A.P. Møller – Mærsk A/S (APMM) reports an unaudited revenue of USD 14.2bn, an underlying EBITDA of USD 5.1bn and an underlying EBIT of USD 4.1bn for Q2 2021. The strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage. Volumes in Ocean increased by 15% and average freight rates improved 59% in Q2 2021 compared to previous year. Consequently, given the strong result in Q2 2021 and the exceptional market situation ...

The UP World LNG Shipping Index, the world’s only stock index focused on companies in the LNG shipping industry, lost 2.89% last week. US stocks represented by the S&P 500 (SPX) index lost 0.37%. Last week, the UP index was affected by a decline in two components listed in the US. GasLog Partners LP (NYSE: GLOP) sank on Tuesday after losing Q2 profit and the next day Höegh LNG Partners (NYSE:HMLP) lost more than 64% after reducing distribution by 98% due to problems with continuing refinancing of PGN FSRU Lampung. ...

380 HSFO – USD/MT – 462.07 (+1.43) VLSFO – USD/MT – 564.79 (+1.31) MGO – USD/MT – 657.73 (+0.92) The MABUX ARA LNG Bunker Index, calculated as the average price of LNG as a marine fuel in the ARA region, decreased slightly on August 03: 793.27 USD / MT (-0.34 USD). The LNG Bunker Index exceeds the cost of MGO LS in the Port of Rotterdam by 198.27 (595 USD/MT as of 02 August), the difference in price compared to the day before decreased by $ 1.84 and dropped below ...

2020 was overall a very negative year for crude oil trade. Total loadings in the 12 months of 2020 were down

On the 23rd of March, strong winds whipped through the Suez Canal, spinning the Ever Given; one of the world’s largest container ships, causing its bow to become stuck on the shallow eastern banks, while the stern embedded itself in the west bank. The incident caused a backlog of cargo traffic to build up along the canal – a straight of water that creates a passageway between Europe and East Africa and the Middle East. The event caused a ricochet of backlogs throughout the logistics sector, costing around $10 billion ...

Market Commentary: South Korea & North Korea are in discussions to re-establish a joint liaison office at the truce village of Panmunjom

Spot bunker pricing in the Americas registered a second consecutive week of increases with the aid of stable to heightened demand and bullish global oil prices. ICE Brent crude futures moved up 2.3% from July 26 to July 30 to $76.32/b although they were retreating early on Aug. 2 to around $74.20/b. The upward drivers have been forecasts of tightened oil world supplies during the rest of the year combined with expectations of increased success by vaccination campaigns, but concerns prevail about the coronavirus delta variant. LATIN AMERICA Retail bunker ...

China Classification Society (CCS) is reporting the successful surveying of the world’s first 100,000 DWT deep-water semi-submersible floating production storage and offloading installation (FPSO). The platform named the SHEN HAI YI HAO is formally commencing production after being installed at the Lingshui (LS) 17-2 gas field in the South China Sea following an announcement by Wang Dongjin, the chairman of its operator China National Offshore Oil Corporation (CNOOC) which is China’s largest producer of offshore crude oil and natural gas. CNOOC estimates the Lingshui 17-2’s reserves at about 136 billion ...

Since it launched in 2010, the International Group’s P&I Qualification (P&IQ) programme has grown to become one of the shipping industry’s foremost professional courses. In 2020, with its international reach and network, the IG P&IQ found itself perfectly positioned to deliver its courses and exams online. This led to the greatest participation levels to date, with 657 candidates sitting P&IQ examinations in the year. The qualification provides invaluable knowledge for those working in the maritime sphere, including the structure of the shipping industry, the history and operation of P&I Clubs ...

A skin disease that broke out among painting workers at Hyundai Heavy Industries (HHI) shipyards turned out to be caused by a solvent-free paint that the shipbuilding company claimed to be eco-friendly. The Ministry of Employment said on Aug. 1 that the skin disease that began to be found in HHI painting workers from September 2020 is highly likely to be caused by a hypersensitive substance in the solvent-free paint the company used. Employment Minister Ahn Kyung-deok and Environment Minister Han Jung-ae sent a letter to the 10 largest shipbuilders ...

Cargo and container throughput at China’s ports registered robust expansion in the first half of the year as the country strives to increase shipping space and container supply, according to the Ministry of Transport. In the first six months, China’s ports handled 7.64 billion tonnes of cargo, up 13.2 percent year on year, and an increase of 13.9 percent from the same period in 2019, said Sun Wenjian, spokesperson of the ministry. The country’s container throughput at ports rose 15 percent year on year to 140 million twenty-foot equivalent units ...

Russia’s crude oil exports decreased by 8% in January-July 2021 year-on-year to 129.104 mln tonnes, the Central Dispatching Department of Fuel Energy Complex reported on Monday. Russia participates in the OPEC+ crude production cuts agreement, due to which supplies to other countries are declining as well. In July, crude oil exports rose by 8.4% to 18.69 mln tonnes. Exports of the Russian oil to non-CIS countries went down by 9.1% in seven months to 122.01 mln tonnes, and increased by 13.2% in July to 17.82 mln tonnes, while exports to ...

A severe tightening of the global LNG market resulted in a considerable drop in European imports during July, with seasonably low physical receipts falling by a further third both year on year and month on month. According to data from S&P Global Platts Analytics, import levels are very close to those seen in January when Asian spot LNG prices hit record highs, despite the Platts JKM benchmark currently holding a narrower premium over Europe. Across Europe’s liquid traded hubs with LNG regasification terminals, namely France, Spain, Italy, Belgium, the UK ...

Major iron ore producers are awash in a sea of cash, and are likely to remain so despite a recent retreat in the price of the steel raw material. Where they diverge is what they think will be the next big drivers of profit. Rio Tinto RIO.AX, the world’s biggest iron ore miner, posted record first-half profits on July 28, with underlying earnings almost tripling to $12.17 billion from the same period a year earlier. The surging profits were largely built on the back of the rise in iron ore ...

Iraq’s oil production forecast tops this week’s charts to watch as the country’s standoff against international oil companies may put its capacity expansion plans at risk. Also worth following this week are falling iron ore prices, waning fuel-switching capacity in the US, rising gas prices in Europe and a firm North Sea crude demand. 1. Iraq’s oil capacity expansion plans at risk What’s happening? International oil companies are trying to flee Iraq’s unattractive oil assets. The standoff between IOCs and Iraq over the management of some of the country’s biggest ...