Host Newsroom
November 18, 2019
Enviva Breaks Ground on Wood Pellet Export Terminal in Mississippi, US
State and local leaders in Mississippi, US gathered at a groundbreaking ceremony on 7 November for Enviva's new wood pellet export terminal. Read more.
China Lifts 4-Year Ban on U.S. Chicken
China has agreed to lift a more than four-year-old ban on U.S. poultry imports, both governments said, in what a U.S. industry group said could lead to sales of about $2 billion of poultry. Read more.
Wheat Faces 4th Week of Decline on Ample World Supplies
Chicago wheat futures were on track on Friday for their fourth week of decline, with stiff
competition from the Black Sea region hitting U.S. sales in the global market. Read more.
U.S. to begin second round of trade aid payments for farmers next week
The U.S. Department of Agriculture said on Friday it will begin making a second round of 2019 trade aid payments to U.S. farmers next week. Read more.
November 14, 2019
IEA Sees U.S. Shale Squeezing OPEC Influence
In its annual World Energy Outlook report, the IEA said that even as annual U.S. production growth slows from its pace in recent years, policies already announced mean that the country will account for 85% of the increase in global oil production to 2030. Read more.
U.S.-China Trade Talks Hit Snag Over Farm Purchases
President Trump has said that China has agreed to buy up to $50 billion of soybeans, pork and other agricultural products from the U.S. annually. But China is leery of putting a numerical commitment in the text of an agreement, according to people familiar with the matter. Read more.
Westshore Terminals Sees Highest Quarterly Coal Exports in Two Years
Westshore Terminals reported 8.3 million mt of coal exports in the third quarter, up 9.2% from Q2 volumes and 5.1% higher than the year-ago quarter, the company reported last week. Read more.
Russia Offers Brazil Fertilizers on Good Terms: Putin
Russian President Vladimir Putin said on Thursday that Moscow was offering Brazil fertilizers on good terms. Read more.
November 13, 2019
DOT Awards $900 Million for Multi-Modal Projects
The U.S. Department of Transportation announced Nov. 12 that 55 projects in 35 states will receive grants of up to $25 million through DOT’s Better Utilizing Investments to Leverage Development (BUILD) program. Read more.
US Oil Producers Brace for White House Policy Shift, Eye Moving Operations
All 17 Democratic presidential candidates have pushed some policy aimed at slowing US oil output, which the US Energy Information Administration forecasts will average a record of nearly 13.4 million b/d by the end of 2020, up more than 40% in just four years. Read more.
The Spike in Oil-Tanker Rates May Be Over, but a Boom Is Coming
A surge in the cost of hiring oil tankers last month may already seem like a distant memory, but the rally was enough to convince analysts monitoring the industry’s fortunes that a couple of boom years are on the way. Read more.
African Swine Fever in China More Severe Than Previously Thought: ADM CFO
China’s African swine fever outbreak is far more severe than previously thought and the full impact of the disease on animal feed producers has yet to be realized, U.S. agribusiness company Archer Daniels Midland Co said on Wednesday. Read more.
November 12, 2019
West Coast Imports Plunge as Tariffs Hit Consumer Goods
Seaborne imports into the largest U.S. gateway for trans-Pacific goods plummeted last month in the latest sign of volatility in supply chains from the U.S.-China trade war. Read more.
Oil Tanker Anchored on Asia’s Busiest Shipping Route to Become Refueling Hub
A Euronav NV-owned supertanker anchored along Asia’s busiest shipping route is set to become a refueling hub as the company seeks to secure cheaper fuel for its fleet ahead of new industry rules. Read more.
Vietnam's Coal, Crude Oil Imports Surge on Rising Energy Demand
Vietnam’s coal and crude oil imports surged in the first ten months of this year, government data released on Tuesday showed, highlighting the Southeast Asian country’s increasing reliance on imported energy to support its fast-growing economy. Read more.
Texas Coast Supertanker Terminal on Track for Late 2022
Energy Transfer LP said on Thursday discussions with potential shippers to build an offshore crude export facility in Texas capable of handling supertankers were progressing on schedule, with the project expected to be in service by late 2022 or early 2023. Read more.
November 8, 2019
What Does a Trade Deal Promise for U.S. Soybean Exports?
USDA sees U.S. soybean exports to china up 73.0 mill. bushels vs. a year ago. Read more.
GE Offshore Wind Mega-Turbine Now in U.S. For Tests
The giant GE Haliade-X 12-MW offshore wind turbine has arrived in Boston for testing at the Massachusetts Clean Energy Center Wind Technology Testing Center (WTTC), MassCEC announced on Nov. 5. Read more.
Shippers Shine Torch in Every Corner as Pressure to Cut CO2 Grows
The IMO, a United Nations agency, has said it aims to halve greenhouse gas emissions from 2008 levels by 2050. “Ships are long-life assets, typically up to 25 years, and if the industry is to meet the IMO target ... then we need to accelerate the pace of change to greener vessels,” Stephen Fewster, Dutch bank ING’s global head of shipping, told Reuters. Read more.
Dry, Hot Weather Threatens South African Grain Crops
Farmers in South Africa are concerned that a drought and hot weather could delay the coming season’s plantings of grain crops and damage yields. Read more.
November 7, 2019
Federal Government Awards JAXPORT $20 Million For Terminal Improvements
The federal government has awarded the Jacksonville Port Authority (JAXPORT) a $20 million grant for the reconstruction of more than 100 acres of existing terminal pavement at the SSA Jacksonville Container Terminal at JAXPORT’s Blount Island Marine Terminal. Read more.
Oil Rebounds to $62 On Hopes for U.S.-China Trade Deal
Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand. Read more.
Shipping Imports Slipping While Companies Are ‘Burning Off’ Inventories
U.S. logistics operators say shipping imports are waning heading into the holidays in a sign that companies may be paring down inventories after stocking up heavily to get goods in place ahead of new tariffs. Read more.
Natural Gas Pipelines Are Adding Capacity from the South Central, Northeast Regions
Many of these pipeline projects will provide additional takeaway capacity out of the Permian Basin in western Texas or enable additional Permian natural gas production to reach the interstate pipeline system. Read more.
November 6, 2019
International Propeller Club ‘Sails into The Future’
The convention, held in New Orleans, La., used the phrase as its theme for the three-day conference, and speakers kept the future firmly in mind. Read more.
Louisiana Industrial Manufacturers Are Pushing Infrastructure Innovation
As spikes in petrochemical, crude oil and natural gas production put a strain on Gulf Coast infrastructure, companies in the supply chain are tipping the scales in their favor by using innovation to improve reliability and reduce cost. Read more.
U.S. Crude Stockpiles Jump Sharply as Refiners Cut Activity -EIA
The drop-off in refining utilization and a slump in exports, which some analysts believe is tied to reduced tanker availability due to U.S. sanctions on Chinese shipping firm COSCO, surprised many. Read more.
U.S.-China Trade Deal Signing Could Be Delayed to December; London A Possible Venue
A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday. Read more.
November 5, 2019
MARAD Presents Rare Gallant Ship Citation Award for Sincerity Ace Rescue
The crew of the U.S.-flagged ship M/V Green Lake has been presented with the U.S. Maritime Administration’s Gallant Ship Citation in recognition of their efforts in the response to the Sincerity Ace fire in the Pacific Ocean on December 31, 2018. The rare award has only awarded to 41 ships since 1944, and the last ship to receive the status was in 1944. Read more.
China Wants U.S. to Drop Tariffs on $360 Billion of Imports for Trade Deal
China is seeking the roll back of U.S. tariffs on as much as $360 billion of Chinese imports before President Xi Jinping agrees to go to the U.S. to sign a partial trade deal with President Donald Trump, according to people familiar with the matter. Read more.
OPEC Sees Its Market Share Shrinking for Years as Shale Triumphs
OPEC slashed estimates for the amount of oil it will need to pump in coming years, projecting that its share of world markets will shrink until the middle of the next decade amid a flood of U.S. shale supplies. Read more.
World's Largest Floating Wind Turbine Ready for Deployment
The largest floating wind turbine in the world is about to be installed. The 8.4 MW offshore wind turbine is the first of three semisubmersible units designed by California-based Principle Power. It is continental Europe’s first larger-scale floating wind farm, and it is located about 10 nautical miles off the coast of Viana do Castello, Portugal. Read more.
November 4, 2019
Crude Exporters Brace for Sustained High Shipping Costs
The freight-rate roller coaster that was triggered by geopolitical events in September may have leveled off, but fundamentals in the shipping industry are only getting tougher for the energy sector and will likely keep tanker costs high well into 2020. Read more.
Russian Coal: India Takes More Thermal Coal from Russia
Indian imports of Russian thermal coal rose by 72pc on the year, to 2.7mn t in January-September this year, shipping data show, in line with an increase in the country's total coal imports amid greater coal-fired demand early in the year. Read more.
Logistics Hiring Growth Slows on Industrial Weakness
Truckers edged back into hiring mode last month as overall logistics-sector job growth remained muted ahead of the holiday peak. Read more.
Port of Virginia Starts Dredging Work for Ultra-Deep Harbor
The Port of Virginia says that it has received its final federal approval to begin work on its ship-channel deepening-and-widening project. The port has given its contractor notice to proceed, and the staging of heavy equipment needed for the project got underway on Thursday - two and a half years ahead of schedule. Read more.
November 1, 2019
South Korea’s Exports, Prices Keep Showing Trade-War Pain
China’s slowing economy and its trade war with the U.S. have hit South Korean exports ranging from memory chips to petrochemicals, putting the economy on course for the slowest expansion in a decade. Read more.
Judge Upholds Law Allowing Great Lakes Oil Pipeline Tunnel
Michigan legislators did not violate the state constitution with their decision to allow construction of an oil pipeline tunnel beneath a waterway linking two of the Great Lakes, a judge said Thursday. Read more.
EIA Projects That Natural Gas Consumption in Asia Will Continue to Outpace Supply
EIA expects that the lack of low-cost natural gas resources in non-OECD Asia will contribute to a growing supply imbalance in the region. Although EIA expects non-OECD Asia natural gas production to more than double by 2050, the region’s natural gas consumption will grow faster. As a result, more natural gas imports will be required to satisfy demand. Read more.
Rain, Early Snows Delay U.S. Harvest in Latest Blow to Farmers
Excessive rains and an October snowstorm have stalled the harvest in the U.S. grain belt’s northern tier, one more blow to farmers already struggling with the effects of planting delays and a trade war that has pressured commodity prices. Read more.
October 30, 2019
After Early Windfall, Offshore Developer Settles in for Long Game in Maryland
There may be only 30 megawatts of offshore wind capacity in American waters today, but several early bets on the market have paid off in spectacular fashion — and US Wind ranks high on that list. Read more.
White House Says It Still Aims to Sign U.S.-China Trade Deal Next Month
The Trump administration still expects to sign an initial trade agreement with China next month despite the cancellation of the APEC summit in Chile where officials had hoped to finalize the pact, the White House said on Wednesday. Read more.
Investors Brace for Big Oil’s Results—Energy Journal
American and European oil giants spend a lot of time talking about their differentiated strategies and approaches to hot-button issues such as climate change. But their bottom lines are still primarily driven by the same common factor: commodity prices. Read more.
South-East Asia May Become Net Fossil Fuel Importer in Coming Years: IEA
With no change in policy, Southeast Asia’s energy demand is expected to grow by 60% by 2040, accounting for 12% of the rise in global energy use as its economy more than doubles, the IEA said. This was slower than the region’s 80% growth since 2000. Read more.
October 29, 2019
Analysis: US Crude Inventories Likely Higher Last Week as Refinery Runs Remain Low
US crude inventories likely climbed last week as many refiners remained in maintenance and imports climbed. Read more.
Shipping Companies, Retailers Look to Develop Cleaner Marine Biofuel
Top shipping, retail and transport companies are looking to develop an alternative marine fuel which aims to reduce carbon emissions from ships, in another step to push the sector to go green. Read more.
Oil and Water: A Day in the Life of a VLCC Harbor Pilot: “A cool, calm courage that no peril can shake”
“It’s a job that requires me to know my sea-lane’s depths, currents and hazards like the back of my hand. It calls for unbroken concentration to negotiate ever-changing variables of weather, visibility, sea traffic and even geopolitics. And it demands exacting coordination with the ship Captain, crew and logistical support around the world. In short, every day is a new challenge.” Read more.
Baltic Index Inches Up on Stronger Capesize Demand
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, edged up on Monday, supported by increased demand for capesize vessels. Read more.
October 28, 2019
N.C. Ports Ready to Dig into Turning Basin Expansion Project
The Army Corps of Engineers and the N.C. Department of Environmental Quality's Division of Coastal Management have officially issued the permit for N.C. Ports to expand the Wilmington port's turning basin, officials with the Army Corps confirmed Friday. Read more.
Offshore Wind Can Power the World, Say Former Skeptics
Offshore wind could generate 11 times more electricity than the world needs and could attract $1 trillion in investment by 2040, according to a new report by the International Energy Agency (IEA). Read more.
Russia May Delay Adopting Rules for Cleaner Ship Fuel
Russia’s energy and transportation ministries are looking to postpone the stricter standards for vessels operating within the country and four other former Soviet republics until 2024. Read more.
China Differs With Peers on Steel Capacity Forum Extension
China failed to reach an agreement with other countries on furthering the work of a three-year-old forum designed to resolve the global steel industry’s overcapacity. Read more.
October 25, 2019
Offshore Wind to Become $1 Trillion Industry, IEA Says
Offshore wind could become a cornerstone of the world’s power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday. Read more.
Oil Prices Ease but Are on Track for Large Weekly Gain
Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed broader economic concerns. Read more.
Demand to Carry Dry Bulk Market Forward
The demand side of things could offer fresh upwards momentum in the dry bulk market as we head towards the last stretch of 2019. Read more.
Floating Storage of 2020-Compliant Fuel Builds Off Singapore
A total of 32 ships, mostly supertankers capable of carrying 300,000 tonnes or more of oil, are currently anchored in Malaysian waters near Singapore accumulating stores of IMO-compliant fuels on board, according to data released by intelligence firm Kpler on Thursday. Read more.
Port Manatee’s Zimmermann Named International Propeller Club Member of Year
Port Manatee’s senior communications manager, Virginia Zimmermann, is The International Propeller Club of the United States’ International Member of the Year, selected from among more than 6,000 members throughout the world. Read more.
October 24, 2019
China Offers Tariff-Free Quota for 10 Million Tons of U.S. Soybean Purchases: Sources
Beijing on Tuesday offered major Chinese and international soybean processors waivers that would exempt the companies from steep tariffs on imports of up to 10 million tonnes of U.S. soybeans. Read more.
Chile Faces Mine Stoppages as Workers Join Protests
Anti-government protests that have shaken the world’s largest copper producing nation Chile for the past three days have spread to the mining sector as unions call for stoppages. Read more.
Norway’s New Crude a Threat to Rivals in Prized Asia Market
Norway’s new oil grade is making inroads in Asia, threatening to undermine sales of similar crudes from Africa and South America. Read more.
Port Commission Approves Move on Renewable Energy
Port Houston is set to begin to purchase renewable electricity port-wide, a move that would make it the first port in the United States to administer such a program. Read more.
October 22, 2019
Anglo American Boosts Production Outlook at Giant Brazil Iron Ore Mine
Anglo American Plc raised its production forecast this year for the Minas-Rio mine in Brazil, citing continued strong performance since the operation restarted late last year. Read more.
Seized North Korean Cargo Ship Awarded to United States
The United States won a federal court battle on Monday to take ownership of a North Korean ship that was seized last year for violating U.N. economic sanctions. Read more.
Dry Bulk Market: The Case for Australian Iron Ore Exports
With the dry bulk market looking for a new balance, it’s intriguing to take a look at the current state of Australia’s iron ore exports, one of the most important sources for China. Read more.
Oil Rises on Optimism About Prospects for a U.S.-China Deal
Oil prices rose on Tuesday after China signaled progress in trade talks with the United States, but gains were capped by bearish forecasts of a buildup in U.S. crude stockpiles. Read more.
Cargill Expanding Ohio Soybean Facility
Cargill is investing $225 million to expand its soybean crush and refined oils facility in Sidney, Ohio, U.S. Read more.
Oil Tankers Are Anchored Off Singapore Hoarding Fuel
More than 30 oil tankers have anchored in the Malacca Strait off Singapore and Malaysia, according to Kpler, as traders stockpile fuel ahead of the biggest shake-up to the shipping industry in a generation. Read more.
Dry Bulk Markets Are Strengthening, Says Pacific Basin
A rise in demand from higher commodity volumes and a reduction in supply owing to IMO 2020 low sulfur fuel regulations are giving a boost to the international dry bulk freight markets, says Hong Kong ship operator Pacific Basin. Read more.
Autonomous Ships, Opportunities & Challenges
Maritime autonomous surface ship (“MASS”) technology continues to advance at a rapid pace around the globe. Read more.
Virginia Port Authority Inks Dredging Contract with Weeks Marine
Port of Virginia officials last week signed a $78 million contract with Weeks Marine of New Jersey to begin the first phase of a dredging project on the port's western side of Thimble Shoal Channel. Read more.
Port of Corpus Christi Sets Tonnage Records
The Port of Corpus Christi recently set three new tonnage records, including the highest volume in a single month. Read more.
Oil Trading in U.S. Gulf Dries Up as Tanker Rates Skyrocket
Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants. Read more.
South Korea, Indonesia Reach Preliminary Trade Deal to End Steel Tariffs
South Korea and Indonesia have reached a preliminary consensus that will see the elimination of tariffs on steel products and automobile parts, South Korea’s Ministry of Trade, Industry and Energy said Wednesday. Read more.
China Soybean Imports Declining
China soybean imports in September declined by 13.5% from the previous month, according to customs data, as African swine fever continued to ravage the country’s pig herd, reducing the demand for soy meal. Read more.
Drawn by the Salary, Women Flock to Trucking
The number of female truckers increased by 68% since 2010 to 234,234 in 2018, though women still account for just 6.6% of the trucking workforce, according to the American Trucking Associations, a trade group. Read more.
North Carolina’s Port of Wilmington Expanding to Meet Regional Demands
With increasing volumes of inbound and outbound cargos shifting to its Port of Wilmington from other U.S. Southeast gateways, the North Carolina State Ports Authority is advancing wide-ranging enhancements while continuing its laser focus on unencumbered efficiencies. Read more.
Chamber to Recognize Efforts to Deepen Sabine-Neches Ship Channel
The Greater Beaumont Chamber of Commerce on Tuesday will bestow its annual Spindletop Award on the Sabine-Neches Navigation District, recognizing 20 years of effort to win federal approval for deepening the Sabine-Neches Ship Channel. Read more.
October 9, 2019
Oil Tanker Earnings Top $100,000-a-Day Mark
Oil-tanker earnings surged above the $100,000-a-day marker on the benchmark route as a looming ship-fuel revolution combined with U.S. sanctions to supercharge rates. Read more.
After Early Windfall, Offshore Developer Settles in for Long Game in Maryland
There may be only 30 megawatts of offshore wind capacity in American waters today, but several early bets on the market have paid off in spectacular fashion — and US Wind ranks high on that list. Read more.
India Seaborne Thermal Coal Demand Up After Major Domestic Mine Flooded: Sources
Severe flooding at one of Coal India' largest mines has pushed up demand for imported thermal coal, market sources said Friday. Read more.
Could Nuclear-Powered Ships Help the Industry Meet the 2050 Emissions Target?
Public perception and acceptance are significant barriers in accepting this technology but are the risks real or perceived? Read more.
October 8, 2019
China Is Buying Soybeans Again as Trade Talks Resume
The long-frozen U.S.-China trade talks are showing signs of a possible thaw, as a Chinese trade team returns to Washington and Chinese commodity buyers return to America’s soybean market. Read more.
U.S. Markets Farm Goods to Nations Beyond China
The U.S. government is marketing the nation’s crops and meat in smaller countries as Washington and Beijing continue to spar over trade. Read more.
Explainer: Disruptions in the Global Shipping Industry
Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers. Read more.
JAXPORT Gets $35.3 Million Toward Dredging
The state of Florida has appropriated $35.3 million dollars to deepen the Jacksonville Harbor to 47 feet along a 11-mile stretch to the Blount Island terminal by 2023. Read more.
October 3, 2019
U.S. to Impose Tariffs on EU Goods After WTO’s Airbus Ruling
The U.S. plans to swiftly impose tariffs on $7.5 billion in aircraft, food products and other goods from the European Union after the World Trade Organization authorized the levies Wednesday, citing the EU’s subsidies to Airbus. Read more.
Port Officials Say Even with Trade Uncertainty, Now Is Time to Expand
U.S. seaports hoping to benefit from the demands of bigger cargo ships are investing in Neopanamax electric cranes to expand their shipping channels. Read more.
As Oil Prices Sink Again OPEC+ Ministers Stick to Their Plan
As crude prices sink again -- completely erasing the surge caused by attacks on Saudi Arabia -- OPEC+ ministers acknowledged the growing risks to oil demand but gave no indication of a change in strategy. Read more.
New Orleans Port Improves Rail Flow as Traffic Jumps
The Port of New Orleans said it will accelerate rail flow even further after cutting time spent on its newly controlled belt railroad by a quarter in the last 18 months, helping to speed up intermodal volumes that have rocketed 23 percent over the last year. Read more.
October 1, 2019
Shale Boom Is Slowing Just When the World Needs Oil Most
The American shale boom is slowing as innovation plateaus—and just when shale’s importance in global markets has reached new highs following an attack on the heart of Saudi Arabia’s oil infrastructure. Read more.
Deepening Work in Savannah Harbor Sets Timetable for Lock and Dam Decision
The Corps kicked off the last phase of deepening that will increase the harbor depth from 42 feet to 47 feet in order to accommodate the larger cargo ships now in use, the Corps said in a news release. Read more.
Port of Virginia's International Gateway Project Wins Top Industry Award
The Port of Virginia's $312 million Virginia International Gateway (VIG) infrastructure project has been recognized with this year's Excellence in Port Management and Infrastructure award at the Lloyd's List 2019 Americas Awards, an annual competition held in the maritime industry. Read more.
September 30, 2019
Private Exporters Report Sale of 581,000 Tonnes of U.S. Soybeans to China: USDA
The announcement came two days after two traders with direct knowledge of the deals told Reuters that Chinese importers bought about 600,000 tonnes of U.S. soybeans, following deputy-level trade talks in Washington last week. Read more.
U.S. Ban of Cosco Tankers Rattles Oil Transport
Shipping brokers around the world are being swamped with calls from oil traders looking for replacement ships after the U.S. blacklisted dozens of tankers operated by a major Chinese tanker operator. Read more.
Bisso Tug Crew Honored for Assisting Creole Queen
Crew members on the Z-drive ship assist tug Archie T. Higgins each received a Coast Guard Certificate of Merit from Capt. Kristi Luttrell, Captain of the Port of New Orleans, for assisting the excursion boat Creole Queen when it lost power in the port on June 19, 2018. Read more.
Column: Japan Deal Nice for U.S. Agriculture but China is the Much Bigger Prize - Braun
The United States and Japan signed a limited trade deal on Wednesday that cuts tariffs on U.S. farm goods, Japanese machine tools and other products. Trump said this would open Japanese markets to about $7 billion in U.S. agricultural products, including beef, pork, wheat and cheese. Read more.
September 27, 2019
The Natural-Gas Economy
The U.S. is an emerging LNG supplier, accounting for four percent of global LNG exports in 2017. The country is projected to become the third largest LNG producer in the early 2020s, after Australia and Qatar. Read more.
Port Houston Continues Growth in Cargo
Port Houston Executive Director Roger Guenther this week reported a 7 percent increase in cargo, to nearly 30 million tons crossing Port Houston docks through August. Read more.
Number of Women Longshoremen on the Rise
Out of the port’s 2,400 workers, 220 of them are women, said Thomas Little, the International Vice President of the International Longshoremen’s Association in the port of Hampton Roads. Read more.
3 Products Leading American Agriculture In 2019
It has been a tumultuous year for American agriculture companies. Historic rainfall and international supply chain uncertainty has altered traditional import and export levels. However, this industry is still exporting more than $100 billion annually, and is predicted to easily clear that number this year. Read more.
September 25, 2019
Tanker Freight Rates Soar as Buyers Try to Replace Saudi Oil
Tanker freight rates soared to their highest levels of the year this week as Asian importers scrambled to secure crude supplies from the U.S. after attacks on Saudi Arabia’s oil facilities took a big chunk out of global output. Read more.
Industrial Growth Drives New Orleans' Economic Outlook For 19,500 Jobs Over Next Two Years
The New Orleans metro area is forecast to add 9,400 jobs in 2020, up 1.6%, and another 10,100 jobs in 2021, or 1.7%, an economic forecast shows. Read more.
U.S. Slaps New Sanctions on Chinese Entities Over Iran Oil
The United States is imposing new sanctions on certain Chinese entities and people who it accuses of knowingly transferring oil from Iran in violation of Washington’s curbs on Tehran, U.S. Secretary of State Mike Pompeo said on Wednesday. Read more.
Ships Set to Burn Raw Crude Oil to Beat New Clean Fuel Rules
For almost three years, the oil industry has been puzzling over how to supply merchant ships with fuel that will meet tough new environmental standards. Turns out part of the solution was sitting in the ground and under ocean floors all the while: crude oil. Read more.
September 24, 2019
Iran Says British Tanker Is Free to Go After 2 Months of Detention
A British-flagged tanker that Iran seized in July is now free to leave, Tehran said on Monday, more than a month after the British authorities released an Iranian tanker that had been detained off Gibraltar. Read more.
Chinese Soybean Buyers with Tariff Exemptions Resume US Purchases: Sources
Chinese soybean buyers who have obtained a tariff exemption began another round of buying late Monday, purchasing around 18 cargoes of soybeans from the US Pacific Northwest, or about 1 million mt, traders familiar with the market told S&P Global Platts. Read more.
- Korea to Buy an Additional US $9.6 Bln Worth of LNG from U.S.
South Korea’s state-run Korea Gas Corp. signed a deal to import an additional US$9.6 billion worth of liquefied natural gas (LNG) from the United States for up to 18 years, in line with efforts to expand ties with the world’s top economy in the energy segment, Seoul’s trade ministry said Tuesday. Read more.
Meat Is Getting Pricier Because China Is Peckish for Protein
Between May and July, Chinese imports of pork, chicken, beef and sheep meat jumped nearly 70%, totaling more than $5 billion in value, pushing up meat prices around the world. Read more.
September 23, 2019
US Shale Kept Oil Prices from Surging After Attacks On Saudi Oil
The U.S. shale boom was one of the reasons why oil prices didn’t soar to triple digits when more than half of the oil production of the world’s top oil exporter Saudi Arabia was knocked offline by attacks in the middle of September, Andy Critchlow, head of news in EMEA for S&P Global Platts, said in a blog post on Monday. Read more.
Shipping Sets Course for Zero Carbon Vessels, Fuel by 2030
Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2. Read more.
Remnants of Tropical Storm Imelda Still Affecting Freight Businesses in the Houston Area
The storm unexpectedly dropped 9.18 inches of rain in Houston on Sept. 19, as well as a record-breaking 43 inches of rain around Beaumont, according to the National Weather Service. Read more.
Ships Resume Guiding Vessels to Beaumont, Texas: U.S. Coast Guard
Pilots resumed steering vessels along the ship channel to Beaumont, Texas, on Friday, one day after they stopped guiding vessels through the waterway connecting the Beaumont and Port Arthur refining hubs with the Gulf of Mexico, the U.S. Coast Guard said. Read more.
September 19, 2019
Demand for Steel Driving Big Year for State Docks
A river of steel runs through the port of Mobile, and its ripples and tidal shifts show the push and pull of the global economy on Alabama. Read more.
Soybean Market Awaits Positive Signs As US-China Trade Talks Resume: Sources
Global soybean market will keep a close watch for any positive sign in the upcoming deputy-level US-China trade talks, scheduled to be held in Washington today, trade sources said. Read more.
Analysis: Saudi Disruptions Expose Asia's Deficient Emergency Oil Reserves
The attacks on Saudi Aramco's oil facilities have exposed Asia's vulnerabilities in absorbing supply disruptions with purpose-built emergency stocks, which either don't exist or fall short of global standards. Read more.
World’s Biggest Wind Turbines Coming to U.S. Waters, Care of GE
The tallest, most powerful wind turbines ever made are coming to U.S. waters care of General Electric Co. Read more.
September 17, 2019
Oil Prices Log Historic Rally After Saudi Attack
Oil prices logged one of their largest rallies ever, highlighting anxiety that weekend attacks on the heart of Saudi Arabia’s oil industry could cause supply shortages and pose a new threat to the global economy. Read more.
Dry Bulk Market’s Momentum Triggers More Investment
The rebound of the dry bulk market over the course of the past few months has triggered a flurry of investment in second hand tonnage. Read more.
Corn Retreats from 17-Day High on USDA Crop Report
U.S. corn futures edged lower on Tuesday, retreating from a 17-day high touched in the previous session, after the U.S. Department of Agriculture pegged the condition of the crop above market expectations. Read more.
Companies Race to Build US Crude Export Capacity
The race to build new offshore docks to handle the rising flow of US crude exports is on and speed is of the essence. Only the first few projects to be permitted and sanctioned are likely to get built. Read more.
September 16, 2019
Crude Prices Soar After Attack on Saudi Facilities, Threatening Global Growth
Crude prices surged following an attack on Saudi Arabia’s oil infrastructure. In light of the disruption, President Trump said he has authorized the release of oil from the Strategic Petroleum Reserve if needed. Read more.
Oil Tanker Bottleneck Builds at Saudi Ports After Attacks
At least 11 supertankers are waiting to load oil cargoes from Saudi Arabian ports after an attack on the country’s oil facilities at the weekend halved the kingdom’s production, ship tracking data showed on Monday. Read more.
China to Exempt U.S. Soybeans, Pork from Punitive Tariffs
China will exempt purchases of U.S. soybeans, pork and other agricultural products from punitive tariffs, in a move that appears aimed at addressing one of President Trump’s most pressing demands during the protracted trade war. Read more.
Most Valuable Steel Mill in India Sees Iron Ore Drop to $60
Prices may trade between $80 and $85 a ton for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director of the Mumbai-based mill, said. Read more.
September 12, 2019
JPMorgan Says Shipping Loans Will Go Only to Clean Vessels
The group is the latest financial institution to warn shipowners to abide by a series of measures kicking off next year and extending to 2050 that are aimed at cutting emissions from oceangoing vessels. Read more.
China Starts Tariff Exemptions, Keeps Pressure on U.S. Farms
China’s tariff retaliation strategy to date has focused heavily on curbing trade of agricultural and manufactured goods produced in U.S. states key for President Donald Trump’s re-election chances. With more U.S. tariff increases on the way, China is unlikely to pare back its response by exempting soybeans and autos. Read more.
Port of Mobile Receives Federal Authorization to Deepen, Widen Harbor Channel
The historic planned modernization of the Port of Mobile is moving forward. The Alabama State Port Authority on Monday announced it has received federal authorization to upgrade Mobile Harbor to accommodate larger vessels and improve transit efficiencies at Alabama’s only deep-water seaport. Read more.
U.S. to Monitor Iranian Oil Shipments, Will Eye Chinese Purchases: Official
Dan Brouillette, deputy secretary of the U.S. Department of Energy, told Reuters in an interview that Iranian oil shipments will be monitored and Washington will consider “designating” or blacklisting any identified party who violates the sanctions. Read more.
September 9, 2019
Truckers Are Waiting Longer at Customer Docks, Study Finds
Drivers reported more frequent pickup and delivery delays in 2018 compared with 2014, according to an analysis by the American Transportation Research Institute, a trucking industry group, and said waits of six hours or more jumped 27.4% last year over the earlier survey. Read more.
US-China Trade Conflict’s Mounting Impact on Commodity Flows and Demand
These developments have taken the trade dispute into uncharted territory, with risks now enveloping everything from international currency and financial markets to global economic growth. The impact on crude oil and other commodity markets too will be felt on many levels, far beyond the reconfiguration of trade flows. Read more.
South Korea Fears Japan Trade Dispute Could Scuttle Shipyard Merger
South Korean officials are concerned that Seoul’s increasingly strained trade relations with Japan could derail the country’s planned megamerger of the country’s two big shipbuilders. Read more.
China’s August Iron Ore Imports Jump on Growing Supply, Stable Demand
China’s iron ore imports rose again in August to a 19-month high, customs data showed on Sunday, boosted by rebounding supplies from big miners and mills replenishing inventory as demand stabilized. Read more.
September 6, 2019
Dry Bulk Rates Are Far Outpacing Earnings and Shares
The upside of this lag phenomenon is that you can virtually guarantee earnings in the upcoming quarter will be much higher, because rates have surged. Read more.
Tankers: Maritime Threats Prompt Heightened Security, Raise Costs
The attacks on tankers in the Middle East in recent months have pushed up the operating costs and prompted market participants to significantly scale up their standard security procedures to adjust to maritime threats, shipping insurers, security officials, owners and charterers said. Read more.
Fewer U.S. Oil & Gas Rigs Can't Slow Record Production
What is amazing is that despite a slowdown in activity, oil and gas output has continued to rise at all-time records , even though lower prices give little incentive to boost production. Read more.
Steelmakers in Quandary Over Steel Price Hike
A sharp drop in prices of key raw materials, such as iron ore, is posing a quandary for South Korean steelmakers who are eager to raise prices of their steel products for the second half of the year, industry observers said Saturday. Read more.
September 4, 2019
U.S. to Help Poland, Ukraine Disconnect from Russian Gas
The United States, Poland and Ukraine agreed on Saturday to enhance cooperation over secure gas supplies in the region which still relies on Russia. "We're helping Poland to reduce its dependence on Russian gas," U.S. Energy Secretary Rick Perry told a news conference in Warsaw after meeting officials from Poland and Ukraine. Read more.
Dry Bulk Market: Demand Ramping Up Bodes Well for Shipping
The dry bulk market is entering the final period of 2019 on a high note. It’s quite the constrast compared to the early part of the year. Read more.
USCG Raises Savannah, Jacksonville Port Condition to ‘Zulu’ As Hurricane Dorian Closes In
“While port condition Zulu is in place no vessels may enter or transit within these ports without permission of the COTP. All vessel movements are prohibited at this time, and all ship-to-shore operations must cease,” the USCG said. Read more.
Port Everglades Waives Tariff Charges for Relief Supplies
Broward County’s Port Everglades is waiving its tariff charges for ocean shipping lines transporting humanitarian relief supplies to the Bahamas in the wake of Hurricane Dorian. Read more.
September 3, 2019
Hurricane Dorian – Serious Disruption to Southern US East Coast Ports
All types of shipping along the southern US East Coast are facing disruption as Hurricane Dorian, which had reached Category 5 designation – sustained winds in excess of 157 mph – was bearing down on the Coast. Read more.
Baltic Index Hits 5-1/2 Year High on Strong Capesize Demand
The Baltic Exchange’s main sea freight index rose to its highest since December 2013 last Tuesday, lifted by robust demand for capesize vessels shipping iron ore. Read more.
China Lodges Tariff Case at WTO Against the U.S.
China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday. Read more.
Nippon Steel to Cut Capex 10% Due to Slowdown Over Trade War
Nippon Steel plans a 10% cut in its planned capital spending of 1.7 trillion yen ($16 billion) for three years through fiscal 2020, as the steel market slumps due to increased Chinese production and fallout from the U.S.-China trade war. Read more.
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