Baltimore to temporarily open 4th shipping channel

Spanish Market: 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.

By Courtney Schlisserman

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

17/01/25

US industrial production ends 2024 on strong note

Houston, 17 January (Argus) — US industrial production posted the strongest monthly growth in 10 months in December, boosted by rebounds in energy, mining and aircraft output. US industrial production rose by a better-than-expected 0.9pc, as gains in output of aircraft contributed 0.2 percentage point after resolution of a Boeing aircraft plant strike, according to Federal Reserve data released today. That followed growth of 0.2pc in November and was three times higher than analysts' estimates for 0.3pc growth. Manufacturing output, which accounts for about 75pc of industrial output, rose by 0.6pc after gaining 0.4pc in November after two months of declines, the Federal Reserve said. Consumer goods output rose by 0.5pc on the month. Durable manufacturing rose by 0.4pc, with aerospace and miscellaneous transportation equipment up by 6.3pc and primary metals up by 1.7pc. Motor vehicles and parts output fell by 0.6pc. Output of nondurable consumer goods rose by 0.7pc, boosted by a 1.9pc gain in energy. Business equipment output rose by 1.4pc, largely on the gain in civilian aircraft. The indexes for mining and utilities, which account for 14pc and 11pc of total industrial output, climbed by 1.8pc and 2.1pc, respectively. Natural gas output was up by 6.2pc on the month. Total industrial production was up by 0.5pc in December from a year earlier. Manufacturing was flat on the year and posted monthly declines in five months last year, while utilities were up by 0.3pc and mining was up by 4.3pc from a year earlier. Capacity utilization rose to 77.6pc, up from downwardly revised 77pc for the prior two months, which was the lowest since May. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Export opportunities crucial for Turkish mills in 2025

17/01/25

Export opportunities crucial for Turkish mills in 2025

London, 17 January (Argus) — Waning prospects for the Turkish domestic rebar market means domestic steel mills are keeping a close eye on developments in potential key export destinations, as well as in key global demand drivers China and the US. The recent ceasefire deal between Israel and Hamas could lead to a recovery of Turkish exports to Israel in the coming months, while there is some expectation that the Chinese government will announce further stimulus packages once Donald Trump is inaugurated as US president on 20 January for a second term. At the same time, mills producers will be keen for the Turkish government to persuade Syria's new government to soften its stance on its steep hike in import duties announced earlier this week. Post-earthquake reconstruction work in southern Turkey is not likely to provide the same level of support to prices this year that it did last year. Earthquakes struck in the Iskenderun region of Turkey and in northern Syria in February 2023, eventually resulting in strong demand for rebar used for reconstruction work throughout most of last year. But the premium enjoyed by Iskenderun-based steelmakers as a result has become a discount in recent weeks as demand has faded, and with local supply so far failing to respond. In housing projects, rebar is required mainly in the foundations of buildings, and so even for projects that are not yet completed, the spike in rebar demand in the region may have run its course. Recent acquisitions in the Iskenderun region by major producers Habas and Tosyali are squeezing local prices, with Tosyali's July acquisition, the former Bastug steelworks, currently operating at 75pc capacity, or 3,000 t/d, according to local sources. There could be further consolidations and also an idling of capacity in the Turkish market in the coming months, as smaller companies struggle against tepid demand and elevated costs. Tosyali is considering making a bid for Izmir-based longs producer Ege Celik, market sources said. The export market will continue to be a challenge for Turkish suppliers this year, as it has been for the past few years, and Trump's return to office is set to push the world towards more trade barriers. The Israel-Hamas ceasefire deal, approved by the Israeli parliament today, could lead to an outlet for Turkish steel, as the Turkish government is expected to quietly allow companies to export to Israel again if fighting does not resume. Before the conflict broke out, Israel was a major destination for Turkish rebar. The Turkish trade ministry today said it will meet with Syrian representatives next week to pursue a free trade deal, following the new Syrian government's decision to raise import tariffs steeply with immediate effect, with duties on some commodities increasing fourfold. If the higher tariffs remain in place, it could significantly dent southern Turkish rebar producers' hopes of selling large volumes to Syria from later this year onwards as the country starts to rebuild following several years of civil war. Overall, Turkish mills will be more reliant on export opportunities this year than in 2024, with much ultimately depending on the extent to which Chinese exports continue to pressure the global steel market. The International Rebar Exporters' Association today said its hopes for a real resurgence in Chinese domestic steel demand were muted, implying that Chinese export volumes are likely to remain elevated after hitting record levels in 2024. By Brendan Kjellberg-Motton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Port of Liverpool to hike steel handling, storage fees

17/01/25

Port of Liverpool to hike steel handling, storage fees

London, 17 January (Argus) — UK port operator Peel Ports will increase steel handling and storage fees at the Port of Liverpool from 1 April, multiple market sources told Argus today. The port cited an increase of around 10pc in its operational expenditure, alongside some other drivers, for the hike. The port said it has invested in two new indoor storage sheds exclusively for steel and metals, in addition to its existing two sheds, nine and ten, and that it remains committed to achieving net zero emissions by 2040. Storage rates for coil are increasing by around 10-20pc, sources surveyed by Argus said. The fee paid by trading firms, which drive the increase in volume into Liverpool, varies depending on the amount they take into the port — larger traders with higher volumes secure cheaper rates, while smaller trading firms face higher fees, to the chagrin of new entrants. Those paying lower prices will see a 20pc increase from April, while those with higher prices will have a 10pc rise. Some will be paying over £9/t for coil handling after the increase, at a time of depressed margins for the whole of the supply chain. Those paying over £9/t would be paying the Port of Bristol around £7/t, and less at Newport. Liverpool offers four weeks of free storage before quay rental charges kick in. Those will rise to £1/t per week for some. Other ports offer eight weeks of free storage. "As a responsible business we always aim to achieve the right balance of providing competitive rates to reinvest in our facilities. Our charges reflect the multiple pressures the business is experiencing, such as higher inflation and changes to the fiscal regime including National Insurance, business rates and vehicle taxes," a Port of Liverpool spokesperson said. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Houthis signal Red Sea attacks pause after Gaza truce

17/01/25

Houthis signal Red Sea attacks pause after Gaza truce

Dubai, 17 January (Argus) — The Yemen-based Houthi militant group said it will monitor implementation of a temporary ceasefire between Israel and Gaza-based Hamas, raising the possibility of a reprieve for shipping in the Red Sea, but will remain prepared for military action if the deal is breached. "Our position regarding the situation in Gaza is linked to the position of our brothers in the Palestinian [armed] factions," Houthi leader Abdul-Malik al-Houthi said in a televised speech on 16 January. "We will continue to monitor the stages of implementation of the ceasefire agreement in Gaza, and any Israeli [violation], we will be directly ready to support militarily the Palestinian people." Al-Houthi's remarks suggest a halt in his Iran-backed group's campaign against shipping passing through the mouth of the Red Sea and against Israel directly. But with no clarity if he was referring to attacks on Israel or shipping lanes, shipping firms are likely to remain cautious about returning to the Red Sea. The Houthis began attacking commercial vessels with western and Israeli affiliations in the Red Sea and Gulf of Aden following an escalation of fighting between Hamas and Israel. Al-Houthi said his group have carried out 1,255 operations, including using ballistic missiles, drones and gunboats, since November 2023. But the risk of an attack in the Red Sea remains despite the ceasefire between Hamas and Israel, tanker owner Frontline said today. "We [are] all hopeful with the ceasefire, but… any ceasefire will be vulnerable with risk of [a] crew being caught if it breaks," Frontline chief executive Lars Barstad wrote on X. The possibility of an attack has compelled many ship operators to forego the Suez Canal in favor of longer voyages around the Cape of Good Hope in the last year, adding time and cost to movement of commodities. Transit of liquid and dry cargoes through the Suez Canal totaled 343mn t last year, less than half the 763mn t in 2023, according to data from Kpler. The ceasefire deal was announced late on Wednesday, 15 January, by Qatar and the US, two of the three countries that have been helping to mediate the negotiations between Israel and Hamas. Egypt is the third. Israel's security cabinet will meet today to sign off on the deal, and will send it for approval from the full government. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

W Australian iron ore exports slip on year in December

17/01/25

W Australian iron ore exports slip on year in December

Sydney, 17 January (Argus) — Iron ore shipments from Western Australia's (WA) Pilbara region slid on the year in December, driven by a decline in exports to most major markets. Australian miners shipped 61.3mn t of iron from Dampier and Port Hedland over December 2024, Pilbara Ports Authority (PPA) data show, down by 2.1pc on the year. Exports from Dampier rose by 7.8pc on the year in December, but this did not offset a 4.7pc decline at the larger Port Hedland. Combined exports from Port Hedland and Dampier were 2.8pc higher in 2024 than they were in 2023. Shipments from Dampier grew by 3pc over the year, above exports from Port Hedland which rose by 2.6pc. Multiple WA mines continued ramping up their operations over the year, boosting domestic output. Many of them will keep increasing production throughout 2025, according to iron producers. Port Hedland services major miners BHP, Fortescue, Roy Hill, Hancock Prospecting, and Mineral Resources, while Rio Tinto exports ore from Port Dampier and Port Walcott. Declines in December exports from Port Hedland were spread relatively evenly across most markets, except for India. Shipments to China and South Korea — the port's two largest export markets in December — plunged by 2.6pc and 20pc on the year, respectively, to 41.8mn t and 2.8mn t. The two countries accounted for 93.7pc of Port Hedland exports last month. But exports from Port Hedland to India more than doubled from 379,383t a year earlier to 770,692t in December, underscoring the market's increasing importance to Australian producers. Two major Indian steelmakers, Tata Steel and JSW Steel, boosted production over October-December, after expanding their existing plants. But there are signs that Chinese demand for Australian iron ore may have started to recover since the end of December, with shipping records indicating that exports from WA to China rose by 8pc on the year over the first two weeks of January to 25.5mn t. But ore shipments to north Asia have continued to drop in January, with Australia's combined exports to Japan and South Korea falling by 8.1pc on the year to just 3.6mn t over the first half of the month. Argus ' iron ore fines 62pc Fe cfr Qingdao price dropped from $133.30/t to $98.50/t over 2024. The price averaged just $105.30/t in December 2024, down from $134.50/t a year earlier. By Avinash Govind Pilbara Iron Exports mn t Dec'24 Dec'23 Nov'24 Jan-Dec '24 Jan-Dec '23 Port Hedland 47.6 49.9 48.8 568.7 554.3 Dampier 13.7 12.7 13.0 499.0 484.5 Total 61.3 62.6 61.8 1,067.7 1,038.8 PPA Send comments and request more information at feedback@argusmedia.com Copyright © 2025. 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