Page 5 - Al-Rashed Newsletter July 2022

SHIPPING WORLD
DID YOU KNOW?
Drink something hot to cool down.
Bananas can help improve your
mood.
A lack of exercise now causes as
many deaths as smoking.
39% of adults in the world are
overweight
Weak capesize rates weigh on Baltic index
The Baltic Exchange’s main sea freight index slipped on Wednesday, as
losses in the capesize segment countered strength in the panamax and
supramax segments. The overall index, which factors in rates for capesize,
panamax and supramax shipping vessels, was down 32 points, or 1.5%, at
2,113 points. The capesize index fell for the second straight session, losing
180 points, or 6.2%, at 2,719 points. Average daily earnings for capesizes,
which typically transport 150,000-tonne cargoes such as iron ore and coal,
were down $1,491 at $22,552.
Coking coal prices in China tumbled to a seven-month low, weighed down by
prospects of higher supply and sustained weakness in demand for the
steelmaking raw material, while fresh hopes of economic stimulus supported
iron ore. Turkish President Tayyip Erdogan said he wants a possible deal on
resuming Ukrainian grain exports from the Black Sea to be put in writing this
week after a general agreement was reached last week. Meanwhile, Russian
President Vladimir Putin said that Russia was ready to facilitate the exports
but also wanted the remaining curbs on Russian grain exports to be
removed.
https://www.hellenicshippingnews.com/weak-capesize-rates-weigh-on-baltic-index/
IRAQ NEWS
New oil discoveries in western Iraq
The Iraqi government announced on Wednesday the discovery of several new
oil wells in Nukhayb and Tharthar in Anbar governorate in the western part of
the country, according to the Iraqi News Agency (INA). “The local government in
Anbar worked to create a suitable atmosphere for oil explorations, and provided
the necessary security coverage for companies operating in the governorate,”
Anbar Governor, Ali Farhan, told INA. Farhan expressed his hope that the
Ministry of Oil will take steps forward to complete oil explorations after the
contract with the Korean company was cancelled. Farhan also confirmed that
the local government is following up the exploration process with the Ministry of
Oil and the Saudi-American companies.
Anbar Governor added that the governorate contains large quantities of
important quality gas, and elaborated that the investment in oil and gas fields in
the governorate will improve the economic conditions as well as the provision of
electricity. The Iraqi Minister of Oil, Ihsan Abdul-Jabbar, announced earlier this
week that crude oil will be pumped to Karbala refinery to start production before
2023, and explained that Karbala refinery will contribute to the reduction of oil
derivatives imports by 60 percent. Abdul-Jabbar also clarified that Karbala
refinery is an important step to meet the needs of local consumption, and added
that pumping crude oil to the refinery will take place in October 2022.
https://www.iraqinews.com/iraq/new-oil-discoveries-in-western-iraq/