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Iranian supertanker departing from Venezuela to transport heavy oil

An Iran-flagged supertanker on Saturday was about to set sail from Venezuelan waters carrying 2 million barrels of heavy crude provided by state-run oil firm PDVSA, according to documents seen by Reuters and vessel tracking services. The shipment is part of a deal agreed by PDVSA and its counterpart National Iranian Oil Company (NIOC) that exchanges Iranian condensate for Venezuela’s Merey crude. The swaps aim to ease an acute shortage of diluents that has cut Venezuela’s oil output and exports, Reuters reported last month. Dino I, a very large crude ...

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VLSFO crack drops from 7-month high as crude gains

Asia’s 0.5% very low-sulphur fuel oil (VLSFO) crack dropped on Friday, falling from a more than seven-month high in the previous session as crude oil prices extended gains. Crude oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. The front-month VLSFO crack fell to $13.04 a barrel above Dubai crude, down from Thursday’s $13.98 a barrel and its highest since March 5, ...

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Shipments in Novorossiysk suspended due to storm — Transneft

Transneft has suspended shipments of crude oil and petroleum products from the Black Sea port of Novorossiysk due to the continuing storm, official spokesman of the Russian oil pipeline operator Igor Dyomin told reporters on Friday. “The storm continues in Novorossiysk; activities were halted. The delay in crude oil shipments is two tanker positions, for diesel oil — one position. According to findings of the survey of Berth No. 7 damaged during the storm, a minor repair is needed for it. It will be ready for operation from Monday, after ...

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S.African port operator Transnet declares force majeure at Richards Bay terminal

South Africa’s monopoly port operator Transnet late Friday declared a force majeure at its Richards Bay Bulk Terminal, it said in a statement, following a fire that broke out at the port on Wednesday. Richards Bay Bulk Terminal, Africa’s largest coal export facility, is located off the Richards Bay port – one of seven commercial ports that Transnet operates along South Africa’s coastline. Transnet did not say whether or to what extent exports of commodities such as coal, steel and other minerals would be impacted. “The terminal is engaging with ...

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French wheat, barley shipments outside EU ease in September

French soft wheat shipments outside the European Union dropped in September following a strong August, Refinitiv data showed. Soft wheat exports to destinations outside the 27-country bloc totalled 695,400 tonnes in September, the third month of the 2021/22 season, an initial estimate based on Refinitiv loading data showed. China was the largest non-EU destination for French soft wheat last month, with an initial estimate of 185,200 tonnes, followed closely by Algeria with 184,000 tonnes. Wheat exports to China are set to accelerate further in October, scheduled loadings suggest. Algeria had ...

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Russian crude production to total 9.8 mln barrels per day in October, Novak specifies

Russia’s crude oil production in October considering OPEC+ agreements will total 9.8 mln barrels per day, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Russian Energy Week on Friday. “Yes, correct,” he said when asked a respective question. Previously Russia’s October oil output was projected at 9.9 mln barrels per day. Russia participates in the OPEC+ agreement, which regulates crude production by member-states in accordance with the market situation. OPEC+ nations have been increasing output that was substantially slashed a year ago, since this May. In ...

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Global bond funds see first weekly outflow in seven months, Lipper data shows

Global bond funds faced their first weekly outflow in seven months in the week to Oct. 13, due to worries that higher inflation levels would prompt central banks to roll back their crisis-era support sooner than expected. According to data from Lipper, investors sold a net $2.3 billion in global bond funds, marking their first weekly net selling since March 10. The two-year Treasury yield, which typically moves in step with interest rate expectations, surged to a 1-1/2 year high of 0.394% this week, after data showed that consumer prices ...

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Take Five: China, FAANGs, Turkey and Christmas fears loom large

Chinese growth and corporate earnings in the United States and Europe, including results from the big-hitting FAANGs, will give markets plenty to digest in the week ahead, while Turkey’s central bank is set to meet after another midnight reshuffle. And for many, the big question: Is Christmas cancelled? 1/CHARTING CHINA From an Evergrande-induced property market crisis to power shortages halting production lines supplying Apple and Tesla, the world’s no. 2 economy has plenty to worry about. A good gauge of the fallout comes with Monday’s Q3 GDP figures and other ...

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Key events in EMEA next week

Russia: Recent CPI acceleration puts rate hikes in focus The Russian key rate decision on 22 October will be in focus, as the acceleration in CPI– to 7.4% year-on-year in September and to 7.6% YoY as of mid-October – has crushed the previous Bank of Russia expectations of 5.7-6.2% CPI for year-end. This will likely force the monetary authorities to exceed the normal step of a 25 basis point hike at the forthcoming meeting. We now expect year-end CPI to reach 7.0% YoY, while the government and some market participants ...

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Baltic index logs worst week in over 8 months as capesize rates fall

The Baltic Exchange’s dry bulk sea freight index declined on Friday to log its worst week since late January, dragged down by capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 208 points, or 4.1%, to 4,854. The main index logged a weekly loss of 12.2%, its worst since the week ending Jan. 29. The capesize index fell 695 points, or 8.2%, to 7,767, its lowest since Sept. 27. The index recorded a weekly loss of 23.2%, also its worst week since ...

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Drewry: World Container Index Down by 2.3% This Week

Drewry’s composite World Container index decreased by 2.3% to $9,900.25 per 40ft container this week. Our detailed assessment for Thursday, 14 October 2021 • The composite index decreased 2.3% this week, but, remains 283% higher than a year ago. • The average composite index of the WCI, assessed by Drewry for year-to-date, is $7,126 per 40ft container, which is $4,629 higher than the five-year average of $2,497 per 40ft container. • Drewry’s World Container index composite index decreased by 2.3% and reached $9,900.25 per 40ft container, but is 283% higher ...

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ENGINE: Global Fuel Availability Outlook

Singapore’s bunker market has tightened significantly this week, after workers tested positive for Covid-19 at Universal Terminal which has delayed barge loading schedules. The terminal is currently short staffed, with the number of barges queued up increasing. As a result, VLSFO supply has become more difficult for prompt dates as there is less available product in the market. Lead times have gone up from eight days to 10-11 days for the low sulphur fuel grade. HSFO380 has also tightened in the bunkering hub with lead times stretching to 12 days ...

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Navios Maritime Partners L.P. Secures Unitholder Approval and Completes Acquisition of Navios Maritime Acquisition Corporation

Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, announced that it completed the acquisition of Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA). Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “We are pleased with this transformative transaction through which we created the largest U.S. publicly-listed shipping company with 15 vessel types diversified across three segments, servicing more than 10 end markets. About one-third of our fleet will be in each of the dry bulk, containership and tanker segment. We believe that this ...

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U.S. supply chain too snarled for Biden Christmas fix, experts say

President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas, but unsnarling U.S. supply lines could take far longer, experts told Reuters. Biden brought together powerbrokers from ports, unions and big business on Wednesday to address shipping, labor and warehousing pain in the U.S. supply chain, and announced new around-the-clock port operations in Los Angeles. As his Republican opposition seizes on possible Christmas shortages to connect Biden’s economic policies to inflation, and try to stall a multitrillion-dollar spending bill in Congress in coming ...

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Affinity Tanker Weekly, 15 October 2021

A dearth of cargoes keeps plaguing the VLCCs in the AG, and the list is starting to pile up. But owners haven’t been deterred

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