East Asia

Cosco Shipping, a Chinese port operator, could launch legal proceedings in Peru if the local regulator determines that the prices at Cosco’s Chancay Megaport must be controlled. The firm stated this in a Friday statement. Cosco insisted that Chancay was a competitive market, despite INDECOPI's ruling to the contrary. Chancay has also stated that the Peruvian port authority previously acknowledged its competitiveness. The Peruvian transport agency announced on Thursday that it will regulate the rates at the port, after the market watchdog found the terminal to be operating without enough competition. Chancay, located north of Lima and offering non-stop trips...

The Santos Port Authority in Brazil, which manages the largest southern hemisphere port, has said that the port's draft will be deepened in order to attract larger ships in coming years. Beto Mendes (director of port operations) said that the goal is to increase the draft from 16 to 17 meters by 2031. Attracting larger ships would allow Brazil's commercial ties to be strengthened with partners like China, who is currently in a trade conflict with the United States. Mendes stated during a presentation that "we need to be ready." Santos will see an increase in shipping volumes as a...

The role of a fast attack sub is so dynamic, everything can change on a dime," U.S. Navy commander Jeffrey Corneille told reporters in March on board the nuclear-powered USS Minnesota off the coasts of Western Australia. Corneille, the captain of the ship, said, "We will leave as soon as my boss tells us to." The letter, which was written in 2018, by the U.S. Secretary of Defence is displayed on the wall in Minnesota. It expresses gratitude for the intelligence gathering and anti-submarine warfare in Europe. Corneille stated that it is important to give adversaries pause for consideration "not...

On Wednesday, U.S. president Donald Trump signed an Executive Order aimed at revitalizing U.S. Shipbuilding and reducing China’s grip on global shipping. For years, Republican and Democratic U.S. legislators have warned of China's increasing dominance in the seas as well as the diminishing U.S. navy readiness. The order instructs the U.S. trade representative to proceed with a plan, which includes charging U.S. docking fees for any ship in a fleet of vessels that are Chinese-built or Chinese flagged. Allies will also be encouraged to follow suit. The Department of Homeland Security is also required to enforce the collection of Harbor...

The Panamanian authorities are auditing a contract that was signed by CK Hutchison, a Hong Kong-based company, and it has stated on Wednesday that the company invested $1.7 billion into two ports near the Panama Canal. This is more than the contract stipulated. Panama Ports Company, in which CK Hutchison holds a 90% stake and has a 25-year concession to operate the Balboa & Cristobal Ports was renewed in 2021. In January, the Panamanian government began an audit of this contract. This could complicate matters. high-profile deal A group led by the U.S. investment company BlackRock has acquired the majority...

Three sources familiar with this matter say that U.S. president Donald Trump will sign an executive directive on Wednesday, aiming to re-energize U.S. shipbuilding while reducing China's hold on the global shipping sector. For years, Republican and Democratic U.S. legislators have warned of China's increasing dominance in the seas as well as the diminishing U.S. navy readiness. The draft executive order, seen by the, states that the U.S. will charge docking fees to any ship in a fleet of Chinese-built or Chinese flagged vessels. It also threatens to retaliate against allies who do not follow suit. Sources who declined to...

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Jenner & Block, and WilmerHale are two of the largest law firms in the United States. Both have been attacked by the Trump Administration and filed documents on Tuesday to block the executive orders which threaten their business and ability to represent federal clients. A senior Panamanian official said on Monday that he found evidence of misconduct from a Hong Kong-based company. This finding could cause a delay or even the...

Panama has launched an investigation into a contract awarded to CK Hutchison, based in Hong Kong, for the operation and management of two ports within the Central American nation. Attorney General Luis Carlos Gomez announced this on Tuesday. Gomez announced the deal after Panama's comptroller-general criticized the contract renewed in 2021 earlier this week. Anel Flores, the Comptroller of Panama's Office, said that Panama had "left $1.3billion on the table" in terms of tax incentives and other benefits given by the government to CKHutchison. Gomez wrote in a Tuesday letter to Flores that the office of the prosecutor was conducting...

Abiove, the traders' association, and a toll-road operator announced on Tuesday that indigenous Brazilian protesters had lifted their blockade of Brazil's Trans-Amazonian Highway. This reopened a vital grain shipping route connecting farmers to the Miritituba River Port. On March 25, Munduruku activists shut down the road (also known as BR-230) to pressure Brazil's Supreme Court into overturning a law that limits indigenous land rights in 2023. Grain traders reported that the protests prevented the shipment of around 70 000 metric tons worth nearly $30 million of grains every day. Abiove reported that it had learned on Tuesday morning the indigenous...

Data from trade sources and calculations show that oil loadings in Russia's western port over the period April 1-15 will fall by 125,000 barrels a day (bpd), compared to the same period last March, to around 1.86 million bpd. Calculations showed that the daily decline in exports and transits of Urals, KEBCO, and Siberian Light grades of oil from Primorsk to Ust-Luga, Novorossiisk and Novorossiisk during the first 15 April days will be 6%. As some refineries are undergoing repairs following drone attacks in March and February, Russia's oil output in April may fall below the March level. This means...

The Panama Comptroller's General Office will sue officials who approved the renewal of a port concession for 25 years to a company headed by CK Hutchison. This is because a major audit of the contract should be finished soon. Panama Ports Company, a company owned by Hong Kong's CK Hutchison, has renewed its contract with the Balboa & Cristobal Ports near the Panama Canal until 2021. Panamanian officials began the audit process in January. In March, a group led U.S. investment company BlackRock announced a deal worth $22.8 billion to purchase the majority of CK Hutchison’s global ports business, including...

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...

China's capital, Beijing, hunkered in on Saturday after rare typhoons-like gales hit northern regions. The storms forced the closure of historical sites and disrupted travel. They also brought late snowfalls as well as hailstone showers to some areas. Wind gusts shook windows and cars, driven by a cold front from Mongolia. The vortex dropped temperatures by more than 12 degrees Celsius. The official Xinhua News Agency said that the winds will continue to blow over the weekend with gusts up to 150 kph. The winds brought hailstones to southern China and late snowfalls to Inner Mongolia. Beijing has issued its...

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...

The data and calculations provided by sources in the trade industry showed that oil loadings at Russia's western port over the period April 1-8 will increase by 90,000 barrels a day (bpd), compared to the same period last March, to reach around 1.7 million bpd. Calculations showed that the exports and transits of Urals, KEBCO, and Siberian Light grades of oil from Primorsk to Ust-Luga, Novorossiisk and Novorossiisk will increase by 6% per day from March 1-8. Calculations based on three sources show that Russia's daily oil output from its western ports is set to increase by 100,000 barrels a...

PetroChina, Asia's biggest oil and gas producer announced on Sunday that its annual net profit had risen 2%, to a new record, due to moderately increased production, which helped offset lower oil price. PetroChina reported in a filing with the Shanghai Stock Exchange that its net profit in 2024 was 164.7 billion Yuan ($22.68billion), compared to 161.1 billion Yuan in 2023. Revenues also decreased 2.5%, to 2,938.0 Billion Yuan. CNOOC Ltd, a domestic peer company, reported an 11.4% increase in net profits to 137.9 bn yuan on Thursday. However earnings at the refining giant Sinopec dropped 16.8% to 50.3 bn...

Calculations based on three sources show that Russia's daily oil output from its western ports is set to increase by 100,000 barrels a day in April compared to March, as seasonal refinery maintenance will outweigh the production cuts under an OPEC+ deal. Exports and transits of Urals, Kazakh KEBCO, and Siberian Light Oil from Primorsk and Novorossiisk, as well as Ust-Luga, will rise by 5% this April in comparison to March. Sources said that the improved weather conditions and increased availability of tankers will both contribute to the increase in shipments. The United States placed sanctions in January on 183...

Oil Minister Sahabi Omarou announced that the Niger had expelled three Chinese oil executives over a dispute regarding disparities in salaries between expatriate employees and local workers who were paid less. Last week, it was reported that the Niger junta ordered three Chinese oil officials to leave within 48-hours. The officials included directors from the West African Oil Pipeline Company, the China National Petroleum Corporation and the joint venture SORAZ. Oumarou, a journalist on Wednesday, said: "We're not satisfied with how wealth is divided between the Niger state and its partner." He said that the average salary for a Chinese...

Two sources familiar with this decision said on Friday that the Niger junta had ordered three Chinese oil officials to leave the country. This is the latest step taken by regional military governments in an effort to gain greater control over their resources. Sources said that the request for the departure from Niger of the directors of China National Petroleum Corporation, West African Oil Pipeline Company and joint venture SORAZ oil refinery was made Wednesday. One source close to government confirmed that the Chinese officials had left the country on Friday. Another source close to the companies involved said that...

According to data provided by pipeline company KazTransOil, the number of metric tons exported in February, up from January, was 97,300 (roughly 28,000 barrels a day). Kazakhstan relies heavily on Caspian Pipeline Consortium, one of the largest pipelines in the world that crosses Russia and reaches the Black Sea port Novorossiisk. The BTC pipeline is the main alternative route for the CPC. It originates from Azerbaijan, on the other side of the Caspian Sea to Kazakhstan. To get Kazakh oil into Baku, either tanker shipments must be made across the Caspian Sea or a transcaspian pipeline needs to be built....

Multiple trade sources reported that Chinese state oil companies have shied away from Russian crude oil in the past month. Two importers stopped purchases, while two others reduced volumes to assess compliance after recent U.S. Sanctions on Moscow. The former Biden administration's January 10 sanctions against Russian oil producers Gazprom and Surgutneft, as well as insurance companies and over 100 vessels in an effort to reduce Moscow's oil revenues led to a sharp drop in Russian oil sales to India and China. Sources with knowledge of the situation said that while Russian shipments have recovered after more non-sanctioned tanks joined...

The proposed lithium mine could provide batteries for thousands of electric cars Critics say that the job opportunities promised by mining companies are too limited. My proposal is moving through the approval process By Natalie Donback He hauled them to his farm near Caceres, where they were divided into baskets and then pressed into oil. While Palomo was working, his six-year-old son Olmo chased their two sheep dogs. Palomo stated, "I would like my son to have the opportunity to continue to enjoy our land as he grows older." The valley is located on top of Europe's second-largest hard rock...

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...

After reopening domestic refineries after maintenance, oil loadings in Russia's west ports are expected to drop compared to February. However, other plants that were hit by drones may spoil this expectation. Two market sources stated that the exports and transits of Urals, KEBCO, and Siberian Light grades from Primorsk and Novorossiisk in March would be around 1.8-1.85 millions barrels per day. Calculations show that this is a drop of 8% per day compared with the revised lifting plans for Feburary. Calculations based on data provided by LSEG and other sources indicated that Russia's total offline primary crude oil refining capability...