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On May 1st, Indian Oil Corporation (IOC) announced it would maintain domestic jet fuel prices unchanged for May. This comes after several airlines warned of potential service disruptions due to supply shortages caused by the conflict in Iran. The Indian refiner, Indias largest, has set a benchmark for the industry, maintaining domestic jet fuel prices at 104,927 rupees per kiloliter (approximately US$1,105). However, according to its website, the company will be raising prices for international operators, though the specific amount was not disclosed. Global airlines are facing operational disruptions due to jet fuel shortages caused by the Middle East conflict. The aviation industry is highly sensitive to fuel price increases, with fuel costs accounting for up to 40% of operating expenses. Even small increases can significantly impact profitability and ticket prices.May 1st - According to a report from "Huizhou Housing and Construction" on April 30th, the Huizhou Municipal Housing and Urban-Rural Development Bureau, in conjunction with the Municipal Finance Bureau and the Municipal Human Resources and Social Security Bureau, recently issued a talent housing voucher subsidy policy. Eligible talents can directly apply for housing vouchers to offset the purchase price of newly built commercial housing in Huizhou, with a maximum subsidy of 100,000 yuan and a total policy amount of 100 million yuan, on a "first-come, first-served" basis.GAC Toyota: Platinum brand sold 14,664 vehicles in April.Zhiji Auto: April 2026 sales reached 10,016 units, with cumulative sales from January to April increasing by 130% year-on-year.May 1st - Analyst Simon-Peter Massabni believes that gold prices remained largely stable amid thin trading during the Asian holiday season. He added that gold is facing increasing pressure due to the stalled diplomatic efforts surrounding the Middle East wars and a lack of market expectations for short-term monetary easing by the Federal Reserve. He further noted that large-scale outflows from gold ETFs are also putting pressure on prices.

Profit Increases for Chinese Shipping Giant COSCO in the First Nine Months

Aria Thomas

Oct 11, 2022 11:21

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Increases in sea freight rates have enabled COSCO SHIPPING Holdings Co Ltd (SS:601919), the publicly traded company of the eponymous shipping behemoth, to forecast a higher net income for the past nine months.


The company forecasts a net profit attributable to shareholders of approximately 97.21 billion yuan ($13.59 billion) for the nine months ending September 30, 2017, a 43.7% increase over the same period in 2016. The anticipated earnings before interest and taxes amount to 143.59 billion yuan, an increase of over 50 percent from the prior year.


COSCO explained to the Hong Kong Stock Exchange that export freight rates remained high due to the tight supply-and-demand connection in international transportation.


The company's decision to implement cost-cutting measures has been attributed to both a local epidemic of COVID-19 and broader geopolitical tensions stemming from the conflict between Russia and Ukraine.


Despite a slowdown in domestic output and a decline in demand for exports and imports, China's commercial activity has remained relatively constant thus far in 2018. Nonetheless, the steep decline in China's trade balance during the month of August may portend oncoming difficulties for large maritime corporations.


In August, import growth was virtually nonexistent, while export growth in China decreased from 18% to 7.1%. As a result, China's trade surplus shrunk to $79.39 billion in August, significantly below market expectations, as global economic turbulence hampered export demand.


This week, additional information regarding China's international trade in September is expected to become available. This information will also serve as a baseline for the economy, which is still feeling the consequences of this year's COVID lockdowns.


As trade has slowed, shipping expenses have increased. According to data from the Shanghai Shipping Exchange, following a rather strong first half of the year during which COVID-related disruptions pushed up container reservations, Chinese shipping costs have declined considerably in recent months.

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