Latest News
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Ambrey: RSF drones attacked Port Sudan's container port
Ambrey, a British maritime security company, reported on Tuesday the paramilitary Rapid Support Forces had launched a drone strike on Port Sudan facilities. The attack targeted the container terminal escalating the two-year conflict. Ambrey claimed to have obtained video footage of damage done to the terminal, as well as the civilian infrastructure. The city is now reported to be without electricity. Ambrey reported significant GPS disruptions, but no damage was reported to merchant vessels. Witnesses reported that explosions and fires erupted in Port Sudan, Sudan's wartime capital and main port city, on Tuesday. This was part of an ongoing drone attack, which has destroyed the largest fuel depots and damaged the most important foreign aid gateway. Port Sudan is home to the main seaport and airport of the country, as well as the top military command. The Sudanese war has been raging between the army, RSF and civilians since April 2023. This conflict was sparked by a disagreement over a transition from military to civil rule. According to the United Nations, the conflict has caused the displacement of over 12,000,000 people and has forced half the population to suffer from acute hunger. (Reporting and editing by Louise Heavens, Bernadettebaum and Tala Elimam)
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Danish trader: Power market can ease grid constraints in Europe
InCommodities, a Danish commodity trader, said that better management of renewable assets on a short-term basis and by balancing the markets could help them integrate into Europe's power system overall and counter grid constraints. Wind and solar power are increasing in Europe, but their intermittent production is a challenge for grid operators. They need to balance supply and demand all the time. The blackout that occurred in Spain and Portugal last week was a stark example of the challenges facing European power grids. These grids require trillions in dollars of investment to keep up with the growing green energy output. InCommodities Asset Management, a subsidiary dedicated to the sector and owned by Goldman Sachs, selected investors, and InCommodities itself, was formed in response to the growing demand for specialist services, according the group. InCommodities Asset Management's CEO Anders Kring said that the demand for risk-management solutions has increased, particularly after the 2022 Energy Crisis, but also because renewable energy is becoming more prevalent in the energy mix. He was the head of European Power Trading at competitor Danske Commodities (a subsidiary of Equinor of Norway). Kring stated that given the delays in building power grids across Europe, it is important to optimise renewable energy, as well as the flexibility of the grid with batteries. He added, "We won't have a brand new grid tomorrow so we will need to make the most of what we already have." Kring stated that in the meantime, he believes that dedicating resources towards improving forecasts for renewable energy production, developing advanced weather modelling and algorithms to determine how to best utilize batteries will improve the integration of green energy. "Each time you put money into this, you'll hopefully get better solutions to help you run the grid better," he said. Investigations are still underway to determine the cause of the blackout on Iberian Peninsula. (Reporting and editing by David Evans; Nora Buli)
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South Korea's MFG purchases about 135,000 T of corn in a private deal
Major Feedmill Group of South Korea (MFG) bought around 135,000 tons of animal feed in a private transaction on Tuesday, without launching an international tender. Two consignments were purchased from a variety of origins. A consignment of approximately 65,000 tons cost and freight included was purchased at a price of $243.30 per ton plus an extra $1.25 per ton for port unloading. It was thought that the seller would be Mitsui Trading House, with an arrival in South Korea around 5 August. The second consignment, a total of 65,000-70,000 tons, was purchased at an estimated cost and freight included (c&f), plus an extra $1.25 per ton for port unloading. It was thought that the seller would be CHS, with an arrival date in South Korea of around August 15th. The second consignment, which is between 65,000 to 70,000 tons in volume, must be declared on June 1. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The United States, South America, or South Africa can all be used as a source for both consignments. The first shipment is shipped between June 21 and 21. The second shipment is sent between July 1 and 3. The Korea Feed Association, which also participated in the deal, continued to purchase corn at a rapid pace this week and last. Buy On Tuesday, a private transaction involved 65,000 tonnes. Importers are reportedly attracted to traders, according to traders Falling Chicago corn prices are weakened due to expectations of favorable planting weather in the United States and predictions that U.S. growers will increase corn sowings for this year. (Reporting and editing by Louise Heavens, Michael Hogan)
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South Korea's MFG purchases 135,000 T of corn in a private deal, traders claim
Major Feedmill Group of South Korea (MFG) bought an estimated 135,000 tons of animal feed in a private transaction on Tuesday, without issuing a tender to the international market. Two consignments were purchased, with the expectation that they would be sourced from a variety of origins. A consignment of approximately 65,000 tons cost and freight included was purchased at an estimated $243.30 per ton plus a $1.25 surcharge per ton for port unloading. Seller believed to be Mitsui trading house with arrival in South Korea between August 5 and 6. The second consignment, which could have a weight of up to 70,000 tonnes, was purchased at an estimated cost and freight rate (c&f), plus an extra $1.25 per ton for port unloading. Seller is believed to be CHS trading house with arrival in South Korea around 15 August. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
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What curbs have India imposed upon Pakistan after the attack in Kashmir?
India and Pakistan, two nuclear-armed neighbors, have announced a series of measures to counter each other's actions after an attack on Hindu tourists in Kashmir killed 26 men last month. Take a look at what the South Asian countries have announced in response to the recent crisis. Travel India and Pakistan have closed their only land border that is open and their airspace for each other's aircraft. Both countries have banned all ships flying the flag of the other country from visiting their ports and their own ships have been told not to visit the ports of the other. New Delhi has also revoked almost all Pakistani visas and given them a deadline to return home. Pakistan has suspended bilateral agreements with India and has stopped all trade. India has also prohibited the importation of goods that originate in Pakistan or are transited through Pakistan. India has suspended its 1960 Indus Waters treaty, which regulated the sharing of water from the Indus River system between countries. Pakistan, which heavily relies on water for hydropower and irrigation has declared that any attempt to divert or stop its flow would be considered "an act of war". DIPLOMACY Both countries have reduced their diplomatic staffs and declared the defence advisers of each other in New Delhi or Islamabad to be persona non-grata. Postal Service India has suspended the exchange of all types of mail and parcels arriving from Pakistan via air and surface routes. India has requested that the International Monetary Fund review its loans to Pakistan. Pakistan's recent borrowings include a $7 Billion loan obtained in September and a $1.3 Billion climate resilience loan received in March. SOCIAL MEDIA India has banned 16 Pakistani channels on YouTube, including media outlets like Dawn News and channels by sportspeople such as Shoaib Ahtar. The Indian government has also blocked the social media accounts for some well-known Pakistani personalities. These include actor Fawad Khan whose Instagram account was blocked and former Prime Minister Imran Khan whose X profile is no longer visible. SPORTS Neeraj Chhopra, India's Olympic javelin-medallist, has rescinded an invitation to Arshad Nadeem of Pakistan to attend a meet in Bengaluru later this month. He said it was "completely off the table" following the Kashmir attacks. He invited Paris Olympics Champion Nadeem to attend the Neeraj Chopra Classic, which will bring together the top throwers from around the world on May 24. (Compiled by Sakshi dayal; edited by YP Rajesh & Raju Gopalakrishnan).
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Alan Armstrong, the CEO of Williams, will step down from his position after 14 years.
Williams Companies announced on Monday that CEO Alan Armstrong would step down from his position after 14 years as the leader of the U.S. Pipeline Operator. Armstrong, who has been with Williams for nearly 40 years, will be replaced by Chad Zamarin. Zamarin is the current executive vice president for corporate strategic development. He joined the company as a new employee in 2017. Williams also beat its quarterly earnings expectations and increased its annual profit forecast on Monday, as it leaned on a rising demand for natural gases, which was driven by an increase in electricity consumption in homes and businesses, crypto mining, and a boom in data centres fueled by artificial intelligence. Armstrong stated that "Williams will be well-positioned to take advantage of the growing demand for natural gas from the power generation sector and LNG exports while still meeting the traditional needs of the market." The company raised its outlook for 2025 core adjusted profit range to $7.5 billion to $7.9 billion from its previous outlook of $7.45 to $7.85. The company's first-quarter performance was boosted by increased service revenues from acquisitions and expansion projects. After a U.S. Court revoked the original approval of 2023, the U.S. Energy regulator reinstated in January the certificate for Williams’ Transcontinental Gas Pipeline, allowing the company to proceed with the expansion project. The total revenue increased by nearly 10%, to $3.05 Billion during the quarter ending March 31. Service revenues rose to $2 Billion from $1.91 Billion a year earlier. Transco's average daily transport volumes of natural gases rose from 14.6 million dekatherms per day to 15.9 MMdth in the first quarter of this year. According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of 60 cents for the quarter ending March 31. This compares with analysts' average estimates of 56 cents. Reporting by Katha Kaalia and Vallari Shrivastava from Bengaluru, editing by Leroy Leo
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CANADA-CRUDE-Discount on Western Canada Select heavy crude unchanged
The discount between West Texas Intermediate (WTI), the North American benchmark, and Western Canada Select (WCS), heavy crude was unchanged on Sunday. It remained within the historically narrow range that it has traded at since spring. WCS for June deliveries in Hardisty (Alberta) settled at $9.15 per barrel below the U.S. benchmark WTI according to brokerage CalRock. Canadian heavy crude is trading at a discount, in part because the Trans Mountain expansion pipeline was opened a year ago. This increased the country's capacity to export oil. According to RBC Capital Markets, the average differential between WCS and WTI has narrowed by $23, or $4 over the last year. * The tight WCS discounts also reflect tighter U.S. Sanctions on countries producing heavy crude, such as Venezuela. This is increasing demand for heavy crude producers who are not sanctioned. * Oil prices dropped by over $1 a barrel to multi-year lows on Monday, after OPEC+ decided to accelerate its production increases. This decision stoked concerns about rising global supplies at a time of uncertain demand.
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Security sources claim that Sudan's RSF launched a second drone attack on Port Sudan.
Security sources said that Sudan's paramilitary Rapid Support Forces had launched a drone attack on Port Sudan early Tuesday morning, targeting fuel depots. This was a major escalation in a conflict that has lasted for two years. As civil defence teams attempted to put out the fire, large plumes of smoke rose into the late afternoon. According to military sources, the RSF bombed fuel storage facilities at dawn using a drone. They described these as civilian infrastructure. Sudan's Energy and Petroleum Minister Mohiedienn Naiem Mohamed Saied stated that "this attack is a deliberate attempt of these militias" to paralyze life and target the basic needs of citizens. Sources referred to the strike as part of "a criminal campaign by the militia." Saied, speaking from the site itself, condemned what he called a "terrorist campaign" that was aimed at crippling vital services. According to a statement from the ministry, he said that major fuel storage facilities had been engulfed by fires after the drone struck a diesel depot. The blaze then spread to tanks nearby. Saied stated that there were concerns it could cause a larger disaster in a densely populated region. The RSF is yet to claim responsibility for the strike. The RSF launched a drone strike on Sunday against a military base near Port Sudan Airport and other targets. This was the first time that the group reached this strategic Red Sea City, which had been considered to be a stronghold of the government and a humanitarian hub. No injuries were reported. The expansion of hostilities to the east threatens the fragile stability in Port Sudan, the country's largest seaport, its airport, and its top military command. The war in Sudan, which began in April 2023 between the army, RSF and civilians, was sparked by a disagreement over the transition from military to civil rule. According to the United Nations, the conflict has caused the displacement of over 12,000,000 people and pushed the half of the population into severe hunger. (Reporting and writing by Khalid Abdelaziz; editing by Hugh Lawson).
South Korea's KFA purchases about 65,000 t corn in a private deal, traders claim
According to European traders, the Korea Feed Association in South Korea bought an estimated 65,000 tons of animal feed in a private transaction on Tuesday. There was no international tender.
They said that corn could be sourced from a variety of origins. The KFA Busan section was said to have purchased the corn from Dreyfus for an estimated $247.99 per ton, including freight and a surcharge to unload additional ports.
Arrival of corn in South Korea is expected to be around August 20.
The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.
The U.S. Gulf Coast will ship between June 15 and June 10, if the product is sourced from the U.S. Pacific Northwest Coast.
From South America, the shipment should be between June 10 and August 10, and from South Africa, between June 20 to July 20.
Only 50,000 tonnes of the product must be sourced from South Africa.
Last week, traders reported that Korean buyers purchased corn in large quantities. The buyers were apparently taking advantage
Chicago corn futures were weakened due to expectations of favorable planting weather in the United States and predictions that U.S. farmers would increase corn sowings for this year. (Reporting and editing by Louise Heavens, Michael Hogan)
(source: Reuters)