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South Korea's MFG purchases around 115,000 metric tonnes feed wheat
Major Feedmill Group of South Korea (MFG) bought 115,000 metric tonnes of animal feed wheat on Wednesday in private deals without issuing a tender to the international market, European traders reported. A consignment of 55,000 tons, expected to come from Australia, was purchased for an estimated $265.00 per ton c&f. Plus a $1.00 surcharge per tonne for port unloading. Trading house CJ International was thought to have sold it for shipment between 1 April and 25 April. The second consignment of 60,000 tons was bought at an estimated $264.84 per ton c&f, plus $1.50 for port unloading. Cargill was thought to have sold it This 60,000-ton consignment is available from all origins except Russia, China and Pakistan. It can also be purchased in Argentina or Denmark. Arrival in South Korea was scheduled for around June 10. If sourced from Australia, shipment would be between April 25 and 25 May. MFG made its purchases ahead of an international tender by the Feed Leaders Committee of South Korea (FLC), which was to be held on Wednesday, for around 65,000 tonnes of feed wheat. The reports reflect the assessments of traders, and further estimates on prices and volume are possible later. (Reporting and editing by Tomaszjanowski, Tomasz Hogan)
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First time in nearly a year, transits through the Panama Canal dropped in January
According to a bulletin released by the Panama Canal's administering authority on Tuesday, the number of ships that passed through it, the second busiest canal in the world, decreased to an average of 32,6 per day, or 1,011 total vessels in January. This is the first monthly decline in nearly a year. According to statistics from the Panama Canal Authority, after a severe drought in 2023 that led to passage restrictions in early 2024, 2024 saw a significant increase in transits, with a total 1,059 vessels in December. The data revealed that the recovery in demand was not sufficient to fill the 36 slots available since September. Toll increases led some shippers to choose longer routes to Asia. The number of ships transiting the seas dropped to 662 in February from 702 vessels in January. From February, the traffic increased by almost 60% until the end of last year. Marco Rubio, the U.S. Secretary for State, visited Panama City earlier this month and met with the top officials of the canal to discuss tolls as well as the presence of Chinese companies near the waterway. Some Washington politicians and officials had identified the Chinese businesses in the vicinity of the canal to be a security threat to its operation. The drought caused a 5% drop in the toll revenue for the fiscal year ending in September. According to annual reports, toll revenues for the fiscal years ending between 2020 and 2023 increased by almost 26%, to $3.35billion. After Rubio's trip, the U.S. government and Panama had agreed to a Public dispute According to a 1977 document, the U.S. military ships have priority in transiting through the canal and must pay tolls. Neutrality Treaty Signed when the U.S. agreed that Panama would be able to return the canal. Panama's President, Jose Mulino said Washington spread "lies and falsehoods", when it claimed U.S. government ships would be able pass through the Canal without paying. These comments increased tensions after the U.S. cited military cooperation and strategies to counter China's expansion into Panama.
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Heathrow Airport in the UK will submit a plan for a new runway by summer
Thomas Woldbye, the chief executive of London's Heathrow Airport (one of the busiest airports in the world) will make a speech Wednesday to announce that the British government will receive its proposal for the construction a third runway by the summer. The move follows the announcement by Finance Minister Rachel Reeves last month that the government would support the construction of a brand new runway at Heathrow in order to boost economic growth and trade. According to a preview, Woldbye's speech will include the following: "A third airport is essential for the future economic success of our country. I confirm that we will present our plans for a new runway to the government this summer." Heathrow will consult with stakeholders, including local communities and airlines, before finalising its plan, he said. The project will only proceed if the rules for noise, air quality, and emissions are met. The need for increased capacity has been a constant concern of successive governments, but also the concerns about the impact on the environment. Reeves has been pushing for growth ever since her Labour Party came to power in July last year. She said that the case for the third runway is stronger than ever. Woldbye said previously that a third runway might be operational in 2035. The plan, one of the most controversial infrastructure projects in the country, has to be built despite the support from the government. This includes figuring out how the project will be funded. Heathrow operates at 99% of its capacity, and is in danger of being overtaken. Heathrow's two runways are compared to four at Charles de Gaulle Airport in Paris, Frankfurt Airport and Amsterdam Schiphol. Woldbye is also launching on Wednesday, a plan privately-funded to upgrade the existing infrastructure at Heathrow. This includes new investments to improve the terminal infrastructure and local transportation connections. (Reporting and editing by Ros Russell; Catarina demony)
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Democrats claim Trump is illegally withholding funds for charging electric vehicles in the state
On Tuesday, a group of nine Senators from the Environment and Public Works Committee claimed that the Trump Administration is illegally withholding funds previously granted to the states for charging electric vehicles. The U.S. Transportation Department announced on Thursday that it would suspend the electric vehicle charging programs and rescind approval of state EV charger plans pending a re-evaluation. The Democratic Senators in the Committee led by Senator Sheldon Whitehouse stated that the action was "in blatant disregard of law." Whitehouse requested any emails which would indicate if Elon Musk, Tesla CEO and advisor to President Donald Trump was involved in this decision. Sean Duffy's spokesperson did not comment immediately. Tesla didn't immediately respond to our request for comment. A group of automakers and charging companies for electric vehicles called on USDOT on Friday to restore funding quickly, urging action "to quickly restart the critical work and minimize uncertainty for the states and their businesses." On Trump's very first day as president, he launched a volley of shots Electric Vehicles He said he would stop the distribution of government funds that had not been spent on vehicle charging stations. National Electric Vehicle Infrastructure Fund of $5 Billion Trump also revoked an executive order from 2021 signed by the former president Joe Biden, which sought to guarantee that half of new homes would be built in 2021. By 2030, all vehicles sold in America will be electric. Trump has also Calls for the end of a waiver that allows states to adopt zero emission His administration will consider vehicle regulations by 2035 Ending EV Tax Credits Biden's 50% goal, which is not legally binding, has won the support of U.S. automakers and foreign automakers. Trump has stated that he may take additional actions regarding EVs. The repeal of the $7,500 Consumer Tax Credit for Electric-vehicle purchase as part of tax reform legislation. Last month, Duffy The U.S. regulators were directed to rescind Biden issued landmark fuel efficiency standards that were aimed at Reduce fuel consumption for cars and trucks, as well as the highway climate regulations. Reporting by David Shepardson, Editing by Chris Reese & David Gregorio
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Greenpeace files lawsuits against US pipeline companies Energy Transfer
Greenpeace International filed a lawsuit in Dutch court against the U.S. Pipeline company Energy Transfer, the environmental group announced on Tuesday. It said it was the first trial of a European law intended to curb lawsuits meant to silence activists. Energy Transfer has filed lawsuits against Greenpeace USA and Greenpeace International as well as other environmental groups in the United States since 2017 seeking $300 million damages for the activists' efforts to block the Dakota Access Pipeline. Greenpeace International announced in a press release that it will seek to recover all damages and costs as a result ET's two back-to-back, unjustified lawsuits. The European Union adopted rules in 2024 to help journalists, activists, and public watchdogs defend against lawsuits that are intended to harass them or silence them. This includes tying them into expensive litigation. Greenpeace International, a Greenpeace-affiliated organization based in Amsterdam, announced that it filed the lawsuit at the District Court of Amsterdam. The case against Energy Transfer was not clear as to whether EU or Dutch law would apply. Energy Transfer was not available for comment. (Reporting and writing by Toby Sterling; editing by Alison Williams, Nison Williams, and Charlotte Van Campenhout)
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Kobe and Kawasaki both confirm their progress to the last 16 of Asian Champions League
Vissel Kobe, the Japanese champions, booked their place in Tuesday's knockout round of the Asian Champions League Elite with a 4-0 demolition of China's Shanghai Port. Kawasaki Frontale, their compatriots confirmed their progression to the last 16 Kawasaki cruised past the 10-man Pohang Steelers to win 4-0 in South Korea, securing their place in the next round with only one match remaining. Gwangju FC of South Korea will progress despite its 3-1 defeat to Shandong Taishan in the Chinese Super League. The results on Tuesday also mean that Yokohama F Marinos who are third amongst 12 teams and play Wednesday are also through. Malaysia's Johor darul Ta'zim kept its qualification hopes alive by beating Australia's Central Coast Mariners 2-1. Matches in the knockout stage will be played in march. The teams will then progress to the centralised finals, which will be held in Saudi Arabia between April and May. Kevin Muscat, the former Yokohama F Marinos coach, had a traumatic return to Japan as the Chinese Super League champions. Yuya Kwasaki scored the second goal nine minutes after the halftime break with a shot which smashed into the underside of crossbar. A little over a minute later Koya Yuruki completed an impressive counterattack to score Kobe's final goal. Osako's penalty in the 78th minute was saved by Yan Junling, but three minutes later, he swept home his team's fourth goal when he connected with Takahiro Ahgihara's first-time free kick. Kobe is now in the lead with 16 points after seven games, ahead of Kawasaki, who are one point behind. Third-placed Yokohama F Marinos have 13 points, and will finish within the top eight ahead of their match with Shanghai Shenhua on Wednesday. Kawasaki led Pohang by a Shin Yamada header in the 38th minute. Jonathan Aspropotamitis then was sent off for a second booking. Kawasaki advanced thanks to late goals by Yasuto Wakaizaka, So Kawahara, and Erison. JDT also took advantage of undermanned opponents. They won 2-1 over Central Coast, after goalkeeper Dylan Peraic Cullen was dismissed for a late first-half foul on Arif Aliman. Alvaro Gonzalez scored twice to propel his team to fifth place. Shandong dominated Gwangju, with goals in the first half from Valeri Qazaishvili (reporting by Michael Church), Zeca (editing by Christian Radnedge) and Cryzan (reporting by Christian Radnedge). The Chinese team is now ranked sixth. (Reporting and editing by Christian Radnedge, Michael Church)
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After a tanker sinks, Russia's Ust-Luga Port continues to export fuel
According to industry sources, and LSEG ship-tracking information, Russia's Baltic Sea Port of Ust-Luga resumed fuel exports Tuesday following a tanker that ran aground after a weekend explosion in its engine-room. After the explosion, a Suezmax tanker named Koala that was carrying 130,000 metric tonnes of fuel oil ran into trouble near a berth in the Ust-Luga terminal. According to the Russian Ministry of Transport, no one from the crew was injured. On Tuesday, the ministry said that divers were inspecting the vessel and had not detected any fuel leaks. It added that the incident had been investigated. According to LSEG, the tanker flies the Antigua and Barbuda flag. Dahlia International Co. from Liberia is its registered owner. The terminal called Ust-Luga Oil has three berths to load fuel oil, vacuum gasoline and naphtha. Sources in the industry estimate that fuel exports will increase by 2.6%, to reach 23.77 millions tons, by 2024. In January, the terminal handled 2.1 millions tons of oil products including 1.7million tons of vacuum gasoil and fuel oil. Reporting by
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Maguire: Vietnam's industrial boom is driving global coal imports at new heights.
Vietnam is now a major driver for global growth of thermal coal imports, and its use. In 2024, the country increased imports by more than 30% to reach record levels. According to Kpler, a ship tracking firm, Vietnam's thermal coal imports will rise 31% by 2024 to 44 million tons. This is compared to a mere 1% increase in global thermal coal exports in the past year, to 1,01 billion tons. The surge in coal imports, the largest power source in Vietnam, is largely due to the booming export-oriented manufacturing sector. Vietnam's coal purchase growth in 2024 will be higher than the 11% increase in China's imports, which is the world's biggest coal consumer. This means that Southeast Asia saw the highest rise in coal imports last year. Vietnam's coal demand is expected to continue growing as the country's capacity for coal burning will increase by another 15% when projects currently under construction are complete. The increased coal capacity is likely to ensure that coal-fired electricity emissions continue to rise in the coming years even though coal burning continues its steady decline outside of Asia. COAL DEPENDENCE According to Ember, coal-fired power plants generated half of Vietnam’s electricity between January and October 2024. This is the largest coal share in Vietnam since 2020. The total coal-fired production increased by 17% between January and October 2023. This helped to drive the annual increase in electricity by 10%. According to Global Energy Monitor, coal accounts for 39% of the current installed capacity, which is around 70,000 GW. This is equivalent to 27,239 gigawatts. The next highest generation share is 21% (14.750 GW), followed by solar farms with a share of around 19% (13.100 GW). Wind farms account for 9% of the total (8,150 GW) and natural gas and fuel oil plants make up 12%. Around 11,600 GW is under construction, with coal-fired and gas-fired power plants both expected to increase by around 4,000GW. GEM data show that there are also 3,500 GW worth of new solar, hydro and wind capacity being built. Vietnam's fossil-fuel-fired energy footprint will grow from 51% to 53.3% when the current construction capacity is completed. RÉGIONAL NORMS Although Vietnam's growing fossil fuel production contrasts with the planned capacity changes in Europe, the United States and other parts of the world, Southeast Asia still relies heavily on fossil fuels. In Southeast Asia, fossil fuels account for 71% of current capacity and 60% of capacity currently under construction. The strong growth rates in several countries across the region and the large, rapidly expanding workforces of most Southeast Asian nations are key factors behind this dependence on fossil fuels. According to the International Monetary Fund, Indonesia, the Philippines, and Vietnam have populations exceeding 100 million and are expected to grow at a rate nearly twice that of the global average growth rate of 3.2% by 2025. Leading Role Vietnam's economy grew by 5.6% per year on average since 2018. This is the fastest rate of growth among Southeast Asian countries during this period. The key to Vietnam's growth has been the rerouting manufacturing supply chains away from China and towards other low-cost production centers since U.S. president Donald Trump launched a trade conflict with China during his term. Vietnam's strong connections to global trade routes and its experience in a variety of manufacturing processes, which is rapidly developing, made it the ideal destination for companies that wanted to reduce their production bases within China while maintaining a presence throughout Asia. The rapid expansion of Vietnam's manufacturing industry led to a dramatic increase in energy consumption. Local power companies were forced to use whatever means they could in order boost their power supply. According to Ember, the total demand for electricity in Vietnam has risen by 27% between 2018 and 2023. This growth rate is higher than the 23% increase in Indonesia, the 12% rise globally and the 12% in the Philippines over the same time period. It has put pressure on Vietnam's suppliers of energy. In recent years, the relentless increase in power consumption has led to frequent power outages. This is especially true during heatwaves where cooling systems are in high demand. In order to avoid further power problems, Vietnam's energy providers have prioritized stability and cost-efficiency as they expanded their generation. This has led to a continued dependence on coal, the country's main power source. Between 2030 and 2050, the energy companies of the country plan to increase their generation capacity using renewable energy and other clean sources. In the short term, however, coal will remain the preferred power fuel in Vietnam. Its use is expected to continue growing along with the overall economy of the country for the foreseeable. These are the opinions of a market analyst at.
GE Aerospace forecasts 2025 revenue above quotes on robust aftermarket need
GE Aerospace on Thursday forecast earnings for the existing year above quotes, as consistent shortage of new aircraft forces airline companies to fly older jets, developing strong demand for its highmargin parts and services.
The company also revealed strategies to increase its share buybacks to $7 billion in 2025 and dividend by 30%.
Production difficulties at Boeing and Airplane have led to longer wait times for airlines to take delivery of new jets, prompting them to operate older, maintenance-intensive aircraft to fulfill demand for air travel.
That has helped companies such as GE Aerospace, which usually sells its engines to airlines at a discount rate and recuperates the costs through financially rewarding contracts with airline companies for parts and services over the life-span of the product.
Earnings at GE Aerospace's business engines and services section increased 44% to $2.16 billion on profits of $7.65 billion, which was up 19% from a year earlier.
The business's commercial engine division gets more than 70%. of its earnings from the sale of parts and services.
The aerospace maker holds a dominant position in the. jet engine market through CFM International, its joint endeavor. with France's Safran SA.
The business expects 2025 profit in the range of $5.10 per. share to $5.45 per share, compared to experts' average. quotes of $5.23 per share, according to information compiled by. LSEG.
However, GE Aerospace continues to come to grips with supply chain. restrictions, which have led to delays in jet engine shipments. over the past year.
In October, GE reported that these supply concerns were. impacting the shipment of engines for both narrowbody and. widebody jets.
GE Aerospace reported an adjusted revenue of $1.32 per share,. compared to 65 cents a year ago.
The business's adjusted profits for the fourth quarter ended. Dec. 31 increased 16% to $9.88 billion.
(source: Reuters)