Latest News
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Source: Russian court lifts suspension of Transneft Black Sea oil berth
An industry source said that a Russian court reversed on Monday the decision of a regulator to stop the operation of a Transneft-controlled oil berth in the Black Sea port Novorossiisk. Transneft announced last week that it had suspended the mooring no. 8 at Novorossiisk, for 90 days following a quick inspection by a transportation watchdog. The Novorossiisk Commercial Sea Port is one of Russia’s biggest export outlets. Closing one mooring will not have a significant impact on its operations. Sources claim that the port was fined $2,322 for non-specific irregularities. Transneft didn't respond to a comment request. Last week, a source in the industry said that this berth was used for small vessels up to 10,000 tonnes of oil products. A Russian court last week ruled against the suspension of two berths in Novorossiisk, which are part of the Black Sea export terminals for Caspian Pipeline Consortium (CPC). The Caspian Pipeline Consortium uses these berths, supported by Western stakeholders, to export oil from Kazakhstan. $1 = 86.1455 Roubles (Reporting and writing by Olesya Astakhova; editing by Alexandra Hudson).
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Brent prices collapsed, causing Russian Urals to fall to their lowest level since 2023
Calculations based on trader's data show that the Russian Urals oil price fell to its lowest level since 2023, as Brent international benchmark prices plummeted amid the escalating tensions in the U.S.-China following the tariff policy announced last weekend. Weaker Urals will have a negative impact on Russia's oil revenue - the mainstay of Moscow's budget. Oil and gas revenue is down at a time when Russia and the United States are negotiating a ceasefire in Ukraine. Brent futures fell $2.43 or 3.7% to $63.15 per barrel at 1009 GMT. They continue to drop from last week, and are now at their lowest level since 2021. According to data, the price of Russian Urals oil for cargoes loaded from Primorsk and Novorossiisk port dropped to $53 per barrel on Friday. If Brent prices continue to fall until the close of the markets, the Russian grade could drop as low as $50 on Monday. According to data and calculations, if this is the case, it would be the lowest price for Russian Urals since March 2023. Two traders say that lower prices of Russian oil will also help the oil sellers fix their tankers, as more western shipowners are able to enter the market because the prices are below western price caps. Calculations showed that the price of uranium is likely to drop $10 per barrel below western prices on Monday. The Group of Seven countries, including the United States of America, Canada, Britain and Italy, France and Germany, imposed a $60 cap per barrel in late 2022 on the sale of Russian crude oil free-onboard. This was done to limit the revenue that Russia receives from oil exports by sea. After reaching a high in early March, the cost of shipping Urals crude oil from the Baltic port of Primorsk to India averaged $7 million for a one-way shipment. Reporting by ChizuNomiyama; Editing by ChizuNomiyama
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US utilities struggle with the massive power demand for data centers by Big Tech
U.S. Electric utilities are receiving massive requests for additional power capacity, as Big Tech searches the country to find viable locations for data centers that can keep up with AI's compute demands. In a survey of 13 U.S. major electric utility earnings transcripts, nearly half of the utilities received inquiries from data centers for power volumes that would exceed peak demand or their existing generation capacity. That's all they supply to businesses and homes. This metric reflects the sheer magnitude of oncoming needs for data centers. The power industry now faces a challenge that will affect billions in investment. How to meet demand? Utilities announced additional capital expenditures in the billions this year. Some utilities have even doubled their investment plans for five years. Underestimating the demand can lead to an unstable grid and a greater chance of blackouts. Ratepayers may be on the hook if utilities overbuild. Investors and other experts in power said that tech companies approach multiple power utilities within the same state or across multiple states to seek multiple bids for a single project. This complicates matters by causing power demand forecasts to be inflated. Jon Gordon, director of the Advanced Energy United trade group for clean energy, which includes clean power users and large energy consumers like data centers, said: "What we are seeing is this enormous proposed influx" It is very difficult to predict the future demand for utilities because of their size and secrecy. James Richmond, CEO at e2Companies (a provider of energy management systems), said that the data center process will be a competitive bidding from three companies on many markets. "That one third, automatically, will win and the two-thirds will drop out." Big Demands Sempra, for example, said that Oncor Electric in Texas, which services the Dallas area, had received requests for an additional 119 Gigawatts. This is almost four times the peak power usage on their system. PPL, based in Allentown, Pa., said that it received more than 50 GW data center requests. This includes at least 9GW which are already advanced stages of development. Oncor stated that it will only include data centers in its budget plan after it has signed contracts with the developer or the operator, and secured collateral such as a letter or credit guarantee, cash or an affiliate guarantee. Kerri Dunn, spokesperson for the company, said: "We think these agreements encourage accurate information sharing and project planning certainty." PPL's spokesperson stated that the company will only spend money on a project if there is an agreement. The pipeline of data center-driven demand in Evergy territory in Kansas and Missouri has almost doubled, reaching more than 11 GW by the end of 2024. This is slightly higher than the total demand expected for the entire utility system in 2025. States are starting to notice. Pennsylvania may create a clearinghouse for data center requests to get a better understanding of the soaring demand forecasts. This was revealed by a representative of the Pennsylvania Governor's Office during a recent panel discussion. Jacob Finkel is the deputy secretary of state for Josh Shapiro. "RISK OF UNDERBUILD" Big Tech could also abandon projects that take years to complete due to inflation, increasing interest rates and limited land. According to several industry sources, in 2024 the cost of building a megawatt would be around $12 million. Richmond noted that the cost of building data centers has risen dramatically since then. The rising capital costs may limit utilities' ability to meet the demand for new facilities, according to Barclays analyst Nick Campanella. He said that there was a risk of building too much. There are signs that the requirements for next-generation AI may change, in addition to cost increases. DeepSeek, a new AI model, promises to use less computing power, and potentially less electricity. It only requires a fraction of the current data center chips. Data centers consume a lot of energy because they have so many chips. Fewer chips means less infrastructure and power to support them. This includes the energy-guzzling systems for cooling. TD Cowen analysts have reported that Microsoft, one of the top investors in AI data centers with plans to spend $80 billion in this year, has pulled back on projects in the United States and Europe that would require 2 GW in electricity.
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Dutch grid operator allocates 9 GW through off-peak contracts
Dutch power grid company TenneT announced on Monday that it had made more than nine gigawatts available through flexible contracts outside of peak usage hours. This move is intended to attract high energy users who were waiting for grid access because of saturation. Why it is important TenneT announced in December that the high-voltage network of a large portion of Zuid-Holland, the Netherlands' province, had reached its maximum capacity. This was the only province that still had capacity available for large consumers of electricity. CONTEXT TenneT is the largest high-tension grid operator in Germany, and the Netherlands. They are looking at ways to reduce grid congestion and to expand the grids so that they can accommodate the massive amount of solar and wind energy needed to move away from fossil fuels. Last month, it announced that it would spend about 200 billion Euros ($220 billion), through 2034, to upgrade its Dutch and German grids. By the Numbers Grid operator analyses show that the available power outside peak hours is 9.1 gigawatts, or over 40% of current electricity demand in the country. TenneT reported that the demand for new flexible contracts was greater than 70 gigawatts. This is primarily due to large battery parks. The current capacity of the contract cannot meet the demands. This new contract will allow grid users to save 65% by using a flexible tariff. What's Next? TenneT will begin contacting interested parties on April 8 to discuss capacity allocation in the weeks ahead. KEY QUOTE We are expanding the electric grid in the Netherlands. We also need to make better use outside of 'peak hours' and use the remaining grid space intelligently, said Maarten Abbenhuis, Chief Operating Officer for the group.
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CMA CGM, the shipping giant, and a French AI startup have teamed up to improve customer service.
The partnership between shipping giant CMA CGM, and the tech startup Mistral AI is expected to yield rapid productivity gains. It was announced on Sunday. The partnership will see CMA CGM spend 500 million euros (550 million dollars) on AI over the next five years, and will be focused on improving customer service and logistics in shipping as well as fact-checking for its French media outlets including BFM TV. Rodolphe Saade, CMA CGM Chairman and CEO, declined to provide financial targets on return on investment in a joint interview conducted with Arthur Mensch's cofounder and CEO of Mistral. Saade, however, said that "the implementation of the initiatives should not exceed six to twelve months", and would reduce response times for customer advisors who receive 1 million emails per week. This includes requests about routing vessels. Investors are under pressure after the AI sector received massive funding. The low-cost Chinese AI DeepSeek model has unnerved investors. Mistral was hailed by President Emmanuel Macron in February as a European champion in a competition with American giants like OpenAI which produces ChatGPT. This year, it has forged partnerships with major French groups, including Stellantis. Mensch stated that Mistral, whose investors include CMA CGM, is expecting a 10-fold growth in sales between December 2020 and December 2025. AI regulation is one of the main issues between the U.S. and Europe. Relations deteriorated further when President Donald Trump announced tariffs. Saade added that he believes in global investment in open markets. CMA CGM was the third largest container shipping line in the world. Trump praised the company last month for its pledge to invest $20 billion dollars in the United States. The group also has partnered with U.S. technology names such as Alphabet, whose Google CMA CGM announced in July a five-year AI collaboration worth $150 million. Reporting by Gus Trompiz, Florence Loeve and Alison Williams.
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Amazon's soy shipping route to Brazil is disrupted by protests and poor roads
In recent days, protests by indigenous peoples and poor roads disrupted the shipping of Brazil's bumper soya crop via the river port Miritituba within the Amazon rainforest. This has caused concern for global companies such as Cargill and Bunge who have important operations. Abiove, the association of grain handlers in Nigeria, reported on Friday that road access to Miritituba had been partially or totally blocked for two weeks. This has prevented the shipment of almost 70,000 tons per day of grain, equivalent to almost $30 millions of product value. In a statement issued jointly with the farm group Aprosoja Brasil, and the private port operator lobby ATP it urged the authorities and civil society members to find a solution quickly as the blockades affect not only grain shipments, but also the movement of people and the arrival and delivery of essential goods and services. The demand for soy, which is produced and exported by Brazil, the largest producer in the world, has risen dramatically. China is the world's No. 1 soybean consumer, as traders prepare for a potential trade war that could discourage Chinese imports. Miritituba loaded 15 million tons soy and corn onto barges last year, bound for larger ports on the river. This represents more than 10% of Brazil's total grain exports. The port's volume is expected to increase by around 20% in this year. At certain times of the day, protesters from the Munduruku tribe have blocked a major stretch of the Transamazonian Highway in Miritituba to pressurize Brazil's Supreme Court into overturning a law passed in 2023 that was intended to limit their land rights. This has caused traffic to worsen along a five-kilometer unpaved stretch of road. The trucking group ANATC reported that the traffic had left some cargos at Miritituba waiting for three days before they could be unloaded. AMPORT, the company that represents the biggest firms shipping out of the terminal, has said that truckers who have pre-scheduled their access to the port do not experience these wait times. AMPORT president Flavio Acauassu estimates that each hour the protesters blockade the terminal, at least 12,000 tonnes of soybeans are prevented from arriving. Via Brasil BR-163, the company that administers the 1,009 km (627 miles), of highway connecting farms in Mato Grosso to the river port said a new entrance will be built once courts grant it permission to expropriate specific areas. According to Munduruku representatives, the frustrations between truckers' and Indigenous protestors have escalated into violent incidents. They wrote: "Our fight is peaceful but we are suffering from attacks and threats by truck drivers including insults and stone throwing as well as dangerous driving and gun shots." Rafael Modesto is an attorney for the Indigenous Missionary Council that represents Indigenous interests in the Supreme Court. He said the protest was a reflection of native peoples' fears about losing their land to advancing farming frontiers. Brazil's powerful farm lobby in the Brazilian Congress has been at odds over a proposed deadline for new reservations of lands on which Indigenous people did not live in 1988. He said: "We think that, if any proposals that change the text of Constitution are passed, then demonstrations like these may become more common all over Brazil." (Reporting Ana Mano Additional Reporting by Manuela Andreoni Editors Brad Haynes, Alistair Bell and Brad Haynes)
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Panama Canal Authority to announce opening of bidding for LPG Pipeline
On Friday, the Panama Canal Authority announced that it had authorized the bidding for a new pipeline to transport liquefied gas (LPG), across the interoceanic watersway. The planning for projects to increase the capacity of the trans-shipment and storing of goods has increased since the Panama Supreme Court ruled last year that areas near the Canal should be returned to the Panamanian administration. The pipeline will allow LPG vessels discharge at one end while other tankers pick up cargo at the opposite end. This will reduce the traffic of vessels on the waterway. Japan's purchase The project will help to increase the supply of U.S. LPG, said Ricaurte Vasquez, the Canal's director last month. In a press release, the canal said it would seek out companies that are technically and commercially capable of executing the pipeline's construction and, eventually, its operation. The release added that "this complementary activity will be integrated into the sustainable development on the West Bank of the Panama Canal, which includes alternative activities to the transport of products by sea." The authority of the canal said that bids would be accepted in the months following approval by the board.
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Amazon's soy shipping route to Brazil is disrupted by protests and poor roads
The poor road conditions and protests by indigenous groups have caused the shipment of Brazil's bumper soya bean crop to be delayed this week at the port of Miritituba, in the Amazon rainforest. This is where major grain traders such as Cargill and Bunge operate. The demand for soy, which is produced and exported by Brazil, the largest producer in the world, has risen dramatically. China is the world's No. 1 soybean consumer, as traders prepare for a potential trade war that could discourage Chinese imports. Miritituba loaded 15 million tons soy and corn onto barges last year, bound for larger ports on the river. This represents more than 10% of Brazil's total grain exports. The port's volume is expected to increase by around 20% in this year. At certain times of the day, protesters from the Munduruku tribe have blocked a major stretch of the Transamazonian Highway in Miritituba to pressurize Brazil's Supreme Court into overturning a law passed in 2023 that was intended to limit their land rights. This has caused traffic to worsen along a five-kilometer unpaved stretch of road. The trucking group ANATC reported that the traffic had left some cargos at Miritituba waiting for three days before they could be unloaded. AMPORT, the company that represents the biggest firms shipping out of the terminal, has said that truckers who have pre-scheduled their access to the port do not experience these wait times. AMPORT president Flavio Acauassu estimates that each hour the protesters blockade the terminal, at least 12,000 tonnes of soybeans are prevented from arriving. Via Brasil BR-163, the company that administers the 1,009 km (627 miles), of highway connecting farms in Mato Grosso to the river port said a new entrance will be built once courts grant it permission to expropriate specific areas. According to Munduruku representatives, the frustrations between truckers' and Indigenous protesters have escalated into violent incidents. They wrote: "Our fight is peaceful but we are suffering from attacks and threats by truck drivers including insults and stone throwing as well as dangerous driving and gun shots." Rafael Modesto is an attorney for the Indigenous Missionary Council that represents Indigenous interests in the Supreme Court. He said the protest was a reflection of native peoples' fears about losing their land to a rapidly expanding farm frontier. Brazil's powerful farm lobby in the Brazilian Congress has been at odds over a proposed deadline for new reservations of lands on which Indigenous people did not live in 1988. He said: "We think that if any proposal to change the Constitution text is passed, then demonstrations such as this one could become more common all over Brazil." (Reporting Ana Mano Additional Reporting by Manuela Andreoni Editors Brad Haynes, Alistair Bell and Brad Haynes)
Maguire: Nuclear growth allows South Korea to reduce coal and LNG imports
South Korea's record nuclear power production has helped it cut its imports of thermal coke and LNG by more than a year so far in 2025. This could be a blueprint for other nations that are looking to reduce their reliance on fossil-fuel imports.
Since September last year, nuclear reactors have produced more electricity than South Korea’s coal- and natural gasfired plants. This has helped South Korea's utilities to make significant cuts in fossil fuel purchases and usage so far in 2025.
South Korea was historically a top four importer of coal and LNG. However, in the first quarter 2025, it reduced the combined imports by 20 percent from 2024. This is due to a greater domestic nuclear production.
Continued high nuclear production could lead to further reductions in South Korea's imports of fossil fuels and demonstrate the effectiveness a nuclear fleet has at replacing expensive and highly polluting fuels for power production.
NUCLEAR GROWTH
According to Ember data, South Korea's nuclear fleet produced a record 17,9 terawatt-hours of electricity in January. This is 20% more electricity than the same month of 2024, and accounts for almost 35% of South Korea's electricity.
The South Korean nuclear power supply has steadily increased due to a sustained effort to improve the efficiency of the country's reactors. This is in conjunction with the launch of the Shin Hanul-2 in early 2024.
Ember data show that between 2019 and 2024 the total electricity generated by South Korea's nuclei plants increased by 29%. This is from 146 Terawatt Hours (TWh), to 189 TWh.
The rapid increase in clean electricity allowed utilities to reduce the coal-fired electricity output by 26 percent and yet still raise overall electricity supply by 6 percent during this same period.
The supply of natural gas-fired power increased by 17% between 2019 and 2024. Last year, it overtook coal-fired power for the first time.
In 2024, nuclear power will surpass coal and gas plants in South Korea for the first ever time. This will cement its position as the primary energy source of the country.
With four more reactors currently under construction, the importance of nuclear power in South Korea is set to continue growing.
Import Impact
Kpler, a ship tracking firm, has revealed that South Korea will be the third largest LNG importer in 2024 and fourth biggest thermal coal importer.
South Korea's thermal coal imports fell 23% in the first quarter 2025 compared to the same quarter last year, while LNG imports dropped 16%.
South Korea imported thermal coal in total of just under 14 million metric tonnes from January to March. This is 4 million tons lower than the same period last year.
The first quarter 2025 saw South Korea import 10.6 million tonnes of LNG, nearly 2 million less than the first quarter 2024.
Both commodities' first-quarter import totals were the lowest they have been in at least 8 years. This could indicate a major shift in the fossil fuel flow across Asia, if it continues through the remainder of the year.
The impact of South Korea’s decline in fossil fuel imports could be felt by a wider range of nations, particularly those considering nuclear energy to increase their overall energy supply and reduce their reliance on foreign fuels.
South Korea's utilities showed that with the right funding and support, it is possible to improve the efficiency and output of the existing fleet and add new reactors in order to increase overall electricity production.
This higher nuclear base will allow us to reduce our dependence on fossil fuels imported from abroad, and create a more independent, cleaner, and self-sufficient power system, which can expand electricity supply in accordance with the domestic demand. These are the opinions of the author who is a market analyst at.
(source: Reuters)