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Asian spot LNG prices at two-month high tracking EU gas rally

Asian spot liquefied natural gas (LNG) prices hit a two-month high this week, tracking a rally in European gas prices, despite subdued Asian demand due to healthy inventories. The average LNG price for March delivery into north-east Asia (LNG-AS) was at $14.90 per million British thermal units (mmBtu), the highest since early December and up from $13.80/mmBtu last week, industry sources estimated. “Bullish prices are expected to continue in the week ahead supported by colder weather and supply disruptions at the 16.3 mtpa (million tonnes per annum) North West Shelf ...

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Energy: Not just a dollar story

The strong US dollar (USD) over recent years has weighed on energy and commodity prices. This should not be surprising considering that commodities are quoted in USD but mostly consumed and produced in non-USD based economies. Another factor connecting commodities and the USD are shifts in market sentiment. The USD tends to benefit (i.e., gets stronger) from risk-off environments and soften (i.e., gets weaker) when risk aversion falls. Most commodities, on the other hand, do well during periods of global growth and suffer during risk-off environments. So let’s look at ...

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‘Golden age of gas’ falls short of hype after decade of LNG exports

When the first shipment of LNG left Gladstone in 2015, a golden age of gas beckoned, promising billions in investment, revenue and royalties. Ten years on, few have benefited from this boom, with some, such as domestic gas consumers and Australian manufacturers, actually ending up worse off. In a new report, Queensland LNG exports: A decade of high domestic prices, falling local demand, IEEFA’s Australian gas finance analyst Kevin Morrison examines whether the industry delivered on all its promises. Exporting LNG from Queensland’s coal-seam gas reserves tied eastern Australia’s gas ...

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Chinese economy hits 2024 growth target, but storm clouds are gathering

Mission accomplished on 2024 growth target as growth drivers shift Data published over the past month confirmed that the Chinese economy grew by 5.0% year-on-year in 2024, which was exactly in line with its growth target of around 5%. China’s fourth quarter 2024 GDP surged to 5.4% year-on-year, up from 4.6% YoY in 3Q24, marking the highest level of the year, and the fastest YoY growth of any quarter since 2Q23, benefiting from an adjustment in the GDP calculation methodology to better reflect the rental market. Last year featured a ...

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The implications of severe weather events for the economy and monetary policy

Climate change is intensifying, generating more frequent and severe extreme weather events. These are in turn affecting the economy through a range of mechanisms, including supply, demand, and financial channels, and over time horizons relevant for monetary policymakers. This first in a three-column series sets out a framework to assist central banks in assessing and understanding the macroeconomic effects of acute physical impacts from climate change. As severe weather events (acute physical hazards) intensify, becoming more frequent and more geographically widespread (IPCC 2023), their macroeconomic effects will intensify in both ...

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China’s consumer inflation at 5-month high, producer deflation persists

China’s consumer inflation accelerated to its fastest in five months in January while producer price deflation persisted, reflecting mixed consumer spending and weak factory activity. Deflationary pressures are likely to persist in China this year, analysts say, unless policymakers can rekindle sluggish domestic demand, with tariffs by U.S. President Donald Trump on Chinese goods adding pressure on Beijing to spur growth in the world’s second-largest economy. The consumer price index rose 0.5% last month from a year earlier, quickening from December’s 0.1% gain, data from the National Bureau of Statistics ...

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Trump inherits a labor market at full employment. Can he keep it there?

Defying fears of a pandemic-driven Great Depression and bucking Federal Reserve interest rate hikes as well, the U.S. job market has hit what U.S. central bank officials are characterizing as a moment of stable full employment, with balanced wage and job growth and a low unemployment rate. With consumers spending and businesses confident, the baseline outlook is for that to continue, though there may also be little room left for improvement. As the job market signaled growing weakness last year and the unemployment rate rose, “the question was, are we ...

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Trump’s trade tariffs: exploring the potential actions his administration could take

Late on 1 February, US President Donald Trump signed three executive orders announcing new unilateral tariffs on Canada, Mexico, and China. While the tariffs on Mexico and Canada will be delayed by a month and will potentially never see the light of the day, 10% on imports from China are still on the cards. In order to conduct this first unilateral tariff strike, Trump invoked the International Emergency Economic Powers Act (IEEPA), which authorises the President to regulate imports during a national emergency declared under the National Emergencies Act (NEA). ...

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Britain’s struggling low-income shoppers challenge growth agenda

Deb Taylor emerged empty-handed from her branch of budget fashion retailer Primark in Southampton, southern England, complaining that “even the cheap stuff’s not cheap anymore”. The 63-year-old cleaner was echoed by Antonia Alden, a stay-at-home mum of three who was on a rare shopping trip looking for a birthday present. “Other than that, I don’t even bother going to the shops,” the 30-year-old said. Both women are struggling to make ends meet after months of high inflation and soaring energy bills, and epitomise the drop in confidence and spending among ...

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Bidding Announcement of Azimuth Tugboat “XIN RUN ZHOU 17”

Entrusted by the transferor (the Seller), we have decided to hold a public bidding on www.shipbid.net from 15:00 to 15:30 (Beijing Time) on February 27th, 2025. 1. Bidding Object: XIN RUN ZHOU 17, TYPE: Azimuth Tugboat; Class:ZC; POR: Zhoushan; Trading Area: Offshore; LOA: 39.00m; MLB: 11.00m; MLD: 5.20m; GRT: 470; NRT: 141; Draft: 3.90m; M/E: 8WH25LC3000-9, 2207KW*2@900rpm; Propeller: Z-type full rotation propeller; Built Time: September 30th, 2021; Builder: Jiangsu Shengtaosha Shipping Co.,Ltd; Other Parameters: Minimum Safety Manning: 5 persons; Forward/ Reverse Bollard Pull: 74.6/68.6t; FO Tank: 90.61m³; LO Tank: 4.74m³; ...

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Will 2025 be the year of the WAPS?

In August 2023 the CEO of a major wind equipment supplier boldly predicted that by 2025 “half the new-build ships will be ordered with wind propulsion”. Whilst 2024 has seen a significant increase in large commercial vessels being fitted with some form of WAPS, up to approximately 50 to date, the newbuilding numbers are still a long way short of that prediction. But is there reason for optimism that 2025 will be the year of the WAPS? In 2024 we saw a host of announcements from shipowners in almost every ...

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5,000 containers face delay as transport strike at Ctg port disrupts export-import

Four cargo ships left Chattogram port, leaving behind 1,756 empty and export containers, disrupting the shipment schedules of 5,000 containers, while an additional 5,000 containers of imported goods piled up in the port yard during a three-day transport strike. Both export container entry and the delivery of imported goods came to a standstill at the maritime gateway, which handles over 90% of the country’s international trade volume and 98% of its container traffic. Meanwhile, prime mover (lorry) and trailer workers have returned to work after a three-day strike followed clashes ...

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Singapore and Indonesia Maritime Authorities Extend Co-operation on Human Resources Development

The Maritime and Port Authority of Singapore (MPA) and the Directorate General of Sea Transportation (DGST), Ministry of Transportation, Republic of Indonesia, have renewed the memorandum of understanding (MoU) to advance the training and development of government officers in the maritime field for another two years. This renewal, signed today, marks two decades of collaboration between MPA and DGST. Since the partnership began in 2005, over 120 programmes and workshops have been organised, benefiting over 1800 officials. These programmes and workshops have, amongst others, contributed to the effective implementation of ...

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Ministry reports increase in cargo received at Turkish ports

In the period from January to December 2024, Turkiye’s ports received 399 million tons of cargo, Azernews reports, citing Turkish Ministry of Transport and Infrastructure. During this period, cargo received at domestic ports by ships under the Turkish flag amounted to 30 million 59 thousand 943 tons. “Cargo transportation to Turkish ports by ships under foreign flags was 369 million tons,” the ministry reported. According to the ministry, in December 2024, Turkish ports received 36 million tons of cargo. “Cargo received by ships under the Turkish flag amounted to 3 ...

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LME scrap, rebar future curves in contango

Volumes traded for scrap futures contracts on the London Metal Exchange, which settle based on assessments by Platts, part of S&P Global Commodity Insights, fell week over week. Weekly LME scrap futures trading volumes in the week to Feb. 6 dropped to 88,530 mt from 124,610 mt in the preceding week. Platts assessed spot prices for physical Turkish imports of premium heavy melting scrap 1/2 (80:20) at $354/mt CFR Feb. 6, up $5/mt week over week from Jan. 30. The March-April portion of the forward curve for Turkey scrap futures ...

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