24 September 2024: 16:30 BST
Today’s window was quieter than yesterday’s head scratcher, although there were still some pretty pricey cargoes up for grabs. Mitsui offered a Forties CIF for Oct 16-20 at Dated +$2.10. Conoco lowered its offer of an Ekofisk for Oct 17-22 to +$2.20 over Dated, down from its Oct 19-21 offer at +$2.55 yesterday. Everyone’s being all strait laced today after last night’s debacle.
For evidence of how dire the global construction outlook seems, look at how pessimistic JCB is in its annual earnings report despite bumper profits. JCB reported a £6.5 ($8.65) billion turnover, with a pre-tax profit of £805.8 million. This constitutes a gain in market share and a 14% y/y increase in sales, but the company is very gloomy about the remainder of the year as economic activity is contracting fast: JCB is concerned by “challenging” conditions in its European market that will make replicating this annual success rather tricky. At least the diggers have other uses. The UK’s contracting housebuilding sector is a danger to company profits, while Germany’s economic decline is potentially an existential threat.
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