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Valero Port Arthur, Texas, refinery returns to full production -sources

Valero Energy Corp’s 335,000 barrel-per-day (bpd) Port Arthur, Texas refinery reached full production on Sunday, people familiar with plant operations said. A Valero spokesperson did not reply to a request for comment. The Valero plant was one of several refineries on the U.S. Gulf Coast that were shut by a winter storm on Dec. 22-23. Source: Reuters (Reporting by Erwin Seba; Editing by Paul Simao)

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China: Special bonds key to shoring up economy

Special local government bonds, particularly those with recent early issuance in some provinces, are playing an increasingly important role in stabilizing China’s overall growth and improving growth quality this year, experts said. The finance department of Fujian province announced earlier this month that on Nov 1, the Ministry of Finance issued the province’s balance quota of special-purpose bonds worth 103.4 billion yuan ($14.48 billion) for 2023 ahead of schedule, an increase of 33.9 percent over the previous year. Funds released from these newly issued bonds will be used to support ...

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Key events in developed markets and EMEA next week

US: Fed officials will have to tread carefully regarding hiking expectations The low CPI print from the US this week has boosted expectations that the Federal Reserve will raise interest rates by “only” 50bp in December after four consecutive 75bp hikes. However, the Fed will be nervous that Treasury yields fell so far as some market participants interpreted the number as an indication that the Fed’s work is nearly done. However, Fed officials won’t want to signal that yet as it will reinforce a loosening of financial conditions that could ...

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South Korea’s MFG tenders for 140,000 tonnes corn – traders

South Korea’s Major Feedmill Group (MFG) has issued an international tender to purchase up to 140,000 tonnes of animal feed corn, European traders said on Thursday. The deadline for submission of price offers in the tender is also Thursday, Nov. 10. The corn is sought for arrival in South Korea in two consignments in February 2023. Source: Reuters (Reporting by Michael Hogan)

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The future of shipping and logistics industry takes focus on second day of Caribbean Shipping Association conference

The prospects for the maritime sector took centrestage on day two of the Caribbean Shipping Association’s (CSA) 52nd Annual General Meeting, Conference and Exhibition held at the Sheraton Puerto Rico Hotel and Casino in San Juan, Puerto Rico on Tuesday, November 1. The over 300 delegates present were urged to consider the industry’s prospects in the areas of maritime law, decarbonization, port dynamics, supply chain and logistics, and cruise terminal development. The day’s session began with ‘Unifying and Advancing Private Maritime Law and Practice: The Legal Framework of the Bill ...

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Baltic Dry Index falls to 1321 down 56 points

Today, Wednesday, November 02 2022 , the Baltic Dry Index decreased by 56 points, reaching 1321 points.

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ECB could raise inflation projections, policymaker says

The European Central Bank (ECB) may need to raise its inflation projections further in December, Lithuanian policymaker Gediminas Simkus told reporters on Friday. Simkus added that the ECB’s looming discussion on winding down its asset purchase programme should focus on the possible start date and amountsby which the scheme would be reduced. The ECB on Thursday doubled its deposit rate to 1.5% to fight inflation and said that further policy tightening is necessary. Source: Reuters (Reporting by Andrius Sytas Writing by Balazs Koranyi Editing by David Goodman )

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Equinor’s third quarter 2022 safety development

The serious incident development in Equinor has improved in the third quarter of 2022, compared to our second quarter reporting. The personal injury frequency during the past 12 months is flat. No incidents with major accident potential have been recorded in the third quarter. The serious incident frequency, SIF, (number of serious incidents per million hours worked) was 0.4 at the end of the third quarter of 2022. More than half of these incidents were related to dropped objects. The total recordable injury frequency, TRIF, (number of injuries requiring medical ...

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Yen hits weakest level since 1990, pound down after PM announces resignation

The dollar surpassed the symbolic level of 150 yen for the first time since 1990 on Thursday, while the British pound turned negative in choppy trading after Liz Truss said she would resign as the United Kingdom’s prime minister. The Japanese currency dipped sharply from an interim high of 150.09 reached in overnight trading, tumbling to 149.63 within a minute, which raised speculation that the Ministry of Finance and Bank of Japan might be making stealth interventions at key levels. The yen rebounded to hit new 32-year highs in afternoon ...

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UK inflation back in double-digits but close to the peak

UK inflation is back into double-digits once more and at 10.1% is the highest rate in 40 years. But we think we’re only fractionally away from the peak now, which is likely to come in October – though in practice we’re likely to see inflation hover in the 10-10.5% range through to January. Food prices are still a key source of pressure, though there are very early signs in the producer price data that month-to-month gains are slowing. Food inflation is close to 15% now, but again that’s probably close ...

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Xclusiv Shipbrokers Weekly 17rd October 2022

The 20th National Congress of the Chinese Communist Party has started on Sunday and Chinese President Xi Jinping delivered a nearly two-hour

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Singapore GDP growth to ease in Q3, keeps MAS in delicate balancing act: Reuters Poll

Singapore’s economy is expected to have expanded at a slower pace in the third quarter, underlining the central bank’s challenge as it balances the urgency of tackling inflation without triggering a steep recession by over-tightening policy. Advance data on Friday is expected to show gross domestic product (GDP) expanded 3.4% in July-September from a year ago, according to the median forecast of 19 economists in a Reuters poll. The manufacturing industry, the Asian financial hub’s main growth engine, has underperformed due to slowing global economic activity, though the services sector ...

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UK recession likely amid mounting market turmoil

The UK’s fiscal event has prompted a wave of volatility in markets The British government’s not-so-mini Budget a couple of weeks ago sparked chaos in UK financial markets. Investors are worried both about the amount of extra borrowing markets will need to absorb as a result of the government’s energy price guarantee and unfunded tax cuts, and the inflationary impact and resulting Bank of England reaction. Any resolution to the current crisis needs to be seen through that lens. The government has since rowed back on a plan to cut ...

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Oil jumps nearly $4 as OPEC+ weighs biggest output cut since 2020

Oil prices jumped almost $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures rebounded $3.46, or 4.1%, to $88.60 a barrel by 0915 GMT. U.S. West Texas Intermediate crude was up 4.3%, or $3.39, at $82.88. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a ...

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Bank of England ‘will not hesitate’ to act as it monitors market turmoil

The Bank of England said on Monday it would not hesitate to change interest rates and was monitoring markets “very closely”, after the pound plunged to a record low and British bond prices collapsed in response to the new government’s financial plans. Finance minister Kwasi Kwarteng sent sterling and government bonds into freefall on Friday with a so-called mini-budget that was designed to grow the economy by funding tax cuts with huge increases in government borrowing. Such was the market turmoil on Monday there was growing speculation in financial markets ...

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