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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat sank and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are very common. Old wooden boats are used as the main means of transport between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, 78 people died when a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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Russian oil rates from Baltic to India continue to fall as Urals remains under price cap
Two traders reported that the freight rates for Russian oil shipments to India from Baltic ports are dropping further from their recent highs in April, as Urals crude is trading well below $60, increasing tanker supply. The Group of Seven, together with the EU, will impose a $60 per barrel price cap on Russian crude oil by late 2022. This will restrict access to Western shipping services and insurance for purchases above this limit in an effort to reduce Moscow's funding of war. Costs of shipping Urals Oil from the Baltic Ports of Primorsk & Ust-Luga, to India have fallen to an average of $6 million for a one-way shipment. This is down from $7 million in late March and $8 million at the beginning of this year. Early in April, the global oil price fell, pushing Urals crude into Russian ports below $60 a barrel. This allowed more Western shipping firms to resume their services, including freight, for Russian oil. On Thursday, the price of Urals oil shipped from Primorsk port was $53.5 per barrel. After a new round U.S. energy sanctions announced in January took effect, the price of Russian crude shipping increased sharply. Russian oil sellers had to find new tankers to replace the ones that were hit by the sanctions. The cost of shipping Russian crude oil from the Baltic ports to India in January was $4.7-4.9million. Reporting by
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Indian ports continue to offer discounts on Russian Urals despite lower Saudi prices
Four trading sources said that the discount for Russian Urals oil cargoes loaded in May to Brent dated this month remained at this month's levels, even though Saudi Arabia reduced its official selling price of oil. They said that May Urals cargoes were selling at a discount of $2.50-3 a bar to dated Brent, on a DES basis (delivered from ship), which is close to the estimates for April cargoes. "Urals Prices held firm despite Saudi Arabia’s decision to cut prices for the competing Arab Light Oil. Russian barrels are very much in demand," said an Urals trader. Saudi Arabia's Aramco (the world's biggest oil exporter) lowered its official contract price for Arab Light Crude by $2.30 a barrel to $1.20 over the benchmark average Oman/Dubai, in response to an OPEC+ agreement to increase production. The price of Urals FOB (free-on-board) in Russian ports has fallen to its lowest level since 2023, as Brent oil prices have dropped, which is limiting the revenues for Russian oil sellers. Traders said that the price of Urals is supported by the fact that there was a shortage in April-May and refinery runs were higher than expected in Russia. According to industry sources, calculations show that idle oil refining capacities at Russian refineries are expected to fall in May compared to April. This year, drone attacks on Russian refineries led to unplanned outages from January to March. Reporting by Nidhi in New Delhi, and reporters in Moscow. Editing by Kirovan Donovan.
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Italy picks former Terna CFO Scornajenchi to run gas grid group Snam
State lender Cassa Depositi e Prestiti announced on Thursday that the Italian government had chosen Agostino Scornajenchi to replace Stefano Venier, as CEO of Snam's gas grid group. Snam is controlled by the right-wing government of Prime Minister Giorgia Melons through CDP. Venier was appointed while the previous government, led by Mario Draghi as Prime Minister, was still in office. Scornajenchi is currently the head of CDP's venture capital division. He was Terna’s chief financial officer from November 2012 to November 2023. Snam shareholders will likely approve CDP’s proposal during a May 14 meeting. Snam, under Venier's three-year mandate as CEO, helped reduce Italy’s dependency on Russian gas. This was achieved by establishing two new LNG terminals, and increasing supplies from North Africa, and Azerbaijan. Venier has also signed a contract with Edison for the purchase of three gas storage facilities and begun work on boosting the transport capacity of the network from the south to the north to increase the flexibility in the national gas infrastructure. Snam, a partner in the first Italian carbon capture and storage (CCS) project, has received the support of European Commission to build a grid for transporting green hydrogen into northern Europe. The group, which earns the majority of its profits from regulated activities such as gas, LNG transportation and storage management, posted a 14 percent increase in its core adjusted profit to 2,75 billion euros last year ($3 billion). ($1 = 0.8880 euros) (Reporting and editing by Alvise Armillini and Keith Weir, with Francesca Landini & Giuseppe Fonte)
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After an island-wide blackout, power has been restored to 41.5% customers in Puerto Rico
After a blackout that affected the entire island on Wednesday, Luma Energy reported that it had restored power to approximately 41.5% customers by Thursday. Luma stated on its website that approximately 609,711 customers of its 1.5 million had service by 6:25 am local time. Luma Energy released a statement saying that its crews would continue to work throughout the day in order to restore service for 90% of their customers within 48 hours. The blackout is the latest of a string of major blackouts in the U.S. territory, since the grid was destroyed by Hurricane Maria last year, and had to be rebuilt. The company stated that as part of its response efforts, it is investigating the cause of the incident. This includes what role the well-known fragility of the power system played in this island-wide blackout. Luma Energy was formed by units of Canadian energy company ATCO, and U.S. construction firm Quanta Services. (Reporting from Scott DiSavino, New York; Anmol Choubey, Bengaluru. Editing by Ros Russel)
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Russia increases oil product supplies to Indonesia
Market sources and LSEG data on Thursday showed that Russia has increased its shipments of oil to Indonesia in response to Western sanctions imposed due to its invasion of Ukraine. Since the full European Union embargo against imports of Russian oil-based products went into effect in February 20, Russia has diverted fuel exports towards Asia, Africa, and South America. In the past, Indonesia imported oil products mainly from Saudi Arabia and other countries like Malaysia, Singapore, United Arab Emirates, and Qatar. Shipping data shows that between January and the end of March, approximately 500,000 metric tonnes of fuel oil was exported from Ust-Luga in Russia to Indonesia. Sources and LSEG data revealed that two cargoes containing about 50,000 tonnes of naphtha also were shipped to Indonesia this year from the Russian Arctic Port of Arkhangelsk. Indonesia imported around 58.200 tons of naphtha from Russia and 100,000 tons fuel oil for the entire year 2024. In March, a vessel named the Savitri transported 33,000 tons diesel from the Russian Black Sea Port of Tuapse in Indonesia to the Karimun port. Shipping data indicates that another tanker called the Lunar Tide could transport nearly 60,000 tonnes of diesel this month from Tuapse port to Karimun. Unknown buyers are the cargoes. Karimun has traditionally been used as a hub of storage for Southeast Asia. Some traders store their diesel cargoes here and blend them to be delivered later into other destinations in the region, according to trade sources. One source said that due to regulatory requirements most of these cargoes could not be resold into Indonesia. Kpler ship tracking data showed that so far this year, 105,000 tons have been exported out of Karimun. These volumes are headed for countries such as East Timor and Myanmar, along with Singapore. (Reporting in Moscow by Trixie Yap, Singapore by Joe Bavier; Editing by Joe Bavier).
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Maguire: US power system to reach new clean milestone by April
The U.S. energy system is on course to reach a new milestone in the energy transition by April, as clean electricity supply reaches its annual peak and overall electricity demand decreases during so-called spring shoulders season. According to Ember, an energy think tank, for the first month in history, clean power sources accounted for more than half of U.S. electricity supply. This month, clean power may be able to take a larger share in the U.S. power mix if power consumption falls as per normal seasonal patterns. That would allow utilities to reduce output from fossil fuels plants at the same time that renewable energy output increases. Clean power could reach new heights in April as a result of the combined annual peak in wind and solar production, along with lower fossil fuel supply. This will ensure that energy transition momentum continues in 2025. DEMAND DIP The U.S. has traditionally seen its electricity consumption drop in April, as it is between the winter and summer months when heating and cooling systems are at their peak. According to Ember, for the last seven years, the month of April has been the lowest in monthly electricity consumption. This trend is expected to continue in 2025, as mild temperatures this month have reduced heating demand. The month of April is also the peak for electricity produced by U.S. wind and solar farms. This is because wind output peaks just when annual demand drops. Clean power sources made up 49% of the total electricity supply in April 2024. This was a record high that only last month was surpassed. The combined output of solar and wind farms was 23.5% in April last year, and reached a new record with 24.4% in March this year. In April of last year, the share of electricity generated by wind farms was 15%. This percentage will reach a record 15.2% in 2025 when wind speeds increase at turbine levels. Slow Start According to LSEG, the total U.S. production of wind power was down around 7% compared to the same period in the year 2024. Wind speeds below normal in certain locations have slowed down wind production in this month. In the Electric Reliability Council of Texas, the U.S.'s largest wind production hub, output is down about 3% compared to a year earlier. The latest forecasts of wind output for the remainder of the month indicate that wind output will be at or below the long-term averages, including ERCOT. Even average wind power outputs should be enough to increase the share of clean energy sources in U.S. power generation. The output of U.S. Solar Farms is also set to reach new heights in every major market thanks to increased installed capacity and more sunlight in key solar markets like Texas, California and Arizona. The combination of increased solar production and average wind output will help to push the clean power share of U.S. electricity generation above 51% in April. This will ensure that U.S. energy system continues to achieve new milestones by 2025. These are the opinions of a market analyst at.
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Shippers around the world are waiting to hear if the US will be imposing port fees on vessels linked to China
The U.S. Trade Representative will announce on Thursday its plan to levy port fees on China linked ships, as part of President Donald Trump’s efforts to revitalize domestic shipbuilding and combat China's dominance in the high seas. The USTR has a statutory deadline of April 17 to complete its remedies. After concluding that China is using unfair policies and practices in order to dominate global shipping, the agency concluded its investigation one year ago. U.S. trade representative Jamieson Greer said last week that the agency will not implement all aspects of its initial fee proposal. The original proposal outlined a variety of options for penalizing China, including million dollar port fees for vessels with ties to China. USTR did not comment immediately on its plans. This apparent revision was a result of a wave of public and privately expressed opposition by the global maritime sector, including domestic ports and vessel operators and U.S. importers and exporters of all kinds of commodities from bananas to coal. Greer stated that the fees could not be cumulative, and were designed to prevent economic harm. Separately, it was reported that the administration had been considering different options to soften its proposed port fee after receiving feedback in private meetings with industry representatives or through hundreds of online comments. Three sources who are tracking the issue and declined to identify themselves said that implementation could come as late November. The industry executives warned that the U.S. taxpayers and workers, as well as the U.S. shipbuilders, owners and operators the government wants to support, could be hurt if the plan is adopted without any adjustments. This is because the vast majority of the global shipping fleet will be subject to these huge fees. Ports of all sizes, including small-to-medium-sized ports, have expressed concern that ships would stop calling at their port if the USTR assessed a fee for each U.S. visit. Port executives warn that concentrating calls on larger ports will overwhelm these facilities and starve secondary ports, which have invested billions in infrastructure improvements. In a press release, Scott Chadwick said that the rule, as it is currently written, could have a significant impact on supply chains, which may cause unintended effects that hurt U.S. port and those who depend on global supply chains. The Southern California port houses General Dynamics' National Steel and Shipbuilding Co., which builds and repairs vessels. It also hosts cargo carrier Pasha with its U.S. built and flagged Jones Act vessel named Jean Anne, which makes two-weekly trips to Hawaii. Chadwick didn't elaborate on the impact of fees, but fewer ports calls in San Diego could translate into less ship repair activities for NASSCO as well as financial stress for terminal operators who serve Pasha and others customers. General Dynamics, as well as other U.S. military shipbuilders including Huntington Ingalls Industries, have standalone or in-port facilities. They didn't immediately respond. The Shipbuilders Council of America (which represents the industry) said that it supported Trump's efforts to restore and strengthen shipbuilding and ship repairs in the United States. In a letter addressed to USTR, Cary Davis, CEO of the American Association of Port Authorities, said that the proposed fees would undermine federal investments made in ports over many years, including dredging, new cargo handling equipment and expanded cargo terminals. He stated that some of these investments were made in Trump's first year. Davis wrote: "This proposal could turn many of these valuable investment that have created thousands of jobs, into assets that are stranded." AAPA declined to comment further. The Northwest Seaport Alliance, the Ports of Los Angeles Long Beach and Seattle and representatives from USTR met with officials in advance of the public hearings on cargo diversion that took place late March. The International Longshore and Warehouse Union, which represents the longshore workers of Union Pacific and Berkshire Hathaway's BNSF on the West Coast, joined them. Matt Leech is the CEO of Ports America in New Jersey, one of the biggest U.S. ports operators. You can't increase capacity by building new railroad lines or relocating an entire trucking fleet overnight. Reporting by Lisa Baertlein, Andrea Shalal and Jonathan Saul from Los Angeles; editing by Matthew Lewis
Cold winds sweep Beijing, closing key sites, disrupting travel
China's capital, Beijing, hunkered in on Saturday after rare typhoons-like gales hit northern regions. The storms forced the closure of historical sites and disrupted travel. They also brought late snowfalls as well as hailstone showers to some areas.
Wind gusts shook windows and cars, driven by a cold front from Mongolia. The vortex dropped temperatures by more than 12 degrees Celsius.
The official Xinhua News Agency said that the winds will continue to blow over the weekend with gusts up to 150 kph. The winds brought hailstones to southern China and late snowfalls to Inner Mongolia.
Beijing has issued its second highest gale warning this weekend for the first decade. It warned 22 million residents not to travel unless it was absolutely necessary, as the winds could break records from 1951.
Flight Master, an app that tracks flights, showed 838 cancellations at the two main airports in the capital by 11.30 am. Historic sites and parks had also been closed, and some trees were trimmed to prepare for the cold.
Winds forced the cancellation of a half marathon scheduled for Sunday, which featured humanoid robotics competing against humans to show off China's technological advancements.
Xinhua, CCTV and other state media reported that sandstorms ravaging a stretch of road from Inner Mongolia up to the Yangtze River region had crippled travel in eight provinces.
The spring winds that bring sand from Mongolia can be extreme, but climate changes have made them more frequent. Reporting Liam Mo in Beijing, writing by Greg Torode from Hong Kong and editing by Clarence Fernandez.
(source: Reuters)