US Trade Deficit Narrows for First Time in Six Years
The U.S. trade deficit fell for the first time in six years in 2019 as the White House’s trade war with China curbed the import bill, keeping the economy on a moderate growth path despite a slowdown in consumer spending and weak business investment.The report from the Commerce Department on Wednesday also showed the Trump administration’s “America First” agenda decreased the flow of goods last year, with exports posting their first decline since 2016. President Donald Trump, who has dubbed himself “the tariff man…
Japan Sending Warship, Aircraft to Middle East
Japan will send a warship and patrol planes to protect Japanese ships in the Middle East as the situation in the region, from which it sources nearly 90% of its crude oil imports, remains volatile, Japan's top government spokesman said on Friday.Under the plan approved by Prime Minister Shinzo Abe's cabinet, a helicopter-equipped destroyer and two P-3C patrol planes will be dispatched for information-gathering aimed at ensuring safe passage for Japanese vessels through the region.If there are any emergencies…
China's Commodity Imports Tepid, but Improving
If you were looking for evidence that China's economy has lost momentum, you may be tempted to think that you've found it in the unimpressive growth, or lack thereof, in imports of major commodities in the first quarter.Customs data for the first quarter show only crude oil has recorded significant growth in import volumes in the first quarter, with copper data mixed and iron ore and coal dropping.This would seem to confirm the narrative of slowing growth in the world's second-largest economy amid the ongoing trade and tariff dispute with the United States.But as usual the devil is in the deta
US Energy Exports to China Plummet
It's probably not the kind of success U.S. President Donald Trump had in mind, but his trade dispute with China has effectively killed off the burgeoning energy trade between the world's two biggest economies.China's imports of U.S. crude oil, liquefied natural gas (LNG) and coal have slowed to a trickle amid the escalating tit-for-tat tariff war.Perhaps the irony of the collapse in China's energy imports from the United States was that this was the area most likely to deliver…
India's Oil Imports Surge in September
India's crude oil imports in September touched $10.91 billion, up 33.6 percent from a year ago, Indian government data showed on Monday.Shipments of gold to India, the world's second-biggest buyer of bullion, rose 51.5 percent last month, the data from India's trade ministry showed.India last week announced tariff hikes on several electronic items and communication devices, in a bid to rein in imports and bolster a weak rupee, but did not levy additional duties on gold to prevent increased smuggling of the precious metal.(Reporting by Sankalp Phartiyal Editing by Euan Rocha)
BIMCO: Shipping in the Line of Trade War Crossfire
BIMCO, the world’s largest international shipping association, issued a stern warning today as once again, the already long list of tariffed goods has been made even longer.Many more commodities were hit on 23 August, but September is likely to dwarf it all, as the US has proposed tariffs on goods worth USD 200 billion. According to BIMCO, The tariffed goods’ share of global trade is largely underestimating the overall negative impact of this trade war on globalisation and international shipping.BIMCO’s chief shipping analyst Peter Sand remarked…
BP Offloads Last Two Stranded Oil Cargoes in China
Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker Olympic Light to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday.The oil had been aboard one of four supertankers held up or delayed off China's east coast near Shandong since as long ago as April, unable to discharge BP's oil due to slowing buying from private refiners in the world's second-biggest economy.All four have delayed cargoes…
Unipec Suspends US Oil Imports as Trade Spat Intensifies
China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.The sources declined to be identified as they are not authorised to speak to the media.It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of U.S. crude until at least October.Unipec and Sinopec, Asia's largest refiner and biggest buyer of U.S.
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
India Approaches Halkbank to Handle Oil Payment to Iran
India has approached Turkey's Halkbank to faciliate the payment of $6.5 billion to Iran, which it owes for crude oil imports, Iran's Fars news agency quoted India's ambassador to Tehran as saying on Saturday. "The Indian government is seeking to pay the $6.5 billion debt and is looking to prepare the banking activities. The receiving bank for this money will be Turkey's Halkbank, and the money will be paid in euros," Fars quoted Saurabh Kumar as saying. Halkbank officials were not immediately available for comment.
Tanker Shipping: Signs of Weakness are Appearing, But Still Money to be Made
Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58,367 per day for VLCC (+5.7% year on year). For the minor crude oil carriers, rates were down from Q1-2015 and Q4-2015. Rates in Q1-2016 were $37,914 per day for suezmax (-25% year on year), $30,197 per day for aframax (-24% year on year). For the oil product tankers, Q3-2015 stands out as the peak quarter of the current cycle. Earnings in Q1-2016 were the lowest since Q3-2014 when the markets started to rise.
China’s Crisis Not Impacting Tanker Market
In its latest weekly report, London-based shipbroker Gibson noted on China that “certainly, Chinese manufacturers have lost their appetite for commodities which has impacted heavily on demand for coal, iron ore and copper with an obvious impact on the dry cargo market. China has taken advantage of the low crude oil prices to fill both their strategic reserve as well as commercial inventories. Crude oil imports to China hit a record 7.6 million b/d in July and are anticipated to remain at elevated levels into second-half of 2015 despite the slowdown in economic growth.
Mumbai Port Registers 15% Growth
Continuing its record breaking performance of handling all time high cargo volume of 61.61 metric million tonnes in the preceding financial year, Mumbai Port Trust has registered an overall growth of 15% upto 31st July this year against the corresponding period in the previous year. Highest growth of 55% was registered in the Iron & Steel segment followed by 18% in stream/transshipment cargo. The Port has also registered rise of 15% in crude oil imports and nearly 13% in POL products (imports). The cargo handled in the Indira Dock Basin has registered an overall growth of 15%.
Rebalancing Trade Flows
Many types of crude oil are produced around the world. Depending on the requirements of a particular refinery, a blend of heavy and light crudes is processed to manufacture a variety of petroleum products. After peaking at 9.6 million b/d in 1970, US crude oil production steadily declined until reaching a low of 4.94 million b/d in 2008. From 1970 to 2008, US crude oil imports increased sharply to bridge the gap of decreasing domestic supply and increasing demand. In response to declining North American production and anticipation of rising heavy grade imports from the Caribbean…
Changes in Oil Trade Patterns and their Effects
With “America’s Energy Renaissance” oil trade patterns are changing. The impact is far reaching, but not easily defined. Ship spotters around the Hudson River, which snakes north from New York towards Albany, have been abuzz since the middle of the year when the medium range (MR) tanker Afrodite, owned by Tsakos Energy Navigation, has been sighted regularly. The 2005-built 53,000 deadweight vessel commenced a two-year charter to Irving Oil, at a rate of $16,000/day, topped off by a profit-split.
Port of Hamburg Reports Growth
In the first three months of 2012 the Port of Hamburg achieved total throughput of 32.6 million tons (+ 3.8 percent). At 2.2 million TEU (20-ft standard containers), throughput on the container handling that predominates in Hamburg as a universal port was 5.2 percent higher than in the first quarter of 2011. Compared to the main ports further West, Hamburg thus gained additional market share and strengthened its position as the Northern European hub for container traffic; Rotterdam’s throughput was down by 3.9 percent, while Antwerp’s increase was comparatively minimal at 0.7 percent.
Crude Carriers Corp. Reports 2Q Resultes
Crude Carriers Corp. (NYSE: CRU), today reported its financial results for the second quarter of 2011. The Company reported a net loss for the quarter of $7.5 million or $0.48 per share, which compares with a $0.37 net income per share from the second quarter of 2010. The Company’s reported net loss for the quarter includes $1.7 million in general and administrative expenses related to the definitive merger agreement with CPLP and the proxy statement on Form F-4 filed with the Securities and Exchange Commission.
Quality & Quantity: Data Delivered
The obscure, but arguably most important variable in energy transportation has at long last been standardized. Driven by client demand, Navarik’s web-based software brings petroleum inspection into the 21st century. It wasn’t too long ago that the typical liquid cargo inspection consisted of a couple of bleary-eyed inspectors calculating cargo volumes on ten-key calculators at 0230 hours in the grimy control room of your oil tank vessel. Those numbers, along with a report of laboratory analysis of cargo samples would (eventually) make it to your desk in any number of ways…
Irene SL Release by Somali Pirates
INTERTANKO is delighted that the Irene SL has been released by the Somali pirates who hijacked this tanker and her 2m barrel oil cargo in February, and that Master, officers and crew are in good health after 58 days in captivity – especially after 12 days being used as a pirate mothership. At the time INTERTANKO’s Managing Director Joe Angelo remarked that the Irene SL hijacking marked a significant shift in Somali piracy, taking the crisis into the middle of the main sea lanes coming from the Middle East Gulf. Her crude oil cargo represented 20% of total U.S.