Hurricane Debby halts traffic at southeast US ports
Major ports in the southeast US are closed to vessel traffic as Hurricane Debby made landfall today as a category 1 storm in northern Florida.
Seaport Manatee and the port of Tampa Bay in Florida closed waterways on 3 August, with Seaport Manatee issuing port condition Zulu — where gale force winds are anticipated within 12 hours and port operations are suspended. Port Tampa Bay closed its shipping lanes on 3 August.
Combined DAP and MAP exports from the port of Tampa reached 245,000 metric tonnes (t) between January and May — comprising nearly 91pc of year-to-date offshore export volumes — according to US Census Bureau data. Nearly two-thirds of US ammonium phosphate production capacity is consolidated in central Florida with Mosaic, according to The Fertilizer Institute (TFI) data.
The Port of Savannah, in Georgia, will close today at 3:00pm ET and will remain closed on Tuesday before reopening on Wednesday, according to the Georgia Ports Authority. No vessel activity will be allowed during the closure.
Related news posts
Indonesia to lift sulphur imports on EV battery demand
Indonesia to lift sulphur imports on EV battery demand
Singapore, 9 September (Argus) — Indonesia expects to boost its sulphur imports in the second half of the year because of increased high-pressure acid-leaching (HPAL) operations to support the growing demand for electric vehicle (EV) batteries. Sulphur is used in sulphur burners to produce sulphuric acid, which is used to separate nickel and cobalt from ore in the HPAL process to produce mixed hydroxide precipitate (MHP). MHP is the main feedstock to produce nickel sulphate and nickel cathode, which are the feedstocks for battery, special steel and nickel-based alloy production. Indonesia imported 41pc more sulphur in January-July this year, totalling 1.91mn t, the latest GTT data show. Deliveries from the UAE and Canada more than doubled from a year ago, reaching 478,100t and 258,300t respectively. Imports from Saudi Arabia more than tripled on the year to 609,300t. Sulphuric acid imports over the same period fell by 14pc on the year to 641,700t, after several buyers started new sulphur burners and switched to buying sulphur. Some importers also switched to buying lower priced domestic product following a rise in import offers because of supply constraints in east Asia. Sulphuric acid deliveries from China and the Philippines fell by 56pc and 47pc on the year to 175,700t and 58,800t respectively. Sulphur demand rose this year following the expansion of sulphur burning operations at Obi Island and Sulawesi. Chinese nickel producer Ningbo Lygend's Indonesian subsidiary Halmahera Persada Lygend reached full capacity at its ONC project in north Maluku province on 2 September, just two months after starting operations. This latest expansion brings Lygend's total nickel capacity by HPAL to 120,000t/yr, compared with an estimated 55,000t/yr a year ago. Chinese producer Green Eco-Manufacture's (GEM) QMB HPAL project is also expected to increase its sulphur demand by around 570,000t/yr by the end of 2024 with the start-up of two sulphur burners in the Indonesia Morowali Industrial Park (IMIP). By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Methanex to acquire OCI’s methanol business for $2bn
Methanex to acquire OCI’s methanol business for $2bn
Houston, 9 September (Argus) — Methanol producer Methanex announced Sunday that it will acquire OCI's international methanol business for $2.05bn. As part of the transaction, Methanex will acquire four primary assets, including a 910,000 t/yr methanol facility and 340,000 t/yr ammonia facility in Beaumont, Texas. Methanex will acquire OCI's 50pc interest in the 1.7m t/yr Natgasoline methanol plant in Beaumont. The acquisition of Natgasoline is subject to a legal proceeding between OCI and Proman, the other 50pc holder in Natgasoline, over certain shareholder rights. If the dispute is not resolved within a certain period, Methanex has the option to exclude the purchase of the Natgasoline joint venture and proceed with the rest of the transaction. The transaction also includes OCI HyFuels, a producer of green methanol products such as biomethanol and bio-MTBE, and trading and distribution capabilities for renewable natural gas (RNG) and ethanol. Additionally, Methanex will acquire an idled 1m t/yr methanol facility in Delfzijl, Netherlands. The purchase price includes $1.15 billion in cash, the issuance of 9.9 million shares of Methanex valued at $450 million and the assumption of about $450 million in debt and leases. The acquisition of fertilizer producer OCI began over a year ago, according to OCI officials. "We identified Methanex as the natural owner of OCI Methanol at the outset of our strategic process, which we initiated in the spring of 2023," OCI executive chairman Nassef Sawiris said. This acquisition moves Methanex, primarily a methanol maker, into the ammonia sector. "From an operating perspective, we have a shared culture of safety and operational excellence, and we expect the OCI team will help us build new skills in ammonia while enhancing our capabilities in the evolving business of low carbon methanol production and marketing," Methanex CEO Rich Sumner said. The deal is expected to close in the first half of 2025. The transaction has been approved by the boards of directors of the two companies and is now awaiting certain regulatory approvals and other closing conditions. The transaction is also subject to approval by a simple majority of the shareholders of OCI. The largest shareholder of OCI, has signed an agreement to vote for the transaction. By Steven McGinn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Indian state approves chip, EV manufacturing plants
Indian state approves chip, EV manufacturing plants
London, 6 September (Argus) — The Maharashtra state cabinet in India has approved three foreign investment manufacturing projects — a $1bn semiconductor plant and two battery electric vehicle (EV) and hybrid vehicle factories. The semiconductor chip plant, a joint venture between Israel-based Tower Semiconductor and Indian industrial conglomerate Adani Group, is planned to be built in two phases. The 587.63bn rupees ($7bn) first phase will have a production capacity of 40,000 wafers/month and the Rs251.84bn second phase will add another 40,000 wafers/month, the state's deputy chief minister, Devendra Fadnavis, announced. The facility, to be located outside Mumbai, will be the second semiconductor fabrication plant in the country. The project still needs approval from the central government and Ministry of Electronics and IT, which plans to revise its semiconductor incentives. The project is designed to capitalise on the Indian government's plans to establish a domestic semiconductor manufacturing supply chain, driven by strong local demand in the electronics, EV and manufacturing sectors. Earlier this week, the Indian cabinet approved a proposal from Kaynes Semicon to set up a chip assembly, testing and packaging plant in Gujarat. The Rs33bn plant will have a capacity to handle 6mn chips/d. The governments of India and Singapore on Thursday signed an agreement to co-operate on semiconductor industry development and supply chain resilience, with an eye to Singaporean companies investing in Indian production. The two automotive plants that were also approved by Maharashtra state will be built by Skoda Auto Volkswagen India and Toyota Kirloskar, which is a joint venture between Japan's Toyota Motor and local firm Kirloskar Systems. The Rs150bn Skoda facility in the city of Pune will produce battery electric and hybrid cars. The company already has plants in Pune and Chhatrapati Sambhaji Nagar (previously named Aurangabad), which produce 180,000 cars and 60,000 cars, respectively. The Rs212.73bn Toyota plant will be built in Chhatrapati Sambhaji Nagar and will manufacture battery EVs, hybrids, plug-in hybrids and fuel cell vehicles. The announcement comes after the company signed an initial agreement with the Government of Maharashtra in July to explore setting up a new manufacturing plant in the city. The company operates two automotive plants in Bidadi in the state of Karnataka with an annual installed capacity of 3.42mn vehicles/yr and plans to build a third plant in the town to start operations in 2026 with a capacity of 1mn units/yr. The new plants reflect Toyota Kirloskar's growing product portfolio at it expands into EV manufacturing, rising consumer demand and an increase in exports, the company said. By Nicole Willing Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US adds 142,000 jobs in August, unemployment at 4.2pc
US adds 142,000 jobs in August, unemployment at 4.2pc
Houston, 6 September (Argus) — The US added 142,000 nonfarm jobs in August, fewer than forecast, raising the odds of a half-point rate cut at the Federal Reserve's policy meeting in two weeks. The job gains followed downwardly revised gains of 118,000 for June and 89,000 for July, for combined losses of 86,000 for the two prior months, according to the Labor Department. The gains in August were below the average monthly gain of 202,000 for the prior 12 months. The unemployment rate ticked down to 4.2pc in August from 4.3pc in July, still near five-decade lows of 3.4pc reached in early 2023. The gains were slightly lower than the 160,000 job gains forecast in a survey by Trading Economics, increasing the odds of a 50 basis point cut in the target rate to 45pc probability today from 40pc Thursday, according to the CME FedWatch tool. Odds of a quarter point cut fell to 55pc today from 60pc the day prior. Fed policy makers in late July kept their target rate unchanged at a 23-year high, but Fed chair Jerome Powell told a bankers symposium last month that the "time has come for policy to adjust," his clearest signal that the Fed is ready to begin lowering borrowing costs as inflation has slowed markedly and the labor market was beginning to show signs of weakening. A rate cut after the 18 September Fed meeting would come less than two months before the US presidential election on 5 November. Job gains were reported in construction and health care. Health care added 31,000 jobs in August, about half the monthly gain in the prior year. Construction added 34,000 jobs, more than the average. Manufacturing jobs fell by 24,000 in August. Employment was little changed in other major industries, including mining and oil and gas extraction. Average hourly earnings increased by 3.8pc over the 12 months ending in August, up from 3.6pc through July. By Bob Willis 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