Latest News
-
After US-Houthi truce deal, seafarers stuck in Yemen ports are looking for a way out
Sources from maritime unions and maritime sources confirmed on Thursday that 200 seafarers stuck aboard 15 ships for weeks near the port of Ras-Isa in Yemen are now preparing to unload their cargoes and depart thanks to a truce agreement between Houthi militias and the U.S. Officials from the maritime sector said that the threat level for shipping was still high, given the Houthis' declaration that Israeli assets were open to attack, and the associated risks to shipping in general. In the past, ships with no connection to Israel were targeted and there was no guarantee of safe passage. On Tuesday, President Donald Trump said that the U.S. will stop bombing Iran-aligned Houthis (in Yemen) because they have agreed to stop attacking U.S. vessels in Red Sea waters near the Arabian Peninsula. The deal, however, does not cover Israel, a close U.S. allie, as the Houthis said on Wednesday. This suggests that the Houthis' attacks on ships in solidarity with Palestinian militants who are fighting Israel in Gaza may not be completely halted. The U.S. has been bombing Yemen for nearly two months. This campaign caused heavy damage to Houthis and had a spillover effect on shipping in Ras Isa, which is a vital artery of world trade. According to the International Transport Workers' Federation, the largest seafarers' union, several crew members were injured on ships near the U.S. airstrikes, and Houthis prevented two vessels from leaving. According to a Houthi official, following the agreement reached with Washington, ships will now be able enter Ras Isa without any issues, unload their cargoes, and leave. According to data from the MarineTraffic platform, at least one vessel - mostly tankers transporting fuel supplies and liquefied gas - began discharging cargo Thursday. A SAFE Passage is not guaranteed Seafarers remain concerned by Israeli attacks against Houthi targets, despite the fact that the risk of colliding damage has decreased. Shipping sources reported that in response to Houthi-launched drones at Israel during the past week Israeli warplanes struck the major Yemeni Red Sea Port of Hodeidah and caused some damage. Captain of one vessel, who refused to be named due to the sensitive nature of the situation, said that some of the vessels stranded in Ras Isa have been waiting weeks to discharge and are urgently trying to leave the area. Stephen Cotton, ITF General Secratary, said: "The ITF works urgently to help these crews. But they need more than just words. They need safe passage back home." Since November 2023 the Houthis has launched more than 100 attacks against ships plying in the Red Sea, claiming to be acting in support for Palestinians in Israel-besieged Gaza. The Houthis have sunk or seized two ships, killed four seafarers and seized another. Since January of this year, there have been no attacks. Many shipping companies have stopped voyages through Red Sea due to uncertainty about whether the ceasefire agreement will hold. Lasse Kristoffersen is the CEO of Wallenius Wilhelmsen. He said on Thursday that they do not send in ships until they are certain that everyone on board is safe. We have no evidence to support that at the moment. Reporting by Jonathan Saul, Mohammad Ghobari and Marie Mannes from Stockholm. Editing by Mark Heinrich.
-
Sources say that RPT-US and Russia are exploring ways to restore Russian gas to Europe.
Eight sources have confirmed that officials from Washington, Moscow and the European Union have discussed the possibility of the U.S. assisting in the revival of Russian gas sales on the continent. Europe cut its imports after Moscow invaded Ukraine in 2022. Russian exporter Gazprom suffered a $7 billion dollar loss the year following. U.S. president Donald Trump has been pushing for peace in Ukraine. This could lead to a thaw of gas relations. Sources familiar with the bilateral talks said that a new role for Moscow on the gas market of the European Union could help cement the peace agreement between President Vladimir Putin and the Russian government. Even though many Europeans have sought alternatives, there are still some who remain. Industry officials believe that more buyers could return after a peace agreement is reached. The loss of Europe's largest gas market, three years ago, has been the biggest blow to Russia's economy. The TurkStream pipeline supplies some of the LNG and some of the LNG that is piped through Turkey to meet 19% of Europe’s demand. Washington's involvement with the restoration of gas sales could assist Moscow in navigating political opposition throughout Europe. Two diplomatic sources, as well as a White House insider, said that Washington would benefit from U.S. participation, which would give it visibility and perhaps some control over the amount of Russian gas returning to Europe. Since 2022, Europe has been turning to other gas suppliers, including U.S. LNG exports. Two of eight sources claim that Steve Witkoff, the U.S. envoy to Ukraine, and Kirill Dmitriev's investment representative, Putin's envoy Kirill, had a conversation about gas in connection with Ukraine peace talks. Witkoff’s spokesperson refused to comment on the question of Russian gas exported to Europe. Dmitriev's Direct Investment Fund in Russia, which is headed by Dmitriev said that there were no such discussions at the moment. Gazprom might consider selling gas to Europe in the event that a new owner takes control of gas networks between Russia and Europe. Kremlin spokesperson Dmitry Peskov said this to French magazine Le Point back in April. Gazprom is in control of the twin Nord Stream pipelines 1 and 2 on the route that crosses the Baltic Sea. European companies who hold stakes are also involved. Peskov told Le Point that Moscow is willing to sell its gas, and it knows some European countries are still interested in buying it. Peskov said to reporters in April that there is a gas supplier and potential buyers. Hungary and Slovakia, which receive gas via the TurkStream pipeline, are still buyers. Long-term contracts are in place with Novatek, Russia, for Belgium, France and the Netherlands to purchase LNG. Five sources have said that discussions to date have been about U.S. investors taking shares in the Nord Stream Pipeline connecting Russia and Germany or the pipeline crossing Ukraine or Gazprom. Sources said that U.S. companies could also act as buyers by purchasing gas from Gazprom, and shipping it into Europe, including Germany. Two sources confirmed that diplomatic discussions involving potential U.S. buyers have also considered the idea of an American buyer taking Russian gas, and then exporting to Europe to alleviate European political opposition towards resuming supply. BlackRock, Vanguard, and Capital Group all hold Gazprom stakes between 1-2%. BlackRock, Vanguard, and Gazprom have not responded to requests for comments. Capital Group declined comment. The European Commission refused to comment. The European Commission's President Ursula von der Leyen expressed her opposition to a return to Russian energy sources. Some still say that we should reopen the tap to Russian oil and gas. It would be a historic mistake and we wouldn't let it happen", she said at a European Parliament meeting on May 7. "Russia has repeatedly shown that it is not an dependable supplier." Brussels wants to stop new Russian gas agreements by 2025, and imports of existing agreements by 2027. The plan will be discussed next month and would need to have the approval of both the European Parliament as well as a majority among member states. Hungary and Slovakia are opposed to the plan. Trump said that he hopes to see a peace agreement in Ukraine soon, and he expects it to pave way for Russia and Ukraine do large business with the U.S. Putin said that Russia was ready to resume gas exports immediately to Europe if the political will existed. On April 30, Kyiv signed a U.S.Ukraine mineral deal that included all natural resources and infrastructure owned by the Ukrainian government, but didn't mention explicitly the pipeline. A person familiar with the talks said that if the level of engagement between Russia, the U.S. and Canada continues to be maintained, there is a high probability of a restart of Russian gas flow... using U.S. based intermediaries. Two sources claim that Gazprom is looking to revive its European sales by offering German customers short-term contracts of 24 months and steep discounts. Two sources said that the company has traditionally asked buyers to sign long-term contracts. HUDLES Despite this, the EU is still firmly opposed. There are also other obstacles to overcome. Numerous legal cases are pending over breach of legacy contracts. In September 2022, a sabotage attempt damaged the Nord Stream pipelines. Three of the pipes ruptured and only one pipe was still able pump gas. The war in Ukraine also has changed the situation. Russian attacks have damaged pipelines that cross Ukraine, but the main transit route is still in good working order. The fact that Nord Stream 2 never received approval from the German government to start sending gas to Germany is a more technical issue, a spokesperson for Germany's Economy and Energy Ministry noted. He declined to elaborate.
-
Source: China resumes Brazilian soybean imports from five suspended firms before Lula's visit.
China, the largest soybean buyer in the world, has resumed Brazilian soya bean shipments that were previously suspended due to phytosanitary concerns. This is according to both Chinese customs data and a source who was familiar with the issue. Brazil is the largest soybean exporter and producer in the world, and China's top supplier, as Beijing diversifies away from the United States - its second largest supplier. Source confirmed that the supply resumed on April 25. This was weeks before a state visit by Brazilian President Luiz inacio Lula to China, and as China was trying to rally a global alliance against the U.S. Trade War. In January, it was reported that China had suspended imports of related entities from Terra Roxa Comercio de Cereais (Terra Roxa), Olam Brasil (C.Vale Cooperativa Agroindustrial), Cargill Agricola S.A. and ADM do Brasil. Cargill has many subsidiaries that are licensed to export goods to China. Brazil announced at the time that it would raise the issue with Beijing, and its Agriculture Ministry last month gave officials in Beijing information about the suspended companies. According to the Chinese Customs Database, all entities that have the exact name of the five companies currently have "normal" registration status. The database did not indicate the date of resumption, and it was impossible to verify previous status. ADM do Brasil parent Archer-Daniels-Midland Co, Cargill Inc - the privately-held U.S. grain trading giant and parent of Cargill Agricola SA - Terra Roxa Comercio de Cereais and the parent firms of the other two affected companies did not immediately respond to requests for comment. The Brazilian Embassy and China's GACC did not reply to any requests for comment. China purchases over 60% of the global soybean trade and sources 70% of its imports directly from Brazil, further eroding U.S. share. China will import a record-breaking 105.03 millions metric tons (tonnage) of soybeans in 2024. More than 74,000,000 tons came from Brazil. Brazil's bumper crop is expected to boost China's soybean exports to record levels in the second quarter.
-
EU passes final hurdle to soften CO2 car emission targets
The European Parliament backed a softerening of rules on Thursday, which will allow European automakers to have more time to meet EU C02 emission targets for cars and vans. This could also reduce the potential fines. European manufacturers warned that enforcement of the targets could have resulted up to 17 billion euros in fines, given the goals depend on selling more electric cars. This is a segment where Europeans lag behind their Chinese and U.S. competitors. After heavy lobbying by automakers, the European Commission has proposed that they meet their targets using the average emissions for the period of 2025-2027 rather than this year. The change was approved by 458 votes against 101. There were 14 absentee votes. Ursula von der Leyen, President of the European Commission, said that this change will give European automakers a "breathing room". Volkswagen stated last week that the longer compliance period will still be a burden for 2025. Critics claim that the auto industry had seven years to get ready for the 2025 deadline and the estimated fine of 15 billion euros is wildly inflated.
-
Ukraine sunoil exports fell 36.2% in April year-on-year, according to traders' union
Ukraine, which is the largest sunflower oil exporter in the world, has reduced its exports of sunoil to 417, 000 metric tons from 654,000 tons a year ago and 503, 000 tons in March. This was down from 654,000 tons a month earlier as well as from 503, 000 tons in march, according to the Ukrainian traders' union UGA. The union did not give any reason for the decline. Some sunoil refineries have been forced to stop production and exports due to a spike in sunflower seed prices. This was caused by the smaller harvest. According to the Ukrainian UCAB agricultural association, this year Ukraine's exports of sunoil could drop to 4,74 million tonnes in 2024/25 from 6,25 million tons during 2023/24 season as the sunseed crop fell 21,4% to 11 millions tons. UCAB reported that Ukraine's total agricultural exports fell by 23.4% in April compared to the previous month, reaching 4.1 million metric tonnes. It also noted that exports were down in almost all product categories. (Reporting and editing by Louise Heavens, Pavel Polityuk)
-
South Korea's MFG purchases about 67,000 T of corn, traders claim
Major Feedmill Group of South Korea (MFG) bought approximately 67,000 metric tonnes of animal feed corn at an international tender held on Thursday. The corn was expected to come from South America, traders in Europe said. A consignment of grain was purchased at an estimated cost and freight rate (c&f), plus an extra $1.20 per ton for port unloading. The seller was thought to be CJ International, with grain due for arrival in South Korea on September 10. Two consignments of 55,000 to 70,000 tons corn were requested for arrival in South Korea. The other consignment, which was also said to include MFG partner Cargill Agri Purina, for arrival in August has not been reported as a purchase. If South America was the source of the consignment, it was sought to be shipped between July 13 and august 1 if they were from South America. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. South Korean importers have continued to purchase heavy corn in the last two weeks, following a drop in Chicago corn prices. South Korean buyers are traditionally active ahead of the U.S. Department of Agriculture's (USDA) monthly report on world grain and oilseeds, which can create market turmoil. The USDA report will be released on Monday. Michael Hogan (reporting, Susan Fenton, editing)
-
South Korea's MFG purchases about 67,000 T of corn, traders claim
Major Feedmill Group of South Korea (MFG) bought approximately 67,000 metric tonnes of animal feed corn at an international tender held on Thursday. The corn was expected to come only from South America, traders in Europe said. A consignment of grain was purchased at $239.67 per ton, cost and freight included. There was also an extra $1.20 surcharge per ton for port unloading. The seller was thought to be CJ International, with grain due for arrival in South Korea in September. Two consignments of up to 140 000 tons of corn were requested for arrival in South Korea. The tender for the August arrival of corn was not won by the second consignment, which also included MFG partner Cargill Agri Purina. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
-
U.S. natural gas liquids exports reach record highs in April
Ship tracking data revealed that U.S. natural gas liquid exports reached a new record in April despite a trade dispute between the U.S. Recent trade developments have put at risk U.S. Exports of Natural Gas Liquids (NGLs), like ethane butane and propylene, which are used in the manufacture of plastics, chemicals, as well as heating and cooking. U.S. Exports have reached a new record every year since 2010, thanks to an abundance cheap shale gas. NGLs are the newest energy products caught up in the trade war between two of the largest economies. According to the U.S. government's statistical agency, nearly half of U.S. exports of ethane go to China. China has no other options, as there are few alternatives. Chinese petrochemical companies use it as a feedstock as it is cheaper than alternatives naphtha. Meanwhile, U.S. producers of oil and gas need China to purchase their natural gas liquids because domestic supply exceeds the demand. Data from the ship tracking companies Kpler & Vortexa revealed that in April, the U.S. exported NGLs at a record-breaking rate of 2.9 million barrels a day (bpd). Kpler data shows that exports to China dropped 35% in November to 619,00 bpd, the lowest level since November 2023. Two sources said this week that China has waived the 125% duty on imports of ethane from the U.S., imposed earlier in the month. In the global rerouting of oil, other countries have increased their purchases of U.S. NGLs to compensate for the loss of Chinese purchasing. Kpler data shows that India has more than tripled the amount of oil it purchases, reaching a new record of 179,000 barrels a day. Brazil increased its purchases by more than doubling to 113,000 barrels per day, which is the highest level in five years. Japan, as the second-largest buyer of U.S. Natural Gas Liquids, increased shipments to nearly 400,000 barrels per day, the most since February 2023. The Energy Information Administration predicted that U.S. ethane production would rise by 3.6% this year to 2.9 millions bpd. It added that the majority of this increase in production would be exported to meet growing international demand. In a quarterly earnings conference, Jim Teague, co chief executive officer Enterprise Products Partners, one of the largest exporters of U.S. Natural Gas Liquids, said that the market had already begun rerouting the barrels to the Middle East and U.S., which are the two biggest suppliers of liquefied petrol gas (a mixture of butane and propane). The biggest importers were China and India. The company stated that it did not see any disruptions in its exports of butane, ethane or propane. Rival Energy Transfer is also one of the largest exporters in the U.S. of NGL and said that it had no problem finding a buyer for its LPG or ethane. Enterprise Products reported that total NGL pipe transportation volumes increased 5% while volumes at marine terminals grew 11%. Energy Transfer increased its NGL exports by 5% and transportation volumes by 4%. (Reporting and editing by David Gregorio in Houston, Arathy McCartney and Georgina Mccartney from Houston)
Sources say that the US and Russia are exploring ways to restore Russian gas to Europe.
Eight sources have confirmed that officials from Washington, Moscow and the European Union have discussed the possibility of the U.S. assisting in the revival of Russian gas sales on the continent.
Europe cut its imports after Moscow invaded Ukraine in 2022. Russian exporter Gazprom suffered a $7 billion dollar loss the year following.
U.S. president Donald Trump has been pushing for peace in Ukraine. This could lead to a thawing of gas relations.
Sources familiar with the bilateral talks said that a new role for Moscow on the gas market of the European Union could help cement the peace agreement between President Vladimir Putin and the Russian government.
Despite the fact that many Europeans have sought alternatives, some buyers remain, and officials in the industry say they could be more once a peace agreement is reached.
The loss of Europe's largest gas market, three years ago, has been the biggest blow to Russia's economy.
The TurkStream pipeline supplies some of the LNG and some of the natural gas that Europe needs.
Washington's involvement with the restoration of gas sales could assist Moscow in navigating political opposition throughout Europe.
Two diplomatic sources, as well as a White House insider, said that Washington would benefit from U.S. participation, which would give it visibility and perhaps some control over the amount of Russian gas returning to Europe.
Since 2022, Europe has been turning to other gas suppliers, including U.S. LNG exports.
Two of eight sources claim that Steve Witkoff, the U.S. envoy to Ukraine, and Kirill Dmitriev's investment representative, Putin's envoy Kirill, had a conversation about gas in connection with Ukraine peace talks.
Witkoff’s spokesperson refused to comment on the question of Russian gas exported to Europe.
Dmitriev's Direct Investment Fund in Russia, which is headed by Dmitriev said that there were no such discussions at the moment.
Gazprom might consider selling gas to Europe in the event that a new owner takes control of gas networks between Russia and Europe. Kremlin spokesperson Dmitry Peskov said this in an April interview with French magazine Le Point.
Gazprom is in control of the twin Nord Stream pipelines 1 and 2 on the route that crosses the Baltic Sea. European companies who hold stakes are also involved.
Peskov told Le Point that Moscow is willing to sell its gas, and it knows some European countries are still interested in buying it. Peskov said to reporters in April that there is a gas supplier and potential buyers.
Hungary and Slovakia, which receive gas via the TurkStream pipeline, are still buyers. Long-term contracts are in place with Novatek, Russia, for Belgium, France and the Netherlands to purchase LNG.
Five sources have said that discussions to date have been about U.S. investors getting stakes in the Nord Stream Pipeline connecting Russia and Germany or the pipeline crossing Ukraine or Gazprom.
Sources said that U.S. companies could also act as buyers by purchasing gas from Gazprom, and shipping it into Europe, including Germany.
Two sources confirmed that diplomatic discussions involving potential U.S. buyers have also considered the idea of an American buyer taking Russian gas, and then exporting to Europe to alleviate European political opposition towards a resumption of supplies.
BlackRock, Vanguard, and Capital Group all hold Gazprom stakes between 1-2%.
BlackRock, Vanguard, and Gazprom have not responded to requests for comments. Capital Group declined comment.
The European Commission refused to comment. The European Commission's President Ursula von der Leyen expressed her opposition to a return to Russian energy sources.
Some still say that we should reopen the tap to Russian oil and gas. It would be a historic mistake and we wouldn't let it happen," said she at a European Parliament meeting on May 7.
"Russia has repeatedly shown that it is not an dependable supplier."
Brussels wants to stop new Russian gas agreements by 2025, and imports of existing deals will be banned by 2027. The plan will be discussed next month and would need to have the approval of both the European Parliament as well as a majority among member states. Hungary and Slovakia are opposed to the plan.
Trump said that he hopes to see a peace agreement in Ukraine soon, and he expects it to pave way for Russia and Ukraine do large business with the U.S.
Putin said that Russia was ready to resume gas exports immediately to Europe if the political will existed.
On April 30, Kyiv signed a U.S.Ukraine mineral deal that included all natural resources and infrastructure owned by the Ukrainian government, but didn't mention explicitly the pipeline.
A person familiar with the talks said that if the level of engagement between Russia, the U.S. and Canada continues to be maintained, there is a high probability of a restart of Russian gas flow... using U.S. intermediaries.
Two sources claim that Gazprom is looking to revive its European sales by offering German customers short-term contracts of 24 months and steep discounts.
Two sources said that the company has traditionally asked buyers to sign long-term contracts.
HUDLES
Despite this, the EU is still firmly opposed. There are also other obstacles to overcome. Numerous legal cases are pending over breach of legacy contracts.
In September 2022, a sabotage attempt damaged the Nord Stream pipelines. Three of the pipes ruptured and only one pipe was still able pump gas.
Despite the fact that the main transit route is still in good working order, the war in Ukraine has caused damage to the pipelines.
The fact that Nord Stream 2 never received approval from the German government to start sending gas to Germany is a more technical issue, a spokesperson for Germany's Economy and Energy Ministry noted. He declined to elaborate.
(source: Reuters)