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Tag Archives: Coronavirus

ICE Confirms More than 100 Deportation Flights to 13 Countries in an Eight-Week Period

On Tuesday, in a comment to CEPR’s Americas Blog, an Immigration and Customs Enforcement (ICE) spokesperson confirmed that the agency had run 112 deportation flights to 13 countries during an eight-week period beginning in early March. This is the first on-the-record comment from ICE confirming the extent of the agency’s deportations.  Since late April, CEPR has maintained a database of “likely” ICE Air deportation flights to Latin America and the Caribbean (updated daily and available here)....

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Low bunker fuel prices bittersweet for shipowners as global trade volumes fall

The shipping industry, skating on razor-thin margins, is drawing solace from cheaper bunker fuel prices caused by the coronavirus pandemic. But the jury is still out on whether this will offset weaker shipping demand, which has infected key routes globally after decimating those in Asia. As the coronavirus pandemic takes the chair out from under global oil demand, marine fuel price surges from the IMO 2020 rules are a distant memory for the maritime industry – even though they only took...

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Insight Conversation: Jim Rogers, chairman, Beeland Interests

Jim Rogers is chairman of Singapore-based Beeland Interests, the owner and sponsor of the Rogers International Commodity Index. The index, also known as the RICI, is a composite, US dollar-based total return index designed by Jim Rogers in the late 1990s, and represents the value of a basket of commodities consumed globally, ranging from agricultural commodities to energy and metals. Rogers spoke to S&P Global Platts Senior Editor Sambit Mohanty on the impact of the coronavirus pandemic...

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US-Northwest Europe crude oil export route attracts interest despite closed arbitrage

A recent drop in Americas Aframax freight rates has sparked charterer inquiry and fixing activity for the US Gulf Coast-UK Continent/Mediterranean route, despite closed oil arbitrage economics that has plagued the market since the end of April. Assessed at $27/mt, Friday, freight rates last week hovered slightly above lows seen following a Worldscale w80 drop from April 27 to May 4. Despite this decline, the arbitrage to ship US crudes to Northwest Europe was considered unsupportive, while...

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GPS: The Battle Over Reopening – MUST VIEW

Empathy – the psychological identification with or vicarious experiencing of the feelings, thoughts, or attitudes of another. – Dictionary.com Maybe once every few years we read, hear or see something that is so profound it shakes our intellectual foundation to the very core, awakens our sleeping dogmas within, and causes us to reassess our world view.  Yesterday was one of those times after watching the following 5-minute segment on Fareed Zakeria’s GPS. We couldn’t understand why...

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Air travel takes back seat to road trips in the summer of coronavirus: Fuel for Thought

It has become something of a cliché to say that the coronavirus pandemic will change the way we live – forcing our societies to rethink everything from voting to education – but that doesn’t make it any less true. For traders and brokers in the oil patch, changes to travel habits are front of mind, with domestic road trips likely to supplant international air travel as the preferred way to vacation this summer. This is a major U-turn from recent years, when a growing global economy and...

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Around the tracks: Virus topples global autos and weakens steel coil prices

As some national lockdowns begin to ease, Clement Choo assesses latest indicators of the health of the global auto industry, and the performance of a key input for the sector, steel coil. Vehicle markets saw their first quarter performance take a beating, with existing weak demand pummeled by the coronavirus pandemic as countries around the world reacted by going into lockdown. GM suspended its 2020 profit outlook amid the uncertainty, after it added $16 billion to its cash reserves by...

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As lockdown alters food and fuel demand, is it ‘mayday’ for European sugar prices?

At the start of 2020 European sugar producers could have been forgiven for thinking the worst was behind them. After falling to historic lows in 2018, European sugar prices were on an upward trend, fueled by tough growing conditions, continued contractions in planted area and consolidation in the industry. There was a bullish sentiment in the air as the market departed the Dubai Sugar Conference in February: it had been confirmed that European planted area would fall again, stocks were tight...

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GDP Now Q2 Estimate At -34.90 Percent, So What Now?

Summary The Atlanta Fed’s GDP Now is estimating a -34.9 percent Q2 GDP print, which is 3.5x the largest quarterly decline in the post-WWII economy If realized, the 11.3 percent non annualized first-half GDP collapse in 2020 will approach the worse year of the Great Depression, when in 1932, the economy shrank 13.1 percent for the entire year   We are not paying much attention to these numbers as they reflect an economy that has been closed for two months, which should experience a...

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Container shipping teaching OPEC lesson in market management: Fuel for Thought

If OPEC looks out to sea it will find a kindred spirit. Both the oil industry and global trade have been ransacked by a collapse in global demand, with oil producers and the shipping sector employing strategies to restore balance. While an alliance of ocean carriers has been keeping freight rates stable, there is a difficult journey ahead before they are seen as flag bearers for market management. Carriers moved fast and decisively to reduce overcapacity and prevent a dramatic drop in...

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