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Hormuz traffic down to 3 vessels: Windward
Hormuz traffic down to 3 vessels: Windward
New York, 4 September (Argus) — Vessel traffic through the strait of Hormuz fell to its lowest level in months on Thursday following an uptick in military exchanges between the US and Iran in the first half of the week. Only three vessels crossed the strait on Thursday, with two inbound transits on the Iranian-controlled northern lane and one outbound transit on US-assisted southern lane, according to maritime security firm Windward. That is one-third of the prior day levels and about 2pc of its pre-war baseline of 135 vessels daily. US vice president JD Vance's assertion that 15mn bl of crude made it through the strait of Hormuz on Thursday thanks to US support are not corroborated by vessel traffic data reviewed by Argus . The southern US-assisted transit lane along the coast of Oman remains the highest risk corridor accounting for 21 out of 24 projectile strike incidents reported since 6 July, according to the UK Maritime Trade Organisation's Operation Centre. The US has started to target Iranian government-owned tankers as direct retaliation for Iranian attacks on the tankers Senegal Prosperity and Sidr , according to Windward, confirming that the US struck two empty Iranian tankers as part of their 1 September strikes. By Charlotte Bawol and Delfina Marchese Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico cracks down on illicit fuel trade: President
Mexico cracks down on illicit fuel trade: President
Mexico City, 4 September (Argus) — Mexico seized 37.1mn liters (233,350 bl) of illicit fuel and identified nearly 2,000 illegal pipeline taps for the 10 months through June this year, President Claudia Sheinbaum's administration said in its second annual report to the nation. The crackdown included more than 8,000 inspections, 159 blocked irregular import operations and 118 criminal cases, combining fuel traceability, tax enforcement, security operations and technological monitoring, from 1 September 2025 through 30 June this year. Authorities also prevented 1,419 attempted hydrocarbon thefts and seized 1,938 illegal pipeline taps, 96 tank trucks, 91 railcars, 505 light vehicles and one vessel. Authorities made 76 arrests linked to illicit fuel activities over the period. The current strategy builds on an anti-fuel theft campaign launched by former president Andres Manuel Lopez Obrador in December 2018. His government deployed the armed forces to state-owned Pemex facilities and closed vulnerable pipelines in an effort largely focused on physical fuel theft. Sheinbaum's administration has broadened the response to include customs fraud, tax evasion, fuel traceability and financial networks. Fuel theft and smuggling have become a source of revenue for Mexican drug cartels, extending Mexico's long-running fight against organized crime into the energy sector. The US Treasury said in June that the Jalisco and Sinaloa cartel networks use shell companies, falsified customs documents and false invoices to avoid Mexican fuel-import taxes. The proceeds help finance drug trafficking and corruption. Authorities monitored 47,401 gasoline and diesel transport units and 33,512 LPG units using QR codes, according to the second report. They also detected 3,109 cases of incorrect tariff classification involving oil products. This form of fiscal fuel smuggling involves importing gasoline or diesel under categories such as lubricants or additives, allowing importers to evade the fuel excise tax and fuel-specific import requirements. The government said correcting the classifications helped strengthen tax collection. The annual report also covers the government's security strategy, anti-corruption efforts, social programs, infrastructure, energy and environmental policy Tax authority SAT said on 2 September that it has revoked the ability of 2,205 fuel-trading companies to issue invoices from October 2024 to August 2026 because they were selling fuel illegally. SAT said the measure is part of efforts to combat tax evasion and smuggling. The government plans to further strengthen fiscal controls through the 2027 economic package. Sheinbaum said on Thursday that the package will propose tracking IEPS payments on fuel from import through distribution and final sale, helping authorities identify tax evasion linked to fiscal fuel theft. The proposal would not change the tax rate, and SAT is developing the mechanism. State-owned Pemex and the finance ministry's financial intelligence unit UIF signed an information-sharing agreement on 27 August aimed at detecting money laundering, corruption, fraud and hydrocarbon theft. The agreement allows Pemex to request financial intelligence when screening prospective contractors or clients. The UIF will also have access to Pemex information to identify potential financial and corporate risks. The agreement adds financial intelligence and contractor screening to a strategy that increasingly combines physical enforcement with customs controls, fuel traceability and monitoring across Mexico's fuel supply chain. By Adriana Alarcón Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Q&A: ZCS hopeful on IMO Net Zero Framework in 2026
Q&A: ZCS hopeful on IMO Net Zero Framework in 2026
Sao Paulo, 4 September (Argus) — The shipping sector's energy transition appears to have slowed since the postponement of an International Maritime Organization (IMO) vote on its Net-Zero Framework, which may face changes before agreement is reached. But optimism remains. Daniel Barcarolo, head of regulatory affairs at the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping (ZCS), and Francielle Carvalho, its regulatory affairs manager, told Argus they see a possible agreement in the IMO's December session. They said regulatory clarity will be the primary driver of alternative fuels adoption. With the US-Iran conflict reinforcing the debate on energy security in Europe, will this accelerate adoption of alternative fuels in shipping, or is it an effect that fades once the conflict ends? This type of geopolitical shock strengthens the energy security argument in favor of fuel diversification. We saw something similar during the war in Ukraine and the gas crisis in Europe, which forced the continent to seek new energy sources. However the conflict itself is not the main driver of the transition. What tends to remain after the crisis ends is the realisation that dependence on a limited number of fossil fuel suppliers represents a structural vulnerability, and that diversifying energy sources is the appropriate response. Such episodes also serve as real-world price sensitivity tests, effectively putting into practice scenarios that illustrate how increases in fossil fuel prices are absorbed by society and supply chains, along with the associated impacts. It is the same mechanism at play in the pricing of fossil carbon emissions. Political momentum, however, tends to fade once the conflict is resolved unless it is translated into binding long-term regulation. Energy security may accelerate the conversation, but what ultimately sustains adoption of alternative energy sources is predictable regulation, not temporary price spikes. With the food-versus-fuel debate in Europe and with FuelEU and RED III excluding or limiting first-generation biofuels in decarbonisation targets, is there room for these rules to change with the current energy security pressures? A clarification is needed: RED III does not completely exclude first-generation biofuels. Rather, it imposes a cap on their use. The directive maintains a ceiling for food and feed-based biofuels while continuing to prioritise advanced biofuels and Renewable Fuels of Non-Biological Origin (RFNBOs). Under FuelEU Maritime, first-generation biofuels are indeed not eligible, but there is room for biofuels certified as low indirect land-use change (ILUC) risk. This could open the door for pathways such as 'intermediate crops', including Brazil's second-crop corn, as well as biomass produced on degraded land. Nevertheless, regulatory interpretation remains unclear. The debate has gained traction through research initiatives and demonstration projects involving fuels that could qualify as intermediate crops, and there is an expectation of greater regulatory clarity this year. The argument has gained political weight due to current geopolitical conditions. But changing the food-versus-fuel calculation in Europe remains sensitive. Concerns over food security and land use are deeply established, negotiations are lengthy, and any changes require consensus among member states. At the IMO level, however, the rules are likely to follow a different path, which could create room for first-generation biofuels on a global scale. Following the postponement of the IMO Net-Zero Framework vote, what is your view for the latest attempt to achieve approval in 2026? What can supporters of the framework do to improve chances of success? We still see a path for the IMO to reach an agreement with only a limited delay. The session has been rescheduled for December 2026, and we remain optimistic about a new agreement at that time. It is difficult to expect the final outcome will be identical to the current proposal, as discussions are already moving toward adjustments to the regulatory framework. We have four new submissions from member states addressing concerns raised by other countries, which demonstrates a willingness to seek compromise and ensure a framework is ultimately adopted. From a political standpoint, this kind of signal is important because it demonstrates intent. The first meeting, in September, will be closely watched as countries gather for the initial round of discussions. If this trajectory is confirmed, it will be a positive signal for the sector, proving even a complex and sensitive framework can be agreed upon multilaterally and provide a stable basis for investment. Regarding what supporters can do, the postponement was primarily political rather than 'technical', and that is where the effort now lies. It involves direct negotiations with the most skeptical countries and, above all, changing perceptions of what this regulation represents. The framework is often viewed only as a cost and a burden, whereas in practice it can create opportunities through new markets for alternative fuels, infrastructure development, and job and income generation. Translating these opportunities into concrete national benefits could make a significant difference. Supporters are working to provide greater clarity on issues beyond ambition levels or financial contributions, including fuel certification rules and lifecycle assessment (LCA) methodologies. Is the text as approved by the IMO sufficiently ambitious to place shipping on a pathway to net zero by 2050, or will stricter targets be needed? The current draft should be viewed as a floor rather than a ceiling for ambition. The IMO's 2023 Strategy established indicative targets for 2030 and 2040, including at least 5pc, striving for 10pc, uptake of zero- or near-zero-emission fuels by 2030, along with review mechanisms that allow ambition to be increased over time. Historically, this is how the IMO operates: discussions focus on the level of ambition required to achieve agreed goals, studies are conducted, and consensus is built. Debating whether the targets are ambitious enough is a necessary part of the process. We cannot have a framework that lacks ambition because ambition is what drives the transition forward. At this stage, what we consider most important is having a binding global mechanism in place. Once that exists, work can begin on implementation, including emissions measurement and reporting, fuel certification, testing of new fuels, and the procedures and administrative requirements associated with them. These are challenges that only truly emerge once the framework starts operating, and solving them is a prerequisite for raising ambition in the future. The sequence matters: first establish the structure, address implementation challenges, and then progressively increase ambition from that foundation. Beyond the framework itself, long-term predictability is equally important. FuelEU Maritime has demonstrated this in practice. Having a long-term target enabled fuel producers and shipping companies to plan ahead, knowing that by 2040-45 they will need to meet a specific level of ambition. One of the biggest barriers is the cycle of shipowners waiting for greater alternative fuel availability before investing, and fuel suppliers waiting for stronger demand before expanding production. What can break this deadlock? What breaks this cycle is regulatory certainty combined with first-mover consortia. Long-term regulation creates the market conditions that innovation needs in order to compete with established fuels. We have seen evidence of this, with companies ordering ammonia-fueled vessels even before ammonia has been commercially deployed as a marine fuel, and with early trials of ethanol as a marine fuel. These are signs the sector is moving to assess alternatives before a consolidated fuel supply exists. This can scale when producers, shipowners, charterers, and ports organize around green shipping corridors with multi-year supply agreements, supported by newbuild vessel orders. Mechanisms such as contracts for difference can also help bridge the cost gap for the first production facilities and accelerate deployment. By Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Kuwait’s KPC exports al-Zour VLSFO through Hormuz
Kuwait’s KPC exports al-Zour VLSFO through Hormuz
Singapore, 4 September (Argus) — Kuwaiti state-controlled refiner KPC has exported very-low sulphur fuel oil (VLSFO) from its 615,000 b/d Al-Zour refinery, with the cargo making it through the strait of Hormuz this week. KPC likely loaded around 100,000t (645,000 bl) of VLSFO from al-Zour on the Luckyride around 29 August and the vessel is currently heading to Singapore after making it through the strait of Hormuz, according to global trade analytics firms Kpler and Vortexa. This could be al-Zour's first loading in around six months since the US-Iran war started, showed shiptracking data, but this could not be confirmed. The firm offered the cargo sometime this week for delivery to Singapore, traders said, adding that bids started at around a premium of $69/t to the Singapore 0.5pc sulphur marine fuel spot assessments. The cargo has likely been awarded, but the results could not be confirmed. This export is in line with market expectations that al-Zour would start offering exports in end-August or September, as the peak demand season of summer ends, with the country typically using VLSFO for domestic power generation. Power demand has been relatively firm this year, especially as geopolitical tensions in the Mideast Gulf have weighed on travel activity, a Kuwait-based source noted. The last time KPC loaded cargoes from al-Zour could have been in March, showed shiptracking data. But some of these volumes only made their way out of the strait of Hormuz around June, after the US and Iran signed a memorandum of understanding to end the conflict , which also prompted KPC to lift all its previously issued force majeure notices . The earlier loaded volumes include the Marlin Santorini which loaded around 28 February, and the Nordic Vega which loaded around 2 March. Notably, the Nordic Vega conducted a ship-to-ship transfer with the Ottoman Sincerity and exited the strait of Hormuz around end-June to head to the Singapore strait. Shipping fixtures had showed KPC chartering the Ottoman Sincerity to take 145,000t of fuel oil to Singapore for $1.4mn. KPC's VLSFO cargo will bring some relief to the persistently tight market in Singapore, although participants are expecting more arbitrage arrivals from mid-September onwards, with the currently wide east-west spread incentivising more flows here. The spread has mostly remained above $70/t since mid-July and briefly hit a one-month high of $99/t on 31 August. By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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