Latest News
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Railroad operator CSX misses quarterly estimates as coal revenue falls
CSX, the railroad operator, reported revenue and profit for its first quarter below Wall Street expectations on Wednesday. Gains in intermodal revenue were offset by a drop in coal revenue as well as a fuel surcharge. The demand for coal has been hindered by the switch to natural gas, which is cheaper. However, this trend will change now that President Donald Trump signed an executive order earlier this month to increase coal production. In a press release, CEO Joe Hinrichs stated that "CSX experienced operational challenges at the beginning of the year which contributed to results in the first quarter not meeting our expectations". The volume of intermodal shipping (which involves more than one means of transporting goods) increased by 2.1% during the third quarter. However, coal dropped 8.5%. LSEG data shows that the company's revenue for the quarter ending March 31 was $3.42 billion, below the $3.47 billion analysts had predicted. It reported a loss of 34 cents, which was also below the 37 cents expected. CSX’s operating margin was down to 30.4% for the third quarter, from 36.3% a year earlier. After-hours trading showed that shares of the Jacksonville-based company had a slight decline. (Reporting and editing by Maju Sam in Bengaluru, Anshuman Shetti and Utkarsh shetti from Bengaluru)
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Cosan's Edge imports Argentinean gas to Brazil via Bolivia
Edge, a Brazilian conglomerate owned by Cosan, announced on Wednesday that it had imported Argentinean natural gas to Brazil via Bolivia for the very first time. The operation was carried out in partnership with Tecpetrol Argentina, which produces 25 millions cubic meters of gas daily in the country. The volumes were not disclosed by either firm. This operation is a follow-up to the first import by Brazil using Bolivian infrastructure. TotalEnergies export gas from Argentina's Vaca Muerta shale to Brazil's Matrix Energia earlier this month. The two operations made use of the existing infrastructure for gas pipelines between the three countries. This has raised hopes that Brazil will start receiving more volumes from Argentina, as it develops Vaca Muerta. Ricardo Markous, CEO of Tecpetrol, said that Vaca Muerta has a lot of potential. "There's a big opportunity. And transport capacity expansions have been planned and are in progress," Markous stated. Edge, which is involved in gas trading as well as infrastructure and logistics projects within the segment, will be supplying gas from Argentina. (Reporting and writing by Leticia fucuchima, Editing by Margueritachoy)
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Pipeline operator Kinder Morgan misses first-quarter profit estimates
Kinder Morgan, the U.S. operator of pipelines and terminals, narrowly missed Wall Street's expectations for its first-quarter profits on Wednesday. This was due to a decline in its pipeline products segment and increased costs. The energy industry is bracing for the impact of U.S. president Donald Trump's tariffs against most Canadian and Mexican imports. These include levies on imports of steel, "reciprocal tariffs" on other nations as well as falling oil prices. Kinder Morgan, however, left its profit forecasts unchanged because it continues to bet on a rise in the demand for natural gas. The terminal operator said that tariffs will not have a major impact on the project's economics. Kim Dang, CEO, said: "We started efforts to mitigate potential impacts early in the third quarter by preordering key project components, negotiating cost caps, and securing local steel and mill capacities for our larger project backlog, which represents two-thirds our project backlog." The first-quarter adjusted earnings at its Products Pipelines segment fell by 5.8%, to $274M, due to the planned 10-year turnaround of a petroleum condensate treatment facility on the Houston Ship Channel, as well as the lower oil price. Kinder Morgan's operating costs increased to $3.1 billion from $2.62 in the first quarter of last year. According to data compiled and analyzed by LSEG, the Houston-based company posted an adjusted profit per share of 34 cents for the three-month period ended March 31. This was lower than analysts' estimates of 35 cents. Reporting by Vallari Shrivastava, Bengaluru. Editing by Alan Barona.
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Siemens Energy increases outlook after exceeding forecasts in second quarter
Siemens Energy raised its outlook on Wednesday for the current financial year. It cited a strong performance across all its business areas, which provide equipment and service to the global energy industry. The group expects to increase sales by 13-15% in 2025 compared to 8-10%. The free cash flow before tax is expected to be around 4 billion euro ($4.55 billion). Siemens Energy cited a "positive development in business" without giving more context. The second-quarter profit of Siemens Energy before special items grew more than five times to 906 millions euros. This is a margin that beat the consensus by 9.1%. The company that manufactures and services wind and gas turbines, power grids and electrolysers, among other equipment, benefits from the surge in global demand for electricity, a trend driven partly by data centres required for AI technology. The news led to a 2.6% increase in the price of the Frankfurt-listed shares, which are scheduled to release the final results for the second quarter on May 8.
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Algeria purchases about 540,000 T of wheat at tender, traders report
Initial assessments by European traders indicate that Algeria's state grain agency OAIC purchased approximately 540,000 metric tonnes of milling wheat at an international auction which closed on Tuesday. Estimates of the volume purchased ranged up to 600,000. They reported that the average purchase price was between $267 and $267.50 per metric ton, including freight. Most traders estimate $267.50 per ton. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Algeria usually buys much more than 50,000 tons. Wheat can be supplied from any approved origin. The traders initially thought that the majority of the wheat they purchased would come from the Black Sea area, namely Ukraine, Romania, and Bulgaria. Initial reports did not include purchases of French wheat. Traders claim that a diplomatic rift in France and Algeria has led the Algerian grains agency OAIC, to exclude French wheat and trading firms from its tenders. Wheat was requested for shipment from two main regions, including Europe: June 1-15 & June 16-30. The shipment date is one month sooner if the wheat comes from South America or Australia. Reporting by Michael Hogan, Hamburg; Sybille De La Hamaide, Gus Trompiz and Kirby Donovan in Paris.
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Port of Corpus Christi records its highest ever Q1 throughput
Port of Corpus Christi reported on Wednesday that it had recorded the highest first quarter ever for freight movements through its shipping channel by 2025. This was due to increased oil and LNG shipments. For the first time, the port and its clients moved more than 50 million tonnes of cargo through the Corpus Christi Ship Channel. The Port of Corpus Christi, the third largest port in the United States in terms of total waterborne tons, is strategically located on the western side of the Gulf of Mexico and serves as a major gateway for international and domestic maritime trade. The Port of Corpus Christi reported that crude oil shipments totaled 33,4 million tons in Q1 of 2025, while LNG volumes accounted for 4.3 million tonnes. Dry and break bulk commodities also saw increases, with Q1 tonnage increasing by 5% compared to a year ago. The final phase of Corpus Christi Ship Channel Improvement Project, expected to be completed by mid-2025, is currently in progress. After completion, the port expects the project to improve waterways on the Gulf Coast from Texas to Florida with a 54 foot-deep and 53-foot-wide vessel channel along with additional shelf space for barges. (Reporting by Sarah Qureshi in Bengaluru; Editing by Aurora Ellis)
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Algeria purchases milling wheat at tender, traders claim
Initial assessments by European traders indicate that Algeria's state grain agency OAIC bought milling wheat at an international auction which closed on Tuesday. They reported that the cost of a metric tonne, including freight and c&f (cost and freight), was between $267 and $267.50. Initial estimates of the size of the order in terms tonnage were not accurate. Algeria usually buys much more than the nominal volume. Wheat can be supplied from any approved origin. The traders initially thought that the majority of the wheat they purchased would come from the Black Sea area, namely Ukraine, Romania, and Bulgaria. Initial reports did not include purchases of French wheat. Wheat was requested for shipment from two main regions, including Europe: June 1-15, and June 16-30. The shipment date is one month earlier if the wheat comes from South America or Australia. The reports reflect the assessments of traders, and it is possible to estimate prices and volumes later. Michael Hogan, reporting from Hamburg and Sybille De La Hamaide, reporting from Paris)
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US Army Corps grants emergency designation to Enbridge Line 5 Tunnel
The U.S. Army Corps of Engineers granted Enbridge the national energy emergency status on Wednesday for its proposed tunnel for Line 5 pipeline, expediting a crucial federal permitting process. As part of his emergency energy declaration of January 20, President Donald Trump ordered the Army Corps of Engineers to issue permits for the filling of wetland areas and the dredging of waterways or construction in them. This was to expand U.S. production of energy to meet the projected demand. The Army Corps is a federal engineering agency that has the authority to approve projects involving waterways and wetlands. The Army Corps' Detroit district stated in its public notice that the emergency permit request met Trump's executive orders because it addressed "an energy situation which would result an unacceptable risk to life, significant property loss, or immediate, unexpected, and significant financial hardship" if acted upon sooner. Enbridge had submitted a plan to build an $750 million tunnel beneath the Great Lakes in 2023 to house the aging Line 5 oil pipe. However, the project was still awaiting Army Corps approval. The Army Corps conducted an environmental impact analysis of the pipeline, with input from Native American tribes affected by it. In February, the Army Corps posted a list with more than 600 projects that needed faster environmental approvals. However, this list was quickly removed. The list has been removed from the website Give the agency more time for project evaluation. (Reporting and editing by Chizu Nomiyama; Valerie Volcovici)
Swedish authorities board ship seized over Baltic Sea cable breach
Swedish authorities boarded a Malteseflagged ship took in connection with the latest breach of cable televisions running along the bottom of the Baltic Sea to begin an examination into the matter, the country's. security authorities stated on Monday.
We can verify that persons from Swedish authorities have. been on board the vessel to carry out investigative procedures,. Swedish Security Provider spokesperson Johan Wikstrom said.
He decreased to comment further on the examination. The undersea cable in between Latvia and Sweden was damaged early. on Sunday in Sweden's unique economic zone, likely as a. outcome of external influence, Latvia said. That triggered NATO to. deploy patrol ships to the area and triggered a sabotage. investigation by Swedish authorities.
A Swedish district attorney purchased the seizing of a ship as part. of the examination.
MarineTraffic information showed that a coastguard vessel escorted. the bulk provider Vezhen to Swedish waters on Sunday where it. later anchored. The Vezhen, which Bulgarian shipping business. Navigation Maritime Bulgare noted amongst its fleet, passed the. fiber optic cable at 0045 GMT on Sunday.
The head of the Bulgarian business, Captain Aleksandar. Kalchev, said the Vezhen may have struck the Baltic undersea. cable that was damaged on Sunday. He said one of the ship's. anchors dropped to the seabed in high winds which there was. no destructive intent.
They (the crew) have actually been instructed to assist. authorities and the circumstance never intensified and it is calm at. the moment, he told Reuters, adding the crew had actually been initially. held at gunpoint.
Tv video from Sweden's TV4 showed the Vezhen. anchored some 10 km (6 miles) south of the marine base in. Karlskrona, in southern Sweden. Images revealed that it appeared. to have a harmed anchor.
A Swedish coast guard representative said the seized ship. is anchored south of Aspo island near Karlskrona, and that coast. guard staff have been onboard the ship investigating given that. Sunday evening.
The Latvian navy said on Sunday that three ships were. subject to investigation.
NATO said recently it would release frigates, patrol. aircraft and naval drones in the Baltic Sea to help secure. important infrastructure and scheduled the right to act. against ships suspected of presenting a security risk.
Finnish police last month seized a tanker bring Russian. oil and stated they believed the vessel had harmed the. Finnish-Estonian Estlink 2 power line and four telecoms cables. by dragging its anchor throughout the seabed.
I don't believe in coincidences when it comes to. frequent cases of damage to undersea facilities in the. Baltic Sea, Estonia's Foreign Minister Margus Tsahkna said in a. post on social media X after the current cable television rupture.
(source: Reuters)