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LNG Transportation

Transport Infrastructure

Transport Infrastructure

Panama auditor files lawsuit to cancel CK Hutchison's port contract

Anel Flees, Panama's comptroller-general, announced on Wednesday that he filed a lawsuit in the Supreme Court of the country against a contract for the operation of ports near the Panama Canal held by a firm owned by Hong Kong's CK Hutchison. Flores stated that the two lawsuits were filed to declare the unconstitutionality of the port contracts for Balboa & Cristobal and nullify them. The Supreme Court must still accept the request for the complaint of the comptroller. The lawsuits are the result of a month-long audit led by Flores who publicly complained about the contract not serving the nation's...

Transport Infrastructure

New York Times Business News - July 30,

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. Vinay Prashad, chief medical and scientific officer of the U.S. Food and Drug Administration, has resigned from the U.S. Department of Health and Human Services (which oversees the FDA). After a rare 8.8-magnitude earthquake hit Russia's east coast, the National Weather Service upgraded its tsunami warning to cover a 100-mile stretch of Northern California coastline between Cape Mendocino bordering Oregon. Union Pacific announced that it would purchase smaller rival Norfolk Southern...

Transport Infrastructure

LSEG data shows that India and Taiwan were the top two buyers of Russian naphtha during June.

According to traders and LSEG, India and Taiwan were the top destinations for Russian seaborne Naphtha exports during June. Lower volumes and domestic demand attracted buyers. Naphtha, a feedstock used in the petrochemical sector, is a key ingredient for the production of olefins. These are then used as a raw material to make a variety of products such as plastics. The main destination for Russian naphtha has been the Middle East and Asia since the European Union's embargo against Russian oil products came into force in February 2023. In June, the total export of naphtha from Russian ports to India...

Transport Infrastructure

CK Hutchison, global conglomerate caught up in US-China spat

CK Hutchison announced on Monday that it is in discussions with a consortium pursuing a $22.8 billion port business, to add a Chinese “major strategic investor” to the bid. This comes after Beijing launched an investigation into the deal as tensions between the United States and China increased. Hong Kong's conglomerate said this the day after exclusive negotiations for a deal, which included two ports along with the Panama Canal, ended. The consortium was led by U.S. Investment firm BlackRock as well as Italian billionaire Gianluigi Aponte’s family-run ship-owning company MSC. Media reports indicate that Beijing is unhappy with the...

Transport Infrastructure

Greek port workers are jailed while they await trial for drug smuggling

Legal sources reported that six workers in Greece's biggest port Piraeus were arrested on Friday for allegedly being part of a gang involved in the smuggling of cocaine concealed in shipping containers imported from Latin America. They have been jailed until their trial. This is the third case since 2023 where port workers have been arrested on charges of drug trafficking. On Monday, the suspects were arrested. They worked for a private cargo company in Piraeus. According to police officials, they answered charges on Friday including membership in an international criminal organization at least since 2024. They deny any wrongdoing....

Transport Infrastructure

Bloomberg News reports that China's Cosco wants to have a veto in the deal for Li Kashing's port.

Bloomberg News reported that China Cosco Shipping, the state-owned Chinese shipping company, is seeking to join a global consortium acquiring the overseas ports of Hong Kong business tycoon Li Kashing. The company is requesting veto or similar power within the entity that will be taking over 43 ports. The report cited people who were familiar with the issue to say that Cosco argued that these rights are essential to prevent any decisions which could be potentially detrimental to China's interest. The report states that CK Hutchison Holdings, a subsidiary of Li, and the original group, including BlackRock's Global Infrastructure Partners...

Transport Infrastructure

Urals oil prices steady as traders assess impact of new European sanctions

The differential between Urals crude and Brent dated remained unchanged on Monday as traders awaited the impact of European sanctions on Russian oil supplies. The UK imposed new sanctions Monday on Russia's "shadow fleet" that includes 135 oil tanks, as well as two Russian companies: shipping company Intershipping Services LLC, and oil trader Litasco Middle East DMCC. The EU approved Friday its 18th package against Russia which includes sanctions against Russia-backed Indian refiner Nayara Energy. Nayara Energy condemned Monday the European Union sanctions against it and said that it was exploring its legal options to combat the latest "restrictive actions."...

Transport Infrastructure

Wall Street Journal, July 18,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The U.S. Federal Trade Commission has reopened prior consent orders and revoked them for Exxon Mobil’s acquisition of Pioneer Natural Resources, and Chevron’s purchase of Hess. They cited a lack evidence of antitrust violations within the original complaints. China has threatened to block the sale of more than 40 ports, which include two in the Panama Canal, that are owned by Hong Kong based CK Hutchison, to BlackRock or MSC unless Chinese shipping company Cosco takes a...

Transport Infrastructure

Los Angeles seaport imports in June rebound as tariff concerns loom over US Holiday Season

Fears of increased tariffs led retailers to stock up goods in preparation for the holiday season. Last month, the Port of Los Angeles received 470 450 20-foot units (TEUs), after the U.S. and China reached a truce on tariffs. This was an increase of almost 10% over a year earlier and contributed to a record volume for the entire month. Port of Los Angeles Director Gene Seroka. Seroka stated that the June surge "highlights tariff whipsaw effects" caused by U.S. policy. The result for last month was 32% higher than May, when short lived 145% import tariffs on China hammered...

Transport Infrastructure

US port operators try to reduce the expected high tariffs on Chinese-built cranes

The U.S. Seaport Operators are requesting extra time for the implementation of pending tariffs against towering ship to shore cranes. They expect that President Donald Trump’s administration will follow through with a promise to ban this vital cargo handling equipment. In early this year, the United States Trade Representative proposed tariffs up to 100 percent on these cranes. This was after China sucked up market share to gain commercial and military dominance in the oceans. China, through its state-owned Shanghai Zhenhua Heavy Industries(ZMPC), has now dominated the global market. It has also supplied 80% of ship-to shore cranes to the...

Transport Infrastructure

REFILE: How US buyers of critical mineral bypass China's Export Ban

According to records from customs and shipping, at least one Chinese company is involved in this trade. China is the largest supplier of antimony, gallium, and germanium used in semiconductors, telecommunications, and military technology. Beijing banned the export of these minerals to America on December 3, following Washington's crackdown against China's chip industry. The shift in trade flows highlights the struggle for vital minerals, and China's struggle for enforcement of its curbs. It is competing with the U.S. to achieve economic, military and technology supremacy. Trade data shows that U.S. shipments are being rerouted via third countries, a problem which...

Transport Infrastructure

Wall Street Journal, July 9,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. After advisers, including Treasury Secretary Scott Bessent, told him that he could achieve trade agreements with more time. After vowing to reinforce Kyiv's defenses against Russian attacks in recent days, U.S. president Donald Trump may send an additional Patriot air-defense systems to Ukraine. Kevin Hassett, the White House's economic adviser, is a serious candidate to become the next chairman of the U.S. Federal Reserve. Apple named Sabih Khan, an insider, as its Chief...

Passenger Transportation Services

Passenger Transportation Services

New York Times Business News - July 28,

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. The U.S. and the European Union have reached a framework agreement on trade, which imposes a 15% tariff on the majority of EU goods. This is half the rate that was threatened. It also averts a larger trade war between these two allies who account for nearly a third the global trade. Senior U.S. & Chinese negotiators met in Stockholm, Sweden on Monday to address long-standing economic disputes that are at...

Passenger Transportation Services

Final minutes of Jeju Air flight prior to South Korea's worst air disaster

South Korea is investigating a crash that occurred on December 29, at Muan Airport, resulting in the death of 179 people. This was the worst air disaster to ever occur on South Korean soil. Following are the last minutes of Flight 7C2216, gathered from South Korea's Transport Ministry and Fire Authorities, as well as a July 19, update from investigators. All times are Korea Standard Time. 8:54.43 am - Jeju Air 7C2216 contacts Muan Airport air traffic control during its final approach. It is cleared to land on the runway 01 which is oriented 10 degrees north east. 8:57.50 am...

Passenger Transportation Services

Investigation update: Jeju Air jet had a functioning engine at the time of its crash.

According to a new update by South Korean investigators, a Jeju Air aircraft that crashed during an emergency landing in December after a bird struck could have continued flying on the damaged but still functioning engine after the pilots had shut down the other. The Boeing 737-800 belly-landed on Muan Airport without its landing gear, overshot runway, and erupted in a fireball, after slamming against an embankment. All but two of 181 passengers were killed. Although the investigators haven't yet released a final report on the worst air disaster to hit South Korea, information has started to surface about the...

Transportation

Ground Freight

Ground Freight

Steyr Automotive, Austrian company, wins order for large electric trucks from Chinese firm

Steyr Automotive, Austria's electric truck manufacturer, announced on Tuesday that it has received an order from China's SuperPanther to produce electric trucks in Europe for its sale. Chinese automakers are expanding in Europe. They are betting on their low prices and advanced technology, to penetrate a market that is traditionally dominated only by European and American brands. This expansion has stoked tensions in trade between Brussels and Beijing. There is also a dispute over EU tariffs imposed on EVs made in China to protect European producers. China can avoid tariffs on its models if they are manufactured in Europe. Steyr...

Passenger Ground & Sea Transportation

Hong Kong Government proposes first ride-hailing regulations

After years of discussions and complaints by licensed taxi drivers in Hong Kong, the Hong Kong government has presented proposals to regulate ride-hailing services, such as Uber. Uber, the first ride-hailing service in Hong Kong to operate without regulation, was launched in 2014. Uber drivers were arrested for driving without a licence after police raided the office of Uber in 2015. Ride-hailing services have an unfair advantage over taxis, according to the city's taxi sector, which is struggling with a decline in income. The Transport and Logistics Bureau stated in a document submitted to the Legislature that all platforms offering...

Ground Freight

In June, the share of Russian aluminum in LME storages fell as Indian metal rose.

LME data on Thursday showed that the proportion of aluminium stock of Russian origin registered in warehouses at the London Metal Exchange fell to 66% from 69% in may, but the proportion of Indian origin rose to 34%. The LME has prohibited metal produced in Russia from its warehouse system after April 13, 2024 to comply with U.S., British and European sanctions imposed due to Russia's invasion of Ukraine 2022. Metal made before this date can still trade. Stocks of aluminium with Russian origin, or those on warrant The end of June saw little change, with 221,875 tons. A LME...

Ground Transportation

LME's new Hong Kong storage facilities are attracting a lot of interest in metal deliveries, according to the CEO.

According to the CEO of the London Metal Exchange, there is a strong demand for metal delivery before the new warehouses open in Hong Kong next month. This is partly due the tightness of the copper market. The LME approved the construction of three new warehouses in Hong Kong last month, bringing the total up to seven. This is part of its efforts to increase its presence in this city, which is the gateway for the world's largest metals consumer - China. Hong Kong's high costs have led to questions regarding the viability and cost of new storage facilities in...

Ground Transportation

Australia and US to review Biden's submarine pact

Richard Marles, Australia's Minister of Defence, said that his government will work closely with the United States as President Donald Trump's Administration conducts an official review of the AUKUS defense pact. In a press release, a spokesperson from Marles stated that it was only natural for the administration to want to review this major undertaking. This includes progress and delivery. Australia has committed to spending A$368 billion (£239.3 billion), over a period of three decades, on AUKUS, Australia’s largest ever defence project, with the United States, Britain and other countries, in order to build and acquire nuclear-powered subs. Australia's Anthony...

Ground Transportation

In May, the share of Russian aluminum in LME storages dropped as Indian metal surged.

Data from the London Metal Exchange showed that the proportion of aluminium with Russian origin registered in the warehouses of the London Metal Exchange fell to 69% from 89% in the month of April. The percentage of Indian origin increased to 30% from 10%. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The number of metric...

Ground Freight

Russia says that train service between Moscow, North Korea and Pyongyang will resume in this month.

Russia and North Korea are planning to resume direct passenger trains between Moscow and Pyongyang, the capital of North Korea in this month. This will be the first time that the service has been offered since 2020. Russian Railways announced that it had reached an agreement with the North Korean railways ministry on a two-monthly service to resume between the capitals of the country. The journey, which took eight days, was said to be the longest direct train journey in the entire world, covering over 10,000 km (6 213 miles). Two days later, another service will be launched between Pyongyang,...

Ground Freight & Logistics

Rumo cancels agreement to sell stake in Brazil Port Terminal to Bunge, Zen-Noh Grain

Brazilian rail operator Rumo has terminated a 2024 deal to sell a part of the terminal at Latin America’s largest port, to U.S. commodities traders Bunge and to a subsidiary from Japan’s Zen-Noh Group. Rumo stated in a filing with the Securities Commission that the conditions of the agreement for a 50% stake in the XXXIX Terminal, located in Santos Port, had not been fully met before the deadline. It did not give any further details. The parts were Announcement of the Deal Rumo reported that the agreement would be worth 600 million reais ($107.44 millions) in May 2024. Bunge...

Ground Transportation

Plus, the autonomous truck startup, to go public with SPAC in a $1.2 billion deal

The companies announced on Thursday that the self-driving vehicle startup Plus Automation would go public in the United States via a $1.2billion merger with Churchill Capital Corp IX. Plus will receive $300 million from the merger, which is backed by Wall Street veteran Michael Klein. This money will be used to launch its autonomous trucks commercially in 2027. In recent months, the commercialization of self-driving vehicles, which is widely viewed as the future in transportation, has accelerated as companies move from making bold promises to making cautious progress. In the U.S. truck operators, who are responsible for most of the...

Ground Transportation

Japanese bonds rise after fiscal concerns push super-long yields up to records

After a volatile week in which fiscal and inflation fears drove super-long yields up to record levels, Japanese government bonds slightly recovered on Friday. The yields on JGBs of 20-, 30-40-year terms have been increasing, fuelled by concern over the worsening fiscal situation in the country, while some political parties are advocating consumption tax reductions to counter rising prices. Bond prices and yields are inversely related. Data released on Friday shows that Japan's core inflation rate for consumers hit 3.5%, the highest annual pace it has seen in over two years. This puts pressure on Bank of Japan to keep...

Ground Freight & Logistics

CATL estimates that half of China's heavy trucks could be electric by 2028.

According to media reports, the chairman for battery manufacturer CATL stated on Sunday that half of China's heavy truck sales could be electric by 2028. This is up from 10% of 2024. The comments by Zeng Yuqun, made at a heavy-truck battery-swapping launch and reported by the Shanghai government-affiliated news site Jiemian, suggest further headwinds for fuel demand in the trucking sector, already hit by the rise of LNG trucks in China. CATL announced Saturday that it had begun production of a 60 gigawatts-hour energy storage base and EV batteries in Shandong. This was its first facility of this kind...

Ground Transportation

Sources say RPT Shein will set up a huge warehouse in Vietnam to hedge US tariffs

Two people with knowledge of the deal said that Shein, an online retailer specialising in fast fashion, is leasing its first warehouse in Vietnam. This could help reduce the company's exposure to the unpredictable trade tensions between the U.S. and China. Shein, a company founded in China that sells items such as $5 bike shorts or $18 sundresses has agreed to lease 15 hectares for an industrial warehouse near Ho Chi Minh City. This is the commercial and trading center of Vietnam, according to the two sources, who declined to identify themselves because the information wasn't public. A tit-fortat China-U.S....