07272016Wed
Last update: Wed, 27 Jul 2016 12am

Asia

Markets - Energy - Asia

LNG shippers brace for wave of consolidation as freight rates sink SINGAPORE: Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand.Companies that manage to weather the shakeout in one of the key sectors in the global shipping industry should be in a prime position, however, to benefit from a string of new LNG projects expected to start trickling online by the end of next year."I see more mergers and acquisitions, more consolidation and a lot more joint ventures as things get tougher," said Andrew Bridson, business development manager at maritime consultancy BMT Asia Pacific. "That is not a bad thing. Consolidation will force out failing companies and cull a lot of the older tonnage."LNG transportation was once considered a bright spot in a global shipping industry that has been in its worst downturn ...

Markets - Energy - Asia

Brent crude falls almost 2pc to 2004 low as market rout heads into Christmas SINGAPORE: Brent crude oil prices fell to levels last seen in 2004 on Monday, dropping below the lows hit during the 2008 financial crisis on renewed worries over a global oil glut, with production around the world remaining at or near record highs and new supplies looming from Iran and the United States.Brent futures fell almost 2 percent and as low as $36.17 per barrel trading around 0500 GMT, the weakest since 2004 and below ...

Markets - Energy - Asia

Brent crude falls almost 2pc to 2004 low as market rout heads into Christmas SINGAPORE: Brent crude oil prices fell to levels last seen in 2004 on Monday, dropping below the lows hit during the 2008 financial crisis on renewed worries over a global oil glut, with production around the world remaining at or near record highs and new supplies looming from Iran and the United States.Brent futures fell almost 2 percent and as low as $36.17 per barrel trading around 0500 GMT, the weakest since 2004 and below ...

Markets - Energy - Asia

Crude mixed on dollar effect, oversupply SINGAPORE: Crude prices were mixed in late Asian trading on Friday after the US oil benchmark closed at its lowest level since February 2009 on worsening oversupply concerns and a stronger dollar.At around 0600 GMT, West Texas Intermediate (WTI) for January delivery was trading at $34.85 per barrel, 10 cents off its close of $34.95 in New York.But European benchmark Brent crude for February was up 15 cents to $37.21.Oil is trading near levels last ...

Markets - Energy - Asia

Oil heads for third weekly loss after new signs of inventory building TOKYO: Crude futures were mixed in Asian trading on Friday as fresh signs of inventory building and the Fed's rate hike this week kept prices under pressure amid a global glut of oil that shows no sign of abating, prompting traders to buy more put options.US crude's West Texas Intermediate (WTI) futures were down 9 cents at $34.86 a barrel by 0558 GMT. The contract fell 1.6 percent to $34.95 a barrel on Thursday.Brent was ...

Markets - Energy - Asia

As China's demand wanes, the golden age of coal comes to an end: IEA SINGAPORE: China faces peak coal demand for the first time as a cooling economy and shifts in industry hit consumption, paving the way for a decline in global use even as India becomes the main driver for demand, the International Energy Agency said.China is the world's top coal consumer but its uptake of the dirty fossil fuel has waned with the country moving more towards less energy-intensive sectors. State efforts to cap consumption in a ...

Markets - Energy - Asia

Crude falls after US fed rate hike, inventory gains TOKYO: Crude futures fell in Asian trade on Thursday, adding to sharp losses the previous session after the Federal Reserve raised rates for the first time in nearly a decade and official figures showed a surprise build in US inventories.West Texas Intermediate for January delivery, the front-month contract, was down 12 cents to $35.40 a barrel by 0248 GMT after finishing down nearly 5 percent on Wednesday.Brent crude for February delivery, the front-month contract from ...