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Urals diffs unchanged, September loadings revised
Sources said that the differential between Brent and Urals crudes was stable on Thursday. However, oil loadings at Russia's western port ports were revised due to drone-related damage to refineries and export infrastructure. Two sources familiar with the schedule said that Russia increased its planned oil loads from the Black Sea port Novorossiysk and the Baltic port Ust-Luga for September due to disruptions at Primorsk. Two sources familiar with the situation said that Novatek, a Russian gas company, delivered 70,000 tons of gas to Novorossiysk during the September shutdown of the Ust-Luga complex. As the Ukrainian drone attacks continue traders are predicting that exports could be revised until the end of this month. Ukraine announced on Thursday that drones it had used in Russia struck an oil processing, petrochemical and refinery complex. This was part of a campaign intensifying to disrupt the oil and gas industry in Moscow. PLATTS WINDOW On Thursday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window. According to LSEG and industry sources, the freight rates for Very Large Crude Carriers have risen to their highest level in over two years. This is due to a tightening of tanker supplies, a rise in Middle East oil exports, and an increase in arbitrage supplies into Asia. (Reporting and Editing by Alan Barona).
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Top shipping players call for a rethink of UN Ship Fuel Emissions Deal
After the U.S. vetoed the draft agreement, a group of leading shipping companies, including Greek leaders, said they wanted changes made to an October United Nations agreement that aims to reduce marine fuel emissions. The global shipping industry accounts for almost 3% of all carbon emissions in the world. This proposed agreement is vital to accelerate decarbonisation by establishing a more robust regulatory framework. The group, which includes some of the largest oil tanker companies in the world such as Cyprus-based Frontline or Saudi Arabia-based Bahri, said that they had "grave concern" over the Net-Zero Framework being proposed to be adopted next month by the U.N. International Maritime Organization's environmental committee. In a statement released on Thursday, the companies said that they did not think the IMO NZF would be able to support the decarbonisation of the maritime industry... or ensure a level playing field. "We think that the IMO NZF needs to be amended, and realistic trajectories should be taken into consideration before it can even be considered for adoption." In April, countries reached a draft agreement which would impose a charge on ships that violate global carbon emission standards. Sources told the media in September that the United States had warned countries not to accept this deal, or else they would face tariffs and visa restrictions, as well as port charges. In a joint statement, it was stated that an agreement must avoid "excessive costs and inflationary pressures to consumers". Arsenio Dominguez, the Secretary-General of IMO, said he is confident that the agreement will be adopted by next month. "I base this on the track-record of the organization, the co-operation we all have, and the understanding that there are still some challenges and concerns to be addressed," he said at a Capital Link Shipping Conference in London on Monday. During the London International Shipping Week, earlier this week, Vassilis Kilias, Greek Shipping Minister Vassilis told Dominguez that improvements are needed. In a press release, the shipping ministry stated that "the minister underscored that he shared the concerns of the shipping industry." According to sources, it is unclear whether or not the deal will go through if there are more protests against it or if IMO member states abstain. Without a mechanism, emissions will soar. 90% of world trade is carried out by sea. Capital Group, TMS Group and Centrofin were also signatories of the statement. Other co-signatories included Emarat Maritime (Gaslog), Hanwha Shipping (Angelicoussis Group), Trust Bulkers, Common Progress, Dynacom, Dynagas, Hanwha Shipping (Emarat Maritime), Seapeak, Stolt-Nielsen, Hanwha Shipping Company, Angelicoussis Group. (Reporting and editing by Nia Williams; Renee Maltezou and Jonathan Saul)
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Bolsonaro could be included in the amnesty bill being rushed through by Brazil's Congress
Brazil's lower chamber of Congress voted on Monday to speed up an amnesty measure backed by right-wing opponents. The bill could provide relief to former President Jairbolsonaro, and to his supporters who were sentenced to prison after his election defeat in 2023 for their role in the riots. Bolsonaro was sentenced to 27 years, three months of prison by a Supreme Court panel last week for plotting to overturn 2022 elections, in which he lost. His sons, and his supporters, have touted amnesty legislation as a way to achieve freedom. However the legality of this move is still disputed. Two Supreme Court Justices have already said that pardoning those convicted for plotting a coup is unconstitutional. On Wednesday, the lawmakers voted by 311 to 163 in favor of an amnesty law, which is still undefined, to bypass committee discussions and move straight to a vote at plenary. The preliminary version of amnesty legislation under consideration would pardon anyone involved in "political protests" after October 30, 2022. However, lawmakers could alter the proposal before a final vote. The original bill covers the Bolsonaro-supporters' attack on Brasilia government buildings that occurred in January 2023. Many of these Bolsonaro-supporters have already been convicted. Others have suggested that the bill would shorten their sentences instead of wiping clean their records. Some lawmakers want Bolsonaro to be included in the amnesty bill, so that he can avoid prison while still being disqualified for next year’s presidential elections. On the day that his father was sentenced to prison, Congressman Eduardo Bolsonaro said that a legislative amnesty could be the fastest way to "achieve some form of justice... and bring peace to Brazil." House Speaker Hugo Motta left the outline of the bill open for discussion. "We have divergent views and interests in the House regarding the events on January 8, 2023. Motta stated as he began the procedural vote Wednesday night that it was up to the sovereign assembly to decide. Motta named Congressman Paulinho da Forca the sponsor of the Bill, tasked him with drafting the Final Version for a Vote, and gave him the freedom to make significant changes to the text. The lawmaker said that as a sponsor, he would look for a compromise and rule out the amnesty "broad, unrestricted, general, and unlimited" demanded by Bolsonaro’s closest allies. He told reporters, "I believe we will need to find a middle ground that may not satisfy the left or right but pleases the majority." The Lula government has rejected the amnesty plan. Gleisi Hoffmann, Minister of Institutional Relations, posted on social media that "far from pave the way for any peace, it would be a affront to both the Judiciary, and the democratic conscience of the country." Reporting by Maria Carolina Marcello, Sao Paulo and Eduardo Simoes; Writing by Gabriel Araujo. Editing by Richard Chang.
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S.African Transnet signs port equipment agreement with Liebherr
Transnet, a South African logistics company, announced on Thursday that it had signed a 10-year agreement with the German equipment manufacturer Liebherr to supply cranes in order to modernise and upgrade its port operations. Transnet stated that the two parties had also agreed to a 20-year Asset Management Programme, where Liebherr will provide maintenance, repairs, and spare parts for equipment. Transnet, the state-owned company that operates South Africa's port and rail freight network, is struggling to provide adequate service due to underinvestment. Equipment shortages have caused its port operations to be hampered, leading to long backlogs and affecting retailers and exporters. Jabu Mdaki, Chief Executive Officer of Transnet Port Terminals, said: "This strategic partnership empowers us significantly to boost operational efficiency, streamline logistics and reduce long-term operating costs." Transnet has already placed significant orders for Liebherr products, including four STS cranes for Durban's port. It also ordered 48 rubber-tyred (RTG), gantry cranes for Durban and Cape Town terminals.
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Tunnel under the Alps connects Italy and Austria
On Thursday, workers broke through the final thin layer of rock to open an underground tunnel that will become a high speed rail line connecting Europe's north and south. The Brenner Base tunnel, which has been dubbed the longest underground rail link in the world, is at the heart of an EU initiative to move freight from the road to rail to reduce pollution and increase cross-border trade. At the ceremony of breaking the first rock, Italian Prime Minister Giorgia Mello said: "Today we take together a crucial step towards the construction of one the largest infrastructure projects on the continent." "It's a historic moment... for Italy and Austria as well as for Europe in general." It will be the first rail tunnel connecting Austria with Italy. The link is scheduled to open in 2032 - 16 years late compared to the original schedule - and will cost about 8.5 billion euro ($10 billion), 2.5 billion more than budget. When completed, the tunnel will be 55 km long (34 miles). It can be extended to 64 km if it is connected to an existing underground connection into Innsbruck. The journey time from Fortezza, Italy to Innsbruck will be reduced to 25 minutes instead of 80 minutes. The Brenner Pass, one of Europe's most popular mountain passes for freight transportation, is extremely busy. The Alpine Pass is choked with more than 50 million tonnes, 14 million vehicles, and 2.5 million trucks each year. Around 70% of trans-Alpine cargo traffic travels through the Brenner by road. Only 30% is transported by rail. The tunnel hopes to change this imbalance. The new link may not have the impact that was hoped for because Germany hasn't finalised the northern access routes needed to connect with the Brenner Tunnel.
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Two British teens arrested over cyberattack on London Transport
The National Crime Agency in Britain announced on Thursday that two teenagers were charged with a cyberattack against London's public transportation system 2024. In August 2024, Transport for London (TfL), the company that operates London's bus and tube networks, which account for millions of daily journeys in the capital city was targeted. TfL stated at the time of the attack that personal data about customers was accessed. The NCA released a statement in which Thalha Jubair and Owen Flowers were charged with conspiracy to commit unauthorised acts on behalf of TfL under the Computer Misuse Act. Flowers was also charged with crimes relating to California’s Sutter Health System, one of the biggest health systems in the United States. He is accused of conspiring with other people to infiltrate SSM Health Care Corporation’s networks. Investigators at the NCA believe that the TfL hack was perpetrated by members of a hacking group known as Scattered Spider. (Reporting and editing by Sharon Singleton; Sam Tobin is the reporter)
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Sources say that Novatek, a Russian company, redirects the gas condensate from Ust-Luga to Novorossiisk following the shutdown of its complex.
Two sources familiar with the situation said that Novatek, a Russian gas company, delivered about 70,000 tons of gas to the Black Sea port Novorossiisk during the September shutdown of the Ust-Luga complex. An early morning drone attack on the Novatek complex caused an explosion and fire, which led to all operations being shut down for several days, including the loading of fuel. In late August, operations were partially resumed. The Ust-Luga Complex refines stable gas into jet fuel, fuel oil, fuel oil component for ships (fuel oil), and gasoil. After the shutdown of two out of three units, the company had to look for other export routes. Sources said that the condensate formed part of the 140,000-tonne cargo from Novorossiisk loaded on the vessel Tataki, 16 September. The condensate was blended with crude supplied by CenGeo, and exported as Siberian Light - a low sulphur crude grade that is typically shipped from Novorossiisk. According to LSEG data, Tataki has just left for the Suez Canal. It was not immediately known what the final destination of this cargo would be, but a source said that the vessel could be headed to India. Novatek and CenGeo didn't immediately respond to our request for comment.
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SEBI of India dismisses Hindenburg claims against Adani group
The Securities and Exchange Board of India dismissed on Thursday allegations of stock manipulating against billionaire Gautam Adani and his company group made by U.S. Short-seller Hindenburg Research. SEBI began to investigate Adani Group companies in 2023, including Adani Power, Adani Ports and Adani Enterprises after Hindenburg accused the group of using tax havens as well as failing to disclose related party transactions. The conglomerate, while denying wrongdoings, was forced to sell off $150 billion worth of its stock. Since then, the shares have recovered. Adani's spokesperson didn't immediately comment on the SEBI decision. The order was made in two different orders. SEBI stated that the transactions between Adani Group companies and companies flagged up by Hindenburg were not related party transactions, and did not violate disclosure norms or represent market manipulation.
United States Supreme Court obstructs EPA's 'Great Neighbor' air pollution plan
The U.S. Supreme Court on Thursday blocked an Environmental Protection Agency policy targeted at reducing ozone emissions that may aggravate air pollution in surrounding states, handing a triumph to three Republicanled states and the steel and fossilfuel industries that had challenged the rule.
The 5-4 decision approved demands by Ohio, Indiana and West Virginia, along with U.S. Steel Corp, pipeline operator Kinder Morgan and market groups, to halt enforcement of the EPA's Good Neighbor plan limiting ozone pollution from upwind states, while they object to the guideline's legality in a. lower court.
The EPA provided the rule in March 2023 intending to target. gases that form ozone, an essential component of smog, from power. plants and other commercial sources in 23 upwind states whose. own plans did not satisfy the Great Neighbor provision of the. Clean Air Act anti-pollution law, needing actions to reduce. pollution that drifts into states downwind.
The agency stated the rule would result in cleaner air for. millions of people, conserving thousands of lives.
The obstacle followed a significant 2022 judgment powered by the. Supreme Court's conservative bulk enforcing limits on the. EPA's authority under the Clean Air Act to minimize coal- and. gas-fired power plant carbon emissions, undermining President. Joe Biden's strategies to tackle environment modification. The court last year. likewise hobbled the EPA's power to protect wetlands and fight water. pollution.
The obstacle to the Good Neighbor rule was brought by. Ohio, Indiana and West Virginia - all targeted by the rule - as. well as pipeline operators, U.S. Steel, regional electrical energy. generators and energy trade associations. In their fit in the. U.S. Court of Appeals for the District of Columbia Circuit, they. argued that the EPA breached a federal law aimed at guaranteeing. firm actions are reasonable.
The D.C. Circuit refused to block the guideline pending its. evaluation, triggering the oppositions to ask the Supreme Court,. which has a 6-3 conservative bulk, to step in.
Challengers have said the rule would impose unreasonable expenses. and destabilize power grids. The Justice Department, safeguarding. the EPA, urged the Supreme Court to think about the major harms. to public health that would arise from obstructing it.
The guideline carried out a federal program that applied to 23. states, but separate challenges in lower courts have already. stopped briefly enforcement in 12 of them, including West Virginia.
During arguments in the event on Feb. 21, some of the. conservative justices focused on the EPA's lack of explanation. for how the plan can work when it now manages just 11 states. rather of 23 as planned. Liberal justices expressed issue. about whether the case called for emergency intervention by the. Supreme Court at this time.
Some of the market requests of the Supreme Court were. specific. Kinder Morgan asked the justices to block the. policy as it applies to gas pipeline engines. U.S. Steel sought to avoid its enforcement versus iron and steel. mill reheating heating systems and boilers. On Jan. 16, the EPA issued a proposed guideline to impose the. Excellent Neighbor plan in five more states: Arizona, Iowa, Kansas,. New Mexico and Tennessee.
The Supreme Court is deciding numerous cases throughout its. present term worrying difficulties to the authority of numerous. federal companies. The justices on May 16 promoted the Customer. Financial Protection Bureau's funding mechanism in an obstacle. brought by the payday loan industry.
The court is expected in the coming days to rule in. other cases including the Securities and Exchange Commission and. the National Marine Fisheries Service.
(source: Reuters)