There is a lot of news out there. We are trying to pick a few of the ariticles that are more relevant to the industries we serve. Today we have articles about the economy (since things are moving very quickly, this can’t help but be a bit dated but still interesting to see progression), the Port of Houston, and a discussion with the Texas Railroad Commissioner about the Texas and World Oil & Gas markets.
Port Houston to receive millions for Bayport terminal expansion, Houston Business Journal, 11Mar2020
HBJ released an article discussing a Grant presented on 10Mar2020 to Port Houston for $21.8M and Port of Corpus Christi for $17.6M. Port Houston will use the funds to expand the Bayport Container Terminal and Port of Corpus Christi will use the funds to partially refurbish docks. The article goes on to discuss various activities at both ports.
Warning Bells Sound for U.S. Economy As Virus Squeezes Ports, Yahoo Finance, 10Mar2020
As of 10Mar2020, the shipping industry - “accustomed to running at full speed this time of year” - is watching a shipping slowdown “tied to the coronavirus.” China shuttering factories is a big factor in slowing shipments into the country. Low demand for longshore labor is causing alarm, per “Jock O’Connell, a foreign trade consultant in CA.” No one knows for sure, but we think we could still be early in this downturn. Buckle up!
Texas oil regulator: ‘What our eyes are on is not the pain of today. It’s the pain of the future, Dallas Business Journal, 21Mar2020
This is an interview with Ryan Sitton, Texas Railroad Commissioner. The article is centered around what if any extraordinary action Texas should take in light of the bottom dropping out from under oil prices. He discusses possible national collaboration with OPEC, dictated slowing of production, and his opinion that oil demand will be here for the long haul.
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