1. Oil Prices Crash Below Zero for First Time in History Amid Pandemic
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
2. Energy Equities Hang On Despite Negative Oil Price, Tankers Surge
The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. Yet the S&P 500 Energy Index fell just 3.3%, the most since last Thursday, and even posted a brief gain earlier in the session. Leading decliners Occidental Petroleum Corp. and Pioneer Natural Resources Co. posted drops in the single digits. In Canada, Toronto’s energy gauge fell 0.6%.https://gcaptain.com/energy-equities-hang-on-despite-negative-oil-price-tankers-surge/
3. Spot U.S Oil Futures Crash Below Zero. Here’s What the Experts are Saying
Energy traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract deep into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.
4. Singapore Oil Trader Hin Leong Failed to Declare $800 Million Losses
Fabled Singapore oil trader Hin Leong hid about $800 million in losses racked up in futures trading on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought, according to affidavits seen by Bloomberg. https://gcaptain.com/singapore-oil-trader-hin-leong-failed-to-declare-800-million-losses/
5. Captain Murdered on Isle of Man-Registered Containership in Colombia
The captain of an Isle of Man-registered containership was murdered onboard his ship at the Port of Cartagena, Colombia, the ship’s manager has confirmed.
The exact details of the incident are still being investigated.The incident took place last Thursday, April 16, 2020. https://gcaptain.com/captain-murdered-on-isle-of-man-registered-containership-in-colombia/
6. Superyacht Engineering can be reduced by 4.5 months: C-Job Naval Architects
C-Job Naval Architects has published new research which shows time-to-market of superyachts can be reduced by up to four-and-a-half months. The global independent ship design and engineering company believes it can achieve this via a new way of engineering superyachts through what they call the ‘Dynamic Platform’. This allows owners to still fully customize their vessel, while reducing engineering time. https://seanews.co.uk/shipping/ship-building/superyacht-engineering-can-be-reduced-by-4-5-months-c-job-naval-architects/
7. Shell invests in Arrow Energy’s Surat Gas Project
Shell Australia (Shell) has taken a final investment decision to develop the first phase of Arrow Energy’s Surat Gas Project in Queensland, Australia.
This decision will bring up to 90 billion cubic feet per year of new gas to market at peak production, which will flow to Shell-operated QGC to be sold locally and exported through its plant on Curtis Island. https://seanews.co.uk/natural-gas/shell-invests-in-arrow-energys-surat-gas-project/
8. COVID-19 Crisis: New £2 Million Fund from Seafarers UK
In response to the COVID-19 pandemic’s impact on merchant seafarers, fishers and their families, the London-based charity Seafarers UK has created a new Seafarers UK COVID-19 Emergency Fund of £2 million ($2.46 million), with grants being awarded immediately to delivery partners providing advice and support for individual seafarers affected by the widespread coronavirus impacts. https://seanews.co.uk/features/covid-19-crisis-new-2-million-fund-from-seafarers-uk/
9. Cancelled Sailings Up 288pc, Hitting Asia-Europe; Spot Rates Up 12pc
BLANKED container shipping sailings rose last week from 45 to 212, according to data from shipping consultancy Sea-Intelligence, with the majority of capacity – 29 to 34 per cent – being withdrawn from the Asia-Europe routes, and indicating plunging demand. https://www.shippingtribune.com/news/shipping/Cancelled+sailings+up+288pc%2C+hitting+Asia-Europe%3B+spot+rates+up+12pc
10. Panama Canal Closes First Half Of 2020 Fiscal Year With Eye On COVID-19 Impact
The Panama Canal has closed the first half of the 2020 fiscal year (FY20) with a tonnage of 258.4 million Panama Canal tons (PC/UMS), while closely monitoring the global impact that COVID-19 will have in the coming months, in order to prepare and continue facilitating world trade with a continuous and safe service. https://www.shippingtribune.com/news/shipping/Panama+Canal+Closes+First+Half+of+2020+Fiscal+Year+with+Eye+on+COVID-19+Impact