The increasing flow of US crude into Europe is threatening to displace the region’s traditional light, sweet crudes, forcing sellers of Nigerian and Mediterranean crudes to discount September-loading cargoes, according to sources. WTI saw flows into Europe in July hit pre-coronavirus levels,...
The gold spot price dropped nearly 6% day on day, its fifth sharpest one-day drop over the past two decades and its largest daily fall since the sell-off in 2013, analysts said Aug. 12. Analysts at precious metal refiner MKS PAMP said gold traded to a high of $1926/oz in early Asian hours before...
https://www.hellenicshippingnews.com/gold-price-slide-steepest-in-7-years-analysts/
Petronet LNG said Aug. 11 that its term LNG deals are in place and there have been no cancellations, although it was compelled to invoke force majeure on nine term cargoes when the countrywide lockdown earlier this year sharply reduced demand. While a statement by Petronet showed that it had...
The redevelopment of Norway’s Yme oil field, thought to hold 65 million barrels of crude, is being held up by COVID-19-related restrictions on hiring overseas workers, Polish oil and gas company Lotos said Aug. 12. In a results statement, Lotos, which holds a 20% stake in the project, signaled a...
A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show. PetroChina Co Ltd, which had been state-run...
OuYang Offshore Co., Ltd. has awarded AqualisBraemar the construction supervision contract for two newbuild self-elevating wind turbine installation vessels to be constructed at Chinese shipyard Dayang Offshore Equipment Co., Ltd. “Having previously supervised construction of the OuYang 001 and...
Markets were bearish in early trading, with European stocks down and the dollar weaker as investors started to lose hope that the U.S. government would agree on a stimulus deal to support the economy and the millions of workers who have lost their jobs. Britain’s economy shrank by a record 20.4% in...
Apart from the recent devastating explosion in Beirut, there has been a spate of ro-ro/car carrier fires in recent months, leading to fresh calls for improvements, scrutiny and control in relation to dangerous goods (DG). Container ship fires are always in mind. While 2020 – for all the...
https://www.hellenicshippingnews.com/tt-talk-dangerous-goods-debate-count-us-in/
Leading insurtech, Concirrus has announced the launch of a new submissions module designed to help marine underwriters accelerate the digital assessment of new business. It is the latest in a series of releases aimed at providing a complete solution for digital insurance and algorithmic powered...
https://www.hellenicshippingnews.com/concirrus-rewrites-digital-insurance-submissions/
The VLCC market, as most other segments, is rapidly moving from a market place to a “money exchange”. Source: Fearnleys A.Sx
https://www.hellenicshippingnews.com/fearnleys-week-33-2020/