According to Gibson, “among these, Total plans to convert its landlocked Grandpuits refinery into a 400,000 tonnes/year biofuel plant producing renewable diesel, sustainable aviation fuel and renewable naphtha to supply local markets. The shipbroker added that “also in Italy, Saras is considering more than doubling hydrotreated vegetable oil biodiesel output to 250,000 – 300,000 tonnes/year […]
On the other side of the Atlantic, the market continues its rollercoaster ride with rates for 70,000mt Caribbean/US Gulf rising 13 points to WS107.5 . It was yet another disappointing week for owners in the 30,000mt clean cross Med trade with the market continuing to try to find the floor. …Read the full story
With iron ore prices touching $200 pmt yesterday, the cost of shipping a 170,000mt 10% cargo on the West Australia to Qingdao C5 route closed the week at $14.427. Midweek saw a splurge of period fixing as both physical fundamentals and FFA’s aligned with 2 x 82,000-dwt delivery Asia both achieving $22,000 and $21,000 for […]
During Week 18, MABUX World Bunker Index continued firm upward movement following general trends on global crude oil market. The situation with VLSFO bunker prices, according to MABUX DBP Index, practically has not changed as well: underpricing in Rotterdam by minus 15 USD, in Fujairah – by minus 28 USD, in Singapore – by minus […]
But late-month Suez impacts reversed some of that dip, pushing prices up 4% compared to last month to $7,730/FEU. Europe-North America rates that had begun climbing last month on improving demand and some blanked sailings by carriers spiked 57% this April to $3,428/FEU, an 83% increase since the start of the year. Though port congestion […]
The roll out of vaccinations is expected to accelerate exponentially in coming months as manufacturing of approved vaccines is ramped up while new vaccines are expected to enter the market. The shipbroker added that “despite this positive picture, both the IMF and IEA warn that prospects are highly uncertain, and the recovery remains fragile amid […]
According to the latest market intelligence from Xeneta’s Shipping Index Public Indices report for the long-term contract market, prices escalated across all major global trade corridors in April, with no immediate relief for shippers in sight. The Xeneta Shipping Index crowd sources the very latest long-term contracted rates from leading shippers and freight forwarders, utilizing […]
According to Intermodal’s Christopher Whitty, Director, Towage & Marine Port Services, “looking further down the supply chain and at the steel production level, Chinese steel plants are also very active and currently receiving around $US780 per tonne for their steel reinforcing bar product which is used in construction projects for everything from bridges and buildings […]
But Germany isn’t the obstacle it once was, and the rise of its Green Party could further push both country and continent toward the U.S. She isn’t running for re-election this September and polls put the Greens in second place, close behind Ms. Merkel’s Christian Democratic Union-led alliance. The Greens have evolved from an antinuclear […]
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In late March, the company concluded the sale of its nickel mining assets on the Pacific island of New Caledonia to a consortium involving commodity trader Trafigura. …Read the full story
In a similar note, shipbroker Banchero Costa said that “in the tanker market, Hyundai Samho received an order for 2+1 VLCC at $61 million each, two already ordered. In the dry market, Japanese owner Nisshin Kaiun placed an order at Jiangsu Hantong for 5+5 optional Kamsarmaxes with delivery beginning in June 2022 and a price […]
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is monitoring demand in the United States, China, and India, the world’s three largest fuel markets. In the United States, the world’s largest economy, gasoline demand is at 9.1 million barrels per day, highest since last August, according to U.S. Over a […]
Chinese State Councilor and Foreign Minister Wang Yi on Wednesday had a virtual meeting with German Foreign Minister Heiko Maas and they reached consensus on opposing economic decoupling. As the US is busy trying to coerce allies to decouple from China, the German Foreign Minister’s comment on decoupling reflects European countries’ real opinion on the […]
A lack of VLCC demand, namely in the Arab Gulf, has left owners hesitant to make the voyage to West Coast India as a lengthy list of available ships in the Arab Gulf tends to cannibalize opportunities for them to book US Gulf Coast-loading cargoes in a timely manner. Historically, VLCCs discharging in Ningbo and […]
“China exhibited strong resilience and solid growth despite COVID-19.It is the only major economy that recorded positive economic growth last year. We believe China’s economy will remain robust and continue to lead global growth,” said Juergen Schmitz, chief executive officer of Ergo China, a unit of German insurance firm Ergo. “We feel the local operating […]
Rising cash and forward valuations accompany recent and surprising strength in industrial gas demand from Texas and the Southeast. Modeled, regional estimates from S&P Global Platts Analytics show industrial demand in the Southeast averaging about 6.3 Bcf/d this month, making for the second-highest April demand level on record. Recent data from US petroleum refineries, also […]
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Concerns about freeze damage hitting the winter crops helped lift July Chicago Wheat to a new contract high before that market closed 18¢ off its highs. Dryness and drought are causing concern in the Northern Plains ahead of spring wheat planting, and the showers this week will do little to increase soil moisture. The six- […]