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The first LNG bunkering hub on the US Gulf Coast has been granted permission to begin work
Executives involved in the project said that the joint venture, which is developing the first marine fuel station for liquefied gas on the U.S. Gulf Coast, has received the final permits. Construction will begin later this summer. LNG is seen as an alternative fuel that can reduce carbon emissions in the global shipping industry. The U.S. administration of President Donald Trump is looking to increase LNG exports in order to reduce Europe's dependence on Russian gas following the invasion of Ukraine by Moscow three years ago. The project wants to capitalize on a new market for U.S. Liquefied Natural Gas (LNG) that can be used in U.S. port and nearby waters, without the need for export licenses. The facility is located along the Texas City Ship Channel, and the Galveston LNG Bunker Port company (GLBP) will supply LNG via fuel barges to the growing fleet of LNG-fueled vessels in the Greater Houston-Galveston area, GLBP stated. GLBP was formed by Houston-based Pilot LNG, and Seapath, a division of the global business group Libra. Seapath estimated that the total cost of the project is in the vicinity of $300 million. The U.S. Army Corps of Engineers, and U.S. Coast Guard have given final approval to the project. Seapath stated that the first bunker deliveries will be made in the second half 2027. Seapath's President Josh Lubarsky said in a press release that "after several years of challenging work, we are now comfortably leading the market as the first dedicated supplier of LNG marine fuels in the U.S. Gulf". "We made a substantial financial commitment to this Project and over the past few years have positioned GLBP as the leading clean fuel supply hub for the Galveston Bay/Gulf Region." Seapath stated that the first phase will be able to produce 360,000 gallons of oil per day in approximately two years. The second phase will have a production capacity of 720,000 gallons of oil per day within eight to twelve months. The GLBP project is the second dedicated LNG bunkering facility in the U.S. after Florida-headquartered joint venture JAX LNG, which operates a 360,000 gpd plant. GLBP will support Port Houston, the U.S.'s largest port by waterborne tonnage and with a $906 billion national economic value. Lomar Shipping, which operates a fleet with more than 40 ships, is also owned by Libra Group. Americraft Marine is Libra's maritime subsidiary. It owns a Jones Act shipyard located in Florida. This is one of only a few yards in the U.S. building crew transfer vessels for the offshore wind industry. They also build tugboats, barges, and tugboats. (Reporting and editing by Elaine Hardcastle; Jonathan Saul)
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Two people killed when a tall ship of the Mexican Navy crashes into Brooklyn Bridge
Two people were killed and several more injured when a Mexican Navy sailing vessel festooned in lights and a giant Mexican flag crashed into Brooklyn Bridge Saturday night. The top of the masts was ripped off, according to New York City mayor Eric Adams. Online videos showed the Cuauhtemoc training vessel as it approached Brooklyn's side of the East River bridge, which connects Manhattan and Brooklyn. The vessel named after the Aztec Emperor, which was sailing underneath, knocked over the masts, as they were too high to clear the bridge. On social media, the Mexican Navy announced that 22 people had been injured aboard the ship. Of these, 19 are receiving medical treatment in local hospitals and three of them were seriously injured. Adams, a New York City resident, put the total number of injured at 17. The Navy stated that no diving rescue operations are required because none of 277 passengers on board fell into the water. After the crash, cadets in white uniforms were seen hanging from the ship's beams. Claudia Sheinbaum, Mexican president, told reporters Sunday that a female cadet died and a Marine male died of their injuries. The New York Police Department reported that two of the injured were still in critical condition on Sunday afternoon. Sheinbaum stated that the Mexican Navy is investigating the cause of this crash, and that the injured cadets are "doing much better." The U.S. National Transportation Safety Board also investigates. New York Police said that mechanical issues were probably the cause of the crash without providing any further details. Online videos show bystanders in terror running from one of the suspension bridge bases near Brooklyn Bridge Park as the massive vessel hits the bridge and heads toward the shore. It was built in 1883. The bridge is a major tourist attraction as well as a conduit between Manhattan, Brooklyn and New York. The bridge was once the world's largest suspension bridge. A New York City official in charge of transportation said that the bridge had not sustained any major damage. After a preliminary examination, traffic was reopened both ways. On social media, the Mexican foreign ministry had earlier stated that Mexico's Ambassador to the U.S. as well as other officials were helping affected cadets. They also said they had been in touch with local authorities. According to South Street Seaport Museum's website, the Cuauhtemoc vessel was built in 1981 at the Celaya Shipyards of Bilbao in Spain. The visit was scheduled to end on Saturday evening. During its visit, the public was invited aboard. New York police said that the ship was leaving New York and heading to Iceland. Frank McGurty reported from New York, Timothy Gardner from Washington and Chandni Sharma in Bengaluru. Additional reporting was done by Brendan O'Boyle in Mexico City, Stefanie Eschenbacher and Brendan O'Boyle in Washington.
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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)
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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)
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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)
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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)
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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)
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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)
Investcorp invests $500 million in the expansion of Oman’s Port of Duqm
Investcorp, the Middle East’s largest alternative investment company, announced on Monday that it had entered into an agreement to invest $550 million in the expansion of the Port of Duqm, Oman. This is part of its ongoing investments in regional infrastructure assets.
Investcorp's infrastructure platform Investcorp Aberdeen will be a partner in the project along with a consortium made up of the Port of Duqm Company and the DEME Group, as well as the Port of Antwerp Bruges.
Duqm Port, located in Oman on the southwest coast, is close to major oil and gas developments. It serves as a hub for container shipments as well as dry and liquid bulks and cargo.
The project includes marine infrastructure, dredging, and construction of a quay wall to support a low-carbon industrial plan that is aimed at green steel production.
Oman, a non-OPEC small producer, follows other Gulf countries with its efforts to diversify the economy and reduce dependence on oil revenue.
According to a 2023 report by the IEA, as part of its efforts, the country is investing in order to achieve its decarbonisation goals. The goal is to produce at least 1,000,000 metric tons renewable hydrogen per year by 2030.
Investcorp announced on Monday that AIIP was awarded the investment mandate in the Port of Duqm Project after a "competitive" process.
The Bahrain-based company was founded in 1982 and manages assets totaling $55 billion. The company is known for its luxury brands like Gucci and Tiffany & Co., but has also expanded into private credit as well as assets such infrastructure.
(source: Reuters)