Chinese shipping companies experienced significant gains in the early trading hours, with GH Shipping soaring over 16%, while Ningbo Ocean Shipping and Xingtong Shipping both reached their 10% up limits amidst trading volumes reaching 2X-4X the average. China has front-loaded its crude oil import quotas for 2024, issuing 179.01 million metric tons, a 60% increase from the previous year, with a notable allocation to private refiners and traders. This move is in line with China's GDP growth target of around 5% and is expected to stimulate the economy, which should bode well for the shipping industry. In Europe, the shipping sector also showed positive performance, with increases across various segments. The supply of medium sour crude is anticipated to tighten in 2024 due to OPEC+ output cuts and refinery expansions in the Mideast Gulf, which could fundamentally change global energy prices. Additionally, EU gas storages finished the previous year near historic highs, suggesting a comfortable level at the end of the heating season, barring new supply disruptions.
China has front-loaded its oil import quotas for 2024, with an allocation to private refiners and traders that nearly matches all of the allowances granted for the whole of last year https://t.co/TEgFZPaYZi
As expected, shipping very green in Europe: - Tankers +2-4% - Dry Bulk +3-4% - LPG +3-4% - Car Carriers +1% - $MAERSK +4% - $CLCO +1.5% https://t.co/GD5BCYXWkg
Medium sour crude supply to tighten in 2024 Medium sour crude supply is set to tighten in 2024, as Opec+ deepens output cuts and refinery expansions in the Mideast Gulf could increase domestic consumption of these grades. The tighter exports could fundamentally change the priceโฆ
๐จ๐ณChina Issues Massive Crude Oil Import Quotas at Start of Year China has front-loaded its oil import quotas for 2024, with an allocation to private refiners and traders that nearly matches all of the allowances granted for the whole of last year. In a move that surprised theโฆ https://t.co/QENjI0Oydf
EU gas storages finished last year near historic highs, with a comfortable level at the end of the heating season looking more likely (absent new supply disruptions). Good news for energy prices and continued broader disinflation. https://t.co/DxgQfllTge
China has front-loaded its oil import quotas for 2024, with an allocation to private refiners and traders that nearly matches all of the allowances granted for the whole of last year https://t.co/RfnTGYciTp
Arctic on #Tankers: Chinese import quotas released; 60% above 2023 levels. #China has a GDP growth target of around 5% and we view this as a signal that the country is focusing on stimulating the #economy, which should bode well for tankers. $BWET #shipping
SINGAPORE, Jan 2 (Reuters) - China has released 179.01 million metric tons of crude import quotas for 2024, according to Chinese industry consultancies and trade sources on Tuesday, 60% more than the previous year. @Reuters https://t.co/zlKEUIdExE
Medium sour crude supply is set to tighten in 2024, as #Opec+ deepens output cuts and refinery expansions in the Mideast Gulf could increase domestic consumption of these grades. #oott https://t.co/V9XKOQRruv
CHINA ISSUES 179.01 MILLION METRIC TONS OF CRUDE IMPORT QUOTAS FOR 2024 - CONSULTANCIES, TRADE SOURCES. #China #OOTT
Huge volume on the China listed shippers even with them hitting limit up very soon after open โฆ 2X-4X avg volume. https://t.co/K0Fwrsw9bX
Chinese shipping companies rising fast. Shipping looking good for Tuesday market open โฆ https://t.co/GHZBUfQK92
โกChinese #shipping companies keep going up this morning. GH Shipping is up over 16%, Ningbo Ocean Shipping and Xingtong Shipping are at 10% up limits. #China #RedSea #geopolitics https://t.co/ePhIbGEXwd https://t.co/49vTXV7uiw