The attack by Hamas on Israel in October 2023 led to uncertainties in the oil supplies and global economic risks. The WTO reduced global trade projections, and during this time Chinese investors divested US assets at a four-year high level. Various developments were witnessed in the maritime and energy sectors including LNG and maritime industry changes.
Economy:
- There is increasing concern about global oil supply due to the Hamas attack against Israel.
- World Trade Organization slashes world trade predictions on account of manufacturing deceleration.
- High inflation, high-interest rates, yet strong job markets.
- They are widening the transatlantic economic divide as predicted.
- Sell of US assets at a four-year high by Chinese investors.
- China proposes a stock stabilization fund.
Bulk Carrier:
- Iron ore and Capesize trade during the favorable low rainy season.
- Slow steaming is becoming the norm due to new green regulations.
- The world’s first LNG-fueled panamax bulk carrier is now operational!
- Parakou Group benefits from booming dry cargo prices in fleet sales.
Tanker:
- IEA expects Chinese oil demand to rise to 16.29 mbd in 2023, increasing by 1.6 mbd from 2022.
- Predictable growth of up to 0.6 million barrels per day by 2024.
- NASSP Chinasuezmax slots are not available for 2026.
- To contain expenses, Scorpio Tankers repurchases more than twenty vessels.
Containership:
- Increased tonnage charter market pressure.
- The containership market is unable to lift pre-Christmas stock demand.
- New build containerships are 52% methanol-powered.
- California-based auto shipping expert sold to DP World for the global PCTC market.
Gas Carrier:
- Demand for high LNG during the winter period of the heating season.
- TotalEnergies signs a 27-year 3.5 million tons of gas purchase with QatarEnergy.
- MOL goes for more Methanol Olefins Liquefier, and Samsung Heavy Industries gets another order for two more sets of FPSO storage units.
- New FLNG solution for Malaysian bumi armada gets ABS approval.
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Source: Xinde Marine News
