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Dozens of ships transit Hormuz via Omani corridor
Dozens of ships transit Hormuz via Omani corridor
London, 25 June (Argus) — More than 50 ships have exited the Mideast Gulf through a southern route around the strait of Hormuz in the past three days, including 14 crude and oil product tankers, according to shiptracking data. The route runs around the tip of Oman and avoids sea lanes designated by Iran. It had been used sporadically during the US-Iran conflict, but was later defined as a temporary corridor under an International Maritime Organisation (IMO)- and Oman-led evacuation plan announced on 23 June. Seven VLCCs, three Suezmaxes and four other crude or clean product tankers have since exited the Gulf along the route. Other vessels using it included 15 bulk carriers — three of them Capesize — alongside containerships, LPG and LNG carriers and other ships. This is likely the busiest period on the route since the start of the conflict, as shipping through Hormuz begins to recover following the US-Iran memorandum of understanding aimed at ending hostilities. At least nine ships have also used the corridor to enter the Mideast Gulf, including the VLCC Ocean Lily , suggesting owners are becoming more confident about operating in the region. But use of the route remains contested. Earlier today, Iran's Islamic Revolutionary Guard Corps (IRGC) warned vessels against using any routes through the strait of Hormuz that have not been designated as safe by Tehran. The IRGC Navy said "some authorities" had announced a new route for ships to transit Hormuz "without informing or co-ordinating with" Iran, which it described as "unacceptable and completely dangerous". "The only permitted routes for passing through the strait of Hormuz are those which were announced by the Islamic Republic of Iran," it said. "Any movement of vessels outside these routes is very dangerous and prohibited." Lower war-risk premiums may support a further recovery in tanker activity. Additional war-risk premiums (AWRPs) for VLCCs have fallen to around 2pc of vessel value from about 5pc previously. Charterers have secured the Olympic Lady to load a crude cargo, marking one of the few VLCC fixtures from within the Mideast Gulf since the start of the war, according to market participants. Oil product trade has also begun to pick up as transit conditions improve. Mideast Gulf refiners have started to offer a wider range of products. Kuwaiti refiner KPC was among the first to return to the spot market this week after lifting force majeure on 18 June, following the US-Iran memorandum. KPC sold naphtha for July loading from Kuwait, likely its first spot fob tender since the start of the conflict. Market participants expect further product offers from KPC to follow. By Rhys van Dinther and John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK to set in law GHG cuts of 87pc over 1990-2042
UK to set in law GHG cuts of 87pc over 1990-2042
London, 25 June (Argus) — UK parliament has agreed on the country's seventh carbon budget, and will set into law greenhouse gas (GHG) emissions reductions of 87pc by 2042, from a 1990 baseline. The vote, which took place in the evening of 24 June, passed with 332 votes for and 94 against. The UK's Labour government has pursued ambitious decarbonisation policies since it won a landslide victory in July 2024. The government earlier this month set out its proposal for the emissions cuts, in line with recommendations from the parliamentary advisory Climate Change Committee (CCC). Carbon budgets, which are legally-binding in the UK, cap the total GHG emissions that the UK can emit over five-year periods. The seventh carbon budget, which covers 2038-42, will have a limit of 535mn t/CO2 equivalent (CO2e), including the UK's share of international aviation and shipping emissions. This is "consistent with the Paris Agreement" and its most ambitious target to curb the global rise in temperature to 1.5°C above pre-industrial levels, the government said. The CCC welcomed the results of yesterday's vote. It "provides the long-term certainty that businesses, investors, and communities need to accelerate the transition away from fossil fuels… this legislation will help unlock innovation, drive clean investment, and strengthen the UK's competitiveness in a low-carbon world", CCC chair Nigel Topping said. The UK is on track to meet its fourth and fifth carbon budgets, which cover 2023-27 and 2028-32, respectively, the CCC said this week in its annual assessment of government progress on climate targets . But the government must accelerate electrification to hit climate goals beyond that, the committee added. The UK met its first three carbon budgets, which covered 2008-2022 collectively, largely through power sector decarbonisation, including shutting coal-fired power generation. The country has a legally-binding target to reach net zero GHG emissions by 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's northeast hit by earthquake, energy sites safe
Japan's northeast hit by earthquake, energy sites safe
Tokyo, 25 June (Argus) — A 7.2-magnitude earthquake struck northeastern Japan today. No major damage to nuclear power plants or thermal power facilities and domestic refineries has been reported so far, according to industry sources contacted by Argus . The earthquake occurred off the coast of Iwate prefecture at 07:30 on 25 June Japan time (22:30 GMT on 24 June), according to the Japan Meteorological Agency. The quake registered an upper-6 seismic intensity — the second-highest level on Japan's shindo scale — in Aomori prefecture. There is no risk of a tsunami from the earthquake, the agency said. Japanese prime minister Sanae Takaichi also said there was no risk of a tsunami. The government would assess the damage and work to respond to the disaster, she added. The earthquake did not affect power generation facilities in the Tohoku area, with no damage reported to nuclear, thermal, hydroelectric, or renewable power plants, Tohoku Electric Power told Argus . Around 4.6GW of coal-fired capacity and 7.9GW of gas-fed capacity were available for operation in Tohoku as of 25 June, according to a power plant operational status notice by the Japan Electric Power Exchange. The 825MW Onagawa No.2 nuclear reactor in Miyagi, close to the earthquake's epicentre off the Iwate coast, continues to operate. No damage was reported at the Rokkasho nuclear fuel reprocessing plant in Aomori, which is scheduled to begin operations in the April 2027-March 2028 fiscal year. Two major biomass power plants in Tohoku — the 75MW unit at Ofunato in Iwate and a similar-sized plant at Hachinohe in Aomori — were also unaffected, sources told Argus . In Hokkaido, where the quake registered at 4 on Japan's seismic intensity scale in some areas, there was no damage to power generation facilities, a representative at Hokkaido Electric Power said. No nuclear reactors are currently operating in Hokkaido, with the 2,070MW Tomari nuclear plant remaining safely closed. Japanese refiner Eneos operates the 145,000 b/d Sendai refinery in Miyagi. But the earthquake had no impact on Eneos' facilities including refineries, the company said. By Fumito Nagase, Motoko Hasegawa, Kohei Yamamoto, Takeshi Maeda, Reina Maeda, Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Texas renewable diesel flows up as Calif. demand eases
Texas renewable diesel flows up as Calif. demand eases
Seattle, 24 June (Argus) — Renewable diesel producers along the US Gulf coast are increasingly selling into the Texas ultra-low sulphur diesel (ULSD) market as bulk demand slows across California — the largest R99 market in the country — in tandem with record-high US output of the fuel. Renewable diesel production at US biorefineries in May hit an all-time high of about 6.86mn bl, part of a steady increase since the beginning of the year following the implementation of record-high biofuels blending targets, according to the latest RIN generation data from the Environmental Protection Agency (EPA). Higher run rates through the second quarter, compounded by elevated and volatile diesel prices across the country, made California buyers hesitant to commit to high-volume R99 spot purchases as the market faced fresh supply. But Texas's 20¢/USG diesel excise tax abatement, applicable to renewable diesel, appears to have thrust the state — particularly Houston's fob truck spot market — into the spotlight as an attractive secondary supply outlet. Local market participants have cited R99 on offer from various Gulf coast producers throughout June, with the tax abatement now making renewable volume competitive with conventional ULSD in the region. Offers for R99 fob truck in Houston as recently as Wednesday morning were heard at July Nymex ULSD +9¢/USG, which a number of sources said represented about a 5¢/USG discount versus conventional ULSD once accounting for the excise tax abatement. Spot R99 via the pipeline in California by comparison last traded at double-digit discounts, 35¢/USG and 80¢/USG, respectively, to the corresponding Los Angeles and San Francisco CARB complexes (conventional in-state CARB diesel + attributes). By Jasmine Davis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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