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Denmark opens the first commercial-scale eMethanol plant in the world
The first commercial-scale emethanol plant in the world began operating in Denmark on Monday. Shipping giant Maersk will buy a portion of this production to use as low-emission fuels for its container ship fleet. Shipping is being pushed to find alternative fuels after a majority countries backed measures to meet the International Maritime Organization targets to eliminate carbon emissions by 2020. The cost of zero-emission fuels such as green ammonia or e-methanol has been higher than that of conventional fuels primarily because they have not been produced in large quantities. The new plant in Kasso, southern Denmark will cost approximately 150 million euros (about 167 million dollars) and produce 42,000 tons of emethanol, or 53 millions litres per year. Its joint owners, Denmark's European Energy, and Japan's Mitsui, confirmed this. Maersk is a major client. It has 13 dual fuel methanol containers that can run on fuel oil or e-methanol, and it has ordered 13 more. The plant's production can power a large container ship of 16,000 containers sailing between Asia and Europe. The Laura Maersk is the first dual fuel container ship in the world. It has a capacity of over 2,100 20-foot-equivalent units and uses only 3,600 tonnes of fuel annually. Tuesday, the Laura Maersk is scheduled to fuel up near Kasso. Methanol is usually produced by burning coal and natural gas. The Kasso facility will produce e-methanol from renewable energy, CO2 captured by biogas plants and waste burning. Maersk says that switching to sustainable fuel is expensive. It is working on green fuel technologies, as well as more efficient shipping methods to reduce the cost. Emil Vikjar Andresen, the head of European Energy’s Danish Power-to X team, stated in a webinar that "when you look at the Kasso production, it's a drop in the bucket. So we need to scale-up and bring down costs." e-Methanol is not only used in shipping but can also be used to replace fossil methanol for plastic production. The plant will produce e-methanol for Lego and Novo Nordisk, which they will use to make plastic bricks and injection pens respectively. The excess heat from the production of e-methanol will be used for heating 3,300 homes in the area. Reporting by Isabelle Yr Carlsson, editing by Jacob GronholtPedersen and Barbara Lewis
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Maguire: Tracking Texas power system as heat waves loom in Texas
A heat wave that is expected to bring temperatures above 100 degrees Fahrenheit this week is expected to cause a spike in demand for electricity. Electric Reliability Council of Texas reported that the growing demand for electricity from industry and data centres, along with widespread air conditioning use, is expected to push peak electricity usage to an all-time high of 84,000 megawatts this week. According to industry analysts this demand load is 9% higher than the previous peak demand for May. This will put one of the largest power systems in the country under extreme strain over the next few days. Here are some key tools power analysts can utilize to monitor how the ERCOT is performing. REAL-TIME MONITORING Power trading tools, such as LSEG Workspace, allow analysts to monitor the forecasts of temperatures, peak loads and power supply from major generation sources. LSEG's latest weather models predict that temperatures in the ERCOT region will average 82 degrees Fahrenheit through May 16. This is approximately 7 degrees or 9% higher than the long-term mean. Power demand models predict an increase in the system load between May 12 and 16. The weather-based models of power demand deployed by LSEG predict that the power demand from May 12 to May 16 will be approximately 30% higher than the current power load. Analysts can track the evolution of the power generation mix at ERCOT in the next few days as a response to the increase in electricity demand. In the near future, solar farms and natural gas plants will be the largest sources of power within the ERCOT network. Wind farms, coal and nuclear reactors will also play a key role in the supply. This week, analysts can track the power prices to see how the strain on the ERCOT is affecting consumers. LSEG Workspace, along with other tools for the power system, provides real-time power prices and day-ahead estimates across the key regions of the ERCOT network. This allows traders to identify potential localized hotspots within the broader system. WIDER LENS Analysts can also use tools to track the evolution of ERCOT's power system over time. This allows them to compare how well-equipped system managers were in previous grid strain periods. Cleanview, an energy data portal, allows analysts and power supply analysts to track the capacity increase of battery storage systems. Cleanview's website shows that since 2023, Texas added nearly 4,400 megawatts of battery storage and around 9,000 MW of solar generation. These capacity additions were the most among all the states in that time period, and show that the ERCOT managers have been aggressive about adding storage and generation capacity to the network. Analysts can track ERCOT's power mix over time by tracking the share of generation. This can provide insight into how ERCOT managers adjust system resources to meet demands. Gridstatus.io, an online monitoring tool for electricity, allows analysts to view how battery storage plays a growing role in providing extra power during peak demand periods. Batteries supplied more than 9% of the total ERCOT electricity between 8 pm and 9 pm on May 11. This was higher than the amount supplied by wind farms or nuclear reactors during the same time period. Batteries continue to be a vital component of the system balance this week. This is especially true when solar power drops at night, just as families across the state return from school and work and turn on their cooling systems. These are the opinions of a columnist who writes for.
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Leasys, an auto leasing company, aims to double the fleet of its low-emission cars by 2026
Leasys, an auto leasing company, aims to double its fleet's share of electric and hybrid vehicles by the end of next year. The rapid advancements in electric technology present challenges to the industry. Leasys, a 50-50 joint venture between Stellantis in Italy and France's Credit Agricole is the third-largest player in Europe's long term auto rental industry. The long-term lease, which allows the customer to rent a car at a fixed rate per month, usually for a minimum of 365 days, is an alternative to owning. In recent years, corporate clients have driven its popularity. Leasys is present in 11 European countries, and its fleet consists of more than 900,000 cars. The goal is to increase this number to 1 million by the end of 2026. D'Arco said in an interview that the goal is to have 25% of our fleet be low-emission by 2026. The current percentage is 13%. He referred to EVs, plug-in hybrids and other low-emission cars. In Europe, sales of EVs and hybrids are on the rise after a decline in 2024. ACEA data show that in the first quarter 2025, European registrations of EVs and plug-in hybrids increased by 28%, despite a market that is generally stagnant. D'Arco stated that higher prices compared to petrol alternatives were still a barrier. He added that reliable charging networks are also important. He said that the main objections of customers were: It's too costly and where should I charge it. The rapid technological changes are also a barrier to EV adoption, as the cars risk becoming obsolete quickly. D'Arco explained that it is difficult for buyers to know the resale values of EVs, since most have only been in circulation for a few years, and there hasn't yet been any development on a secondary market. He said that long-term leasing could offer protection against obsolescence as well as a way to reduce the uncertainty of maintenance costs. D'Arco stated that Leasys' explicit goal was to support Stellantis's efforts to increase the sales mix of EVs, hybrids, and electric vehicles. Automakers must comply with European Union regulations on carbon emissions. He said, "We are an integral part Stellantis and we share their goals for electrification." Leasys has a multi-branding strategy. However, around 85% percent of its fleet is made up of vehicles from Stellantis, whose brands include Fiat Peugeot Jeep Alfa Romeo. Leasys is in direct competition with the market leader Ayvens. Ayvens is a subsidiary company of Societe Generale. Arval is a subsidiary of BNP Paribas. In Europe, approximately 25% of all new registrations are long-term rentals. D'Arco stated that Leasys' customers are mainly businesses who use fleets of 100 vehicles on average. He added that the average contract is for three years. (Reporting from Giulio Piolovaccari).
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Egypt's Suez Canal considers reducing transit fees in order to attract traffic
Osama Rabi, the chief of Egypt's Suez Canal Authority, has said that the authority will consider offering transit fee discounts between 12% and 15% to help restore the traffic on the strategically important waterway, which is reeling after the Houthis' attacks on Red Sea shipping. Rabie, in a telephone interview with the privately-owned Sada al-Balad TV channel, said that discounts would be available within a few days of ratification from Egyptian President Abdel-Fattah al-Sisi. He said this after the revenue from the Canal continued to plummet due to attacks by Yemeni Houthis on shipping, who claim they are trying shut off cargo headed for Israel to support Palestinians in Gaza but are also driving ships away from canal. The central bank reported earlier this month that revenue from the Suez Canal - a major source of foreign currency in Egypt - plummeted from $2.40bn to $880.9mn during the fourth quarter, down from $2.40bn a year ago. This was due to Houthi attacks. Rabie met last week with representatives of shipping agencies, who asked for temporary incentives to offset the increased insurance costs for ships operating in the Red Sea. They deemed it a zone high-risk. The meeting was held following a ceasefire mediated by Oman between the United States of America and the Houthis. Under the agreement, the U.S. agreed not to bomb the Houthis group in Yemen as long as the group agreed not to attack U.S. vessels. Israel is not included in the agreement with Iran-backed group.
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The Panama Canal Authority reports that the number of vessels transiting the canal has increased to 34 per day.
According to a bulletin issued by the authority of the canal, the number of ships that transited the Panama Canal increased to 34 on average per day, for a total 1,021 transits, up from 33.7 on average per day in March. According to data, transits in the first four month of 2025 remained below 36 ships per day allowed, despite the decline in fees charged by the canal for passage slots. A severe drought that occurred between 2023 and 2024, forcing the waterway to connect the Atlantic and Pacific Oceans to implement restrictions, led to higher transit fees, and long queues of ships waiting to enter. Last year, the restrictions were lifted. In recent months, the U.S., Panama and other countries have discussed the issue of fees and priority passage for U.S. flagged vessels after U.S. president Donald Trump criticised the high fees charged by the second largest interoceanic canal in the world and threatened to take over the waterway. The authority of the canal is also planning projects that will expand the capacity for trans-shipment, storage, and other waterway activities. These include a pipeline to transport liquefied gas from vessels at one end to other tankers at the opposite end. The authority is expected to begin accepting bids this year.
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In April, the share of Russian aluminum in LME storages increased to 89%.
LME data released on Monday showed that the proportion of aluminium with Russian origin registered in warehouses at the London Metal Exchange increased to 89% from 88%, and the proportion of Indian origin decreased to 10% from 11 %. 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 end-of-April figure was 223,900 tons, up from 200 700 tons at the beginning of the month. The data revealed that the amount of aluminium from India remained constant at 25,050 tonnes. LME warrants are title documents that confer ownership. The amount of copper produced in China increased to 59.950 tons, up from 45.325 tons. China's copper production increased to 59.725 tons from 45.325 tons. At the end of December, 60% of LME nickel stocks were made up of Chinese-made nickel. (Reporting and editing by Susan Fenton; Polina Devtt)
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Brazil's Lula seeks trade ties with Beijing, as China and Trump spar.
Brazilian officials hailed President Luiz Inacio Lula da Silva’s meeting with China’s President Xi Jinping as a way to attract investment and boost Brazilian products to a country that is frustrated by the volatile tariff policies of U.S. president Donald Trump. Lula praised the upcoming Chinese investment of more than $4.5 Billion in Brazilian industries ranging from renewable energy and automaking to pharmaceuticals and semiconductors. Lula said to business leaders in Beijing, "If my government is in charge, our relationship with China would be irreparable." Officials said that his visit would also result in major investments for railways and farm export infrastructure. Brasilia wants to increase exports of grain and other products currently supplied by the U.S., to China. These goods have become more expensive due to a damaging trade dispute between Washington and Beijing. "Brazil wants to expand its friendship and trade ties with China in order to generate great reciprocal accomplishments, particularly in the recent period of trade instability brought about by the United States," Brazilian agriculture minister Carlos Favaro said at the business forum held in Beijing. The U.S. reached an agreement with China on Monday. The remaining trade barriers, combined with the distrust between Beijing and Brasilia have led to bets that a more reliable relationship can be formed. Lula's visit to China, which lasted four days, included his third bilateral meeting since he took office as Brazilian president in 2023. Other leaders have visited Beijing, including Chilean President Gabriel Boric and Colombian Gustavo Petro for meetings between Chinese officials and CELAC, the Community of Latin American and Caribbean States. The Lula-Xi summit on Tuesday comes after the strengthening of diplomatic relations between the two countries during a November meeting in Brazil where the leaders signed over 40 agreements in a variety of sectors including infrastructure, energy, and agribusiness. On Monday, the Chinese Envision Group invested $1 billion in Brazil's production of renewable aviation fuel made from sugarcane. According to ApexBrasil, the government agency for trade and investments, Meituan has announced an investment in the amount of 5 billion Reais to enter Brazil with its Keeta App. CGN Power has also revealed plans to invest 3 billion reais in a hub for wind, solar and storage of energy. Great Wall Motor plans to invest $6 billion in Brazilian auto factories. Longsys, a Chinese semiconductor company, announced an investment in Brazil of 650,000,000 reais. Longsys is China's biggest memory chipmaker based on revenue. Two years ago it acquired Zilia, a Brazilian subsidiary, which may help avoid U.S. export controls and tariffs targeting China-made semiconductors. Lula met with Norinco's CEO on Monday. RAIL PROJECTS Brazil's Transport Minister Renan filho said Chinese investors are interested in several rail project in Brazil. This includes proposals to connect farm and mining areas with ports like Barcarena and Acu, as well as the new Chinese operated port in Chancay in Peru. He said: "We will sign any project that has the potential to increase China's exports, including agriculture but also mining and other industries." The Minister acknowledged that plans were presented to Chinese investors several times over the past few years. However, he said that the relationship between the two countries is now mature enough to allow projects to proceed. He said that the two countries had reached a more firm agreement about their relationship last year, after years of Chinese diplomats trying in vain to recruit Brazil into the Belt and Road Initiative (China's global infrastructure project). In November last year, they agreed to "synergize" China's plans with Brazil's development programs. China is Brazil's largest export market. It has also been one of Latin America's most important foreign investors, although it has become more cautious over the past few years. According to the Brazil-China Business Council's survey, Chinese investment in Brazil in 2023 totaled 1.73 billion dollars, which is a 33% rise from the previous year but still the second-lowest since 2007. Tulio Caiello, director of research at the council, stated that transportation, and in particular rail, had an enormous potential to attract Chinese investment, even though these projects have been stalled by bureaucratic and financial obstacles. He said that he could see that China was very interested in the project, and that both countries were better prepared now to overcome any obstacles. "There's a lot more information about Brazil available in China now than before."
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Ocean shipping firm welcomes China-US tariff reprieve
Hapag-Lloyd, a German container shipping company, welcomed the agreement reached between the United States of America and China on Monday to temporarily reduce reciprocal tariffs. The firm said it expects to benefit from an increase in bookings made by Chinese customers for the United States. Both sides announced on Monday that the United States would reduce the extra tariffs they imposed in April on Chinese imports to 30%, from 145%. Chinese duties on U.S. imported goods will also fall to 10%, from 125%. The trade between the two world's largest economies plunged in the middle of the standoff. Container shipping companies such as MSC and Cosco were forced to cancel specific voyages or suspend their regular routes. Some companies considered using smaller vessels. The reprieve may have sparked a rush in shipments to America, for which some Chinese factories had been preparing, and sent spot prices higher. The company stated in an email that it expected bookings to rise from China into the U.S., which would help them... enter peak season. Ocean shipping peak season is usually the period between August and October, when U.S. retail stores stock up for the winter holidays, which are dominated by Thanksgiving, Christmas, and Halloween. Hapag-Lloyd sailed during the recession, but with plans to reduce the size of ships. This could give the carrier an edge over competitors who have slashed sailings if customers rush goods in during the 90-day respite. Hapag-Lloyd stated that they had originally planned to use smaller vessels for transports between China and the U.S. Coasts, but this may change if demand is high. Maersk CEO Vincent Clerc announced on Thursday that the Danish company had transferred 20% of its capacity from the China-US route to other routes in just two weeks. Clerc stated that Maersk would be able to switch this back as soon as the customers request it. Peter Sand, a chief analyst with pricing platform Xeneta, stated that the average transit time for Transpacific trade was 22 days. Customers will therefore take advantage of the 90-day window to send as many goods into the United States as possible. This will increase freight rates. Reporting by Rachel More and Lisa Baertlein, both in Berlin; Additional reporting by Jacob GronholtPedersen. Editing by Matthias Williams and Bill Berkrot.
Abacus Storage rejects $1.2 Billion takeover bid
Abacus Storage Kings in Australia said that it rejected an unsolicited offer of $1.23 billion from a Ki Corporation-Public Storage consortium.
Early in April, a consortium consisting of the U.S. furniture manufacturer Ki Corporation as well as real estate investment trust Public Storage offered A$1.47 for each stapled security Abacus shareholders had purchased all shares that were not held by Ki or its subsidiaries.
Abacus' independent Board Committee rejected the proposal on Tuesday. They stated that it did not reflect a "compelling" value for their securities.
Abacus reported that despite the fact that the offer was at a premium over previous trading prices, Abacus believes the headline A$1.47 price does not reflect the fair value of an ASK security.
Abacus said that the decision could also have been influenced by tax conditions of the consortium, which require certain tax rulings to be obtained from the Australian Taxation Office. This could potentially impact transaction certainty.
(source: Reuters)