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Ford German workers strike amid rising tensions over planned cuts
Ford workers in Cologne and Germany will strike on Wednesday. Their works council chief announced this on Monday. Tensions are rising over the planned job cuts at Ford's European operations. Ford announced in November of last year that it would be cutting around 14% from its European workforce. This was mainly in Germany and Britain. The company blamed the losses on the weak demand for electric cars and the lack of government support to help the transition to new technology. The company refused to comment citing ongoing discussions with unions. Union IG Metall didn't immediately respond to a comment request. Volkswagen, Nissan, and GM, among others, are cutting jobs due to the new competition coming from China, the weak demand and the high costs of electrification. Ford, along with other automakers such as Mercedes-Benz and Stellantis, has pulled its 2025 forecast amid the turmoil caused by Donald Trump's tariff policy. Ford workers in Cologne voted in favor of industrial action last week. Labour representatives insisted at every stage of the talks that management come up with alternative measures to restructure their business. IG Metall protested when Ford agreed in March to inject $4.8billion into its cash-strapped German subsidiary, overriding a 2006 agreement that Ford would cover losses. (Reporting and writing by Ilona wissenbach, Victoria Waldersee. Editing by Rachel More and Ludwig Burger.
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Ukraine increases minimum export prices of corn and wheat
Data from the ministry on Monday showed that Ukraine's agricultural ministry had cut the minimum export price for corn and wheat, which are the key agricultural commodities of the country, while slightly increasing the prices for the former. In December, Ukraine banned the shipment of important agrarian products, such as grains, below the prices set by the Ministry of Agriculture. According to data from the ministry, it reduced the minimum price of wheat for export to $188 per ton in May. It was $201 in April. The ministry has also raised the minimum price of corn to $189 per metric ton, up from $185 in March. Since their introduction in Decembre, minimum prices have remained largely unchanged. However, they increased dramatically last month. The ministry will not comment on any changes in its pricing. The ministry calculates its prices based on data from the state customs service, while taking into consideration the terms of delivery of the previous month. It also uses a 10% discount. Ukraine is one of the world's leading grain exporters. It has shipped more than 36,4 million tons of different grains overseas in this season from July 2024 through June 2025. This included 14,3 million tonnes of wheat and 19,3 millions of corn. (Reporting and editing by Jan Harvey; Pavel Polityuk)
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Saade Holding Company buys Pathe Cinemas
Pathe, a privately-owned company, announced on Monday that Rodolphe Saade’s family holding Merit France had acquired a 20 percent stake in the French cinema chain Pathe. The amount was not disclosed. Why it's important Saade's shipping company CMA CGM has already established itself as a major player in the French media scene in recent years. It owns Altice Media which includes BFM TV, a 24-hour news channel. The family's interest in media and culture is reflected in the investment in Pathe. CONTEXT Pathe is owned by French businessman Jerome Seydoux and is one of the oldest film companies in the world. It is also a major producer and movie theater operator in Europe, Africa, and Asia. The statement stated that the investment would help Pathe to accelerate its production of films and series with international appeal, as well as modernise their movie theatres. KEY QUOTE Rodolphe S.aade said, "We are committed in contributing to the growth of the film industry and promoting French culture throughout the world."
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Sources and tanker tracking say that traders rebrand Venezuelan crude oil as Brazilian for China.
According to documents, two tanker tracking companies, and four traders, traders have rebranded over $1 billion in Venezuelan crude oil shipments into China as Brazilian crude during the last year. This has helped buyers cut costs on logistics and avoid U.S. sanctions. Independent refiners are the biggest buyers of oil from sanctioned countries in China. Malaysia offshore is a major transshipment hub, especially for Venezuelan crude and Iranian crude. Since July 2024 however, traders also rebranded Venezuelan crude oil as coming from Brazil. Tankers can now sail directly from Venezuela into China without stopping in the waters near Malaysia, thereby reducing the journey by four days. Washington has been imposing sanctions on Venezuelan oil exports since 2019. The goal is to reduce the revenue from oil exports that finances the government of Nicolas Maduro. He has been in power for over a decade, and has won elections that many observers claim were fraudulent. Maduro, along with his government, has rejected the sanctions imposed by the United States as illegitimate and akin to an "economic war". They claim that they are intended to cripple Venezuela. Oil traders are moving oil between ships at sea in order to hide the origin of Venezuelan oil before it is sent to China, the world's largest crude importer. TankerTrackers.com, a monitoring service, has compiled and analysed maritime data, satellite images and shoreside photographs to show that shippers are altering the location signals of tankers to make them appear to be sailing from Brazilian ports, when in fact they are sailing from Venezuela. This is called spoofing. China's customs data shows that between July 2024 to March 2025 it imported mixed bitumen worth $1.2 billion, which is about 2.7 metric tons or 67,000 barrels a day (bpd). According to Petrobras, the state oil company, China buys Brazilian crude regularly but Brazil exports bitumen blends very rarely. Brazilian customs data shows that no bitumen blend has been exported to China since 2023. A mixed bitumen or bitumen mixture is a residue similar to tar that can be processed into asphalt. Brazil's crude oil exports are typically classified as a medium-sweet oil, which is derived from the prolific offshore fields called pre-salt. Magda Chambriard, CEO of Petrobras, told reporters at a Houston conference last week that the crude oil we export to China comes primarily from pre-salt and is not bitumen. According to trading sources, Vortexa Analytics, and documents from the Venezuelan state-run PDVSA, many crude cargoes labelled as Brazilian bitumen are actually Venezuela's Merey. This flagship heavy crude is typically purchased by China's independent refining companies through Venezuela's PDVSA. Chinese traders claim that Merey has been branded as a bitumen mix for years, since refiners don't need to meet government import quotas in order to import the tar like oil. Three traders claimed that to make the switch, the dealers simply change the documents of the shipments from Brazilian origin to a new certificate for the oil without having the vessels go near Brazil or undergoing any ship-to vessel operations. According to documents from PDVSA and data collected by TankerTrackers.com, this year several vessels chartered as intermediaries of Venezuelan crude by Hangzhou Energy "spoofed" the signals, placing them artificially in Brazil, while loading in Venezuela. I was unable find a contact at Hangzhou Energy which, according to PDVSA documents, has been loading crude oil from Venezuela since 2021 as an intermediary. According to documents and TankerTrackers.com, the Liberia flagged tanker Karina filled 1.8 million barrels Venezuelan Merey-16 crude for Hangzhou Energy under the name Katelyn in February. The tanker spoofed the signal to make it look like it was leaving Brazil while it was in Venezuela. According to TankerTrackers.com, it discharged in China's Yangpu Port early April. China's Customs Agency did not respond immediately to a comment request. PDVSA and the Venezuelan oil ministry, as well as the Brazilian government, did not respond to requests for comments. COST SAVING One of the traders who is a regular seller of Venezuelan oil said that, in addition to reducing the journey and lowering the costs of ship-to-ship, presenting cargoes as Brazilian helps secure bank financing. The person stated that "the savings on the freight side are not very large, but they help secure financing and relieve traders' financial pressure during the two-month long voyages." Due to the sensitive nature of the topic, the traders refused to be identified. China, as Venezuela, has said repeatedly that it is opposed to unilateral sanctions. Venezuela's crude oil exports mainly go to China. Venezuela exported 351,000 bpd last year of heavy fuel and oil to China. According to PDVSA documents, and data collected by shipping companies, volumes increased to 463,000 barrels per day in the first four month of 2025. Traders have reported that the majority of China's Venezuelan oil imports are still being declared as Malaysian crude, mixed bitumen or Malaysian crude, and less than 10% is officially reported as Venezuelan.
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Israel strikes Yemen's Hodeidah following evacuation warnings from the Houthis
The Houthi interior ministry stated on Sunday that Israel had attacked Hodeidah after Israel's army claimed it had warned residents in three ports controlled by the Houthi to evacuate. Israel had warned residents in Ras Isa and Hodeidah to leave the area, claiming that the ports were being used for Iranian-backed Houthis. Israel has not yet commented on the attack. The Houthis had launched a missile towards Israel a few days earlier, which was intercepted. The attack occurred ahead of U.S. president Donald Trump's trip to the Middle East in this week. Trump, who launched a military campaign intensified against Houthi-held strongholds in Yemen, on March 15, agreed with a ceasefire agreement mediated by Oman, which was claimed to exclude Israel. In a campaign they claim is meant to show solidarity with Palestinians living in Gaza, the Houthis launched missiles and drones against Israel. They also attacked vessels on global shipping lanes. Israel has conducted numerous airstrikes in retaliation against Houthi targets.
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Container shipping companies cut Asia-US services as Trump tariffs disrupt trade
Maritime consultants say that major container shipping companies have suspended at least six weekly scheduled routes between China, the United States and Canada as a result of President Donald Trump's tariffs against the top exporting nation in the world. According to customer advisories, the ships along these routes can deliver 25,682 forty-foot containers per week, filled with toys, tennis shoe, car parts, and other items used by U.S. manufacturers to make goods. That's more than 1.3 millions 40-foot container a year. As hulking container ships move to minimize the fallout of Trump's unpredictable trade policies, they are cutting service and canceling individual voyages. Ocean trade is responsible for 80% percent of world commerce. It's a good indicator of the global economy. Simon Sundboell of Danish maritime data provider eeSea said, "This isn't a precursor; it's proof of a decline in economic activity." Sundboell stated that the route suspensions included scheduled weekly services operated MSC, Zim, and Ocean Alliance, which includes Cosco, Evergreen CMA-CGM, and Orient Overseas Container Line. He said that four of the cuts will affect ports on the West Coast, while one will impact the East Coast. The remaining one will hit the Gulf Coast. Container shipping companies that have ceased to provide these services either refused to comment, or didn't respond immediately. Maersk's Gemini Alliance and Hapag Lloyd's Gemini Alliance did not suspend services, even though both partners suffered significant booking reductions from China to the U.S. in April due to tariffs and swapped some ships with smaller vessels. After more than two months in a trade standoff, representatives from the U.S.A. and China will meet this weekend in Switzerland. BLANKETY BLANK Blank sailings are used by global shipping companies to protect their profits. They do this by cancelling or suspending individual voyages. This reduces overhead costs, keeps supply and demand balanced and supports competitive off-contract spot prices. Blank sailings grew significantly after the COVID outbreak disrupted global trade in 2020, and is part of the reason container ship operators are enjoying record profits. Amazon.com, Walmart, and other major U.S. retailers, who account for almost half of the global container trade, have responded to Trump's 145% tariffs against China by halting or canceling factory orders. These import duties doubled the price of goods manufactured in China. In a podcast released earlier this week, maritime consultancy Drewry reported that the number of individual voyages cancelled, or blanked out, on the Transpacific route, which connects Asia with North America, increased from 9% to 24% during the week ending May 4. Drewry's data indicates that blank sailings have reduced capacity by 20% on the Asia-West Coast North America routes in April, and by 12% in May. The consultancy reported that the cuts were slightly more severe on the North American East Coast. In April, they reduced by 22% and have been 18% so far in May. MSC, world's biggest container ship operator, cancelled 30% of its Transpacific scheduled voyages in April, more than any container carrier. Daniela Ghimp is project manager at Drewry for ocean freight rate benchmarking. Ghimp reported that the Premier Alliance consists of Ocean Network Express, Hyundai Merchant Marine, and Yang Ming Marine Transportation. The Premier Alliance has a 20 percent blank sailing rate so far this May. HMM and Yang Ming declined to comment. John McCown is a senior fellow at Center for Maritime Strategy. He said that the full impact of Trump's tariffs may not be felt until July when the overall U.S. import volume for containers could be 25% or higher than the previous year. Alan Murphy, CEO at supply chain advisor Sea-Intelligence, said: "Something has to give. I think either a lot more capacity will be cut, or spot rates are going to start to crash." (Reporting and editing by Marguerita Chôy in Los Angeles)
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Divers die in the initial operations to recover Lynch’s yacht
Local police reported that a diver died Friday, during the preliminary operations to retrieve the superyacht of British tech tycoon Mike Lynch from the waters near the coasts of northern Sicily. The 56-metre (184-foot-long) Bayesian was docked near Palermo in the small Porticello port, when, in August of last year, it was hit by a strong downburst. This caused seven deaths, including Lynch's daughter Hannah. Police said that the accident occurred on Friday while the diver was under water in Porticello. They added that the exact cause of death is still unknown. It is expected that the attempt to lift the vessel off the seabed will take place later this month. This should shed some light on the mystery of how an allegedly unsinkable ship disappeared into the ocean. Italian news agencies reported the diver as a 39-year old Dutch national working for Dutch salvage specialist company Hebo Maritiemservice. Hebo did not respond to a request for comment. (Reporting and writing by Wladimir Pantaleone, edited by Gavin Jones, Keith Weir, and Claudia Cristoferi)
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Brazil and China discuss rail from Peruvian port into Brazil territory
Simone Tebet, Minister of Planning in Brazil, said that Brazil and China are in discussions to build a railroad connecting the Chinese-built Chancay mega port in Peru with Brazilian regions. Tebet, a local journalist for Carta Capital, said in an interview that "they are very interested in supporting Brazil and crisscrossing Brazil with railways". The Chinese President Xi Jinping was present at the inauguration of deepwater port, which took place in November. Beijing's $1.3 billion Chancay Project is its largest investment in South America, and part of a push to expand trade across the continent. Tebet's team said it met with a Chinese group, representing the state-owned railroad company of China, just over a week ago to discuss the possibility of a route connecting the port to Brazil. The discussion was based on the belief that Chancay is on the shortest way to China and would reduce the distance for maritime trade by at least 10,000 km (6,210 mi). Tebet stated that the Chinese initially considered a route via the Amazon region. However, the Brazilian government rejected this idea because of the presence and the indigenous peoples in the Amazon rainforest. After a thorough analysis, "they came to understand, and now the idea is to chart a Southern Route," she said. She noted that the railway will pass through the states Acre and Tocantins before reaching Bahia, where it will connect to the West-East Integration Railway. The FIOL rail, which is still under construction, will extend approximately 1,527 km from Figueiropolis, Tocantins, to the Atlantic Port of Ilheus, Bahia. Tebet said that while the project will take some time to come into fruition, it will be transformative in terms of economic development for Brazil's poorer regions. She added, "You might be looking at five to eight years for a project of this nature to be completed." (Reporting and Editing by Margueritachoy)
Asian spot prices remain at a 1-year low due to a tepid demand
The price of Asian spot LNG (liquefied natural gases) increased this week despite production problems in Asia and Europe. However, it was still at a near-year-low due to tepid overall demand.
Average LNG price for delivery to North-east Asia in June
Martin Senior, Argus' head of LNG pricing, stated that there are only a few buyers for immediate cargoes. Chinese and Indian importers are largely ignoring the market because prices are over $11.00/mmBtu. South Korea, however, is currently Asia's main spot buyer.
He said that the South Korean demand was strong. Stocks held by Kogas (the country's state-owned company) were last heard of as being around 20 percent filled. This has led to interest from not only Kogas but also Komipo and Kospo, as well Prism.
Private importers can benefit from buying cargoes at a lower price than Kogas' tariff.
Siamak Adibi said that despite a recent outage of the Bintulu LNG Complex owned by Petronas, the supply situation is still good.
Equinor's Hammerfest Terminal, Europe's biggest LNG export facility, was also offline for scheduled annual maintenance on Tuesday until July 19.
Adibi said that the exports from Venture Global’s Plaquemines facility in the U.S. reached 1 million tonnes per month. BP also loaded the first cargo from its Greater Tortue Ahmeyim offshore Mauritania, and Senegal.
He added that "we also expect the start-up of LNG Canada by mid-year, and a ramp up in supply from Corpus Christi" - referring to Cheniere Energy’s plant in the U.S.
S&P Global Commodity Insights' daily North West Europe Gas Marker benchmark price for cargoes to be delivered in June was $10.49/mmBtu ex-ship on April 24. This represents a $0.70/mmBtu reduction from the gas price in June at the Dutch TTF Hub.
Argus estimated the price for delivery in June at $10.58/mmBtu. Spark Commodities estimated the price for May at $10.376/mmBtu.
Florence Schmit is an energy strategist with Rabobank London. She said that while Europe's demand for gas has begun to decline due to seasonal trends, there are still concerns about storage injections in the summer.
She said that the winter premium on summer contracts was still trading at only 0.50 euros per Megawatt Hour, which is not enough incentive to encourage full injections.
The EU's roadmap for the phase-out of Russian fuel supplies will also scupper any expectations that Russian pipeline supplies would return, and push European buyers even further to seaborne imports.
According to Spark Commodities analyst Qasim Afghan, the Atlantic LNG freight rates increased to $35,750/day last Friday while Pacific LNG rates dropped to $22,250/day.
He added that despite pointing towards Asia earlier in the week, the U.S. arbitrage for the front month to North-East Asia via Cape of Good Hope is now closed, and it's marginally pointing toward Europe.
(source: Reuters)