{"id":622626,"date":"2022-10-26T15:22:01","date_gmt":"2022-10-26T15:22:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=622626"},"modified":"2022-10-26T15:22:01","modified_gmt":"2022-10-26T15:22:01","slug":"tanker-freight-rates-outlook-bullish-as-trade-flows-change","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/tanker-freight-rates-outlook-bullish-as-trade-flows-change_622626.html","title":{"rendered":"Tanker Freight Rates Outlook Bullish As Trade Flows Change"},"content":{"rendered":"

Tanker Freight Rates Outlook Bullish As Trade Flows Change<\/strong><\/p>\n

\"\"<\/p>\n

What’s happening? With almost a million barrels of Russian oil moving long-haul to Asia every day, instead of short haul trips to Europe, tankers are being employed for a longer duration. Persian Gulf-China VLCC freight has more than doubled from the abysmally low levels at the start of the year. Owners are now earning more than $40,000\/day.<\/p>\n

What’s next? The tanker freight outlook remains bullish due to the massive global oil trade disruption caused by the Ukraine war. While OPEC+ decided to cut oil production by 2 million b\/d from next month, analysts consider the negative impact on shipping to be negative in the near-term as some of the member countries are unable to meet their quota targets. High gas prices are also resulting in a switchover to oil.<\/p>\n

original source: https:\/\/www.win-road.com\/news\/tanker-freight-rates-outlook-bullish-as-trade-flows-change\/<\/a><\/p>\n

China’s Excavator Sales Rebound In Sept, But Steel Demand Seen Weak<\/strong><\/p>\n

China’s excavator sales rebounded in September from the previous month, but a sharp slowdown in property construction and COVID-19-related restrictions are expected to continue to drag on economic growth and steel demand<\/a>.<\/p>\n

Excavator sales are a key indicator of construction activity in the country, a critical sector to gage steel demand.<\/p>\n

China’s domestic excavator sales in September reached 10,520 units, rebounding 15.7% on the month but still 24.5% lower on the year, data from the China Construction Machinery Association showed Oct. 12. September sales were also the fourth lowest so far in 2022.<\/p>\n

Domestic excavator sales fell 48.3% year on year to 119,990 units over January-September, easing slightly from the 49.9% year-on-year decline in the January-August period.<\/p>\n

The improved excavator sales indicated China’s fiscal stimulus aimed at the infrastructure sector had started showing its impact.<\/p>\n

China issued a total of Yuan 3.519 trillion ($490.9 billion) in local government special bonds during January-August, leading a rise in infrastructure investment by 14.1% year on year in August, according to the latest data from the Ministry of Finance and the National Bureau of Statistics.<\/p>\n

Infrastructure investments have risen for the fourth straight month and breached the 10% growth rate level for the first time since May 2018, according to the data.<\/p>\n

The infrastructure sector is expected to witness high growth for the rest of 2022, as an infrastructure investment fund worth Yuan 600 billion was also spent during the July-September period, while another Yuan 500 billion of local government special bonds will be issued by the end of October.<\/p>\n

However, higher infrastructure investments would be unable to offset the effect of China’s debt-laden property sector and pandemic-led restrictions that are still weighing on the domestic steel demand, according to sources.<\/p>\n

Some traders in eastern and southern China said active buying on the spot market in the last week of September were not sustained in October after the week-long holidays.<\/p>\n

Amid sluggish demand, the Chinese domestic rebar prices fell to Yuan 4,165\/mt Oct. 11 from Yuan 4,260\/mt Sept. 30, according to data from S&P Global Commodity Insights.<\/p>\n

“It’s actually within market expectation that steel <\/a>demand in October and the following months is unlikely to improve further from September because of the drag from [the] property debt crunch. But the COVID resurgence across the country after the holiday raises concerns that strengthened social restrictions may more or less hit steel demand again this month,” a mill source said.<\/p>\n

Some other market participants also said steel<\/a> market sentiment remained low, given the outlook of consistent decline in demand for Chinese manufactured goods and sluggish domestic demand that might last into 2023 due to the COVID-19 restrictions.<\/p>\n

original source: https:\/\/www.win-road.com\/news\/chinas-excavator-sales-rebound-in-sept-but-steel-demand-seen-weak\/<\/a><\/p>\n

Media Contact<\/span>
Company Name:<\/strong> Win Road International Trading Co., Ltd.<\/a>
Email:<\/strong> Send Email<\/a>
Phone:<\/strong> +86-13821256534
Country:<\/strong> China
Website:<\/strong> https:\/\/www.win-road.com\/<\/a><\/p>\n

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Tanker Freight Rates Outlook Bullish As Trade Flows Change What’s happening? With almost a million barrels of Russian oil moving long-haul to Asia every day, instead of short haul trips to Europe, tankers are being employed for a longer duration. Persian … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[418,410,412,420,411],"tags":[],"class_list":["post-622626","post","type-post","status-publish","format-standard","hentry","category-Building-Construction","category-Manufacturing-Industry","category-News-Current-Affairs","category-Science","category-Technology"],"_links":{"self":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/622626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/comments?post=622626"}],"version-history":[{"count":0,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/622626\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/media?parent=622626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/categories?post=622626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/tags?post=622626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}