NGL Energy Partners appoints Karlovich CFO

: LPG
16/02/22

NGL Energy Partners has appointed Trey Karlovich as its chief financial officer after he held the same position with Targa Pipeline Partners.

The move follows the acquisition of Targa Resources Partners' by Targa Resources earlier this month. Targa said it simplified its structure to improve its credit and lower its cost of capital.

Karlovich previously served in various roles at Atlas Pipeline Partners, another NGL midstream company acquired by Targa in 2014. He replaces former NGL Energy chief financial officer Atanas Atanasov, who resigned effective 5 February.

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26/05/19

Iran launches maritime authority, insurance platform

London, 19 May (Argus) — Iran has launched a new maritime authority to tighten its control over shipping in and around the strait of Hormuz. It has also introduced an insurance platform to provide cover for Iranian shipping and cargoes transiting the waterway. The Persian Gulf Strait Authority (PGSA) will manage navigation through the waterway, while the "Hormuz Safe" platform will offer "secure digital insurance for maritime cargo" for Iranian vessels transiting it. The PGSA will act as the legal authority representing Iran in managing transit through the strait, according to Iran's semi-official Fars news agency. Vessels intending to transit the waterway will receive rules and regulations from the authority and must obtain a permit to pass, state news agency Press TV said. Ships must comply with this framework. Passage without permission will be considered illegal, Fars reported. Iran claimed control of a broader area of the strait and surrounding waters on 4 May, from the western-most point of Iran's Qeshm Island to Umm al-Quwain on the UAE's west coast, and from Kuh Mobarak in Hormozgan province to southern Fujairah on the UAE's east coast. Separately, the Hormuz Safe platform will provide Iranian shipping companies and cargo owners with "fast, verifiable digital insurance", according to its web page. It will offer cover for cargoes in the Mideast Gulf and surrounding waterways, with payments settled in cryptocurrency. There is no indication that Hormuz Safe policies extend beyond Iranian ships and cargoes. Iran has launched the initiatives as geopolitical tension remains high in the Mideast Gulf. The US and Israel's war with Iran has involved strikes on shipping in and around the strait of Hormuz, pushing up western insurance costs and sharply reducing traffic through the waterway. A ceasefire is now in place, but the Iranian Revolutionary Guard Corps' tight control of the strait and a US naval blockade of Iranian ports continue to weigh on exports of oil, gas and other commodities from the region. Iran created an official PGSA account on social media platform X on 18 May to provide operational updates and developments related to shipping through the strait. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran says diplomacy, negotiations continue

26/05/18

Iran says diplomacy, negotiations continue

Dubai, 18 May (Argus) — Iran's foreign ministry has said negotiations with Washington aimed at ending the war are continuing, even as US President Donald Trump issues increasingly incendiary rhetoric towards Tehran. Trump last week described Tehran's response to a US plan to end the war was "totally unacceptable" and a "piece of garbage" that he did not finish reading. He said the ceasefire, which has been in place since 8 April, was "on life support." At the weekend, Trump issued new threats against Tehran, saying "the clock is ticking" and that Iran had "better get moving, FAST, or there won't be anything left of them." On Monday, Iran's foreign ministry spokesman Esmail Baghaei dismissed Washington's framing of the negotiations. "After we presented our 14-point plan, the American side raised its concerns. In return, we also raised our concerns," he said. "And last week, despite the American side publicly announcing that the plan was rejected, we still received a set of amendments via our Pakistani mediators." Iran's latest response to the US was sent on Sunday 17 May, he said, and "the process continues through Pakistan." Iran's nuclear activities remain the foremost sticking point between the sides, with Trump repeatedly insisting Iran cannot be allowed to have a nuclear weapon. Iranian state media on Sunday published five conditions the US has set for Iran to secure a deal, including the shuttering of all but one nuclear facilities, and the transfer of Iran's stockpile of highly enriched uranium to the US. Baghaei today would not be drawn on the US proposals, but reiterated Iran's right to enrich uranium is protected as a signatory to the non-proliferation treaty (NPT), and is therefore up for neither negotiation nor compromise. Planning for Hormuz The unresolved situation means shipping is still disrupted through the strait of Hormuz. Trump has over the past two months repeatedly claimed agreements with Iran that he said should restore at least some traffic through the strait. But little has changed since the start of the war, prompting Washington to impose last month a blockade of its own on vessels travelling to and from Iranian ports. Argus reported in April that Iran's parliament was discussing a bill to formalise and govern Tehran's oversight and management of traffic through the strait. At that point, the bill had secured the approval from parliament's national security council, but had not been brought to parliament. Speaking at the weekend, Ebrahim Azizi, head of parliament's national security council, said this framework "to manage traffic in the strait" had been prepared, and would "be unveiled soon." "Under this framework, only commercial vessels and parties co-operating with Iran can benefit from it," Azizi said. The route will be closed to operators of Project Freedom, he said, referring a US operation to support vessels stranded in the Mideast Gulf to exit through the strait. Speaking on Monday, Baghaei said Iran is "in continuous contact with Oman and other relevant countries" as it develops this new mechanism. Iranian and Omani experts met on the matter last week, he said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US Gulf VLGC rates hit record $305/t on war

26/05/15

US Gulf VLGC rates hit record $305/t on war

London, 15 May (Argus) — US Gulf very large gas carrier (VLGC) freight rates climbed to $305/t on the Houston-Chiba route this week, the highest since Argus began assessments in 2013. Demand has switched to the longer US Gulf-east Asia route to replace lost supply caused by the effective closure of the strait of Hormuz. This shift led to a rush of bookings for May-loading cargoes, resulting in higher demand for Panama Canal transit slots and rising costs there. Some VLGCs were redirected on the longer Cape of Good Hope route. The rush of bookings has depleted much of the available tonnage in the US Gulf, but demand for LPG remains high with India and China facing significant shortages because of the lost Mideast Gulf supply. Chartering activity has continued in the US Gulf, but the rush of May bookings has left charterers competing for a rapidly shrinking pool of tankers, pushing the rates up. The Houston-Chiba rate hit $305/t on 13 May, with two fixtures around that level. That is more than double pre-war levels of $147/t, having accelerated through $248/t in late April and $293/t last week. The vessel shortage reflects the much longer journeys, not increased demand for VLGCs, as the loss of Mideast Gulf supply has reduced global product availability. Around half of the 120 VLGCs that loaded in the US Gulf in April were routed via the Cape of Good Hope after Neopanamax slot auction prices hit $1.076mn on 29 April — the highest since May 2024 and roughly four times pre-conflict levels. The longer routing adds more than 20 days to voyage times compared with the Panama Canal passage, occupying vessels for longer and slashing available tonnage ahead of the June loading window. Fixing activity has fallen sharply as a result with charterers securing around 24 spot and time charter bookings from the US Gulf for June to date — around one-third of the 52 fixtures completed in May — with fewer than 20 confirmed by mid-May compared with more than 40 each in the two preceding months. Vessel scarcity is likely to persist. Houston-Chiba rates are being sustained largely by exporters with long-term product contracts in place rather than by spot demand for LPG, with US supply largely unprofitable in Asia-Pacific at the current price and freight rate. Charterers have responded by swapping or delaying shipments and utilising vessels on long-term deals where available, and some traders have re-let vessels rather than use them for exports. The spot market has reached a stand-off, with remaining June cargoes likely to be fixed above the last-done level. The Ras Tanura-Chiba rate also continued to rise on limited options for east of Suez fixtures, reflecting broader vessel scarcity across the market. The underlying demand pull stems from the redirection of Asian LPG buying toward the US Gulf. Global seaborne LPG exports remain around 600,000 b/d below pre-war levels, sustaining the switch toward long-haul US Gulf loadings that has absorbed fleet capacity and compressed June availability. Conditions in the Mideast Gulf remain uncertain and the timeline for any resumption of normal shipping operations is unclear. Further rate gains are possible while June cargoes remain uncovered, although charterer reluctance to engage above current levels may cap any further gains. By Harry Heath 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

26/05/13

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.

IRGC widens Hormuz into ‘vast operational area’

26/05/12

IRGC widens Hormuz into ‘vast operational area’

Dubai, 12 May (Argus) — Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday it has widened its definition of the strait of Hormuz into a "vast operational area", extending it from the coast of Jask to Siri Island. The move broadens the area the IRGC says falls under its Hormuz operations beyond the narrow strait itself, through which around a fifth of global oil supply transited before the US-Iran war began. In a statement carried by Iranian state media, Mohammad Akbarzadeh, deputy political director of the IRGC Navy, said the strait of Hormuz had previously been "defined as a limited area around the Hormuz and Hengam islands", but that definition has now changed. "Within our new framework, the area of the strait of Hormuz has been significantly expanded, and today it extends beyond the large islands, from the coast of Jask to Siri Island." Iran's Siri Island lies in the Mideast Gulf around 70km west of the UAE emirate of Umm al-Quwain. The port of Jask is on Iran's southern coast, east of the strait of Hormuz. Akbarzadeh said the area had expanded from 20-30 miles previously to more than 200-300 miles. He described the new footprint as "a complete crescent". This is the second expansion the IRGC has announced since war with the US and Israel prompted Iran to effectively close the strait. On 4 May, the IRGC published two maps showing an expanded area it said was "under its management and control". The outlined area extended from the western tip of Iran's Qeshm Island in the Mideast Gulf to Umm al-Quwain west of the strait, and to Kuh Mobarak in southern Iran and the UAE emirate of Fujairah east of the strait. The area outlined on Tuesday by the IRGC Navy extends beyond the borders shown in the 4 May maps. The new definition comes as tensions between Iran and the US grow over the continued disruption of shipping. US president Donald Trump has repeatedly claimed agreements with Iran that he said should restore at least some traffic through the strait. But little has changed since the war began, prompting the US to impose a blockade of its own on vessels travelling to and from Iranian ports last month. Washington and Tehran have been exchanging proposals in recent weeks aimed at ending the conflict, but prospects for a breakthrough appear remote. Trump on Monday described Iran's latest offer as a "piece of garbage" and warned that the ceasefire, in place since 8 April, is under strain. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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NGL Energy Partners appoints Karlovich CFO

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