Exports slowed more than expected in September After stronger-than-expected growth in August, China’s exports slowed noticeably in September. Customs data showed US $303bn of exports in September, representing 2.4% year-on-year growth, down from 8.7% YoY in August and a fair bit lower than our and market forecasts which expected around 6% growth. The 2.4% YoY growth rate represents a five-month low. Through the first three quarters, exports grew by 4.3% YoY, which generally fared better than many market participants expected at the start of the year. By product, auto exports ...

Chinese finance industry professional Zhang Jing made enough money from a recent stock market rally to consider hopping on the housing ladder but wants to hear more from the government before making a purchase. “I still don’t have enough confidence,” said the 28-year-old, who believes buying a first home will improve his chances of finding a marriage partner. “I need to see how things develop. I hope the government can introduce some effective policies to stimulate the economy,” he said at a major property fair in the southern tech hub ...

Italy’s Eni aims to boost its contracted LNG portfolio to around 18 million metric tons/year by 2027 and expand its market penetration in Asia, with plans to also double its LNG shipping fleet, Cristian Signoretto, deputy chief operating officer of natural resources, told S&P Global Commodity Insights. The move comes as Eni sees growing LNG demand, particularly in Asia, accelerated by the region’s energy transition toward LNG from coal, said Signoretto, who is also director of the company’s global gas and LNG portfolio. “We really think gas is a very ...

Marine fuel trading house KPI OceanConnect is looking to offer biofuel for bunkering at more ports, in view of higher demand as FuelEU regulations kick in next year, a senior executive said on the sidelines of SIBCON 2024 this week. The company is expanding its marine biofuel trade to 120 ports, up from about 70 ports previously, said Jesper Sorensen, global head of alternative fuels and carbon markets. The company has delivered more than 300 biofuel stems to over 80 clients to date, according to Sorensen. “The most developed region ...

Backlogs created by the three-day strike at US Gulf and East Coast ports could last for two to three weeks, although there are indications that operations could return to normal sooner rather than later at the Port of New York/New Jersey. Judah Levine, head of research at online freight shipping marketplace and platform provider Freightos, said many industry analysts were predicting two to three weeks to clear the backlog of container ships created when the International Longshoremen’s Association (ILA) went on strike. Levine estimated there were 45-60 vessels at anchor ...

A comparatively (and mercifully) quieter week (in comparison to those past) ensued, not only across the warring landscapes but even

“We can only have economic development if we have stable maritime security,” declared Vice Admiral José Nuno Chaves, Fleet Commander, Portuguese Navy, as he opened the Maritime Security Conference 2024: Innovation and Partnerships for the Future held in Praia, Cabo Verde (8-9 October). The event gathered global maritime experts and leaders and spotlighted the crucial role of maritime security in sustaining economic growth and international trade. As nations continue to rely on maritime trade as a backbone for economic growth, the message from the conference was clear: stable seas lead ...

Ocean Update US East and Gulf Coast operational recovery post ILA work stoppage On Thursday, October 3rd, the International Longshoremen’s Association (ILA) and the United States Maritime Alliance, Ltd. (USMX) reached a tentative agreement on wages and to extend the Master Contract until January 15, 2025, to return to the bargaining table to negotiate all other outstanding issues. Work resumed at most ports along the US East and US Gulf coasts on Friday, October 4th. While some residual delays may occur as port operations gradually return to full capacity, our ...

India’s ship recycling industry is expected to grow to 3.8-4.2-million GT (gross tonnage) in 2025, as against an estimated 2.3-2.6-million GT in 2024, according to a report. According to CareEdge, India accounts for 33 per cent of the global gross tonnage dismantled in 2023, second only to Bangladesh, which handled 46 per cent. “India’s ship recycling Industry is poised for major growth in CY25 and is expected to witness similar recycling level in CY24 with an estimate of 2.3 to 2.6 million GT, thereafter a jump to over 3.8 to ...

Major indexes of China’s shipbuilding industry have risen steadily in the first three quarters this year, data released by the Ministry of Industry and Information Technology (MIIT) showed on Thursday. China captured more than 70 percent of global green ship orders in the first three quarters, according to China Central Television Station (CCTV). Data shows from January to September, China completed 36.34 million deadweight tons (DWT) in shipbuilding, an 18.2 percent increase year-on-year, while securing 87.11 million DWT in new orders, up 51.9 percent. By the end of September, the ...

Weaker arbitrage opportunities for LNG have emerged due to a narrowed price spread between the Asian and European markets, prompting some cargoes originally destined for Asia to redirect towards Europe. Platts, part of S&P Global Commodity Insights, assessed the DES Northwest European marker for November at $12.851/MMBtu on Oct. 7, down around 0.12% on the day. At the same time, Platts assessed the JKM — the benchmark price for delivering cargoes into Northeast Asia — at $13.225/MMBtu. The NWE-JKM spread tightened to 37.4 cents/MMBtu, significantly narrower than the $1.76/MMBtu spread ...

Japan’s crude steel output is forecast to fall 1.4% in the October-December quarter from a year earlier due to softer automobile demand and sluggish activities in the manufacturing sector,the Ministry of Economy, Trade and Industry said. It would mark a fourth consecutive quarterly decrease. The ministry estimated crude steel output in the world’s third-biggest steel producer to be 21.3 million metric tons for the three months, down from 21.6 million tons a year earlier, though it would log a 0.9% increase from the previous quarter. Demand for steel products, including ...

A bumper harvest and a hefty grain surplus in Iraq, typically one of the Middle East’s biggest wheat importers, has left the government with the prospect of a net loss of nearly half a billion dollars, according to Reuters calculations. The 1.5 million metric ton wheat surplus, helped by better than expected rains but above all by government subsidies, is excellent news for farmers. For the government, however, which pays them more than double the global market price to encourage cultivation of the food staple in often arid conditions, the ...

The global energy transition was the dominant theme at this year’s London Metal Exchange (LME) Week, the annual gathering of the world’s metals producers, users and traders. True, the metallic path to net zero is proving much bumpier than expected. Prices of battery metals such as lithium, cobalt and nickel have bombed over the last year. Too much supply has been brought on too quickly just as electric vehicle sales have hit a slow patch. But the promise of a future boom is undiminished. Many key energy transition metals are ...

Chicago corn and soybean futures edged lower again on Monday after the U.S. Department of Agriculture last week confirmed that ongoing U.S. harvests will be among the largest on record. Wheat futures also slipped after the USDA raised its global wheat supply outlook, though concerns about exports from the Black Sea limited losses. The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.2% at $4.14-3/4 a bushel at 0545 GMT and trading at its lowest level since Sept. 27. CBOT soybeans Sv1 slipped 0.2% to ...