Iraq’s crude oil exports, including from the Kurdistan region, fell to 3.083 million b/d in June — a 497,000 b/d drop from May and the lowest since October 2015 — indicating it is making significant progress on implementing its OPEC+ production cut. The June total, derived from oil ministry data...
Aramco Trading Co (ATC), has sold close to 10 million barrels of crude oil it held around Malaysia since its joint venture refinery with Petronas was shut in March following a fire, four trade sources said. ATC’s crude sales come as spot demand and prices have improved on tighter supplies after the...
Brunei’s liquefied natural gas (LNG) export plant has offered a cargo for delivery in August, two industry sources said on Friday. The cargo was offered on a delivered ex-ship (DES) basis for delivery into North Asia over August 16 to 17, they said, with bids due by July 3. Source: Reuters...
As Covid-19 continues to disrupt markets around the world, ocean carriers are reducing capacity and sailing speeds. With sailing options reduced, especially on Asia-Europe routes, lead times are likely to increase as shippers look for ways to optimise supply chains.
Stolt Tank Containers (STC) noted that May saw blanked capacity equal to the levels experienced back in February right after Chinese New Year. In May, more than 500,000TEU of weekly global head haul capacity (21% of the total) was...
Iraq will reduce crude oil exports from its southern terminals in July, mainly its Basra Light flows, in order to comply with OPEC+ cuts after failing to meet its agreed quota in previous months, loading schedules from a shipping agent showed. Planned exports of Basra Light and Heavy crude oil will...
https://www.hellenicshippingnews.com/iraq-to-halve-basra-oil-exports-in-july-agent/
Japan’s imports of crude oil from the UAE amounted to almost a third of its oil imports at 32 percent, or 22.6 million barrels, data from Agency for Natural Resources and Energy in Tokyo showed. The agency, part of the Japanese Ministry of Economy, Trade and Industry, reported that Japan imported...
https://www.hellenicshippingnews.com/uae-provides-nearly-a-third-of-japans-crude-oil-needs-in-may/
Major shipping lines are continuing to increase rates in various regions, as part of their capacity management measures that have seen a squeeze on capacity that has bolstered rates during pandemic crisis.
Maersk Line has announced a rate increases from Pakistan, United Arab Emirates and the Indian Subcontinent to North America, comprised of the US and Canada, effective from 1 August.
https://container-news.com/shipping-giants-keep-pushing-up-rates-across-the-globe/
Asia’s fuel consumption has picked up since the peak of the COVID-19 pandemic during March-April, but the region’s oil product producers and importers remain keen to adjust their trading strategies as demand recovery remains fragile, with buyers tightening their term purchases, while suppliers keep...
Taiwan’s Formosa Petrochemical Corp expects to cut its gasoline exports by about half in 2020 as the coronavirus crisis dents demand, a spokesman said on Thursday. Formosa’s monthly average volume is estimated to drop to about 100,000 tonnes a month from some 200,000 tonnes per month in 2019, KY...
https://www.hellenicshippingnews.com/taiwans-formosa-expects-gasoline-exports-to-halve-in-2020/
Chinese coal miner Shenhua has temporarily stopped offering cargoes in the spot market, citing a supply shortage, sources said July 2, citing a company notification to buyers. Strong demand for Chinese coal and Shenhua’s obligation to supply under long-term contracts were cited as reasons for the...