InterManager Daily News 10.03.2020.

1. Shelf Drilling secures jackup contract extension

Dubai-based offshore driller Shelf Drilling has secured a one-year contract extension from Belayim Petroleum (Petrobel) for its Trident 16 jackup rig in direct continuation of its current contract. The rig has been working with Petrobel in Belayim fields since 2015, and the latest extension will see the rig continue to work in the Gulf of Suez, offshore Egypt, until February 2021. https://splash247.com/shelf-drilling-secures-jackup-contract-extension-2/

2. Shearwater GeoServices secures seismic project in Gulf of Mexico

Shearwater GeoServices has been awarded a major ocean bottom seismic (OBS) deepwater ROV project by TGS and Schlumberger in the Gulf of Mexico.

It will be Shearwater’s first OBS ROV survey and it will have three OBS crews operating in 2020. The company will deploy two research vessels, SW Diamond and SW Emerald, for the project https://splash247.com/shearwater-geoservices-secures-seismic-project-in-gulf-of-mexico/

3. Historic day of carnage for oil prices

A 16-piece meal from fast food outlet KFC now costs more than a barrel of oil after a day of carnage for the oil markets, which saw a crash in crude prices of more than 30% as Russia and Saudi Arabia entered a price war, opening the taps at a time where demand has slumped thanks to coronavirus. https://splash247.com/historic-day-of-carnage-for-oil-prices/

4. Asian shipping shares outside of China plunge

Shipping shares took a battering, especially in Japan, where the nation’s big three lines, Mitsui OSK Lines (MOL), Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), saw their share prices drop 7.8%, 6.7% and 10% respectively on a day when the Nikkei 225 fell 5.07%. https://splash247.com/asian-shipping-shares-outside-of-china-plunge/

5. Newbuild orders slump 64% in year to date

Shipbuilders are braced for another slow year for new contracts with data published on Friday by Clarkson Research Services showing newbuild orders are down 64% year-on-year with coronavirus adding to market uncertainty. Just 65 ships have been ordered in the first 10 weeks of the year. https://splash247.com/newbuild-orders-slump-64-in-year-to-date/

6. Port of Rotterdam CEO Sees Slight Recovery in China Volumes

The number of container ships travelling from China to the port of Rotterdam seems to have recovered slightly, as coronavirus measures that had significantly curbed traffic from China have been eased, the port’s CEO said on Monday. https://gcaptain.com/port-of-rotterdam-ceo-sees-slight-recovery-in-china-volumes/

7. Oil Prices Tank as Saudi-Russian Pump War Looms

Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed. https://gcaptain.com/oil-prices-tank-as-saudi-russian-pump-war-looms/

8. VLCCs Stable Over The Past Week

The Middle East market was static over the course of the last week, with rates for 270,000mt to China holding at WS 49. 280,000mt to the US Gulf, via Cape-to-Cape routing, remained at WS 30. In the Atlantic Basin a similar scenario was seen, with 260,000mt West Africa to China unmoved at WS 49. The market for 270,000mt US Gulf to China hovered again around the $6.5m level. https://www.shippingtribune.com/news/shipping/VLCCs+Stable+Over+the+Past+Week

9. China January-February Iron Ore Imports Rise On Firm Demand Despite Virus Disruption

China’s iron ore imports rose 1.5% over January and February from the same period a year earlier, customs data showed on Saturday, supported by firm demand at steel mills though the coronavirus outbreak had disrupted downstream sectors. https://www.shippingtribune.com/news/shipping/China+January-February+iron+ore+imports+rise+on+firm+demand+despite+virus+disruption

10. GLOBAL LNG-Asian Spot Prices Edge Higher As Supply Tightens

Prices of Asian spot liquefied natural gas (LNG) edged up this week as supply for cargoes to be delivered in April tightened, but traders expected prices to remain low for a while as demand continued to be weak amid the coronavirus outbreak.

The average LNG price for April delivery into northeast Asia LNG-AS is estimated at about $3.20 per million British thermal units (mmBtu), 20 cents higher from the previous week, but still near record low prices, several traders said. https://www.shippingtribune.com/news/shipping/GLOBAL+LNG-Asian+spot+prices+edge+higher+as+supply+tightens

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