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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat capsized and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are common, as old wooden boats are used to transport people between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a fire broke out while a woman was cooking aboard the vessel. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo, and at least 78 drowned. In a separate event, At least 22 people have died After a riverboat sank in December, in western Congo. (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat caught fire and capsized. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are common, as old wooden boats are used to transport people between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. Previous estimates put the number of deaths at 50. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to a temporary shelter set up at the town hall. Those with burn injuries were then taken to hospitals in the area. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo, and at least 78 drowned. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat sank and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are very common. Old wooden boats are used as the main means of transport between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, 78 people died when a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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Russian oil rates from Baltic to India continue to fall as Urals remains under price cap
Two traders reported that the freight rates for Russian oil shipments to India from Baltic ports are dropping further from their recent highs in April, as Urals crude is trading well below $60, increasing tanker supply. The Group of Seven, together with the EU, will impose a $60 per barrel price cap on Russian crude oil by late 2022. This will restrict access to Western shipping services and insurance for purchases above this limit in an effort to reduce Moscow's funding of war. Costs of shipping Urals Oil from the Baltic Ports of Primorsk & Ust-Luga, to India have fallen to an average of $6 million for a one-way shipment. This is down from $7 million in late March and $8 million at the beginning of this year. Early in April, the global oil price fell, pushing Urals crude into Russian ports below $60 a barrel. This allowed more Western shipping firms to resume their services, including freight, for Russian oil. On Thursday, the price of Urals oil shipped from Primorsk port was $53.5 per barrel. After a new round U.S. energy sanctions announced in January took effect, the price of Russian crude shipping increased sharply. Russian oil sellers had to find new tankers to replace the ones that were hit by the sanctions. The cost of shipping Russian crude oil from the Baltic ports to India in January was $4.7-4.9million. Reporting by
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Indian ports continue to offer discounts on Russian Urals despite lower Saudi prices
Four trading sources said that the discount for Russian Urals oil cargoes loaded in May to Brent dated this month remained at this month's levels, even though Saudi Arabia reduced its official selling price of oil. They said that May Urals cargoes were selling at a discount of $2.50-3 a bar to dated Brent, on a DES basis (delivered from ship), which is close to the estimates for April cargoes. "Urals Prices held firm despite Saudi Arabia’s decision to cut prices for the competing Arab Light Oil. Russian barrels are very much in demand," said an Urals trader. Saudi Arabia's Aramco (the world's biggest oil exporter) lowered its official contract price for Arab Light Crude by $2.30 a barrel to $1.20 over the benchmark average Oman/Dubai, in response to an OPEC+ agreement to increase production. The price of Urals FOB (free-on-board) in Russian ports has fallen to its lowest level since 2023, as Brent oil prices have dropped, which is limiting the revenues for Russian oil sellers. Traders said that the price of Urals is supported by the fact that there was a shortage in April-May and refinery runs were higher than expected in Russia. According to industry sources, calculations show that idle oil refining capacities at Russian refineries are expected to fall in May compared to April. This year, drone attacks on Russian refineries led to unplanned outages from January to March. Reporting by Nidhi in New Delhi, and reporters in Moscow. Editing by Kirovan Donovan.
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Italy picks former Terna CFO Scornajenchi to run gas grid group Snam
State lender Cassa Depositi e Prestiti announced on Thursday that the Italian government had chosen Agostino Scornajenchi to replace Stefano Venier, as CEO of Snam's gas grid group. Snam is controlled by the right-wing government of Prime Minister Giorgia Melons through CDP. Venier was appointed while the previous government, led by Mario Draghi as Prime Minister, was still in office. Scornajenchi is currently the head of CDP's venture capital division. He was Terna’s chief financial officer from November 2012 to November 2023. Snam shareholders will likely approve CDP’s proposal during a May 14 meeting. Snam, under Venier's three-year mandate as CEO, helped reduce Italy’s dependency on Russian gas. This was achieved by establishing two new LNG terminals, and increasing supplies from North Africa, and Azerbaijan. Venier has also signed a contract with Edison for the purchase of three gas storage facilities and begun work on boosting the transport capacity of the network from the south to the north to increase the flexibility in the national gas infrastructure. Snam, a partner in the first Italian carbon capture and storage (CCS) project, has received the support of European Commission to build a grid for transporting green hydrogen into northern Europe. The group, which earns the majority of its profits from regulated activities such as gas, LNG transportation and storage management, posted a 14 percent increase in its core adjusted profit to 2,75 billion euros last year ($3 billion). ($1 = 0.8880 euros) (Reporting and editing by Alvise Armillini and Keith Weir, with Francesca Landini & Giuseppe Fonte)
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After an island-wide blackout, power has been restored to 41.5% customers in Puerto Rico
After a blackout that affected the entire island on Wednesday, Luma Energy reported that it had restored power to approximately 41.5% customers by Thursday. Luma stated on its website that approximately 609,711 customers of its 1.5 million had service by 6:25 am local time. Luma Energy released a statement saying that its crews would continue to work throughout the day in order to restore service for 90% of their customers within 48 hours. The blackout is the latest of a string of major blackouts in the U.S. territory, since the grid was destroyed by Hurricane Maria last year, and had to be rebuilt. The company stated that as part of its response efforts, it is investigating the cause of the incident. This includes what role the well-known fragility of the power system played in this island-wide blackout. Luma Energy was formed by units of Canadian energy company ATCO, and U.S. construction firm Quanta Services. (Reporting from Scott DiSavino, New York; Anmol Choubey, Bengaluru. Editing by Ros Russel)
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Russia increases oil product supplies to Indonesia
Market sources and LSEG data on Thursday showed that Russia has increased its shipments of oil to Indonesia in response to Western sanctions imposed due to its invasion of Ukraine. Since the full European Union embargo against imports of Russian oil-based products went into effect in February 20, Russia has diverted fuel exports towards Asia, Africa, and South America. In the past, Indonesia imported oil products mainly from Saudi Arabia and other countries like Malaysia, Singapore, United Arab Emirates, and Qatar. Shipping data shows that between January and the end of March, approximately 500,000 metric tonnes of fuel oil was exported from Ust-Luga in Russia to Indonesia. Sources and LSEG data revealed that two cargoes containing about 50,000 tonnes of naphtha also were shipped to Indonesia this year from the Russian Arctic Port of Arkhangelsk. Indonesia imported around 58.200 tons of naphtha from Russia and 100,000 tons fuel oil for the entire year 2024. In March, a vessel named the Savitri transported 33,000 tons diesel from the Russian Black Sea Port of Tuapse in Indonesia to the Karimun port. Shipping data indicates that another tanker called the Lunar Tide could transport nearly 60,000 tonnes of diesel this month from Tuapse port to Karimun. Unknown buyers are the cargoes. Karimun has traditionally been used as a hub of storage for Southeast Asia. Some traders store their diesel cargoes here and blend them to be delivered later into other destinations in the region, according to trade sources. One source said that due to regulatory requirements most of these cargoes could not be resold into Indonesia. Kpler ship tracking data showed that so far this year, 105,000 tons have been exported out of Karimun. These volumes are headed for countries such as East Timor and Myanmar, along with Singapore. (Reporting in Moscow by Trixie Yap, Singapore by Joe Bavier; Editing by Joe Bavier).
Sources say that STS transfers have helped to boost Russian Arctic oil exports from China.
According to traders and Vortexa data, Russia's Arctic Oil exports to China will rise dramatically this month. This is due to a surge in ship-to -ship transfers on the seas to ensure that tankers arriving at ports are not listed as U.S. sanctioned ships.
In January, the U.S. imposed broader sanctions on all crude oil tankers such as ARCO, Novy Port, and Russian producer Gazprom.
According to traders and Vortexa Senior Analyst Emma Li, to avoid the curbs, STS transfers of cargoes take place in international waters near Singapore and Malaysia, where cargoes will be loaded onto Very Large Crude Carriers that aren't subject to sanctions, before heading to Chinese ports.
Li estimated that at least 4 million barrels Arctic oil finished STS last month and 16 millions more are arriving, or will arrive in the South China Sea, this month.
She added that China's Arctic Oil imports have risen due to the abundance of oil. However, the final volume will depend on logistical hurdles and whether Chinese refiners show interest in buying it.
Gazprom, the Russian oil exporter, did not respond immediately to a request for a comment.
Vortexa reports that China imported Arctic oil from Russia at an average of 25,000 barrels a day (bpd) in March.
China has stated that it is opposed to unilateral sanctions imposed by the United States and other countries in order to curb Russian, Iranian and Venezuelan energy revenues.
According to one trader STS transfers have been used because Chinese buyers are wary about secondary sanctions, and willing to pay more for STS cargoes.
Kpler data show that the VLCC Atila, for example, loaded 2,07 million barrels ARCO in March from two tankers sanctioned in Singapore waters and delivered the cargo in April to China's Dongying port in eastern Shandong Province.
Atila has previously been involved in STS transfers of Iranian oil.
Arctic grades, ARCO, Novy Port and Varandey, are produced in Russia’s northern regions where harsh winter weather impacts production and oil project investments require huge investment.
It is difficult to track the exports of these grades because they are usually shipped from oilfields into floating storage in Murmansk, and then sent to end users.
The STS adds to the shipping costs. The North Sea Route to China (NSR), the shorter route, is closed until July.
One trader stated that the route was very expensive and long. "The only solution is to evacuate the barrels."
The traders stated that light Arctic oil was offered at a discount to Brent benchmark prices. Previously, it had been sold at a premium.
Some of the Arctic oil cargoes will not be able to find a new home anytime soon, as they are currently being stored on vessels.
LSEG data shows that the tanker Fast Kathy, for example, loaded Arctic oil at Murmansk in March and has been cruising off Port Said (Egypt) since April 9.
Traders said that India, which was previously the largest buyer of Arctic oil due to sanctions has reduced purchases. Traders said that the majority of Arctic oil sold to India by Litasco is Varandey, supplied by Russia's Lukoil.
Lukoil didn't immediately respond to our request for comment.
The Indian authorities have banned a tanker, carrying a cargo of Russian crude oil, from conducting an STS operation near the port of Mumbai.
Myanmar and Syria are also Arctic oil buyers. Myanmar received its first shipment of Arctic oil earlier this year.
(source: Reuters)