Day: December 12, 2022

Why Supertanker Rates Are Suddenly Crashing

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Earlier in the year, supertanker freight rates hit record levels as traders scrambled to park crude in storage to take advantage of a record gap between spot and future prices shortly after Russia invaded Ukraine. Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route reached as high as $180,000 a day while VLCC time charter rates for floating storage jumped to as much as $120,000 per day. But the situation has now reversed with supertanker rates plunging sharply. According to Bloomberg, ships capable…

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Another Thar coal power plant starts test run: minister

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The Thar coal power project has started generating 1,320 MW on a trial basis and the electricity would soon become part of national grid, a senior official said on Sunday. “The test production of 1,320 MW has successfully been started,” Sindh Energy Minister Imtiaz Sheikh said in a statement issued on Sunday. “This production plant is being run in cooperation with Shanghai Electric. The fresh production of power supply would soon be included in national grid. The power plants of Engro and Hub Power are already contribution 660 MW each…

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Pakistan’s energy sector running ‘on tick’ as economy reflects bad shape

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With the country’s economic situation getting appalling, the documents have revealed that Pakistan’s energy sector is running completely on credit. The circular debt in the energy sector is also swelling as the government is unable to pay dues to independent power producers (IPPs). The documents available with SAMAA TV containing details of dues of the energy sector revealed that it is running on credit amid the poor economic situation.https://imasdk.googleapis.com/js/core/bridge3.549.0_en.html#goog_543225490 of 10 secondsVolume 0%  The documents disclosed that Pakistan State Oil (PSO) is facing a severe liquidity crunch as its circular debt has…

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Reko Diq Project: ECC approves six-year funding plan proposal for Balochistan govt

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The press release added that the energy ministry submitted a summary of accrued interest with respect to the amount held in an escrow account in connection with the Reko Diq project dispute settlement. The statement highlighted that the federal and Balochistan government entered into an out-of-court dispute settlement with Tethyan Copper Company Pvt Limited with respect to the project. “In the light of the terms of the agreed settlement, the ECC allowed Finance Division to direct GHPL (Government Holding Private Limited), OGDCL (Oil and Gas Development Company) and PPL (Pakistan Petroleum Limited)…

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Pakistan Won’t Default

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The ongoing ‘default’ discussion is a favourite political and economic pastime. After the first decade since independence, Pakistan never got rid of a default threat. It will remain exposed to bankruptcy risk due to a continuously rising debt and the cost of servicing factor. It will remain dependent on external borrowing unless economy’s direction is not corrected. Pakistan’s financial condition has become precarious because our economic managers have never made any effort to transform the economy by bringing about the required structural changes. The resulting sharp surge in current account…

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