Decrease in Demand

Freight Rates Down By 90% As Global Trade Falls Off Fast

Credits: Andy Li/ Unsplash
  • Prices in the ocean freight contract market posted a record monthly drop in November.
  • Central banks around the world are fighting inflation by raising interest rates and cooling demand, but that can quickly turn into a recession.
  • While November could represent the low point, logistics firms are warning of an all-out price war in 2023 with too many ocean vessels.

Logistics managers are sending the message to clients that the ocean freight market is correcting itself at...

https://mfame.guru/freight-rates-down-by-90-as-global-trade-falls-off-fast/

Oil Prices Overturn Some Losses Amid Demand Concerns

  • Oil futures clawed back some of the losses they sustained in the previous session.
  • Anyways a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand.
  • The Brent benchmark dropped more than 5% to fall below $40 for the first time since June.
  • U.S. crude rose $1.29, or 3.5% to settle at $38.05 a barrel, having fallen nearly 8% in the previous session.
  • U.S. crude oil production is expected to fall 870,000 bpd to 11.38 million bpd this year, a less steep...

https://mfame.guru/oil-prices-overturn-some-losses-amid-demand-concerns/

Russia’s Biggest Oil Player Posts a 34.4% Slump in Bunker Sales

  • Gazpromneft, posts a 34.4% fall in bunker fuel sales for the first half of 2020 in comparison to a similar period last year.
  • The company reports a 5.8% year-on-year increase in its share of the Russian bunker fuel market, reaching 21% in 1H 2020.
  • In 1H 2020 it also expanded its lubricant distribution network to South Korea and the Mediterranean despite the COVID-19 outbreak.

Gazpromneft sees a 34.4% fall in 1H bunker fuel sales but sees market share increase, reports the Manifold Times.

Sale of...

https://mfame.guru/russias-biggest-oil-player-posts-a-34-4-slump-in-bunker-sales/