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Maguire: China's grid cleaning puts US systems to shame
China's expansion of coal-fired capacity has enraged U.S. advisors to the power system who complain that it's pointless to clean up production at home when China raises coal-fired emission levels ever higher. These arguments ignore the fact that China’s power network is significantly cleaner than many major U.S. systems. This is due to China’s record-fast deployment clean energy sources. In fact, China's electricity system produced less carbon dioxide per unit of production than the Florida state and other major U.S. systems. While China continues to increase its clean energy production, the U.S. is preparing to increase the natural gas fired capacity of many power networks in order to meet the demands of the Trump administration which has a disdain for renewable power. These divergent trends are likely to lead to cleaner power supplies in China, while the U.S. will become more dependent on fossil-fuels which will increase pollution levels. CLEANING UP Ember, a think-tank for energy, has calculated that China's electricity system will rely on fossil fuels to produce 62% of its output by 2024. This fossil fuel share is 58% in the United States. While the scale of the two power systems are different - China produces twice as much energy as the U.S., they both rely on fossil fuels. China has increased its clean energy and total electricity production in the last five years. China's clean-powered electric supply will increase by 68% between 2019 and 2024. This will result in a 36% increase in total electricity production. In the same time period, U.S. clean energy production increased by 17% while total electricity supply grew only 5%. China's more rapid boost in clean generation led to a faster gain for clean energy within China's mix of generation, which increased from a share of 31% in 2019 to 38% in 2024. This compares with a clean energy share of 38% in the U.S. for 2019, and 42% in 2024. China's continued rollout of utility scale renewables generation systems is expected to continue increasing the share of clean power in its generation mix for the remainder of this decade. Clean power's share in the U.S. mix of generation may remain at current levels as utilities plan to increase gas-fired capacity over the next 5 years. DECLINING INTENSE As China's electricity system grows, the carbon intensity of its electricity production is steadily falling. According to the energy portal, electricitymaps.com, China's electric generation system will emit an average of 534 g of CO2 or equivalent gases per kilowatt-hour of electricity in 2024. This compares with an average of 395 g of CO2/kWh for the United States. That means China's system is 35% more carbon-intensive than the U.S. The U.S. grid is divided into three main grids, each operated by six so-called reliability organizations and powered by different utilities. Each utility system operates on its own unique mix of energy sources. This means that certain sub-systems are more carbon intensive than others. The Western Area Power Administration (WAPA), which is spread across South Dakota, Wyoming and Nebraska, is one of the U.S. energy systems that are the most carbon intensive. In 2024, the WAPA system's carbon intensity was 26 percent higher than China's. The grid in China is 35% less efficient than other localized power networks, like the Jacksonville Electric Authority in Jacksonville, Florida. In addition, two other large Florida power grids had a carbon intensity higher than China's last year. This means that Florida's electricity will be sourced from systems with higher emissions than China in 2024. This trend will only continue to grow as Florida, which currently has a ban offshore wind energy and offers limited incentives to utility-scale solar power plants, plans to increase gas-fired capability. The U.S. has other power systems with a similar carbon intensity to China that are also committed to further fossil-intensive growth. Associated Electric Cooperative, which is a cooperative that operates in Missouri, Oklahoma, and Iowa, has a carbon intensity (CO2/kWh) of 676 grams by 2024. They are commissioning at the very least one new gas-fired power plant. PacifiCorp which provides services to customers in Oregon Washington State and California plans to build a 5 gigawatt peaking gas plant. It had a carbon density of 614g CO2/kWh. Global Energy Monitor (GEM) reports that China plans to add to its fossil-fuel power fleet. This includes over 200 gigawatts in new coal-fired capability. China's carbon intensity is likely to continue declining, and may even fall below the U.S. level in the next few years. These are the opinions of the author who is a market analyst at.
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Draft executive order: US to levy fees to ships that are linked to China and to push other allies to follow suit
According to a draft executive orders dated February 27, seen on Thursday, the United States plans to charge docking fees to any ship in a fleet of vessels that include Chinese-built or Chinese flagged vessels. It will also push its allies to follow suit or face retaliation. The Trump administration is working on an executive order to revive domestic shipbuilding, and to weaken China's grip over the global shipping industry. The draft executive orders proposes that fees be charged to any vessel entering a U.S. Port, "regardless of its flag or where it was constructed," if the vessel is part of an entire fleet of vessels that are built or registered in China. The full executive draft, seen on Thursday, also urges U.S. officials and allies to do the same or risk retaliation. According to the draft, the U.S. will also impose tariffs against Chinese cargo handling equipment. The draft order stated that "the national security and economic well-being of the United States are further threatened by the People's Republic of China's unjust trade practices in maritime, logistics and shipbuilding sectors." The report on Wednesday was published by Plans to impose A draft fact sheet for the executive order's 18-point list of charges on Chinese-made vessels provides a good overview. The U.S. Trade Rep's office Last month, a proposal was made to increase the number of people who can vote. After a thorough investigation into China's increasing dominance in the global shipbuilding, logistics and maritime sectors, the U.S. will levy a fee of up to $1.5m on Chinese-built ships entering U.S. port. Reporting by Jonathan Saul, LONDON; Additional reporting by Lisa Baertlein, LOS ANGELES. Editing by Simon Webb & Diane Craft
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South Dakota bans the use of eminent-domain for carbon dioxide pipelines
South Dakota Governor Larry Rhoden has signed a bill that bans the use of the eminent realm, which allows land to be taken from private owners for public use. This could put a $9 billion carbon dioxide pipeline project by Summit Carbon Solutions at risk. Summit's pipeline will transport captured carbon dioxide from ethanol plants in five Midwest states underground to a storage location in North Dakota. The pipeline would stretch 495 miles (796 kilometers) through South Dakota. Some landowners have challenged the project in states, claiming that it was unsafe and that the use of eminent Domain to build it violated their property rights. Summit has asked states for permission to use eminent-domain to build the project in cases where landowners refused to sign voluntary agreements. In a press release, Summit spokesperson Sabrina Zenor stated that it was "very unfortunate" that South Dakota changed its rules mid-game despite the fact that Iowa, North Dakota and Minnesota had approved the project. Zenor stated that all legal options were on the table. Summit Construction Permits were approved in Iowa, North Dakota and Minnesota in June. The company had been denied a South Dakota permit in September 2023. They reapplied in the fall of last year. The new law was hailed by groups that opposed the Summit pipeline. "We're proud of the hard work we have done in the past four years." It proves that we can achieve anything when people come together around a cause," Jess Mazour said, the leader of the Iowa Chapter of Sierra Club which is opposed to the pipeline. In a letter sent to the House of Representatives of the state, Rhoden stated that he had hundreds of conversations with landowners about the Summit Project and that they view the threat of eminent possession as an infringement of their freedoms. "I've said it many times: Summit must earn back the trust of South Dakota landowners. Once trust is lost it's hard to get back. Summit has secured easements in South Dakota for 73% its right-of way by September 2023. The company has not provided an updated number.
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Venture Global announces an expansion of Plaquemines LNG Plant worth $18 billion
Venture Global announced on Thursday that it will increase the production capacity of the Plaquemines LNG Plant in Louisiana from 27 million tonnes per year (mtpa) to 45 mtpa with an additional $18 billion investment. The company had raised earlier that day its estimate for the initial phases of Plaquemines construction by about $2 billion. The third phase expansion of the LNG plant will add 24 trains to the existing 36, bringing Venture Global's investment in current and future projects in Louisiana up to $75 billion. CEO Mike Sable stated that. After the first production of its CP2 Export Plant in Louisiana, the company will make a final decision about the expansion. Due to the lengthy testing and optimization process prior to commercial operation, the company has been locked in contract disputes over non-receipts of cargoes at its Calcasieu Pass.
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ADM and Viterra grain terminal in Brazil collapses due to a conveyor belt failure
According to a source in the navigation sector and a soybean analyst, a conveyor belt system has collapsed at a terminal for grain at Barcarena port in northern Brazil. Two sources naming ADM as the operator of the terminal and Viterra, as the responsible parties for grain shipments, said that the collapse had caused grain shipments be suspended. ADM referred questions to the local port authority. Viterra was not available for comment. The source from the navigation sector said: "The terminal is completely inaccessible." The source said that the terminal is not able to receive grain from barges, or load vessels. According to a source in the navigation sector, the conveyor belt collapsed when it was hit by a barge passing on its side. G1, an outlet of local media, reported that a ferry hit the structure. G1 reported that emergency services had rescued eight people. Four of them were injured. G1 reported that the victims were taken by ambulance to a local hospital. There are no reports of casualties. We were unable to reach Barcarena officials for comment. (Reporting and editing by David Evans; Roberto Samora and Ana Mano)
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European leaders increase pressure on Kyiv to resolve gas transit stoppage
According to draft summit conclusion seen by, European leaders will urge EU authorities to intensify discussions over a stop to Russian gas transiting through Ukraine. This follows pressure from Slovakia. Robert Fico, the Slovak prime minister, has asked that the summit's conclusions include a reference to the resumption of the gas transit. This is a major energy route for Slovakia which Kyiv halted at the beginning of this year. Fico threatened to block any statement that did not mention it. On Thursday, the European Union leaders held an extraordinary summit in order to discuss Ukraine and European defense. In the draft conclusions, the parties are urged to "intensify their efforts to find workable solutions for the gas transit problem", including by resuming the talks. After Ukraine refused to renew its agreement with Moscow, it ceased to transit gas. It wanted to deny Russia revenue for funding its invasion. As a result, Slovakia's transit business that sends gas to Europe was affected. This led it to look for new routes to import Russian gas. The EU has said that the stoppage increases prices and reduces the competitiveness of the European Union. Fico has opposed the military aid to Ukraine in order to prevent a prolongation of the war. Slovakia, despite being in a dispute with the Ukrainian president Volodymyr Zelenskiy on transit issues, has continued to hold talks with EU officials. Due to the cold weather, and a series Russian missile strikes on Ukraine's gas installations, Ukraine had to increase its gas imports last month. Fico called the situation absurd and said that the gas Ukraine is buying is Russian. (Reporting and editing by Jan Strupczewski and Charlotte Van Campenhout. Editing by GV de Clercq. Jason Hovet, Barbara Lewis, Barbara Lewis, Barbara Lewis, Barbara Lewis, Barbara Lewis, Jason Hovet, Barbara Lewis, Barbara Lewis, Barbara Lewis, Barbara Lewis, Barbara Lewis, Barbara Lewis, Barbara Lewis, Jason Hovet, Barbara Lewis, Barbara Lewis, Barbara Lewis.
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Shipping companies pull out of Hong Kong to avoid US-China risks
Some shipping companies move their operations discreetly out of Hong Kong, and remove vessels from its registry. Some shipping companies are making contingency planning to do this. Six shipping executives have said that these low-profile actions are motivated by a fear that their vessels could be seized by Chinese authorities, or face U.S. sanction in the event of a clash between Beijing and Washington. The people said that the growing U.S. scrutiny over the importance of China’s commercial fleet to a potential military conflict, such as one over Taiwan, and Beijing's emphasis of Hong Kong's role in serving Chinese interests is causing concern in the shipping industry. Last month, the U.S. Trade Representative proposed imposing steep U.S. fees on Chinese shipping firms and other companies that operate Chinese-built ships to counter China's "targeted dominant" in shipbuilding and maritime logistic. Washington warned American companies in September about the growing risks associated with operating in Hong Kong. The U.S. has already imposed sanctions on officials who are involved in a crackdown. Hong Kong has been the hub of shipowners for over a century, as well as brokers, financiers underwriters, and lawyers who support them. Official data shows that its maritime and port industries accounted for 4,2% of the GDP in 2022. VesselsValue - a subsidiary company of Veson Nautical, a maritime data group - reports that the city's flag was flown on eight out of ten ships in the world. Interviews with two dozen people familiar with Hong Kong including shipping executives and lawyers revealed a growing concern about the possibility that commercial maritime operations in Hong Kong could be caught up by forces outside their control if a U.S. - China military conflict occurs. Many pointed out China's increased focus on national security goals, trade frictions, and Hong Kong's leader's broad powers to take control of shipping if necessary, as he is accountable to Beijing. One executive who, like many others, was allowed to remain anonymous to discuss this sensitive subject said: "We do not want to be in the position where China is knocking on our door, requesting our ships, while the U.S. targets us from the other side." Previously, the concerns of shipowners as well as their efforts to limit exposure to Hong Kong were not reported. In recent years the perception of risk has increased, in line with the tightening security environment in the Chinese-ruled area and the tensions between two of the largest economies in the world. Turning Tide To comply with safety and environment rules, commercial ships must be registered or flagged with a specific country or jurisdiction. VesselsValue, an independent research firm, found that despite the influx of Chinese ships on Hong Kong's register, the number oceangoing vessels registered in the city dropped by more than 8% in January, from 2,580 in January 2004. Government data show a similar drop. In 2023 and 2024 74 ships, mostly dry-bulk carriers, were re-flagged for Singapore and Marshall Islands. These vessels transport commodities like coal, iron ore, and grain. VesselsValue reports that 15 tankers and 7 container ships left Hong Kong's registry to fly these flags. Hong Kong's ship registry has seen a dramatic decline in the last two years. Official data shows that it grew by 400% over the past 20 years. Hong Kong's Government responded to questions by saying that it is normal for shipping companies, given the changing geopolitical, trade and economic circumstances, to review their operations. It is also normal for the numbers of ships registered to fluctuate over the short-term. A spokesperson stated that Hong Kong will "continue to excel" as an international shipping center, highlighting a variety of incentives, such as profits tax breaks and environmental subsidies, for shipowners. The spokesperson stated that neither the laws governing registry nor the emergency provisions empower Hong Kong's leader in commandeering ships to serve as part of a Chinese merchant navy. When asked to comment on the concerns of industry players about how emergency powers from colonial times might be used during a conflict between the U.S. and China, the spokesperson declined. The provisions give the leader of the city "any regulation whatsoever", which includes taking control over vessels and property. China's commerce and defence ministries did not respond to questions regarding the role of the merchant fleet in Beijing’s warfighting plan, the possible involvement of Hong Kong flagged vessels, or the concerns of commercial shipowners. The U.S. Treasury declined to comment on potential sanctions, concerns of shipping executives, or the role played by Hong Kong-registered ships in a Chinese commercial fleet. Lawyers and executives agree that ships can be reflagged in a variety of ways, including through the sale, chartering or redeployment on different routes. Basil Karatzas of Karatzas Marine Advisors & Co in the U.S. said that Singapore was becoming the preferred domicile for businesses with less exposure to Chinese shipping or cargo trade. It offered many efficiencies including its legal system but also a lower risk than Hong Kong. Singapore's Maritime and Port Authority stated that decisions regarding domiciles and flags were based on business considerations. The Maritime and Port Authority of Singapore said it had not noticed any "significant changes" in the number Hong Kong shipping companies moving operations or reflagging vessels to Singapore. MERCHANT FLEEET Executives and lawyers agree that Hong Kong's registry for shipping is highly regarded by the industry because of its high safety and regulatory standards. This allows its ships to easily pass through foreign ports. Many of China's international state-owned vessels now fly Hong Kong's banner. According to PLA military studies and four security analysts, in a conflict these tankers and bulk carriers would be the backbone of the merchant fleet that supplies China's oil and food needs. The U.S., on the other hand, has a very small shipbuilding industry. It also has far fewer vessels under its flag. Three analysts say that while China's growing state-owned fleet would be a target of the U.S. during a military conflict, Beijing would need other vessels in order to supply its needs, given its reliance on international shipping lanes and vast needs. Donald Trump has been keeping a close eye on strategic maritime operations. Trump said in his January inauguration address that he would "take back" control of the Panama Canal from China. Trump did not provide specifics but his remarks focused on two Panama port operated by a Hong Kong conglomerate CK Hutchison Holdings subsidiary. The group did not respond to any questions regarding Trump's remarks, but agreed to sell the majority of the subsidiary's shares to a consortium led by BlackRock this week, giving U.S. interest control over the port. Trump said to Congress that his administration would create a shipbuilding office in the White House, and provide new tax incentives. In a study conducted by the U.S. Congress in November 2023, it was stated that "cargo vessels typically transport 90% of military equipment required in overseas conflicts". The report noted that Chinese shipyards ordered 1,794 ocean-going large ships in 2022 compared to five in the U.S. Merchant vessels played a crucial role in Britain's 1982 long-range operation to retake Argentina's Falkland Islands. Declassified CIA files show that UK-flagged ships operated out of Hong Kong, many of which were owned or controlled by Chinese firms, supplied communist Hanoi in the Vietnam War. In 2013, President Xi Jinping outlined the need for a Chinese merchant fleet that would help to build China's maritime strength in a Politburo session. In the past decade, Chinese military and government documents and studies have emphasized the dual-use value of China’s merchant ships. According to state media, regulations enacted in 2014 required Chinese builders to build five types of commercial ships, including tankers and container ships, to be able to serve military requirements. Since then, COSCO has seen a significant increase in its line. Documents from COSCO show that China places political commissars, officers who make sure Communist Party goals are served, on nominally civil ships. The U.S. banned COSCO subsidiaries in January for what they said were links with the Chinese military. COSCO has not responded to any questions regarding its deployment of commissars, U.S. restrictions, or what role COSCO's ships -- including those with Hong Kong flags -- might play in wartime. 'REALLY DE-RISKED' Hong Kong is still an important shipowners' base, despite geopolitical issues. Some shipowners are quietly hedging. Taylor Maritime (London-listed) a company that was founded in Hong Kong, in 2014, has a much smaller presence in Hong Kong now after several strategic moves in the last few years. It has been flagging its ships in Singapore and the Marshall Islands since 2021. The company has offices in London, Guernsey and Singapore. A person with knowledge of the matter said that the firm "really reduced the risk of Hong Kong". This was due to investors' fears of a Chinese invasion in Taiwan and the Communist Party taking control of Hong Kong. Taylor Maritime's spokesperson stated that the company initially moved its Asia-based teams from Hong Kong to Singapore to be closer to their clients. Taylor Maritime, after acquiring Grindrod, a shipping company with an Asia office in Singapore and expanding its operations there, relocated certain functions from Hong Kong to Singapore, where it became the primary Asia hub. Two people with knowledge of the situation said that Pacific Basin Shipping, a Hong Kong listed company, has always flagged its 110 bulk carrier fleet in Hong Kong. However, it is now preparing contingency plans for them to be registered elsewhere while it assesses possible risks. Pacific Basin's spokesperson stated that the company constantly evaluated geopolitical risk but its fleet still flew the Hong Kong flag "which, at least for the moment, outweighs the challenges". The spokesperson stated that "Being located in Hong Kong places us near China's 40% share of the global dry bulk export/import activity as well as close to Asia's strong industrial and economic growth regions." Angad Banga said that shipping firms adjust contingency plans based upon risk assessments, but he has not heard of concerns regarding the commandeering vessels. Banga said that although some organizations may be re-evaluating their operational strategies, they do not see a widespread exodus from Hong Kong or a loss of confidence. The city, he added, remained attractive to maritime commerce. Some industry figures have described a general unease in Hong Kong, which has affected their planning. Three lawyers have said that, until recently, contracts for the increasing number of ships constructed in China that are financed by Chinese banks stipulated that the ship must fly the Hong Kong Flag. Lawyers said that in the past two years some companies have added a disclaimer to their contracts, stating that they are willing to consider other flags as an alternative. Could not independently verify these changes. Beijing officials have stressed that Hong Kong is important in achieving national security goals. They also referred to China's modernisation of its military and refusal to abandon the use of force against Taiwan. Three executives and lawyers said that the sweeping security laws, which were first implemented in Hong Kong in July 2021 and then strengthened in March 2020, have increased dangers. Lawyers said that any attempt by Hong Kong’s leader to commandeer ships in an emergency could prove difficult, since locally registered vessels often travel routes far away from Hong Kong. They said that such powers, which have been in place for a long time, now needed to be seen through the lens of national security. One lawyer stated that some shipowners would not object to a request from the government to hand over their vessels. This could be due to patriotism, or because they might profit by a crisis. Another veteran lawyer said that it is "better to avoid being in a situation where you could be asked". It was not an issue a few short years ago. The national security map has been redrawn. (Reporting and editing by David Crawshaw; Additional reporting by Andrea Shalal, Idrees, and Idrees in Washington and Beijing, Shanghai, and Hong Kong;
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Nigeria's electricity generation increases 30% with grid upgrade
After completing a part of a major overhaul of Nigeria's generation infrastructure, the electricity output of the nation has risen by 30% in the last week. The infrastructure is there to produce 13,000 MW, but only a third has reached the consumers. This is due to an old grid covering roughly half of the country, which forces businesses and households into expensive generators. Sule Abdulaziz said that the Transmission Company of Nigeria had built and commissioned new substations, transmission lines, and 66 new transformers. He said, "We built new substations as well as increased the capacity of the existing ones." The German banks funded a 2019 agreement between Siemens and the German government to renovate transmission lines and substations for power distribution. This was to reach 7,000 MW and 11,000MW of reliable electricity by 2021. It has been faced with regulatory, logistical, and financial challenges. Abdulaziz stated that the Federal Executive Council has approved the Siemens project for the improvement of seven existing substations. Six projects have added 335 MW to the capacity of six substations in the pilot phase. By the end of phase two, 15 brownfield substations and 22 new substations are expected to be built. Government funding and multilateral organizations like the World Bank, African Development Bank and World Bank also support grid improvements. The AfDB granted the government $1.1 billion in January to improve the transmission system. A separate five-year plan of $192 million was also announced. The electricity generation reached a record-high of 5,801.84MW on Tuesday, and was 5,590MW on Thursday. The government believes it will surpass 10,000 MW before the end of this year.
Trump says the US will retake back the Panama Canal by invoking an expansionist agenda
Donald Trump, the newly sworn in President of the United States, promised on Monday to take back the Panama Canal during his inauguration speech. He invoked the 19th-century expansionist doctrine "Manifest Destiny."
Trump reaffirmed his threat made before his inauguration to regain control of the canal. He accused Panama of not fulfilling its promises to transfer the strategic waterway to the United States in 1999, and of transferring the operation to China. The Panamanian government has denied these claims.
"We didn't hand it over to China." Trump said, "We gave it to Panama and we're bringing it back."
He did not provide any further details about when or how this would be done, but had refused to rule out the possibility of using military force in the past. This drew both criticism and praise from Washington's Latin American allies and enemies.
On Monday, Panama's president Jose Raul Mulino responded to X by saying that his country had administered the canal for world trade including the U.S. and that "it is and will continue be Panamanian."
Trump's repeated threat to close the Panama Canal at the beginning of his second term is his most obvious mention of a territorial expansion agenda that he has laid down in recent weeks.
He also spoke of acquiring Greenland and turning Canada into an American state in the lead-up to his inauguration.
Possible encouragement for Russia, China Ambitions
Some critics have said that Trump's language resembles imperialism of the modern day. They claim this could be used to encourage Russia to continue its war in Ukraine, and to justify China if they decide to invade Taiwan.
Analysts have questioned if Trump is serious in his plans to pursue what critics call a land grab. They speculate that he could be setting up an extreme position for negotiating concessions. Trump's first term, from 2017 to 2021, was also known for making headline-grabbing pronouncements and threats that he did not follow through on.
Trump did not mention Greenland or Canada during his first four-year term, but he gave hints about territorial ambitions in his second four year term.
He said: "The United States once again will consider itself as a growing nation. One that expands its territory, builds cities, raises expectations, and carries the flag to new and beautiful horizons."
Trump continued, "We will continue to pursue our Manifest Destiny in the stars by launching American astronauts who will plant the stars on Mars."
Manifest Destiny was a term coined by the United States in the 1880s to describe the belief that the U.S. had a God-given right to expand their control across North America. It was used as a justification to seize land from Mexico and Native Americans.
In his Monday speech, Trump reiterated his promise to rename the Gulf of Mexico as the Gulf of America.
Trump claimed that the U.S. "foolishly gave" the Panama Canal to Panama.
For decades, the United States built and governed the territory around the canal. In 1977, the United States signed two accords with Panama that allowed the canal to be returned to Panamanian control. After a period of joint management, the United States returned it to Panama in 1999.
Panama has broken its promise to us. We have been treated badly by this stupid gift. Trump stated that the spirit and purpose of our agreement have been violated.
He claimed that U.S. vessels are "being overcharged severely and not being treated fairly in any shape or form." Panama insists that it treats all vessels fairly that transit the Canal, and says that China has no influence over its administration.
China does not administer or control the canal. However, a Hong Kong-based subsidiary of CK Hutchison Holdings0001.HK has managed two ports at the Caribbean and Pacific entrances for many years.
The 82-km-long (51-mile-long) canal connects the Pacific Ocean and Atlantic Ocean through Panama. It is vital for U.S. imports, such as autos, commercial goods, and liquefied gas, by container ships coming from Asia. Matt Spetalnick in Washington; Elida Moreno and Katharine Jackson, in Panama City. Matt Spetalnick wrote the article. Don Durfee edited it.
(source: Reuters)