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
Activity in the first four months of 2020 totalled 385,000 contracts, up 9% on year, with March performing particularly well at over 120,000 contracts.
SRP will provide support of SGD 800 per month to eligible Singaporean seafarers who are unable to secure shipboard employment between 1 May and 31 July 2020.
Total bunker sales at Panama was 439,028 metric tonnes (mt) in March, compared to sales of 448,093 mt during the similar period in 2020.
1.00% sulphur fuel oil gained ground in 2019 due to demand from the shipping industry as blending component.
Firm saw 29% lower revenue due to reduced demand from vessels, worsened by safety issues at east Sabah.
Any person having a claim against the ship or the proceeds of the sale should accordingly do so before 90-day expiration, advises Assistant Sheriff.
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
‘CSM Taurus arrived in Singapore during mid-September and is currently undergoing final preparations before starting commercial operations,’ General Manager of CSM tells Manifold Times.
Criminal syndicate’s tampering with MFMs on bunker tankers Southernpec 6 and Southernpec 7 conceptualised by three masterminds and carried out by cargo officers on board, according to joint statement.
Seeks information connected to SGS COQs of Gas Oil and Marine Diesel Oil cargoes loaded on board Vinalines Glory from the Vopak Banyan Terminal in Singapore between January and February 2013.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
