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Shipbuilder Austal shares ride military spending wave and defy market decline
Analysts said that the policies of U.S. president Donald Trump, which have caused stock markets around the globe to tremble, are actually benefiting Austal Australia Shipbuilder. The shares of the company that supplies commercial and defence vessels to clients such as the Australian and U.S. Navy, among others, soared by 35% during the three-month period ending in March. This was their best quarter gain in almost two years, since June 2023. The broader benchmark, on the other hand, lost around 4% due to concerns about stretched valuations in financial stocks as well as the impact of U.S. Tariffs. Austal shares have risen in response to Trump's request that Australia and other U.S. allies increase their defence spending. Last week, Australia announced that it would be bringing forward A$1billion in defence expenditures in the federal budget. Dhierin Perkash Bechai is an aerospace analyst for Seeking Alpha and The Aerospace Forum. She said that with higher defense spending, and a greater need for autonomy across all domains, Austal could see more orders from Australia. "That's also driven by the sense that China could become more aggressive in this region amid a fallout with the U.S. Austal has grown its order book by 11% in the last six months, to A$14.2-billion. Austal's two shipyards are located in the United States, which shields it from Trump's possible import tariffs. These have recently roiled the global markets, and further enhances Austal's appeal to investors. The shipyards produce smaller combat vessels, reconnaissance ships and modules for nuclear powered and nuclear armed submarines. Investors want companies that can win business in the U.S. without tariffs or sacrificing their growth ambitions elsewhere, said Nicholas Sundich. Hanwha, a South Korean conglomerate, recently bought a 9,9% stake in Austal. This was nearly a full year after Austal rejected Hanwha's A$1.02 Billion takeover offer. This acquisition shows the foreign interest in Austal.
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Argentina begins gas exports via Bolivia, says Brazilian firm
T otalEnergies exported for the first-time gas from Argentina's Vaca Muerta shale to Brazil's Matrix Energia, Matrix announced in a statement on Tuesday. Sources familiar with the situation claim that 500,000 cubic metres of gas were exported via the Bolivian pipeline Tuesday. The statement from Matrix stated that the objective of this unprecedented operation was to ensure the technical viability and stability of the logistics networks. It also added that it involved many different parts of supply chains, as well as the signing of two natural gas import contracts for a three-party operational agreement. Over the past year, companies from Bolivia, Argentina, and Brazil have been negotiating deals to ensure that Argentina's natural gas can reach Brazil, one of Latin America’s most important markets. Sources said last year that Bolivia initially refused to charge a toll fee for use of its infrastructure. Instead, it preferred a solution whereby it would buy gas from Argentina, and then resell to Brazil. Negotiations improved in the last few months and several supply contracts were identified. Since years, the pipeline has transported Bolivian gas to Brazil and Argentina. However, as Bolivia's gas production declines, export volumes have decreased. The arrival of Vaca Muerta in Brazil is a victory for Brazil's president Luiz Inacio Lula Da Silva who prioritized providing cheaper gas to Brazil's industry. Exports would be a victory for Argentina as well, since its gas production is increasing under the market-friendly policies of President Javier Milei, creating a new revenue stream for a country that had been experiencing a deficit on its energy trade. One of the sources said that the contract was a spot agreement, meaning the supply could be interrupted in winter, when the demand for goods is high in Argentina. Bolivia's state energy company YPFB has not responded to a comment request on the new exports via Bolivian pipelines. (Reporting and editing by Aida Pelaez-Fernandez, Stephen Coates and Fabio Teixeira; Additional reporting by Marianna Pararaga)
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The delays in the Paraguayan soybean barge transit has an impact on crushers in Argentina
According to transport and crushing chambers in both countries, an accumulation of sediment on the Paraguay River delayed barges that were carrying Paraguayan soya beans to Rosario. Argentina, which is the top soybean oil exporter in the world, depends on Paraguayan beans at this time, since the Paraguayan crop has finished and Argentina's harvest starts this month. The barges used to travel from Rosario via the Parana River use the Paraguay River near the mouth of the Bermejo River. Gustavo Idigoras of Argentina's chamber of grain exporters CIARA-CEC said that the delays have affected the flow barges into Argentina. Argentina's grain-processing industry also buys soybeans from Argentine farmers, though the latter have held back more beans than usual because of uncertainty about the exchange rate. Raul Valdez of the Paraguayan Center for Shipowners (CAFyM) said that the delays had also affected iron ore exports into Brazil. Valdez noted that the conditions on the river have improved over recent days due to increased river levels and dredging. Paraguayan soybean exports fell 14.2% during the first two month of 2025 compared to 2024.
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The US will no longer impose a 7-year export deadline set by Biden on new LNG projects
Wednesday, the U.S. will revoke a policy that was issued by former President Joe Biden's administration, which required that liquefied gas projects, or LNG, export within seven year of regulatory approval. The LNG industry had pressured the Trump administration to withdraw the April 2023 policy statement on Department of Energy export approvals to major markets in Europe, Asia and Africa because many projects would take more than seven year to complete. The Federal Register will publish a document on Wednesday that states, "From now on, DOE will review applications to extend the export start deadline of an authorized holder and grant extensions for good reason shown, on a case by case basis. This is consistent with DOE’s prior practice before the Policy Statement was issued." Tala Goudarzi, principal deputy assistant secretary of the Office of Fossil Energy and Carbon Management, said the Biden administration had made it unnecessarily difficult for projects to obtain and maintain an authorization to export LNG to non-free-trade-agreement countries. Energy Transfer, a pipeline operator, filed a new license in 2023 for its proposed 16,45 million metric ton per year Lake Charles LNG facility, in Louisiana. The DOE had previously denied the request for an extension of three years for the old one. Energy Transfer is not available to comment at this time. Fred Hutchison is the president and CEO at LNG Allies. He called the previous policy of deadlines inflexible. The new policy marks a return to normal order. Hutchison stated, "We're grateful that common sense has been restored to the U.S. LNG Export Process." (Reporting and Editing by Margueritachoy and Leslie Adler.)
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The US will no longer impose a 7-year export deadline for LNG projects, as set by Biden
The U.S. will rescind on Wednesday a policy that was issued by the former administration of President Joe Biden, which required liquefied gas projects, or LNG, to export within seven year of receiving approval. The LNG industry pushed President Donald Trump's administration to reverse the April 2023 policy statement of the Biden administration on Department of Energy approvals of exports to major markets in Europe, Asia and Africa because many projects require more than seven years to complete. They have stated that if the projects are forced to restart their applications, it could cause delays in LNG exports. The Federal Register will publish a document on Wednesday that states, "From now on, DOE will review applications to extend the export start deadline of an authorized holder and grant extensions for good reason shown, on a case by case basis. This is consistent with DOE’s prior practice before the Policy Statement was issued." The Energy Department didn't immediately respond to an inquiry for comment. Fred Hutchison is the President and CEO of LNG Allies a trade association. He called the previous policy on deadlines inflexible, and that the new policy was a return to normal order. Hutchison stated, "We are thankful that common sense has been restored to the U.S. LNG Export Process." (Reporting and Editing by Margueritachoy)
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Shipping data shows that Venezuelan oil exports have fallen by 11.5% due to US tariffs and sanctions
According to documents and ship tracking data, Venezuelan exports of crude and fuel dropped 11.5% in March due to the U.S. imposing secondary tariffs on the sector and canceling key licenses. This led to delays in shipping and suspensions of cargo. Last week, the U.S. administration of President Donald Trump announced a 25% tariff on buyers of Venezuelan gas and crude oil, effective this week. It also notified foreign partners that the state-run PDVSA had been notified of the cancellation of the authorizations Washington granted for the company to export and operate from the OPEC nation. The measures were taken after the suspension of an important license that allowed U.S. based Chevron, to produce oil in Venezuela. It then exported it to the United States which was last year the second biggest market for Venezuelan crude. Washington gave the companies until May 27 to cease operations and stop exports. China and India are regular buyers of Venezuelan crude oil Cargoes to be loaded in late March or April following the announcements. According to data and PDVSA internal documents, 42 vessels left Venezuelan waters during March, carrying an average of 804,677 barrels of crude oil and fuel per day, as well as 341,000 metric tonnes of petroleum byproducts and chemicals. The average exports for March were 7.8% lower than the same month in 2024, and the lowest since December.
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Egypt's Sisi and Trump discuss regional mediation efforts in a phone call
The Egyptian presidency announced on Tuesday that Egyptian President Abdel Fatah al-Sisi discussed with U.S. president Donald Trump mediation efforts to restore calm in the region, which would have positive impacts on Red Sea Navigation and stop economic losses for both parties. Since Israel's war against Hamas in late 2023 began, the Iran-aligned Houthis are said to have launched more than 100 maritime attacks. They claim they were doing so in solidarity with Gaza’s Palestinians. The attacks disrupted the global economy and sent the U.S. Military on a costly missile interception campaign. Trump had said on Tuesday morning that he discussed with Sisi progress against the Houthis. The White House is continuing its largest military offensive against the Yemeni group since March 15 under Trump's administration. Trump said that the strikes were in response to the Houthis' attacks on Red Sea Shipping. He warned Iran, which is the Houthis main supporter, to stop its support immediately. Messages Mistakenly shared One of the U.S. official quoted by The Atlantic in a chat with a journalist from The Atlantic magazine, who revealed U.S. plans to fight the Houthis in Yemen in March, said that Trump had approved the plans. The Egyptian statement did not mention the messages, or Washington's attacks against Houthis. Egypt has been affected by the Houthis attacks in the Red Sea region since November 2023. This forced ships to avoid the Suez Canal nearby and reroute their trade around Africa. Shipping costs increased. Sisi stated in December that the disruption would cost Egypt $7 billion less in revenue from the Suez Canal by 2024. Reporting by Jaidaa, Menna Alaa el Din and Muhammad Al Gebaly. Writing by Jaidaa; Editing and proofreading by Gareth Jones & Leslie Adler.
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US LNG exports surge in March as Plaquemines plant ramps up
According to preliminary data, the U.S. sold more than 9,000,000 metric tons of supercooled gas in March. In declaring a state of energy emergency, President Donald Trump promised to unleash American power. This strategy includes a growth in LNG exports. LSEG data revealed that in March, the U.S. exported 9,3 MT (metric tons) of LNG, breaking the previous record set by 8.6 MT in December 2023. Production was boosted by the ramp-up Phase 1 of Venture Global Inc.'s 3.2 bcfd Plaquemines LNG Plant, currently under construction. LSEG reported that Plaquemines pulled 2.136 billion cubic foot (bcf), a record for the plant just three months after it produced its first LNG. According to LSEG's data, the plant produced at 140% its design capacity in a note sent to clients by Tudor Pickering Holt & Co. It exported 0.82 MT or 9% of U.S. total exports during last month. LSEG data shows that Europe is again the main destination for U.S. exports. 6.47 MT or 70% of exports went to Europe, a decrease from the 6.82 MT or 82% in February. LSEG data show that gas prices in Asia and Europe declined in March compared to the previous month, but Europe saw a steeper fall. This made Asia more competitive with U.S. Liquefied Natural Gas than in February. The Dutch Title Transfer Facility benchmark in Europe was $13.21 per British Thermal Units (mmBtu), down from the February high of $15.28. Japan Korea Marker benchmark (JKM) in Asia fell to $13.50/mmBtu from an average price of $14.40/mmBtu per month in February. Exports to Asia increased by 1.64 MT or 17% in March, compared to 0.69 MT or 8% in February. According to LSEG, U.S. Exports to Latin America were unchanged in March, with 0.55 MT being sold in the region compared to 0.56 in February. LSEG data shows that sales to the Middle East increased from 0.28 MT to 0.42 MT during March. LSEG data revealed that another 0.22 MT was available on Tuesday for orders without a clear destination.
What is Vietnam doing to prepare for US tariffs
The looming tariffs by U.S. president Donald Trump could affect virtually all the goods exported to Vietnam's top market. These exports were worth over $142 billion in 2017, or around 30% of Southeast Asia's GDP.
Vietnam was a beneficiary of the trade war Trump waged against China during his first term. However, Vietnamese officials and companies abroad are unsure how they will do under the new tariffs Trump has announced will go into effect on Wednesday. Vietnam, with a surplus of $123.5 billion and meeting several criteria, has the biggest trade surplus with the U.S.
Here are some measures that Vietnamese officials have suggested, or are considering, to avoid Trump's tariffs.
DUTIES AND NON-TARIFF BARRIERS
Vietnam charges a higher average tariff and a value-added tax than the U.S. Some economists estimate that Vietnam's bilateral tariff rates are lower.
Washington has used average tariffs as a benchmark for determining possible reciprocal duties, although it is unclear which rates Trump is considering.
Vietnam announced this month that it would lower non-tariff barriers to imports including cars and liquefied gas.
In its 2024 report, the Office of the United States Trade Representative listed a number of non-tariff barriers that Vietnam has imposed, such as import bans, registration requirements complex, and technical and sanitation barriers.
DEFENCE, StarLINK
Officials with knowledge of this matter claim that Hanoi is in advanced negotiations with Lockheed Martin C-130 Hercules planes for military transports.
This month, the Vietnamese government made a decision allowing Trump ally Elon Musk to test its Starlink satellite Internet service in the country. SpaceX retained full control over its subsidiary and was able to circumvent strict foreign ownership limits.
PLANES
VietJet, the Vietnamese budget airline, has agreed to purchase 200 Boeing 737 MAX aircraft in a multibillion dollar deal that was first signed in 2016, and then revised later.
The company has not received any planes, despite stating that it was expecting to receive its first jets in the last year. The company has expressed an interest in expanding this deal, but without revealing how.
Vietnam Airlines, the flag carrier of Vietnam Airlines, has signed an agreement to purchase up to 50 Boeing 737 Max jets.
Imports of Energy
Vietnamese officials have discussed several times with their counterparts in the United States possible purchases of U.S. LNG for Vietnam's fledgling industry. In March, they signed non-binding agreements for the importation of energy equipment and fuel.
The country is seeking suppliers of nuclear technology as it plans to relaunch its program for nuclear power.
Agriculture Goods
The trade minister said that Vietnam is willing to import more U.S. agricultural products. The trade minister has said that a rise in agricultural imports would not reduce the bilateral imbalance significantly, as the nation only imported $3.4 billion worth of U.S. agriculture products last year.
TRANSHIPMENT OF STEEL
Vietnam has been suspected for a long time of being a hub of transhipment of Chinese goods into the U.S. due to the large volumes of intermediate products it imports. It has been sanctioned for some products, such as solar panel.
Vietnam decided in February to impose temporary antidumping duties on Chinese Steel Products. In March, during a trip to Washington, the Trade Minister pledged to fight fraudulent transshipment schemes.
DEPORTATIONS
A U.S. lawyer confirmed that Vietnam was issuing travel documents to Vietnamese nationals who were detained in the U.S., for their return. Hanoi agreed to process more requests more quickly, after U.S. tariffs and visa sanctions. It has been generally reluctant to allow deportations out of the U.S.
MONETARY POLICY
Trump's first term as President ended with the Treasury Department declaring Vietnam to be a currency manipulator.
Now, the country is on the U.S. watchlist for possible manipulation. The central bank of Vietnam has allowed the Vietnamese Dong to fall against the Dollar in recent months. According to Adam Samdin, Oxford Economics, this may be a sign that the country is willing to accept a weaker currency.
The central bank said that it would continue to monitor Trump's policies and make adjustments.
GOLF DIPLOMATICS
In October, the local partner of The Trump Organization announced that it had agreed to build a $1.5 billion golf course in Vietnam. A spokesman for the consortium said that it plans to invest up to $4 billion in projects across Vietnam.
(source: Reuters)