A liquefied natural gas tanker sanctioned by the U.S. has been moving east from the Arctic LNG 2 plant along Russia’s Northern Sea Route, LSEG ship tracking data showed on Monday. Washington has recently imposed additional sanctions against Russia for its war with Ukraine, including against Arctic...
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Morgan Stanley cuts Brent crude price view as market signals demand softness
Morgan Stanley on Monday cut its Brent crude oil forecasts for coming quarters and said the global oil market is facing a period of demand weakness similar to those seen during recessions. Brent crude futures LCOc1 settled at their lowest levels since December 2021 on Friday at $71.06. Brent was...
Rising Asian thermal coal imports driven by Japan, S.Korea
Asia’s imports of seaborne thermal coal ticked up in August to the highest in eight months, but the strength was largely driven by North Asia’s developed economies rather than the usual heavyweights of China and India. A total of 79.87 million metric tons of the fuel predominantly used to generate...
https://www.hellenicshippingnews.com/rising-asian-thermal-coal-imports-driven-by-japan-s-korea/
Goldman Sachs says oil subject to downside into 2025-2026 due to surplus
Oil prices are still subject to downside into 2025-2026 amid a surplus market, Daan Struyven, head of oil research at Goldman Sachs GS.N told the APPEC 2024 conference. He said OPEC is likely to go ahead with gradual and moderate production increases in the next few quarters. Goldman Sachs adjusted...
Asia Fuel Oil-VLSFO holds strength for Sept dates, softens for October
Asia’s very low sulphur fuel oil (VLSFO) market retained strength for September loading dates on Monday, although it traded lower for October. Sentiment around tight prompt supplies had kept the spot VLSFO market supported in recent sessions. The product traded at $23 per metric ton to Singapore...
Oman oil exports reach 179 million barrels until end of July 2024
The total quantity of oil exports by the Sultanate of Oman until the end of July 2024 amounted to about 179.36 million barrels at an average price of $82.50 US per barrel. Preliminary statistics issued by the National Centre for Statistics and Information (NCSI) indicated that oil exports...
Sinopec’s Guangdong LNG terminal starts operations
China’s Sinopec began operations at its first LNG receiving terminal in southern Guangdong province on Sunday, the company said on Monday. A vessel from Australia arrived at the Huaying terminal with 72,000 metric tons of liquefied natural gas (LNG), marking the official start of operations,...
https://www.hellenicshippingnews.com/sinopecs-guangdong-lng-terminal-starts-operations/
Iranian vessels sailing in safest shipping lanes: IRGC chief
The chief commander of the Islamic Revolution Guards Corps (IRGC) has said that Iranian vessels sail in the safest shipping lanes. Yesterday, the safest shipping lanes belong to those vessels carrying the Iranian flags, Major General Hossein Salami said on Saturday during the visit of President...
https://www.hellenicshippingnews.com/iranian-vessels-sailing-in-safest-shipping-lanes-irgc-chief/
Oil markets might turn volatile if Trump becomes US president, says Trafigura exec
Global oil markets may turn more volatile due to concerns over U.S. foreign policy if Donald Trump becomes its president, said Ben Luckock, Global Head of Oil at Trafigura at APPEC conference. He also said that soft oil demand in China was worrying the markets. Source: Reuters (Editing by Sonali...
Visayas Container Terminal raises efficiency, safety with modern equipment
Visayas Container Terminal (VCT), International Container Terminal Services, Inc.’s (ICTSI) cargo handling facility in Iloilo, Philippines, has significantly enhanced its operational capability after taking delivery of two new ESP.5 Konecranes Gottwald mobile harbor cranes (MHC). The modern port...