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hudsonespie · 5 years ago

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China Enters the Low-Sulfur Shipping Era

[By Gao Baiyu]

The global shipping industry is shifting to low-sulphur fuel in response to global calls for cleaner shipping . At the start of the year, the International Maritime Organization (IMO) lowered the sulphur content limit in ships’ fuel oil from 3.5 percent to 0.5 percent. Since March 1, the carrying of fuel oil not meeting the tougher standard has also been banned, all under the International Convention for the Prevention of Pollution from Ships (MARPOL). Ships fitted with a sulphur scrubber, or exhaust gas cleaning system, are still allowed to carry and use heavy fuel oil, since this apparatus can keep emissions to within the new limit. The changes are expected to see sulphur oxides emissions from global shipping drop by 77 percent, thereby reducing health issues including asthma, stroke, lung cancer, cardiovascular and pulmonary diseases.

China has been monitoring shipping within its waters for compliance with the new rules. The media has reported marine authorities in Qingdao penalizing a Korean vessel on January 3, and then a Panamanian one in Weifang on January 19.

The tougher limit will have a major impact. Cutting sulphur in fuel oil from 2.5 percent to 0.5 percent reduces emissions of sulphur oxides by 80 percent and of particulate matter by up to half, while a reduction to 0.1 percent reduces sulphur oxides by 95 percent or more, according to a 2017 report jointly published by the Natural Resources Defence Council (an environmental advocacy group) and the Transport Planning and Research Institute of China’s Ministry of Transport. Meanwhile, if very-high-sulphur heavy fuel oil were to be replaced with 0.5 percent alternatives, particulate emissions could drop by up to half.

According to a local official quoted in the Economic Daily in 2018, data from Baoshan Monitoring Station, near Shanghai’s Waigaoqiao port, showed a much larger drop in sulphur oxides than for the city as a whole.

Stricter policies laying a foundation

China did have policies on shipping emissions before the IMO’s restrictions came into force.

In 2016, the Ministry of Transport starting imposing emission control areas (ECAs) in the Pearl and Yangtze deltas and the Bohai Sea, with a staged reduction of fuel oil sulphur content to 0.5 percent. This started with some trial ports in 2016, was expanded to “key ports” in 2017, to “all ports” in 2018 and the “entire ECA” in 2019. In July 2018, a State Council three-year action plan for tackling air pollution said China would “by the end of 2019, expand ECAs to cover [all] key coastal ports.” Four months later the transport ministry announced an ECA expansion – to 12 nautical miles outside its territorial baseline along the entire coast. ECAs also expanded to important shipping routes on the Yangtze and Xi rivers (a major tributary of the Pearl River).

Those ECAs form the basis for implementing the sulphur restrictions. Freda Fung, consultant to the Natural Resources Defense Council’s Green Ports and Shipping project, told China Dialogue the ECAs had given regulators necessary experience: in collecting samples, using high-speed testing equipment, and remote sensing. Monitoring fuel oil quality became a focus for the marine authorities once those policies were put in place. Now, remote monitoring of emissions allows the use of non-compliant fuel oil to be identified from afar.

In November 2017, 13 ministries including the Ministry of Transport jointly issued guidance on ensuring supply of low-sulphur fuel for shipping, along with introducing joint supervision. The document encouraged Chinese refineries to produce low-sulphur fuel oil, called for a faster update to fuel oil standards, and boosted oversight of the sector.

Freda Fung explained oil firms have been planning production of low-sulphur fuel oil since last year. An IMO database of shipping fuel oil consumption shows compliant fuel oil had been available in many countries before the tougher rules were realised.

In January, OilChem China, a provider of energy industry statistics, calculated that global demand for low-sulphur fuel oil for shipping would be 135 million tonnes in 2020 – leaving a 40 percent supply gap.

Chinese refiners are boosting production. According to OilChem China, the country produced 76,000 tonnes of low-sulphur fuel oil in 2019, while testing techniques. Planned output for 2020 is 18.15 million tonnes. For comparison, the EU and the US produce a combined 20 million tonnes a year.

Cleaner fuel, or scrubbers?

The IMO allows for an alternative emissions-reduction method: continuing to use high-sulphur fuels but with a sulphur scrubber installed. However, the industry seems to prefer switching fuels. Only around 4,300 vessels – less than fivepercent of the total – worldwide have installed scrubbers according to data from Norwegian shipping registrar DNV GL.

Which is the better option? In 2019, Wu Huimin, a cruise liner captain with Royal Caribbean, said at a media event to discuss the restrictions, organised by green NGO Tianjin Binhai Environmental Protection Advisory Service Centre, that sulphur scrubbers are a more economical option: the switch to low-sulphur fuel will see a 100,000-tonne ship burn an extra $2,000 of fuel every hour; while a sulphur scrubber costs $1 million. So after 500 hours of sailing, the scrubber is the better deal.

But at the same event Peng Chuangsheng, deputy chief engineer with the China Waterborne Transport Research Institute, said price changes and the lifespan of a sulphur scrubber need to be taken into account, adding that low-sulphur oil is the “natural choice” for the shipping industry. He pointed out that sulphur scrubbers have an expected lifespan of five years, but due to a lack of testing, actual longevity is unknown. “If it doesn’t last for five years, and the price of low-sulphur fuel comes down, it might not earn back its cost.”

Pollution from ships creates lines of clouds that can stretch hundreds of miles (Image: NASA Earth Observatory)

Freda Fung told China Dialogue that the Ministry of Transport’s implementation of the sulphur restrictions prevents ships from dumping wash water from sulphur scrubbers in an ECA. Scrubbers also take up space that could be used for cargo.

Low-sulphur fuel – expensive, for now

Although low-sulphur fuel has become the shipping industry’s main choice, it remains pricey – $200-250 more expensive per tonne than 3.5 percent sulphur fuel.

Nature Fields, an NGO working on port air pollution, said in an article on its WeChat account that research shows this increases the cost of each trip through an ECA by 100,000 euros (about 770,000 yuan). According to Nature Fields, this may make shipping firms more inclined to pay fines than use the pricier fuel.

Commenting on this at the media event, Peng Chuangsheng said low-sulphur fuel will become cheaper as it is more widely used, while high-sulphur fuel will get more expensive as production and demand drops, shrinking the gap between the two. Freda Fung told China Dialogue that the shipping industry has always had a surcharge system, whereby shipping firms pass on increased fuel costs to cargo owners. The major firms raised those surcharges in anticipation of the new restrictions and are not themselves bearing all the extra cost, making the switch easier.

Recent sharp drops in crude oil future prices have also affected low-sulphur fuel prices. According to the JOC Group, a shipping information and services provider, the cost of very low-sulphur fuel in Singapore has collapsed by 70 percent since early January, from $740 a tonne on January 8 to $218 on April 21. Rotterdam has seen a similar fall: 67 percent since early January.

Freda Fung also said price isn’t the only factor shipping firms consider when deciding to comply with an ECA. Breaches would mean reputational damage, fines and other economic losses. In China, ships found breaching ECA rules will be singled out by regulators for particular scrutiny and are more likely to be boarded for checks. This means more time at anchor and so delays to schedules and damaged reputations. Overseas, vessels may end up on blacklists, perhaps even publicly, again damaging reputations. Fung stressed: “Strict enforcement, oversight and transparency are crucial to encouraging the use of compliant fuel oil.”

Monitoring still weak, fines should be higher

If the restrictions are to be effective, strict enforcement by the marine authorities is needed.

Currently, officials in large ports around the world are boarding ships to check emissions. Data collected by the Tianjin Binhai Environmental Protection Advisory Service Centre shows that in 2018 over 20,000 routine checks were made at Tianjin’s port – but in 80 percent of those checks no vessels were boarded. The huge number of vessels and complex itineraries is a major challenge for marine law enforcement officials.

Freda Fung agreed. She said that monitoring and oversight capacity in the three areas where ECA trials were run in 2016 – the Yangtze and Pearl deltas and the Bohai Sea – is in place, but in smaller port areas more staff are needed.

Responding to this, Li Mingjun, senior engineer with the environmental resources bureau of the Ministry of Transport’s Planning Research Institute, said at the media event that a big data analysis of records could find the companies and vessels with a history of breaches, and identify the routes and refuelling points more likely to see illegal behavior. This would allow the authorities to make early decisions about which vessels should be checked.

Technology has a greater deterrent effect

Ma Dong, project manager with the policy and research standards office at the Ministry of Ecology and Environment’s Vehicular Emissions Control Centre, added that technology will be needed in the future – throwing staff at the problem is not enough. He pointed out that Hong Kong University of Science and Technology has a team researching automated monitoring, while remote sensing is being researched in Shanghai. “Technology has a greater deterrent effect,” he said, “and we should tell the industry that we can monitor them, and make sure they don’t take chances.”

Ma also hopes to see joint enforcement across regions. Even within China, integration across regions would help sharing of information and methods. Internationally, more exchange and cooperation across the Belt and Road Initiative countries would help China share enforcement data, such as breaches, with international regulators, thereby reducing enforcement costs.

Another issue is that low fines may be reducing the impact of law enforcement. Currently, fines in China are imposed according to Article 106 of the Air Pollution Law – which only allows for relatively small fines, of between 10,000 ($1,400) and 100,000 ($14,000) yuan.

In practice, fines have stayed at the lower end of that range. A study by Clean Air Asia and Nature Fields found that fines issued in China were far below the maximum allowed. Of 261 fines issued in 2016-2017, the average fine for using non-compliant fuel was only 15,000 yuan. Cheng HuiHui, senior researcher with Clean Air Asia pointed out there is no link between the size of the fine and the quality of the fuel: In Shenzhen, two vessels were given fines of 10,000 yuan – despite the fact that one was using fuel with 37 times the permitted quantities of sulphur, and the other only 2.4 times. This reduces the deterrent effect of the restrictions. They therefore called for the upper limit on fines to be removed.

Gao Baiyu is a researcher on China Dialogue's Beijing editorial team. She has a master’s degree in computational journalism from Syracuse University.

This article appears courtesy of China Dialogue Ocean and may be found in its original form here.

from Storage Containers https://maritime-executive.com/article/china-enters-the-low-sulfur-shipping-era via http://www.rssmix.com/

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jobsearchtips02 · 4 years ago

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One Of The Most Preferable Petroleum On The Marketplace

China bought up so much oil throughout April and May’s oil cost crash that now they do not understand what to do with it all. As China’s own Caixin News reported previously this week, “as of Wednesday, China had actually used up 69%of its unrefined oil storage capacity with the 33.4 million heaps it had actually stocked, up by 24%from the previous year, according to data from energy information company Oilchem China. “Steaming at 11.5 knots, she’s heading toward China, where oil need is quick recovering, transporting a cargo of two million barrels of U.S. crude.

The fact that Maran Apollo has actually now departed for Rizhao, China is an appealing one, indicating that refiners are finally beginning to require more crude that has actually been sitting undesirable for months out at sea.

” Refiners are competing for barrels in one corner of the market known as medium-heavy sour crude– barrels with a higher material in sulfur and fairly dense. Bloomberg compares various kinds of unrefined oil to various vintages of white wine.

The production cuts from OPEC don’t just eliminate any old petroleum from the oversaturated market, they remove the most sought-after sort of crude, and its absence has actually triggered issues for an energy market attempting to return to business-as-usual. “Deep OPEC cuts and demand healing have tightened up balances and this has been shown in improvements in physical differentials,” Bassam Fattouh, director of the Oxford Institute for Energy Researches, was quoted by Bloomberg. “However the healing has not been even, with medium-sour crudes faring better than light-sweet crudes.”

The scarcity of medium-sour crude, and “especially those known as light sweet crude that have a lower sulfur material and are less thick” has also upset conventional rate brackets for crude oil. Normally, these barrels are plentiful and affordable, however as austere production cuts have removed a lot medium-sour crude supply from the market, these barrels’ rates have soared.

While recuperating oil rates can be viewed as an indication of success for OPEC and their production curbing techniques, they do not necessarily show a healthy market for oil. “Not just is medium-heavy sour crude trading at a premium to criteria, however barrels for instant shipment are commanding premiums to forward agreements, a price pattern referred to as backwardation that likewise shows a tight physical-market,” composes Bloomberg. As the world gradually returns to regular, markets will have to take in the frequently unforeseeable impacts of financial intervention like stimulus bundles and production cuts on top of all the other externalities of financial recession. Nobody stated the road to recovery would be simple.

By Haley Zaremba for Oilprice.com

More Top Reads From Oilprice.com:

Oil Rate Crash Leads To Sharp Contraction In Gulf Economies

Exxon Is Big Oil’s Outlier In The Post-Pandemic World

Saudi Arabia And Kuwait Restart Production At Big Shared Oil Field

from Job Search Tips https://jobsearchtips.net/one-of-the-most-preferable-petroleum-on-the-marketplace/

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agreenroad · 4 years ago

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China Is About to Run Out of Places to Store Crude Oil | Hellenic Shipping News Worldwide

China is almost out of space to hold the oil that domestic traders bought at bargain-basement prices earlier this year when the Covid-19 pandemic crushed global crude demand. As of Wednesday, China had used up 69% of its crude oil storage capacity with the 33.4 million tons it had stockpiled, up by 24% from the previous year, according to data from energy information provider Oilchem China.…

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hanapbuhayph · 5 years ago

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vishalakshikishor · 4 years ago

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cryptokingrobiul · 8 years ago

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Top 20 Broker

New Post has been published on http://www.top20broker.com/news/morning-report-apac-asian-markets-higher-mixed-data/

Morning Report APAC: Asian markets higher on mixed data

Economic data of the day (Singapore Time; GMT + 8)

Speeches

1700 – EC – European Central Bank’s Benoit Coeure Speaks in Brussels

1750 – EC – ECB’s Ignazio Angeloni Speaks in Bologna, Italy

2230 – US – Federal Reserve’s James Bullard Speaking in New York

0500 – UK – Bank of England’s Andy Haldane speaks in San Francisco

Overnight news

United States

GDP grew 2.1% YoY (Exp. 2.0%) from 1.9% in Q4. Despite the revision the economy grew just 1.6% in 2016, the weakest performance since 2011. Growth in consumer spending rose at a revised 3.5% rate (Prev: +3%). Domestic demand grew 3.4%, the fastest pace in two years.

Imports spiked 9% (Prev: +8.5%), the fastest rate since Q4 2014. Exports fell more than estimated. As such the trade deficit subtracted a revised 1.82 percentage points from growth (Prev: 1.70 percentage points). Businesses accumulated inventories at a revised rate of $49.6bn (Prev: $46.2bn). Business investment was revised to +1.3% (Prev: +4.5%). After-tax corporate profits spiked 22.3% YoY, the largest annualised gain in nearly five years. As a share of the overall economy, profits accounted for 9.2% of GDP, up from 7.8% a year ago.

Core PCE grew 1.3% QoQ (Exp. 1.2%). This is the inflation measure that the Fed is watching.

Personal consumption grew 3.5% (Exp. 3.0)

US President Donald Trump

Trump warned conservative congressional Republicans that he would work against them in the midterm elections next year if they don’t support his agenda. “The Freedom Caucus will hurt the entire Republican agenda if they don’t get on the team, & fast,” Trump tweeted. “We must fight them, & Dems, in 2018!”

Federal Reserve

Cleveland Federal Reserve President Loretta Mester said the US economy is on solid footing and any weakness in Q1 is just a bump in the road. “While growth in the first quarter may come in on the weak side, I think this largely reflects transitory factors and residual seasonality in the data.”

Mester forecast 2017 GDP growth to be above 2% and as such she believes “the conditions are in place for a sustained return over the next year or so to our symmetric goal of 2% inflation.”

Mester said that if the economy performs as she expects it will, the Fed should continue to raise interest rates. “My current assessment is that the pace of removal won’t call for an increase in the fed funds rate at each meeting, but it does mean more than the one-increase-per-year seen in the past two years. This upward policy path will help prolong the expansion, not curtail it.”

South Africa

South African President Jacob Zuma fired Finance Minister Pravin Gordhan and eight other cabinet members in a high-stakes power play that may threaten his own presidency and risks the nation’s investment grade credit rating.

Gordhan was replaced by Home Affairs Minister Malusi Gigaba, who has no financial or business experience, while lawmaker Sfiso Buthelezi takes over from Mcebisi Jonas as deputy finance minister. The cabinet overhaul came in a late-night move that threatens to split the 105-year-old ruling African National Congress and trigger a revolt against the president. The rand extended losses, heading for its worst week in more than a year.

Foreign exchange

The USD was bid due to good data in the US – GDP, Core PCE – and the USD is resuming the trend move higher. Next target for DXY is the 100d MA at 101.164.

The EUR continued its drop following the Reuters report from yesterday saying that ECB doesn’t want to send the wrong message about stimulus being removed too early and German inflation came in lower than expected at 0.2% MoM (Exp. 0.4%) and 1.6% YoY (Exp. 1.8%). We are still in the middle of the range but the break of 1.0700 was important. We don’t see any bounce coming until 1.0620.

USDJPY is breaking back the 111.75 resistance level and if we manage to close above, we will be back in the range of 112/115.

The GBP was the only currency rallying against the USD on short-term stops following the trigger of Article 50.

Emerging markets: USDZAR exploded higher after the firing of the finance minister reaching the 100d MA at 13.48.77. It’s very hard to say where this pair could go if the political turmoil continues. There is now a risk of downgrade by rating agencies.

Foreign exchange volatilities

The market still wants to sell USD gamma because the only thing coming in terms of data is the nonfarm payrolls and then it will be Easter holidays. I would guess that if the USD rally continues for one or two more days, the market will start chasing up the volatilities.

There is a large strike today in USDJPY at 111.50 for $1bn.

Rates

UST were under pressure through most of session, triggered by upwards GDP revisions and gains in oil which lifted inflation expectations; 5s30s steepened as much as 1.6 basis points on the session, the widest jump since the March Federal open Market Committee decision

Bunds futures rallied Thursday, boosted by soft German CPI prints

Commodities

Equities

US indices were up in the region of 0.3%, lifted by oil prices, which managed to close back above $50/b. US financials also lifted the index with strong performances overnight.

European markets finished mixed with strong gains on the Dax and CAC 40 as they rose more than 0.4%. The Dax is now 150 points or 1.2% away from its high in April 2016. The FTSE 100 closed flat and lost 0.06%.

Lululemon reported fourth-quarter and fiscal 2016 earnings and its $1 EPS came in below consensus expectations. Lululemon also forecast disappointing guidance related to a sluggish first quarter. It dropped $15.54 or or 23% to $50.76, its lowest level since early 2016.

ConocoPhillips soared 8.8% and closed at $50 after agreeing to sell a large portion of its Canadian assets to Cenovus Energy (CVE). ConocoPhillips broke its resistance trend line from December 2016 and we see upwards momentum continuing. CVE meanwhile closed 13.7% lower on the purchase.

Asia Pacific equities

Hong Kong

Analyst ratings

– Everbright Sec. (601788 CH): Cut to underperform at Credit Suisse

– Huatai Securities (601688 CH): Cut to neutral at Credit Suisse

– Shimao Property (813 HK): Raised to outperform at CCB Intl

– Yinyi Real Estate (000981 CH): Raised to outperform at SWS Research

– Xinjiang Goldwind (002202 CH): Cut to neutral at Macquarie

Preview

– Developers: Guangzhou to tighten rules on home sales, city govt says; Qingdao City bans selling homes bought within 2 years

– Energy: China teapots run rate falls from record to 60.05%: Oilchem

– Luxury: H.K. Feb. retail sales value -5.7% y/y; volume -6.1%

– NEV: China to restrict capacity expansion of gas-fuelled cars: Daily

– Solar: China solar exports slump 28% this year: industry group

– Air China (601111 CH): FY net income misses est.

– Alpha Group (002292 CH): FY net 498.4m yuan vs 489m yuan year ago

– Beijing Dabeinong (002385 CH): FY net 882.7m yuan vs 705.5m yuan year ago

– CCB (939 HK): Signs 20b yuan debt-to-equity pact with Shanxi companies: Daily

– China Eastern (670 HK): FY net 4.5b yuan; est. 5.46b yuan

– China Cinda (1359 HK): FY net 15.5bn Yuan; est. 15.5bn

– China Re (1508 HK): FY net income 5.15b yuan

– China Railway Const (1186 HK): FY Net 14b yuan; est. 14.1b yuan

– China Railway Group (390 HK): FY net 11.8b yuan vs 11.7b yuan year ago

– China Southern (1055 HK): FY net 5.04b yuan; est. 5.37b yuan

– China Vanke (2202 HK): S&P sees China Vanke to keep strong earnings growth in 2017

– Dr Peng Telecom (600804 CH): FY net 766.6m yuan vs 716.6m yuan year ago

– Fujian Sunner (002299 CH): FY net 678.7m yuan vs loss 387.8m yuan year ago

– Guangzhou Auto (2238 HK): 2016 net 6.29b yuan vs 4.23b yuan year ago

– Haige Communications (002465 CH): FY net 530.2m yuan vs 579.6m yuan year ago

– Hanergy TFP (566 HK): Posts profit; trade receivables HK$6.81b vs HK$3.7b year ago

– ICBC (601398 CH): 2016 net income 278.2b yuan; est. 275.3b yuan

– Kanion Pharma (600557 CH): FY net 373.7m yuan vs 362.3m yuan year ago

– Ko Yo Chemical (827 HK): FY revenue up 1% to 1.95b yuan

– Midea Group (000333 CH): FY net 14.7b yuan vs 12.7b yuan year ago

– PetroChina (857 HK): Posts record-low profit; Myanmar-China crude pipeline to start next month; domestic natgas output to reach 100bcm this year

– Shenzhen Airport (00089 CH): FY net 562.4m yuan vs 521.8m yuan year ago

– Sino-Ocean Group (3377 HK): FY net 3.81b yuan vs 2.38b yuan year earlier

– Spring Airlines (601021 CH): FY net 950.5m yuan vs 1.33b yuan year ago

– Tsingtao Brewery (600600 CH): FY Net 1.04b yuan vs 1.71b yuan year ago

– Wanda Cinema Line (002739 CH): FY net 1.37b yuan vs 1.19b yuan year ago

– Wuliangye (000858 CH): FY net 6.78b yuan; est. 7.1b yuan

– Wynn Macau (1128 HK): Board recommends HK$0.42 dividend

– Zoomlion (000157 CH): FY net loss 929.9m yuan vs 89.3m yuan profit year ago

Japan

Analyst ratings

– Cosmos Pharmaceutical (3349): Rated new buy at Mizuho

– Ryohin Keikaku (7453): Rated new overweight at Mitsubishi UFJ Morgan Stanley Securities

– Seria (2782): Rated new buy at Mizuho

– Takuma (6013): Raised to outperform from neutral at Tokai Tokyo

– Tokyo Gas (9531): Raised to overweight from neutral at Mitsubishi UFJ Morgan Stanley

– Yamaha Corp. (7951): Rated new outperform at Daiwa

Preview

– Chubu Electric Power (9502): Unit to build 50-megawatt biomass plant in Japan

– Fuji Oil (5017): To boost capacity of secondary units to meet government rules

– Hirose Electric (6806): Operating profit likely to rise 10% to 30b yen next fiscal year, Nikkei reports

– Japan Display (6740): Delays purchase of Joled to late December

– Katakura Industries (3001): Oasis’s Seth Fischer says Katakura AGM vote to reject Oasis proposals is “defeat for everyone”

– Kurita Water (6370): To retire 2.49% of shares on April 6

– Mitsui Engineering & Shipbuilding (7003): To adopt holding company structure in April 2018

– Mitsubishi Heavy (7011), NTT Data (9613): Form info systems tie-up

– Morinaga & Co. (2201), Morinaga Milk Industry (2264): Decide against merger

– NGK Insulators (5333): To spend 29b yen to boost output at Poland plant

– Nippon Shinyaku (4516): Agrees on licence pact with Jazz Pharmaceuticals on Defitelio and Vyxeos

– Nippon Television (9404): Unit to acquire about 3.4m shares of All About (2454) from Yahoo Japan, Recruit

– Panasonic (6752): Plans to California-based unit to invest in start-ups

– Rizap Group (2928): To buy 5% stake in Dream Vision (3185)

– Shikoku Electric (9507): Hiroshima court rejects claim by local residents seeking the halt of co.’s Ikata No. 3 reactor

– Sumitomo Corp. (8053): Forms India JV with Mukand for alloy steel long products

– Sumitomo Seika Chemicals (4008): Prelim. full-year operating profit 10b yen vs co. forecast 9b yen; to book 1.1b yen charge on China operations

– Toshiba (6502): Silver Lake, Broadcom bid ~2t yen for chip ops, Nikkei says; Apple also among ~10 bidders, Yomiuri reports; Westinghouse set to obtain $800m bankruptcy financing

– Toyota Tsusho (8015): Wins 60b yen Iraq electrical substation order

– Yume No Machi Souzou Iinkai (2484): Prelim. 1H operating profit 372m yen vs co. forecast 260m yen

– Yume Technology (2458): To conduct 2-for-1 stock split on April 25

Australia

Analyst ratings

– Bank Of Queensland (BOQ): Raised to neutral from underweight at JPMorgan; PT A$11

– Western Areas (WSA): Upgraded to neutral from sell at UBS

Preview

– Armour Energy (AJQ): Uganda may grant oil PSA licenses by end April, Monitor reports

– Fairfax Media (FXJ): TPG said to have lined up debt to fund bid, AFR says

– Investa Office Fund (IOF): Reports issuance of A$150m, 7Y green bonds

– National Australia Bank (NAB): To invest A$300m in wealth management business, AFR reports

– Newcrest Mining (NCM): Australia’s top gold miner looks global in hunt for new mines

– Nextdc Ltd. (NXT): New buy at Canaccord; PT A$4.85

– OceanaGold (OGC): Unit says El Salvador no longer in strategy after ban

– Rio Tinto Group (RIO): Production suspended at Quebec iron and titanium plant after explosion

– Bank of New York Australia ADR Index up 0.4%

– BHP Billiton ADR little changed at A$24.15 equivalent, 0.3% premium to last Sydney close

– Rio Tinto ADR +0.5% to A$53.76 equivalent, a 11% discount to last Sydney close

– Companies trading above 20/50/200 DMAs, Bollinger upper band with RSI above 70: WES, ALL, AMC, TCL, CHC, TAH, CQR, ABP, BPT

– Companies trading below 20/50/200 DMAs, Bollinger lower band with RSI below 30: none among screened stocks

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#asian markets #Global markets

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