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Bunge completes loading of first export of Argentine soy meal destined for China
The maritime agency NABSA announced on Tuesday that U.S. grains trader Bunge will finish loading 30,000 metric tonnes of Argentine soymeal destined for China by Wednesday. This is the first time such a cargo has been loaded. Bunge sent a soybean meal shipment to China in July. Last month, the company diverted the sale from China to Vietnam due to "commercial reasons." According to NABSA’s daily port activity reports, the Sumatra ship will be loaded at T6 terminal which Bunge jointly operate with Argentina’s AGD, in the port city of San Lorenzo north of the agricultural hub city of Rosario. Bunge Argentina has not responded to an immediate request for confirmation of the information published on NABSA's website. NABSA reported that two other ships, the UBC Salerno, and the Africa Merlin were also expected to arrive in Argentina on September 17th and 18th, respectively. The two ships are also scheduled to load 30,000 tonnes of soybean meal at the T6 terminal. They will be heading for China. (Reporting and editing by Rashmi aich; Maximilian Heath)
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California port sees dozens of containers thrown into the water
Emergency responders in the second busiest seaport of the United States said that 67 shipping containers were thrown into the water by a ship berthed at Long Beach, Southern California on Tuesday morning. There were no injuries reported, and the port was not affected in any other way. Containers fell from the 837 foot (255 m), Portugal-flagged Mississippi, while it was docked at Pier G container terminal. According to Unified Command which includes the U.S. Coast Guard and Long Beach Fire and Police Departments, the Port of Long Beach, and the Army Corps of Engineers, some of the containers that fell on the barge caused damage to it. According to LSEG, the Mississippi arrived at Long Beach from China's Yantian Port. Art Marroquin, Port of Long Beach's public information officer, said that the cargo operations were temporarily suspended while crews secured the containers. Marroquin said that the incident was being investigated. Reporting by Lisa Baertlein in Los Angeles and Sandy Hooper; editing by Franklin Paul, Jamie Freed and Jamie Freed.
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United Airlines and Spirit Airlines clash on business model
The war of words escalated between United Airlines and Spirit Airlines' executives on Tuesday, after the Chicago-based carrier's chief questioned Spirit Airlines' business model and voiced doubts about its ability to stay in the airline industry. Spirit replied minutes later. In a blog post, the Florida-based airline said that its customers loved its low fares and premium products. The airline stated that "Maybe this is why United executives are always yapping on about us". Scott Kirby, the CEO of United Airlines, has been vocal in his criticism of no-frills carriers and their business model. He has also repeatedly questioned its viability. He called it "a failed experiment" on Tuesday. Kirby said at the U.S. Chamber of Commerce Global Aerospace Summit, held in Washington. "It seems unlikely that Spirit will continue to fly because its customers dislike it and don't wish to fly," Kirby said. Spirit filed for bankruptcy last month, the second time within a year. A previous reorganization had failed to improve its financial standing. Rival carriers can now take advantage of its financial problems to gain market share. United began selling tickets last week for new flights in 15 cities that Spirit serves. The company stated that its new flights are meant to give Spirit's customers another option if suddenly the discount airline went out of business. Spirit responded immediately, calling United's remarks "wishful thoughts." The company stated that it expects to be in business for "many years to come." Spirit Airlines has reduced its market presence and operations to reduce its cash burn. Spirit has ceased service in 11 U.S. Cities, including Portland, Oregon and San Diego. It also no longer plans to offer service to Macon Georgia, scheduled to begin mid-October. Analysts and executives in the industry say that Spirit's problems stem from its inability to fix its overinflated cost structure. The company's operating expenses in the last quarter totaled $1.2 billion. This is equivalent to 118% its quarterly revenue. (Written by Rajesh Kumar Singh, edited by Mark Porter and Aurora Ellis.
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Diesel tweaks help truckmakers hit EU climate targets
The International Council on Clean Transportation's (ICCT) report on Wednesday showed that most European truckmakers will meet the European Union 2025 emission targets, despite the fact that electric trucks only make up a small percentage of sales. Heavy-duty vehicles, which are almost exclusively diesel-powered, account for one quarter of road transport emissions in Europe. According to EU regulations, manufacturers are required to reduce CO2 emissions in 2025 by 15 percent compared with 2019 levels. Truckmakers, unlike carmakers, can meet the emission standards by increasing diesel efficiency, and using regulatory flexibility, rather than selling large numbers of electric vehicles. The ICCT stated that five of the seven largest EU trucks manufacturers - DAF Scania MAN Volvo Trucks Renault Trucks – are on track to meet the target even without any further improvements. Daimler Truck & Iveco are behind but can avoid penalties by making modest changes. Felipe Rodriquez is the programme director for the ICCT. He said that the regulation was working after more than a decade. Scania and Volvo Trucks met the 2025 goal two years ago. This was largely due to reducing emissions from internal combustion engines (ICEs) in trucks. Rodriquez stated that it was possible for Iveco to meet the requirements by selling 200 trucks with zero emissions and making other changes. He said, "I think that if they put their act together they won't have to pay any penalty in 2025." In Europe, only 14,000 out of 360,000 trucks were zero emission last year. Compare that to the millions of cars. Rodriquez stated that a ramp-up across the industry was needed. He said that "you'll run out of options" to tweak the internal combustion engines, and that the trucks with zero emissions will need to be produced in larger numbers. On Thursday, representatives of the trucking industry will meet with three EU Commissioners to discuss electricification. Ursula von der Leyen, the Commission president, will meet with car executives on Friday to discuss the phase-out of combustion engine cars by 2035. Marie Mannes, Gareth Jones and Marie Mannes report.
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NextDecade greenlights Train 4 at Rio Grande LNG project
NextDecade, a U.S. producer of liquefied gas, said it had reached a final investment decision in favor of the fourth liquefaction train for its Rio Grande project, located in Texas. In extended trading, shares of the company increased by nearly 2%. This announcement marks the fourth FID positive for an LNG project in the United States - the world's biggest exporter of superchilled fuel. Once they have enough contracts to finance the project, LNG developers usually reach a FID for their projects. NextDecade is signing LNG deals with the Brownsville, Texas, facility. The facility is currently under construction, and it has a capacity of up to 48 million tonnes annually. This will help NextDecade strengthen its position on the international market. (Reporting and editing by Vijay Kishore, Shilpa Majumdar and Vallari Srivastava in Bengaluru)
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US FAA issues a safety alert about the risks of passenger lithium batteries in planes
U.S. Federal Aviation Administration has issued a safety warning to airlines on Tuesday, citing an alarming number of incidents involving lithium batteries. The FAA has recommended that airlines implement risk mitigation strategies. This includes clear messaging about potential fire risks associated with lithium batteries carried by crew and passengers, and reviewing firefighting training and procedures. The FAA reported that 50 incidents of lithium-ion batteries causing extreme heat, smoke or fire have occurred in the U.S. this year. Some of these have caused accidents or injuries. A cell phone that was being used by a passenger on an American Airlines flight from Dallas to Madrid overheated, and started emitting smoke. FAA reported that the passenger was injured, there was damage on the aircraft's floor, and the flight had been delayed. A passenger's laptop began to emit smoke during a flight on July 12, from Chicago, Oregon to Portland, Oregon. The laptop was in a bag inside a bathroom, but the flight diverted to Casper in Wyoming. Other shipments have included laptops and other batteries on cargo planes. Last week, the FAA proposed a fine of $60,000 against LG Energy Solution. The FAA cited an undeclared shipment of lithium-ion battery from Seoul to Los Angeles in January 2024 that was improperly packaged. FedEx employees discovered the shipment after it started emitting flames at its Irvine sorting facility. California . ? (Reporting and editing by Chris Reese, Aurora Ellis, and David Shepardson)
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Gol Azul is told to stop all public merger talks by the head of Brazil's antitrust regulatory body
Senior officials at the Brazilian antitrust regulator CADE have told Brazilian airlines Gol & Azul to stop publicly commenting on a possible merger, unless they're prepared to pursue it formally. In an interview on Friday evening, CADE President Gustavo Augusto stated that "they should stop talking about mergers if they don't intend to pursue them or notify us formally of a merge". CADE ordered last week that the companies formally notify it of their codeshare agreement with May 2024 for the cross-selling of tickets and integration of their loyalty programs. They were also barred from expanding the partnership on additional routes. The order did not require that the two aviation companies provide information on a possible merger. However, Augusto's concerns about the impact of plans announced too early and then left unresolved were made clear. Augusto stated that "when you are a publicly-traded company with a dominant position on the market, you should be cautious and concerned with your communications." "You should not announce a merger or acquisition that hasn't yet been approved by regulatory authorities." Azul and Abra announced earlier this year that they had signed an non-binding Memorandum of Understanding to possibly combine their Brazilian operations. Both airlines claim 90% complementarity in their routes, which CADE will need to verify if the deal goes through. Azul responded in writing to the CADE decision on codeshare agreements and denied "gun-jumping", where firms integrate before mergers without regulatory approval. Gol stated that codesharing was a standard practice within the airline industry, and that Gol has always respected regulatory decisions. Both airlines refused to comment on any potential merger plans. In recent months, top executives from both companies indicated that their restructuring processes were a priority. The airlines haven't publicly ruled out the possibility of merging. Azul filed for Chapter 11 protection in the U.S. just a few days before Gol completed its own restructuring. Luciana Magnhaes, Brad Haynes, and Paul Simao (reporting)
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Fund accuses whistleblower of Marex using confidential information to trade
The fund claims that a whistleblower claimed employees of Marex Group plc shared confidential information about an investment fund in order to benefit Marex’s trading position. Ocean Freight Trident Offshore Master Fund Ltd., which filed a lawsuit last month against financial and commodities broker Marex, claimed to have lost at least 29 million dollars when Marex liquidated their positions in freight futures in November last year. In a document filed in court on Monday, it said that the information was given to them by "a person who has identified themselves anonymously as a whistleblower". The report stated that "the whistleblower sent a email to Marex on the evening 28 November 2024 suggesting... Marex’s clearing desk leaked data regarding the (Ocean Freight account) to Marex’s proprietary trading business." Marex's spokesperson stated: "Marex knows about the legal action, and we are confident in our position which we plan to defend vigorously." According to the filing the Ocean Freight Fund had developed by November last year a profitable trading strategies in forward freight agreements. The court document stated that the market was against the fund's positions and that there were outstanding margin requests of $2.5 Million, which the Fund agreed to resolve by selling certain positions. Marex sent an notice of default to Ocean Freight on November 27, and ordered them the following morning to cease trading in order for Marex liquidate its entire position, according the filing. The filing also assured the fund that forced liquidation was in Ocean Freight’s best interests. The fund claimed that the liquidation occurred below the daily minimums recorded by three of the largest ship brokers, and was not conducted on the European Energy Exchange. Ocean Freight alleges that Marex's proprietary trading unit took short positions on the same freight derivatives and profited from forced liquidation. Marex's lawyers responded in a letter addressed to the fund, stating that the fund had engaged in risk mitigation trades which are "standard practices in the industry". The court document quoted the Marex solicitors as saying that "Marex's proprietary trading account... assumed market risk from default", the letter. (Reporting and editing by Eric Onstad)
Ukrainian attack cuts off power in Russia's Zaporizhzhia
The Moscow-installed Governor said that a drone attack by Ukraine late Tuesday night knocked out the power in areas of Ukraine's Zaporizhzhia Region under Russian control.
Russian forces control more than half of the Zaporizhzhia Region in Ukraine's south-east. Kyiv still controls the main administrative centre of the region, and its attacks have regularly knocked out power in Russian-held regions.
In 2022, Russia annexed Zaporizhzhia, as well as Kherson, Donetsk, and Luhansk, in the east of Ukraine, around seven months after it invaded its smaller neighbor.
Yevgeny Baltsky, the newly appointed governor of Zaporizhzhia by Moscow, wrote in the Telegram app: "The cause for the power outages in Zaporizhzhia is yet another enemy drone attack on high voltage equipment."
Balitsky stated that repair crews are restoring power to affected areas and switching them over to reserve lines. The work was complicated "by the threat of repeated strikes and the darkness".
In June, Ukrainian shelling and drone strikes knocked out electricity for over 24 hours at least 700 000 residents in the region. This attack was the largest on Russian-held territories since the beginning of the war.
Director of Communications Yevgenia Yashina told Russia's RIA News Agency that the Zaporizhzhia Nuclear Power Station, Europe's biggest with six reactors and owned by Russia, continued to operate as usual, unaffected, by the power outages.
The plant does not produce electricity, but it needs power to run cooling systems and monitor safety systems. Ukraine and Russia accuse each of other regularly of staging attacks against the plant that was seized by Russian troops in the first few weeks of the invasion of February 2022.
Vyacheslav PROKUDIN, the governor of the Kherson region that is under Ukrainian control said in a Telegram message that Russian shelling had killed a resident from a small village north of the regional's capital.
Serhiy lysak, the governor of Ukraine’s Dnipropetrovsk Region, in the north, said that Russian shelling had killed a Nikopol resident, which is a common target of Moscow’s attacks on the Dnipro River's north bank. (Reporting and editing by Ron Popeski)
(source: Reuters)