Latest Maritime News
2-15 August 2022
|
|
Oil Settlers Lower on Weak Economic Chinese Economic Data
Oil prices settled lower on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.
Brent crude futures settled down $3.05, or 3.1%, to $95.10 a barrel after dropping 1.5% on Friday.
U.S. West Texas Intermediate crude settled down $2.68, or 2.9%, at $89.41 after dropping 2.4% in the previous session. Continue reading here (Source: Reuters).
|
|
Ship Investment Activity Slows Down on Summer Lull
Ship owners, shipbrokers and industry stakeholders have slowed down their discussions for new deals in the newbuilding and S&P markets, as the summer lull is upon us. In its latest weekly report, shipbroker Allied Shipbroking said that “the newbuilding market is slowly losing momentum as of late, with the number of fresh projects being reported appearing considerable lower during the past week or so. The dry bulk sector, a traditional contributor to the newbuilding sector, prevailed in clampdown lately. Thinking about the current volatile freight market regime, coupled with the sluggish mode that typical overshadows the market during this time period, this trend of late came hardly as surprise. As we have mentioned in previous market views though, given the overall robust sentiment, we can expect a flow of investment being pushed towards this direction. The tanker market appeared in regression as well, that came slightly disconnected with the recent improving sentiment, as well as, the recent trend being noted in the SnP market. All-in-all, things may well become more fervent, most probably after the summer months.”.Continue reading here (Source: Hellenic Shipping News).
|
|
Beijing Rate Cut Adds to Concerns About the Health of Shipping's Most Important Economy
Economic signals from China, the world’s most important shipping nation, continue to alarm shipowners.
The surprise financial news out of Beijing today was the decision by the People’s Bank of China to reduce the medium-term lending rate, through which it provides one-year loans to the banking system, by 10 basis points to 2.75%. The decision, along with a move to inject liquidity into the system, is seen by China watchers as clear evidence Beijing is worried about the state of the economy, where stimulus plans have failed to get the nation back on track after a brutal zero COVID policy and bursting real estate bubbles hammered the world’s most populous nation this year.
Plenty of other economic data coming out of China today is cause for concern for many strands of international shipping.
Retail sales rose 2.7% year-on-year in July, far lower than the 5% expected, while industrial production was 3.8% higher, some way off the forecast 4.6%. Property investment tumbled 12.3% in July, the fastest rate this year, while the drop in new sales deepened to 28.9%. Continue reading here (Source: Splash247).
|
|
Cruise Lines End COVID Vaccination Requirement
In the latest sign that the cruise industry is seeking to move on beyond the fears of COVID-19 and the pandemic, most major cruise lines announced starting September they are further relaxing restrictions including in many cases ending the requirements for passengers to be vaccinated. As an industry, they are saying that they are following the advice of medical professionals and working to reflect the societal norms in many parts of the world.
The move to drop one of the last key restrictions for travelers comes just a month after the U.S. Centers for Disease Control and Prevention (CDC) ended its COVID oversight program of the cruise industry. In July, the CDC quietly withdrew its voluntary COVID protocols under which ships reported cases of the virus and continued restrictions ranging from pre-cruise testing to requirements that most passengers and crew be vaccinated. While saying the risks remained and that it would continue to provide guidance to the cruise lines and travelers, the CDC cited the progress of the cruise lines and the strong protocols in place. Continue reading here (Source: The Maritime Executive).
|
|
Baltic Dry Index Falls to Lowest Level Since January
The Baltic Exchange’s main sea freight index fell for the third straight session on Monday as rates for capesize vessels declined to their lowest in more than six months.
* The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 73 points, or 4.9%, to 1,404 points, its lowest since Jan. 28.
* The capesize index was down for the third consecutive session, falling 216 points, or 16.4%, to 1,098 points, its biggest drop in 11 days.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,794 to $9,104.
|
|
China-US Tensions: How Global Trade Began Splitting in Two
Speaker Nancy Pelosi’s visit to Taiwan has elicited a strong response from China: three days of simulated attack on Taiwan with further drills announced, plus a withdrawal from critical ongoing conversations with the US on climate change and the military.
This strong reaction was predictable. President Xi had earlier warned President Biden not “to play with fire”. Of course, if Pelosi’s visit hadn’t gone ahead, the Biden administration would have faced a strong reaction from both parties in Congress for not standing up to China’s threat to Taiwan or human rights issues regarding Tibet and Xinjiang, not to mention Hong Kong.
So where does it leave trade between the world’s two leading powers? Continue reading here (Source: The Maritime Executive).
|
|
Current Price Indications
*Prices are indications only.
|
|
Bangkok, Thailand
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD855/MT
MGO (DMA): USD1175/MT
|
|
Busan, South Korea
HSFO IFO-380cst 3.5%: USD586/MT
VLSFO 0.5%: USD796/MT
MGO (DMA): USD1021/MT
|
|
Callao, Peru
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD1016/MT
MGO (DMA): USD1458/MT
|
|
Hong Kong
HSFO IFO-380cst 3.5%: USD561/MT
VLSFO 0.5%: USD810/MT
MGO (DMA): USD1012/MT
|
|
Houston, TX, USA
HSFO IFO-380cst 3.5%: USD620/MT
VLSFO 0.5%: USD768/MT
MGO (DMA): USD1055/MT
|
|
Kaohsiung, Taiwan
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD827/MT
MGO (DMA): USD1065/MT
|
|
Long Beach/Los Angeles, CA, USA
HSFO IFO-380cst 3.5%: USD552/MT
VLSFO 0.5%: USD871/MT
MGO (DMA): USD1035/MT
|
|
Manta, Ecuador
HSFO IFO-380cst 3.5%: USD547/MT
VLSFO 0.5%: USD1006/MT
MGO (DMA): USD1497/MT
|
|
New York Harbor, NY, USA
HSFO IFO-380cst 3.5%: USD639/MT
VLSFO 0.5%: USD869/MT
MGO (DMA): USD1128/MT
|
|
Panama Canal
HSFO IFO-380cst 3.5%: USD600/MT
VLSFO 0.5%: USD825/MT
MGO (DMA): USD1163/MT
|
|
Singapore
HSFO IFO-380cst 3.5%: USD545/MT
VLSFO 0.5%: USD807/MT
MGO (DMA): USD1027/MT
|
|
 |
Clipper Oil offers a weekly update with the latest positions of the high-seas fuel tankers working throughout the Pacific and all other oceans.
To view the latest positions of our high-seas tankers, please click here.
To be added to our weekly high-seas tanker email distribution list, please click here.
|
|
|
|
|
|
|
Worldwide Wholesalers of Marine Fuels & Lubricants |
|
USA Headquarters
2040 Harbor Island Drive
Suite 203
San Diego, CA 92101 USA
Tel: +1-619-692-9701
|
|
|
Singapore Office
3 Coleman Street
#03-24 Box #8
Singapore 179804
Tel: +65-9640-7998
|
|
bunkers@clipperoil.com
www.clipperoil.com
|
|
|
|
|
|
|
