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Damaged Iver bitumen tanker set to return end-Jan

  • Spanish Market: Oil products
  • 09/01/25

A bitumen tanker damaged after a collision with a bulker five months ago is set to finish lengthy repair work by 23 January, and be back with its time charterer TotalEnergies at the firm's Donges refinery and export terminal on the French Atlantic coast on 26 January.

The 6,189dwt Iver Blessing — part of Dutch Vroon Group's Iver Ships unit — was under time charter with TotalEnergies and was offshore the French Atlantic port of Nazaire when the accident that caused serious damage to the bitumen tanker happened.

The vessel was en route to the company's 219,000 b/d Donges refinery to load its next bitumen export cargo in August 2024.

The tanker has since undergone repairs at a shipyard in Flushing, Netherlands, that had been due to last 1-2 months, but there have been repeated delays, including difficulties in obtaining replacement parts.

TotalEnergies is a key player in northwest European and Nordic bitumen cargo markets, and the prolonged repair work forced it to seek spot or other short-term tanker charters, mainly with Iver Ships, to maintain its shipping programme.

By Fenella Rhodes


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21/05/25

EPA to set biofuel mandate 'very soon': Zeldin

EPA to set biofuel mandate 'very soon': Zeldin

New York, 21 May (Argus) — Environmental Protection Agency (EPA) administrator Lee Zeldin stressed Wednesday that the US is working quickly to propose and finalize new biofuel blend mandates. EPA last week sent proposed Renewable Fuel Standard volumes for 2026 — and likely at least one future year — to the White House Office of Management and Budget for review, the final step before a draft rule can be released. Zeldin referenced that process at a Senate hearing Wednesday and said "we expect the proposed rule to be finalized and released very soon." Asked by US senator Pete Ricketts (R-Nebraska) whether the agency was planning on releasing something by summer or fall, Zeldin said he was eyeing a "much, much faster" timeline. "We'll finalize this as quickly as we possibly can," he said. Zeldin has stressed at recent House and Senate hearings that the agency is expediting the months-delayed rulemaking. Under the Renewable Fuel Standard, EPA requires oil refiners and importers to blend annual amounts of different types of biofuels into the conventional fuel supply. EPA decisions on volume mandates — and on requests for exemptions from small refiners — are highly influential for crop feedstock demand, biofuel production margins and retail fuel prices. Zeldin said last week at a House subcommittee hearing that EPA was also weighing what to do with a backlog of requests from small refiners for exemptions from program requirements. "None of these were getting approved at all in the last administration," Zeldin said. "We want to get caught up as quickly as we can." EPA has not commented more recently on its specific timeline and plans, but the agency said earlier this year that it wanted to get the frequently delayed biofuel program back on its statutory timeline. The Clean Air act requires new volumes to be finalized 14 months in advance of a compliance year, which in this case would require proposed volumes for 2027 to be released soon for public comment and then finalized before November this year. A coalition of industry groups, including the American Petroleum Institute and Clean Fuels Alliance America, have pushed the agency to hike the biomass-based diesel mandate from 3.35bn USG this year to a record-high 5.25bn USG next year. Other groups, including fuel marketers, have urged more caution given a sharp drop in biofuel production to start 2025 and uncertainty about the future of a federal clean fuel tax credit being renegotiated in Congress. As part of the White House process, outside groups can seek meetings with the Trump administration to present their views on a pending regulation. Meetings are scheduled through 4 June on the proposed volumes — and through 9 June on a related rule to cut last year's cellulosic biofuel quota — though the US has expedited the process before. Last year, President Joe Biden's administration cancelled previously scheduled meetings on the initial proposal to cut cellulosic targets as a way to more speedily exit the review process. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Phillips 66 shareholders split board vote


21/05/25
21/05/25

Phillips 66 shareholders split board vote

Houston, 21 May (Argus) — Activist hedge fund Elliott Investment Management is set to win two seats on Phillips 66's board of directors, short of its goal of four seats, according to preliminary results. Two Phillips 66 nominees were also elected in the vote, a positive result for the US refiner and midstream operator. Elliott, which has amassed a $2.5bn stake in Phillips 66, had put forth four nominees for the board in a proxy fight which culminated today at an annual meeting of shareholders. Both sides declared victory after the split vote on the four open seats. Phillips 66 said the vote reflects a belief in its integrated strategy of holding assets in different sectors, while Elliott said the vote "sends a clear message" that shareholders demand meaningful change at Phillips 66. The two Elliott nominees elected to the 14-member Phillips 66 board are Sigmund Cornelius, former chief financial officer of ConocoPhillips and Michael Heim, former chief operating officer of Targa Resources, according to preliminary voting results. The two Phillips 66 nominees elected to the board are Nigel Hearne, a 35-year veteran of Chevron, and Robert Pease, a former Motiva and Cenovus downstream executive who was appointed to the board in 2024 to address Elliott's concerns about a shift in focus from refining to midstream. Phillips 66 also said today that shareholders "overwhelmingly" rejected an Elliott proposal requiring annual director resignations, according to the preliminary results. The voting tally will be tabulated and certified by an independent inspector and final results will be reported to the US Securities and Exchange Commission. The two Elliott nominees for the Phillips 66 board who were not elected are Brian Coffman, former chief executive at Motiva, and Stacy Nieuwoudt, former energy analyst at Citadel. The two Phillips 66 nominees to the board that were not elected are current director John Lowe, who was up for re-election, and Howard Ungerleider, a former Dow president and chief financial officer. Long-running battle over direction Elliott contends that Phillips 66 has consistently trailed its industry peers and needs to streamline operations, including spinning off or selling its midstream business, selling its 50pc stake in Chevron Phillips Chemical (CPChem), and possibly other assets. Elliott has waged an aggressive campaign, launching a website dubbed "Streamline 66" with power point presentations, podcasts, biographies of its dissident board nominees, press releases and information on how shareholders can vote. Phillips 66 has told shareholders that its board and management team are implementing a transformative strategy that has delivered results. The company has expanded its NGL business, improved its refining cost structure and continues to position CPChem as the lowest cost producer of ethylene, Phillips 66 said. Phillips 66 told shareholders that Elliott was pushing "an aggressive short-term agenda" that would cause disruption, slow momentum and jeopardize shareholders' investment capital. Phillips 66 has made some adjustments since Elliot started to agitate for change. In addition to adding Pease to the board, the company recently agreed to sell off some of its European retail business , and expects about $1.6bn in pre-tax cash proceeds from the sale that it will use toward debt reduction and shareholder returns. But the refiner has resisted the other major Elliott recommendations to divest its midstream business and sell its 50pc share of CPChem, saying earlier this month that the Phillips board has evaluated them and "came to the conclusion that neither action is in the best interest of long-term shareholders at this time". Meanwhile, Chevron has advised Phillips 66 of its interest in acquiring the other half of CPChem "at a reasonable value for both parties", Chevron chief executive Mike Wirth said on 2 May. Three top shareholder advisory firms [backed the Elliott nominees] (https://direct.argusmedia.com/newsandanalysis/article/2687988) in the proxy fight. Institutional Shareholder Services (ISS) and Egan-Jones recommending all four of Elliot's dissident nominees, while Glass Lewis backed three of the four. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India's air passenger traffic rises on year in April


21/05/25
21/05/25

India's air passenger traffic rises on year in April

Mumbai, 21 May (Argus) — India's domestic air passenger traffic rose by 8pc on the year but fell by 1pc on the month to 14.3mn in April, data from the Civil Aviation Ministry show. Domestic air passenger traffic rose by nearly 10pc on the year to 57.5mn during January-April. Domestic air travel serves as an indicator of jet fuel demand. Jet fuel demand in April rose by 4pc on the year to 202,000 b/d, oil ministry data show. Indian state-controlled refiners cut jet fuel prices by 6pc from a month earlier in April. Prices in capital New Delhi, Kolkata, Mumbai and Chennai dropped to 89,441.18 rupees/kilolitre ($1,044/kl), Rs91,921.00/kl, Rs83,575.42/kl and Rs92,503.80/kl respectively. Fuel costs typically account for 30-40pc of airlines' expenses. Military confrontations between India and Pakistan in May disrupted flights from and within India. Almost 32 airports in parts of northern and western India were briefly closed because of security concerns and border threats. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil to walk tightrope in Cop 30 fossil fuel talks


20/05/25
20/05/25

Brazil to walk tightrope in Cop 30 fossil fuel talks

Rio de Janeiro, 20 May (Argus) — Brazil is arguing that its developing country status allows it to consolidate its position as a major crude producer and is likely to lean on developed countries during much-awaited discussions on moving away from fossil fuels at the UN Cop 30 climate conference in November. Attempts to reach an ambitious outcome on mitigation — cutting greenhouse gas emissions — and actions to move away from fossil fuels were quashed at Cop 29 in Baku last year, and all eyes are on Brazil to bridge divides on this issue . Cop 30 president-designate Andre Correa do Lago has failed to address fossil fuels in his two letters outlining priorities for the summit, but members of the Cop 30 team have indicated the issue will be on the agenda. With geopolitical tensions and energy security questions redirecting government priorities away from the energy transition, the outlook is more challenging than when Cop parties agreed the global stocktake (GST) conclusion on fossil fuels and energy in 2023 . But Brazil is well-placed to take the lead. It is a respected player in climate discussions and has one of the cleanest energy mix — 49pc of its energy and 89pc of its electricity comes from renewables. Its own mitigation efforts prioritize slashing deforestation, which accounts for the lion's share of Brazil's greenhouse gas (GHG) emissions. Non-profit World Resources Institute Brazil describes the emissions reduction target in Brazil's nationally determined contribution (NDC) — climate plan — as "reasonable to insufficient" and notes that energy emissions are expected to increase by 20pc in the decade to 2034. Its NDC avoids any concrete steps towards winding down crude. After you The government's view on fossil fuels is that Brazil's developing country status, the oil and gas industry's importance in its economy and comparatively low fossil fuel emissions justify pushing ahead with oil production. Correa do Lago said earlier that Belem was picked as a venue for Cop 30 to show that Brazil is still a developing country, adding that any decision on oil and gas should be taken by Brazil's citizens. President Luiz Inacio Lula da Silva said that oil revenue will fund the energy transition. It is a position that has earned Brazil accusations of hypocrisy from environmentalists at home and abroad, but which also places it as a possible model for other hydrocarbon-producer developing countries. Brazil's diplomatic tradition of pragmatically balancing seemingly opposing positions could serve it well here, said Gabriel Brasil, a senior analyst focused on climate at Control Risks, a consultancy. He does not see Brazil's attempt to balance climate leadership with continued oil production as hurting its standing among fellow parties or energy investors. Civil society stakeholders hope pre-Cop meetings will help bring clarity on how Brazil might broach the fossil fuel debate. Indigenous groups, which are set to be given more space at Cop, are demanding an end to fossil fuel extraction in the environmentally sensitive Foz do Amazonas offshore basin. Meanwhile, Brazilian state-owned Petrobras moved one step closer to being authorized to begin offshore drilling there . During meetings of the UN climate body — the UNFCCC — in Panama City this week, the Cop 30 presidency will present ideas for the summit "with a focus on the full implementation of the GST". But it has to wait for countries to update their NDCs to gauge what is achievable on mitigation. Only 20 have submitted new NDCs so far, with the deadline pushed back to September. Brazil's own NDC gives some clues. It welcomes the launch "of international work for the definition of schedules for transitioning away from fossil fuels in energy systems" and reiterates that developed countries should take the lead. And a report commissioned by Brazil's oil chamber IBP and civil society organization ICS to be given to negotiators ranks Brazil as a "mover" in the transition away from oil and gas, ahead of "adapters" like India and Nigeria but behind "front-runners" Germany and the US. The research develops the idea of a country-based transition plan, using criteria such as energy security and institutional and social resilience, as well as oil and gas relevance. By Constance Malleret 2023 Brazil emissions sources Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Zuglogistik vor Herausforderungen


20/05/25
20/05/25

Zuglogistik vor Herausforderungen

Hamburg, 20 May (Argus) — Die Versorgung der Tanklager per Kesselwagen gestaltet sich deutschlandweit immer schwieriger. Zunehmende Probleme durch Ausfälle treffen auf einen erhöhten Bedarf an Kesselwagen aufgrund des andauernden Rheinniedrigwassers. Das Logistiksystem der Bahn scheint an der Auslastungsgrenze zu sein. Vor allem Personalausfälle bei den Zugführern aufgrund von Krankheit und einer hohen Fluktuation belasten das System, so Marktteilnehmer. Die siebenwöchige Totalsperrung der Strecke 6081 zwischen Berlin und Eberswalde erhöht den Personalbedarf und verlängert die Transportwege seit dem 11. April. Kesselwagen, die Ware aus der PCK Raffinerie (226.000 bl/Tag) in Schwedt in Richtung Berlin und Südost transportieren, müssen derzeit einen Umweg von knapp 400 km in Kauf nehmen. Die Sperrung soll bis voraussichtlich Ende Mai anhalten. Darüber hinaus sinken seit Mitte Februar die Rheinpegel , wodurch sich das Ladevolumen der Binnenschiffe sukzessive verringert. Anbieter weichen daher für die Versorgung der Tanklager verstärkt auf Kesselwagen aus. Im April stieg zudem die Nachfrage vor allem nach Heizöl und Diesel, was die Situation zusätzlich verschärfte. Züge verzögerten sich daher erheblich oder fallen zum Teil ganz aus. Dies wirkt sich teilweise auch auf Transporte in die Schweiz aus, berichten Händler. Der Engpass in der Logistik führt dazu, dass Händler einzelne Tanklager bereits seit mehreren Wochen nicht anfahren können, um Ware zu verladen. Eine Entspannung der Situation ist nicht abzusehen. Nach einer kurzen Erholung sind die Pegel am Oberrhein wieder gefallen. Eine volle Auslastung der Ladekapazität wird auch im Mai voraussichtlich nicht möglich sein, laut der wahrscheinlichkeitsbasierten 14-Tage-Vorhersage der Bundesanstalt für Gewässerkunde. Und eine weitere Sperrung steht bevor: Die Deutsche Bahn plant eine Generalsanierung der Strecke zwischen Hamburg und Berlin. Diese wird ab August 2025 für neun Monate voll gesperrt sein. Von Gabriele Zindel Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

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