Multinational Chinese banking company Industrial and Commercial Bank of China Ltd (ICBC) on Monday (27 April) announced it has ceased any openings of new positions in commodity futures related to crude oil, natural gas, copper and soybeans.
This comes following recent extreme market volatility and U.S. oil futures plunging below zero last week.
However, investors holding existing positions are unaffected and will be able to trade as normal, said ICBC. It also warned that clients could lose their investment principals or margins in commodity linked products.
Similar moves have reportedly been made by other banking companies like China Construction Bank Corp (CCB), China’s Bank of Communications Co Ltd (BoCom), which closed respective crude oil trading related investment products to new positions last week.
China Securities Regulatory Commission (CSRC) has allegedly told commercial banks to suspend a range of wealth management products that could result in unlimited investor losses due to current market volatility, reports Reuters.
Photo credit: Lorenzo Carfaro
Published: 28 April, 2020
Firm now funded in the short term to continue operating until early October 2019, says board.
Argus contract will be based on a bunker index whereas the Platts contract will be based on a cargo index.
CTI acquired Maritec in early March for USD 38.6 million but said it had to wait for further approvals by relevant government agencies from Singapore authorities.
Purchase will allow Genco to capitalize on strong demand for drybulk commodities and multi-decade low vessel supply growth rates
Vessels are based at the ports of Vitória, Praia Mole and Tubarão.
The acquisition of Linde AG’s LNG and biogas business and Nauticor’s marine bunkering strengthens capacity to offer gas solutions for transport in the Nordics, it says.
The local bunkering sector has adapted to IMO 2020 requirements and LSFO is now available at more than two earlier locations, notes bunker supplier Trillion Energy.
Claiming USD 108,887.87 for the supply and delivery of 310.00 mt of low sulphur marine gas oil at the Port of Jeddah on or about 23 February 2020.
A sanitisation expert offers Manifold Times a summary of the processes involved in disinfecting a ship together with the equipment and products used in the operation.
‘As the saying goes without people buying things, manufacturing will slow, trade will also slow and shipping movements slows down. It’s a whole chain of reaction,’ says Simon Neo.
Laboratory looking to collaborate with Singapore bunker surveyors to roll out COVID 19 testing service, which has been successfully adopted by land-based industries, to the maritime sector.
Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.
