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
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.
Majority of VLSFO components come from low cost distillate and low sulphur petrochemical streams which can be readily separated to form distillate sludge.
Rosneft, SCF subsidiaries provides engineering support to build three LNG-powered tankers.
Ammonia is considered one of the most promising alternative bunker fuels, supporting the marine energy transition away from carbon-based power sources.
The current model was released in 2014 and has reduced the time required to measure liquids in a tank by 75% due to a sensor that no longer requires sounding tape.
Latest development takes place after a 2020 legal suit filed by Dan-Bunkering (Singapore) Pte Ltd to seek a bunker claim of approximately USD 1 million.
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
