Hurricane Harvey has wreaked havoc on global oil markets as almost a quarter of US refining capacity was shut, sending reverberations throughout Asia’s refined products as well as product tanker markets. While many USGC refineries and key pipelines are in the midst of restarting or have already resumed operations, around 3.8 mmb/d of capacity remains shut as of Tuesday according to Reuters. Refinery outages in the USGC have led to a jump in jet fuel as well as gasoline shipme

Global oil demand will rise by 1.2 million barrels per day (bpd) in 2017, steady from 2016 global demand growth levels, despite gains in Chinese consumption, the chief of the International Energy Agency (IEA) said on Tuesday in Singapore. Talking on the sidelines of Singapore’s International Energy Week, the IEA’s executive director Fatih Birol said that oil demand growth could weaken, if prices kept rising. International benchmark Brent crude oil futures have almost doubled

The number of piracy and armed robbery incidents in Asia from January to September 2016 decreased by 65%, compared to the same period in 2015, according to The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP). A total of 59 incidents were reported during the period, including 3 piracy and 56 armed robbery incidents, ReCAAP said. The situation improved in the Straits of Malacca and Singapore, contributing to the decrease in ov

The fall of South Korea’s biggest container line Hanjin Shipping Co. is similar to the 2008 collapse of Lehman Brothers Holdings Inc. and has materially impacted the shipping industry, Seaspan Corp. Chief Executive Officer Gerry Wang said. Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line, is evaluating all options and examining systemic risks resulting from Hanjin’s bankruptcy filing, Wang said in an interview