The Chinese New Year is underway and the festivities mark a slowdown in trade and disruptions to global supply chains until at least February 4.
Singapore is also closed today and tomorrow for the Lunar New Year. The impact on factories, production and logistics are felt “for weeks before and after” according to KG Logistics. “The result is congested ports, reduced freight capacity, and delays in shipping schedules that ripple across global trade,” it states.
When the post-holiday recovery begins, delays can occur clearing the backlog.
Some Chinese state-owned and second-tier oil and gas companies have been looking to sell LNG cargoes for January-February period to alleviate pressure from growing inventory and weak domestic demand, according to S&P Global.
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