Host Newsroom
October 26, 2020
GRAINS-Soybeans Hit Over 4-Year High on Strong China Demand
U.S. soybean futures rose for a sixth consecutive session on Monday to a more than four-year high on the back of strong Chinese demand. Read more.
Oil Drops 3% as Virus Infections, Libyan Oil Output Rebound
Oil prices fell more than 3% on Monday, extending last week’s losses as coronavirus cases continued to surge in the United States and Europe, while Libya’s rebound in crude production raised fears of oversupply. Read more.
Analysis: China's Import Halt of Australian Met Coal Could Come at a Cost to Chinese Steelmakers
Seaborne metallurgical coal prices have fallen sharply since China moved to temporarily halt Australian coal imports in early October as the implied surplus weighing on the global market in the fourth quarter is priced in. Read more.
Tropical Storm Zeta Headed for Central US Gulf
Yet another tropical storm system is expected to hit the central US Gulf of Mexico this week, leading to the shut in of oil and natural gas production in the region. Read more.
October 23, 2020
Brazilian Soybean Crushers Not Keen on Imports Despite Tariff Suspension: Sources
Despite the recent import duty suspension by the Brazilian government, soybean crushers are not keen on importing beans and are ready to wait till new Brazilian harvest hits the market in February, market sources told S&P Global Platts on Oct. 21. Read more.
Covid-19 Resurgence Causing Concern for EU Steel Buyers
The resurgence in Covid cases across Europe is a growing concern for steel buyers. Market participants are either delaying their purchases or increasing them, depending on their outlook and sentiment. Read more.
Shipping’s Hopes of a Swift Demand Recovery Might Have to Wait Until 2021
A surge in COVID-19 cases around the globe is threatening to deepen and prolong the global economy’s recession, dealing a crucial blow to shipping demand in the process. Read more.
U.S. Coast Guard Conducts Simulated Rescue on Offshore Wind Turbine
It’s an inevitable fact that the United States is set for a major increase in the number of wind turbines off its coast in the coming decade. This means more people, from ship crews to turbine technicians, working at sea and on top the massive structures. Read more.
October 22, 2020
Energy Prices Edge Higher After Better-Than-Expected US Jobs Data
An overnight oil price rally extended in early morning trading Oct. 22 as demand concerns eased following better-than-expected US jobs data. Read more.
US Sheet Mills Looking to Tighten 2021 Contract Deals, Talks Ongoing
US sheet mills are attempting to take a stricter stance on 2021 contract structures in an effort to improve performance following extremely low discounted prices in 2020. It is too early to tell how successful mills could be at shifting from the status quo, according to market sources. Read more.
Port of Charleston’s Big-Ship Capabilities Growing With New Terminal, Deeper Harbor
Already an impressive U.S. Southeast commercial hub, the South Carolina Port Authority’s Port of Charleston is about to offer even greater capabilities for efficiently handling big boxships, with early 2021 boding to bring opening of the initial phase of the first new major U.S. container terminal in more than a decade. Read more.
Top International Forest Product Producer Signs Agreement Expanding Business at Port of Baltimore
One of the world’s top international forest product producers has signed a new contract with the Maryland Department of Transportation Maryland Port Administration (MDOT MPA) that will significantly expand its operations at the Helen Delich Bentley Port of Baltimore. Read more.
October 21, 2020
China's Winter Steel Output Cuts Down 76% On Year, Impact on Q4 Output Seen Slight
The annual pig iron production suspension ordered by the cities of Handan and Tangshan in northern China's Hebei province to control air pollution from Oct. 1 to Dec. 31 is 76% lower this year than the restrictions imposed a year earlier, S&P Global Platts calculated Oct. 21 based on official announcements. Read more.
Iron Ore Arrivals at Chinese Ports Rose 480,000 Mt on Week
A total of 103 vessels carrying 15.15 million mt of iron ore arrived at major Chinese ports during October 11-17, SMM estimates. This was up 480,000 mt from the previous week, and was up 4,65 million mt from the same period last year. Read more.
Oil and Gasoline Drop Most in Two Weeks on U.S. Fuel Supply Jump
Oil and gasoline futures tumbled the most in more than two weeks after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages. Read more.
US Gasoline Stocks Climb as Coronavirus-Hit Demand Tests Four-Month Lows
US gasoline inventories showed a surprise build in the week ended Oct. 16 as demand tested four-month lows, US Energy Information Administration data showed Oct. 21. Read more.
October 20, 2020
Thermal, Coking Coal Imports in 12 Ports Dip 25% To 55 MT in Apr-Sep: IPA
Disruptions caused by the COVID-19 pandemic continued to impact cargo movement in India, with thermal and coking coal imports at 12 major ports falling 25.13 per cent year-on-year to 55.41 million tonnes (MT) in April-September, according to the apex ports' body IPA. Read more.
Rising Iron Ore Supply To Be More Than Offset By Chinese Demand
Iron ore port stocks in China mounted in the last week of September and into early October as trading wound down during the Golden Week holidays and seaborne supply is expected to be strong in the fourth quarter, but an improvement in finished steel prices and high steel production should keep the iron ore market largely supported. Read more.
Tanker Market Fundamentals Could Turn Positive As Supply Is Down on Most Classes
Tanker supply is edging near a 5-year low in many segments of the market. This development could bring positive news for tanker owners in the mid-term, which could also help make a case for more investment both in the S&P, but also in the newbuilding market in the coming months. Read more.
Alan S. Boyd, Nation’s First Transportation Chief, Dies at 98
Alan S. Boyd, the first United States secretary of transportation, who was named by President Lyndon B. Johnson in 1966 to integrate the nation’s sprawling networks of planes, trains, ships and highways into a new superagency, died on Sunday in Seattle. He was 98. Read more.
October 19, 2020
GRAINS-Wheat Gains 1.3% To Highest Since 2014 On World Supplies Concerns
Chicago wheat futures climbed more than 1% on Monday to their highest in almost six years as dry weather in the world’s leading exporting regions raised worries about supplies for 2021. Read more.
OPEC+ To Discuss Weakening Oil Demand Outlook
Oil producer group OPEC+ will meet on Monday to discuss the weakening demand outlook in the face of rising coronavirus infections as well as increased output from Libya but is unlikely to recommend immediate action, OPEC+ sources said. Read more.
US, Poland Reach Nuclear Technology Deal to Loosen Russian Pipeline Gas Grip
Poland has agreed to spend $18 billion on US nuclear technology and services to help it break its reliance on Russian pipeline gas for use in generating electricity, Energy Secretary Dan Brouillette said Oct. 19. Read more.
October 16, 2020
DOT Spending $220 Million to Speed Cargo at 18 Ports
The U.S. Department of Transportation (DOT) on Thursday released $220 million in federal funds for 18 coastal and inland ports aimed at speeding freight through the supply chain. Read more.
Refinery News Roundup: India's Oil Demand Still Away from Pre-Pandemic Levels
Indian oil demand is still a while away from reaching pre-pandemic levels, Minister of Petroleum & Natural Gas and Minister of Steel Dharmendra Pradhan said Oct. 13, admitting that some energy projects are also facing delays. Read more.
Coal Finds a Surprising 2020 Bright Spot in Europe
European coal prices have jumped to their highest level in almost a year, after a surge in natural-gas prices spurred demand for the cheaper fossil fuel. Read more.
Baltic Index Falls Due to Weak Capesize Demand
The Baltic Index, which provides a benchmark for the price of moving the major raw materials by sea, fell for a seventh straight session yesterday and is down almost five percent today in early morning trading as rates for capesize bulkers fall. Read more.
October 15, 2020
Virginia Port Awarded Federal Grant for Rail Yard Australia Worries Coal Is China’s Next Target as Ties Fray
Government seeks to clarify reports that China has told several state-owned steelmakers and power plants to stop importing Australian coal. Read more.
Oil Recovery Expected to Falter Though Supply Glut Shrinks
The world is burning through the oil supply glut that threatened to cripple the energy industry a few months ago, but spiraling coronavirus infection numbers are putting the recovery in jeopardy, the International Energy Agency said Wednesday. Read more.
Maritime Leaders Reimagine Global Seaborne Trade For A More Resilient, Sustainable And Fair Global Economy
Finding a new way forward for global seaborne trade was at the focus of discussions during the Global Maritime Forum’s week-long Virtual-High Level Meeting. Read more.
October 14, 2020
Virginia Port Awarded Federal Grant for Rail Yard Expansion Project
The Port of Virginia will receive $20 million in federal funds to complete the Central Rail Yard expansion project at Norfolk International Terminals (NIT). Read more.
Analysis: Rising Iron Ore Supply to be More Than Offset by Chinese Demand
Iron ore port stocks in China mounted in the last week of September and into early October as trading wound down during the Golden Week holidays and seaborne supply is expected to be strong in the fourth quarter, but an improvement in finished steel prices and high steel production should keep the iron ore market largely supported. Read more.
OPEC Says U.S. Oil Production Recovering Faster Than Expected
The U.S. energy industry is recovering more quickly than previously expected from the fall in production from the coronavirus pandemic, the Organization of the Petroleum Exporting Countries said Tuesday. Read more.
Countries Rush to Hoard Food as Prices Rise and COVID Worsens
Agricultural commodity buyers from Cairo to Islamabad have been on a shopping spree since the Covid-19 pandemic upended supply chains. Read more.
October 13, 2020
US Wheat Inspections for China Nearly Triple on Week
US wheat inspections for China in the week to Oct. 8 reached 182,382 mt, up 179% on the week and the third highest weekly level in 2020-21 (June-May), data from the US Department of Agriculture released Oct. 13 showed, indicating China's intention to fulfill its commitments, which are nearing a four-year high. Read more.
US Commercial Crude Stocks Expected to Fall Amid Hurricane Delta
US commercial crude inventories likely fell by more than 2.3 million barrels for the week ended Oct. 9 as yet another major hurricane took barrels offline from the Gulf of Mexico and refiners churned through more stored barrels. Read more.
Intermodal Rail Service Finally Coming to North Dakota
A longtime effort to bring intermodal rail service to North Dakota is finally coming to fruition. Gov. Doug Burgum says BNSF Railway’s plan to provide an intermodal unit train at a facility in Minot is a “game changer,” noting it will reduce shipping costs for farm products by as much as 25 percent. Read more.
Natural Gas Surges as Traders Brace for Cold Winter
Natural-gas prices rose to their highest level in more than a year and a half on Monday, extending a recent rally with traders preparing for colder temperatures and assessing the impact of weather-related supply disruptions. Read more.
October 9, 2020
New Ship Orders Sink as Fear of Future Economic Crisis Grows
What will the next decade bring for the notoriously unpredictable world of ocean shipping? Read more.
US Boosts Crude Sales to China, Forcing Saudis to Find Other Markets
The U.S. is quickly ramping up oil sales to China, the world’s biggest importer, forcing traditional suppliers in the Mideast to look for new markets or hold on to their crude in an already oversupplied world. Read more.
Russia Ups Grain Export Forecast, Jan-June Export Quota Looms
Russia has upgraded its forecast for the 2020/21 grain exportable surplus by 5 million tonnes to 50 million, as it prepares to announce an export quota for January-June, officials said. Read more.
Top Global Traders Push to Cut Shipping Emissions
Some of the world’s biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry’s carbon footprint. Read more.
October 8, 2020
First Hurricane Warning Issued for Parts of US Gulf Coast as Hurricane Delta Moves Closer
The first hurricane warning for the US coast was issued late Wednesday as Hurricane Delta churned toward the northern Gulf Coast, packing sustained winds of 100 mph. Read more.
BIMCO’s Shipping Number of the Week: 31% of US-China Phase One Commitments Reached After 8 Months
In the first eight months of 2020, value of the trade of the commodities included in the Phase One agreement between the US and China reached 30.9% of the total commitments under the agreement. Read more.
Baltic Index Falls as Capesize Loses Momentum
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, on Wednesday snapped a six-day winning streak as capesize vessel rates fell. Read more.
Venezuela Sends Two More of Its Own Oil Tankers to Deliver Exports
Two Venezuela-owned oil tankers are crossing the Atlantic Ocean jointly carrying about 1.2 million barrels of heavy crude, vessel tracking data from Refinitiv Eikon showed on Tuesday, as the South American nation turns to its own fleet in the face of U.S. sanctions. Read more.
October 7, 2020
U.S. Crude Stockpiles Edge Up, Fuel Draws Down: EIA
U.S. crude oil stockpiles rose modestly, in line with expectations, while gasoline and distillate inventories dipped last week, the Energy Information Administration said on Wednesday. Read more.
US Soybean Futures Trending Higher on Robust Exports, Brazilian Planting Delays: Sources
US soybean November futures have been trending at a multi-year high on robust exports data and Brazilian planting delays, market sources told S&P Global Platts Oct. 6. Read more.
Storm-Weary U.S. Energy Producers, Refiners Prep for Hurricane Strike
Oil and gas workers withdrew en masse from offshore production facilities, and onshore refineries began storm preparations on Wednesday as Hurricane Delta was forecast to intensify into a powerful, Category 3 storm as it crosses the Gulf of Mexico. Read more.
Port Everglades Appoints Charlton as Operations Director
Broward County’s Port Everglades has appointed Ricardo D. Charlton, BSME, FSO, as its new Director of Operations. Read more.
October 6, 2020
US Gulf Oil and Gas Operators Begin Evacuations Ahead of Storm
US Gulf offshore oil and gas producers began evacuating personnel Oct. 5 ahead of Tropical Storm Delta, which is expected to enter the area as a hurricane before making landfall in Louisiana later this week. Read more.
Permian Basin Supply Fundamentals Signal Possible Rebound for Winter Gas Prices
Permian forwards markets could retrace a recent, precipitous drop in winter gas prices as transitory, shoulder-season pressures on the cash market ease and longer-term fundamentals come back into focus. Read more.
Dry Bulk Shipping Rates Have Just Hit a New 2020 High
More ocean shipping signals are flashing green. First came a recovery in the container sector, driven by surging U.S. consumer demand. Now comes a rebound in dry bulk, the world’s largest freight market in terms of volume. Read more.
GRAINS-Soybeans Gain for Second Session On Strong Demand, Wheat Eases
Chicago soybean futures ticked higher for a second session on Tuesday, with strong demand underpinning prices, although gains were capped on rapidly progressing U.S. harvest. Read more.
October 5, 2020
Baltic Dry Index Rallies Past 1-Year High
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest in more than a year on Monday as demand for larger capesize and panamax vessels grinds higher. Read more.
Dry Bulk Market: Capesizes Rally Ahead of Chinese Holiday
Firm trading activity this week has pushed the Capesize 5TC up and over the $30000 level, reaching near new highs for the year. Read more.
Iraq's Plans to Boost Refining Capacity Seen Facing Financing, Economy of Scale Hurdles
Iraq's plans to boost its refining capacity faces several hurdles, such as a lack of economy of scale and financing, which may thwart attempts by OPEC's second largest producer to wean itself off gasoline and gasoil imports, according to analysts. Read more.
Argentina Cuts Soy Export Tax Rate in Bid to Boost FX Reserves
Argentina has temporarily cut soybean export taxes by 3 percentage points to 30% to help stimulate trades, the government announced, as the country struggles with recession and dwindling foreign reserves. Read more.
October 2, 2020
US Crude Exports Remain Relatively Resilient During Pandemic, Busy Hurricane Season
US crude exports have weathered both a pandemic and a particularly busy hurricane season to rebound almost to the record highs of early 2020, but weaker US production volumes threaten export flows heading into next year. Read more.
Port of Virginia CEO Says Terminals Set Record in September, Expects October to Perform Well, Too
He emphasized that container volume last month was the largest it’s ever been in a September in the port’s history, up by more than 5,000 containers or 4.4% over last year, despite challenges that included a trade war and a pandemic. Read more.
July Coal Deliveries to US Power Plants Rise to Six-Month High: EIA
Coal deliveries to US power plants rose to a six-month high 37.43 million st in July, up 14% from the previous month but 23.8% lower than the year-ago month, according to US Energy Information Administration data. Read more.
Seafarers Stranded by Virus Spark a Sudden Jump in Labor Costs
Shipowners are facing rising labor costs as widespread Covid-related restrictions limit movement of seafarers and make crew swaps more expensive. Read more.
October 1, 2020
US Soybean Harvest Pace Expected to Weaken: Sources
The US soybean harvest pace, which has been swift so far, is expected to slow down in the current week on showers accompanying the rapidly developing cold front in the Corn Belt, market sources said Sept. 29. Read more.
Global Commodity Traders Expect Bumper Year as Pandemic Shakes Up Markets
Global commodity traders expect 2020 to rank as one of their strongest ever in terms of profitability after benefiting from "unprecedented volatility" and market dislocations due to the coronavirus pandemic. Read more.
Russia To Boost LPG Output in East, But Bottlenecks Curb Exports
Output of liquefied petroleum gas (LPG) in the east of Russia is expected to increase by 1.0-1.2 million tonnes next year, according to producers’ plans, although exports to energy-hungry Asia could be limited by a lack of infrastructure. Read more.
CDC Extends Cruising Ban to Oct. 31
The Centers for Disease Control and Prevention extended its ban on cruise sailings in the U.S. by a month, to Oct. 31, matching the industry’s plans to restart a business that has been largely suspended by the coronavirus pandemic. Read more.
September 30, 2020
Cooling Demand Recovery Keeps Oil Stuck Around $40
Gasoline demand in the U.S. has flatlined for much of the third quarter, keeping crude-oil prices near $40 a barrel and challenging the global energy industry heading into the final months of the year. Read more.
Georgia Ports Authority Expects 5% Growth for September Following Record Volumes In August
The Georgia Ports Authority is expecting to record a 5% increase in shipping volume in September after setting an all-time record in August. Exponential increases in e-commerce and a renewed demand for American-made export products is helping to produce the growth, according to the GPA. Read more.
Auto Suppliers Restart with Leaner Inventories, Aggressive Cost-Cutting
Automotive suppliers have reopened and are prepared to meet demand that is expected to "improve sharply through 2021," according to a research note from Moody's, which changed its outlook for the industry to stable from negative. Read more.
China’s Economic Rebound Picks Up Pace
China’s economy gathered more steam in September as a rebound in global demand and the government’s supportive measures bolstered factory activity and helped push sentiment in the service sector to its highest level in nearly seven years. Read more.
U.S. Trade Deficit in Goods Climbs 3.5% in August to Record $82.9 Billion
The U.S. trade deficit in goods rose 3.5% in August to a record $82.9 billion, reflecting a sluggish rebound in exports that’s weighing on the broader economy and could slow the recovery from the coronavirus pandemic. Read more.
September 29, 2020
Funds’ Bullish Soybean Stance Hits an Eight-Year High
Investors last week marked their sixth consecutive buying week across Chicago-traded grains and oilseeds despite a downward price correction late in the period, further boosting their historically bullish corn and soybean views. Read more.
US Steel Prices Surge in September
US steel prices are on a bull run. Following April’s crash, and May/June’s false start, domestic steel producers currently have the bit between their teeth as they look to lift coil prices ever higher. Read more.
Technology Not Yet Game-Changer in Commodities Trading: Executives
Commodity trading houses are increasingly juggling new technologies and large amounts of data — which has itself become a commodity — but ultimately it is still the trading desk personnel's responsibility to check final documents such as bills of lading to ensure security and eliminate fraud, participants in the Financial Times' Commodities Global Summit said Sept. 28. Read more.
Bulker Earnings Surge on China Infrastructure Investment
Ships that transport coal and iron ore to China are seeing a surge in earnings as the nation’s demand for commodities rises, despite concerns about a resurgence in cases of Covid-19 in many parts of the world. Read more.
September 28, 2020
GRAINS-Corn, Soybeans Rise on S. American Dryness; Wheat Firms
Chicago soybeans and corn futures ticked higher on Monday, with dry weather in key producers Brazil and Argentina underpinning prices, although pressure from U.S. harvest curbed gains. Wheat edged higher after closing lower in the last session. Read more.
U.S. House Passes Bill Supporting Jones Act Enforcement in Offshore Wind
The U.S House of Representatives has passed the “Clean Economy Jobs and Innovation Act” seeking to reform U.S. energy policy and authorize major investments in research and development in transition to renewable and low-carbon energy sources. Read more.
Trump Extends Drilling Ban Off North Carolina, Virginia Until 2032
U.S. President Donald Trump said on Friday he had extended a ban until 2032 on oil drilling off the coast of North Carolina and Virginia, weeks after a similar extension affecting offshore drilling in the waters off Florida, Georgia and South Carolina. Read more.
OPEC Turns 60 at ‘Critical Moment’ for Virus-Hit Oil
OPEC faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuels. Read more.
September 25, 2020
Port Houston: Bigger Ships Need Wider Channel
Port Houston officials say widening of the shipping channel is necessary to accommodate increasingly bigger vessels and maintain its status as a big driver of the Texas economy. Read more.
Oil Heading for Weekly Drop as Coronavirus Demand Concerns Mount
Oil prices fell on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya. Read more.
China’s Surging Corn Prices Blamed on Speculators as Beijing Plays Down Fears of Grain Shortage
China’s agriculture minister has blamed speculators for skyrocketing corn prices, as Beijing continues to reassure the public the world’s most populous country is not facing a grain shortage. Read more.
Column: China's Carbon Neutral Targets Requires Enormous Shift in Priorities
Chinese President Xi Jinping has done the easy part of changing the path of the world’s biggest polluter to become carbon neutral in setting a target 40 years in the future. Read more.
September 24, 2020
Gulf of Mexico Oil and Gas Operations Returning to Normal After Tropical Storm Beta
Oil and gas operations in the US Gulf of Mexico are returning to normal following the passing of Tropical Storm Beta and Hurricane Sally. Read more.
US Gas-To-Coal Switching to Boost Coal Consumption, Help Trim Stocks
Despite a long-term trend of coal power plant closures, and dented energy demand more recently due to the coronavirus crisis, upside for coal has been materializing in the US as gas-fired generators reacted to higher prices in the summer months and coal regained some market share lost in 2019. Read more.
GRAINS-Prices Slip to One-Week Lows On Firm Dollar, Advancing U.S. Harvest
Chicago grain futures eased to one-week lows on Thursday as strength in the dollar and advancing U.S. corn and soybean harvests pushed prices away from recent highs fuelled by Chinese demand. Read more.
Baltic Index at Over 2-Month Peak as Capesize Activity Picks Up
The Baltic Exchange’s main sea freight index jumped to a more than two-month high on Thursday as strong iron-ore shipments out of Australia and Brazil boosted demand for capesize vessels. Read more.
September 23, 2020
Great Lakes Iron Ore Trade Down 40 Percent in August
Shipments of iron ore transported by the U.S.-flag Great Lakes fleet fell more than 40 percent last month compared to a year ago, according to new figures released by the Lake Carriers’ Association, which represents and tracks the U.S.-flag “Laker” fleet. Read more.
China Pledges to Be Carbon Neutral By 2060
Chinese President Xi Jinping announced plans to boost his country’s Paris climate accord target on Tuesday and called for a green revolution, just minutes after U.S. President Donald Trump blasted China for “rampant pollution.” Read more.
Insurance Freeze Snarls U.S. Supply Chains
Trade-credit insurance, a financial tool that protects trade, has been severely cut back for U.S. companies, say insurance executives, brokers and policyholders. Companies are often reluctant to move goods without this type of insurance, so shipments of metals are being delayed or dropped even as demand for raw materials revives. Read more.
CMA CGM Launches LNG-Powered Mega Vessel
The biggest container ship yet capable of sailing on LNG was delivered to French shipping line CMA CGM on Tuesday. Read more.
September 21, 2020
Lower Canada Crude Flows to U.S. Helps Chip Away at Cushing Glut
Lower flows of crude from Canada to Cushing, Oklahoma have helped ease a glut of oil at the delivery point for U.S. crude futures over the past two weeks, traders said, but the storage hub remained near a multi-month high. Read more.
Soybean Prices Hit Two-Year High, Buoyed by Chinese Demand
Soybean futures trade above $10 a bushel for first time since 2018 as China ramps up buying of U.S. exports. Read more.
Global Trade Returns Faster Than Expected
Trade remains below pre-pandemic levels. Still, it has snapped back robustly—and had recovered about half of this year’s historic loss by June. Read more.
Opportunities Gust Off US Shores
Throughout the world, offshore wind is on a growth trajectory. With green energy mandates from states in New England and the mid-Atlantic, the U.S. is joining the fray. Read more.
September 18, 2020
Hurricane Season Hits Oil and Gas in US Gulf
2020 has seen a more active “hurricane season” than any year in recent memory and this is having an impact on oil production and offshore in the US Gulf. Read more.
US Wheat Export Sales Dip in Latest Week; No Large Demand Seen from China: USDA
US wheat export sales in the week ended Sept. 10 hit the second-lowest point of the 2020-21 marketing season on the lack of big sales, while there was no large demand seen from Chinese buyers, data from the US Department of Agriculture showed Sept. 17. Read more.
Port of Savannah Sets Record for Best Month Ever Thanks to Infrastructure Projects, Holiday Demand
While the Port of Savannah is no stranger to setting records for cargo volume, those records have been a little harder to come by in recent months due to the slowdown caused by the COVID-19 pandemic. That changed last month. Read more.
Industry Celebrates National Truck Driver Appreciation Week
The trucking industry is celebrating the people who have kept the wheels turning in this unprecedented year during the 2020 National Truck Driver Appreciation Week, which is running Sept. 13-19 and is notable for the variety of ways drivers are being recognized amid the COVID-19 pandemic. Read more.
September 17, 2020
US Election to Shape LNG Exporters' Options, Especially Chinese Market Access
Democratic presidential nominee Joe Biden could end the tit-for-tat tariffs between Washington and Beijing that have restrained U.S. LNG exports to China and made new commercial development more challenging. Alternatively, President Donald Trump could make it easier to drill for shale gas that feeds terminals and further speed up project permitting. Read more.
Grain Shippers Brace for Tight Rail Market
As U.S. grain producers prepare for the 2020-21 crop year, one concern is that the Class I railroads won’t have enough network capacity to handle the double whammy of a bountiful harvest and higher export volumes. Read more.
East Coast Ports Get More Shipping Volumes as Trade Routes Change
The trade rift with China and a boost in e-commerce are changing the way cargo comes into the U.S., with a greater share of goods flowing into East Coast seaports rather than the traditional gateways on the West Coast. Read more.
U.S. Moves to Curb Steel Imports from Mexico, Brazil
The U.S. Trade Representative’s office said it was reducing Brazil’s remaining 2020 quota for semi-finished steel imports into the United States to 60,000 metric tons from 350,000 tons “in light of recent deterioration in market conditions brought on by the COVID-19 pandemic affecting domestic steel producers.” Read more.
September 16, 2020
Flooding, Power Outages Spread as Hurricane Sally Batters Alabama, Florida
Flooding, power outages and bridge closures spread throughout coastal Alabama and Northwest Florida Tuesday night as Hurricane Sally battered the region. Read more.
U.S. Coast Guard Reopens Port of New Orleans, Others With Restrictions
The U.S. Coast Guard on Tuesday reopened the port of New Orleans with restrictions following the passage of Hurricane Sally to the east away from a Louisiana landfall. Read more.
Oil Prices Rally as U.S. Crude Supplies Post a Weekly Decline and Hurricane Sally Curtails Production
Oil futures rallied on Wednesday, with U.S. prices ending above $40 a barrel after U.S. government data that showed an unexpectedly large weekly drop in U.S. crude inventories, while production curtailments in the Gulf of Mexico caused by Hurricane Sally worsened. Read more.
U.S. Gas Exporters Eye Europe’s Surging Prices
Natural-gas prices have surged in Europe following a plunge in the spring, offering much-needed relief to U.S. exporters. Read more.
Iron Ore & Steel Q4 Outlook: Iron Ore to Stay Strong Despite Fall in Steel Output
Iron ore prices are expected to remain relatively strong in the October-December quarter despite demand falling on the back of reduced crude steel production, according to the latest S&P Global Platts quarterly Iron Ore & Steel Outlook released Sept. 16. Read more.
September 15, 2020
Mississippi River Ship Channel Deepening Begins
The U.S. Army Corps of Engineers (USACE) officially kicked off the project to deepen of the Mississippi River Ship Channel to 50 feet Friday, as Weeks Marine’s cutterhead dredge Captain Frank started dredging 5 miles above the Head of Passes. Read more.
East Coast Ports Welcome Largest Vessel
The CMA CGM Brazil became the largest vessel to call a U.S. East Coast port when the container ship, with a capacity of 15,072 twenty-foot equivalent units (TEUs), arrived at the Port of New York and New Jersey on Saturday. Read more.
US Removes 10% Duty on Canadian Aluminum, Sets Limitations
The US has removed the recently reimposed 10% duty on imports of non-alloyed unwrought aluminum from Canada, retrospective to Sept.1, finding that trade in unwrought aluminum is likely to normalize in the last four months of 2020, the United States Trade Representative's office (USTR) said Sept. 15. Read more.
Refiners, Offshore Producers Shut Ahead of Hurricane Sally Landfall
More than one-fifth of U.S. offshore oil production was shut and key exporting ports were closed on Tuesday ahead of Hurricane Sally’s landfall on the U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month. Read more.
Oil Industry Sounds Alarm on Coronavirus Dent in Demand
Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday. Read more.
Oil Industry Sounds Alarm on Coronavirus Dent in Demand
Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday. Read more.
September 14, 2020
Traders Charter Supertankers Amid Signs of New Oil Glut
The world’s top oil traders have been chartering dozens of supertankers for potentially storing oil at sea amid signs that demand recovery has stalled. Read more.
Baltic Index Flat as Capesize Gains Offset Dip in Other Vessels
The Baltic Exchange’s main sea freight index was nearly flat on Friday, as capesize rates gained for the first time in twelve sessions countering a fall in rates of other vessel segments. Read more.
Port of Baltimore Getting $10M In Federal Funding to Improve Flood Mitigation Systems
The funding, which will come from a U.S. Department of Transportation grant program, will go toward building around 4,000 feet of culverts and other barriers to protect the Dundalk Marine Terminal from storm surge. Read more.
Louisiana Prepares for Second Hurricane in Three Weeks
On Monday, less than three weeks after Hurricane Laura struck communities on the Texas/Louisiana border, Tropical Storm Sally is expected to strengthen and make landfall in Louisiana as a Category 1-2 hurricane. Read more.
September 11, 2020
A Delaware Port Could Capture Growing Wind Farm Industry
An 831-acre site near the Delaware City Refinery was recently endorsed by a University of Delaware study as a prime location to ship, store and assemble parts needed for wind farms as far north as Connecticut and as far south as the Carolinas. Read more.
Baltic Index Continues to Fall As Capesize, Panamax Rates Slip
The Baltic Exchange’s main sea freight index dropped on Thursday for an 11th straight session, pressured by a dip in capesize and panamax vessel rates. Read more.
Oil and Gas Sector Leads Global Default Rate – S&P Global Ratings
Missed interest payments and distressed debt exchanges by three U.S. oilfield services providers in August kept the global oil and gas sector as the top sector for defaults in 2020, S&P Global Ratings said Sept. 3. Read more.
Venezuela Gasoline Queues Grow as Iranian Tankers Weigh Taking Long Route
Angry Venezuelans are once again stuck in long service station lines due to rationing by President Nicolas Maduro’s government, which is awaiting fuel tankers on their way from Iran to the oil-rich but fuel-starved South American nation. Read more.
Demand for Jet Fuel in US Collapses; Down 50% On Last Year
Half of the usual demand for jet fuel in the US has evaporated as passengers continue to shun air travel due to the COVID-19 pandemic containment measures. Read more.
September 10, 2020
China Emerges as Top Buyer of US Wheat In Latest Week; Exports Hit 577,000 Mt
A week after returning to the US wheat markets, Chinese buyers continue to seek US wheat, with the latest week's export sales to China emerging as the second-largest of the current season, indicating buyers remain interested amid the country's efforts to ramp up its purchases of US agricultural products. Read more.
Appalachia's Drilling Slowdown to Drive Northeast Gas Prices Higher This Winter
Northeast market-area hubs are bracing for sharply higher gas prices this winter as the limited production gains from Appalachia are stretched thin by stronger demand in regional and neighboring markets. Read more.
COVID-19: Shipping Data Hints to Some Recovery in Global Trade
The coronavirus pandemic dealt a severe blow to global merchandise trade. Data from weekly port calls by container ships show early but uneven signs of recovery. Read more.
Atlantic Coking Coal: Upward Momentum Continues
US coking coal prices continued to track upwards, buoyed by higher steel demand in Europe and fewer producers ready to offer heavy discounts to shift existing stocks. A recovery in Asia-Pacific prices on buying interest from India and China returning has further boosted prices since the start of this week. Read more.
September 9, 2020
Swedish Tanker Becomes First Foreign-Flag Ship to Bunker LNG in U.S.
Fure Ven, a dual-fueled vessel owned and operated by Furetank of Donsö, Sweden, has become become the first non-U.S. flagged vessel to bunker LNG in the United States, using LNG sourced by Eagle LNG. Read more.
New Grain Seasonality Signals Higher Rates In The Short Term, While Risk Remains In The Fourth Quarter
Grain shipping earnings have been supported by tonnage tightness in the North Atlantic region with a combination of improved grain chartering activities, and this will continue to maintain overall grain freight. Read more.
Expansion on Track: Port Everglades’ New Infrastructure Projects
Florida’s Port Everglades, one of the largest cruise terminals in the world, is undergoing a transformative set of infrastructure improvements. Costing $1.6bn, the projects include the biggest berth expansion in its history, as well as deeper and wider channels and a new logistics centre. Covid-19 is yet to hinder progress. Read more.
US EIA Cuts 2020 World Oil Demand Growth Forecast
The U.S. Energy Information Administration on Wednesday cut its 2020 world oil demand growth forecast by 210,000 barrels per day to 8.32 million bpd. Read more.
September 8, 2020
China Commodity Imports Fall in August from July
China’s imports of major commodities including crude oil, iron ore and soybeans all fell in August from a month earlier. Read more.
Disaster Fallout: How Global Shocks Are Reshaping Trade
“Everyone built these global value chains under a set of assumptions about what the world looked like and the probabilities of different events,” Barriball told FreightWaves. “Now, everyone is finding out that some of those assumptions weren’t right. That it’s time to reassess what the next five or 10 years will look like.” Read more.
USA Is Still a Net Crude Oil Importer
USA crude oil imports have been emerging, together with its export trade, into a major play for tanker owners, as the country remains a net importer of crude oil. Read more.
Coal’s Moment in the Sun, Courtesy of Natural Gas
Cheap, cleaner natural gas had been eating away coal’s market share for some time. But with natural gas prices edging toward $2.5 per million British thermal units, nearly 70% higher than the lowest point this year, the tables are about to be turned. Read more.
September 4, 2020
Iron Ore and Copper to Benefit From Recovery in Real Estate Sector
Commodity markets have rebounded strongly from the peak of the pandemic crisis. Part of the support has come from the real estate sector, where activity is even stronger than before the crisis began. Read more.
Market Participants Calculate Laura’s Lost Coke
Refiners are still assessing the damage caused by the category 4 Hurricane Laura that slammed the Texas/Louisiana border last week, with traders and cement makers giving varying estimates of the storm's petroleum coke supply impact. Read more.
A Glut of Refineries Is the Oil Industry’s Next Problem
New capacity in the developing world is making European plants that turn oil into gasoline and other products obsolete. Read more.
Harbor Island Crude Terminal Project Needs Funding, Pipelines After Legal Debate Resolved
The lengthy legal fight for the Harbor Island crude export terminal was resolved amicably, but the Texas port project still requires more financial support, new pipelines and, perhaps most importantly, recovered global oil demand in order to ever move forward with construction. Read more.
Brazil's High Corn Prices Here To Stay; Impact On Exports Not Significant
The uptrend in Brazil's corn prices, even during the final stages of harvest, is not showing signs of a pullback, and are likely to remain elevated during the 2019-2020 season, analysts who spoke with S&P Global Platts said. Read more.
September 2, 2020
Corps Aims to Spend $2 Billion on Higher Levees, Stronger Floodwalls Along Mississippi River
The Army Corps of Engineers is proposing $2 billion in upgrades to the levee system along the Mississippi River from Missouri to the Gulf of Mexico, with the majority of the projects aimed at shoring up protections for areas in Louisiana around New Orleans and Baton Rouge. Read more.
Global Trade Seen Rebounding Faster Now Than Post-Lehman
Global trade is on course to recover more quickly from the coronavirus pandemic than after the 2008 financial crisis, according to Germany’s Kiel Institute for the World Economy. Read more.
Nearly a Third of U.S. Gulf Oil Production Remains Shut-In After Laura
Nearly a third of the U.S. Gulf of Mexico’s oil production and a quarter of natural gas production remains shut-in after Laura blew through the energy-producing region as a category 4 hurricane last week, the Bureau of Safety and Environmental Enforcement (BSEE) said Tuesday. Read more.
Oil Drops with Upcoming Refiner Maintenance a Warning for Demand
Oil tumbled to the lowest level in more than three weeks with the expectation that refinery demand for crude will weaken in the fall and as investors sought refuge in a stronger dollar. Read more.
September 1, 2020
U.S. Moves to Curb Steel Imports from Mexico, Brazil
U.S. President Donald Trump’s administration took new steps to curb steel imports from Brazil and Mexico on Monday, boosting protections for battered U.S. steelmakers and jobs in the election battleground states of Pennsylvania, Ohio and Michigan. Read more.
GRAINS-Corn, Soybeans Rise on Worry U.S. Dryness Stressing Crops
Chicago corn rose on Monday as dry weather in parts of the U.S. Midwest is expected to damage the condition of U.S. crops, analysts said. Read more.
Top Envoy Says U.S. Preparing Tighter Oil Sanctions on Venezuela
The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to exchange Venezuelan crude for fuel from the OPEC member. Read more.
Strong Typhoon Heading Toward Major Asian Freight Hub
Now that the tropical Atlantic is fairly quiet, focus is shifting to the western Pacific, where a strong typhoon could soon disrupt a major global freight market. Read more.
August 31, 2020
U.S. Goods-Trade Gap Swells to Second-Biggest on Record
The U.S.’s deficit in merchandise trade swelled to the second-largest on record last month as imports climbed to pre-pandemic levels, buoyed by demand for automotives. Read more.
U.S. Wheat Passes Test, and Exports to China Jump in Trade Boost
A U.S. wheat variety yielded “stellar’ flour for noodles and pizza dough at a test bakery in China, spurring the biggest export spot sales to the Asian nation in years. Read more.
Grains-Corn Set for Biggest Monthly Gain Since May 2019 on U.S. Dryness
Chicago corn futures gained more ground on Monday and were poised for their biggest monthly rise since mid-2019, as dry weather in parts of the U.S. Midwest is expected to reduce production. Read more.
U.S. Gulf of Mexico Oil Output Remains Lower in Wake of Storm, Data Shows
U.S. Gulf of Mexico crude oil output remained down 70%, or 1.29 million barrels per day, according to data released on Sunday by the Department of Interior, as companies continued to return crews to offshore facilities that were evacuated ahead of Hurricane Laura. Read more.
August 28, 2020
Oil Steady as U.S. Producers, Refiners Avoid Worst of Storm
Oil prices were steady on Friday as a massive storm raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries. Read more.
Savannah Becomes Top U.S. Port for Exports
Savannah has become the top U.S. port for exports during the first five months of 2020, showcasing outbound traffic to be a continued strength for the fourth largest container port in the nation. Read more.
Port of Corpus Christi Added to Argus American GulfCoast Select (AGS) Crude Pricing Index
The Port of Corpus Christi has been added to Argus’ American GulfCoast Select (Argus AGS) Crude Index which provides real-time commodity pricing data from Argus. Read more.
FEATURE: Russian Steel Demand Showing Signs of Recovery As COVID-19 Restrictions Ease
Russian demand for steel is gradually returning as COVID-19-related restrictions ease and construction activity picks up. Read more.
August 27, 2020
America’s Energy Corridor Narrowly Averts Direct Hit From Hurricane Laura
While the storm’s path just east of the Texas-Louisiana border missed the heaviest concentration of energy facilities in the Beaumont-Port Arthur area, the harder-hit Louisiana side is also home to refineries and natural gas export facilities. Read more.
U.S. Soybeans Hit 7-Month High on Strong Chinese Demand
Chicago soybeans rose to a seven-month high on Thursday, gaining for a fourth consecutive session, supported by strong Chinese demand and dry weather in parts of the U.S. Midwest. Read more.
Inactive Boxship Fleet Dips Below 1m TEU for the First Time This Year, Charter Market Booming
The inactive containership fleet has dipped below the 1m teu mark for the first time this year, as carriers resumed a number of suspended transpacific and Asia-Europe services. Read more.
Baltic Index Falls as Rates Drop Across All Segments
The Baltic Exchange’s main sea freight index edged lower on Wednesday, as rates declined across all vessel segments. Read more.
August 26, 2020
Laura Strengthens to Extremely Dangerous Category 4 Hurricane
The U.S. Gulf Coast is bracing for Hurricane Laura, which has grown into a powerful Category 4 storm that’s poised to pummel the Texas-Louisiana border with deadly storm surges, flash floods and destructive winds that could inflict as much as $25 billion in damage. Read more.
EIA: US Natural Gas Capacity Update for First Half of 2020
Between January and early July 2020, approximately 5 billion ft3/d of new pipeline capacity entered service in the United States, according to the US Energy Information Administration’s (EIA) Natural Gas Pipeline Project Tracker. Read more.
Port of Greater Baton Rouge Completes Expansion of Inland Rivers Marine Terminal
A $5 million expansion of the Port of Greater Baton Rouge’s Inland Rivers Marine Terminal container storage yard is now complete that will accommodate more container shipments between the port and New Orleans. Read more.
COVID Crisis Drives Historic Drop in Global Trade
Global trade flows collapsed in the spring, marking the largest fall in two decades, as coronavirus lockdowns disrupted air and sea transport and dealt a blow to the demand for many consumer and investment goods. Read more.
Refined Product Data Paints Grim Picture for Tanker Market
The largest global demand slump was predictably for jet fuel, with demand 39% lower, compared with gasoline which was down 20%. Diesel and gasoil registered the smallest fall at 15.9%. Read more.
August 25, 2020
Hurricane Laura Poses Biggest Threat to U.S. Oil in 15 Years
The U.S. energy industry on Tuesday was preparing for a major hurricane strike, cutting crude production at a rate approaching the level of 2005’s Hurricane Katrina and halting oil refining at plants along the Texas/Louisiana coast. Read more.
U.S., China Reaffirm Commitment to Phase 1 Trade Deal in Phone Call
Top U.S. and Chinese trade officials have reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday. Read more.
Two Dead, Two Missing from Dredger Fire in Corpus Christi, USCG Calls Off Search
The US Coast Guard (USCG) has called off the search for two remaining missing crew from the dredger Waymon L Boyd, which caught fire and sank in the Port of Corpus Christi, while the bodies of two others were recovered. Read more.
Port Technology Marches Ahead Despite Pandemic
There is no doubt that the Covid-19 pandemic has had a negative impact on ports as blank sailings and new routings cut ship calls. Nevertheless, the pace for integrating new technologies and equipment has quickened as the march toward maritime terminal digitalization and the greening of port operations is being embraced as an operational imperative. Read more.
August 24, 2020
Even With a Strong Crop This Year, U.S. Farmers Are Suffering
Following a growing season last year filled with battering rainfall and bitter trade wars, U.S. farmers hoped 2020 would provide them an opportunity to make up some ground. Instead, the situation has grown worse for many as prices remain depressed. Read more.
Ports Closed as Tropical Cyclones Approach US
For the first time in more than 60 years, two named tropical cyclones could be spinning in the Gulf of Mexico at the same time. Read more.
Oil Up on Storm-Hit U.S. Output and COVID-19 Treatment Hopes
Oil prices strengthened on Monday as storms threatening the Gulf of Mexico shut more than half of the region’s oil production and on expectations of progress in the development of a COVID-19 treatment. Read more.
China's Infrastructure Push Seen Set to Boost Steel Demand Further in H2
China's efforts to approve new infrastructure projects and accelerate construction remained strong in July which, combined with fiscal stimulus measures in recent months, looks set to help steel demand from the infrastructure sector strengthen further in the second half of 2020. Read more.
August 21, 2020
Charleston Sees Recovery While Preparing to be Deepest East Coast Port
The Port of Charleston, South Carolina reported that it is beginning to see a recovery in volumes as it announced July results. The port also reported that it is making significant progress on its expansion efforts designed to make Charleston the deepest port on the East Coast of the United States. Read more.
Port of Baltimore Sets Single-Ship Container Record
It’s a milestone for the Port of Baltimore: Longshore workers at the Seagirt Marine Terminal moved 5,536 containers from a single cargo ship this week. It’s the largest number of container moves for a single ship in the port’s 314-year history. Read more.
Natural Gas Prices Are on Fire, but Producers Are Holding Back
Natural gas prices have shot up nearly 60% since late June, and speculators are betting they will keep climbing. But the companies that control the country’s spigots aren’t so sure. Read more.
Ships Skipping Hong Kong for Re-Fueling Due to Strict Virus Rules
Ships are skipping Hong Kong for re-fueling after the city implemented strict quarantine regulations at its port to curb the spread of the coronavirus, leaving bunker fuel traders reeling from slumping sales. Read more.
August 20, 2020
Port of Corpus Christi Still Aims to Export Canadian, Bakken Crude
The Port of Corpus Christi surpassed Houston late last year as the nation's top crude exporter, and now the rapidly growing petroleum hub aims to take the next step by shipping out grades of Canadian crude and Bakken Shale oil. Read more.
Gulf of Mexico Oil Industry Could Get a Boost from Trump
The Trump Administration is looking at the possibility of extending the limits for the length of tiebacks in the Gulf of Mexico to allow operators to connect more wells to existing oil and gas platforms, the director of the Bureau of Safety and Environmental Enforcement (BSEE), Scott Angelle, told Reuters. Read more.
Column: Funds Snatch Up CBOT Corn Despite Record U.S. Crop Forecast
Last week’s government forecast of U.S. corn and soybean crops suggests ample supplies for at least the next year, but speculators were buying Chicago futures late last week as some of those numbers came under scrutiny after severe storm damage. Read more.
Iron Ore Prices Hit Over Six-Year High on Tight Supply
The seaborne iron ore price hit more than six-year high Aug. 18, due to supply shortness of medium grade fines and a strong demand recovery in China post-pandemic. Read more.
August 19, 2020
MPV/HL Sector Expects Boost from US Offshore Wind Growth
Wind turbines for onshore or offshore projects are a core part of the cargo mix for the multipurpose/heavy-lift (MPV/HL) carrier and breakbulk logistics sectors, particularly as the oil and gas industry falters in the wake of the COVID-19 shutdown. Read more.
Middle East Leads Steep Fall in Global Crude Tonne-Mile Demand
Tanker tonne-mile demand dropped 18.6% in July compared with the same month last year, with preliminary August data suggesting falls of the same magnitude this month. Read more.
Trump Administration Weighs Tighter Venezuelan Oil Sanctions
The Trump administration is considering additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the South American nation. Read more.
Ports Show Mixed Results on Imports Ahead of Back-To-School Season
The summer import season is when retailers usually bring in cargo for what has, in recent years, become another mini-peak season: back-to-school shopping. But some of the school staples slumped in the July import numbers, suggesting that retailers are being cautious in their buying, as many schools begin the year teaching remotely. Read more.
August 18, 2020
Panama Canal Shipping Rebounds in Hopeful Sign for Global Trade
The Panama Canal is seeing signs of a rebound in global trade as ship transits recover from the depressed levels caused by the pandemic. Read more.
Japan Metals Manufacturers See Pick-Up in Demand from Automakers After First-Quarter Plunge
“Demand for steel used in automobiles will recover from the July-September quarter as automakers are stepping up output, but it won’t be back to 100% by March,” Junichi Akagi, general manager of JFE Steel, Japan’s second-biggest steelmaker, said earlier this month. Read more.
Commodity Tracker: 6 Charts to Watch This Week
Recovery in two metals markets – steel and cobalt – tops S&P Global Platts editors’ pick of themes to watch this week. Plus, Middle East oil products, European gas sector summer maintenance and coal-fired generation margins. Read more.
Low Oil Prices Hamper China's Efforts to Meet US Trade Deal Target
China has stepped up its purchases of US crude oil in recent trading cycles in an effort to comply with the Phase 1 trade deal with Washington struck in January, but low oil prices may severely impede Beijing's efforts to meet the purchase target for energy products in terms of dollar value. Read more.
August 17, 2020
Iron Ore Price Proving Resilient Despite Slow Global Recovery
Seaborne iron ore prices have remained stubbornly high. Chinese demand and a stronger-than-expected Chinese recovery from the first-quarter lockdowns are driving prices. Read more.
Exclusive: China Ramps Up U.S. Oil Purchases Ahead of Trade Deal Review - Sources
U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. Read more.
August Soybean Vessel Arrivals in China Seen Rising on Month: Cofeed
Soybean vessel arrivals in China are expected to rise in August from July levels as crushing demand gathers pace, with most of the shipments arriving from Brazil, sources told S&P Global Platts. Read more.
Oil Drops for Third Day Before OPEC+ Reviews Easing Output Cuts
Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that’s hurt economies and fuel demand globally. Read more.
August 14, 2020
U.S. Seizes Iranian Fuel Cargo for First Time
The Trump administration has for the first time confiscated cargo in vessels allegedly loaded with Iran fuel in violation of sanctions, U.S. officials said, as it steps up its campaign of maximum pressure against Tehran. Read more.
Baltic Index Rises for 12th Straight Session
The Baltic Exchange's main sea freight index rose for the 12th straight session on Thursday, helped by an uptick in demand for all vessel segments. Read more.
FEATURE: Seafarers Stranded at Sea as Pandemic Upends Global Shipping Markets
Global shipping markets are struggling to resume normal trade operations as the coronavirus-induced restrictions on seafarers takes toll on logistics chains, threatening earnings prospects and ramping up freight as well as demurrage costs. Read more.
Supertanker Double-Whammy: Less Volume, Shorter Hauls
The Asian drawdown hits very large crude carriers (VLCCs, tankers that carry 2 million barrels of oil) on two fronts. Not only is less crude flowing to Asia, but less is flowing on long-haul runs from the Atlantic Basin, slashing average voyage distance. Read more.
August 13, 2020
USDA Raises 2020-21 US Corn Yield, Production Estimates to Record Highs
The US Department of Agriculture has raised its estimate for US corn yield to a record high of 181.8 bushels/acre from 178.5 bu/acre estimated a month earlier, according to the agency's August World Agricultural Supply and Demand Estimates report released Aug. 12. Read more.
Analysis: US Crude Stocks Decline Amid Lower Production, Rising Exports
US crude inventory draws extended during the week ended Aug. 7, amid a down turn in production and rising exports, US Energy Information Administration data showed Aug. 12. Read more.
IEA Cuts Oil-Demand Forecasts as Air Travel Outlook Darkens
The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected. Read more.
COVID-19 to Weigh on U.S. Seaport Peak Shipping Season
Imports at major U.S. container seaports could hit their lowest level in four years as the novel coronavirus pandemic pummels a U.S. economy that was already grappling with negative effects of the U.S.-China trade war, experts said. Read more.
August 12, 2020
From Cocoa to Coffee and Sugar, Soft Commodities Stage Simultaneous Rally
Cocoa, coffee and other soft commodities trading on the Intercontinental Exchange have bounced back from their lows earlier this year and now number among the world’s best-performing major assets. Read more.
US Coast Guard to Consider Regulations on Autonomous Vessels
The country’s top maritime regulator is asking for the public’s view on the economic opportunities and the safety consequences of automated vessel technology as a precursor to potential regulations affecting commercial shipping in the United States. Read more.
U.S. Liquefied Natural Gas Exports Remain at Low Levels This Summer
Global natural gas demand has declined in response to COVID-19 mitigation efforts. High natural gas storage inventories in Europe and Asia and an ongoing expansion of global LNG liquefaction capacity have also contributed to international natural gas and LNG prices reaching all-time historical lows. Read more.
SC Ports' Leatherman Terminal Construction 'On Schedule'
Construction of the Hugh K. Leatherman Terminal at the Port of Charleston is on schedule for a March 2021 opening, South Carolina Ports Authority officials said yesterday. Read more.
August 11, 2020
Industry Response Mixed as US Slaps Tariffs Back on Canadian Aluminum
US primary aluminum producers expressed mixed reactions in response to President Donald Trump's move to reimpose 10% tariffs on primary aluminum from Canada Aug. 6. Read more.
Heavy Load, Bulk Carriers Pivot to Offshore Wind Amid Expected Growth
An expected surge in offshore wind turbine installations has led two carriers to sign agreements worth a potential $2.3 billion for the construction of up to eight turbine installation vessels. Read more.
Propeller Club Asks Congress for $3.5 Billion in COVID-19 Relief for U.S. Maritime Industry
The International Propeller Club of the United States has requested that Congress appropriate $3.5 billion for the relief and support of the U.S. maritime industry during the COVID-19 pandemic. Read more.
Supply Chain Risk Grows as Weary Crews Halt Ships and Clog Ports
A new risk to global supply chains is emerging as exhausted seafarers stuck offshore for months halt work, a breaking point caused by restrictions on crew changes amid coronavirus precautions. Read more.
August 10, 2020
US Wood Pellet Exports Top 684,000 Tons in June
The U.S. exported 684,028.1 metric tons of wood pellets in June, up from 572,499.8 metric tons in May, but down from 693,868.5 metric tons exported in June 2019, according to data released by the USDA Foreign Agriculture Service on Aug. 5. Read more.
Project to Deepen Mississippi River Improves Access for Large Ships
An agreement has been reached to begin work on deepening the Mississippi River stretching from the mouth of the river at the Gulf of Mexico north to Baton Rouge, Louisiana. The project will deepen the lower portion of the Mississippi River from 45 feet to 50 feet, and provide critical deep-draft access to the ports at Plaquemines, New Orleans, South Louisiana, and Baton Rouge. Read more.
Iron Ore’s Price Rally Defies Coronavirus-Induced Recession
Iron ore is behaving like a boom-time commodity in an economic recession, confounding many investors who had expected prices to buckle as global steel output drops. Read more.
BIMCO: World Order Book at Its Lowest in 17 Years
The world shipbuilding order book for dry bulk, container and tanker ships has reached its lowest point in 17 years. BIMCO says that COVID-19 has massively slowed contracting (down 50%), though deliveries of new vessels have proved more resilient (down 2%). Read more.
August 7, 2020
JAXPORT Receives $75 Million for Harbour Deepening Project
In a statement, JAXPORT described the announcement as “a historic win” and claimed 15,000 jobs will be created or protected as a result. Read more.
U.S. Sends First Shipment of Crude to Saudi Arabia in Over a Decade
The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015. Read more.
Russia’s Largest Coal Mine Gets Unexpected New Owner
Up until now Russia’s coal industry was functioning in a conventional way, whereby both production and exports were carried out by coal-focused companies, with little to no interference from firms from other segments. Read more.
US Corn Exports to China in June Exceed 2018-19 Shipments
US corn shipments to China in June surpassed the total volume of US corn exported to the Asian nation during the entire 2018-19 marketing season (September-August), indicating China continues to show intentions to fulfill its commitments under the multi-billion dollar Phase 1 trade deal. Read more.
Port of Baltimore Strengthens Security Through $1.15M Federal Grant
The Maryland Department of Transportation Maryland Port Administration (MDOT MPA) was awarded $1,158,589 in the most recent round of the Federal Emergency Management Agency’s (FEMA) Port Security Grant Program. Read more.
August 6, 2020
JAXPORT Receives $75 Million for Harbour Deepening Project
In a statement, JAXPORT described the announcement as “a historic win” and claimed 15,000 jobs will be created or protected as a result. Read more.
U.S. Sends First Shipment of Crude to Saudi Arabia in Over a Decade
The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015. Read more.
Russia’s Largest Coal Mine Gets Unexpected New Owner
Up until now Russia’s coal industry was functioning in a conventional way, whereby both production and exports were carried out by coal-focused companies, with little to no interference from firms from other segments. Read more.
US Corn Exports to China in June Exceed 2018-19 Shipments
US corn shipments to China in June surpassed the total volume of US corn exported to the Asian nation during the entire 2018-19 marketing season (September-August), indicating China continues to show intentions to fulfill its commitments under the multi-billion dollar Phase 1 trade deal. Read more.
Port of Baltimore Strengthens Security Through $1.15M Federal Grant
The Maryland Department of Transportation Maryland Port Administration (MDOT MPA) was awarded $1,158,589 in the most recent round of the Federal Emergency Management Agency’s (FEMA) Port Security Grant Program. Read more.
August 5, 2020
U.S. Offshore Energy Industry Releases Economic Impact Study of Offshore Wind Auctions
The United States has an opportunity to accelerate offshore wind energy growth, and benefit from 28 new gigawatts of clean energy and $1.7 billion in U.S. Treasury revenue by 2022, a new study released today from research group Wood Mackenzie finds. Read more.
Petroleum Coke Price Strength Bolsters Demand for Coal
Firmness in global petroleum coke prices has bolstered industrial demand for seaborne coal in Asia-Pacific, and the trend could expand to other regions should coal continue to hold competitiveness. Read more.
GRAINS-U.S. Wheat Futures Fall on U.S. Export Woes; Corn, Soybeans Firm
U.S. wheat futures dropped 1.7% on Monday as rising expectations for harvests in Russia and Australia cast a shadow over already weak demand prospects for U.S. supplies, traders said. Read more.
U.S. Coast Guard Celebrates its 230th Anniversary
On August 4, 1790, President George Washington signed legislation establishing a maritime force simply called “the cutters” or “the system of cutters.” Thus was born the United States Revenue Cutter Service, known today as the U.S. Coast Guard. Read more.
August 4, 2020
Louisiana OKs deepening Mississippi River to 50 feet
The Mississippi River in Louisiana is getting deeper. The state and the U.S. Army Corps of Engineers on Friday agreed to start deepening the shipping channel from the Gulf of Mexico to Baton Rouge from a depth of 45 feet to 50 feet. Read more.
China's New Coal Projects Account For 90% of Global Total in First Half
China built more than half of the world’s new coal-fired power plants this year and accounted for 90% of new planned capacity, a study showed on Monday, with Beijing still commissioning new projects even as capacity worldwide declines. Read more.
Oil Edges Up to Highest Since March on Hopes for U.S. Stimulus
Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output. Read more.
August 3, 2020
Indonesia Eyes Vietnam as It Seeks to Diversify Thermal Coal Exports
Indonesia, the world's top exporter of thermal coal, is stepping up efforts to diversify sales of the fuel as shipments to top buyer India slump and with exports to China poised to slow. Read more.
Europe’s Wilted Wheat Leaves World Hunting Elsewhere for Grain
While the world should still have ample grain, that will leave some buyers looking to alternate shippers, following a season that saw the European Union dominate global wheat sales. The market will also be banking on later-harvested Southern Hemisphere crops more than usual. Read more.
Commodity Tracker: 5 Charts to Watch This Week
Shifting oil demand forecasts are in the spotlight this week as the coronavirus pandemic continues to curb economic activity in major economies. Plus, China’s crude overhang, and trends in power, gas and LNG. Read more.
Dry Bulk Market: Capesize Segment Ends Week on a High
A quiet end to the week could not disguise the improved sentiment in the capesize market, with several brokers suggesting that this may simply represent a precursor to another move upwards. Read more.
July 31, 2020
China’s Manufacturing Recovery Picks Up the Pace
An official gauge of China’s factory activity expanded at a faster pace in July, as improving demand inside and outside the country kept the recovery of the world’s second-largest economy on track. Read more.
U.S. Crude Stocks Stabilize as Saudi Export Surge Ends
Bloated U.S. crude inventories are finally on a diet, after the surge of imports from Saudi Arabia, loaded at the height of the volume war with Russia in March and April, finished discharging in the middle of July. Read more.
Short-Term Impact On The Chemical Shipping Market If The India-China Dispute Escalates
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight rates to decline in 3Q20 on routes from the Middle East/India to China. Read more.
July 30, 2020
China’s Corn-Market Pop Could Lift American Farmers
Corn prices in China are soaring, which could be good news for American farmers. Read more.
OPEC+ Readies to Pump More Crude Into a Market Wary of a Resurgence in the Pandemic
OPEC and its allies on August 1 will officially begin easing off their record production cuts, hopeful that recent bearish economic and pandemic data will not seriously erode the oil demand growth they are expecting. Read more.
Green Aluminum Market to Take Off in 2021: Rusal
Rusal said July 28 it expects the green aluminum asset class -- requiring CO2 emissions to be limited to a maximum of 4-7 metric tons per ton of metal produced -- to take off next year and its supply to grow in excess of 10 million mt/year. Read more.
July 29, 2020
Baltic Dry Index Snaps 7-Day Losing Streak
The Baltic Exchange’s main sea freight index rose on Wednesday, after declining for seven consecutive sessions, as rates for larger capesize and panamax vessels bounced back after a series of declines. Read more.
U.S. Crude Stocks Post Steepest Weekly Draw This Year As Imports Slide
U.S. crude oil stockpiles fell by nearly 11 million barrels last week as imports dropped, while refined product inventories rose, the Energy Information Administration said on Wednesday. Read more.
Soybeans Near 2-Week Low as Improved U.S. Crop Weather Weighs
Chicago soybean futures lost more ground on Wednesday to trade near a two-week low, weighed down by expectations of a bumper U.S. harvest this autumn. Read more.
July 28, 2020
Panama Canal Increases Neopanamax Locks Maximum Draft to 48 Ft
The Panama Canal Authority (ACP) has announced an increase of the maximum authorized draft for ships voyaging through the Neopanamax Locks to 48 ft, or 14.63 meters, effective July 25. Read more.
China's Surging Crude Imports Mask Weakness in The Rest Of Asia: Russell
The ongoing flood of crude oil into China is obscuring the fact that demand in the rest of Asia remains weak, and that countries in the world’s top-consuming region didn’t join China is stocking up when prices slumped. Read more.
Soybeans Drop 1.5% To Hit 12-Day Low on Favourable U.S. Weather
U.S. soybean futures fell as much as 1.5% on Tuesday to hit a 12-day low after the U.S. Department of Agriculture said the condition of crops were well ahead of market estimates, reinforcing expectations for a sizable U.S. harvest. Read more.
July 27, 2020
World Steel Association: June 2020 Crude Steel Production Down 7%
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 148.3 million tonnes (Mt) in June 2020, a 7.0% decrease compared to June 2019. Read more.
Soybeans Set for Second Weekly Gain on Chinese Demand
Chicago soybeans rose for a third consecutive session on Friday and were poised for a second week of gains on the back of strong Chinese demand. Read more.
Chinese Port Congestion Approaching Record Levels
Chinese port congestion is approaching record levels thanks to rampant demand, dire weather and slower operations because of COVID-19 protocols. Read more.
Oil Trading Profits Soar for Energy Majors Who Made Storage Bets
The price difference between a Brent contract for immediate delivery and the six-month forward contract — a key measure of the contango — plunged to a record of nearly -$14 a barrel in early April, surpassing the contango witnessed during the 2008-09 financial crisis. Read more.
July 23, 2020
EIA Forecasts U.S. Petroleum Demand Will Remain Below 2019 Levels for Several More Months
The U.S. Energy Information Administration’s (EIA) July Short-Term Energy Outlook forecasts that U.S. consumption of total petroleum and other liquid fuels will continue increasing in the second half of 2020 as economic activity increases, but levels will remain lower than the 2019 average until August 2021. Read more.
Oil Holds at 4-Month High Despite Jump in Covid-19 Cases
Oil prices jumped to a four-month high on Tuesday, rallying on hopes of economic stimulus. Read more.
US LNG Cargo Cancellations Slow For September As Market Price Outlook Improves
At least 26 cargoes scheduled to be loaded at US LNG export terminals in September were said to have been canceled, a drop from July and August amid a forecast for improving netbacks heading into the fall and winter, market sources said. Read more.
Brazil’s Soybean Exports Plunge 34% So Far in July On Tight Supply
Brazil's soybean exports slumped 34% on the month in the first three weeks of July, according to the country's trade data, with sources signaling hoarding of stocks by farmers on expectations of price rise in the second half of the year. Read more.
China Plans Wheat, Rice Sales to Tame Surging Corn Prices - Sources
China plans to sell rice and wheat from state reserves to animal feed producers who are struggling with high corn prices, which have soared more than 20% in some areas this year amid tightening supplies, three sources familiar with the matter said. Read more.
July 22, 2020
U.S. Steel Sector’s Capacity Utilization Rate Continues to Inch Upward
The U.S. steel sector’s capacity utilization rate ticked up again last week, continuing a recent string of incremental upward movement. Read more.
Corn Pulls Back on Fair U.S. Weather, Soybeans Gain for Fifth Session
Chicago corn futures dropped on Monday, as rainfall strengthened crop conditions during a crucial stage in development. Read more.
World Consensus to Protect Seafarers as “Key Workers” and Help Repatriation of 200,000 Stranded at Sea
The International Labour Organization has expressed support for new international measures to protect the rights of seafarers, stranded at sea because of the COVID-19 crisis. Read more.
Argentina Says Hit by Second Locust Swarm, Farmers on Alert
Grains powerhouse Argentina is getting hit by a second swarm of locusts arriving from neighboring Paraguay, Argentina’s Senasa agricultural health inspection agency said on Tuesday, putting farmers on notice about possible crop damage. Read more.
July 21, 2020
IMO 2020 – 100 Days Amidst the Pandemic
What was on the minds of all shipowners coming into 2020 has now been clearly over shadowed by the pandemic and its significant impact. However, challenges remain on the full implementations of IMO’s 2020 sulphur cap. Read more.
Iron Ore Under Pressure as China Port Stockpiles Hit 2-Month Peak
Iron ore futures slipped on Monday on rising port inventory of the steelmaking ingredient in China, though optimism over prospects of strong domestic steel demand for the rest of the year kept losses in check. Read more.
Baltic Index Dips as Capesize and Panamax Rates Fall
The Baltic Exchange’s main sea freight index fell on Friday, as a fall in capesize vessel rates on weak demand outweighed gains in the other vessel segments. Read more.
July 20, 2020
Global Shipping At ‘Critical Point’ As Routes Threatened By Sailor Shortage
The international shipping community is facing a major labour crisis, with sailors stranded on ships or at home because of visa and flight restrictions, maritime groups said. Read more.
US Hampton Roads Coal Exports Drop to Near Four-Year Low in June
Coal exports out of the terminals in the Hampton Roads region in Virginia were at a three-year low at 1.55 million st in June, down 26.3% from 2.1 million st in May and 44.1% lower than 2.77 million st in the year-ago month, according to data from the Virginia Maritime Association released July 16. Read more.
LNG Traders Dabble in Oil-Style Bet as Winter Demand Beckons
Liquefied natural gas traders are expected to take a page from the oil market playbook: Storing the fuel at sea while prices languish near historic lows in a bet they can profit when demand peaks this winter. Read more.
Chinese Ports Hit Capacity as Virus Tests Slow Clearing: Shippers
Testing of imported food for the novel coronavirus is pushing capacity at some major Chinese ports to their limit, major shippers told customers this week, warning of additional fees and possible diversions to other ports. Read more.
July 17, 2020
U.S. Industrial Production Picked Up Again in June
U.S. manufacturing increased in June for the second straight month, a sign of economic recovery in the weeks before the recent surge in coronavirus cases. Read more.
China Is First Major Economy to Return to Growth Since Coronavirus Pandemic
On Thursday, China said its economy grew 3.2% from a year earlier in the second quarter, as authorities benefited from an aggressive campaign to eradicate the virus within its borders. Read more.
China Buys More U.S. Soybeans
China booked deals to buy 522,000 tonnes of soybeans, the U.S. Agriculture Department said on Thursday, the latest in a string of purchases by the world’s top buyer of U.S. agricultural products. Read more.
U.S. CDC Extends Cruise Ship No-Sail Order Until October
The U.S. Centers for Disease Control and Prevention (CDC) on Thursday extended its no-sail order for all cruise ships through September end, in a bid to contain the rapid spread of the novel coronavirus. Read more.
July 15, 2020
Mississippi Port Receives Grant for North Rail Connector Project
The Port of Pascagoula, Mississippi, is slated to receive $6.6 million in Gulf Coast restoration funding for the Jackson County Port Authority's North Rail Connector project. Read more.
OPEC Sees Demand for Its Crude Above Pre-Virus Levels in 2021
OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output. Read more.
China’s June Iron Ore Imports Hit 33-Month High on Robust Demand
China’s iron ore imports jumped 17% in June from a month earlier to hit the highest level in 33 months, customs data showed on Tuesday, fueled by rising shipments from miners and robust demand in China. Read more.
Regulators Give Delfin Extra Year to Build Louisiana Offshore LNG Terminal
U.S. energy regulators on Wednesday granted Delfin LNG a second one-year extension until September 2021 to complete its proposed floating liquefied natural gas export facility off the coast of Louisiana. Read more.
July 14, 2020
Feds Sign Order for Jordan Cove Liquid Natural Gas-Export Terminal in Coos Bay
The Trump administration on Monday formally authorized exports from a proposed Oregon natural-gas terminal, the first on the U.S. West Coast. Read more.
Ample Supplies of Grain Run Up Against Weak Demand
U.S. farmers are expected to grow large corn and soybean crops this year—but it is still unclear if an economy recovering from coronavirus will be strong enough to consume an ample harvest. Read more.
Iraq Pledges 100% Compliance with OPEC+ Quota in August: Oil Minister
raq has pledged to reach 100% compliance with its OPEC+ quota in August and make up for overproduction in May and June, as OPEC's second largest producer continues to improve its adherence to historic OPEC+ cuts, the country's oil minister said on July 13. Read more.
U.S. Rejects China's Claims in South China Sea, Adding to Tensions
The United States on Monday rejected China’s claims to offshore resources in most of the South China Sea, drawing criticism from China which said the U.S. position raised tension in the region, highlighting an increasingly testy relationship. Read more.
July 13, 2020
Crude Oil Shortages Beginning to Bite in Key Markets
Last month, OPEC and its non-OPEC allies, known as OPEC+, agreed to extend their deep production cuts through July in an effort to rebalance oversupplied markets in the face of pandemic-hit demand. The cuts were supposed to take ~10% off the markets with July's cut clocking in at 9.6 million bpd. But now there are signs that the pendulum could have swung a bit too far, with the markets beginning to experience shortages of key crude grades. Read more.
New House Bill Would Provide Relief for U.S. Ports, Maritime Operators
On Thursday, Representatives Sean Patrick Maloney (D-NY) and Peter DeFazio (D-OR) introduced a new bill to provide financial relief for maritime stakeholders who have been impacted by COVID-19. Their proposed Maritime Transportation System Emergency Relief Act would establish a broad MARAD-run grant program to allocate maritime assistance and emergency relief funds. Read more.
Supply Chain Shifts from China Boost US Southeast, Gulf Ports — CBRE
U.S. Southeast and Gulf Coast seaports and industrial distribution hubs will be the prime beneficiaries of U.S. firms shifting supply chains from China due to disruptions from the coronavirus pandemic and higher tariffs from the U.S-China trade war, according to a report published Thursday by real estate and logistics services giant CBRE Inc. Read more.
Making the Most of Low Prices: A Short Guide For Natural Gas Importers
Prices of natural gas have fallen precipitously in recent months as the global COVID-19 pandemic deepened the already existing misalignment between growing supply and relatively sluggish demand. Read more.
July 10, 2020
Reduced Iron Ore Shipments from Australia and Brazil Prop Up Chinese Market
A total of 93 vessels carrying 15.79 million mt of iron ore arrived at eight major Chinese ports during June 28-July 4, SMM estimates. This was down 400,000 mt from the prior week but up 1.95 million mt from the previous year. Read more.
Capesize Bulkers in High Demand
Ship owners have intensified their interest towards second hand dry bulk carriers, most notably Capesizes, as a result of the recent market rally. Read more.
Coronavirus’s Worst Impact on Oil Demand Has Passed, IEA Says
The worst effects of the coronavirus on global oil demand have passed but will continue to echo as the market slowly recovers in the second half of 2020, the International Energy Agency said Friday. Read more.
America Is on a Lumber Binge
Gold is climbing toward a record high, oil futures went from minus $40 a barrel to $40 in a month and a half, but the hottest commodity in the U.S. these days is wood. Read more.
July 9, 2020
Atlantic Coking Coal: Outlook Firms for High Vol
US coking coal prices have been flat to slightly stronger early this week ahead of current third-quarter spot requirements in Europe closing. But confidence is growing among US high-volatility coal suppliers as some are seeing more buying interest than expected in the third quarter, particulary from Europe. Read more.
US EIA Trims Gas Production Forecasts Once Again on Lower Prices, Curtailments
The US Energy Information Administration July 7 again lowered its estimates for natural gas marketed production for the rest of 2020, pointing to low gas and oil prices and production curtailments, but it anticipated a pickup in production toward the second half of 2021, as prices rebound. Read more.
US DATA: Corn inspections for Export Down 22% on Week, Up 33% on Year
US corn inspected for exports in the week ended July 2 totaled 962,445 mt, down 22% from the prior week, and 33% up from the same week in the previous year, the US Department of Agriculture said July 6 in its weekly Federal Grain Inspection Service report. Read more.
Traffic at India’s Major Ports Falls 20% in June Qtr Due to Lockdowns
Major ports in India, which handle more than half of the country’s seaborne trade, had a nearly 20% fall in traffic during the quarter ended June, the Indian Ports Association (IPA) said, as coronavirus lockdowns slowed economic activity. Read more.
July 8, 2020
Thrown for a LOOP: Crude Exports in Surprising Surge at U.S. Offshore Port
Crude exports from the Louisiana Offshore Oil Port (LOOP) are hitting a record high even as U.S. crude exports have fallen as the coronavirus pandemic has chopped worldwide fuel demand. Read more.
Global Zinc Production Poised for Gains – Report
Globally, mined zinc production will continue to ramp up over the coming years as elevated prices encourage miners to restart idled capacity and begin production at key new mines, according to Fitch Solutions‘ latest industry report. Read more.
European Steel Industry Looks for Way Forward Amid Coronavirus Demand Blow
The coronavirus has dealt the European steel sector a heavy blow. Coming on the heels of Brexit and global trade tensions, the crisis has also highlighted the region’s overcapacity problem, raising the possibility of previous merger and divestment plans being revived. Read more.
The Problem with Stored Grain — Now and This Fall
Farmers who are still waiting to sell, with old-crop grain still in storage, may be running out of luck. Prices have been on an upward trajectory this past week, thanks to some lower-than-expected acreage data from USDA, with further support from hot, dry weather forecasts across the Midwest. Read more.
July 7, 2020
Behind Oil’s Rise is a Historic Drop in U.S. Crude Output
U.S. crude supply is falling at its quickest pace ever, easing a global oil glut and spurring a swift recovery in fuel prices. Read more.
Dakota Access Pipeline Must Shut Down, Judge Rules
U.S. District Judge James Boasberg in Washington ruled Monday that the pipeline, which has been carrying oil since 2017, should be turned off until the U.S. Army Corps of Engineers completes a new environmental impact statement. That process is expected to take 13 months. Read more.
Forecasters Raise Atlantic Hurricane Outlook to 20 Named Storms
After a frenzied start, the Atlantic hurricane season could turn out to be the most active since 2005, when a record 28 storms formed. Read more.
Russia’s Wheat Exports Likely to Fall in July
Russian wheat exports will fall in July after a slow start to the harvest but will rise in later months when there will not be export quotas, IKAR and SovEcon agriculture consultancies said. Read more.
July 6, 2020
Of Cars and Cans: US Aluminum and The Pandemic
The coronavirus pandemic has obliterated global metals demand as one of the main end uses, automotive applications, has seen major disruptions to the supply chain. Read more.
Soybeans Hit 4-Month High on U.S. Weather Outlook
U.S. soybeans rose more than 1% on Monday, as concerns about hot and dry weather in a key growing region in the United States pushed prices to a more than a four-month high. Read more.
China Is Unlikely to Meet Purchase Targets for U.S. Energy
Economic fallout from the coronavirus pandemic has cast doubt on whether China can meet its targets to buy U.S. goods under this year’s trade deal—with energy emerging as the biggest casualty. Read more.
US Coal Exports Drop to 3.5-Year Low in May: Census
US coal exports tumbled to a 3.5-year low 4.28 million mt in May, as metallurgical and bituminous coal both saw declines, while subbituminous exports rose on the month, according to US Census Bureau data released July 2. Read more.
Port NOLA Holds COVID-19 Memorial Service
The Port of New Orleans hosted a memorial service June 30 in honor of friends, family members and maritime community colleagues who have died due to COVID-19, the disease caused by the novel coronavirus. Read more.
June 26,2020
Oil Pricing Agencies Platts, Argus Launch New U.S. Crude Benchmarks
After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers, a break from the old landlocked system. Read more.
Collapsing Oil Revenue Shows Extent of Pain for Saudis: Chart
Oil prices fell so much in April that even with record volumes of exports, Saudi Arabia’s earnings from crude plunged 65% from a year earlier. Read more.
Does China Still Need U.S. Soybeans After Brazil’s Export Bonanza?
U.S. soybean sales to China have finally started to resemble the pre-trade war era, but amid massive Brazilian shipments and the record build in Chinese soybean stocks, one cannot help wondering whether China will end up needing as many soybeans as the United States hopes to export later in the year. Read more.
Exporters Say China Soy Buyers Want Guarantee of Coronavirus-Free Cargoes
China’s soybean buyers are asking exporters to sign a letter guaranteeing their cargoes are not contaminated with the novel coronavirus, U.S., Brazilian and Canadian soy industry officials said on Tuesday. Read more.
June 25, 2020
Soybean Prices Rally as China Ramps Up Buying
China has ramped up its purchases of U.S. soybeans recently, sparking a rebound in prices and making the crop profitable again for U.S. farmers after the coronavirus pandemic had slammed demand. Read more.
U.S. Crude Oil Refining Capacity Nears 19 Million bpd – U.S. EIA
U.S. crude oil refining capacity grew by nearly 1 percent in 2019, or 173,650 barrels per day (bpd) to nearly 19 million bpd, a new record, according to a report released on Wednesday by the U.S. Energy Information Administration (EIA). Read more.
IMO’s ‘Day of the Seafarer’ Calls for #SeafarersAreKeyWorkers
Day of the Seafarer is celebrated each year on June 25 as a way to raise awareness about issues facing the maritime industry. This year the IMO has chosen theme is “Seafarers are Key Workers” to campaign Member States to designate seafarers as key workers amid the COVID-19 pandemic, and to provide them with the support, assistance and travel options open to all key workers. Read more.
Sugar Is Set for Best Quarter Since 2016, but Outlook Remains Murky
The volatility this year in the sugar market has mirrored the turbulence in energy markets. Read more.
June 23, 2020
Gulftainer Keeps Sights on Lofty Future for Wilmington Port
Gulftainer has wasted no time in making an impact as the new operator of the Port of Wilmington, but it has had to navigate the uncertain waters of the COVID-19 pandemic. Read more.
Global Steel Output Falls 8.7% In May, But China Lifts Production
Global crude steel output slipped 8.7% in May to 148.8 million tonnes as many steelmakers shut operations due to the COVID-19 pandemic, even as top producer China was resilient and pumped out more of the metal. Read more.
New Cargo Handling World Record Set at Port of Los Angeles
A new world record for the most container movements during a single ship call was set last week at the Port of Los Angeles. Read more.
US DATA: Corn Inspections for Export Up 41% on Week, Double on Year
US corn inspected for export in the week ended June 18 totaled 1.296 million mt, up 41% from the prior week, and double from same week in the previous year, Department of Agriculture data showed June 22. Read more.
June 22, 2020
Has the Dry Bulk Tide Turned?
Dry bulk shipowners have had solid reasons to smile this week and rightfully so. The physical market recorded an impressive rally and fixtures reported seem unable to “beat the index” as it is breaking records day by day. Read more.
Grains-Soybeans Ease After Rally, Hopes of Chinese Demand Limit Losses
Chicago soybean futures slid on Monday, as the market took a breather after climbing to its highest since early April in the previous session on expectations of strong Chinese demand. Read more.
Tanker Market Could Suffer During the Second Half of 2020
With floating storage having peaked and more tonnage being gradually released, supply is on the rise in the tanker market. With predictions for oil demand growth also ominous, the tanker market could be heading for a tough second half of the year. Read more.
Map of World’s Uncharted Ocean Floor Takes Shape Despite Crisis
Plans to map the entire ocean floor by 2030 are going ahead despite the challenges of the coronavirus crisis, officials leading the project said, with almost a fifth covered so far. Read more.
Cruise Lines Extend Sailing Suspension Until September 15
International cruise lines have extended their self-imposed sailing suspension from U.S. ports until September 15 amid the ongoing COVID-19 crisis. Read more.
June 18, 2020
OPEC Sticks to Global Oil-Demand Forecast Despite Signs of Rebound
The global oil market is slowly starting to rebalance thanks to production cuts and relaxing coronavirus lockdowns, but the industry is still swimming in excess supply, the Organization of the Petroleum Exporting Countries said Wednesday. Read more.
U.S.-China Trade Deal on Track, Lighthizer Says
The U.S.-China trade deal shows no signs of weakening despite clashes between the two nations over the coronavirus pandemic, China’s crackdown on Hong Kong’s autonomy, and China’s falling behind on purchases of U.S. goods, U.S. Trade Representative Robert Lighthizer said Wednesday. Read more.
Port Houston Awarded Nearly $80 Million INFRA Grant
The U.S. Department of Transportation (USDOT) awarded $79,472,000 from the Infrastructure for Rebuilding America (INFRA) program to Port Houston, which was the full amount requested for Port Houston’s total $198 million project with a local cost share of 60 percent and the INFRA grant of 40 percent of the future construction costs. Read more.
Baltic Index Sees Best Day Ever as Capesize Vessel Rates Surge
The Baltic Exchange’s main sea freight index marked its largest single-day percentage rise on Thursday, as capesize vessel segment rates jumped 50% on strong iron ore demand. Read more.
June 16, 2020
As Ports Slowly Open, Ships Look to Replace Exhausted Seafarers
While some hubs like Singapore and Hong Kong are easing restrictions to help seafarers like Nagar get back to their families, most crews remain stranded on ships at increasing risk of mental and physical fatigue. Read more.
Baltic Dry Index Tops 1,000 for First Time in Six Months
The Baltic Exchange’s main sea freight index rose to more than a six-month high on Tuesday, boosted by stronger demand for capesize and panamax vessels. Read more.
Chicago Corn Up 1% As Warm Weather Hits U.S. Crop; Wheat Gains
Chicago corn futures rose more than 1% on Tuesday, as a weekly crop progress report from the U.S. Department of Agriculture (USDA) showed crop ratings dropped following hot and dry weather. Read more.
Defying Trump, Iran Aims to Keep Offloading Gasoline Glut to Venezuela
Iran could send two to three cargoes a month in regular gasoline sales to ally Venezuela, sources say, helping offload domestic oversupply but risking retaliation from U.S. President Donald Trump who has sanctions on both nations. Read more.
June 15, 2020
Aluminum Glut Revives Financial Crisis-Era Storage Trade
Wall Street banks and investors are looking to hoard aluminum, a way to carve out returns at a time of historically low rates. Read more.
Australia Fast-Tracks a $1 Billion Coal Mine
A giant Glencore Plc coal project in Australia has been fast-tracked as the nation turns to its vast natural resources to lift the economy out of its first recession in almost three decades. Read more.
Dry Bulk Market: Strong Iron Ore Demand Boosts Rates On 2020 High
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the market. Read more.
Greek Ship Managers Shun Venezuela Trade as U.S. Sanctions Bite
Three Greece-based shipping firms said they have halted trade with Venezuela after the United States imposed sanctions on vessels under their management, as Washington ramps up commercial heat on Caracas. Read more.
June 12, 2020
Maryland Names Next Port of Baltimore Executive Director
A former federal maritime commissioner has been tapped to be the new executive director of the Port of Baltimore and the Maryland Port Administration. Read more.
Rice Prices Spike to Highest Level Since 2011
Rice futures spiked to their highest level in nearly nine years after the global pandemic boosted shoppers’ demand for the grain. Read more.
US Soybean Farmers Stare at Inventory, Price Challenges Amid US-China Tensions, Brazil Competition
Uncertain US-China relations is leaving American soybean farmers grappling with the potential buildup of stocks and falling prices in the new marketing year, starting in September, while facing increasing competition from Brazilian beans. Read more.
Infographic: Road to Recovery: Oil Demand Fights Back From Lockdown Hammer Blow
Although now well into a recovery from April's lows, the damage to demand from stringent lockdowns and its rebound as economies reopen is far from uniform. The crisis has hit some regions harder than others, and gasoline and jet fuel have borne the brunt of the collapse in demand. Read more.
June 11, 2020
China to Lead H2 Aluminum Recovery, But Oversupply Issues Persist: Alcoa
Aluminum demand is expected to pick up in the second half of the year as China's economy begins to lead global recovery following a market downturn caused by the coronavirus pandemic, but overcapacity will continue to pose challenges to the industry, Alcoa CFO William Oplinger said June 8. Read more.
Photos: Successful Crew Changes Underway, Chartered Flights for Seafarers to Colombo and Doha
Doha and Colombo have come to the rescue of stranded Indian seafarers as shipowners and ship managers started running special flights every alternate day. Read more.
First Major U.S. Offshore Wind Farm Reaches Permitting Milestone
The first major U.S. offshore wind farm, planned for the Massachusetts coast, reached a key permitting milestone on Tuesday with the release of a long-awaited federal environmental study that considers the project’s impacts on fisheries and navigation. Read more.
Oil Plummets with Economic Jitters Surging Through Markets
Crude futures plunged by the most since late April a day after the Federal Reserve provided a gloomy outlook for the U.S. economy. Read more.
June 10, 2020
Covid Impact: Large Steel Mills Return to Near Normal Production Levels in May
After an unprecedented fall in domestic steel production in April due to one of the most stringent lockdowns in the world, large Indian steel manufacturers revived production to normal through May. Read more.
Chicago Soybeans Hover Near 2-Month Top on Strong Demand
Chicago soybean futures edged lower on Monday, though the market traded near a two-month high touched in the previous session on support from strong demand for U.S. supplies, while wheat slid for a second day. Read more.
U.S. Crude Output Decline in 2020 to be Steeper Than Previously Expected: EIA
U.S. crude output is set to fall by 670,000 barrels per day (bpd) in 2020 to 11.56 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, steeper than the 540,000 bpd decline it forecast previously as drillers have slashed activity. Read more.
U.S. Frackers to Zero In on Richest Oil Fields After Coronavirus
Southwest’s Permian Basin to draw most new investment, while less-profitable fields face longer road to recovery. Read more.
June 9, 2020
COVID CHAOS: More Than 70 Ships Are Lined Up at Brazil’s Port of Santos to Load Sugar
More than 70 ships are lined up at Brazil’s port of Santos to load sugar for export in a queue that may take a month to clear after buyers worldwide scrambled to get ahead of possible disruption caused by the ravages of the coronavirus pandemic. Read more.
Global LNG Market to Decelerate Sharply in 2020 Amid Supply and Demand Cuts
Global LNG market growth is set to decelerate sharply in 2020 on the back of supply cuts and pandemic-driven demand destruction, with most analysts slashing their forecast for the year and some predicting an outright year-on-year contraction in LNG trade. Read more.
How U.S. Decision Could Hurt Hong Kong as Trading Hub
The U.S. decision to rescind Hong Kong’s status as a largely autonomous Chinese territory opens the way for a range of punitive measures from Washington that may damage Hong Kong’s status as a trading and finance hub. Read more.
China’s Crude Oil Imports in May Ease from All-Time High
China’s crude oil imports dropped in May from the record-high in April, as some major refineries started planned maintenance and as China ordered some independent refiners to reduce operating rates this month ahead of a regional summit in the port city Qingdao in the eastern Shandong province. Read more.
June 8, 2020
U.S. Shale Companies Are Turning the Oil Taps Back On
As oil approaches $40 a barrel, companies are bringing wells back online, even as the market continues to recover from the demand drop caused by the coronavirus. Read more.
China’s Coal Imports Fall Nearly 20% In May Even as Demand Rises
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, customs data showed on Sunday. Read more.
Indian Seafarers on Cargo Ships Starts Returning on Chartered Flights After Extended Time at Sea
In a first since the pandemic halted crew change on ships globally, 21 Indian seafarers of Synergy Marine Group returned to India on a chartered flight arranged by the Singapore-based ship management company. Read more.
Iron-Ore Prices Surge on Impending Demand-Supply Imbalance
A surge in coronavirus infections in Brazil has triggered worries of a supply crunch for iron ore, while demand in China remains strong. Read more.
June 5, 2020
Greater Houston Port Bureau to Launch PortXchange Trial
The PXP system, a collaborative vessel and terminal planning platform, provides scheduling transparency to all parties involved in maritime commerce to decrease port turnaround time and increase efficiency of port calls. Read more.
‘Titan’ Floating Dry Dock from Norfolk Could Usher in New Era of Vessel Maintenance in Baltimore County’s Sparrows Point
Shipyard operator BAE Systems is bringing the “Titan” dry dock to Tradepoint Atlantic’s dry dock for repairs and preservation, a job expected to take five months and require 90 workers. Read more.
Grains-Soybeans Set for Biggest Weekly Jump in 8 Months
Chicago soybean futures rose for a fourth consecutive session on Friday and were poised for their biggest weekly gain in eight months as strong demand underpinned prices. Read more.
Great Lakes Shipping Challenged by Pandemic and High Water
International vessels are again sailing across the Great Lakes to ports like the Port of Indiana-Burns Harbor, but the coronavirus pandemic and high waters have depressed tonnage volumes. Read more.
Column: Stuck with Too Much Diesel, U.S. Refiners Need to Restrict Runs
U.S. refiners are struggling to manage their production and stocks as the economy’s uneven re-opening leaves demand for some refined fuels recovering much faster than others. Read more.
June 3, 2020
Savannah Harbor Deepening Sets Precedent; Four Dredges Working at Once
The Savannah Harbor Expansion Project (SHEP) includes two dredges keeping the channel at its current authorized depth of 42 feet followed by two dredges taking the channel to its new depth of 47 feet. Read more.
Soybeans Up for 2nd Session on Chinese Buying, Corn Eases
Chicago soybean futures rose for a second session on Wednesday with prices near last session’s three-week high, underpinned by strong demand from the world’s top importer China. Read more.
Russian Gas Supplies to Europe Steady in May
Russian gas supplies to Europe remained steady in May with exports flat on the month at 11.1 Bcm, an analysis of S&P Global Platts Analytics and Entsog data showed June 3. Read more.
Venezuela’s Oil Exports Sink to 17-Yr Low, Choked by U.S. Sanctions
Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil. Read more
June 2, 2020
Return to the Road Drives Oil Price to Largest Ever Monthly Gain
U.S. oil prices notched their largest monthly gains on record in May, recovering a big chunk of the losses caused in March and April when the country went into lockdown to counter the spread of the coronavirus. Read more.
Oil Tankers Queuing Off Chinese Coast Proof of Rapid Rebound
Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand. Read more.
China’s Iron Ore Imports Could Offer Some Respite in the Dry Bulk Market
A boost in dry bulk demand, mainly from China, would go a long way into alleviating fears of a new crash in the dry bulk market. Read more.
Indian Seafarers Lost 2,520 Jobs on Ships Due to COVID Induced Restrictions on Crew Change
Indian seafarers lost some 2,520 jobs on board ships between March 23 and May 30 as the lockdown restrictions imposed by the government to slow the spread of coronavirus derailed crew change plans both in India and overseas. Read more.
June 1, 2020
Natural Gas Is Losing Its Shine for Ship Operators
LNG tankers were drawing big investment until recently, but the coronavirus pandemic is hitting demand and pushing back new U.S. export projects. Read more.
China Halts Some U.S. Farm Imports, Threatening Trade Deal
Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods including soybeans as Beijing evaluates the ongoing escalation of tensions with the U.S. over Hong Kong, according to people familiar with the situation. Read more.
Infographic: Shifting Currents - IMO2020, Past and Present
Concerns over limited supply and price spikes for 0.5% sulfur marine fuel are now a distant memory as the market turns to grapple with muted demand and rising inventories instead. Read more.
May 29, 2020
US Steelmakers Announce Second Round of Price Hikes, But Will They Stick?
US steel producers increased their list prices, in the past few days. This follows an initial announcement, in late April/early May, when domestic mills attempted to draw a line in the sand to halt the recent freefall in steel selling values. Read more.
Key Brazil Port Resumes Loading Grains After COVID-19 Case Halted Ops
Loading of grains and other products at the port of Paranaguá, Brazil’s second largest, resumed normally on Wednesday after a case of COVID-19 paralyzed work in berth 214 for about 24 hours, according to the port authority. Read more.
Pellet Industry Remains Positioned to Deliver
Next fall, people will need to heat their homes, regardless of the pandemic. So long as the upstream forest products manufacturing sector recovers and generates the fiber wood pellet producers rely on, the industry will be ready and able to supply. Read more.
Column: Iron Ore Defies Coronavirus Gloom with Bullish Supply, Demand Narratives
Iron ore is continuing to defy the global economic gloom, with both futures in China and the spot price surging to the highest this year, showing how the steel-making ingredient is benefiting from a cocktail of supply concerns and demand hopes. Read more.
May 28, 2020
Western Economies See Biggest Slump Since Financial Crisis
As sharp as those declines were, they are likely to be eclipsed by the falls in activity recorded in the three months through June, although economies are expected to start to recover in the second half of the year. Read more.
UN Agencies Make Urgent Plea for Crew Changes and ‘Key Worker’ Designation for Seafarers
The heads of the maritime, labor and aviation agencies at the United Nations have issued a plea for urgent action on crew changes and for “key worker” designation so that ship and airplane crews can be relieved and repatriated safely during the COVID-19 pandemic. Read more.
Oil Rallies with Producers Showing Confidence by Hiking Prices
Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing. Read more.
The Port of Baltimore – Open for Business and Looking to Expand
The Port of Baltimore like every other port in the world has been hurt by the COVID-19 pandemic but nevertheless the Port’s open for business and looking to expand. Read more.
May 27, 2020
U.S. Sanctions Guidance Raises Hurdles for Global Maritime Industry
Ship owners and insurers say it may be impossible for the maritime industry to fully comply with the Trump administration’s new guidelines on how to avoid sanctions penalties related to Iran, North Korea and Syria, raising the risk of disruptions in a sector already struggling with the fallout of the coronavirus outbreak. Read more.
Funds Wage CBOT Selling Spree as Big U.S. Crops and China Tensions Loom
Speculators were big sellers of Chicago-traded grains and oilseeds last week, as prospects for newly planted U.S. corn and soybean crops looked positive and risks mounted for agricultural exports as U.S.-China tensions escalate. Read more.
Russian Minister, Oil Majors Discuss Output Cut Extension -Sources
Russian Energy Minister Alexander Novak met with domestic major oil companies to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. Read more.
Dry Bulk Shipping: No Quick Recovery for The Dry Bulk Market as COVID-19 Digs Deeper
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to work in China is not enough to support the market. Read more.
May 26, 2020
East Coast Ports Optimistic for Post-Coronavirus Recovery
Ship calls and volume expected to pick up in July, officials from South Carolina and New York/New Jersey ports tell the Agriculture Transportation Coalition. Read more.
BIMCO Tanker Rate Analysis: Reality Kicks In, Rates Fall
Geopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Read more.
Argentina’s Soybean Trade Could Be Affected for Months on River Dryness: Sources
Due to prolonged dryness since January in the southern Brazil and northern Argentina, water level of all the major rivers, including Parana river went down significantly. As a result, commodities transportation in Argentina is severely affected as the Parana river carries almost 90% of country’s commodities through the river. Read more.
Troubled Shipping Lines Turn to State Support
Some of the world’s biggest shipping companies are turning to government support to ride out the fallout from the coronavirus pandemic. Read more.
May 22, 2020
U.S. Celebrates National Maritime Day
With the coronavirus pandemic, it’s never been more important to recognize some of our nation’s most important essential workers: our maritime workers. Read more.
Trade Tensions to Dampen Chinese Shipping Demand for Australian Coal: Sources
Chinese dry bulk demand for Australian coal is expected to weaken as end-users cancel or postpone tenders to import coal, shipping market sources said Thursday. Read more.
Chinese Steel Body Rallies Support to Open Country for Scrap Imports
The China Metallurgical Information and Standardization Institute, or CMISI, has begun to rally support from industry participants to accelerate its appeal for the country to open its doors for ferrous scrap imports. Read more.
Japan’s April LNG Imports Fall to Decade Low As Coronavirus Curbs Demand
Japan’s imports of liquefied natural gas (LNG) fell to the lowest in a decade in April as the coronavirus outbreak began to hit demand in the world’s biggest consumer of the fuel that is used for power generation and city gas. Read more.
Oil Posts Longest Streak of Gains in More Than a Year
Oil posted its longest streak of gains in more than a year, buoyed by output cuts across the globe that have whittled away at a stubborn supply glut. Read more.
May 21, 2020
Japan Exports Fall Most Since 2009 As Pandemic Wipes Out Global Demand
Japan’s exports fell the most since the 2009 global financial crisis in April as the coronavirus pandemic slammed world demand for cars, industrial materials and other goods, likely pushing the world’s third-largest economy deeper into recession. Read more.
County Selects Jonathan Daniels to Lead Port Everglades
Following a national search, Broward County Administrator Bertha Henry announced that seaport and economic development leader Jonathan Daniels will be the new Chief Executive & Port Director at Port Everglades. Read more.
China’s Benchmark Power Coal Price Edges Up
Analysts said that a rebound in the index came due to factors including the limited domestic raw coal production, a year-on-year increase in power plant coal consumption demand, the expected tightening of coal import policies and a jump in spot coal prices at ports. Read more.
U.S. Federal Maritime Commission to Investigate Canada’s Proposed Ballast Water Regulations
The Commission voted unanimously to accept a petition filed by U.S.-based Lake Carriers’ Association to look into the matter. In accepting the petition, the Commission agrees to initiate an investigation of specific allegations set forth in the petition, to gather information and to solicit public comments. Read more.
May 20, 2020
China Ramping Up Purchases of U.S. Farm Goods
China has significantly stepped up purchases of U.S. agriculture products in the past two months, according to U.S. officials, even as purchases in other sectors fall short of expectations under the first phase U.S.-China trade deal. Read more.
Millions Evacuated from India, Bangladesh as Cyclone Nears Making Landfall
The storm is intense enough to damage crops, plantations, trees, mud houses and communication and electric poles, as well as disrupt road traffic and transportation of essential goods. Read more.
Russian Oil Output Dips Towards OPEC+ Quota Limit – Sources
Russia’s oil and gas condensate production fell to 9.42 million barrels per day (bpd) during May 1 to 19 as a global deal on reducing output took effect, two sources familiar with the data told Reuters. Read more.
Mining Companies Rush to Shield Indigenous Communities from Coronavirus
Big mining companies that rely on indigenous workforces or operate near remote communities have acted fast to curb the spread of the coronavirus and avoid a public health crisis. Read more.
May 19, 2020
European Ports Hit Hard by Coronavirus Lockdowns
European ports have been the world’s hardest hit trade gateways from the coronavirus pandemic, with up to two-thirds reporting significant declines in ship calls this month in a sign of the deep contraction in global supply chains. Read more.
Funds Boost Bullish Soy Bets, Await More U.S. Sales to China
Speculators’ bets on Chicago-traded corn and soybeans have been diverging for weeks, with the gap reaching the widest in 2-1/2 years last week, as global corn supplies are set to expand over the next year while soybean stocks are seen shrinking. Read more.
Short Term Energy Outlook Shows Impact Of COVID-19 On Energy Sector
On May 12, the Energy Information Administration (EIA) released its latest Short Term Energy Outlook (STEO). This report reflects the first deep dive into how the energy demand collapse brought on by the COVID-19 pandemic is impacting energy market projections. Read more.
Battle Over World’s Biggest Wind Turbine Is Heating Up
Siemens Gamesa Renewable Energy SA, the Spanish wind turbine manufacturer, is to build what will be the world’s biggest windmill, by the thinnest of margins. Read more.
May 18, 2020
Commodity Tracker: 5 Charts to Watch This Week
The US oil production slowdown, China’s domestic gasoline pricing policy, and power market outlooks on both sides of the Atlantic feature in this week’s pick of commodity market trends from S&P Global Platts editors. Read more.
Iran Warns US of 'Firm Response' If Action Taken Against Its Fuel Tankers
Iran on Monday warned of a "firm response" if the US takes action against its oil tankers as five Iranian vessels are heading for Venezuela. Read more.
Industrial Production in U.S. Fell 11.2% in April
U.S. industrial production posted the steepest one-month fall on record in April as efforts to control the coronavirus pandemic closed factories, sapped demand and froze global supply chains. Read more.
Bulk Shipping ‘At The Very Bottom’ as Carrier Earnings Plunge
Vessels carrying dry bulk commodities are struggling to make a profit because of the double hit of lower seasonal demand for cargoes and the Covid-19 pandemic that’s wrecking trade and industrial activity worldwide. Read more.
China’s Splurge on Dirt-Cheap Crude Revealed in Tanker Movements
"Chinese purchases are done on geopolitical grounds and pricing ground,” said Peter Sand, the chief analyst at shipping trade group BIMCO. “The stars aligned for perfectly in 2nd half of April." Read more.
May 15, 2020
Shipping Employers and Trade Unions Give One Month to Ensure Safe Crew Changes
Shipping industry employers and trade unions have agreed to extend seafarer contracts for another month in order to give time for governments and companies to implement the International Maritime Organization protocols for ensuring safe ship crew changes and travel during the COVID-19 pandemic. Read more.
Chinese Coal Imports Rise 27.8% In First Four Months, Defying Pandemic
Chinese coal imports have had a very strong start to the year, despite the coronavirus crisis, proving demand for imports to be resilient, at least for now. Read more.
China to Allow Imports of Barley, Blueberries from U.S.
China will allow imports of barley and blueberries from the United States, according to notices on its customs website. Read more.
Small Irish Terminal Draws U.S. Oil with Global Storage Filling
A cluster of ships with American oil has been heading to a small terminal in southern Ireland as buyers search for places to store crude in the wake of a global demand slowdown. Read more.
May 14, 2020
Trump Administration Issues Global Maritime Advisory to Avoid Sanctions Risk
The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties, standards that maritime players and a senior State Department official said were modified following months of discussions with industry. Read more.
Panama Canal Emerges from Dry Season Promising Steady Draft Reliability
The Panama Canal says water conservation measures have been successful in securing steady draft reliability for the next several months as the waterway continues to seek long-term measures to ensure water levels are maintained. Read more.
Soaring Prices, Rotting Crops: Coronavirus Triggers Global Food Crisis
The coronavirus pandemic hit the world at a time of plentiful harvests and ample food reserves. Yet a cascade of protectionist restrictions, transport disruptions and processing breakdowns has dislocated the global food supply and put the planet’s most vulnerable regions in particular peril. Read more.
U.S. To Buy Up To 1 Million Barrels of Oil for Emergency Reserve
The U.S. Energy Department said it will buy up to 1 million barrels of sweet crude for the government’s emergency petroleum reserve as part an effort to help producers struggling as the coronavirus strangles oil demand. Read more.
May 13, 2020
Stranded Crew Crisis Is Ticking Time Bomb for Global Trade
The plight of international seafarers is a ticking time bomb for the U.S. supply chain because ship crew cannot be forced to keep working forever and there are only two ways this impasse can end: Either governments finally ease travel restrictions, allowing crew to get home and replacement crew to restaff ships, or ships will start to be removed from the trading fleet. Read more.
Corn Falls as U.S. Raises Supply Forecast, Wheat Drops For 4th Day
“We are looking at a glut in corn supplies as it is not just U.S. which is likely to have a big crop; we are expecting higher output in Brazil as well,” said one Singapore-based corn trader. “On the demand front, the (novel) coronavirus and African Swine Fever are reducing consumption.” Read more.
Farmers Swap Soybeans for Corn as Coronavirus Scrambles Demand
Demand for ethanol has evaporated as energy prices have plummeted, with people staying home around the world. A corn byproduct of ethanol production is also a top livestock feed, prompting some hog-and-cattle farmers to buy more soybeans instead. Read more.
Russia's Oil Output Down to 9.45 Million Bpd on May 1-11: Sources
Russian oil output has decreased as part of the global agreement on production cuts in order to combat the fallout from the spread of the coronavirus, which has dampened economic activity across the globe and hit commodity demand. Read more.
Easing Oversupply Fears Lift Oil Prices
Oil prices climbed Tuesday, a sign that production cutbacks and easing pressure on storage facilities are lifting traders’ hopes for battered energy markets. Read more.
May 12, 2020
Louisiana Connector Amendment Project Moves Forward
The US Federal Energy Regulatory Commission (FERC) has issued a favorable environmental assessment (EA) for the Louisiana Connector Amendment Project, proposed by Port Arthur Pipeline LLC (PAPL), allowing the project to move forward. Read more.
China Buys At Least Four U.S. Soybean Cargoes, Seeking More - Traders
Chinese importers bought at least four cargoes, or about 240,000 tonnes, of U.S. soybeans on Monday for shipment beginning in July, two traders familiar with the deals said. Read more.
Owners Look to Lay-Up As They Navigate COVID-19 Trade Declines
Cargoes carried on containerships are set to fall by 10 percent this year, the largest decline in this sector’s 64-year history. Owners of these vessel types, as well as passenger and cruise ships, are among the first in the maritime sector deciding to lay-up and are becoming reacquainted with regulatory and technical measures to prepare and protect vessels whilst out of service. Read more.
Interview: Brazil Corn Exports, Domestic Demand to Stay Firm This Season Despite Coronavirus: CEPEA
Brazilian corn exports and domestic demand are expected to remain strong despite concerns about the huge surplus in the US and weaker consumption due to the coronavirus pandemic, researcher with Brazil's agricultural think tank Center for Advanced Studies on Applied Economics (CEPEA) Lucilio Rogerio Aparecido Alves told S&P Global Platts in an interview. Read more.
U.S. Maritime Stakeholders Launch Cyber Threat Clearinghouse
A group of American seaports and maritime stakeholders have decided to address cybersecurity threats by launching a new non-profit, the Maritime Transportation System Information Sharing and Analysis Center (MTS-ISAC). Read more.
May 11, 2020
Americans Are Pumping Gas Again as States Reopen
Fuel makers including Valero Energy Corp. VLO -0.09% and Phillips 66 have said they expect gasoline demand to continue to rebound after plunging to roughly half of normal levels in early April, as states reopen from lockdowns imposed to limit the spread of the new coronavirus. Read more.
Panama Canal Authority Seeks Dialogue with Cargo Owners
The Panama Canal Authority is considering by-passing shipping companies and instead establishing direct relationships with cargo interests as it tries to keep abreast of the rapidly changing marketplace and the new trade patterns that are emerging. Read more.
Interview: Import Monitoring Critical to US Steel Market Recovery: SMA President
As the US steel market looks to recover from the coronavirus pandemic, import monitoring remains critical to protect against the effects of global steel excess capacity, Philip Bell, president of the Steel Manufacturers Association, said in an interview with S&P Global Platts this week. Read more.
GRAINS-Soybeans Rise for 3rd Day to One-Month High on Demand Hopes
Chicago soybean futures rose for a third consecutive session to hit a one-month high on Monday, while corn prices gained on expectations of higher demand from top buyer China. Read more.
May 8, 2020
The World’s Food System Has So Far Weathered the Challenge of COVID-19
Analysis done for The Economist by Josef Schmidhuber and Bing Qiao of the UN’s Food and Agriculture Organisation (FAO) shows that most countries are more dependent on imports today than they were 20 years ago. This has made observers worry that disruptions caused by COVID-19 could trigger a repeat of the food crisis of 2007-08, when a sharp rise in prices was exacerbated by panicking governments. Read more.
IMO Endorses New Protocols Designed to Lift Barriers to Crew Changes
The need for ships to change crews and for seafarers to fly home at the end of their periods of service have emerged as two of the biggest challenges facing the shipping industry as a result of the COVID-19 pandemic. Read more.
Column: Robust Imports of Major Commodities Show China Shrugging Off Coronavirus Hit
If 2020 was a normal year then China’s imports of major commodities would look sort of ho-hum, but given the devastating impact of the coronavirus pandemic, the performance looks remarkable. Read more.
May Heralds Even More Disruption and Uncertainty for Petrochemicals
“This volatility presents a unique challenge for oil and gas producers, with the need to balance the requirement for cash today, with appropriate investment across the portfolio to generate cash tomorrow,” van Beurden said. Read more.
May 7, 2020
Brazil Soybean Exports at Record High
Brazil set a new soybean export record in April. The country exported 16.3 million tonnes of soybeans during the past month, an increase of 9.4 million tonnes compared to the same period last year, according to newly released Brazilian government data. Read more.
Coronavirus Curbs LNG Demand in China, Japan and South Korea
Asian demand for liquefied natural gas, which was driving growth in the global market, is slowing after the novel coronavirus brought industrial activity in the region to a standstill. Read more.
Coronavirus: Sailors Tell of Months Stuck on Ships
The hardest part is not the length of time on board. It's the fact that they don't know the length of time they'll spend on board. Read more.
Crude Oil Tanker Earnings Drop 68% in Nine Days
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China dropping 68% in just nine days. Read more.
China’s April Soybean Imports Fall 12% on Year on Port Delays
China’s soybean imports fell 12% year on year to 6.71 million mt in April, customs data released Thursday showed. Read more.
May 6, 2020
US Coal Exports Climb to Four-Month High In March: Census
Despite bituminous exports falling over 30% on the month, US coal exports rose to a four-month high of 6.27 million mt in March, as metallurgical exports recovered from its three-year low in February, according to US Census Bureau data released Tuesday. Read more.
U.S. Trade Plummeted in March with Record Drop in Exports
U.S. exports of goods and services plunged in March by a record and imports declined by the most in 11 years as the coronavirus pandemic stymied trade and travel. Read more.
Lines Using Cheaper Cape of Good Hope Route Will Cost Suez Canal $10m
The Suez Canal Authority (SCA) is set to lose over $10m in revenue from container lines routing vessels via the Cape of Good Hope rather than its waterway. Read more.
Brazil Fears Agriculture Protectionism Amid Pandemic: Draft Report
Brazilian officials expect the coronavirus outbreak to spark a rise in global agricultural protectionism as countries seek to secure local food supplies, according to a draft report from the agriculture ministry seen by Reuters. Read more.
Saudi Arabia Sets $533 Million for Agriculture Imports
Saudi Arabia has allocated 2 billion riyals ($533.3 million) to fund importing agriculture products and secure food supplies amid coronavirus fears, the country’s agriculture development fund said on Tuesday. Read more.
May 5, 2020
How Canceled Sailings Will Impact US Ports – And When
What matters to American businesses is U.S. port arrivals, not foreign departures. American businesses want to know exactly how much arrival capacity will be reduced, exactly when it will be reduced, and how this reduced capacity will compare year-on-year. Read more.
COVID-19’s Sudden Bite Could Have Lasting Impact on US Steel Market
This isn’t the first big downturn the domestic industry has faced, and it’s not the first time it was struck by an unexpected threat. Read more.
Goldman Sachs Predicts $51 Oil In 2021
Goldman Sachs raised its estimate for WTI Crude prices in 2021 to $51.38 per barrel from $48.50, expecting a gradual recovery in global oil demand and production cuts from OPEC+ and shut-ins elsewhere to support oil prices next year. Read more.
Limited Shore Leave Taking Its Toll on Seafarers
"Even when shore leave is possible, the cost of shore passes, access to transport and health fears can impact the decision to go ashore. Additionally, given ships are reduced to minimum crewing levels, taking shore leave requires cover, forming further issues regarding logistics,” the report said." Read more.
May 4, 2020
Soybeans Set for Biggest Weekly Gain in 5 on Strong China Demand
U.S. soybean futures edged lower on Friday after touching a one-week peak in the previous session, although the oilseed was poised for its biggest weekly gain in five on signs of strong demand from China. Read more.
Spain Allows Crew Changes
Spain has legislated that seafarers are key workers in a move that aims to ensure their movement through Spanish ports. Read more.
Portsmouth Marine Terminal to Host Three Large Cruise Ships
Three large cruise ships will begin an extended stay berthed at Portsmouth Marine Terminal starting Monday. Read more.
FMC Commissioners Urge Congress to Address Port Needs
The system of leasing marine terminals at U.S. ports is predicated on projected cargo volumes, and projections indicate that sustained demand reductions will make it financially difficult for terminals to sustain lease payments. Read more.
Weekly US Coal Production Drops Again to Over 10-Year Low: EIA
Weekly US coal production declined for the fourth straight week to an estimated 8.58 million st in the week ended April 25, down 0.5% from a week earlier and 39.4% lower than the year-ago week, US Energy Information Administration data showed Thursday. Read more.
May 1, 2020
Vessels Sound Global Tribute to Seafarers
Ships’ horns have been sounded at 1200 hrs local time in ports around the world as part of an initiative by the International Chamber of Shipping and the International Transport Workers’ Federation. Read more.
Coronavirus Slows But Won’t Halt Shipping’s Focus on Global Trade
The owners of ships, from the hulking bulk carriers that haul iron ore and other metals to the improbably large container ships that ferry retail goods and manufacturing parts across oceans, have slimmed down their sailings in response to the global downturn. But for seagoing companies, the pandemic is a detour from entrenched strategies, not a change of course. Read more.
Panama Canal Changes Reservation Fee Requirements to Help Customers During COVID-19 Pandemic
Starting May 4, the waterway will implement temporary changes that will no longer require of booking guarantees and the advance payment of reservation fees upon confirmation of a reservation. Read more.
Trump Administration Remains Hopeful on China Trade Pact Despite Coronavirus
A senior U.S. trade official expressed confidence Wednesday that Beijing will meet its obligations under the trade deal with Washington, despite fallout from the coronavirus pandemic and doubts by experts about China’s ability to meet purchase targets. Read more.
April 30, 2020
How Much More Can I Take - How Long Until Crude Oil And Refined Products Storage Maxes Out?
The global economic shut-down caused by COVID continues to wreak havoc on U.S. markets. Read more. Read more.
GRAINS-Soybeans Rise for Second Straight Session on Demand Hopes
U.S. soybean futures rose for a second straight session on Thursday, underpinned by expectations of increased demand for North American supplies. Read more.
BP Sees 'Exceptional' Uncertainty on Prices and Demand, Says Cost-Cutting Will Protect Business
BP warned Tuesday of "exceptional" uncertainty over prices and oil demand, and said coronavirus could prompt a long-term reduction in oil consumption, but that cost reductions arising in part from technological change would protect the business. Read more.
Rising US Fuel Demand Hints at Recovery: Update
Rising US road fuel demand last week may hint at a recovery but remains well below normal under restrictions on travel and other activities to slow the spread of the Covid-19 pandemic. Read more.
US Pig Iron Imports Poised for May Rise
US seaborne imports of pig iron and ferrous scrap appear set to rise in May as steel mills look to supplement thinning domestic supplies of prime scrap. Read more.
April 29, 2020
Texas Oil Port Hit by One-Two Punch: Falling Demand and Overproduction
Corpus Christi has become the largest energy exporter in the United States, but several expansion projects have been delayed or scuttled, threatening jobs and investments. Read more.
Maritime Bodies Seek PMO Intervention To Bring Back Stuck Seafarers
Thousands of Indian seafarers are currently stuck aboard cruise and cargo vessels in far off waters, and the country may face disruption in supply chain if they are not brought back, maritime bodies said on Sunday. Read more.
Japan Q1 Crude Steel Production Volumes Lowest In Over 10 Years, Worse To Come
Japanese crude steel production in the past three quarters fell back to levels not seen since 2009 as the industry grapples with downstream manufacturing and construction worksite closures brought about by the coronavirus pandemic, compounding issues faced through existing tepid domestic demand and export opportunities. Read more.
May Day Could Be A Cry for Help From Carriers, As Another Holiday Looms
The five-day May Day holiday shutdown in China is adding to capacity adjustment problems for ocean carriers. Read more.
April 28, 2020
Asian LNG prices take bigger coronavirus hit than Brent crude: Russell
While the coronavirus-led plunge in crude oil prices has grabbed the bulk of the headlines, the collapse in spot liquefied natural gas (LNG) prices in Asia has been just as dramatic, and just as likely to have lasting consequences. Read more.
Funds’ Bearish Corn Bets Hit Seven-Month High as Futures Flirt With $3 Mark
Speculators increased their pessimism toward Chicago-traded corn last week as unprecedented disruptions in demand had front-month futures dangerously close to a sub $3-per-bushel price, which has not happened since 2009. Read more.
Ship Orders Crash as Coronavirus Takes a Toll on Seaborne Trade
The economic fallout from coronavirus restrictions helped cut investment in shipbuilding to its lowest level in 11 years in the first quarter, with work at Asian shipyards nearly halted and owners holding back on orders as global demand for goods nosedived. Read more.
U.S. Oil Prices Swing as Investors Weigh States’ Reopening Against Historic Oversupply
Oil prices whipsawed on Tuesday as investors and index funds rushed out of near-term futures contracts for fear that the financial instruments may repeat last week’s plunge into negative territory. Read more.
April 27, 2020
Port Authorities Commit to Stay Open Amid Coronavirus Pandemic
Twenty port authorities in Asia, Europe, the Middle East and North America signed a declaration committing to stay open amid the coronavirus pandemic. Read more.
Coronavirus Forces Farmers to Destroy Their Crops
As the coronavirus pandemic disrupts supply chains, American farmers are dumping milk, throwing out eggs and plowing under healthy crops. Produce suppliers are especially vulnerable to surpluses because fruits and vegetables are perishable and can’t be stored. Read more.
Chinese Demand for Soybean Remains Robust
China’s demand for soybean is forecast to grow in 2020 by 7.8% y-o-y, signalling a positive outlook for the dry commodity as well as for the bulk carriers that transport it. Read more.
Dry Bulk Market: Capesizes See Strong Demand in the Brazil to China Routes
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. Read more.
In Another Hit for Farmers, Coronavirus Crushes Ethanol Market
Plummeting energy demand during the coronavirus pandemic has decimated the ethanol industry. Read more.
April 24, 2020
Major Oil Fluctuations Rub Off on Shipping Lines' Fuel Prices
The massive fluctuations in the oil price in recent days mean that the price of low-sulfur in the US on Wednesday was lower than that of high-sulfur fuel, notes shipping analyst Lars Jensen. Oil prices increase Thursday. Read more.
Railroads Prepare for Quick Turnaround
After having a front-row seat to the economy seizing up, freight railroads are keeping their workers and locomotives on standby to quickly help get things moving again. Read more.
Oil Markets in ‘Inflection Phase’ After Historic Week of Trade, Goldman Sachs Says
“Even though demand may not recover quickly, the production shut-ins we’re going to see in the next few weeks are going to create a lasting supply disruption,” Courvalin said. “With that you’ll get a tightening of fundamentals and a recovery in prices in the second half of this year.” Read more.
Global Steel Output Falls 6% in March as Crisis Shuts Furnaces
Global crude steel production fell 6% to 147.1 million tonnes in March from a year earlier, World Steel Association data showed on Wednesday, as the coronavirus crisis forced the closure of furnaces. Read more.
Repair, Abandon, Burn: Russia Explores Options for Historic Oil Cut
In just a week, Russia has to find ways to cut a fifth of its oil output under a deal to tackle the market glut and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said. Read more.
April 23, 2020
Globalized Commerce Might Prove Resilient to the Pandemic
Companies might reshore some production of medical equipment for emergencies, but other international supply chains will be harder to break. Read more.
Oil Price Rout to Hit U.S. Regional Economies
Tumbling oil prices will have broad regional impacts on the U.S. economy, hitting states far afield from Texas, which was the engine of a national energy boom during the past decade. Read more.
Soybeans Jump 1% On Chinese Purchases
U.S. soybeans rose 1% on Thursday as China’s recent purchases of North American supplies stoked hopes for stronger-than-expected demand from the world’s largest importer. Read more.
Closure of US Meat Plants Raises More Concerns Over Long-Term Corn Feed Demand
A slew of temporary shutdowns at meat-producing plants in the US to control the spread of COVID-19 is raising more concerns on long-term corn feed demand, analysts said. Read more.
April 22, 2020
Oil Traders Are Scrambling to Book Tankers for Storage
The growing surplus of oil on world markets has traders racing to find supertankers to use for storage, pushing rates for the mammoth vessels sharply higher even as prices for crude continue to dive. Read more.
EU Reviewing Steel Imports in View of Possible Glut: Trade Chief
The coronavirus crisis could lead to massive stockpiling of steel that could then flood the European Union when demand returns, the EU trade chief said on Tuesday, adding this was something the bloc would seek to guard against. Read more.
Turbines Shipped for Virginia's Offshore Wind Farm
The turbine components and monopiles for the Coastal Virginia Offshore Wind pilot project have started their journey from German to North America. Read more.
As Oil Crashes, Iron Ore Is Still Rocking
Last year was supposed to be an aberration for iron ore, an unexpected period of sky-high prices after a fatal dam collapse in Brazil and a tropical cyclone in Australia. Instead, it continues to defy gravity. Read more.
Biomass Energy Production Sets New Records in the UK
The U.K. government recently released updated energy statistics showing the renewables share of electricity generation reached a record 36.9 percent last year, with 119 terawatt hours (TWh) of electricity generated from renewable sources. Read more.
April 21, 2020
Chinese Steel Stockpiles Retreating, A Positive Indicator for Iron Ore Demand
Chinese steel stockpiles reached record highs amid the coronavirus outbreak, but are now steadily easing. This paints the picture of an increased construction activity and a growing seaborne demand for the key dry bulk commodity of iron ore. Read more.
Bulk Shipping Rates Start to Recover as China Emerges from Virus
Freight rates for bulk commodities, which were torpedoed earlier this year as China’s economy took its initial hit from the pandemic and as iron ore cargo volumes fell, are showing signs of a recovery. Read more.
U.S. Suspends Tariffs for Some Importers Affected by Coronavirus
The Trump administration said it would allow some companies to delay payment of import tariffs due to economic hardship triggered by the new coronavirus, but the relief was much more limited than many officials and business leaders had signaled. Read more.
U.S. Oil Costs Less Than Zero After a Sharp Monday Selloff
U.S. oil futures plunged below zero for the first time Monday, a chaotic demonstration of the dwindling capacity to store all the crude that the world’s stalled economy would otherwise be using. Read more.
April 20, 2020
Steelmakers’ Worst Slump in a Decade Seen Getting Worse
U.S. steel companies are slashing production to match a sharp collapse in demand caused by manufacturers idling plants to slow the coronavirus pandemic. Read more.
A Wild Ride for Global Supply Chains Captured in Seven Charts
The world economy’s ability to recover from the coronavirus may ultimately depend on how soon businesses can repair damaged and broken supply chains. Read more.
Uncollected New Vehicles Now Driving Congestion Chaos at Ports and Terminals
Reports of ports suffering congestion as consignees and their forwarders were unable or unwilling to collect imports were today backed up by new data showing higher utilisation of storage areas and warehouse. Read more.
Flotilla of Saudi Oil Threatens to Worsen U.S. Supply Glut
The Saudi crude, about seven times as much as the Gulf Coast took from the country in a typical month last year, will fill rapidly dwindling places to store oil, depress already low prices in key shale regions and increase pressure on drillers from Texas to North Dakota to shut off their wells. Read more.
Ukraine Weekly Wheat Exports Jump 47% Despite Government Warning
Ukrainian wheat exports jumped nearly 50 percent in the week of April 11-17 despite a government warning that it could ban shipments if export rates are too high. Read more.
April 17, 2020
Shipping and Airline Industries Call for Designated Crew Change Airports
The International Chamber of Shipping has teamed up with the International Air Transport Association to jointly call on governments to take urgent action to facilitate ship crew change flights for seafarers. Read more.
Brazilian Soya Bean Exports Reach All-Time Q1 High of 17.9m Tonnes
Brazilian soya bean exports reached an all-time high for a first quarter, jumping to nearly 18 million tonnes in sharp contrast to the slow start of the year. Read more.
Flotilla of Saudi Oil Threatens to Worsen U.S. Supply Glut
The Saudi crude, about seven times as much as the Gulf Coast took from the country in a typical month last year, will fill rapidly dwindling places to store oil, depress already low prices in key shale regions and increase pressure on drillers from Texas to North Dakota to shut off their wells. Read more.
Megaships Proving a Drag on Ocean Carriers in Trade Downturn
The megaships that were supposed to carry container lines into a new era of efficiency-driven profitability have become a financial albatross during the coronavirus pandemic. Read more.
April 16, 2020
Crunch Time for World’s Supply Chains to Deliver Masks and Meat
Covid-19 is about to put the global trading system through its most dramatic stress-test since World War II, with supply lines for essential food and medical goods entering a critical phase as the pandemic peaks in the U.S. and Europe. Read more.
Keeping Up with The Jones Act! Changes A Pandemic and Price War Could Bring!
The U.S. oil and gas industry is under stress after the precipitous fall in crude prices resulting from a combination of low demand induced by the COVID-19 pandemic and abundant supply stimulated by the price war between Saudi Arabia and Russia. Read more.
India Lockdown: Steel Mills in Quagmire Over Extension, Year-Long Recovery Awaited
As India extended its country-wide lockdown till May 3, already categorized as one of the most severest response to the COVID-19 pandemic, domestic steel companies were seen scrambling for policy support alongside planning ahead for effective epidemic control for operations, while grappling with absent demand. Read more.
Oil Demand Projected to Fall by Record Amount
Global oil demand is expected to fall by a record 9.3 million barrels a day this year as government-implemented lockdowns keep the economy at a near standstill, the International Energy Agency said Wednesday. Read more.
GRAINS-Corn Recovers From 3-1/2-Year Low, Weakening Ethanol Demand Curbs Gain
Chicago corn ticked higher on Thursday after dropping to its lowest since 2016 in the previous session, although gains were limited by a sharp decline in demand for the grain-based fuel ethanol amid the coronavirus outbreak. Read more.
April 15, 2020
Oil Demand Projected to Fall by Record Amount
Global oil demand is expected to fall by a record 9.3 million barrels a day this year as government-implemented lockdowns keep the economy at a near standstill, the International Energy Agency said Wednesday. Read more.
Cleveland-Cliffs to Idle Production at Two Sites
Cleveland-Cliffs Inc. reported April 13 that it would temporarily idle production at two of its iron ore mining operations – Northshore Mining in Minnesota and Tilden Mine in Michigan. Read more.
China March Copper Imports Rise 13% as Factories Resume Output
China's unwrought copper imports in March rose 13% from a year ago, customs data showed on Tuesday, as dwindling scrap supply increased demand for other forms of the metal and factories restarted as coronavirus containment efforts eased. Read more.
South Africa Mining Faces 45,000 Job Losses on Extended Lockdown
South Africa’s mining industry could shed more than 10,000 direct jobs as the sector reels from the impact of the nationwide lockdown. Read more.
April 14, 2020
Farmers Dump Milk, Break Eggs as Coronavirus Restaurant Closings Destroy Demand
Producers are throttling back as the virus erases sales to restaurants, hotels and cafeterias; ‘It was heart-wrenching’ Read more.
U.S., Saudi Arabia, Russia Lead Pact for Record Cuts in Oil Output
As part of agreement, 23 countries commit to withholding 9.7 million barrels a day from markets. Read more.
U.S. Railroads Push Against Oil Industry Demands for Storage in Rail Cars
Railroads are clamping down on rising demand from oil companies to store crude in rail cars due to safety concerns, sources said, even as the number of places available to stockpile oil is rapidly dwindling. Read more.
USDA Sharply Reduces Estimate of Corn Use for Ethanol
Department of Agriculture officials dropped corn used to produce ethanol by 375 million bushels in this month’s World Agricultural Supply and Demand Estimates report released Thursday, while raising corn, soybean, and wheat ending stocks. Read more.
Concerned Seafarers Call for Greater Access to PPE
The U.K.-based charity Human Rights at Sea (HRAS) says it has been contacted by an increasing number of seafarers calling for more personal protective equipment (PPE) to be made more available, not just for themselves, but for those maritime workers who come onboard their vessels including surveyors, agents, pilots and stevedores. Read more.
April 10, 2020
Analysis: Freight Jumps on Floating Storage Rush, Uncertainty Reigns Amid Coronavirus-Related Demand Slump
Oil tankers have found a second life as floating storage engines to stock cheap crude until markets pick up, after March saw near record low oil prices and sinking demand. Read more.
Unprecedented Container Congestion to Hit Exporters as Importers Fail to Collect Cargo
Global container supply chains could be facing an unprecedented congestion crisis, as isolated hotspots of boxes pile up at ports, and container freight stations expand and spread. Read more.
Global Oil Deal at Risk After Mexico Refuses Saudi-Russia Plan
An historic multilateral deal to lower global oil production and stabilize prices, led by record cuts from Saudi Arabia and Russia, is at risk of collapse after Mexico refused to sign up. Read more.
It’s Getting a Lot Harder to Ship Food Around the World
The port backups that have paralyzed food shipments around the world for weeks aren’t getting much better. In fact, in some places, they’re getting worse. Read more.
April 9, 2020
Wilmington to Welcome Mega-Ships After Expansion is Completed
The North Carolina Ports Authority (NC Ports) has said it is ready to welcome the largest container ships calling on the US East Coast after the completion of Phase II of the Turning Basin Expansion Project at the Port of Wilmington. Read more.
China Granted Waivers for Some Companies to Resume Importing Liquefied Natural Gas from the U.S.
Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, shipping and trade sources said. Read more.
Soybeans Poised for Major Rally
Short and longer-term technical studies, along with spread analysis, point to potential bull market. Read more.
Wuhan's Tech and Auto Factories Up and Humming as Lockdown Lifted
As Wuhan emerges from a lockdown of over two months, the industrial hub of 11 million people is rapidly making its way back to normalcy. Read more.
Ocean Carriers Idle Container Ships in Droves on Falling Trade Demand
More than 10% of the global boxship fleet are anchored as Western markets lock down against the coronavirus pandemic. Read more.
April 8, 2020
US Coal Production to Slump 22% This Year – EIA
US coal production will fall by 22% in 2020, as coronavirus-related stay-at-home orders drag down demand for electricity and coal mines have been idled for extended periods as a result of Covid-19. Read more.
U.S. Forecasts Oil Production Drop; Could be Factor in Saudi-Russia Price War
U.S. production of crude oil will fall 13% by year’s end, according to a government forecast Tuesday—numbers the White House hopes to use to convince Saudi Arabia and Russia to end their price war, a senior administration official said. Read more.
Defuse This Shipping Sector 'Timebomb' – Lift Travel Restrictions on Seafarers
Around 100,000 crew changes are required every month, according to the International Chamber Shipping (ICS), which called on governments to designate seafarers as key workers and allow them to transit their territories. Read more.
Idle Containership Fleet Set to Hit Record High of Three Million Teu
Idled containership capacity is expected to reach a record high of 3m teu within weeks, in the “worst capacity crisis the industry has ever seen”, according to new data from Alphaliner. Read more.
April 7, 2020
Drax Receives 100th Biomass Cargo from Dedicated US Export Facility
Drax has received the 100th cargo of sustainable biomass from its dedicated US export facility at the port of Baton Rouge in Louisiana, marking an important milestone in five years of its operation supplying the renewable fuel to the UK’s largest power station. Read more.
Fertilizer Prices Fall to Lowest Levels in a Decade, Economist Says
U.S. producers are positioned to plant the second-largest corn crop in modern history, but you wouldn’t notice by glancing at fertilizer prices. Read more.
Forwarders Switch Focus from Costly Air and Ocean to Overland Asia-Europe
Substantial price and capacity volatility in air freight and blanked sea freight sailings have pushed attention toward overland routes between Asia and Europe. Read more.
Key Food Prices Are Surging After Virus Upends Supply Chains
While the world isn’t about to run out of food anytime soon, anxiety over policy makers’ ability to deliver it to the right place at the right time and at the right price is mounting. Read more.
April 6, 2020
Ships Are Moving, but Exhausted Sailors Are Stuck at Sea Under Coronavirus Restrictions
Thousands of seafarers can’t travel to man ships, leaving growing numbers of crews around the world exhausted and facing illness at sea. Read more.
Overflowing Oil Tanks Have Traders Eyeing Rail Cars for Storage
Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels. Read more.
Dry Bulk Market: Capesize Market Finds Some Support
The Capesize market this past week looks to have come off life support and found some improved sentiment. Read more.
Carriers Could Find the Cost of Blanked Sailings Adding Up To $23 Billion
The container shipping industry could lose as much as $23bn this year from reduced demand in the wake of the coronavirus pandemic. Read more.
April 3, 2020
Despite Push, No Jones Act Waivers Have Been Requested: CBP
To blunt the impact of the collapse in oil prices some US producers have suggested temporary Jones Act waivers to move crude and products between US ports at a lower cost, but no one has yet requested such a waiver, according to US Customs and Border Protection. Read more.
Coronavirus Batters Steel Sector, Europe Hardest Hit
The coronavirus pandemic is battering the global steel sector as huge swathes of industry that use steel shut down, with Europe hardest hit since steel demand and company margins were already anaemic before the crisis hit. Read more.
The Natural Gas Glut Moves Offshore
Liquefied natural gas traders are following the latest trend in the oil market by storing huge amounts of the commodity on tankers, hoping prices will rise before the ship docks. Read more.
IMO Secretary-General Calls for “Key Worker” Designation for Seafarers
IMO Secretary-General Kitack Lim urged the United Nations to request governments to declare seafarers, port personnel and other crucial maritime workers as “key personnel” amid the coronavirus pandemic. Read more.
April 2, 2020
India Invokes “Force Majeure” on Major Port Operations
The Indian government has ordered a national 21-day lockdown, exempting port operations, and the nation's Ministry of Shipping has directed all major ports that they are not to levy any penalties on port users for delays caused by COVID-19 pandemic. Read more.
Crude Leaps More Than 20% on Hopes for End to Price War
Hopes for a truce in the global oil-price war powered crude to its biggest one-day percentage gain on record Thursday, with investors betting a globally coordinated production cut would alleviate some of the pressure from the coronavirus crisis. Read more.
Digitization in Shipping Will Speed Up Thanks to COVID-19
With much of the supply chain disturbed and businesses around the world being forced to implement remote work routines, digitalization and its benefits are becoming more and more apparent. Shipping could be no exception. Read more.
Brazil's Soybean Exports Spike in March on Coronavirus Uncertainty
Brazil, the world's largest soybean exporter, shipped out 11.64 million mt of beans in March, up 38% year on year, according to Brazil's foreign trade department report released Thursday. Read more.
April 1, 2020
Crude Tankers Poised for ‘Once-In-A-Generation’ Boom
Cratering global demand due to the coronavirus is proving disastrous for many transport companies, but not for crude tankers, which are now “in a parallel universe,” said Peter Sand, chief analyst of shipping association BIMCO. “The market is on fire.” Read more.
CORONAVIRUS: Drax Takes Action to Protect Energy Supply for Millions
“At Drax, we take our responsibilities as a member of critical national infrastructure and as an essential service provider very seriously. We are committed to maintaining a continuous, stable and reliable electricity supply for millions of homes and businesses in the UK," said Group CEO Will Gardiner. Read more.
Louisiana Gets $155.7 Million In Offshore Oil and Gas Money for Coastal Projects
The U.S. Department of the Interior announced Monday that the state would receive $155.7 million for the current fiscal year, about $58 million more than the previous year. Read more.
China's Ports Brace for Second Hit as Virus Spread Wipes Out Exports
China’s ports and shipping firms are bracing for a second wave of supply chain disruptions that may be deeper and more prolonged than during the country’s coronavirus lockdown as the global spread of the virus chokes off international demand. Read more.
March 31, 2020
Oil Crashes to 18-Year Low as Broken Market Drowns in Crude
Oil tumbled to an 18-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus. Read more.
The Second Virus Shockwave Is Hitting China’s Factories Already
“It is definitely the second shock-wave for the Chinese economy,” said Xing Zhaopeng, an economist at Australia & New Zealand Banking Group. The global spread of the virus “will affect China manufacturing through two channels: disrupted supply chains and declining external demand.” Read more.
Wheat and Rice Prices Surge in Coronavirus Lockdown
Countries that rely on imported grains to feed their populations have ramped up purchases to ensure they have sufficient stockpiles to see out the pandemic. Read more.
Dry Bulk and Containerships Lead ‘Flood’ of Scrubber Cancellations
Dry bulk and containership owners are among the first to scrap plans to retrofit or install scrubbers, according to Alphatanker, which forecasts a “flood of cancellations” as cost-cutting and the erosion of marine fuel oil premiums render the sulphur abatement technology redundant. Read more.
March 30, 2020
Regulators and Class Turn to Remote Inspections to Keep Ships Moving
In the era of COVID-19 and social distancing, remote survey and inspection procedures are proving even more helpful than before, according to regulators and class societies. Read more.
Coronavirus Is a Wake-Up Call for Supply Chain Management
Despite numerous supply-chain upheavals inflicted by disasters in the last decade — including the eruption of a volcano in Iceland, the Japanese earthquake and tsunami, Thailand floods, and Hurricanes Maria and Harvey — most companies still found themselves unprepared for the Covid-19 pandemic. Read more.
China’s Purchase of US Soybeans Spike in Jan-Feb Under Phase One Deal
China bought 6 million mt of soy from the US in the first two months of 2020, up 500% year on year as it ramped up purchases under its phase one trade deal commitments. Read more.
Capesize Market: Uncertainty All Around as Coronavirus Takes Center Stage
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions of the world are now under no illusions as to the severity of this crisis and are acting to mitigate amongst the daily changing circumstances. Read more.
March 27, 2020
The World's on The Brink of Running Out of Places to Put Oil
The world will run out of places to store oil in as little as three months, according to an industry consultant. Read more.
South African Mines Shut Down as Nation Starts Three-Week Lockdown
Major coal exporting hub South Africa is entering today a 21-day lockdown in the fight against coronavirus. All mines in the country have been closed from midnight through to the second half of April. Read more.
Coronavirus Rattles Shipping Industry as Supply Shock Moves to Demand Decline
Now that China has resumed exporting, shipping companies expect thousands of shipments to be stranded at seaports as the pandemic engulfs the U.S. and Europe. Read more.
Soybeans Set for Best Week in 6 Months on Production Shortfall Worries
U.S. soybean futures rose on Friday as concerns that the coronavirus pandemic will slow production set the oilseed on track for its best week in nearly six months. Read more.
March 26, 2020
U.S. Will Approve Some Delays in Tariff Payments Amid Coronavirus Crisis
The U.S. says it will allow some importers to delay tariff payments, following calls from business groups and import-dependent industries such as retailers and steel users for the Trump administration to cancel or at least temporarily suspend major tariffs. Read more.
Vietnam to Halt Signing New Rice Export Contracts Until March 28; Ban Closely Watched in International Market
Vietnam will suspend signing new rice export contracts until March 28 at the earliest under a review to ensure domestic supplies are sufficient during the coronavirus outbreak, the government said in a statement on Wednesday (March 25). Read more.
Indian Coking Coal Imports Hit by Port Closures
Coking coal imports to India have begun to be affected by the coronavirus outbreak, as berthing and uploading activities are halted at some major ports. Read more.
Coronavirus Upends Trucking Networks, With Heavy One-Way Flows
The coronavirus pandemic is whipsawing the trucking industry, as retailers clamor for delivery of food and household staples while lockdowns aimed at curbing contagion shut other businesses, leaving rigs empty on the return trip. Read more.
Great Lakes Shipping Season Begins in Duluth
The season’s first load of iron ore left the Duluth harbor before dawn Sunday, carrying with it some extra cargo — caution over the spread of coronavirus. Read more.
March 24, 2020
Truckers Brave Coronavirus Outbreak to Deliver Goods: 'If We Stop, The World Stops'
Across the United States, the nation's 3.5 million professional truckers are working flat-out to keep stores and businesses stocked as consumers worry about riding out home quarantines prompted by the coronavirus outbreak and try to snap up enough toilet paper, rice, beans, tuna and other staples to get through this period of uncertainty. Read more.
‘Can’t Even Give It Away’: Gasoline at $1 is Warning for Economy
Nationwide, pump prices are headed for depths not seen since the Great Recession. Retail gasoline is expected to average $1.99 a gallon in the next two days and fall as low as $1.49 by mid-April, the lowest level in 16 years, according to Patrick DeHaan, head of petroleum analysis at Gasbuddy. Read more.
Coronavirus and Crew Restrictions; What to Keep in Mind
Crew unable to disembark, service engineers unable to maintain essential equipment and classification societies unable to do scheduled ship surveys. This is the new reality for many, as several port authorities and port state authorities are imposing restrictions on mobility due to the Coronavirus (COVID-19). Read more.
GRAINS-U.S. Wheat Falls 1%, Strong Demand Caps Losses; Soybeans Ease
“There is a bit of panic buying in agriculture commodities and volatility across the global markets,” said Phin Ziebell, agribusiness economist at National Australia Bank. “The important thing to note is that the world is well supplied with wheat but logistics could be another issue.”. Read more.
March 23, 2020
As COVID-19 Grips Country, Maritime Industry Keeps Moving With Precautions
In little more than a week, COVID-19, the disease caused by the novel coronavirus, has brought much of daily life in the United States to a halt as communities and government officials struggle to “flatten the curve” of infection. Read more.
Houston Company Announces Crude Oil Export Operation in Calhoun County
SGR Energy announced plans Wednesday to export more than 3 million barrels of crude oil through the Calhoun Port Authority by the end of of 2020 – a volume the Houston-based company expects to double by 2021. Read more.
U.S. Wheat Associates President Peterson Issues Statement About Chinese Wheat Import Purchases
“The USDA report today that Chinese buyers have purchased 340,000 metric tons, or about 12.5 million bushels, of U.S. hard red winter (HRW) wheat for delivery in the 2020/21 marketing year is very good news for U.S. wheat farmers. Read more.
Amid Coronavirus Threat, U.S. and Mexico Restrict Border Crossings Except for Trade and Workers
The U.S. and Mexico have agreed to curtail travel across their shared 2,000-mile border, allowing trade and workers to continue crossing but limiting most other travelers, including migrants, in response to the coronavirus pandemic. Read more.
March 20, 2020
Chinese Port Restricts Ships from Virus-Hit Nations for 14 Days
The port of Fuzhou in eastern China is restricting vessels arriving from nine countries including the U.S. and Singapore in efforts to limit the spread of coronavirus by visiting ships and their crew. Read more.
Oil Posts Biggest One-Day Percentage Gain on Record
U.S. oil prices rebounded from their lowest level in 18 years with their largest one-day percentage gain on record, extending a recent period of turbulent moves as a price war between Saudi Arabia and Russia ripples around the world. Read more.
New Orleans Public Belt Railroad Gets $7.29M Grant for Upgrades
The grant from the U.S. Department of Transportation will improve efficiencies and increase NOPB’s capacity to switch, interchange and store cars, a news release said. By building additional railyard space and deploying automated switching technology, NOPB plans to improve productivity within the strategic rail corridor by 30%. Read more.
America’s Biggest Port Expects Trade to Start Recovering from Coronavirus Shock by May
The sprawling Port of Los Angeles, which handles more container cargo than any U.S. seaport, expects goods flowing in from international shippers, particularly China, to stay below average through the first quarter of 2020 due to coronavirus-related disruptions. But a slow recovery could begin by May. Read more.
March 18, 2020
Baltic Index Rises on Higher Capesize Rates
The Baltic Exchange’s main sea freight index rose on Wednesday, after seven straight sessions of losses, on stronger demand for capesize vessels. Read more.
Grains-Soybeans Climb 1.6% on Edible Oil Supply Concerns
Chicago soybean futures jumped 1.6% on Wednesday as Malaysia’s move to shut down businesses to contain the rapidly spreading caronavirus raised concerns over production of rival palm oil. Read more.
Crude Plummets 26% to 18-Year Low After Saudis Step Up Price War
Oil futures plunged as much as 26% to the lowest levels since 2002 after Saudi Arabia vowed to keep producing at a record high “over the coming months,” doubling down in its price war with Russia. Read more.
South Africa Quarantines Cruise Liner After Suspected Coronavirus Case
South Africa is holding the cruise liner, MV AidAmira, and a cargo vessel off Cape Town’s port limits after a crew member onboard one of the vessels showed signs of coronavirus, national ports operator Transnet said on Tuesday. Read more.
March 11, 2020
Metals Escape Worst of Selloff on Hopes for Chinese Demand
Metals prices have yet to join the latest leg down in the coronavirus-prompted market rout, a sign that some investors see China’s voracious appetite for industrial commodities recovering even as the epidemic hits the rest of the world. Read more.
Blanking Figures Show Impact of Coronavirus Beginning to Ease
As Chinese manufacturing shows signs of returning to normal, carriers are reducing the number of blanked sailings. But the focus now moves to the demand side, where there are fears that inventory management may hold back a recovery. Read more.
USDOT Awards $39 Million in Grants to Two Texas Ports
Officials at a pair of ports in Texas were awarded more than $39 million in federal grants to assist with expansion initiatives, the U.S. Department of Transportation announced March 10. Read more.
March 10, 2020
Port of Virginia Welcoming Business with Enhanced Facilities, Efficiencies
With enhanced terminal infrastructure and efficiencies and construction under way to bring channel depth to 55 feet – the most among U.S. East Coast maritime gateways – The Port of Virginia clearly is putting out the welcome mat for cargo business. Read more.
US Crude Inventories Likely Higher Last Week on Record Production, Low Runs
US crude inventories likely climbed last week, as production remained at a record high and refiners continued to curtail runs because of maintenance, according to an S&P Global Platts survey Monday. Read more.
Coronavirus Epidemic Exacerbates Metals Glut
With factories closed and the movement of people and freight restricted to slow the spread of the new coronavirus, China’s demand for metals has plummeted. But many of the country’s steel mills and aluminum smelters have continued to operate because stopping and starting equipment handling molten metal is expensive and risky. Read more.
Swine Fever Was Supposed to Boost Cattle Prices. Then the Coronavirus Hit.
Cattle prices were high to start the year, up by about one-third from a September low of 93 cents a pound. But in 2020 they have shed about 19%, or about 25 cents a pound, on fears that the novel coronavirus’s economic toll will crimp consumers’ budgets and that quarantines will keep meat eaters at home and steer consumption toward nonperishable foods. Read more.
March 9, 2020
Wanted: Tankers to Store Oil as Price War Augurs Glut
Oil’s plunge has revived memories of the 2008-09 recession, when traders snapped up dozens of tankers to park unwanted barrels at sea. Read more.
China Grants Duty Exemption on U.S. Soybean Imports: Sources
China has granted tariff exemptions for some crushers to import U.S. soybeans, five sources told Reuters, in line with a plan it announced in February, aiming to fulfill commitments under its Phase 1 trade deal with the United States. Read more.
Brazil’s Soy Exporters Set for Massive March While Corn Shipments Unusually Quiet
Brazilian farmers are nearly halfway through their largest soybean harvest on record and unsurprisingly, the export schedule is heavier than ever, despite a much slower start to the year. Soybean shipments have taken off in the last couple of weeks and could very likely set records in March, though corn exports look to stay historically light. Read more.
Coronavirus Spreads to Hurt Global Coal Market in H1 2020: Platts Analytics
"The ultimate impact of the coronavirus on Chinese and overall Asian coal imports and demand will vary with time but is distinctly bearish in the short-term," Platts Analytics said in its international coal markets forecast. Read more.
Colombian Coal Output Fell 2% in 2019
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the principle mines declined and operations were interrupted by droughts, the government said Wednesday. Read more.
March 6, 2020
Drax Achieves Industry-Leading Safety Record
Drax achieved an industry-leading safety record during 2019 with Morehouse BioEnergy, one of its compressed wood pellet plants located in Bastrop, surpassing the two-year mark with no recordable safety incidents. At its port operation in Baton Rouge, the company has achieved five and a half years with no lost time or recordable injuries. Read more.
Coronavirus Snarls Trans-Pacific Shipping and Ripples Through U.S. Business
Congestion at Chinese ports and interrupted sailings have squeezed space on China-bound vessels and created an imbalance of the 40-foot long refrigerated containers used to ship fruit, meats and other perishables on three-week voyages across the Pacific, with many stuck on the China side. Read more.
Argentine Farmers Plan Strike Against Tax Hike as Tensions Bubble
Argentina’s main farm groups will hold a four-day sales strike next week, officials with local growers groups said, to protest a tax hike that soy crushing companies warn will cripple investment in the key sector. Read more.
OPEC's Pact With Russia Falls Apart, Sending Oil Into Tailspin
A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production. Read more.
March 5, 2020
Chinese Steelmakers Receive Exemptions for US Tariffs on Coking Coal: Sources
Two Chinese steelmakers, buyers of US coal in the past two weeks, said Wednesday they had received exemptions from the 27.5% tariff imposed on US coking coal by the Chinese government. Read more.
Abu Dhabi Continues Smart Port Transformation with Autonomous Tugboats
Abu Dhabi Ports will develop the world’s first fully unmanned autonomous commercial marine tugboats in a collaboration with vessel designer Robert Allan Ltd. Read more.
Ships Turn into Floating Storage Units for Oil and Gas as Chinese Buyers Back Out
Dozens of ships are acting as floating storage vats for oil and liquefied natural gas because the owners of the fuel are unable to find buyers or places to store their cargo on land, according to traders, shipping brokers and analysts. Read more.
Curbed by Coronavirus China’s Truckers Can’t Wait to Get on the Road Again
China has long relied on its 30 million-strong army of truck drivers to keep its economy moving. Now, the coronavirus is keeping half of them off the road. Read more.
March 4, 2020
U.S. Ports Likely to See Slump in Cargo Volume from Coronavirus
Containership operators have canceled nearly 60 trans-Pacific sailings to the ports of Los Angeles and Long Beach, Calif., in the first quarter. Read more.
Canadian National Railway Aims to Sharply Cut Freight Backlog This Week
Canadian National Railway Co.’s chief executive said Tuesday the company would strive over the coming days to meaningfully reduce the backlog of freight caused by blockades that choked off key economic corridors last month. Read more.
Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut
Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus. Read more.
China Cargo Flows Rapidly Return to Pre-Coronavirus Levels
Finally, some good news about the coronavirus and global supply chains: Cargo volumes and ship calls have swiftly rebounded at Chinese ports, confirming that the cogs of global trade are grinding back into motion. Read more.
March 3, 2020
Coronavirus Hits Once-Isolated U.S. Natural Gas Market
Fears that the new coronavirus might slow the global economy have sent already-depressed natural gas prices tumbling to their lowest level in years. Read more.
NY-NJ Expects Q1 Cargo Drop After Dozen Blank Sailings
The Port of New York and New Jersey is planning for additional stress on port logistics systems when cargo volumes rebound from an expected decline in February and March due to China’s reduced production as a result of the coronavirus disease 2019 (COVID-19). Read more.
Tyne Joins Connected Ports Partnership
The UK’s port of Tyne has joined the Connected Ports Partnership – a global data and resource sharing initiative that includes the ports of Rotterdam, Gdansk, Helsinki, Hamburg and Los Angeles. Read more.
US Oil, Gas Rig Count Up 12 to 837 Amid Uptick in Oil Drilling Activity
The total oil rig count was up 11 on the week at 689, a four-week high, while gas-oriented rigs edged up by 1 to 145. The increase halted a two-week slide that had pushed rigs counts down to the lowest since February 2017 last week. Read more.
U.S. Corn ‘Only Game in Town’ With Supply Running Out Elsewhere
With Brazil effectively running out of the grain until the next harvest and prices in Argentina soaring, the U.S. is regaining some market share that the world’s biggest corn producer and exporter had lost to other suppliers. Read more.
March 2, 2020
One of the World’s Largest Energy Summits Canceled on Virus
One of the world’s largest and most important energy industry gatherings was canceled by organizer IHS Markit Ltd. on Sunday amid mounting concerns about the coronavirus outbreak. It was due to start March 9. Read more.
Trafigura and Philipps 66 in Corpus Christi Offshore Terminal JV
Trading company Trafigura Group and Houston-based Philipps 66 announced that they have formed a 50/50 joint venture to build up to two single point mooring (SPM) buoys. Read more.
Historic Capacity Crunch Looms as More Europe-Asia Sailings Are Blanked
Freight forwarders sending goods out of Europe to Asia face one of the tightest capacity crunches in living memory over the next few weeks. Read more.
AAPA: Ports are First Line of Defense
Chris Connor, President and CEO of the American Association of Port Authorities (AAPA), has issued a statement about the coronavirus (COVID-19) outbreak saying: “While the global economic impacts to the port and maritime industry from the coronavirus outbreak are significant and growing, the human impacts are our greatest concern. Since ports are a nation’s first line of defense against threats ranging from terrorism to pathogens, they take their role seriously about protecting the safety and well-being of their communities. Read more.
February 28, 2020
Argentina's Likely Export Curb Move to Benefit US Soybean Meal: Sources
Argentina’s surprise move to suspend export registrations Wednesday fueled market expectations of imminent tariff hike on soybean, soybean meal and soybean oil exports, with the industry expecting the move to benefit US soybean meal exports over soybeans. Read more.
Baltimore Dredging Kicks Off
The U.S. Army Corps of Engineers, Baltimore District, has begun dredging approximately 5.5 million cubic yards of material from six channels associated with the Baltimore Harbor, ensuring continued safe navigation for vessels going in and out of the Port of Baltimore. Read more.
Oil Prices Could Remain Weak in March and April, Even If OPEC Cuts Production: S&P Global Platts
Even if OPEC cuts production by 600,000 barrels a day, oil prices could remain weak until April, according to a senior analyst at S&P Global Platts. Read more.
A Revival in Metal Stocks Hinges on a Recovery in Chinese Manufacturing
The jump in coronavirus cases has prompted a risk-off run in metal stocks, with prices taking a sharp knock since the beginning of this year. Read more.
Coronavirus Impact Seen Prolonging U.S. Freight Slump
Analysts say shipping companies may see strong rebound once restrictions subside and companies rush to replenish inventories. Read more.
February 27, 2020
Shipping’s Smaller Operators Are Most Susceptible to the Coronavirus Financial Impact
Many companies are struggling to stay afloat as the impact of the coronavirus outbreak sweeps across supply chains, slashing production in China and dealing a blow to global trade and the movement of goods from iron ore to consumer electronics. Read more.
Oil Prices Fall for Fifth Day To Lowest In A Year
The spread of the virus to large economies including South Korea, Japan and Italy has raised concerns that growth in fuel demand will be limited. Read more.
USDA Expects Sunny Outcome for Ag Exports to China
U.S. Agriculture Secretary Sonny Perdue said most benefits of “Phase One” trade deal with China should be realized in 2020, despite commercial disruption from coronavirus. Read more.
February 26, 2020
Port of Los Angeles Sees Coronavirus Impact Sharply Reducing Imports
The largest U.S. gateway for seaborne imports from China is projecting a 25% drop in container volumes this month as the economic impact of the coronavirus spreads across shipping operations far from the outbreak. Read more.
China Lifts Import Restrictions on U.S. Farm Goods
U.S. officials on Tuesday noted that Chinese leaders have lifted import restrictions on U.S. poultry and poultry products and pet food, along with other actions, since the deal took effect on Feb. 14. Those provisions were part of a 90-page written agreement signed in January. Read more.
Baltic Index Rises for Eighth Straight Session
The Baltic Exchange’s main sea freight index inched higher on Tuesday, marking its eighth straight session gain, as higher rates for panamax and supramax vessels outweighed lower capesize rates. Read more.
February 25, 2020
Natural-Gas Exporters Struggle to Lock Up Buyers Despite ‘Freedom Gas’ Pitch
U.S. companies have struggled to line up foreign buyers willing to sign long-term deals for liquefied natural gas as the world is experiencing a glut of the fuel. Read more.
Korea’s Coronavirus Spread Puts an Export Hub at Risk
About 90% of South Korea’s exports are intermediate rather than finished goods, meaning that any industrial shutdowns will be felt elsewhere in the world quickly afterward. Read more.
Coronavirus: Shippers Allowed Shipside Loading and Pickup Amid Packed Port Storage Yards
Several major Chinese container ports are letting shippers go to ships at berth to load or pick up cargo directly, as storage yards are overcrowded as a result of the coronavirus outbreak. Read more.
Oil Plunges on Fears of Virus Spiraling Into a Global Pandemic
Oil tumbled by the most in almost seven weeks as the worsening coronavirus outbreak fueled concerns that the global economy will falter. Read more.
February 26, 2020
World Economy Shudders as Coronavirus Threatens Global Supply Chains
The last time a coronavirus outbreak hit China in 2003, the global economy emerged relatively unscathed. Now, nearly two decades later, the growth-damping effects of a similar pathogen threaten to ripple around a world transformed by China’s boom. Read more.
Carriers That Invested in Scrubbers May Find the Cost Higher Than Expected
Shipping lines that have invested in scrubber technology to comply with the IMO 2020 low-sulphur regulations may be forced to reconsider the wisdom of their investment, as fuel producers appear to be looking for ways to push prices up. Read more.
Global Shipping’s ‘Perfect Storm’ to Pass, Veteran CEO Says
“This is certainly temporary,” said John Wobensmith of Genco Shipping & Trading Ltd. “We think that the second half will spring right back,” the industry veteran said in an interview from New York, citing the potential for stimulus in China aiding demand, coupled with a lower supply of ships. Read more.
Shipping Industry Faces $370 Million Hit from New Panama Canal Charge
The Panama Canal, one of world’s busiest shipping routes which handled nearly 14,000 transits last year, said last month it would introduce a charge from Feb. 15 of $10,000 for any vessel more than 125 feet long. Read more.
February 21, 2020
Baltic Index Gains as Vessel Rates Edge Higher
The Baltic Exchange’s main sea freight index rose on Wednesday as rates improved across all vessel segments, even as shipping activity remained subdued due to the coronavirus outbreak in China. Read more.
DOT Applies for $1 Billion in FY 2020 BUILD Grant Funding
Coming on the heels of the White House last week issuing its proposed Fiscal Year 2020 budget, which had a sharp focus on transportation infrastructure, the United States Department of Transportation (DOT) this week sent out a call for infrastructure funding, albeit in a different way. Read more.
Dim U.S. Farm Forecast Extends Into 2020
The U.S. Department of Agriculture on Thursday said it expects farm debt in 2020 to rise to a record $425 billion, up from $415 billion last year. Read more.
China’s Metal Exporters Face Order Cancellations, Damage Claims Amid Virus: Trade Group
Some overseas buyers of Chinese metal products have stopped accepting shipments amid the coronavirus outbreak, while other clients – including from India – are seeking damages due to a failure to deliver on time, a China trade body said on Tuesday. Read more.
Brazilian Soybean Exports Could Hit 9 Million MT in February, Up 80% on Year: Conab
Brazil could export 9 million mt of soybeans in February, up 80% year on year, as harvesting continues apace and the value of the real falls, according to the Brazilian national crop agency Companhia Nacional de Abastecimento. Read more.
February 19, 2020
WTO Gives Somber Goods Trade Outlook, Sees Virus Threat
Growth of global trade in goods is likely to remain weak in early 2020, the World Trade Organization (WTO) said on Monday, adding that the below-trend performance could become even worse due to the new coronavirus. Read more.
China Starts to Reopen Gates to US Ethanol
China will offer tariff exemptions of nearly 700 types of goods from the US, including fuel ethanol, the Chinese government announced Tuesday, but traders are currently uncertain about its impact on future imports. Read more.
Oil Hits Two-Week High on Supply Risks From Venezuela to Libya
Oil climbed to the highest level this month as sanctions on Rosneft Trading and escalating tensions in Libya threatened global crude supply. Read more.
Commentary: Supply-Chain Risks From the Coronavirus Demand Immediate Action
Just as scientists are confronting an unknown enemy, corporate executives are largely working blind because the coronavirus could cause supply-chain disruptions that are unlike anything we have seen in the past 70 years. Read more.
February 18, 2020
China to Offer Tariff Exemptions on US Coal Product Imports
China will offer tariff exemptions on several US imports, the China's Ministry of Finance said Tuesday, that includes US-origin metallurgical coal and thermal coal, with traders are saying the move could benefit the latter more than met coal. Read more.
Oil Drops Below $57 on Coronavirus Impact and OPEC+ Delay
Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market. Read more.
China’s Shipping Nears a Standstill Amid Coronavirus Disruption
Executives say large container ships are leaving Chinese ports as little as 10% full, and sailings are being canceled as carriers brace for a financial retreat. Read more.
U.S. Says It Has Thwarted $6 Billion Russia-Germany Gas Pipeline
President Donald Trump’s top energy official said he’s confident that Russia won’t be able to complete the Nord Stream 2 gas pipeline in the Baltic Sea -- and signaled that the U.S. will press forward with its opposition to the project. Read more.
February 14, 2020
Grains-Soybeans Set For 2nd Week of Gains on Hopes of Demand Uptick from China
Chicago soybean futures ticked lower on Friday but were poised for a second week of gains on expectations that China will soon step up purchase of U.S. beans. Read more.
Corps of Engineers Releases FY2020 Work Plan
On Monday, the U.S. Army Corps of Engineers released its FY2020 Work Plan. The Work Plan is based on the FY2020 Energy and Water Development appropriations bills signed into law by President Trump in December 2019. Read more.
Steel Tariffs Hurt Manufacturers Downstream, Data Shows
While the 2018 tariffs did reduce steel imports, a stated goal, they also caused steel prices for U.S. firms to rise, putting downstream U.S. manufacturing industries at a disadvantage relative to foreign competition. Read more.
Turkey Eyes Spot LNG as Tool in Price Talks with Long-Term Exporters
Turkey is looking to the availability of cheap spot LNG to persuade long-term gas suppliers to lower their prices in ongoing contract renewal talks, deputy energy minister Alparslan Bayraktar said Thursday. Read more.
February 13, 2020
Australia Becomes World's Largest LNG Exporter
Australia has become the largest liquefied natural gas (LNG) exporter in the world. The record figure knocked Qatar out of the top spot. Read more.
Port of Baltimore Handled Most Cargo Ever in 2019
The Helen Delich Bentley Port of Baltimore recorded another record-breaking year in 2019. Figures released this week show new high marks for cargo tonnage passing through the Port's public and private marine terminals. Read more.
Brazil Corn Production Seen at Record 100.5 Million mt in 2019-20: Conab
Corn production in Brazil is pegged at record 100.5 million mt in 2019, up from January’s forecast of 98.7 million mt, according to the monthly crop survey published by national agricultural agency Companhia Nacional de Abastecimento (Conab) on Tuesday. Read more.
Vietnam Customs Exports Plunge 17.4% as Coronavirus Spreads
Vietnam’s exports plunged in January, with shipments to the U.S. falling 7.3%, as the global coronavirus outbreak hindered trade activities, according to data released from the Hanoi-based General Department of Vietnam Customs. Read more.
February 12, 2020
China Outbreak Weighs on Commodities, From Oil to Hogs
Trade disruptions from coronavirus could be long lasting, analysts say, as stockpiles grow and ships lay idle. Read more.
Oil Clinches Gain Despite Russia Indecision on OPEC+ Output Cut
Oil held gains as investors weighed hopes for a decision by Russia to accept an OPEC+ proposal for production cuts against an increase in American crude stockpiles. Read more.
Texas LNG Export Plants Receive DOE Approval
The U.S. Department of Energy has approved four more LNG export projects in Texas that will add 6.75 billion cubic feet per day of liquefied natural gas export capacity to the United States. Read more.
Port of Charleston Receives Major Federal Funding Boost
The Port of Charleston will receive a $20 million grant from the US Department of Transportation for the expansion of the Wando Welch Terminal. Read more.
U.S. 2021 Budget Includes $100M for Port Corpus Christi
A proposed $4.8 trillion U.S. budget for 2021 includes $100 million for the Port of Corpus Christi. The money in President Donald Trump’s budget would go toward the port’s channel widening project. Read more.
February 11, 2020
La. to Receive $85M to Deepen Lower Mississippi River to 50 Feet
House Republican Whip Steve Scalise announced Monday, Feb. 10 that the US Army Corps of Engineers 2020 Work Plan includes funding for infrastructure projects in Louisiana, including $85 million to deepen the Mississippi River to 50 feet. Read more.
Army Corps of Engineers Allocates $274 Million to Mobile Port Widening Project
U.S. Senator Richard Shelby (R-Ala.) announced Monday that the U.S. Army Corps of Engineers allocated $274,300,000 for the Port of Mobile widening project. Read more.
Virginia Loaded Exports Begin Slight Rebound with Trade Agreement
The Port of Virginia’s loaded export cargo volumes grew nearly 2 percent as agricultural products are beginning to flow again to China as a result of the lifting of the trade tariffs in mid-January. Read more.
Philaport Well-Positioned to Benefit from Deeper Delaware River Channel
At long last, the endeavor to bring the Delaware River channel to 45-foot depth as far as Philadelphia is virtually complete, and PhilaPort – already experiencing dynamic growth in container and roll-on/roll-off volumes alike – is perfectly positioned to benefit both now and for the foreseeable future. Read more.
February 10, 2019
IMO 2020 Throws Monkey Wrench Into Ocean Rate Visibility
Getting a handle on spot pricing for tankers and bulkers has always been tricky. In 2020, it has become dramatically more complicated, courtesy of new fuel regulations and intensifying rate and fuel-price volatility. Read more.
USCG Again Awards Port of Baltimore Top Rating on Annual Security Assessment
The state-owned, public marine terminals at the Helen Delich Bentley Port of Baltimore received a top rating for the 11th consecutive year in a security assessment performed by the U.S. Coast Guard. Read more.
Shipping Gets Smashed by Coronavirus in More Ways Than One
The shipping industry tends to do badly when Chinese demand disappoints, but the outbreak of the coronavirus has done more than just damage the amount of cargo that needs to be transported. It’s also preventing many owners from making their ships commercially viable. Read more.
February 7, 2020
Shale Gas Swamps Asia, Pushing LNG Prices to Record Lows
The idling of factories in China due to coronavirus quarantines is weighing on prices already pressured by other bearish factors. Read more.
Port Houston Chairman Urges Congress to Widen, Deepen Ship Channel
Ric Campo, chairman of the Port of Houston Authority, testified before Congress Thursday morning on the importance of widening and deepening the Houston Ship Channel. And doing it quickly. Read more.
China to Cut Tariffs 50% on U.S. Goods Spelled Out in Deal
China will halve tariffs on some $75 billion of imports from the U.S. later this month, reciprocating a U.S. action and likely satisfying part of the interim trade deal. Read more.
Ocean Infinity Launches Unmanned Vessel Company
U.S.-based subsea exploration firm Ocean Infinity is launching a new company that will operate a fleet of unmanned vessels that promise to break new ground in offshore data acquisition. Read more.
February 6, 2020
Oil Steadies After Russia Asks for Time to Decide on Output Cuts
Oil advanced for a second day on hopes that OPEC and its allies would further curb oil production as the deadly coronavirus outbreak hits global energy demand. Read more.
Coronavirus Hits Shipping as China Port Traffic Slides
Ship calls at or through major Chinese ports have fallen 20% since Jan. 20, maritime data provider Alphaliner said, as measures to control the coronavirus outbreak cut into international supply chains. Read more.
Funding Secured for Port of Baltimore's Howard Street Tunnel Project
Plans are moving ahead for the expansion of the Howard Street Tunnel — a project expected to boost the Port of Baltimore’s ability to handle container traffic — thanks to a joint effort by the State of Maryland and CSX Transportation to secure additional funding. Read more.
India Becomes Second Largest Crude Steel Producer
India has surpassed Japan in terms of annual steel production, becoming the second largest producer of crude steel in the world, after China. Read more.
February 4, 2020
Shipping Bellwether Hits All-Time Low
The fast-spreading virus and uncertainty around its impact on the world’s economy have rocked markets and sent commodities prices to multi-month lows in recent days. That has added pressure to shipping freight rates—the price at which cargo is delivered from one point to another—for the world’s largest raw materials ships, known as capesize vessels. Read more.
Crop Prices Dip Despite Trade Deals
Crop prices have dropped since the signing of trade deals meant to buoy the farm economy, clouding the outlook for farmers working to secure financing for this spring’s planting season. Read more.
First Offshore Wind Energy Project in Federal Waters to Start May 2020
The first U.S. offshore wind energy project on a federal lease is on track to begin construction in May, and its Virginia backers are moving to position the state as a central base for building more off the East Coast. Read more.
Increased Air Draft Allows Larger Ships to Reach the Port of Wilmington
A new air draft over the Cape Fear River will make it easier for ultra-large container vessels to reach the Port of Wilmington. The new allowable air draft has been increased to 212 feet. The air draft clearance will allow ships with a carrying capacity of 14,000 TEUs (twenty-foot-equivalent unit) and greater to safely and efficiently navigate to Wilmington. Read more.
February 3, 2020
U.K. Companies Brace for Bumps on Brexit Homestretch
Although Britain left the European Union on Friday, more than three years after voters chose to exit from the bloc, the terms of their future economic relationship still have to be thrashed out. Read more.
Indonesian Mining Giant Seeks to Triple Aluminum Production
PT Indonesia Asahan Aluminium has set a long-term goal of tripling its production capacity by expanding operations to the island of Borneo as it seeks to utilize the region’s abundant bauxite reserves. Read more.
U.S. Treasury Removes Chinese Tanker Operators From Blacklist
The U.S. Treasury Department on Friday removed sanctions on two tanker operators within China’s Cosco Group that were blacklisted last year for allegedly transporting Iranian oil in violation of U.S. prohibitions. Read more.
‘The Broker Wars’: Big Bets Pit New Entrants Against Incumbents
The new competitive landscape of U.S. freight brokerage has been years in the making, but now it’s one of Wall Street’s favorite themes. Read more.
January 30, 2020
Oil, Copper Drop on Coronavirus Fears
Crude-oil and copper prices slumped Monday amid heightened fears that the spread of the coronavirus could erode demand in China, the world’s largest consumer of industrial commodities. Read more.
Chinese New Year Demand Surge Disappoints
With the official lunar new year holidays under way in China, forwarders report that the expected flood of ocean freight largely failed to materialise this year. Read more.
US Oil Output Growth to Slow, But Peak Still Over a Decade Away: EIA
The US shale oil boom will not burn out, but will spend the next 20 years fading away, the US Energy Information Administration said Wednesday in its latest Annual Energy Outlook. Read more.
January 27, 2020
Commodity Prices Slump on Coronavirus Fears
Crude-oil and copper prices slumped Monday amid fears the spread of the coronavirus could erode demand in China, the world’s largest consumer of industrial commodities. Read more.
The 10 Fastest-Growing U.S. Trade Partners Will Contain Some Surprises
These 10 countries will have proven to be, in order, the 10 fastest-growing U.S. trade partners for 2019 from among the nation’s top 50, when annual statistics are released the first week of February. Read more.
Waymo’s Self-Driving Trucks and Minivans are Headed to New Mexico and Texas
Waymo said Thursday it will begin mapping and eventually testing its autonomous long-haul trucks in Texas and parts of New Mexico, the latest sign that the Alphabet company is expanding beyond its core focus of launching a robotaxi business. Read more.
January 24, 2020
China Holds Back Some Ships from Calling at Wuhan
China has started holding back some ships from calling at the city of Wuhan, a major trade hub on the Yangtze River, as the country seeks to contain the fast-spreading coronavirus. Read more.
Brazil to Discuss Cooperation with OPEC Later This Year- Energy Minister
Brazil will discuss with Saudi Arabia later this year the possibility of cooperation with OPEC, as it aims to become one of the world’s top five exporters during the next decade, its energy minister said. Read more.
IMO’s Marine Fuel Rules Sets Shipping Industry for a Comeback in 2020 --IHS
The global shipping market is set for a recovery, benefiting from new global rules on marine fuels that came into effect at the beginning of the year after more than a decade of tough market conditions, according to IHS Markit. Read more.
January 22, 2020
Steel News: Will 2020 Be a Better Year for Steel Mills?
2019 was a challenge for steel suppliers, with both demand and pricing on a downward slope for the first three quarters of the year. Although it’s still early, signs suggest that 2020 could prove to be a better year for the steel industry. Read more.
Wheat Hits New 1-1/2 Year High, Soybeans Steady Post 1-Month Low
Wheat futures extended a rally on Wednesday to set new 1-1/2 year highs as strong export demand, tightening global supplies and technical momentum supported prices. Read more.
Wind Power Could Be Dominant Offshore Energy Focus Within 5 Years
The United States will likely spend more money developing offshore wind capacity than offshore oil and gas within the next five years, according to a new study. Read more.
Updates IMO 2020 Enforcement Policy
The United States is sharpening its focus on enforcement of the IMO 2020 fuel sulfur emissions cap, which could result in harsh penalties for vessel operators caught attempting to sidestep the regulation. Read more.
U.S. Shale Oil, Natgas Output Growth to Hit Slowest in a Year -EIA
U.S. oil and natural gas output in major shale formations is expected to rise by the smallest in about a year in February to record highs, the U.S. Energy Information Administration (EIA) said on Tuesday, as producers pull back on new drilling. Read more.
January 21, 2020
The Dog That Didn’t Bark: What Soybean Prices Say About Trade Deal
Despite China’s commitment to buy more American farm products, prices haven’t gone up—a sign that investors and traders don’t see the accord having much real economic impact. Read more.
Truck Tonnage Volumes Are Low but Mostly Up, Reports ATA
Truck tonnage volumes for the month of December—and calendar year 2019—were mostly up, albeit at tempered levels, according to data issued today by the American Trucking Associations (ATA). Read more.
EIA Forecasts Crude Prices Will Fall in the Next Six Months, Then Rise Through 2021
EIA expects that crude oil prices will remain elevated in the first few months of 2020, reflecting a price premium on crude oil from recent geopolitical events. However, this price premium will diminish in the first half of 2020, and market fundamentals will drive the crude oil price forecast in the second half of 2020 and in 2021. Read more.
Financial Burden of IMO 2020 Falling on Dry Bulk Shipowners
Dry bulk ship owners are bearing the financial burden of increased marine fuel costs in the wake of IMO 2020, as time-charter rates for Panamax ships in the South Atlantic inversely correlate with 0.5% sulfur marine prices at key bunkering hubs. Read more.
January 17
U.S. Net Natural Gas Exports Grow Through 2021
The U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook (STEO), released on January 14, forecasts the United States to remain a net exporter of natural gas through 2021. Read more.
US Gulf: The Expanding Sweet Spot for VLCC Trades
Should all, or even just a few, of the proposed US Gulf crude oil terminals be completed, crude oil exports from the region will be one of the biggest draws on VLCC demand. Read more.
Port of Corpus Christi Posts Record Year for Energy Cargoes
The Port of Corpus Christi ended 2019 with record tonnage numbers - 13.8 million cargo tons for the month of December and 122.2 million cargo tons for the entire year. This marks a 16-million-ton increase over 2018, with growth led by rising exports of crude oil and liquefied natural gas. Read more.
Port NOLA Sets New Box Record
The Port of New Orleans (Port NOLA) moved more containers in 2019 than at any time in its history, totaling 648,538 twenty-foot equivalent units (TEUs), up 10% compared to one year ago. Read more.
January 16, 2020
Oil Gains on U.S.-China Deal, but IEA Forecast Pressures Prices
Oil rose on Thursday as the long-awaited Phase 1 trade deal between the United States and China brought some relief to markets, but the gains were capped after the International 7Energy Agency said it expected oil production to outpace demand. Read more.
Analysis: Interim Deal Brings Relief to US Coking Coal
Coking coal has historically accounted for the majority of US coal exports to China and the trade deal is expected to boost shipments. Read more.
Thermal Coal Prices Set for Recovery This Year as Oversupply Tightens
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian countries grows and oversupply tightens due to financing constraints for new capacity. Read more.
Russia Considering Non-Tariff Quota for Grain Exports
The Russian agriculture ministry is considering a non-tariff quota for grain exports of 20 million tonnes from January to June. The quota would be removed during the most active part of the season for trading. Read more.
January 15, 2020
Smooth Sailing for Ships After Historic Fuel Switch
Costs for low-sulfur fuel have soared, but questions over fuel availability and engine performance for ocean-going vessels have largely been set aside. Read more.
U.S., China Sign Deal Easing Trade Tensions
The U.S. and China signed a trade deal that officials say will lead to a sharp increase in sales of U.S. goods and services to China, further open Chinese markets to foreign firms—especially in financial services—and provide strong new protections for trade secrets and intellectual property. Read more.
Port of Corpus Christi Closes 2019 With Record Tonnage
The Port of Corpus Christi ended 2019 with record tonnages for December of 13.8 million cargo tons and 122.2 million cargo tons for the entire year — a 16-million-ton improvement over 2018 tonnages. The significant growth is attributed to increases in energy exports of crude oil and liquefied natural gas. Read more.
Metals Groups Want Excess Capacity Tackled in Next Phases of US-China Trade Pact
The signing Wednesday of Phase 1 of the proposed US-China trade deal does not include any provisions to tackle excess capacity in the steel and aluminum industries, however industry organizations are pushing for these issues to be tackled in later phases. Read more.
January 14, 2020
Extended Drought Forces Panama Canal to Adopt New Fees and Reduce Reservation Slots
The Panama Canal will reduce the number of available reservation slots and introduce new fees as part of a series of measures to sustain water levels and ensure reliability of the waterway following years of drought. Read more.
China’s Oil Demand Growth Could Halve This Year
This year, Chinese crude oil demand growth could be just half of the estimated growth for 2019, and the lowest growth pace since the financial crisis in 2008, according to forecasts of China’s biggest oil firm, state-controlled China National Petroleum Corporation (CNPC). Read more.
Shipping’s Big Bang Sends Two Global Industries Spinning
Two weeks ago, the vast majority of the world’s ships were forced to change the fuel they use. Some big winners -- and potential losers -- are starting to emerge from what was a historic switch for the world’s oil refining and maritime industries. Read more.
Surging Truck Insurance Rates Hit Freight Operators
Soaring insurance costs are taking a toll on the trucking business, adding financial headwinds for carriers already contending with weakening freight demand. Read more.
January 13, 2020
Long-Awaited Doublestack Rail Tunnel Under Baltimore Receives Funding OK
Rail shippers in the Northeast will soon be able to enjoy more efficient movements now that more than $100 million in final funding has been secured to enlarge the 125-year-old Howard Street tunnel under Baltimore. Read more.
Strong Rouble, Warm and Dry Winter Push Russian Wheat to Season High
Export prices for Russian wheat reached this season's high last week due to growth in Chicago benchmarks, a stronger rouble, demand from Egypt and weather-related concerns about the 2020 Black Sea crop, analysts said. Read more.
Suez Canal Made Record Revenues Since the Start of 2020: SCA Head
The Chairman and Managing Director of the Suez Canal Authority (SCA) Osama Rabie said that traffic in the Suez Canal made new records in the numbers and tonnage of vessels transiting, as well as daily revenues achieved since the beginning of 2020. Read more.
USDA Raises US Corn Production Estimate to 13.692 Billion Bushels
The US Department of Agriculture raised US corn production estimates for the marketing year 2019-20 (September-August) to 13.692 billion bushels (347.78 million mt) from its December estimate of 13.661 billion bushels. Read more.
January 9, 2020
Marine Highway Projects Get $7.5 Million in MARAD Grants
MARAD has announced the award of more than $7.5 million in grants to nine Marine Highway projects. Read more.
U.S. Ports Update 2020: All Hands-On Deck
Federal trade policies and spending priorities in port infrastructure are having a direct impact on supply chain performance for shippers and receivers. The good news is that port managers have adopted a proactive mentality and are optimistic about their futures. Read more.
Consol Energy Announces Investment in Coal-To-Products Space
CONSOL Energy has made an initial investment in the coal-to-products space by acquiring a 25% equity interest in CFOAM Corp. Read more.
China Opens Up Oil and Gas Exploration, Production for Foreign, Domestic Firms
For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies. Read more.
January 8, 2020
Tanker Operators Don’t Expect Ships to Be Targeted in U.S.-Iran Showdown
Tanker operators don’t expect their ships to be targeted in the near term amid the growing tensions between the U.S. and Iran as daily freight and insurance rates hold steady in a critical region for global oil transport. Read more.
Trucking Math: Why a ‘Mile’ Isn’t Necessarily a ‘Paid Mile’
The trucking world can be confusing at times and no where else is this more obvious than the trucking world’s use of the term mile. Read more.
How Will Technology Shape the Shipping Industry in 2020?
The impact of technology on the shipping industry will grow in 2020, as companies increasingly introduce cloud-based software and apps in their businesses. Read more.
India: Iron Ore Exporters to Government: Help Us Fight Chinese Glut in Global Market
India’s iron ore exporters have asked the government to ease export duties so as to keep them competitive in the international export market vis-à-vis China. Read more.
January 7, 2019
Mideast Tensions Threaten Strained U.S. Wheat Exports
Fears of retaliation for a U.S. airstrike that killed top Iranian General Qassem Soleimani have sparked concern that U.S. wheat growers will lose access to Middle Eastern markets—a growing destination for U.S. grain exports. Read more.
Oil Steadies While Traders Watch for Mideast Supply Disruptions
Oil rose on Monday but pared most of its earlier gains as investors took stock of the fact that there hasn’t been a supply disruption despite escalating Mideast tensions after the U.S. assassinated Iran’s most powerful general. Read more.
Dry Bulk Market: Where to Next for South Africa’s Coal Exports?
One of the major coal exporters, South Africa is now having to rely more on markets like the ones in the Indian Subcontinent, especially India, in a bid to find buyers for its product. Read more.
US Coast Guard Sector Charleston and Maritime Partners Awarded for Diligence and Collaboration in Rescue
U.S. Coast Guard Sector Charleston and public and private sector maritime partners across Brunswick and Savannah, Georgia are awarded the Ready Communities Partnership 2019 National Service Award for Diligence and Collaboration in the MV Golden Ray Crew Rescue. Read more.
January 6, 2020
Traffic Jam on the Illinois Waterway: Tugboats Are Busy Through the Holidays
The shipping industry has been making up for time lost this spring and summer due to record rainfall that spurred some of the longest and most severe flooding ever. Read more.
Oil Firms Tighten Security After U.S. Strike on Iranian Commander
Oil companies in the Middle East are tightening security as U.S. officials say American energy infrastructure in the region is a likely target for Iranian retaliation following the killing by the U.S. of Islamic Revolutionary Guard Corps commander Qassem Soleimani. Read more.
Outlook 2020: Top Questions for Ocean Shipping
In a high-stakes business that’s this unpredictable, it’s vital to keep a sharp watch on the top variables and wild cards you can foresee, and mentally prepare yourself to be surprised by those you can’t. Read more.
Cleaner Air in 2020: 0.5% Sulphur Cap for Ships Enters into Force Worldwide
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and protecting health and the environment. Read more.
December 20, 2019
Shipping Confidence Hits 18-Month High
Despite general ongoing geopolitical uncertainty, and notwithstanding specific concerns about a variety of issues including Brexit, and President Trump’s impeachment inquiry, confidence in shipping rose to its highest level for 18 months in the quarter under review. Read more. (https://www.hellenicshippingnews.com/shipping-confidence-hits-18-month-high/
Maritime Emissions Rule Triggers Split in Shipping Costs
“There is a significant premium for scrubber-fitted vessels next year,” said George Lazaridis, head of research at Athens, Greece-based Allied Shipbroking Inc. “Those who put money into them made a big bet and now it’s payback time.” Read more.
New Clean Shipping Fuel Rules, but Who Polices the Polluters?
Sweeping new fuel rules aiming to cut pollution belching from ships and save lives are now just a couple of weeks away but with no central policing agency and several countries still not signed up to them, compliance is a major concern. Read more.
Recycling Rethink: What to Do with Trash Now That China Won’t Take It
Long used to shipping off trash to poorer countries to sort and process, nations are now faced with the question of what recycling is worth to them. Read more.
December 19, 2019
Coal Endures as World's Favorite Fuel for Electricity Generation
Coal consumption is set to rise in the coming years as growing demand for electricity in developing countries outpaces a shift to cleaner sources of electricity in industrialized nations. Read more.
China’s Farm-Purchase Targets Under Trade Deal Face Skeptics
The first-stage trade pact reached by the U.S. and China last week could be a boon to American farmers hard hit by the trade war, but the agricultural sector’s relief over a deal is being tempered by skepticism over the ambitious targets set by U.S. negotiators. Read more.
Oil Hovers Near Three-Month Highs, Supported by Low U.S. Inventories, Trade Progress
Oil prices hovered near the highest in three months in thin pre-Christmas trading on Thursday, buoyed by the previous day’s news that U.S. crude inventories declined and as U.S.-China trade tensions continued to ease. Read more.
Grains-Soybeans Ease on Demand Concerns, Record Brazilian Crop
Chicago soybean futures lost ground on Thursday, with prices pulling back from a five-week high touched earlier this week, as concerns over Chinese demand and expectations of a record Brazilian crop weighed on the market. Read more.
December 16, 2020
Shale Slowdown Takes Economic Toll
America’s hottest oil-drilling regions—such as this one at the heart of the Permian Basin—are seeing their economies soften as shale producers slash spending, leading to emptier hotels, choosier employers and less overtime for workers. Read more.
China Iron Ore Futures Slip on Outlook Uncertainty
Chinese iron ore futures fell on Monday, giving up the previous session’s gains, as lower utilization rates at mills and fresh data cast doubt on demand for the steelmaking raw material. Read more.
Capesize Rates Fall to Near 6-Month Low, Weigh Down Baltic Index
The Baltic Exchange’s main sea freight index fell for a ninth-straight session on Monday, as the capesize index hit its lowest level in nearly six months. Read more.
Shipping Industry to Witness Cost Rise of $15 bn Over IMO Regulations
With IMO (International Maritime Organization) 2020 regulation round the corner, the global container shipping industry is expected to witness a cost escalation of $15 billion, experts said. Read more.
December 13, 2019
Trump Agrees to Limited Trade Deal with China
President Trump has agreed to a limited trade agreement with Beijing that will roll back existing tariff rates on Chinese goods and cancel new levies set to take effect Sunday as part of a deal to boost Chinese purchases of U.S. farm goods and obtain other concessions, according to people familiar with the matter. Read more.
Tanker Rates to Remain High on Tight Capacity, Plentiful Crude
Freight rates for the world’s biggest tankers shot up in September on a series of geopolitical events and are still hovering near the highest levels in a decade even after ticking down in the fall. Read more.
Soybeans Jump 1.6%, Poised for Biggest Weekly Gain in 2 Months
Chicago soybeans jumped 1.6% on Friday, with the market set for its biggest weekly gain in more than two months as reports of a trade deal between Washington and Beijing supported prices. Read more.
Mississippi River’s Specialized Mat Sinking Unit to Get Modern Upgrade
At the end of each summer, a specialized unit of the United States Army Corps of Engineers get to work on the Mississippi River laying thousands of slabs of concrete “mattress” to help prevent erosion and keep the critical waterway open to navigation. Read more.
December 12, 2019
Trump Agrees to Limited Trade Deal with China
President Trump has agreed to a limited trade agreement with Beijing that will roll back existing tariff rates on Chinese goods and cancel new levies set to take effect Sunday as part of a deal to boost Chinese purchases of U.S. farm goods and obtain other concessions, according to people familiar with the matter. Read more.
Tanker Rates to Remain High on Tight Capacity, Plentiful Crude
Freight rates for the world’s biggest tankers shot up in September on a series of geopolitical events and are still hovering near the highest levels in a decade even after ticking down in the fall. Read more.
Soybeans Jump 1.6%, Poised for Biggest Weekly Gain in 2 Months
Chicago soybeans jumped 1.6% on Friday, with the market set for its biggest weekly gain in more than two months as reports of a trade deal between Washington and Beijing supported prices. Read more.
Mississippi River’s Specialized Mat Sinking Unit to Get Modern Upgrade
At the end of each summer, a specialized unit of the United States Army Corps of Engineers get to work on the Mississippi River laying thousands of slabs of concrete “mattress” to help prevent erosion and keep the critical waterway open to navigation. Read more.
December 11, 2019
Revised Trade Pact Set for Likely Approval by Congress in 2020
A new U.S. trade deal with Mexico and Canada gained backing from House Democrats, setting the agreement on course for likely ratification by Congress in 2020 and marking a victory for President Trump after months of negotiations to modify it. Read more.
U.S. and Chinese Trade Negotiators Planning for Delay of December Tariffs
U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15, officials on both sides said, as they haggle over how to get Beijing to commit to massive purchases of U.S. farm products on which President Trump is insisting for a near-term deal. Read more.
Utility Company Wants Turbines Bigger Than Jumbo Jets for U.S. Wind Farm
When Iberdrola SA builds its offshore wind farm off the coast of Connecticut sometime in the middle of next decade, it plans to use turbines more powerful than anything currently on the market. Read more.
Enterprise, Enbridge Join Forces to Develop Offshore Crude Oil Export Terminal
Houston pipeline operator Enterprise Products Partners and Canadian pipeline operator Enbridge have signed an agreement to develop an offshore crude oil export terminal in the Gulf of Mexico about 30 miles south of Brazoria County. Read more.
December 10, 2019
Russian, Colombian Competition Continuing to Slow US Thermal Coal Exports: Platts Analytics
US thermal coal exports continue to slow this year due to significant competition from rival Russian and Colombian output, S&P Global Platts Analytics said Monday. Read more.
Iron Ore Market ‘Gone Nuts’ Sows Confusion
Iron ore’s surprise surge above $90 (R1,335) a tonne amid optimism on the outlook for Chinese demand has sowed consternation among market watchers, with some questioning the move as prices fluctuated on Tuesday. Read more.
Will 2020 Mark the Return of the Dry Bulk Market to Form?
With a couple of weeks still remaining for yet another year of a rollercoaster ride in the dry bulk market, analysts are pondering whether 2020 will be any better. Read more.
Grains-Soybean Futures Set 2-Week High as Chinese Buyers Snap Up U.S. Cargoes
U.S. soybean futures rose for a fifth straight session to their highest in two weeks as Chinese importers on Monday bought at least five bulk cargo shipments of the oilseed from the United States, or about 300,000 tonnes, traders said. Read more.
December 6, 2019
China Issues Import Quotas for Another 7,970 T of Copper Scrap
China has issued a seventh batch of import quotas for scrap metal, including 17 quotas for a total of 7,970 tonnes of high-grade copper scrap, according to a notice from a unit of the environment ministry. Read more.
UN Maritime Agency Commits to Further Action on Gender Equality
The IMO Assembly, meeting for its 31st session (25 November-4 December) adopted a resolution on “Preserving the Legacy of the World Maritime Theme for 2019 and achieving a Barrier-Free Working Environment for Women in the Maritime Sector.” Read more.
World’s Biggest Oil-Refining Tower Completes 11,000-Mile Voyage
It’s the length of a soccer field and the weight of 320 large elephants, but the world’s biggest oil-refining tower has finally reached its destination — Nigeria — after an 11,000 mile voyage. Read more.
China to Waive Trade War Tariffs for Some U.S. Soy, Pork Purchases
China is in the process of waiving retaliatory tariffs on imports of U.S. pork and soy by domestic companies, a procedural step that may also signal a broader trade agreement with the U.S. is drawing closer. Read more.
December 4, 2019
Shipping Faces New Headwinds in Meeting Emissions Rules
With weeks to go before a landmark mandate for ships to burn cleaner fuels goes into effect, a zero-carbon future for the maritime sector may be growing more distant. Read more.
US Oil Output Breaks Record, But Growth Is Stalling: EIA
Year-on-year growth in US oil output, which was averaging over 2.1 million b/d a year ago, has fallen by more than half as domestic production continues to break records, but at a significantly slower pace than 2018, new government data shows. Read more.
Dredging Work Begins to Make Port of Virginia Deepest Port on East Coast
Dredging at the Port of Virginia has started nearly two-and-a-half years early. The Port of Virginia announced Monday that dredging began Sunday in an effort to make the port the deepest on the East Coast. Read more.
Record Deal Signed for Offshore Wind Power
Orsted A/S signed a deal to sell 100 megawatts of power from a German wind farm in the North Sea to Covestro AG, in what the companies said is the biggest corporate purchase agreement for offshore wind. Read more.
December 3, 2019
France Vows Retaliation as Luxury Industry Braces for U.S. Tariffs
As Mr. Trump and President Emmanuel Macron of France met on the sidelines of a North Atlantic Treaty Organization summit in London on Tuesday, the leaders tried to paper over the trade tensions, which erupted Monday evening after the Trump administration proposed levies of up to 100% on $2.4 billion of French imports. Read more.
Dry Bulk Market: What About Brazilian Iron Ore Exports?
The Brazilian iron ore export market has always been one of the most important for the dry bulk market, especially given its high ton-mile demand. Read more.
Venezuelan Oil Exports Rebound in November on Shipments to India
Venezuela’s state-run PDVSA and its joint ventures exported over 1 million barrels per day (bpd) of crude and fuel last month, rebounding from October due to larger sales to India, according to internal company reports and Refinitiv Eikon data. Read more.
November 25, 2019
GRAINS-Wheat Up for 2nd Session on Lower U.S. Planting; Soybeans Rebound From 8-Week Low
Chicago wheat futures rose for a second straight session on Monday, underpinned by lower planting in the United States and a decline in Australia’s production. Read more.
U.S. Oil Refiners Trim Runs Amid Weak Domestic and Export Demand
U.S. oil refineries have cut their crude processing by almost 100 million barrels so far this year, mostly in response to slack demand at home and overseas. Read more.
Tariffs Threaten US Chemicals Outlook
The ongoing trade war between the U.S. and China threatens to derail American investment in chemicals export, according to the American Chemistry Council. Read more.
November 22, 2019
Shipping Number of the Week: Chinese Steel Production Declines for the First Time in 21 Months
Chinese steel production dropped by one million (1m) tonnes, a decline of 1.2%, compared to October last year. Read more.
'Perfect Storm' of Fall Weather - and Falling Numbers - Hits Wheat Farmers Hard
It's been a tough year for farmers across the region: A wet spring delayed planting and a wet fall kept farmers from harvesting some crops like sugarbeets and potatoes. Read more.
Feds Approve Permits for Four LNG Export Projects in Texas
Federal officials have approved permits for three new liquefied natural gas export terminals in the Rio Grande Valley and the expansion of another in Corpus Christi. Read more.
November 21, 2019
Oil Slides on Fears of Excess Supply
U.S. crude futures slid 3.2% Tuesday to $55.21 a barrel on the New York Mercantile Exchange, their largest one-day drop since Sept. 30. Brent crude, the global gauge of prices, declined 2.5% to $60.91 a barrel on the Intercontinental Exchange. Read more.
LNG Companies Gain FERC Approval
The Federal Energy Regulatory Commission gave its approval today to several companies planning to build liquefied natural gas export facilities at the Port of Brownsville. Read more.
Low Sulphur Fuel Shortages to Detour Vessels in 2020, Panel Says
Shortages of low-sulfur fuel oil could appear at some ports in Africa, South America and Southeast Asia next year, but most major ports around the world will have adequate supplies, panelists at a shipping industry conference said on Wednesday. Read more.
November 19, 2019
Ill Wind from U.S. Shale Patch Kicks Up Sandstorm
The epic growth in fracking that recently turned the U.S. into a net exporter of petroleum products has spawned entirely new industries. One of them is the supply of sand that is a key part of the “tight” oil production that makes up over 60% of U.S. supply. Read more.
Maersk Will Restrain Costs, Expand Logistics Services on Weak Shipping Outlook
A.P. Moeller-Maersk AS is stepping back from buying new vessels as the Danish shipping giant focuses on controlling costs and targets its growth efforts to inland logistics rather than oceangoing trade. Read more.
Dominion Energy’s Cove Point LNG facility reaches shipment milestone
Dominion Energy’s Cove Point LNG Terminal reached a milestone, having loaded its 100th commercial liquefied natural gas (LNG) ship last week. Read more.
U.S., South Korea Secure Rice Trade Agreement
Under the agreement, South Korea will provide access for 132,304 tonnes of U.S. rice annually, with an annual value of approximately $110 million. Read more.
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.