News

An oil tanker conducting a ship-to-ship transfer to receive Middle Eastern crude is heading to Japan, but the tanker is not fully loaded, highlighting the extraordinary measures Japanese refiners are taking to rapidly secure supplies.According to vessel tracking data, the very large crude carrier named Bright Horizon is currently sailing south from waters off Mumbai, with its destination marked as Shiiya, Japan. On Monday, the tanker received a batch of Oman crude via ship-to-ship transfer from a Suezmax-sized oil tanker named Shenlong.The Iran war has effectively led to the closure of the Strait of Hormuz, cutting off crude shipments from Japan’s main Persian Gulf suppliers, and Japan has been rushing to secure oil supply.Japanese refiners are accelerating U.S. crude imports by opting for smaller oil tankers, which can transit the Panama Canal, instead of using larger vessels that must take the much longer route around Africa.The case of Bright Horizon is unusual, as sailing to a single destination without a full load is generally not economical. Freight rates have also surged due to the Middle East conflict, further increasing costs.This is the third instance in recent weeks of ship-to-ship crude transfers involving tankers owned by Japanese shipowners. Japan is relying on such operations to ensure oil supplies while avoiding sending vessels into this high-risk conflict zone.

Golden Ten Data Futures, April 16 – According to Fubao Information, today’s Fubao Electrolytic Carbon Spot Basis Index is -2,155 yuan/ton (-240 yuan/ton); battery-grade lithium carbonate is quoted at 168,250 yuan/ton (+3,000 yuan/ton); industrial-grade lithium carbonate (comprehensive) is quoted at 166,000 yuan/ton (+2,200 yuan/ton); battery-grade lithium carbonate long-term contract average price is 155,200 yuan/ton (+700 yuan/ton); lithium hydroxide index is 154,833 yuan/ton (+3,000 yuan/ton); metallic lithium index is 1,060,000 yuan/ton (unchanged); Fubao brine (lithium sulfate) discount coefficient is reported at 74% (-1). As of the week ending April 16, Fubao lithium carbonate production reached 24,400 tons, a week-on-week increase of 0.83%; Fubao lithium carbonate total social inventory was 100,700 tons, a week-on-week decrease of 0.16% (down 162 compared to the previous period).

Glonghui, April 16 — BofA Securities released a research report stating that it has selected Citigroup as its top pick among large bank stocks and included it in its top ten investment stocks for the second quarter. The firm believes Citigroup offers highly attractive risk-reward characteristics and expects the stock to be re-rated to a 1.5x price-to-book ratio (compared to the current approximately 1.2x) in the next 12 to 24 months as its ROTCE gap with peer money center banks narrows. Growing investor confidence in CEO Jane Fraser’s transformation efforts at Citigroup and the potential to strengthen the bank’s five core business competitive advantages are expected to be key catalysts in the near term. The firm maintains its earnings forecasts for Citigroup at $12.5 per share and $15 per share for the next two years, respectively. Driven by better-than-expected first-quarter earnings per share, its FY2026 earnings forecast was raised from $10.49 to $10.79 per share. The target price was increased from $140 to $150, and the “Buy” rating was reiterated.