. The project uses coal as raw material to produce ethanol and other chemical products, and it can convert 1.5 million tonnes of coal annually. Experts said three tonnes of grain can produce one tonne of ethanol, saving 1.5 million tonnes of bio-ethanol raw grain every year when in full service. “Compared with the traditional method of producing ethanol with grain fermentation, the project firstly ...

Forward gas traders are bracing for the return of steep basis discounts at the West Texas Waha Hub by early fourth quarter as anticipated gains in Permian Basin production hit the spot market before a series of recently announced brownfield pipeline expansions can enter service. Over the past six months, Waha’s October and November 2022 forwards have experimented with steep, and previously unanticipated, basis discounts. In early May and again in mid-June, the hub’s two autumn contracts briefly traded at more than $1.80/MMBtu below the Henry Hub. A recent, and ...

China took fresh steps on Friday to facilitate foreign investment in its $20 trillion bond market, saying it would cut service fees, improve overseas access to foreign exchange hedging, and streamline the process of opening accounts. China will also facilitate cross-border bond subscriptions, and make it easier for foreign passive funds to trade Chinese bonds, the China Foreign Exchange Trade System (CFETS), affiliated to China’s central bank, said in a statement. Passive funds track indexes, as opposed to active funds where managers pick assets to invest in. Overseas investors reduced ...

Aspo’s subsidiary ESL Shipping has confirmed an additional order for one electric hybrid vessel [email protected] Shipping, a subsidiary of Aspo Group’s ESL Shipping, has declared an option and order for the first additional vessel from the Indian shipyard Chowgule & Company Private Limited, from which the shipping company has previously ordered six identical electric hybrid vessels, as announced in September 2021. In connection with the forthcoming series of new-generation electric hybrid vessels and additional vessel options, ESL Shipping is preparing to start a long-term pooling partnership together with a group ...

Labor talks between West Coast dockworkers, cargo-handling companies and container shipping lines are entering a new, high-stakes phase with the expiration of the contract covering U.S. seaports from Washington state to Southern California. With both sides remaining far apart on issues including pay and automation, the multiyear contract was due to end late in the day on Friday, raising fears over the potential for disruptions at major American gateways for trans-Pacific trade, including the country’s busiest container port complex at Los Angeles and Long Beach. The congestion at those ports ...

On Thursday, the latest and largest container ship in the world, EVER ART crossed the new Suez Canal as part of the convoy of the south. Its journey is coming from Malaysia and headed for the port of Rotterdam, the Netherlands, Osama Rabie, head of the Suez Canal Authority, announced. EVER ART follows the shipping line of Evergreen and is the sixth ship in a series of 12 giant ships under construction of the 24 A class. Its weight is 221,000 tons, and it can carry 24,132 containers on board. ...

The San Pedro Bay ports of Long Beach and Los Angeles will once again delay consideration of the “Container Dwell Fee” for another week, this time until July 8. Since the program was announced on Oct. 25, the two ports have seen a combined decline of 27% in aging cargo on the docks. The executive directors of both ports will reassess fee implementation after monitoring data over the next week. Fee implementation has been postponed by both ports since the start of the program. The Long Beach and Los Angeles ...

In light of the current geo-political situation and its unforeseeable impact, the two terminal operators HHLA and EUROGATE have agreed to delay their talks on a cooperation until the general economic conditions have stabilised enough to ensure a successful continuation. The parties involved have agreed not to disclose the results of the negotiations to date. Source: HHLA

Ukrainian wheat is finding its way onto world markets despite the Russian invasion, the head of Swiss baked goods group Aryzta said in a newspaper interview. “At the moment, the quantities of grain are still there, they simply cannot be exported under Ukrainian control. But they find other ways onto the world market. Because grain is money, and money means weapons,” CEO Urs Jordi said in an interview published on Friday by Swiss paper Finanz und Wirtschaft. “When ships can leave the (blockaded Ukrainian) port of Odesa again in a ...

Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing. Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the United States. The enormous earnings are likely to ignite new calls for windfall profit taxes. The largest U.S. oil producer projected a sequential increase of about $7.4 billion in operating profits compared with the first quarter. In the first quarter, ...

Global equity funds faced outflows in the week to June 29, as recession fears crept higher, with major central banks looking keen to raise interest rates further to tame soaring inflation. According to Refinitiv Lipper, investors disposed of a net $20.79 billion worth of global bond funds in a fourth straight week of net selling. Fund flows: Global equities, bonds and money market Federal Reserve Chairman Jerome Powell said this week that there was a risk the U.S. central bank’s interest rate hikes could slow the economy too much, but ...

Investors are greeting the third quarter with greater trepidation about a recession, and that makes next Friday’s June jobs report a potentially bigger catalyst for markets than it might otherwise have been. The jobs report and Wednesday’s release of minutes from the Federal Reserve’s last interest rate meeting are expected to highlight the four-day, post-holiday week. June’s nonfarm payrolls are expected to have slowed from the 390,000 added in May, but still show solid job growth and a strong labor market. According to Dow Jones, economists expect 250,000 payrolls were ...

Susan Collins started her job Friday as president of the Federal Reserve Bank of Boston, becoming the first Black woman to lead a regional branch of the U.S. central bank as it faces 40-year-high inflation and mounting fears of recession. Collins will have her first chance to weigh in on monetary policy in just over three weeks, on July 26-27 when she’ll join the Fed’s 17 other policymakers to decide interest rates. They are widely expected to deliver another 75-basis-point rate hike, bringing the Fed’s policy rate to a range ...

Warnings, advisories and piracy incidents in the Indian Ocean Area by the UKMTO in the past week.

AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals, has recently released a new Smart Calculator to its AXSDry platform. The new tool allows users to run quick voyage calculations against multiple vessels. AXSMarine’s new calculation tool takes essential information for a voyage and returns its results simultaneously for each vessel in a simple grid. The users can input commodity type, quantity and tolerance, load and discharge ports & rates, including bunkering operations, waiting times and DAs, vessel constants, bunker prices, as well as ...