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Icap News

17 Aug 2020

China Ramps up US Oil Purchases Ahead of Trade Deal Review

© nevskyphoto / Adobe Stock

U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.China had emerged as a top U.S.

20 Jun 2018

Oil Traders Ready for Musical Chairs as China Tariffs Loom

© Haris / Adobe Stock

Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald…

14 Dec 2017

Donnelly Elected as FFABA Tanker Chairman

Pat Donnelly (Photo: The Baltic Exchange)

Pat Donnelly, of Braemar ACM-GFI, has been elected as Chairman of the Tanker FFA Brokers Association. He replaces Ben Courtney of ICAP Energy who has chaired the group, which represents the worldwide community of tanker Forward Freight Agreement (FFA) brokers, since 2016. Founded in 1997, the FFABA is the worldwide association for Forward Freight Agreement broking firms. Working with the Baltic Exchange, the FFABA organises educational workshops and industry forums in major shipping centres, with the aim of promoting FFAs as an important tool for managing exposure to freight rates.

28 Sep 2016

Oil Soars 6% as OPEC Reaches Deal to Limit Output

Oil prices jumped as much as 6 percent on Wednesday after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November, a source for the producer group said. Brent crude was up $2.76, or 6 percent, at $48.73 a barrel by 2:28 p.m. EDT (1820 GMT), after reaching a more than two-week high of $48.96. U.S. West Texas Intermediate (WTI) crude rose by $2.35, or 5.4 percent, to $47.02, peaking at $47.45, its highest since Sept 8. The Organization of the Petroleum Exporting Countries has agreed to limit production to 32.5 million barrels per day, OPEC sources said after talks held by the group on the sidelines of the Sept. 26-28 International Energy Forum in Algiers. The latest production figure for the group is 33.24 million bpd.

29 Jun 2016

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories. It was a second straight day of gains for oil, which has risen nearly 8 percent since Monday's settlement to recover almost all of what it lost after Britain's shock vote to exit the European Union. Fading concerns over the so-called Brexit, potential for an oil workers' strike in Norway and a crisis in Venezuela's energy sector were among factors supporting Wednesday's rally. While spot contracts in Brent and U.S. crude surged, the premium for longer-dated oil spiked too as traders bet crude in storage will fetch better prices in coming months. The U.S.

26 Apr 2016

Crude Prices up 3% on Gasoline Rally, Weak Dollar

Crude oil prices rose about 3 percent on Tuesday on the back of a rally in the gasoline market and as a tumbling dollar boosted commodities denominated in the greenback after bets the Federal Reserve will hold U.S. interest rates where they are. U.S. gasoline futures rallied more than 3 percent to their highest since August on Tuesday, boosting refinery margins, after a series of Gulf Coast refinery unit outages, buying from Venezuela and a reported drop in New York inventories. "I think the market has become more optimistic on oil products," said Scott Shelton, broker and commodities specialist with ICAP in Durham, North California. Analysts polled by Reuters expect the U.S.

26 Jan 2016

Fredriksen forms ship broker with Arctic Securities

Norwegian-born billionaire John Fredriksen has teamed up with investment bank Arctic Securities to form a ship broking company aimed at taking on bigger rivals and betting on a recovery in the global shipping market. Many segments of the shipping industry, including dry bulk commodities, are struggling with tougher conditions due to world economic worries and a surfeit of vessels. Fredriksen, via his family's investment company Geveran Trading Co, and Oslo-headquartered Arctic Securities said on Monday they had established a 50-50 joint venture broking company, Arctic Shipping Norway, which they expect to start operations in the first half of this year. "I am truly convinced that both the shipping and the offshore markets will recover.

11 Dec 2015

Oil Skidding Toward 11-year Low

Oil prices extended their freefall on Friday, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year. Brent and U.S. crude's West Texas Intermediate (WTI) futures fell as much as 5 percent on the day and 12 percent on the week as mild pre-winter weather and a plummeting U.S. stock market added to the toll on oil prices. Oil traders and analysts alike have been perplexed by oil's decline since the Dec. 4 meeting of the Organization of the Petroleum Exporting Countries which all but abandoned price support for crude by removing OPEC's production ceiling in an oversupplied market. "It's very tough to find a cause to get bullish here," said Peter Donovan, broker at Liquidity Energy in New York.

21 Aug 2015

Oil Below $40/bbl After Rise in US Oil Rigs

U.S. crude oil prices on Friday dove below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in U.S. drilling and a drop in Chinese manufacturing. Oil prices pushed briefly below the $40-pivot mark following weekly data that showed U.S. energy firms added two oil drilling rigs last week, the fifth increase in a row. The rise in rigs, which is emerging now after a second quarter lull in prices, is adding to concerns U.S. shale production is proving slow to respond to falling prices, prolonging a global glut. "Everyone is still looking at it saying 'Wow, you still don't have production coming down,'" said Tariq Zahir, founder at Tyche Capital in Laurel Hollow, New York.

06 Feb 2015

Shipping Rates Drop as China Cuts Coal Need

Shipping costs plunged to almost the lowest on record following tumbling demand for coal in China and weakening growth in the nation’s iron ore purchases, reports Bloomberg. The Baltic Dry Index, which tracks freight rates for ships carrying raw materials, has slumped to its lowest point in 29 years, hit by a shipping glut, falling commodity prices and declining import demand from China. The BDI fell to 577 this week, its lowest level since July 1986, and a far cry from its peak of 11,793 in 2008. Reversing growth of 16 percent the year before, China’s seaborne coal imports slid 10 percent in 2014, says Clarkson Plc, the world’s largest shipbroker.

24 Jan 2015

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Some traders did not want to believe that, "clinging on some faint hope that the news is wrong, the Saudis can't possibly mean what they're saying," said Walter Zimmerman, chief technical analyst at United-ICAP. OPEC announced last November it would keep output steady at 30 million barrels a day, despite pleas from some members for it to cut output to support prices and revenues.

03 Jan 2015

Oil Declines in Thin, Volatile Trading

Global benchmark Brent crude oil closed down nearly a dollar a barrel Friday after a day of choppy trading despite expectations of new investments in the new year, as strong mid-day rallies in crude fizzled. Brent was down 91 cents at $56.42 a barrel. Earlier, it touched a post-2009 low of $55.48, having averaged around $110 a barrel between 2011 and 2013. Front-month U.S. crude for February delivery settled down 58 cents a barrel at $52.69, before a steep 50-cent drop post-settlement. The U.S. dollar index was 0.9 percent stronger on Friday. The combination of the supply glut and the strong dollar has been a "double whammy" for crude oil prices, said Walter Zimmerman, chief technical analyst at United-ICAP. "This is a long-term cyclical downtrend," Zimmerman said.

25 Nov 2014

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector's biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow, creating a glut. Prospects have brightened recently as world trade picks up and the glut of ships is absorbed, but recovery remains fragile. In the meantime, many ship brokers view larger operations with global teams as the best way to position for a full market revival.

19 Nov 2014

ICAP Shipping in Merger Talks

Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson, the latest potential tie-up among sector players looking for scale after years of freight market turmoil. The shipping industry has suffered one of its worst ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow. Prospects have brightened recently as world trade picks up and the glut of ships is absorbed, but recovery remains fragile. In the meantime, many shipbrokers view larger operations with global teams as the best way to position for a full market revival.

20 May 2014

Braemar to Buy Shipbroker peer ACM; M&A Activity Heats Up

Braemar chief executive James Kidwell.

Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell. Ship owners ordered large numbers of vessels between 2007 and 2009 just as the global economy sank into crisis…

06 Feb 2014

Baltic Exchange Appoints Jones A-P Director, Singapore

Christopher Jones: Photo courtesy of Baltic Exchange

Jones joins the Baltic Exchange from ICAP Shipping Singapore where he was director of sale & purchase. He will replace Philip Williams who retires from the role in April, and he 
will be based at the Exchange's Singapore office. Baltic Exchange Chief Executive Jeremy Penn said:

 “We’re delighted to welcome Chris Jones to the team. The Baltic Exchange’s presence has grown significantly in Asia with our Singapore office leading the drive. More of the Baltic’s freight market information than ever before is produced from Singapore.

21 May 2013

Maritime London Delegation to Head for Athens

Greek/British Flags: Image courtesy of Maritime London

Maritime London will be leading a delegation of British maritime professionals to Athens, Greece, next month. The high level group will present to an audience of shipowners at the British Ambassador’s Residence on 17 June, 2013. The delegation will be accompanied by UK Shipping Minister, Stephen Hammond, and Sir Alan Massey, Chief Executive of the UK Ship Register. Maritime London chief executive Doug Barrow said: “The Greek British maritime relationship has always been strong and I’m delighted that we have government recognition of the importance that Greek shipowners play in the UK economy.

31 May 2012

Singapore and London Celebrate AXSDry4.0’s Launch

On Thursday 24th May, AXSMarine unveiled AXSDry4.0, a software to replace their current widely used AXSDry software, by hosting Launch parties in London and Singapore. On May 24th 2012, AXSMarine officially launched AXSDry4.0. The invitation only event gathered over 300 guests from the dry bulk industry. Companies who attended include Benline, BRS, Cargill, GFI, ICAP, Kline bulk, Navico, Noble, Oldendorff, Raffles, SSY and many other important players from the shipping industry. Held in two new trendy places, The Exchange (Singapore) and The Oyster Shed (London), the events gave guests the opportunity for a first look at the revamped chartering system.

08 Feb 2012

SUNY Maritime's 7th Annual Groundhog Day

Global Business and Transportation Department’s Cutting Edge Issues in Shipping Conference. It was a good day for New York City’s most famous groundhog, Staten Island Chuck. Groundhog Day, 2012 proved to be an even better day for the more than 150 men and women from the international shipping community, along with hundreds of SUNY Maritime College students, who  attended the 2012 SUNY Maritime College Cutting-Edge Issues in Shipping held on the SUNY Maritime College campus in Throggs Neck, the Bronx, New York City.

30 Jan 2012

SUNY Hosting Free Shipping Symposium

SUNY Maritime College Presents The Annual 2012 Groundhog Day Cutting Edge Issues in Shipping Symposium. At 10:00 am,    "Cuba Oil Drilling - U.S. Contingency Planning  to respond to a pollution release impacting U.S  Waters"  will  be the topic of  a talk by Captain Francis (“Stash”) Pelkowski, USCG  and Assistant Professor, Global Business &  Transportation, SUNY Maritime College. James Maloney, Esq., SUNY Maritime graduate and maritime attorney will tackle the topic of  "Controversial Issues of Marine Insurance,” at 10:45 am.

12 Dec 2011

First Electronic Container Freight Swap Settled in USD

Saxo Bank and ICAP Shipping Involved in World's First Electronic Container Freight Swap Settled in USD. Saxo Bank, the trading and investment specialist, and ICAP Shipping, the shipping arm of ICAP plc, announced on Thursday that they were involved in the execution of the world's first electronic, voice-assisted trade of a container freight swap agreement settled in US dollars. The counterparties to the trade were Saxo Bank in Denmark as the buyer and a Netherlands-based trading house as the seller. ICAP Shipping was the broker of the trade. The container freight swap agreement was executed on ICAP's Webtrader platform, with manual input from ICAP Shipping brokers and cleared by LCH.Clearnet. The trade was executed by rugby star Lawrence Dallaglio during ICAP's 19th annual Charity Day.

14 Oct 2008

Dry Bulk Growth Expected

Record bulk carrier investment translates into fleet growth which is expected to exceed trade growth between 2009 and 2011, according to the report. The impact of tightening credit on investors and yards will mean that some of this orderbook does not deliver on time or at all, though supply growth is predicted still to have the upper hand. Negative global economic sentiment magnified by the impact of short-term cost controls by Chinese industry in response to high commodity prices. Once a reversal in these costs filters through the supply chain, a rebound in Chinese demand and consequently freight rates is expected. Demand is price-sensitive, with many trades priced out of the market in recent years.