Latest News
-
Panama's Attorney General will investigate CK Hutchison port contract
Panama has launched an investigation into a contract awarded to CK Hutchison, based in Hong Kong, for the operation and management of two ports within the Central American nation. Attorney General Luis Carlos Gomez announced this on Tuesday. Gomez announced the deal after Panama's comptroller-general criticized the contract renewed in 2021 earlier this week. Anel Flores, the Comptroller of Panama's Office, said that Panama had "left $1.3billion on the table" in terms of tax incentives and other benefits given by the government to CKHutchison. Gomez wrote in a Tuesday letter to Flores that the office of the prosecutor was conducting an 'ex-officio' investigation into the alleged commission a crime against the public administration as well as other crimes against State. Since January, the 25-year concession contract for Balboa Port and Cristobal Ports, awarded to Panama Ports Company (in which CK Hutchison holds 90%), has been audited. Flores announced on Monday that the audit was nearing completion. He also said that a lawsuit will be filed against officials of the government who approved the contract. The Panama Supreme Court has been discussing the concession since February. The contract reviews could be a roadblock in a $22.8 billion deal that was announced by a group of investors led by U.S. firm BlackRock in March to gain access to CK Hutchison’s port business across 23 countries including two ports in Panama. CK Hutchison, and BlackRock have not responded to comments immediately. BlackRock CEO Larry Fink said earlier this week, at a New York conference, that the deal wasn't made for geopolitical purposes, but they were aware of the fact that China would be reviewing it just as much as any other jurisdiction. Fink added that he is optimistic about the approval of the deal. China's Embassy in Panama posted on social media Tuesday that it respects Panama's sovereignty and will continue to do so. It also added that there should be no "excluding" in the relationship between Panama and the U.S. Lawyers and experts say that if the government of Panama confirms irregularities with the renewal concession or if the Supreme Court declares it unconstitutional the concession may be revoked. (Reporting and writing by Marianna Pararaga, with additional reporting by Tatiana Bautzer. Leslie Adler and Lisa Shumaker edited the story. Ni Williams provided additional reporting.
-
Sources say that the US is considering adjusting its port fees plan for Chinese vessels in response to pushback.
Six sources claim that the Trump administration may soften its proposed fee for China-linked vessels visiting U.S. port after receiving a lot of negative feedback. The industries said it could be financially devastating. Six sources familiar with the issue said that the six changes being considered include a delayed implementation as well as new fee structures aimed at reducing the cost of visiting Chinese vessels. Sources asked to remain anonymous due to the sensitive nature of the subject. The White House, and the Office of the U.S. Trade Representative(USTR), the government agency involved in the draft of the proposal, have not responded to requests for comments. The U.S. trade representative Jamieson Greer said that not all the multi-million dollar fees proposed by the agency for Chinese-built vessels to dock in U.S. port will be implemented, and they may not be cumulative. She was speaking at a hearing of U.S. Senate Finance Committee on Tuesday. The USTR proposed fees of up to $3 million per port call in the U.S. for vessels built or associated with China. The USTR made its proposal after completing an investigation into China’s maritime sector, including development plans beginning in April 2024. Trump's administration claims that the fees will curb China's increasing commercial and military dominance in the high seas, and promote U.S. maritime industry. Representatives from a wide range of industries, including coal and agriculture, said during public hearings held last month that if the proposed fee is implemented, it could be impossible to transport anything from soybeans to coal. This was due to the large number of vessels with Chinese links in the global shipping fleet as well as the time required to replace these vessels. All six sources confirmed that the administration is also considering changes to fees in order to reduce their burden and impact on U.S. business. One source stated that the administration is considering charging a fee based on how many Chinese-built vessels a company has in its fleet. This would result in lower fees for companies that have fewer Chinese-built ships. Two sources stated that the administration was considering a fee based on tonnage rather than a fixed amount. It would be cheaper for smaller vessels to pay flat fees, as opposed to all ships paying the same fee. This could ease the burden for ship owners who have smaller vessels that are involved in niche trading, such as transporting grain or other commodities. Sources said that the USTR had developed the proposed fee with the larger container ships transporting retail goods in mind. They said that the impact on commodity flows was not fully considered. In a note dated April 2, Jefferies analyst Omar Nokta stated that "the most affected sectors are container and car shipping, due to their consolidated nature and the high proportion of fees payable under the proposed framework." The shipping industry would be affected by the disruption that is likely to occur as operators move vessels to reduce their exposure to U.S. fees." (Reporting and editing by Richard Valdmanis, David Gregorio and Georgina Baertlein. Additional reporting by Georgina Maltezou and Lisa Baertlein.
-
Brazil protesters lift the blockade on Amazon grain shipping routes
Abiove, the traders' association, and a toll-road operator announced on Tuesday that indigenous Brazilian protesters had lifted their blockade of Brazil's Trans-Amazonian Highway. This reopened a vital grain shipping route connecting farmers to the Miritituba River Port. On March 25, Munduruku activists shut down the road (also known as BR-230) to pressure Brazil's Supreme Court into overturning a law that limits indigenous land rights in 2023. Grain traders reported that the protests prevented the shipment of around 70 000 metric tons worth nearly $30 million of grains every day. Abiove reported that it had learned on Tuesday morning the indigenous leaders secured a meeting between Gilmar Mendes, the Supreme Court Judge and the end of the blockade. Via Brasil BR-163, a company that manages 1,009 km (627 miles), of highway connecting farms in Mato Grosso to the riverport, has also confirmed the end the protest. Mendes's office confirmed that a meeting would be held on April 15. Last year, 15 million tonnes of corn and soy were loaded on barges at Miritituba bound for larger shipping ports downriver. This is over 10% of Brazil’s total grain exports. The river port is expected to see a 20% increase in shipments this year, as Brazilian farmers who will benefit from the escalating U.S.-China trade war market a bumper soybean harvest and bumper corn crop. The BR-230 was in poor condition even before the protests began, making it difficult to reach Miritituba. ANATC, a group that represents freight companies, reported on Tuesday that trucks from farms were blocked for up to three days by bottlenecks along a five-kilometer unpaved stretch of road near the port. Via Brasil BR-163 has said that a new road will be constructed when the courts give it permission to expropriate lands for new construction. (Reporting and editing by Joe Bavier; Ana Mano)
-
Metinvest, a Ukrainian steelmaker, receives coking coal from the US
The company announced on Tuesday that Ukrainian steelmaker Metinvest had received the first shipment of U.S. coal to compensate for the suspension in production at Ukraine's sole coking coal mine. Metinvest's United Coal Company in the U.S. delivered 80,000 tons of coal via its bulk carrier Bison, according to a company statement. Metinvest stated that "this shipment is intended to support the sustainable steelmaking activities of the Group in Ukraine after the suspension of Pokrovsk Coal's operations." The company said it was expecting one vessel to carry 80,000 tons per month of U.S. coal coking "to cover a share of demand at Zaporizhstal JV" and Kamet Steel. Metinvest has suspended its operations at the coking coal mine it operates in Pokrovsk, in eastern Ukraine. The company cited a deteriorating situation in security as Russian forces advanced. The Ukrainian Steel Producers' Union reported last month that despite the loss in coking coal production from Pokrovsk during the first two-month period of 2025, the country still produced more steel. (Reporting and editing by Mark Potter.)
-
NextDecade signs a 20-year agreement with Aramco for the supply of LNG from Rio Grande.
NextDecade, a U.S. producer of liquefied gas, announced on Tuesday that it had signed a 20-year agreement with a Saudi Aramco subsidiary to supply supercooled gas from its Rio Grande plant. The Aramco subsidiary is expected to purchase 1.2 millions tonnes of LNG per year from Train 4 in Rio Grande, which will be its fourth liquefaction plant, if the final investment decision on the facility is positive. In declaring a state of energy emergency, President Donald Trump promised to unleash American power. This strategy includes a growth in LNG exports. In March, the country exported more than 9 millions metric tons of LNG. NextDecade has been developing the Rio Grande LNG Export Plant for several years and has suffered repeated delays. Its phase 1 is expected to be completed by early 2029, at a cost of approximately $18 billion. The company has made an FID for the construction of the first three liquefaction trains at the project by 2023. The statement said that a positive FID for Train 4 was subject to "entering into appropriate commercial agreements and obtaining sufficient financing to build Train 4 and its related infrastructure". (Reporting and editing by Anil D’Silva in Bengaluru, Shilpa Majumdar, and Tanay Dhumal)
-
Orlen wants to sell 1 billion cubic meters of gas to Ukraine before September, according to sources
Two sources familiar with the matter said that Orlen, a Polish company, aims to deliver 10 LNG cargoes to Ukraine in 2010, as Kyiv tries to fill its gas storage facilities before winter. After Russian shelling, Ukraine has been left with nearly empty storage facilities and damaged production equipment. It is now looking to expand its gas transit routes, and purchase large volumes of U.S. Liquefied Natural Gas (LNG) via Germany, Greece and Poland. Sources said Orlen includes gas supplied by the United States. The United States has called for Europe to purchase more energy from it and provides important military and financial assistance to Ukraine. Orlen wants up to 10 cargoes or 1 billion cubic meters (bcm), of gas to be sold to Ukraine before September. This includes two cargoes that have already been sold to the state-controlled Naftogaz. One of the sources stated that Orlen, in addition to Naftogaz is also discussing the issue of liquefied natural gas supply with Ukraine's biggest private energy company DTEK. Orlen is planning to buy cargoes on the spot market for Ukraine, according to the source. DTEK Orlen Naftogaz all declined to comment. Orlen's production of gas grew by 20% in the last year, thanks to increased production in Norway. Orlen, with its LNG import contracts, pipeline capacity and reserved regasification, has more gas available than Poland's own consumption. The existing interconnector will have a capacity increase by the beginning of 2026, allowing Poland to supply gas to Ukraine up to 7 million cubic meters (mcm). The Ukraine needs to import LNG at least four billion cubic meters for the heating season 2025/26. (Reporting and editing by David Goodman, Pavel Polityuk, and Marek Strzelecki)
-
Jordan purchases approximately 60,000 tons wheat at tender, traders claim
Jordan's state grain buyer bought about 60,000 metric tonnes of hard milling from optional origins at an international auction on Tuesday, traders reported. They said that it was estimated to have been purchased from Cargill for $264 per ton, including freight (c&f), with shipment scheduled to take place in the first half August. The traders said that these other trading firms participated in the tender on Tuesday, and their offers per ton C&F were: Viterra $275, Al Dahra 274; CHS $265.70. Traders have received information that Jordan is planning to issue a tender for 120,000 tonnes of wheat in the next few days. Offers will be due on April 15 with shipments expected in different combinations between July and August. On Wednesday, a separate Jordanian bid for 120,000 tonnes of animal feed barley will also be closed. The reports reflect the assessments of traders. Further estimates on prices and volume are possible in the future. Reporting by Michael Hogan, Editing by David Goodman
-
Snam, the Italian company, is considering increasing its stake in Open Grid Europe (Germany).
Luca Passa said that Snam is considering increasing its stake in Germany's largest independent Gas Transmission Operator Open Grid Europe (OGE), which it recently acquired. Why it Matters Snam purchased a 24.99% share in Vier Gas Holding on Monday, which is the owner of OGE. The equity value was 920 million euro ($1.0 billion). Snam will enter the German gas market - the largest in Europe by volume - with this deal, which is expected to close during the third quarter of the year. The Investment Authority of Abu Dhabi, which is the sole owner of Infinity Investments Investment Vehicle Company, acquired its stake. KEY QUOTES "(The purchase) is just a beginning." Passa, a Passa analyst on Tuesday, said that they would also be watching the attitudes of other shareholders. He added, "We'll consider it but also want to see the evolution of the regulatory framework in Germany," in response to a query about a potential stake increase. By the Numbers Snam announced on Tuesday that the 24.99% stake will increase Snam’s net income between 2026-2029 by approximately 40 million euros or 2-3% per year. The company said that its adjusted earnings per share would increase by around 1 percent over the same time period. WHAT'S NEXT? The Italian company stated that OGE will assist Snam in expanding its presence along current and future energy corridors. Stefano Venier, the Chief Executive Officer of Snam, said that the company was planning to expand in Europe. He stated the group would target "the southernmost area of the Mediterranean region and not expand into other parts of world." The dollar is worth 0.9155 euro (Additional reporting and editing by Emelia Sithole Matarise).
Boeing to plead guilty in United States probe of deadly 737 MAX crashes, states DOJ authorities
Boeing has agreed to plead guilty to a criminal scams conspiracy charge to solve a U.S. Justice Department investigation linked to 2 737 MAX deadly crashes, a government authorities said on Sunday.
The plea, which needs a federal judge's approval, would brand name the planemaker a convicted felon. Boeing will likewise pay a. criminal fine of $243.6 million, a Justice Department official. said.
The charge relates to two 737 MAX crashes in Indonesia and. Ethiopia over a five-month period in 2018 and 2019 that eliminated. 346 individuals and triggered the households of the victims to demand. that Boeing face prosecution.
A guilty plea potentially threatens the business's capability to. secure rewarding federal government agreements with the similarity the U.S. Defense Department and NASA, although it could look for waivers. Boeing became exposed to criminal prosecution after the Justice. Department in May discovered the business violated a 2021 settlement. involving the fatal crashes.
Still, the plea spares Boeing a controversial trial that could. have exposed many of the business's decisions leading up to the. deadly MAX airplane crashes to even higher public examination. It. would likewise make it much easier for the company, which will have a brand-new. CEO later this year, to attempt to progress as it seeks approval. for its scheduled acquisition of Spirit AeroSystems.
Boeing has actually also agreed to invest a minimum of $455 million over. the next three years to strengthen its security and compliance. programs, the official said. DOJ will designate a third-party. display to supervise the company's compliance. The monitor will have. to publicly submit with the court annual reports on the company's. progress.
The Justice Department on June 30 used a plea contract. to Boeing and offered the company up until completion of the week to take. the deal or deal with a trial on a charge of conspiring to defraud. the Federal Aviation Administration in connection with a secret. software function connected to the fatal crashes.
After being briefed last week on the DOJ's deal, an attorney. for a few of the households slammed it as a sweetheart offer. They have promised to oppose the handle court.
The Justice Department's push to charge Boeing has actually deepened. an ongoing crisis swallowing up Boeing because a separate January. in-flight blowout exposed continuing safety and quality problems. at the planemaker.
A panel blew off a new Boeing 737 MAX 9 jet throughout a Jan. 5. Alaska Airlines flight, just two days before the 2021 deferred. prosecution arrangement that had actually protected the company from. prosecution over the previous deadly crashes ended. The. contract only covers Boeing's conduct before the deadly crashes. and does not shield the planemaker from any other capacity. investigations or charges connected to the January event or. other conduct.
Boeing is pleading guilty to making intentionally incorrect. representations to the Federal Air Travel Administration about. having expanded an essential software feature utilized on limit to. run at low speeds. The brand-new software saved Boeing money by. requiring less intensive training for pilots.
The Maneuvering Attributes Augmentation System (MCAS). is a software application function designed to automatically press the. aircraft's nose down in specific conditions. It was connected to the. two crashes that led to the FAA's grounding the plane for 20. months, an action that cost Boeing $20 billion, and the. government lifted in November 2020.
As part of the offer, Boeing's board of directors will meet. with family members of those eliminated in the MAX crashes, the authorities. said.
The contract does not shield any executives, the DOJ. official said, though charges against people are viewed as. unlikely due to the statute of restrictions.
The concurred penalty will be Boeing's second fine of $243.6. million related to the fatal crashes-- bringing the full fine to. the optimum enabled. The company paid the fine formerly as. part of 2021's $2.5 billion settlement. The $243.6 million fine. represented the amount Boeing saved by not implementing. full-flight simulator training.
Families of the victims of those crashes slammed the. previous arrangement and previously this year pressed the Justice. Department to look for as much as $25 billion from Boeing.
This year, the DOJ has actually held numerous conferences to hear from. the victims' households as they examined Boeing's breach of. the 2021 deal.
(source: Reuters)