Weekly Newsletter

China's first LNG cross-border RMB settlement transaction has been completed

On March 28, China National Offshore Oil Corporation (CNOOC) and Total Energy completed China's first purchase of imported liquefied natural gas (LNG) from the Gulf Cooperation Council (GCC) country United Arab Emirates (UAE) through the platform of Shanghai Oil and Gas Trading Center. The transaction volume was 3.2 million to 3.4 million BTU (about 65,000 tons).

The preliminary U.S. manufacturing PMI rose to 49.3 in March

SPGI releases preliminary U.S. PMI data for March. The U.S. services PMI came in at 53.8 in March, up from 50.6 in February and an 11-month high. The preliminary manufacturing PMI came in at 49.3, higher than February's 47.3 and market expectations of 47, a five-month high. The composite PMI came in at 53.3, the highest since May last year.

Saudi port’s container capacity rose 7.76% in February

The Saudi Ports Authority reported a throughput of 622,837teu in February 2023, 7.76% higher than the 577,993teu in February 2022. Container exports increased 12.75% to 172,208 TeU, while imports increased 5.95% to 193,937 TeU. Transshipment cargo increased by 5.39% to 234,743teu.

OOCL's net income rose 39.8 percent to $9.965 billion

Recently, OOCL announced its 2022 full-year results. Revenue increased 17.8% year-over-year to $19.82 billion, earnings before interest and tax (EBIT) of $10.089 billion, operating cash flow of $11.253 billion, and profit attributable to shareholders increased 39.8% from 2021 to $9.965 billion. That compares with $7.128 billion in profit in 2021, a record high.

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