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Wan Hai Lines will expand further on its already extensive intra-Asia and West India network by launching a new weekly service between South China – Vietnam and West India (China West India no.8, CI8). The service will be operated by WHL independently and is composed of four container vessels with a capacity of 2,100 TEU. Port rotation of the service is as following: HONG KONG – NANSHA – CAI MEP – PORT KLANG NORTH PORT – NHAVA SHEVA – COLOMBO – PORT KLANG NORTH PORT – DA NANG – HAIPHONG ...

The joint report published by international freight insurer, TT Club; IMPACT, a digital cargo theft information and prevention exchange and the Transported Asset Protection Association (TAPA EMEA) details trends in the prevalent modus operandi of thefts and the type of cargo commodities lost within the Russian road freight sector, analysing the data by month and federal region. The COVID-19 pandemic that took hold through 2020 impacted historical cargo theft trends in a multitude of ways. Local and national restrictions on general movement affected the thieves’ ability to move undetected when ...

GTT announces that it has received an order from its partner the Chinese shipyard Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of a new LNGC1 on behalf of the Chinese ship-owner ShenZhen Gas Corporation Ltd. GTT will design the tanks of the vessel which will offer a cargo capacity 79,960 m3 and will be fitted with the NO96 L03+ membrane containment system, a technology developed by GTT. The vessel will be delivered in January 2023. Source: GTT

The Suez Canal is open again, but the consequences for global shipping traffic will be felt for a long time to come. Ships will be delayed in their arrival and departure, resulting in busy terminals and peaks in cargo. For Port of Antwerp, the impact is very difficult to estimate; where possible, the container terminals are preparing to handle additional cargo. “It’s going to get busier at the terminals in the port of Antwerp,” says Barbara Janssens. “Starting next week, April 12, our terminals are likely to get busier. The ...

Above-average residual fuel spot exports by Thailand in April is likely to further weigh on an already well-supplied Asian market, traders said. The country’s spot residual fuel exports for April are expected to touch 130,000 mt, up from the typical average of 60,000-70,000 mt/month that Thailand had shipped since January — mostly to Singapore — and higher than the approximately 100,000 mt of spot volumes the country exported in March, Thailand’s refinery sources have said. “When you consider that Singapore receives about 2.5 million-3 million mt of [low sulfur] fuel ...

India has emerged as the top buyer of US crude in the first quarter of calendar year 2021 from second-biggest buyer last year as the world’s third largest oil consumer looks at alternate sources of crude amidst a spat with Saudi Arabia, the world’s largest producer, to lift output curbs, and rein in prices. Indian refiners were the second largest buyer of US crude in calendar year 2020 snapping up 287,000 barrels per day which was 26 per cent more than 2019, accounting for just below a tenth of the ...

Brazil is now the world’s top soybean supplier as farmers boosted crop yields and expanded the land dedicated to soybean sowing. Like any sector that’s seen rapid growth, Brazil’s agriculture has seen challenges. One of the biggest obstacles for farmers has been access to accurate and timely price data. Traditionally, farmers call grain buyers for price information and to make critical business decisions. Technology startup firms are starting to change this process, and now farmers in Brazil can use their smartphones to connect them to global markets and receive real-time ...

Chicago wheat futures gained for a second session on Wednesday, with prices underpinned by concerns about dry soils limiting U.S. and European production prospects. Soybeans gained more ground, while corn was little changed. FUNDAMENTALS * The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.6% to $6.33-1/4 a bushel by 0114 GMT. * Soybeans added 0.1% to $13.91-1/4 a bushel, while corn was unchanged at $5.80 a bushel. * Experts are predicting a dry spell in coming weeks in the European continent. The water deficit is already ...

Energy security concerns are bubbling beneath the surface. While OPEC+ can provide the necessary crude as demand recovers in the near term, there may be a lack of firepower from the rest of the oil producing fraternity further down the line. The recent rise in oil prices could be just what the world needs. The global physical oil benchmark Dated Brent is hovering in the low $60s/barrel, having risen more than 50 per cent since demand-led optimism over the Covid-19 vaccine rollout back in November. And oil prices could shift ...

Iraq has raised the May official selling price (OSP) for Basra Light crude to Asia to Oman/Dubai plus $1.40 a barrel, up $0.10 from the previous month, a pricing document showed on Monday. The May OSP for Basra Medium crude was set at plus $0.60 above Oman/Dubai, up $0.50 from the previous month. The May OSP for Basra Heavy crude was set at a discount of$0.90 to Oman/Dubai, up $0.50 from April. Source: Reuters (Reporting by Sumita Layek in Bengaluru; editing by David Evans)

Russian oil production might never recover to pre-coronavirus levels, the country’s Energy Ministry has forecast, according to the Kommersant business paper. In a strategy document outlining prospects for Russia’s critical oil and gas industry, the government said its “base case” — or most likely — scenario is that Russia’s oil production will never again hit the record levels recorded in 2019. In the last full year before the pandemic, Russia produced 560 million tons of oil — equivalent to 11.3 million barrels a day. But output dropped for the first ...

U.S. oil and gas companies covered by S&P Global Market Intelligence raised $11.59 billion in March, an increase from the $7.76 billion of capital recorded in February. Debt offerings made up the bulk of the total with $9.94 billion, while common stock deals, preferred stock offerings and private placements contributed a combined amount of $1.65 billion. Year to date, oil and gas exploration and production companies recorded the highest year-over-year boost after having raised $16.36 billion. Oil and gas refining and marketing companies have pulled in $4.99 billion, up from ...

The dollar nursed losses near a one-month low on Wednesday as strong demand at a U.S. bond auction fuelled a widespread drop in Treasury yields, reducing the interest rate advantage the greenback held over other major currencies. While rate differentials between U.S. and German benchmark 10-year yields have narrowed slightly to 193 bps from more than 200 bps at the start of the month, they remain considerably higher than 150 bps seen at the start of the year. April has been a month of “mean reversion” trades among major currencies ...

The scale of US President Joe Biden’s American Rescue Plan (ARP) – US$1 trillion in spending for this year, another US$900 billion after that, plus a US$3 trillion infrastructure and energy program that has been promised – has spooked many macroeconomists. Are their fears justified? The bank and bond-market economists, having cried wolf before, can be disregarded. A year ago, many of them warned that the US$2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act would incite hyperinflation by massively increasing the money supply. It didn’t happen. More notable ...

The U.S. economy could grow by around 5% to 6% this year, buoyed by increased vaccinations and strong fiscal aid, but the Federal Reserve is not going to pull back its support yet, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday. “For now, Fed policy is going to hold steady,” Harker said in remarks prepared for a virtual event organized by the Delaware State Chamber. “While the economic situation is improving, recovery is still in its early stages, and there’s no reason to withdraw support yet.” Policymakers agreed ...