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Yellen says Russia offering ‘enormous discounts’ on oil to China, India

A planned Western price cap on Russian oil is already making a difference, U.S. Treasury Secretary Janet Yellen said this week, noting that Russia was now offering China and India “enormous discounts” while looking for other outlets for its oil. In December, Europe would halt the bulk of its purchases of 3 million barrels per day, putting additional pressure on Russia to find new buyers for its oil, Yellen told a conference hosted by The Atlantic magazine. Europe was facing a tough winter with tight energy supplies as it decoupled ...

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U.S. natgas falls 4% to 10-week low on oil price drop, mild forecasts

U.S. natural gas futures fell about 4% to a fresh 10-week low on Friday on a drop in crude prices and expectations the weather will remain mild into early October, keeping both heating and cooling demand low and allowing utilities to inject lots of gas into storage over the next few weeks. In addition, the U.S. National Hurricane Center (NHC) projected that Tropical Depression 9 will strengthen into a hurricane as it moves from the Caribbean Sea to the Gulf of Mexico over the next few days before hitting South ...

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QatarEnergy signs up TotalEnergies as first partner for next phase of LNG expansion

Gas giant QatarEnergy is speeding up its LNG expansion with the signing of the first partner for its North Field South development just months after five companies were selected for North Field East, as it aims to cement its status as the largest source of liquefaction capacity in the world. TotalEnergies will have a 9.375% stake out of a 25% interest in the North Field South project to be shared by international companies, with QatarEnergy holding the remaining 75%, the companies announced Sept. 24 following a signing ceremony in Doha. ...

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Germany inks LNG deal as chancellor visits Gulf to secure energy

German utility RWE has signed a deal with Abu Dhabi National Oil Company (ADNOC) to deliver liquefied natural gas to Europe’s largest economy by the end of December, RWE announced on Sunday. Though the initial amount to be delivered is relatively small, it’s a politically significant deal to shore up supplies of gas from outside of Russia as Chancellor Olaf Scholz seeks to deepen ties with the Gulf and find alternative energy sources. The deal, which includes a memorandum of understanding for multi-year supplies of LNG, came on the second ...

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Investors wonder when vicious sell-off in U.S. stocks will end

A week of heavy selling has rocked U.S. stocks and bonds, and many investors are bracing for more pain ahead. Wall Street banks are adjusting their forecasts to account for a Federal Reserve that shows no evidence of letting up, signaling more tightening ahead to fight inflation after another market-bruising rate hike this week. The S&P 500 is down more than 22% this year. On Friday, it briefly dipped below its mid-June closing low of 3,666, erasing a sharp summer rebound in U.S. stocks before paring losses and closing above ...

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Take Five: Intervention watch is here

The yen is hogging the market spotlight after the Bank of Japan intervened to buy yen for the first time since 1998, while markets remain on watch for any signs of a ratcheting up in tensions between Russia and the West. Election results from Italy, euro area inflation numbers and U.S. and Chinese data also give investors plenty to chew over. Here’s a look at the week ahead in markets from Kevin Buckland in Tokyo, Tom Westbrook in Sydney, Lewis Krauskopf in New York, Danilo Masoni in Milan, and Dhara ...

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Investors dump global bond and equity funds in the week ended Sep.21

Investors withdrew money from global bond and equity funds in the week ended September 21, with caution creeping in ahead of the U.S. Federal Reserve meeting in which further rate hikes were expected to tame soaring inflation. Investors exited a net $7.32 billion of global bond funds, marking their biggest weekly net selling since Aug. 31, data from Refinitiv Lipper showed. The Federal Reserve raised its benchmark rate by 75 basis points on Wednesday, the third such rise in a row, and officials project rates hitting 4.4% this year, which ...

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Capesize strength lifts Baltic index for fourth straight week

The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose on Friday, registering its fourth straight weekly gain, supported by higher demand for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 96 points, or about 5.6%, at 1,816, its highest in over a month and a half. It gained 16.8% on the week. The capesize index (.BACI) was up 277 points, or about 14.4%, to 2,206. It posted a second consecutive weekly gain ...

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Demand, capacity and spot rates slump on key Far East to US West Coast corridor

Carriers are fighting to shore up falling spot rates from the Far East to US West Coast, blanking some 1.5 million TEU of capacity over the last 12 weeks. However, despite this bold strategic play, rates have collapsed by 46.3% over the same period, currently averaging USD 4 150 per FEU (20 September). The latest data, released by Oslo-based Xeneta, highlights a shift in market fundamentals at what is usually a peak season for operators. Peter Sand, Xeneta’s Chief Analyst, notes that carriers will no doubt be concerned about the ...

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SEA-LNG response to UCL report Exploring methods for understanding stranded value: case study on LNG capable ships

The recent study from UCL; Exploring methods for understanding stranded value: case study on LNG capable ships, is a flawed academic exercise, detached from reality. In setting out a framework for their analysis the authors make innumerable contestable and unsupported statements. Somewhat confusingly, given the focus of their paper on stranded value risk, they ignore the fact that LNG dual fuel engines already provide ship owners with an insurance against stranded assets, as they can burn traditional marine fuels and are currently doing so in Europe as a consequence of ...

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Drewry: World Container Index Down By 10% This Week

Drewry’s composite World Container Index decreased by 10% to $4,471.99 per 40ft container this week. Our detailed assessment for Thursday, 22 September 2022 • The composite index decreased by 10% this week, the 30th consecutive weekly decrease, and has dropped by 57% when compared with the same week last year. • The latest Drewry WCI composite index of $4,472 per 40-foot container is now 57% below the peak of $10,377 reached in September 2021, but it remains 21% higher than the 5-year average of $3,704. • The average composite index ...

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ENGINE: Americas Bunker Fuel Availability Outlook

North America Prompt VLSFO and LSMGO grades are readily available in the Houston area and off the US Gulf Coast. LSMGO can be tight for very prompt (0-3 days) delivery in New Orleans. A supplier has a tight schedule and requires lead times of about 4-5 days. Another supplier can commit stems with a shorter lead time. Availability remains good for VLSFO and LSMGO in Galveston Offshore Lightering Area (GOLA). One supplier is able to accommodate both stems for very prompt dates. Another has held back offers for smaller quantities ...

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Affinity Tanker Weekly, 23 September 2022

VLCC rates remain on an upwards trajectory, with owners pushing for more with each fixture

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VHBS New ConTex Container Ship Time Charter Assessment Index Week 38 2022

The charter market continued its steep decline this week

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Depleted Rhine water level in Germany holds above crisis lows

Water depths on the river Rhine in Germany have fallen after dry weather this week but remain well above the crisis lows of this summer, vessel brokers and commodity traders said on Friday. Rain is expected in south German river catchment areas over the weekend and next week, which is expected to raise water levels again, they said. Weeks of high temperatures and scant rainfall in August had reduced the commercial artery’s water levels, causing delays to shipping and pushing up freight costs. There were fears disruption could even hit ...

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