Market Briefing

Thu 10 Apr 2014, 07:23 GMT

Oil prices curbed by Chinese figures (Brent: $107.6).

Fuel oil trend

Rotterdam: $ 1 lower.
Singapore: $ 2 higher.
US Gulf: $ 1 lower.

Oil prices curbed by Chinese figures (Brent: $107.6)

Chinese crude oil imports dropped to below 6 mio. bpd, which is a five-month low and 2% lower than same time last year. Also the exports and imports figures came out below expectations – seems like the country's economic growth keeps losing pace.

Yesterday's U.S. oil inventories showed a large drop in gasoline stocks and builds in crude and distillate stocks. Later today (14.30 CET) the U.S. jobless claims will be published; giving us an indication of the economic state of the country. Expect some volatility around the numbers.

On the geopolitical stage Iran is negotiating an "oil for goods" deal with Russia. In Libya, the government has regained full control over one port; the rebels still need to hand over the second port according to an agreement between the two parties.


		Lloyd’s Register and Maersk Mc-Kinney Møller Center launch ammonia safety and training resources for shipping New tools aim to help operators build the safety management and competency frameworks needed for ammonia-fuelled vessels.

		IBT Bunkering & Trading appoints Kevin Döhmen to manage new Singapore office Döhmen tasked with developing IBT’s operation in the Asian city-state.

		Peak takes delivery of third S-class vessel and cuts steel for ammonia-fuelled ship Norwegian operator marks two events at Chinese yard as ammonia-powered newbuild programme advances.

		New Times Shipbuilding launches LNG dual-fuel tanker for Minerva 112,500-dwt Minerva Helen launched at shipyard in Jiangsu, China.

		Leonhardt & Blumberg equips first of four newbuilds with Econowind VentoFoils German shipowner installs wind-assisted propulsion technology aboard general cargo vessel Hansa Drejoe.

		Axpo and Vitol launch LNG bunkering at the Port of Civitavecchia Operation marks the extension of Axpo’s LNG bunkering network to third major Italian port.

		Grimaldi takes delivery of ammonia-ready Grande Pacifico 9,800-ceu ship is the largest PCTC in the Neapolitan Group’s fleet and the first of five sister vessels on order.

		IMO seminar in Trinidad and Tobago trains Caribbean maritime educators for the alternative fuels era A five-day regional seminar in Port of Spain addressed ammonia, methanol and hydrogen training for seafarers.

		Corvus Energy wins 40 MWh battery contract for BC Ferries’ new biofuel-compatible Summit Class vessels Norwegian battery supplier to power four new hybrid-electric ferries for Canada’s BC Ferries.

		ABS issues product design assessment for Fleetzero’s Leviathan battery system The first US-manufactured lithium iron phosphate marine battery system receives classification society approval.