Latest News
-
Mexican Navy sailing vessel crashes into Brooklyn Bridge injuring 19
Authorities said that a Mexican Navy sailing vessel crashed into the Brooklyn Bridge Saturday night. The top of the masts were ripped off and 19 people were injured. Online videos showed the masts colliding with the ship as it sailed beneath the bridge connecting New York City's boroughs Brooklyn and Manhattan. At a New York City press conference, Mayor Eric Adams stated that 19 people had been injured. Four of those were seriously. Authorities said that all of the injuries occurred on the ship. Many people wearing what looked like white sailor's uniforms were seen hanging from the ship’s crossbeams in the videos. Bystanders were seen fleeing the approaching ship at the base of the bridge near New York City’s South Street Seaport. In 1883, the suspension bridge was built. It is a tourist attraction and an important conduit between Manhattan, Brooklyn and New York. A spokesperson for the New York City Police Department said that they did not know immediately how people were injured. (Reporting and editing by Frank McGurty, Jamie Freed, and Timothy Gardner in Washington)
-
Data shows that Venezuela's state oil company exports crude grade previously exported by Chevron
Venezuela's PDVSA, the state-owned oil company, has started exporting heavy crude oil grades that Chevron had shipped since 2022. This follows the cancellation of cargoes sent to the U.S. manufacturer amid uncertainty over payment. In March, the U.S. Treasury Department revoked Chevron's license to expand operations at four joint ventures located in Venezuela sanctioned and export crude oil to the U.S. PDVSA canceled cargoes scheduled for Chevron last month, citing Chevron's inability fully to pay for them. It also ordered the return of two tankers which had already set sail. PDVSA took steps to improve oil production and upgrade crude since then. This has increased supplies to refineries in Venezuela. The cancellation of the cargo has caused an increase in oil stocks in recent weeks. This has led the company to need floating storage. Venezuela's oil output fell by 10% in April compared to the previous month, to 780,000 barrels a day (bpd). This was largely due to the dispute with Chevron. One of the maritime documents revealed that a 920,000 barrel cargo of Venezuelan heavy Boscan oil, produced by PDVSA and Chevron's joint venture Petroboscan in the first half of this month, was shipped to Malaysia, which is a hub for transshipment of Venezuelan crude headed for China. According to LSEG's data and monitoring service TankerTrackers.com, the Suezmax vessel left Venezuela's Amuay Ship-to-Ship area on June 20 and will arrive in Malaysia by around that date. Chevron was the sole exporter of Venezuelan crude oil Boscan before the cargo cancellations. PDVSA and Chevron didn't immediately respond to requests for comments. Venezuelan socialist President Nicolas Maduro has said that the U.S. sanction amounts to "economic warfare." PDVSA controlled all exports in 2020 when Washington restricted foreign oil companies' licenses to operate in Venezuela. (Reporting and Editing by Paul Simao; Staff Reporting)
-
After tariff truce, US freight industry expects a boost in demand for back-to school supplies
Experts said that a 90-day trade thaw could be a welcome respite for the U.S. Freight Industry, as importers rush in to secure shipments before the busy back to school period. Overcapacity has caused a three-year slowdown in the $906 billion U.S. Trucking Industry. This was exacerbated by President Donald Trump’s recent tariffs against his country's biggest trading partners. The White House's agreement with the UK, and the ongoing trade negotiations with other partners have changed expectations. Instead of worrying about low freight activity, they are now expecting a possible import surge before the peak shopping season, which begins late July. Evercore ISI analyst Jonathan Chappell stated that while most transportation companies have reduced their second-quarter and full-year earning guidance due to sweeping new tariffs and weaker consumer sentiment, it is possible for Q2 forecasts to be beaten. Rolf Jansen, CEO of Hapag-Lloyd German container shipping company, said that bookings for U.S.-China were up by 50% in the last week. The carrier is also deploying different size ships to meet the demand. Chinese customs data revealed that bilateral trade between China and United States could reach $668 billion by 2024. The increase in container volumes will lead to an increased demand for trucks to transport containers from the ports and for railways to transport them to the interior. Profit gains are dependent on the cost and capacity management. A rebound in intermodal volume could be beneficial to carriers like JB Hunt. Knight-Swift. Hub Group. and Old Dominion. And railroads like Union Pacific and CSX. Surface transport in the United States is one of the first industries to notice changes in business activity. It serves as a reliable indicator for wider economic changes. C.H. Robinson's Global Forwarding President, Mike Short, said that while some retailers stocked up before tariffs were implemented, others waited and watched. Now, they are rushing to get their goods out. Dean Croke is the principal analyst of DAT Freight & Analytics. He said that given the fact we are in the back to school and retail season, the importers would place large orders, and pressurize the manufacturers in China, so they can produce as soon as possible. Experts believe that, due to the transit time, the additional freight will begin arriving at the U.S. West Coast port by the end of June, which is around the time when the peak season for produce shipping begins. Chad Schilleman is the vice-president for Drayage Services of Trinity Logistics. (Reporting and editing by Arpan Varighese, Shinjini Ganuli, and Abhinav Paramar in Bengaluru)
-
CMA CGM, France, will redeploy its fleet to avoid U.S. Port Fees on Chinese vessels
The finance director of French shipping company CMA CGM said that the group will reorganize its global fleet in order to avoid U.S. Port Fees on Chinese-built ships, which are set to come into effect starting October. Port charges are another headache for shipping companies dealing with the fallout of U.S. Tariffs. However, Washington's adjustments after an industry-wide backlash has made the fee system less disruptive than expected, Ramon Fernandez said, CMA CGM’s Chief Financial Officer. The U.S. administration of President Donald Trump aims to use port fees as a counter to China's dominance on the global shipbuilding scene and to support a revival in U.S. maritime transportation. Fernandez, in an interview with CMA CGM, said that the fleet of 670 ships was made up of less than half Chinese-built vessels. Chinese shipping companies that operate ships made in China are charged the highest fees for docking at U.S. port. Fernandez said during a conference call with journalists that all shipping firms, including China's COSCO, would adapt to these fees. He did not comment on the possible impact on Ocean Alliance, an agreement for vessel sharing in which CMA CGM, COSCO, and other partners are involved. Trump praised CMA CGM for its plan to invest 20 billion dollars in the United States. CMA CGM, in reporting its first-quarter results on April 2, said that a rush to ship before the U.S. announcement of tariffs had contributed to a 4,2% increase year-over-year in its maritime volume, which in turn led to an increase in sales and profits for the group. CMA CGM is controlled by the French-Lebanese Saade Family. It also has a growing media business, and a large logistical business. CMA CGM, like its peers, said that the increase in tariffs between China and the U.S. in April had hurt trade. However, this week, demand has increased after a Sino-American deal to temporarily reduce tariffs. Fernandez stated that the group had seen around half of the bookings for May shipments cancelled before a turnaround this week. Everyone expects the trade to be more active in June than what was expected just a few short days ago. He refused to provide an estimate of container volume growth for the full year, citing uncertainty about how the trade war would play out. (Reporting and editing by Hugh Lawson; Gus Trompiz)
-
Israel attacks Yemeni ports, Houth-run television says
Al Masirah TV, a Houthi-run channel, reported that Israel had attacked the ports of Hodeidah, and Salif, along the Red Sea coastline, on Friday. This was in apparent response to militant group missile launches against Israel. Al Masirah didn't provide any further details. However, two residents of Hodeidah reported hearing four loud booms. Israel has not yet commented on the attack. They have agreed to stop attacking U.S. vessels, but they continue to fire missiles towards Israel. Israeli forces, who have carried out numerous retaliatory attacks on Houthi targets in the past, intercepted on Thursday a missile fired by the group. Israel ordered the evacuation of the ports in Ras Isa and Hodeidah earlier this week. It claimed that the Houthis, who are allied with Iran, were using them. (Reporting and editing by Hatem Maher, Mohammed Ghobari, William Maclean; Toby Chopra)
-
Nigeria's Renaissance Energy stops production in Trans Niger oil pipeline
After an incident on its operations, the Nigerian oil company Renaissance Energy said it had halted the production of crude oil into the Trans Niger pipeline. This is a major oil route that transports crude oil from the onshore oilfields in Nigeria to the Bonny oil export terminal. A group of environmental rights activists said that on Thursday, the pipeline ruptured on May 6, spilling oil into B-Dere Community in Ogoniland. This is the second incident in which the pipeline has been affected in the past two months. Michael Adande said that Renaissance Group Nigeria, the Nigerian oil group which owns Shell’s former onshore subsidiary, the company operating the pipeline, “immediately disconnected the pipeline and stopped production into the line”. Adande stated that "with the cooperation of the B-Dere Community, our experts were able to access the site, clamp the pipeline, and recover spilled crude oil. Clean-up preparations are now in progress." Renaissance confirmed that a team had investigated the incident and found it to be an operational event. The Trans Niger Pipeline, with a daily capacity of approximately 450,000 barrels, is one of the two conduits used to export Bonny Light crude oil from Nigeria, Africa’s largest oil producer. Reporting by Tife Oholabi; Writing by Chijioke Ahuocha, Editing by Kirby Donovan
-
Indian traders report that the discounts for Russia's Urals June are slightly wider at Indian ports.
Three traders reported on Friday that the discounts for Russian Urals cargoes loaded in June have widened to Brent dated from levels achieved for May loading volumes at Indian ports. The traders reported that June Urals cargoes trade at a discount of $2.70-3.10 per barrel to dated Brent, on a DES basis (delivered from ship), compared to a range of $2.50-3.00 for May cargoes. "Urals Prices are Little Changed for June Barrels or Just a Bit Weaker Compared to May Volumes," said one of the traders, adding that increased availability of alternative oil was beginning to weigh on Russian Oil Differentials. OPEC+, the oil producer group, agreed to increase production for a second month in a row in May. This will result in a June output of 411,000 barrels / day. This decision will increase oil supplies this year. The spot premiums for Russian ESPO blend crude oil shipped from the Far East of the Russian Federation to Asian markets dropped in June compared to May, as the oil supply in the region is expected to be abundant. A weak Brent oil price means that the outright price for Urals oil in Russian ports is below $60 per barrel, which is the Western price cap. This limits Russian oil sellers' revenue. India remains the largest purchaser of Russian oil via sea. The state has recently allowed more Russian insurers to cover vessels transporting oil into its ports. (Reporting from MOSCOW, and Nidhi in NEW DELHI. Editing by Jan Harvey).
-
Asian spot LNG prices increase slightly after US-China Tariff truce
The Asian spot price of liquefied gas (LNG), which is a product of liquefied natural gases, rose for the second consecutive week amid an increase in demand. This was due to a slight improvement in industrial sentiment following the 90-day truce on tariffs that the United States and China agreed upon during their trade negotiations. Average LNG price for July deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is now $11,75, up from $11,50/mmBtu in the previous week. Toby Copson is chairman of Davenport Energy Partners. He said, "Activity and prices are on the rise. Some utilities and traders have stepped in to buy June cargos." He said that although the market is not tight fundamentally, lower prices have attracted some buyers who are trying to meet their contractual volume obligations. China, which is the largest LNG consumer in the world, has recorded its lowest LNG consumption since October 2022. Due to the tariff war between the United States and China, China is reselling U.S. LNG cargoes into Europe. During trade talks held in Switzerland, the United States agreed to a 90-day truce on tariffs. It could help to unblock the trade between the world's largest economies. A final agreement between the two countries could boost economic activity in China, and increase gas demand. The positive news has supported the industrial demand expectations, said Martin Senior. Senior is head of LNG Pricing at Argus. Go Katayama is an LNG and gas analyst with Kpler, a data analytics company. He said that a further Asian price increase could be possible due to the warmer than normal temperatures in Thailand. Gas prices in Europe at the Dutch TTF Hub remain between 34 and 35 euros per megawatt-hour. While ample supply and low demand have kept prices in check, the persistently narrow JKM/TTF spread has prompted a renewed price war with Asia. The upcoming colder weather in Germany and Central Eastern Europe could push TTF prices up," Kpler’s Katayama stated. He added that "the outlook remains range bound due to the relaxed EU storage goals and coupming at key regasification site like Zeebrugge or Montoir." S&P Global Commodity Insights estimated its daily North West Europe (NWM) LNG Marker price benchmark on a basis of ex-ship (DES), for cargoes to be delivered in June at $10.897/mmBtu, on May 15. This represents a $0.63/mmBtu reduction from the gas price for June at the TTF Hub. Spark Commodities set the price at $10.946/mmBtu for June, while Argus estimated it at $10.845/mmBtu. Qasim Afghan, an analyst at Spark Commodities, stated that the U.S. Arbitrage to North-East Asia via Cape of Good Hope has increased marginally this week and is now pointing more towards Europe. The arbitrage via Panama, however, continues to point toward Asia. Afghan said that on the LNG market, Atlantic rates dropped by their most significant amount since January, and were assessed as $32,500/day last Friday. Pacific rates, however, remained stable at $22,250/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
Mexican Navy sailing vessel crashes into Brooklyn Bridge injuring several
Authorities said that a Mexican Navy sailing vessel crashed into the Brooklyn Bridge Saturday night. The top of the masts were ripped off and multiple injuries were caused.
Online videos showed the masts of the ship colliding with the bridge connecting New York City's boroughs Brooklyn and Manhattan.
Many people dressed in what looked like white sailor's uniforms were seen hanging from the ship’s crossbeams. Bystanders were seen running from the approaching ship at the base of the bridge near New York City’s South Street Seaport.
In 1883, the suspension bridge was built. It is a tourist attraction and an important conduit between Manhattan, Brooklyn and New York.
A spokesperson for the New York City Police Department said that they did not know immediately how people were injured. (Reporting and editing by Frank McGurty, Jamie Freed and Timothy Gardner in Washington)
(source: Reuters)