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
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.