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Mon 12 Feb 2018, 09:43 GMT

Oil rig rise, financial markets stabilising, geopolitical risk premium up


By A/S Global Risk Management.

Oil prices dropped sharply end-of-day Friday and Brent briefly fell below $62 as the weekly oil rig count from Baker Hughes showed a whopping 26 rigs were added in the U.S. last week. Along with increased number of oil rigs, the U.S. oil production increased and surpassed 10 mio. barrels per day last week, which weighed on prices.

At time of writing, Brent oil price is higher, around $63.5 likely due to combination of improved financial market sentiment and increased geopolitical risk premium. Over the weekend, an Israeli fighter jet was brought down over Syria and Israel consequently carried out retaliation air strikes. It remains unclear if the conflict escalates further which is the main fear for now.

Today, OPEC will release its monthly oil market outlook and tomorrow, the IEA monthly report is published, both could entail some market jitters.

Turning to economic data front, today sees a couple of UK central bank speeches, later this week, Japanese, German and Eurozone GDPs along with U.S. retail sales data are published. Asia is heading into Lunar New Year from Thursday.

Type Approval from RINA for Methanol Superstorage. SRC Group’s Methanol Superstorage has received RINA Type Approval  

Space-efficient fuel tank system has gained formal certification, enabling methanol adoption without sacrificing storage capacity.
AiP handover ceremony for methane oxidation catalyst system. MHI Marine Machinery and Mitsubishi Shipbuilding receive AiP for methane oxidation catalyst system  

ClassNK approves basic design of LNG engine exhaust treatment system achieving over 90% methane oxidation.
CMA CGM Esmeralda naming ceremony. CMA CGM names 15,000-teu methanol-powered container ship in Shanghai  

The CMA CGM Esmeralda has been deployed on the REX2 service.
DNV and the Singapore Institute of Technology (SIT) signing. DNV and Singapore Institute of Technology partner on remote vessel operations research  

Agreement focuses on shore-based control centres for bunker vessels and autonomous maritime capabilities.
Grande Inghilterra naming ceremony. Grimaldi takes delivery of eleventh ammonia-ready car carrier  

Grande Inghilterra features solar panels, lithium batteries and cold ironing capability.
Launching ceremony of Bisan Maru vessel. Japanese tugboat to feature biofuel blender and ultrasonic anti-fouling system  

Seagate Corporation’s Bisan Maru is the first Japanese tugboat to feature both environmental technologies.
Hercules Elisabeth vessel. Hercules Tanker Management deploys second Ultra-Spec vessel to the Mediterranean  

HTM Elisabeth arrived in Gibraltar carrying biofuel cargo from Thailand bound for Barcelona operations.
Carrier deck view. Wärtsilä to supply ammonia fuel systems for Navigator Gas and Amon Maritime carriers  

Finnish technology group wins contract for cargo handling systems on two dual-fuel ammonia vessels.
Svitzer Balder vessel. Battery-methanol harbour tug completes sea trials ahead of Gothenburg deployment  

Svitzer Balder is claimed to be the most powerful electric escort tug in the world.
Launching ceremony of Nave Orbit vessel. Changhong International launches fourth LR2 tanker for Navios  

Chinese shipbuilder floats 115,000-tonne LR2/Aframax product tanker with methanol and LNG conversion capability.

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