Home / Commodities / Freight News (page 5)

Freight News

The United States is projected to become a net energy exporter in most AEO2018 cases

EIA projects that the United States will become a net energy exporter in 2022 in the newly released Annual Energy Outlook 2018 (AEO2018) Reference case, primarily driven by changes in petroleum and natural gas markets. The transition from net energy importer to net energy exporter occurs even earlier in some sensitivity cases that modify assumptions about oil prices or resource extraction. Sensitivity cases with less energy production project that the United States will remain a net energy importer through 2050. The transition of the United States to a net energy ...

Read More »

US natural gas exports set to jump as Donald Trump-Xi Jinping summit deal kicks in

China National Petroleum Corporation and US natural gas supplier Cheniere Energy have reached an agreement that will boost US exports of liquefied natural gas, in the biggest development among the deals announced during US President Donald Trump’s trip to Beijing in November. Cheniere will supply CNPC with about 1.2 million tonnes of LNG annually starting this year and continuing through to 2043, according to an announcement by the US company, which did not put a value on the shipments. The volume of LNG contracted is worth about US$263 million per ...

Read More »

UAE, Saudi Arabia look at increasing crude and product supply to Asia

Opec producers led by the UAE and Saudi Arabia will increase their push towards locking in long-term crude and oil product contracts in Asia as they compete with higher US exports to the region. “Long-term contracts give assurance to the producer/refiner, they know that the product is sold, they know the price, their income is locked in and so it is easier to plan, easier to make investment decisions,” said Spencer Welch, director for oil markets and downstream at London-based IHS Markit. Saudi Arabia and the UAE are producing more ...

Read More »

Asia Is America’s Biggest Crude Buyer

Asia pushed past the rest of the world last year to become the biggest buyer of America’s crude oil — and it’s poised to do it again in 2018. Just two years after Washington ended its crude-export ban, the continent soaked up 37 percent of the oil the U.S. sent abroad in 2017, up from about 9 percent in 2016, U.S. Census Bureau data show. And Asia’s appetite for U.S. supply is only expected to grow. China, which became the world’s largest crude importer last year, took in Asia’s largest ...

Read More »

Asian flour mills seek Black Sea wheat despite peak marketing season for Australia

Flour mills in Asia are seeking Black Sea wheat for shipments in March-April, typically the peak marketing season for the Australian crop, because of ample global supplies and competitive prices, trade sources said. Wheat cargoes with 11.5 percent protein from Ukraine are being offered at $225 a tonne, including cost and freight (C&F), compared with Australian Premium White wheat quoted at $253-$255 a tonne. “Black Sea prices have gone up due to a rally in Chicago futures, but the Australian wheat is even more expensive,” said one Singapore-based trader. He ...

Read More »

Indian demand for South African coal rises: sources

Indian buyers have increasingly been seeking higher-CV thermal coal from South Africa recently as US material has become more expensive and Chinese buying has mopped up any available volumes from Indonesia, traders said. “Usually [Indian buyers] bought 4,800 kcal/kg NAR and 5,500 kcal/kg NAR coals, but now they are also buying 5,700 kcal/kg NAR,” a Europe-based trader of South African coal told S&P Global Platts. The source added that US-origin North Appalachian coal (NAPP) coal had been priced out of the market after strong bids from India in recent months ...

Read More »

Iran’s Jan LPG exports jump to 520,000 mt, the most since sanctions ended: sources

LPG shipments from Iran made a strong start to the year, rebounding to 520,000 mt in January, the highest since Western sanctions for its nuclear program were lifted in January 2016, updated fixtures from shipping sources showed this week. The latest volume is 146,000 mt more than initial figures published in mid-January, according to shipping sources. It is also up 39.4% from 373,000 mt in December 2017, when shipments posted the first month-on-month increase in three months, after exports started declining in September due to lower output at the South ...

Read More »

Venezuela resorts to swaps to get oil imports for Curacao refinery

Venezuela’s state oil firm PDVSA has resumed crude imports for its 335,000-barrel-per-day Isla refinery in the Caribbean island of Curacao after a seven-month pause, as it seeks to turn around falling fuel output, according to internal PDVSA documents. PDVSA, which supplies the bulk of Venezuela’s export revenue, is increasingly in need of foreign crude as chronic underinvestment slashes its own output, leaving it short of crude to refine and blend. The increased activity at Curacao comes as more suppliers are accepting oil swaps as a solution to the company’s lack ...

Read More »

Cyprus: The need to import gas has now become urgent

THE European Commission (EC) agreed to partially fund the cost of infrastructure to enable Cyprus to import LNG. This was one of the 17 projects selected under the framework of the European support programme for trans-European infrastructure Connecting Europe Facility (CEF) on 25 January. The specific project is known as CyprusGas2EU and its purpose, according to the EU list of projects, is to ‘remove internal bottlenecks in Cyprus to end isolation and to allow for the transmission of gas from the Eastern Mediterranean region.’ In fact, as far as Cyprus ...

Read More »

Russia to export 47.2 million mt of grain in 2017/18: RusAgroTrans

Russia will export 47.2 million mt of grain in the 2017/18 marketing year, Russian logistics operator RusAgroTrans said in a research note Friday. Export volumes for July-January totalled 31.29 million mt, 66% of the total it has forecast for the marketing year and a 36% increase on the same stage last year. Wheat exports were up 39% year-on-year at 24.7 million mt, barley was twice as big at 3.84 million mt, and corn was down 7% at 2.79 million mt. The figures differ from the ministry of agriculture’s weekly updates ...

Read More »

U.S. corn export revival fueled by low prices, South America crop woes

Cheap U.S. corn prices, a weaker dollar and concerns about South American production have revived slumping U.S. corn exports that just a month ago appeared to be limping toward their steepest year-on-year slide in a decade. U.S. corn futures scaled to a 5-1/2 month high on Thursday on the robust demand, which is likely to continue through the spring and may spill over into the next harvest season if some forecasts for a much-reduced Brazilian crop hold true. That is good news for farmers in the United States battling weak ...

Read More »

How soaring US oil exports to China are transforming the global oil game

Bit by bit, the U.S. petroleum industry is turning world oil markets inside out. First, sharp drops in U.S. imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging U.S. exports – largely banned by Washington until just two years ago – challenge the last region OPEC dominates: Asia. U.S. oil shipments to China have surged, creating trade between the world’s two biggest powers that until 2016 just did not exist, and helping Washington in its effort to reduce the ...

Read More »

India’s Wheat Imports Seen Surging 40% on Winter Crop Stress

India’s wheat imports are set to surge as lower plantings and poor rain threaten output in the world’s biggest grower after China. Imports may total 3.5 million metric tons in the year from April 1, according to the median estimate of eight traders and analysts surveyed by Bloomberg. That compares with the U.S. Department of Agriculture’s estimate of 2.5 million tons for 2017-18. Output is seen falling to a three-year low of 92 million tons in 2017-18 from 98.4 million tons estimated by the government for 2016-17. Key to the ...

Read More »

Hungary to import Romanian gas, reducing reliance on Russia -PM Orban

Hungary will soon sign a 15-year deal to import almost half the natural gas it needs each year from Romania, considerably reducing its reliance on Russia, Prime Minister Viktor Orban said on Friday. Orban told a news conference that three Hungarian companies had won a tender in Romania for the gas. He did not name the companies. The government declined to comment to Reuters. “Within moments we will sign an agreement, which will allow for the next 15 years the imports of over 4 billion cubic meters of gas from ...

Read More »

Gazprom warns Europe of gas shortage without increased Russian imports

Europe will soon experience a gas shortage and price spike if it tries to rely on U.S. gas imports to cover rising demand instead of increasing purchases from Russia, Kremlin energy giant Gazprom told Reuters. The Trump administration has said it intends to level the playing field in energy markets by offering U.S. gas to Europe and Asia, citing a need to reduce what it calls the market-distorting power of actors such as Russia and OPEC. Russian gas supplies to Europe have become increasingly politicised since Moscow cut supplies to ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping