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First Jones Act waiver deals enter spot market
First Jones Act waiver deals enter spot market
New York, 18 March (Argus) — Traders in the US refined products market moved quickly on Wednesday after the US announced a 60-day waiver on Jones Act shipments, snapping up internationally flagged medium range (MR) tankers for the voyages instead. The availability of prompt vessels for quick Jones Act-style shipments — a market dominated by long-term time charters and restricted vessel supply — after the launch of the waivers has likely created strong arbitrage opportunities for charterers. This comes despite higher freight costs, at least initially, on some routes as international demand remains elevated, with buyers scrambling to secure shipments after Mideast Gulf flows largely ceased. A charterer put the PIS Kalimantan , a Panamanian flagged MR tanker, on subjects for a US Gulf coast-Jacksonville, Florida, voyage today loading from 21-22 March at $2mn lumpsum, including demurrage at $115,000/d. The deal would equate to around $6.74/bl for the shipment. This is lower than the $6.92/bl for a Caribbean-bound voyage assessed on 17 March but much higher than a $3.70/bl voyage assessed for a Port Everglades-bound Jones Act voyage from Houston assessed on 13 March. Meanwhile, another charterer put a Norden-owned MR tanker on subjects for a New York-Hawaii voyage at $6.5mn, or $21.92/bl. The deal was likely influenced by a US Gulf coast-Asia voyage that commodity trader Clearlake put the Boxer on subjects for $6.4mn, or $21.49/bl, earlier within the trading day. These deals suggest that spot market activity for US cabotage over the next 60 days will depend on international freight levels, at least as long as they outstrip Jones Act $/bl rates. But Jones Act rates usually outperform international spot rates for the few vessel operators that are US flagged and US crewed. It remains to be seen whether international vessel operators will insist on at least typical Jones Act voyage rates if international freight rates begin to trade at a discount in the near term. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Cuba’s power collapses amid talks with US
Cuba’s power collapses amid talks with US
Houston, 17 March (Argus) — Electricity is being "gradually" restored to Cuba today as the government started investigating the cause of a third national blackout since November. The power system's collapse on Monday follows the government's report last week that it is discussing with the US a solution to their differences that have led to a suspension of the island's oil imports for the past three months, weakening an already troubled power sector. Power was restored to about 30pc of the island by early Tuesday, state power utility UNE said. "But the system is still unstable, with frequent brownouts that suggest the recovery could take some days," a Caribbean diplomat in Havana told Argus . "About 40pc of electricity has been restored to the capital Havana this morning, but much less is back in other parts of the island," the diplomat said. Power output from solar systems and plants burning local crude and natural gas is projected to reach 1220MW by the end of Tuesday, 1930MW less than demand, UNE forecast. The restoration of power "must be done gradually to avoid setbacks," the island's energy ministry said. "The system is very weak and could suffer more failures." Circuits that have been restored could fail again, the government warned Tuesday. Power cuts caused by breakdowns at the island's aging generators have become more frequent as UNE implemented scheduled plant shutdowns because of limited fuel. The latest blackouts are not related to US president Donald Trump's 30 January executive order imposing tariffs on any country that supplies oil to Cuba. The reduced access to imported crude and products, mostly from Venezuela and Mexico, led the island's government to implement emergency plans such as the rationing of some fuels, including diesel and kerosene. The administration has reduced operations at government offices and at state-run businesses and curtailed operations at hospitals and reduced school hours. Motorists are forced to wait for hours in long lines at petrol stations, and their purchases are rationed. The island's tourism — traditionally a main source of foreign currency — has also been affected by the closure of many resorts because of a lack of fuel. International airlines flying to the island have reduced their schedules because of the jet fuel shortage on the island. The island's government delivered a lukewarm reaction to a US plan announced 1 March to ease the growing energy crisis by allowing the resale of Venezuelan oil to the private sector. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU hints at 'soft price cap' for the ETS before 3Q
EU hints at 'soft price cap' for the ETS before 3Q
Brussels, 17 March (Argus) — A "soft price cap" for the EU's emissions trading system (ETS) could come before a general ETS review is presented in July, EU climate commissioner Wopke Hoekstra has said. But he noted a "huge degree" of uncertainty as to timing. The EU plans to first deal with the ETS' market stability reserve (MSR) and benchmarks in the "next couple of months", before the previously scheduled ETS review in June-July, as the MSR and benchmarks are "intellectually" easier to reform, Hoekstra said at a meeting of EU climate and environment ministers. The MSR was introduced in January 2019 in a bid to tackle oversupply in the EU ETS. It absorbs the difference between 833mn and the total number of allowances in circulation (TNAC), if the TNAC stands between 833mn-1.096bn, or 24pc of the difference if the TNAC is above this range. And the MSR would release 100mn allowances into the system if the TNAC falls below 400mn. The mechanism was scheduled for review in July alongside the more general EU ETS review. It is "hugely important" that the EU continues with the ETS, Hoekstra said. But European Commission president Ursula von der Leyen's proposal in a letter to EU leaders to use the MSR to bring down price volatility in the ETS is a "wise" thing. "The last thing we want is price hikes and volatility," Hoekstra said. The "largest" volatility for the ETS in the past couple of years was related to statements made during an industry meeting in Antwerp in February, Hoekstra said. "That talked down the price of ETS allowances dramatically and actually fuelled the volatility that we try to prevent," Hoekstra said. Leaving the ETS would probably not be beneficial for Poland, according to Polish climate and environment state secretary Krzysztof Bolesta. "If Poland were to say that this [ETS] charge does not apply in Poland, then our partners in the EU would have every right to stop importing those goods," he said. Poland has received around €30bn ($35bn) through ETS funds, Bolesta said. But von der Leyen's letter to EU leaders "piqued" Poland's interest, especially regarding the MSR, he said. "But there are still few concrete proposals." Bolesta wants to give "more time" to industries under the EU ETS, by adjusting the fall in the system's supply cap. And sectors covered by the EU's carbon border adjustment mechanism should receive free allowances, he said. Soft ETS capping has to have a "real" result on markets, Hungary's environment state secretary, Aniko Raisz, said. Raisz also called for the exclusion of gas-fired power plants from the system, and to extend the free allocation of allowances. She also wants the launch of the upcoming ETS 2 — which covers road transport and buildings — to be pushed back to 2030 at a "bare minimum". "We think that ETS 2 is not the tool to reach climate neutrality." ETS 2 is currently scheduled to start in 2028, having already been delayed from 2027 in recent amendments to the European Climate Law . "ETS 1 is for us, as the largest economy within the EU, the most important price signal," German climate minister Carsten Schneider said. "We would like to make minor adjustments" as the ETS is a specific "burden" for some benchmarks, particularly in the chemicals industry, Schneider said. Benchmarks are used to calculate free allocations for energy-intensive industries. "I've advocated for slightly extending free allocation [of allowances]... and discussing the question of how long we allocate certificates at all — that we make it possible even beyond 2039," Schneider said. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European ethanol prices up on indirect war effects
European ethanol prices up on indirect war effects
London, 16 March (Argus) — European ethanol prices have risen by more than 10pc since the start of the US-Israel war with Iran, with a number of indirect effects pushing values to the highest in four months. Last week, prices for 75pc GHG savings crop-based ethanol rose to €754/m³, up by €72/m³ from 27 February, the day before the US and Israel attacked Iran, and the highest since 11 November. While the conflict has not directly affected ethanol supply, there has been consequential volatility and disruption through higher freight rates, limited arbitrage opportunities and increased production costs. The war looks likely to tighten supply in what was, already, a structurally short European ethanol market. Arbitrage economics for suppliers in North and South America to export to Europe have closed because of higher specialised freight rates and domestic prices. The EU is heavily reliant on ethanol flows from the Americas, with the bloc's largest suppliers of undenatured ethanol in the fourth quarter 2025 being Peru with 43,101t, Brazil with 26,747t, Canada with 21,819t, and the US with 18,822t. The Americas represented 71pc, or 133,275t, of all EU imports that quarter. Specialised freight has become more expensive since the war began beginning and it could be difficult to book vessels. The war has almost entirely halted ships from passing through the strait of Hormuz, which has mostly stopped shipments of diesel from the Mideast Gulf to Europe and prompted European buyers to turn to the US Gulf Coast for cargoes. Revenues from these have been high enough to keep most IMO2/3 'swing tonnage' tankers away from ethanol, biofuels, and petrochemicals cargoes, supporting specialised tanker rates. Tanker availability in the Americas was already very tight, and strong revenues in the regional products freight market and high numbers of Contracts of Affreightment have left even fewer available specialised tankers for biofuels. Charterers have faced high competition in the spot market which has sent specialised tanker rates surging. The higher price of bunker fuel has also pushed up shipowners' costs to move cargoes and further supported freight rates. Ethanol prices in the US and Brazil have also risen, which has disincentivised exports. US ethanol prices rose between 4-13 March in line with gains in oil products and agricultural futures. In-tank transfers at Kinder-Morgan's Argo terminal and for Chicago Rule 11 railcars rallied by more than 6pc, to €436.77/m³ (189.2¢/USG) and €427.19/m³ (185¢/USG) respectively, per Argus assessments. Barge values at New York Harbor rose by 5.5pc to €449.13/m³ (194.50¢/USG). Brazilian ethanol prices were already supported pre-war by reduced domestic supply, a result of the major producing centre-south region being in the December-March sugarcane off season, coinciding with historically low stocks. Brazil's domestic demand for ethanol could grow if state-controlled Petrobras adjusts domestic fuel prices higher then consumers will look to fill up their flex-fuel vehicles with more ethanol. Argus ' price for hydrous ethanol traded on an ex-mill basis in the state of Sao Paulo reached 3,805 reals/m³ (€632.80/m³or 280.1¢/USG) on 23 January, the highest since 24 January 2022. The price has since reversed some of the gains but it is still trading at levels last seen four years ago. EU ethanol production margins fell at the start of the conflict. Between 2-4 March, margins for corn fell by €94.49/m³ to €187.22/m³ and for wheat they fell by €95.49/m³ to €181.20/m³, according to Argus calculations that exclude variable costs of yeasts, enzymes, chemicals and denaturants. In 2025, the average production margin was €197.58/m³ for corn and €198.50/m³ for wheat. Market participants attributed the lower margins to higher prices for natural gas used in the production process. With the war closing off some global LNG supply, the natural gas has gone from 20pc of production costs to 30pc, according to Argus calculations. Prices for grains have also risen, with the EU's corn production down in recent seasons, and imports have become more expensive because of higher shipping costs. By Toby Shay, Leonard Fisher-Matthews, Maria Lígia Barros, Thompson Corpus, Aleksandra Godlewska and Anna Harouni Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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