InterManager Daily News 18.01.2024.

1. Trade consequences of the petchem revolution A petrochemical revolution, spearheaded by China’s unprecedented expansion, is reshaping the global petrochemical landscape and influencing patterns of oil consumption.According to the International Energy Agency (IEA), petrochemical demand is propelling global oil consumption to surpass pre-Covid levels, but the long-term trajectory indicates a potential peak in global oil demand this decade.
2. Oil tankers divert from Red Sea after US, UK strikes in Yemen At least four oil tankers have diverted course from the Red Sea since overnight strikes by the U.S. and Britain on Houthi targets in Yemen, shipping data from LSEG and Kpler showed.The attacks were carried out from the air and sea in response to the Iranian-backed Houthi militia’s attacks on ships in the Red Sea, in what is becoming a regional escalation of the Israel-Hamas war in Gaza.
3. Europe’s Ports welcome Ten-T Agreement: Ten-T is putting energy ports on the map On 18 December, Parliament and Council reached a deal on the review of the TEN-T Regulation, setting the requirements for all transport nodes and modes being part of the TEN-T network. The new Regulation revises the original Regulation of 2013 which for the first time identified ports as nodes in the network.
4. Egypt’s Suez Canal revenues down 40% due to Houthi attacks Dollar revenues from Egypt’s Suez Canal are down 40% from the beginning of the year compared to 2023, canal authority head Osama Rabie said on Thursday, after attacks on ships by Yemen’s Houthis caused major shippers to divert away from the route.
5. Baltic index marks worst week since 2008 as rates across segments languish The Baltic Exchange’s dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.
6. Toro nets nearly $21m from sale of veteran tanker Nasdaq-listed tanker and LPG owner Toro has concluded another lucrative asset play having offloaded a 2005-built aframax/LR2 at a net gain of nearly $21m. The spinoff of Cyprus-based Castor Maritime has sold the Samsung-built Wonder Sirius, ex-Dubai Hope, to an unnamed buyer for $33.8m.
7. Greek bulker comes under fire off Yemen Attacks continue to mount in the Red Sea, with the latest victim being the Greek-owned bulk carrier Zografia.The Maltese-flagged 56,900 dwt ship with 24 crew on board was targeted off Yemen while transiting the southern Red Sea northbound about 122 km northwest of al-Saleef, according to Ambrey.
8. CMA CGM ends cargo alliance with Air France-KLM French carrier CMA CGM and Air France-KLM have agreed to cease their air cargo partnership, citing regulatory restrictions. The partnership announced in May 2022, with CMA CGM becoming a shareholder of Air France-KLM, was part of the Rodolphe Saadé-led company’s expansion move beyond its liner base during container shipping’s greatest bull run.
9. Oil loadings from Russia’s Black Sea Novorossiisk port suspended amid storm -sources Oil loadings from Russia’s Black Sea port of Novorossiisk were suspended since Sunday due to a storm, two sources familiar with the matter told Reuters.Severe storms in the Black Sea region have repeatedly disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhstan and Russia.
10. Sunak Wants To Desculate Red Sea Tensions The UK wants a reduction of tensions in the Red Sea and that air strikes on Houthi positions in Yemen last week were “proportionate,” Prime Minister Rishi Sunak said, adding there was no link to the Israel-Hamas war.


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