Baltimore to temporarily open 4th shipping channel

  • : Agriculture, Coal, Coking coal, Freight, Metals
  • 24/04/24

The Port of Baltimore is preparing to open another, deeper temporary shipping channel this week so at least some of the vessels that have been stranded at the port can depart.

The new 35-ft deep Fort McHenry Limited Access Channel is scheduled to be open to commercially essential vessels from 25 April until 6am ET on 29 April or 30 April "if weather adversely impacts vessel transits," according to a US Coast Guard Marine Safety Information Bulletin. The channel will then be closed again until 10 May.

The channel also will have a 300-ft horizontal clearance and 214-ft vertical clearance.

This will be the fourth and largest channel opened since the 26 March collapse of the Francis Scott Key Bridge. The Unified Command has said that the new limited access channel should allow passage of about 75pc of the types of vessels that typically move through the waterway. Vessels that have greater than 60,000 long tons (60,963 metric tonnes) of displacement will likely not be able to move through the channel and those between 50,000-60,000 long tons of displacement "will be closely evaluated" for transit.

There were seven vessels blocked from exiting the port as of 27 March, including three dry bulk carriers, one vehicle carrier and one tanker, according to the US Department of Transportation. Two of the bulk carriers at berth in Baltimore are Kamsarmax-sized coal vessels, data from analytics firm Kpler show.

The US Army Corps of Engineers still expects to reopen the Port of Baltimore's permanent 700-foot wide, 50-foot deep channel by the end of May.

The Key Bridge collapsed into the water late last month when the 116,851dwt container ship Dali lost power and crashed into a bridge support column. Salvage teams have been working to remove debris from the water and containers from the ship in order to clear the main channel.


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24/05/31

US shale wastewater could be new source of lithium: UoP

US shale wastewater could be new source of lithium: UoP

London, 31 May (Argus) — Wastewater from shale operations in Pennsylvania could provide up to 40pc of US lithium demand if tapped, according to a study from the University of Pittsburgh (UoP). Wastewater produced from oil and gas extraction in the region is rich in lithium and could provide an environmentally sound way to extract lithium without needing large open-pit mines or brine fields, with the added benefit of recycling water resources. "This study estimates that Marcellus Shale-related Li yields have potential to make a significant contribution to US domestic consumption with a set of reasonable, conservative assumptions," according to the research article published in Scientific Reports last month. "Wastewater from oil and gas is a burgeoning issue," National Energy Technology Laboratory researcher Justin Mackey said. "Right now, it's just minimally treated and re-injected. But it has the potential to provide a lot of value. After all, it's been dissolving rocks for hundreds of millions of years — essentially, the water has been mining the subsurface." Large oil companies have recently invested into lithium extraction, potentially bringing their technological knowledge and shale experts and applying them to a new industry. Norwegian state-controlled Equinor recently invested into underground lithium brine extraction in Canada and ExxonMobil expects to produce from brines in Arkansas by 2027. US lithium resources have been expanding with large discoveries in the past few years. Large clay deposits have been found in the McDermitt Caldera region on the Nevada-Oregon border, as well as multiple underground brine resources at the Smackover formation, Arkansas. The former attracted the ExxonMobil investment. The US geological survey estimates US lithium reserves at 1.1mn t, the fifth largest in the world after Chile, Australia, Argentina and China ( see graph ), with negligible production in 2023. By Thomas Kavanagh Global lithium reserves (USGS) t Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Rio Tinto to buy out New Zealand Aluminium Smelters


24/05/31
24/05/31

Rio Tinto to buy out New Zealand Aluminium Smelters

Sydney, 31 May (Argus) — UK-Australian mining firm Rio Tinto has signed an agreement to acquire Japanese firm Sumitomo Chemical's stake in New Zealand Aluminium Smelters (NZAS) to own 100pc of NZAS. Rio Tinto will buy Sumitomo Chemical's 20.64pc stake in NZAS for an undisclosed price which will give it full control of the joint venture if all approvals — including from New Zealand's Overseas Investment Office, are secured — Rio Tinto said today. NZAS operates the Tiwai Point smelter at Southland on New Zealand's South Island, which was expected to close in December, but will now operate for at least two more decades as Rio Tinto signed 20-year supply deals with local utilities Meridian Energy, Contact Energy and Mercury NZ for a combined base-load volume of 572MW. The smelter is the largest single user of electricity in the country, and produced between 333,000-336,000 t/yr over 2021-23. The power supply agreements are expected to begin in July and run until at least 2044, with the biggest coming from Meridian Energy at 377MW, followed by 100-120MW from Contact Energy and 50-75MW from Mercury NZ. The supply deals — which are subject to regulatory approvals and other conditions — include 20-year demand response agreements with Meridian Energy and Contact Energy, under which NZAS may be requested to reduce electricity consumption by up to a total of 185MW. "The NZAS decision to extend the smelter life removes significant uncertainty for the electricity sector, which also helps pave the way for new renewable energy to be built," Meridian Energy chief executive Neal Barclay said on 31 May. Rio Tinto has also signed an agreement to buy Sumitomo Chemical's 2.46pc stake in Boyne Smelters Ltd (BSL), which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia. Rio Tinto's interest in BSL will increase to 61.85pc upon completion of the deal. Sumitomo Chemical said it held shares in the Australian and New Zealand business for the purpose of importing primary aluminium for resale, but decided to sell its interests as changes in global market conditions led to "high" volatility in profitability and as it looks to strengthen its financial position. Rio Tinto originally planned to shut down NZAS in August 2021 because of high energy costs and a tough outlook for the sector, but pushed back its decision a few times. By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Taiwan's scrap imports fall on year in April


24/05/31
24/05/31

Taiwan's scrap imports fall on year in April

Singapore, 31 May (Argus) — Taiwan's ferrous scrap imports fell in April as the upcoming summer lull, which encompasses higher electricity rates and electricity restrictions in May, led to cautious procurement activities by local steelmakers. Marginally higher spot scrap prices in early February also suppressed buying appetite, trade sources said. Loading and delivery for US containerised scrap is typically set 6-10 weeks ahead and the spot price for HMS 1/2 80:20 containerised scrap from the US west coast was as high as $375t/t on 1 February, but tapered off to $360/t cfr by 29 February. "Scrap buyers will usually stay by the sidelines when prices start falling because there is a common belief that prices will continue falling, and they don't want to be caught buying at higher prices this week when they could potentially get it lower next week," a trader said. The US was the biggest supplier of scrap metals to Taiwan, accounting for 45.4pc of the net import volume, followed by Japan at 20.4pc. Other major suppliers of scrap to Taiwan include the Dominican Republic and Australia. Taiwan's imports in May and June are expected to be suppressed as it enters a seasonal lull and as electricity restrictions kick in on 15 May, with mills expected to cut work shifts and reduce steel production. The typhoon season in May will also affect steel demand as rainy weather will impede local construction works. Taiwan ferrous scrap imports Country Apr % ± vs Mar % ± vs Apr'23 Jan-Apr % ± y-o-y US 125,703 3.63% 23.3% 448,733 10.12% Japan 56,619 27.76% -25.7% 218,328 -23.74% Australia 8,685 -45.52% -73.1% 46,535 -54.37% Dominican Republic 13,164 -11.77% -53.4% 62,042 -19.96% Others 72,671 -5.22% 0.4% 271,452 17.85% Total 276,841 1.35% -11.0% 1,047,090 -5.12% Source: Taiwan customs Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Australia’s Queensland bans CCS in Great Artesian Basin


24/05/31
24/05/31

Australia’s Queensland bans CCS in Great Artesian Basin

Sydney, 31 May (Argus) — Australia's Queensland state government announced today it will ban carbon capture and storage (CCS) in its portion of the Great Artesian Basin. Greenhouse gas (GHG) storage activities, including CCS projects, will be permanently prohibited in the basin as the government looks to protect its water resources, Queensland premier Steven Miles said on 31 May. The ban, which will be legislated, also includes enhanced oil or petroleum recovery activities that use a greenhouse gas stream. Activities involving GHG storage or the injection of GHG streams into underground formations may be able to continue in other parts of the state, subject to existing assessment and approval processes. The government will appoint an expert panel to review projects outside the Great Artesian Basin, which will report back in 2025. The Great Artesian Basin is Australia's largest groundwater aquifer. It is made up of several sedimentary basins spanning over 1.7mn m² across Queensland, the Northern Territory, South Australia and New South Wales. Water extracted from the basin is used for agriculture, irrigation and stock watering, as well as for industry and household supply in over 80 Queensland towns, according to the government. Queensland's Department of Environment, Science and Innovation last week rejected the environmental impact statement for commodities producer and trading firm Glencore's CTSCo Surat Basin CCS project, which aimed to demonstrate carbon capture from a coal-fired power station and the permanent storage of CO2. The project was unsuitable to proceed because of the potential impact on groundwater resources in the Great Artesian Basin, the department said. The CCS ban follows the state's decision late last year to ban unconventional oil and gas extraction in its portion of the Lake Eyre basin to protect inland waterways, as well as conventional production alongside rivers and on floodplains. By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Trump found guilty in criminal 'hush money' case


24/05/30
24/05/30

Trump found guilty in criminal 'hush money' case

Washington, 30 May (Argus) — Former president Donald Trump was found guilty today on 34 felony counts of falsifying business records in relation to the reimbursement of a $130,000 payment to an adult film star ahead of the 2016 presidential election. The unanimous guilty verdict, from a 12-member jury in New York, will inject further uncertainty into the presidential election on 5 November, where Trump is the presumed Republican nominee and is leading in many polls against President Joe Biden. Trump is the first former US president to face a criminal trial, and his conviction means he will run for office — on a campaign focused in part on rolling back energy sector regulations and expanding drilling — as a convicted felon. Sentencing is scheduled for 11 July. Trump has argued the criminal charges, filed by New York state prosecutors, were "ridiculous" and were a politically motivated attempt to interfere with his campaign. At trial, Trump's attorneys argued against the credibility of a key witness, Trump's former attorney Michael Cohen, who testified that Trump directed the falsification of the business records to conceal a "hush money" payment to the adult film star following an alleged affair. "This was a rigged, disgraceful trial," Trump said following the verdict, "but the real verdict is going to be November 5 by the people, and they know what happened here." Despite the conviction, Trump, if elected, could still serve as president. Trump could face up to four years in prison, and sentencing will be decided by the judge overseeing the case. Trump is separately facing dozens of other felony charges in federal and Georgia state court, but those cases have faced delays and may not go to trial before the election. President Joe Biden's campaign said Trump has "always mistakenly believed" he would not face consequences. Biden's campaign said that despite the verdict, it would be up to voters to decide whether Trump is re-elected. "Convicted felon or not, Trump will be the Republican nominee for president," Biden's campaign said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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