They seek it here, they seek it there, they seek it everywhere, sooner or later from a Bear hopefully, if not then there's always Maggie, just need the Donald and Xi to sort a few things out first, as
China’s Zhenhua Oil, a unit of Chinese defense conglomerate Norinco, has purchased its first liquefied natural gas cargo from energy giant Chevron.
The cargo, discharged at CNOOC’s Yuedong LNG terminal in Shenzhen, was sourced from the Australian Gorgon project operated by Chevron, according to a report by Reuters on Thursday.
The 100-million-cubic-metre cargo was purchased at about $0.30 per million British thermal unit discount to Japan Korea Marker (JKM) quotes on a delivered basis, the report said.
Cnooc said in a statement earlier this week that the cargo in question was delivered to the Yuedong facility on October 24 onboard the 155,000-cbm LNG carrier GasLog Singapore.
To remind, CNOOC sold access to its Yuedong LNG terminal to Zhenhua Oil and Longku Shengtong Energy in an auction on the Shanghai Petroleum and Gas Exchange in September.
CNOOC’s move to open up its terminals for third-party access is an important development for the Chinese LNG market.
The state-owned Zhenhua Oil previously said it is looking to secure supply in order to cater for the rising Chinese demand. It is also planning to expand its business into LNG trading.
The future of China-US relations is most probably a kind of “corpetition”, a mix of cooperation and competition. The question is how to make sure cooperation prevails over competition, or, in the worst-case scenario, competition doesn’t spill over into conflict.
This won’t be easy for the US. China is widely expected to overtake it within the next two decades to become the world’s largest economy. For most Americans, this will be the first time that they will see an America that is no longer “first” in the world. This is a sea change.
If ignorance is the father of arrogance, then “a city upon a hill” looks more like pride inflated into prejudice. After all, the US is no more than a member of the international community, like the rest of us.
When it admits that, it is the start of its walk down the hill towards the plain, where the weather is certainly less chilly there than on a hill.
The Panama Canal closed its 2018 fiscal year with a record tonnage of 442.1 million Panama Canal tons, boosted by LNG and LPG transit.
Panama Canal said in its statement the new figures represent a 9.5 percent rise from the previous year, surpassing projections of 429.4 million PC/UMS tons for FY 2018, as well as the 403.8 million PC/UMS tons registered in FY 2017.
The increase was driven by the transit of LPG and LNG carriers, container ships, chemical tankers and vehicle carriers.
During FY 2018, the Panama Canal increased the total available booking slots to eight per day for its Neopanamax Locks.
The 2018 Fiscal Year began on October 1, 2017, and ended on September 30, 2018.
The container segment remained the leader for tonnage through the Canal, accounting for 159 million PC/UMS tons of the total cargo. Tankers, which include liquefied petroleum gas (LPG) and liquefied natural gas (LNG) carriers, were the second leading market segment with 130.3 million PC/UMS tons.
In terms of cargo tonnage, the main routes using the Panama Canal in FY 2018 were between Asia and the U.S. East Coast, the West Coast of South America and the U.S. East Coast, the West Coast of South America and Europe, the West Coast of Central America and the U.S. East Coast and intercoastal South America.
