Latest News
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Brazil's Vale signs charter agreement with China's Shandong Shipping for ethanol-powered vessels
Vale, the Brazilian miner, has signed a 25-year charter deal with the 'China's Shandong Shipping Corporation. The agreement will see the construction of the first two transoceanic vessels powered by ethanol. Both vessels, with a combined capacity of up to 325,000 metric tonnes of iron ore each, will be delivered in 2029. Rodrigo Bermelho said that the ships will be equipped with rotors sails for harnessing wind energy, and engines that are more energy efficient, among other improvements. He said that decarbonization was an irreversible trend. "It's at the core of Vale's strategic plan, not just in maritime transport, but also across all the products we develop for the steel industry." Vale is one of the world's biggest iron ore producers. (Reporting and writing by Marta Nogueira, Editing by Chizu Nomiyama).
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Airbus Delivers 60 Aircrafts in March
Airbus announced on Thursday that it delivered 60 aircrafts in March, bringing the first-quarter deliveries to 114, a '16% decrease from last year at this point. Monthly data revealed that Emirates, which is based in Dubai, received three jets despite the disruption caused by the Gulf Conflict. The French plane manufacturer also delivered a jet to Etihad Airways, Saudi Arabia's Fly a?Deal and one jet to the Saudi Arabian airline. Airbus executives said that deliveries have been hindered by problems with fuselage panels, and a shortage of engines. Airbus will deliver 136 aircraft in the first quarter of 2025. Airbus plans to deliver 870 aircraft this year. The 'company' said that it had sold 408 aircraft during the first quarter, or a total of 398 after cancellations. (Reporting from Mateusz Rabiega, Gdansk. Editing by Matt Scuffham.)
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Serbia's NIS Oil Company, owned by Russians, seeks another waiver of sanctions
RTS TV reported that Serbia's Russian owned NIS oil company has asked the United States for another waiver of sanctions to allow it to import crude oil until its sale to Hungary MOL is completed. The Office of Foreign Assets Control (OFAC), the United States' foreign asset control agency, has granted a previous waiver that expires April 17. NIS operates Serbia’s only?oil refining plant in the northern city of Pancevo and supplies 80% of fuel to the Balkan nation. OFAC imposed sanctions against?NIS on October, as part of broader measures targeting Russia's energy industry over Moscow's conflict in Ukraine. They demanded the divestment by Gazprom and Gazprom Neft of their majority stakes. The Serbian Government owns 29.9% of the company, while small shareholders and staff hold the rest. MOL announced in 'January that it signed a binding agreement with the Russian companies in order to purchase their stake in NIS.?OFAC gave MOL until 'May 22 for the sale to be negotiated. Serbia imports crude oil primarily from Kazakhstan, Nigeria, and Guyana, via the island of Krk in Croatia, where it is then transported via the JANAF pipeline. (Aleksandar Vaovic; Editing done by Kirsten Doovan)
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After a brief closure of the airspace due to a technical issue, flights resumed in Sao Paulo
Separate statements were released by the Brazilian Air Force, the Congonhas airport operators and the Guarulhos airport operators. The operator of the Congonhas Airport in the city and the Guarulhos International Airport had earlier announced that all landings and takesoffs were suspended?in the town due to an "electrical problem." Brazil's Air Force is responsible for all national air traffic. The?suspension was just over 30 minutes long. It added that the incident was caused by a "technical?operational problem" without giving any further details. The operator of Guarulhos airport said that the incident did not occur at the airport. It is the busiest in Latin America. Brazil's civil aviation regulator, which oversees the country's airspace, said that it had implemented the initial measures in its "pre-crisis" protocol to monitor the?"consequences" of the incident. Airline Azul has reported that six flights have been diverted to another destination and 12 flights have been cancelled. Gol and Latam - which together with Azul form the main airline group in the country - did not respond to requests for comment. Reporting by Rodrigo Viga Gaier, Isabel Teles and Fernando Cardoso. Writing by Fernando Cardoso. Editing by Chizu Nomiyama & Keith Weir.
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UN ship agency: A toll on the use of Hormuz is a "dangerous precedent"
The UN shipping agency warned that imposing a toll on ships passing through the Strait of Hormuz would "set a dangerous precedent" and countries should not hinder freedom of navigation. Iranian officials have suggested?charging for the use of the Strait? after a two-week truce was reached between the United States and Tehran this week. There is no international agreement that allows tolls for crossing international straits. A spokesperson for the UN's International Maritime Organization stated that any such toll would set a dangerous precedent. The IMO countries have adopted the UN Convention on the Law of the Seas (UNCLOS), which defines the 'rules' that govern the straits used to conduct international navigation. According to UNCLOS ships have the right of transit through international straits. The spokesperson for the IMO said that states bordering straits must not impede or suspend this 'right'. (Reporting and editing by Barbara Lewis; Jonathan Saul)
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After a report about a warship being escorted near the UK, Kremlin said that Russia had a right to defend themselves from 'piracy.'
The Kremlin announced on Thursday that Russia has the right to defend itself against what it calls piracy, after a British paper reported?that an oil tanker sanctioned by Britain was escorted through the English Channel by a Russian Navy frigate. The ship tracking data analysed showed that the two vessels sanctioned in the Daily Telegraph article - the Russian-flagged Universal, and the Cameroon flagged Enigma – crossed UK waters between Thursday and Wednesday. Last month, British Prime Minister Keir starmer announced that he had authorized the military to board Russian ships in British waters and detain them to disrupt a system of vessels which his government claims allows Moscow to export oil regardless of Western sanctions over Ukraine. So far, no such action has taken place. Dmitry Peskov said, when asked about the report in the media, that Moscow had repeatedly seen what he called piracy on international waters, and that Russia will act to ensure?the safety of its own shipping. "We have seen repeated incidents of piratery?in international water over the last few months." Peskov said that these incidents of piracy, among other things have harmed Russian Federation's economic interests. The Russian Federation will take all necessary measures to protect their interests. According to LSEG, the two tankers were used for diesel deliveries. They each carried 40,000 tons of the fuel from the Baltic Port of Primorsk, in the Leningrad Region, at the end of march. Enigma will be heading to Mersin, Turkey. Universal's destination is unknown. Britain claimed to have used a tanker, a helicopter, and a patrol boat?to monitor the movements of the Russian landing ship, the Admiral Grigorovich. Britain stated that 'Belgian aircraft and Dutch ships were also involved with the monitoring operation. When asked about the passage at a press event to announce "a separate British operation to track Russian submarines in High North", British Defence Minister John Healey replied that work done by Britain and Western Allies had already made working for Putin's shadow fleet of oil tankers more difficult. He said that the government is ready to go further. We are ready to act. He said that he would not only support, but also take action in conjunction with allies to intercept shadow fleet vessels.
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The US Postal Service, which is in a financial crunch, has suspended contributions to its pension plan
The U.S.?Postal Service announced Thursday that it would temporarily?suspend payments from employers for a federal retirement program in order to conserve?cash during a severe financial?crisis. USPS informed the White House Office of Personnel Management on Friday that it would no longer be paying $200 million every two weeks for its employer contributions to the defined benefit component of the Federal Employees Retirement System. USPS warned on Thursday that it may run out of money as early as February if reforms are not implemented. USPS estimates it will save $2.5B with the?action through September 30, and says there won't be any immediate negative impact on current or future retirees. Since 2007, the service has suffered net losses of $118 billion as its most profitable product - first class mail - has fallen to its lowest volume since the late 1960s. USPS reported a loss of $1.25bn in the quarter ending February. USPS stated that the risk to USPS and the American public of not paying the current pension payments outweighs the longer-term risks to the pension funds. USPS received approval earlier this week from the Postal Regulatory Commission to implement a temporary 8% increase in price?for package and priority mail deliveries, starting April 26. This is to 'deal with increasing transportation?and fuel prices. USPS expects the surcharge will be in place until January 17, 2019. U.S. Postmaster General David Steiner said to Congress last month that increasing the price of 'first-class stamps' from 78 cents up to $1 or 95 cents would help it increase revenue and reduce losses. Steiner says that although stamp prices have increased by 46% from early 2019, when they cost 50 cents each, they are still lower than other countries.
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Iran warns of a near-standstill in Hormuz as ships are warned to stay within its waters
The Islamic Revolutionary Guard Corps of Iran (IRGC) has warned ships not to cross the Strait of Hormuz through Iranian territorial waters, as Thursday's traffic was well below normal levels. Mitsui O.S.K. Lines, one if Japan's three largest shipping companies, is caught up in the confusion, as firms try and work out the impact of a two-week ceasefire between Iran and the U.S. In an interview with Jotaro Tamura on Thursday, the President and CEO said that it was necessary to confirm whether or not safety risks were low enough. Three tankers were recently rescued from the Strait of Gibraltar - two with cooking gas, liquefied petroleum gases (LPG), and one with liquefied gas natural. Tamura stated that the company is awaiting instructions from the Japanese government as to how it should proceed in the context of the two-week truce. LARAK ROUTE According to Iran's semi-official Tasnim News Agency, the IRGC would like vessels to navigate through Iranian waters in the area around Larak Island to avoid the danger of naval mines along the normal lanes in the strait. Tasnim reported that the IRGC navy instructed vessels to enter the strait just north of Larak Island, and exit it just south of the island until further notice. Ambrey, a British maritime security firm, said in an advisory that there was a real possibility of a continued risk for unauthorised Strait of Hormuz Transits and to Israel- or US-affiliated shipping trying to transit. It said that "even shipping with apparent approval was turned back mid-transit in recent weeks." LITTLE TRAFFIC Ship-tracking data on Thursday showed that only six ships passed through the Strait in the last 24 hours, as opposed to the normal 140. Data from Kpler Intelligence, Lloyd's List Intelligence, and Signal Ocean revealed that they included one oil products tanker, and five dry bulk carrier. Ship-tracking data on the MarineTraffic platform and Pole Star Global showed that a chemical tanker is set to cross, bound for India. Torbjorn Sltvedt, a risk intelligence analyst at Verisk Maplecroft, said that most shipping lines will remain cautious and two weeks won't be enough to clear up the backlog if traffic increases significantly. According to Kpler, more than 180 tankers containing approximately 172,000,000 barrels of crude and refined oil remain stranded. Toll System? Some media reports suggested that Iran could charge a toll to ships passing through. The figure was estimated at $2 million. Ship-tracking data showed some vessels, such as the Indian flagged Pine Gas LPG Tanker, were already taking an unusual route around Larak Island. Sohan Lal said that the Pine Gas' chief officer did not pay Iran for transit, and the vessel was not seized by the Islamic Revolutionary Guard Corps of Iran when it exited through this route. Western leaders have rejected any fees imposed by Iran for ships that pass through the Strait of Hormuz. On Thursday, ADNOC CEO and UAE state oil company CEO said that the Strait of Hormuz was closed. Iran must immediately open it. INDIA EASES RULES India granted waivers for two Iranian cargoes on an older tanker, and one under international sanctions, to enter its port in order to speed up the?delivery of oil from the Gulf. Two officials familiar with this matter told reporters that India has recently given waivers to allow the entry of two Iranian cargoes. India, the world's second largest importer of LPG for cooking, is experiencing its worst gas shortage in decades. The government has introduced rationing measures to ensure that households have enough LPG. IRAN'S OWN SHIPS Last month, the United States announced a temporary waiver of Iranian oil exports that will end on April 19. The move was made to ease fuel prices and support global supply. Since the Iran War began on February 28, oil prices have increased by about 50%. The U.S. average retail gasoline price has recently topped $4 per gallon for the first time in over three years. According to Charlie Brown, senior advisor at UANI, which monitors Iran related tanker traffic, one Iranian-flagged tanker carrying oil and another bunkering tanker passed through the strait during the last 24 hours. Brown stated that since Feb 28, at least 24 Iranian-flagged tanks have arrived in Asia. This pace is comparable to the pre-war level, he said. Reporting by Jonathan Saul and Ahmad Ghaddar; editing by Alex Richardson, Jason Neely and Jason Neely
Trading sources report that despite the attack on a pipeline, crude loadings have continued at Saudi Arabia's Yanbu Port.
Sources from two buyers at the port, and a third source in the trading world told us on Thursday that crude loadings have continued at the Red Sea port at Yanbu despite the?attack by Iran?on Wednesday?on the East-West Pipeline of the country.
Saudi state oil company Aramco declined to comment.
Iran attacked the 7-million-barrel-per-day pipeline hours after ?a ceasefire was agreed to pause the Iran war, ?an industry source told on Wednesday, targeting its only oil export route ?since hostilities began.
Sources added that the damage assessment was underway and that it is expected that?flows? through?the?pipeline will be affected.
Saudi Arabia is unable to export crude oil due to the de facto closing of the Strait of Hormuz.
According to Kpler, the average?Yanbu crude oil loadings in March were 3.3 million barrels per day, up from just over 800,000 barrels per day in February. It can export up to?5million bpd.
Aramco said it directed roughly 2 million barrels per day (bpd) of the pipeline flows towards its refineries in 'the west last month. (Reporting and editing by Siyi Liu; Ahmad Ghaddar, Arathy Sommesekhar, Elaine Hardcastle, Barbara Lewis)
(source: Reuters)