Baltimore to partially reopen by end of April
The Port of Baltimore shipping channel will be partially reopened — to a depth of 35ft — by the end of April and will fully reopen by the end of May, the Maryland Port Administration said on Thursday.
The waterway has been blocked since the early morning hours of 26 March, when the containership Dali lost power and struck the Francis Scott Key Bridge, causing the bridge to collapse into the water. Large vessels used for coal exports and containers and vehicle imports have been unable to traverse the waterway since.
The US Army Corps of Engineers (Corps) now expects it can have a 280-foot wide, 35ft-deep channel — large enough for one-way barge container traffic and roll on/roll off car carriers — "within the next four weeks — by the of April," the port administration said.
A permanent, 700ft-wide, 50ft-deep navigation channel allowing normal port access is expected to open by the end of May.
"These are ambitious timelines that may still be impacted by significant adverse weather conditions or changes in the complexity of the wreckage," Corps Lt. General Scott Spellmon said.
Related news posts
India's Fact issues tender to buy 15-15-15
India's Fact issues tender to buy 15-15-15
London, 29 April (Argus) — Indian fertilizer producer and importer Fact has issued a tender to buy two 20,000-30,000t lots, plus or minus 10pc, of 15-15-15 product. The tender closes on 13 May at 14:30 Indian Standard Time (IST). The first shipment should be delivered to the port of New Mangalore before 20 June, and the second to Tuticorin during 1-15 July. If suppliers cannot meet these timelines, they can offer to the nearest available date, and these submissions will be considered in the absence of offers that match Fact's desired dates. Offers can be made for either shipment or both. By David Maher Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan's ferrous scrap exports slip in March
Japan's ferrous scrap exports slip in March
Shanghai, 29 April (Argus) — Japan's ferrous scrap exports declined sharply in March as import demand from Vietnam diminished, while the South Korean market remained bearish. Total exports in March retreated by 17pc on the month and by 10pc from the previous year, reaching 516,000t, according to Japan's customs data. Total exports dropped by 4.6pc on the year to 1.6mn t in the first quarter. Japanese scrap exporters encountered challenges because of declining overseas demand since March, as buyers became more cautious in the face of weaker-than-expected downstream demand recovery. Scrap exports will likely remain subdued in the coming months, according to trade sources. Vietnamese buyers were active in the seaborne market at the beginning of the year, but rising inventory levels and uncertainties in the steel sector outlook led them to step back after February. Exports to Vietnam in March dropped by 21pc on the month. The South Korean market is not expected to rise significantly in the near term as domestic scrap prices continued to fall, dropping by $50-60/t over the past three months. "South Korean buyers only fulfilled long-term contracts and stayed away from the spot market," a Japanese trader said. Exports to South Korea plummeted by 38pc to 470,000t in the first quarter. Exports to Taiwan dropped significantly by 41pc from the previous month as buyers were more focused on purchases of containerised scrap. Exports to Malaysia remained steady above 30,000t in March, while exports to the Philippines decreased from 34,000t in February to 13,000t. But a depreciation of the Japanese yen allowed exporters to offer relatively more competitive prices compared to other suppliers, with buyers price sensitive given a sluggish steel market. The yen started to weaken in March, reaching above ¥155:$1 at the end of April from $146.8:$1 in mid-March. Japan ferrous scrap exports (t) Country March % ± vs Feb % ± vs Mar '23 Jan-Mar % ± on year Vietnam 210,014 -20.7 20.7 683,821 48.0 South Korea 156,851 -9.8 -32.2 469,644 -38.1 Bangladesh 43,755 13.8 N/A 91,205 79.0 Taiwan 35,329 -40.8 -62.8 140,755 -28.8 Others 70,023 -20.6 -7.2 213,587 3.0 Total 515,971 -17.4 -10.4 1,599,011 -4.6 Source: Japan customs Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
STB chair Oberman to leave rail agency on 10 May
STB chair Oberman to leave rail agency on 10 May
Washington, 26 April (Argus) — US Surface Transportation Board (STB) chairman Martin Oberman (D) said today that he would retire in two weeks, though a replacement has not been named. Oberman informed President Joe Biden of his decision in a letter earlier today. Oberman said in mid-November 2023 that he would exit the agency in early 2024 . His five-year term expired on 31 December but he continued to serve into his one-year holdover term. No additional details have been announced, but vice chairman Karen Hedlund (D) is expected to lead the rail regulator until a formal appointment has been made. Chairman Oberman's "commitment to exploring all sides of an issue was pivotal in helping to find solutions for stakeholders," the Freight Rail Customer Alliance said. National Grain and Feed Association chief executive Mike Seyfert said pointed to Oberman's actions in working toward significant regulatory milestones for agricultural shippers and railroads. Under Oberman's leadership, STB has moved forward on long-standing proposal to allow reciprocal switching. The switching plan would allow a shipper served by a single railroad to request that its freight be transferred to another major railroad at a designated interchange point. STB is expected to act on reciprocal switching as early as this month, after introducing a plan tied to railroad service performance in September 2023. His term was also highlighted by several major industry events, such as the Covid-19 pandemic, the merger of Canadian Pacific and Kansas City Southern and the 2022 rail service crisis. Oberman was nominated by former US president Donald Trump in July 2018. His appointment was confirmed by the US Senate in January 2019 and he was appointed chairman by President Joe Biden in January 2021. By Abby Caplan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
High inventories pressure Brazil biodiesel prices
High inventories pressure Brazil biodiesel prices
Sao Paulo, 26 April (Argus) — Logistical differentials for Brazilian biodiesel contracts to supply fuel distributors in May and June fell from March and April values, reflecting higher inventories and a bumper crop of soybeans for crushing, which could increase vegetable oil production. The formula for the logistics differential of plants includes the quote of the soybean oil futures contract in Chicago, its differential for export cargoes in the port of Paranagua and the Brazilian real-US dollar exchange rate. It is the portion in the pricing linked to producers' margin. Negotiations for May and June started with plants seeking higher values to recover part of the losses incurred by unscheduled stops , the result of retailers' delays in collecting biodiesel. But the supply glut has not abated, leading to a drop in prices. With higher inventories in the market, fuel distributors stuck close to acquisition goals established by oil regulator ANP for the May-June period. Sales are expected to gain traction over the next two months, as blended diesel demand traditionally gets a seasonal boost from agricultural-sector consumption linked to grain and sugarcane crops. The distribution sector expects an extension of the current supply-demand imbalance, exacerbated by significant volumes of imported diesel at ports and lower-than-expected demand. The situation has generated concern among many participants, who see this trend as a potential sign of non-compliance with the biodiesel blending mandate. ANP data show that the compliance rate with the Brazilian B14 diesel specification dropped to 83.4pc in April from 95.2pc in March, reaching the lowest level since the 2016 start of monitoring. Non-compliance with the minimum biodiesel content accounted for 67pc of the infractions recorded during the period compared to a historical average rate of 47pc. The recent end to a special tax regime for fuel importing companies offered by northern Amapa state's secretary of finance should end a significant source of diesel price distortions and help rebalance supply in the country. Variations The steepest decline in differentials took place in northeastern Bahia state, where premiums for the period ranged from R600-830/m³ (44.35-61.35¢/USG), down from R730-1,020/m³ in the March-April period, according to a recent Argus survey. In the northern microregion of Goias-Tocantins states, the premium range also dropped by around R142/m³ to R300-535/m³ from R440-680/m³. By Alexandre Melo Brazil biodiesel plant differentials R/m³ May/June March/April ± Low High Low High Rio Grande do Sul 110 380 280 450 -120 Sorriso-Nova Mutum 50 340 220 350 -90 Cuiaba-Rondonopolis 80 405 280 450 -123 Northern of Goiás-Tocantins 300 535 440 680 -142 Southern of Goias 350 500 450 650 -125 Parana-Santa Catarina 150 450 400 480 -140 Bahia 600 830 730 1,120 -210 Source: Argus survey Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more