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Port Tampa Bay begins hurricane recovery: Update

  • Spanish Market: Fertilizers, Oil products
  • 10/10/24

Adds comments from Florida governor, information on fuel supplies.

Port Tampa Bay, Florida, docks did not sustain significant damage from Hurricane Milton, the port authority said early today, a positive sign for resuming fuel imports into the storm ravaged state.

Some port buildings were damaged and power remains out, according to preliminary assessments, but the port docks appear to have escaped major damage, according to the port authority. Many roads leading to the port remain flooded, but the port's main gates are accessible.

Florida governor Ron DeSantis said Thursday that Port Tampa avoided the worst-case scenario in terms of storm surge and that eastern Florida ports on the opposite side of the state from where Milton made landfall appear largely undamaged.

The state has 1.5mn USG of diesel and about 1.1mn USG of gasoline available to deploy in its emergency response, DeSantis said. Florida's highway patrol continues to escort fuel tankers making deliveries to gas stations and has completed about 130 escorts after some stations ran dry earlier this week as Floridians stocked up on fuel and evacuated coastal regions.

DeSantis said today he expects gas stations to reopen "very quickly, at least that's our hope."

Port Tampa Bay officials are working with the US Army Corps of Engineers, US Coast Guard and others to assess landside and seaside operations. There is no currrent timeline for the port's re-opening.

More than 3mn Floridians are without power today after Hurricane Milton came ashore south of Tampa Bay late last night as a category 3 storm. Utility crews are assessing the damage from high winds, tornadoes and flooding, and starting to restore power.

Nearly half of Florida's supply of petroleum and refined products passes through Port Tampa Bay, the majority via waterborne cargo from the US Gulf coast. Tampa Bay is also the site of major fertilizer operations, including Mosaic's Riverview phosphate plant.

Chevron's Tampa refined products terminal remains closed and damage assessments will begin once crews can safely access the facility, a company spokesperson said just after 11am ET today. The company's terminals in Panama City and Port Everglades are operational.

Fuel terminal operators at Port Tampa Bay such as Citgo, Kinder Morgan, Global Partners and Buckeye Partners told Argus they are currently evaluating their facilities to determine when they can resume operations. Individual port tenants will decide independently when to restart their own activities.


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12/06/25

Ice gasoil backwardation widens as supply tightens

Ice gasoil backwardation widens as supply tightens

London, 12 June (Argus) — The premium of front-month Ice gasoil futures against the second-month futures has widened over the past two weeks, reflecting tighter supply. The premium of Ice June futures against the July contract settled at $9.50/t on Wednesday, 11 June. The backwardation — where prompt prices are greater than forward prices — has steepened in the past two weeks, peaking at a premium of $16/t on Tuesday, 10 June, the joint-widest in 14 months along with 11 March. Two weeks ago, on 23 May, the premium settled at $6.50/t. The June contract expires today, which could have contributed to the steepening backwardation as traders close their open positions, according to market participants. But the size of the premium suggests a tightening market. A closed arbitrage from the Mideast Gulf and India since April has reduced supply to Europe, European traders have said. Only 2.97mn t of diesel and other gasoil has arrived in Europe from the Mideast Gulf and India in April and May, according to ship-tracking service Vortexa, compared with about 5.72mn t in the same period last year. The arbitrage has been closed because of relative weakness in European prices compared with those in Singapore. The premium of front-month Ice gasoil futures against Singaporean equivalents averaged $18.65/t in May, compared with $23.81/t in May 2024. Singaporean middle distillate stocks fell to a nine-month low in the week ending 23 April, increasing demand for imports. European diesel values fell sharply at the start of April in response to the implementation of US tariffs, largely because of dampened expectations of industrial performance, and have not recovered. The start of the Mediterranean emissions control area (ECA) at the start of May has also placed strain on European supply of diesel and other gasoil. The ECA requires ships in the Mediterranean to use fuel with a sulphur content of 0.1pc, rather than the previous requirement of 0.5pc. Marine gasoil (MGO) fits the new requirement, as does ultra-low sulphur fuel oil (ULSFO). With supply of the latter limited in Europe, the majority of shipowners have switched to MGO. Refineries have probably increased MGO production to meet this new demand, but MGO supply is still "very tight" , a Mediterranean-based marine fuels trader said. Most of the gasoil used for blending in MGO is suitable for desulphurisation and use as road fuel, and so it diversion into marine fuels restricts supply of diesel. Independently-held inventories of diesel and other gasoil at the Amsterdam-Rotterdam-Antwerp (ARA) hub have dropped since the start of April. The four-week average came to about 2.1mn t on 5 June, lower on the year by 8.5pc, according to consultancy Insights Global. On 3 April the four-week average was 5.1pc higher than a year earlier. A recovery in Rhine river water levels in recent weeks , after lows that restricted barge movement inland from ARA, contributed to the stockdraw. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Indonesia seeks stronger potash trade with Belarus


12/06/25
12/06/25

Indonesia seeks stronger potash trade with Belarus

London, 12 June (Argus) — Indonesia is looking to improve trade flows of potash with Belarus after a meeting last week between Indonesian foreign minister Sugiono and the Belarusian ambassador to Jakarta. Sugiono intends to enhance "co-operation in potash" with Belarus to support the Indonesian government's goal of "achieving national food security", the foreign ministry said in an official statement. Belarus is one of the world's largest exporters of potash fertilizer. State-owned producer Belaruskali exported more than 10mn t of potash last year. Indonesia is the largest importer of potash in southeast Asia and applies most of the fertilizer to the country's large palm oil plantations. Indonesia sourced almost a fifth of its total MOP imports from Belarus last year. Indonesia imported 245,000t of MOP from Belarus last year, in addition to roughly 406,000t of MOP from Uzbekistan, the majority of which is likely to be from Belarus, GTT data show. In the first four months of this year, MOP imports from Belarus and Uzbekistan totalled about 331,000t. Indonesian president Prabowo Subianto has outlined food security as a core objective of his government. Since coming to power in October, his administration has introduced plans to increase agricultural output by converting some of the country's swamplands into rice fields. By Aidan Hall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India’s RCF receives DAP offer, NFL issues DAP tenders


12/06/25
12/06/25

India’s RCF receives DAP offer, NFL issues DAP tenders

London, 12 June (Argus) — Indian fertilizer importer RCF received one offer at $781/t cfr under its tender to buy 50,000t of DAP, which closed today, and fellow importer NFL will close tenders to buy DAP on 13 and 16 June. Trading firm Indagro submitted the only offer in RCF's tender. RCF had sought offers for black, brown or white DAP for shipment from the load port by 10 July and delivery to the east coast of India from its memorandum of understanding (MOU) suppliers. Indagro also submitted an offer at $779.90/t cfr in Indian importer Hurl's tender to buy DAP, which closed on Wednesday, alongside fellow trading firm Hexagon, which offered at $774.93/t cfr. NFL seeks DAP in tenders NFL is seeking offers for 25,000-50,000t of black, brown or neutral-coloured DAP in a tender closing on Friday. It wants the cargo to ship from the load port by 30 June for delivery to India's west coast. Offers are to be valid until 18 June. It has also issued a tender to buy 25,000-50,000t of DAP, closing on 16 June. It wants the cargo to ship from the load port by 31 July, also for delivery to India's west coast. Offers are to be valid until 20 June. Both tenders are open to NFL's MOU suppliers. The cargoes in both tenders are to be priced for payment at sight. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan to import more ammonia from 2027


12/06/25
12/06/25

Japan to import more ammonia from 2027

Singapore, 12 June (Argus) — Japan is expected to import an additional 100,000-150,000t of grey ammonia from 2027, following the closure of domestic ammonia producer and petrochemicals company Ube Chemicals. Ube will idle its 330,000 t/yr ammonia plant in Japan by March 2028, citing declining profitability of its downstream caprolactam and nylon polymer production business. Japan's total ammonia consumption is around 1mn t/yr, with domestic production fulfilling 800,000-900,000 t/yr of this. Imports typically amount to around 200,000 t/yr, but these have declined slightly this year to around 140,000-150,000 t/yr owing to poor downstream fundamentals in the chemicals industry. The closure of Ube's ammonia plant in 2027-28 means Japan will likely need to increase its ammonia imports to fulfil the shortfall, with the additional supply potentially coming from southeast Asia or China. Ube accounts for around 40pc of Japanese domestic ammonia production. Japan's remaining three ammonia producers are Mitsui Chemicals, Resonac and Nissan Chemicals, which have ammonia production capacities of 314,000 t/yr, 120,000 t/yr and 100,000 t/yr, respectively, accounting for 35pc, 13pc and 11pc of domestic production. Ammonia is mainly used in Japan to produce petrochemicals, automotive-grade AdBlue urea or other urea derivatives, fertilizers and nitric acid. Japan's semiconductor industries also use ammonia, although they only require around 5,000 t/yr. By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Indorama sells urea in low $390s/t fob Nigeria: Update


11/06/25
11/06/25

Indorama sells urea in low $390s/t fob Nigeria: Update

Adds cargo size, regional destination Amsterdam, 11 June (Argus) — Fertilizer and chemicals producer Indorama has sold a Nigerian granular urea cargo in the low $390s/t fob, matching fob business in Nigeria last week. The 25,000t cargo is due to load in the second half of this month from Onne for an African market. There has been no confirmation of the specific destination. Nigerian supplier Dangote sold 30,000t of granular urea at $393/t fob last week for loading in the first half of June. Dangote returned to the market today, issuing sale tenders closing on Thursday for two cargoes loading towards the end of June. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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