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Everchem Updates
VOLUME XXI
September 14, 2023
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March 28, 2020
Propylene prices journey southwards in Asia
Weaker downstream PE demand and pricing trends, further supported the price fall.
FOB Korea propylene prices were at the USD 650/mt levels, a plunge of USD 70/mt from the previous week. CFR China propylene prices were at the USD 640/mt levels, a week on week slide of USD 85/mt.
CFR South East Asia propylene prices were assessed lower at the USD 620/mt levels, a whopping drop of USD 120/mt from the previous week.
In plant news, Lotte Chemical, South Korea has undertaken an emergency shutdown at its Deasan cracker, following a blast reported on early Wednesday. The cracker has an ethylene capacity of 1.1 million mt/year and propylene capacity of 540,000 mt/year.
In other plant news, JXTG Nippon Oil and Energy, has undertaken a planned shutdown at its cracker, on February 27, 2020. The cracker is likely to remain under maintenance for a period of around 6-7 weeks. Located at Kawasaki in Japan, the cracker has an ethylene production capacity of 460,000 mt/year and propylene production capacity of 235,000 mt/year.
Tosoh Corp, has undertaken a maintenance shutdown at its naphtha cracker on March 4, 2020. The cracker is expected to remain under maintenance till April 21, 2020. Located at Yokkaichi in Japan, the cracker has an ethylene production capacity of 527,000 mt/year and a propylene production capacity of 315,000 mt/year.
March 28, 2020
Propylene prices journey southwards in Asia
Weaker downstream PE demand and pricing trends, further supported the price fall.
FOB Korea propylene prices were at the USD 650/mt levels, a plunge of USD 70/mt from the previous week. CFR China propylene prices were at the USD 640/mt levels, a week on week slide of USD 85/mt.
CFR South East Asia propylene prices were assessed lower at the USD 620/mt levels, a whopping drop of USD 120/mt from the previous week.
In plant news, Lotte Chemical, South Korea has undertaken an emergency shutdown at its Deasan cracker, following a blast reported on early Wednesday. The cracker has an ethylene capacity of 1.1 million mt/year and propylene capacity of 540,000 mt/year.
In other plant news, JXTG Nippon Oil and Energy, has undertaken a planned shutdown at its cracker, on February 27, 2020. The cracker is likely to remain under maintenance for a period of around 6-7 weeks. Located at Kawasaki in Japan, the cracker has an ethylene production capacity of 460,000 mt/year and propylene production capacity of 235,000 mt/year.
Tosoh Corp, has undertaken a maintenance shutdown at its naphtha cracker on March 4, 2020. The cracker is expected to remain under maintenance till April 21, 2020. Located at Yokkaichi in Japan, the cracker has an ethylene production capacity of 527,000 mt/year and a propylene production capacity of 315,000 mt/year.
March 27, 2020
NACD Welcomes Three-Month CFATS Extension, but Urges Long-Term Reauthorization
Today, National Association of Chemical Distributors (NACD) President and CEO Eric R. Byer issued the following statement on the passage of legislation that would extend for an additional three months the Chemical Facility Anti-Terrorism Standards (CFATS) program ahead of its expiration on April 18, 2020.
“CFATS is vital to ensuring the chemical industry and regulators work together to keep our nation’s chemical facilities secured against potential acts of terrorism, and its continuation is a critical component of the broader U.S. national security strategy. While NACD welcomes a CFATS extension of three months and five days to get us beyond the April 18 program deadline, our industry needs a much longer program authorization to ensure both regulators and industry leaders alike have the certainty needed to administer this program.
“While we understand the intense political pressure placed upon Congress right now because of COVID-19, they cannot allow this program to sunset. It must be a priority for elected officials to reauthorize this program for the long-term to ensure that chemical facilities and communities are protected from potential acts of terrorism. We therefore urge the passage of long-term reauthorization legislation that would keep CFATS in place for many years to come, and certainly in place beyond July. Leaders in Congress on both sides of the aisle should prioritize CFATS reauthorization so this program can continue running strong.”
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NACD and its nearly 430 member companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third-party-verified management practice. For more information, visit www.NACD.com.
https://www.nacd.com/media-center/press-releases/three-month-cfats-extension/
March 27, 2020
NACD Welcomes Three-Month CFATS Extension, but Urges Long-Term Reauthorization
Today, National Association of Chemical Distributors (NACD) President and CEO Eric R. Byer issued the following statement on the passage of legislation that would extend for an additional three months the Chemical Facility Anti-Terrorism Standards (CFATS) program ahead of its expiration on April 18, 2020.
“CFATS is vital to ensuring the chemical industry and regulators work together to keep our nation’s chemical facilities secured against potential acts of terrorism, and its continuation is a critical component of the broader U.S. national security strategy. While NACD welcomes a CFATS extension of three months and five days to get us beyond the April 18 program deadline, our industry needs a much longer program authorization to ensure both regulators and industry leaders alike have the certainty needed to administer this program.
“While we understand the intense political pressure placed upon Congress right now because of COVID-19, they cannot allow this program to sunset. It must be a priority for elected officials to reauthorize this program for the long-term to ensure that chemical facilities and communities are protected from potential acts of terrorism. We therefore urge the passage of long-term reauthorization legislation that would keep CFATS in place for many years to come, and certainly in place beyond July. Leaders in Congress on both sides of the aisle should prioritize CFATS reauthorization so this program can continue running strong.”
###
NACD and its nearly 430 member companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third-party-verified management practice. For more information, visit www.NACD.com.
https://www.nacd.com/media-center/press-releases/three-month-cfats-extension/
March 27, 2020
Tempur Sealy Market Update
– Elected to Access $200 Million on its Revolving Senior Secured Credit Facility
– Withdraws 2020 Financial Guidance
– Adopts Limited Duration Shareholder Rights Plan
– Scott Thompson, Chairman and CEO, Extends Employment Contract
PR NewswireLEXINGTON, Ky., March 27, 2020 /PRNewswire/ — At Tempur Sealy International, Inc. (TPX) the health and safety of employees, customers, and all business partners is the utmost concern. The Company has taken and continues to take precautionary measures to mitigate health risks during the evolving situation resulting from the novel coronavirus (“COVID-19”).
Scott Thompson, Tempur Sealy International Inc. Chairman and CEO said, “We have implemented measures to protect the health and safety of our employees, including restricting travel and face-to-face meetings, allowing individuals to work from home where possible, and adopting all region-specific public health protocols applicable to our operations around the world. While providing a healthy and safe work environment is our top priority during these unprecedented times, our entire organization is also focused on our commitments to our customers, suppliers, and shareholders. We are also working with various government and healthcare organizations to provide products and services in this time of crisis. For more than a decade, Tempur Sealy has donated tens of thousands of mattresses annually to charities and organizations in need across the country. For the immediate future, we are focusing all of the power of our philanthropic efforts on getting our products to governments, healthcare organizations and charities that have a need related to the pandemic.”
“Prior to the global COVID-19 health concerns, our iconic brands and products had been performing very well throughout the world. We had been experiencing growth in all markets and especially strong growth in North America, with over 30 percent growth compared to the first quarter of 2019. Most recent trends have shown very weak demand in the U.S. and Europe, with orders down over 50 percent versus the same period in the prior year. Following the slowdown in activity from the COVID-19, we have recently been experiencing improving trends in Asian markets with year-over-year growth in Korea, Japan, and Singapore and improving sequential growth in China. Based on the most current trends and current information, we are estimating the consolidated first quarter 2020 net sales to increase approximately 15 to 20 percent year-over-year.”
“Our business model has a highly variable cost structure, is broadly distributed geographically and is supported by an omni-channel approach. We will carry our strong operating momentum going into this downturn. We expect near-term profits to be significantly impacted but see our long-term competitive position strengthening through the downturn,” continued Thompson.
The Company also announced the actions to mitigate the near-term impact of the material slowdown in business activity while positioning the Company for the recovery period. The Company ceased all share repurchase activity once U.S. orders became negative as compared to the prior year, delayed certain capital projects, and canceled or suspended non-critical projects. Due to the rapidly-changing nature of this environment, the Company is withdrawing its previously-issued full-year financial guidance and will not provide updated full-year financial guidance until the operating environment becomes clear.
Additionally, to provide greater financial flexibility in response to the continued impact of COVID-19, the Company elected to hold $200 million of cash by borrowing on its revolving senior secured credit facility. Total remaining availability under that facility is at least $100 million and is drawable. The Company has no major loan maturities until 2023 and its senior secured credit facility matures in 2024.
https://seekingalpha.com/pr/17821143-tempur-sealy-market-update
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