World News
Angelicoussis: "No Question" Trump Presidency Will Be Positive for Shipping
John Angelicoussis, owner of the Angelicoussis Shipping Group, says there is "no question" that Donald Trump's U.S. Presidency will have a positive impact on the shipping industry, The Wall Street Journal reports.
"There is no question that he is going to be positive for shipping in terms of infrastructure expansion. The U.S. needs a hell of a lot of infrastructure," said Angelicoussis.
Through Trump's promises to boost oil drilling and bring about changes to export regulations, Angelicoussis suggests he is optimistic that tanker business will benefit from increased amounts of heavy fuel moving into the U.S. market, as well as increased volumes of lighter fuel headed to export markets.
Trump, who has promised to infuse billions into U.S. infrastructure projects, has also vowed to halt U.S. participation in the Trans-Pacific Partnership (TPP) on his first day in office, as well as the North American Free Trade Agreement (NAFTA) - two moves that are expected by many to have significant impacts on global trade and related shipping activity if realised.
Angelicoussis says he is hopeful that Trump will not engage China in a trade war, commenting: "there will be no winners in a trade war. We should leave them alone and continue to trade."
Separately, Angelicoussis says he expects the Organization of the Petroleum Exporting Countries (OPEC) to reach an agreement on production at their meeting next week.
"A price of $50 to $60 is good for the Arabs because they can make money, but not overdo it," said Angelicoussis.
Today, Ship & Bunker reported that Brent climbed $2.04 to $48.90 per barrel on Monday, while West Texas Intermediate climbed $1.80 to $47.49 on the strength of Iran's own optimism that the OPEC will reach an agreement to a supply-cut deal and Iraq's suggestion that it will offer new proposals to bolster unity before next week's ratification meeting.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 2.50 | 765.00 | 14.00 |
| Rotterdam | 607.50 | 0.50 | 764.50 | 24.50 |
| Houston | 632.50 | 4.00 | 807.50 | 5.00 |
| Fujairah | 650.50 | 1.00 | 882.50 | 6.00 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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