Bitumen / Asphalt
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Latest bitumen / asphalt news
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Tupras wins OMV Galati bitumen tender
Tupras wins OMV Galati bitumen tender
London, 12 June (Argus) — Turkish refiner Tupras has been awarded a tender by Austria's OMV to supply one 5,000t cargo of bitumen per month from July to October into Romania's Galati terminal on the Danube, near the Black Sea, several trading and supply firms said. Both OMV and Tupras declined to comment on the award, including pricing. One market participant understands the tender was concluded at a $68/t premium to fob Mediterranean high-sulphur fuel oil (HSFO) cargoes, on a cif Galati basis. While the level has yet to be verified, a trader familiar with the tender said it reflects current market fundamentals. Others, however, said that when netted back to Agioi Theodoroi in Greece, the cif level would yield little or no premium to fob Mediterranean HSFO cargoes. Market participants more broadly understand Tupras will load its Galati-bound cargoes at the Motor Oil Hellas (MOH) refinery and export terminal at Agioi Theodoroi in Corinth. Tupras is understood to hold a term deal this year to load MOH bitumen cargoes. Traders estimated the total shipping cost to move a 5,000t cargo on a bitumen tanker from Agioi Theodoroi to Galati at $65-70/t. This includes transit via the Sulina canal connecting the Black Sea with Galati, as well as higher costs from additional war risk premiums (AWRP) linked to the Russia-Ukraine war. OMV, Azerbaijain's Socar and trading frim Vitol all operate bitumen storage at Romanian company Unicom's terminal in Galati. There is a lack of spot cargo availability from Mediterranean export points, particularly at Agioi Theodoroi, after MOH switched from heavy sour Middle East crudes, especially Basrah Medium and Heavy, to lighter and sweeter grades because of disruption to flows through the strait of Hormuz. Activity in the region remains disrupted. A Ukrainian drone exploded and caused an evacuation at the Constanta oil port on 5 June. Russia has stepped up attacks on Ukrainian ports, including a December 2025 blast that hit infrastructure at the Danube port of Izmail, which receives bitumen cargoes. Four deliveries of 2,500-3,000t have been made into Izmail in recent weeks from Romanian and east Mediterranean ports. The latest shipment, carried on board the 4,881 dwt My Worry , loaded at Constanta, discharged this week and is returning to Romania. By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mideast bitumen heads to S.Africa after Iran war halt
Mideast bitumen heads to S.Africa after Iran war halt
London, 28 May (Argus) — Two bitumen tankers carrying Mideast Gulf cargoes of the product are heading to Durban, South Africa, the first such shipments since the flows were halted when the US war with Iran began on 28 February. The 6,649 deadweight tons (dwt) A3R H is scheduled to arrive at Durban on 30 May, while the 5,900dwt Y L W , which according to Vortexa was loaded at an Omani storage point, is due for 4 June arrival at the South African port. The tankers are understood by market participants to have been prevented by the US-Iran conflict and closure of the Hormuz strait from shipping their cargoes to international markets. The last Mideast Gulf cargo shipments to South Africa on the A3H R and Y L W arrived at Durban around 20 February and the start of March respectively. Bitumen cargoes loaded in the Mideast Gulf constituted close to one-fifth of South African bitumen cargo imports in both 2024 and 2025, competing strongly with eastern Mediterranean cargoes, especially Turkish volumes that accounted for just over half of South African imports last year, according to Kpler data. The data showed South Africa imported 234,000t of bitumen in bulk tanker cargoes last year, up from 220,000t in 2024, as the country's last remaining bitumen-producing refinery, the 107,000 b/d Sasol-Prax joint venture Natref facility in Sasolburg, discontinued output of the heavy construction product last autumn. South Africa has already imported 160,000t of bulk bitumen so far this year — 100,000t of it from Turkey — alongside packaged flows like drums and bitutainers. Some of that supply is ordinarily sourced from the Mideast Gulf, but has also been hit by war-related supply restrictions. By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Rise in bitumen supply stabilises French values
Rise in bitumen supply stabilises French values
London, 13 May (Argus) — A rise in bitumen availability together with sluggish demand in the French market has weighed on domestic truck prices of the product. An Iran war-related rise in bitumen prices during March and April, together with recent holidays, have weakened French bitumen demand, which has also come under pressure after regional market participants built up sufficient stocks over March and April. The extra spot availability in the past two weeks has reassured regional players that supply will remain adequate. While there is expected to be some tightness in the west as TotalEnergies' 219,000 b/d Donges refinery undergoes two-month maintenance from mid-May, the Repsol-operated Nantes terminal has increased bitumen availability. The terminal — in the northwest — has three 4,000t storage tanks and is supplied by the Repsol/Moeve joint venture's 1.2mn t/yr Tarragona refinery, which exported roughly 12,000t to France in April. Bitumen prices from Nantes were €600-610/t ex-works. In the north, prices were lifted after hard-grade bitumen from North Atlantic's 236,000 b/d Port Jerome refinery remained in short supply through late March and April. Output has since resumed, with spot offers in the €600-610/t ex-works range, according to market participants, although details could not be confirmed. In eastern France, flows from Germany's 310,000 b/d Miro refinery increased in mid-April. Delivered prices from Miro fell by €18-20/t for May compared with April. The refinery is a key regional supplier, but was focused on middle distillate output in March after crude prices surged. Argus assessed French domestic bitumen prices in the €575-590/t delivered range for the north and central region on 8 May, down by €15/t on the week. French imports reached 153,000t in January-April, compared with 155,000t in the same period of 2025. By Navneet Vyasan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Railroads blast UP-Norfolk Southern merger plan
Railroads blast UP-Norfolk Southern merger plan
Houston, 13 May (Argus) — Union Pacific (UP) and Norfolk Southern's four Class I competitors urged US federal regulators to once again reject as incomplete the merger proposal to create the first US transcontinental railroad company. UP and Norfolk Southern in December filed their original merger application with US rail regulator the Surface Transportation Board (STB), starting the clock on a multi-year process. It will be the largest merger the STB has ever scrutinized, and the process will likely feature high-profile hearings and congressional scrutiny. The three-member STB in January ruled that the would-be partners' merger application was incomplete, sending it back to UP and Norfolk Southern to fill in key informational gaps. The railroads on 30 April refiled their proposal, which they say reinforces their argument the merger would drive growth, save shipping costs and bolster the US supply chain. UP said its updated analysis shows the merger will shift freight shipments from the roads to the rails, saving shippers an estimated $3.5bn/yr and removing about 2.1mn trucks from the road. However, all of the remaining Class I competitors heaped criticism on the merger application. According to BNSF Railway, UP's western Class I competitor, "the amended merger application makes things worse, not better." The refiled application "largely repackages" the first version while offering only "cosmetic changes to gloss over the serious and fundamental competition, pricing, and service concerns that were previously raised", BNSF said in an 8 May filing with the STB. In its updated analysis, UP said the combined railroad will hold a 39pc market share of US rail freight market, which the railroad says would put it roughly on par with BNSF by certain metrics. BNSF said that UP's actual market share would be considerably higher, a fact that it has downplayed in its application. "UP continues to lowball its projected market shares to the board but signals to Wall Street — the engine behind this proposed merger — that the market shares and pricing power will be even higher," BNSF said, urging the STB to reject the application again as incomplete. Canadian Class I railroads Canadian Pacific Kansas City and Canadian National both filed separate comments urging the STB to reject the application as incomplete, as did eastern US Class I railroad CSX. In response to the filings, UP on 12 May said its updated application "is comprehensive and complete, and provides all the information" that the STB needs, including market share data. The merger would create a single rail network stretching about 55,000 miles, handling about half of US freight traffic. UP and Norfolk Southern say that a coast-to-coast network will speed transit times by 24 to 48 hours and lead to greater efficiency. The two companies expect the transaction to be completed in the first half of 2027. The UP-Norfolk Southern merger will be the first test of STB rules enacted in 2001 requiring Class I railroads to demonstrate that major mergers enhance, rather than merely preserve, competitive shipping options. By Chris Baltimore Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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