Houston Ship Channel open after storms

: Freight
24/05/17

The Houston Ship Channel reopened to all traffic around 1am ET Friday after strong storms closed a portion of the waterway late Thursday, according to the US Coast Guard.

A roughly eight-mile portion of the Houston Ship Channel from the Sidney Sherman Bridge to Greens Bayou closed from 9pm ET to 1am ET due to two ship breakaways and a probe into a potential fuel oil spill, the Coast Guard said.

That span of the channel offers access to Chevron's 112,000 b/d Pasadena refinery, Valero's 215,000 b/d Houston refinery and LyondellBasell's 264,000 b/d Houston refinery, as well as Targa's Galena Park LPG marine terminal and Kinder Morgan's refined product terminal in Galena Park.

A storm brought winds up to 74mph to the Houston area on Thursday night, according to the US National Weather Service.

By Tray Swanson

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25/05/21

Golden Ocean posts losses in 1Q on lower charter rates

Singapore, 21 May (Argus) — Norway-based dry bulk shipping company Golden Ocean posted losses in the first quarter, because of a seasonal dip in demand and subdued charter rates during the first quarter. The Nasdaq-listed dry bulk shipowner made a net loss of $44.1mn in the first quarter, plunging from a net income of $58.4mn in the first quarter of 2024, it said today. The time charter equivalent rate for Golden Ocean's fleet fell to $14,409/d over January-March, down by 36pc from $22,628/d in the first quarter of 2024. The losses were because of a weaker market environment, which pressured charter rates and curbed trading activity, said the firm's chief executive officer and chief financial officer, Peder Simonsen. An intensive drydocking schedule for the fleet's vessels also caused the company's financials to take a hit. Drydocking is the process of moving a vessel onto a dry shipyard for maintenance, repair or inspections, mandated by safety and operational requirements. The company incurred $38.4mn in drydocking expenses in the first quarter, compared to $34.3mn in the previous quarter. But he also noted that these headwinds were expected, because of a seasonal slowdown and higher macroeconomic uncertainty, including disruptions caused by recently announced trade tariffs. Golden Ocean reiterated that the fundamentals underpinning the overall dry bulk shipping market remains intact, especially for the Capesize segment. "Limited fleet growth, shifting trade patterns, and infrastructure-led demand in key regions continue to support a constructive medium-term outlook," Peder added. Merger with CMB.TECH Golden Ocean and shipping group CMB.TECH in April signed a term sheet for a stock-for-stock merger . The merger would result in a new shipowning entity with a combined fleet exceeding 250 vessels. Golden Ocean is the world's largest listed owner of large dry bulk vessels. Its fleet consists of 91 vessels with an aggregate capacity of around 13.7mn deadweight tonnes. Of these, 83 vessels are owned by the company, consisting of 18 Newcastlemaxes, 33 Capesizes, 28 Kamsarmaxes and 4 Panamaxes. By Sean Lui, Sureka Elangovan and Lisa Cheng Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Shipping industry still dislikes US port fees

25/05/20

Shipping industry still dislikes US port fees

New York, 20 May (Argus) — US port fees meant to target the Chinese maritime industry finalized by the US Trade Representative (USTR) in April are still facing backlash from market participants, even in what are supposed to be unrelated USTR proceedings. In public comments due by 19 May that were meant to be focused on new USTR proposals for tariffs on portside cranes , many shipping firms chose instead to continue voicing concerns about the port fees, which are aimed at penalizing owners and operators of Chinese-built vessels. Groups like the World Shipping Council (WSC) and the Chamber of Shipping of America (CSA) are asking the USTR to consider more feedback from industry before imposing the fees this fall, citing both the damage they could do to US commerce and confusion about the measures. "The [port] fees will increase costs for US consumers and exporters and introduce supply chain inefficiencies, all while failing to incentivize China to alter its acts, policies and practices," the WSC said in comments filed with USTR on 19 May, echoing many of the concerns raised by groups earlier this year to draft versions of the port fees. The finalized port fee plan is also unclear to many and has generated confusion in the international trade community, WSC said. The timing of the implementation for the fees is also unclear and needs to be clarified, said the CSA. Before Monday's hearing USTR said it would not address any aspect of the new fees — just the proposed crane tariffs. There were comments filed on the crane tariff proposal, including from the operators of the Port of Freeport, Texas, who noted the US needs significant time to develop its own domestic crane manufacturing industry. But many of the comments continued to address what appear to be finalized fees, set to go into effect in October. In one comment, food industry trade group The Meat Institute, said the finalized fees were an improvement over the earlier proposals, but they would still be costly to US businesses and consumers. The new fees "... would still impose punitive fees that will be passed directly to the American companies exporting perishable meat and poultry products, and ultimately spread across actors along the supply chain, including American consumers who will see prices on food to finished goods increase at a time when the Administration is working diligently to combat stubborn inflation," the Meat Institute said in its comments. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Global dry bulk trade to contract in 2025: Star Bulk

25/05/15

Global dry bulk trade to contract in 2025: Star Bulk

New York, 15 May (Argus) — Dry bulk shipowner Star Bulk projects the total volume of global dry bulk volumes to fall by 1.2pc in 2025, largely due to lower global dry bulk exports to China Coal is projected to suffer the largest declines in global export volumes among major bulk commodities as China and India's domestic coal production growth is outpacing its consumption growth, creating downside risks for 2025 imports, according to Star Bulk. The global coal trade is expected to fall by 3.2pc on the year, down to 1.3bn t for 2025. China is also trying to increase its own grain productionand is "engaging in [genetically modified] crops" which will put downward pressure on its seaborne grain imports, according to Star Bulk. The global grain trade is projected to decline by 2.1pc on the year, down to 524mn t in 2025. For global iron ore exports the outlook is less clear. Low Chinese domestic production and stocks may increase demand but rising protectionist measures from steel-importing nations could curb Chinese steel production for the coming quarters, according to Star Bulk. Increases in minor bulk exports, such as bauxite or fertilizers, will rise on the year but not enough to mitigate decreases in major bulk volumes. The volume of minor bulk trade is expected to grow by 0.4pc on the year, driven by higher bauxite exports out of west Africa. Star Bulk's fleet consists of 150 bulk carriers including 17 Newscastlemaxes, 16 Capesizes, 38 Kamsarmaxes and 48 Ultramaxes. Star Bulk reported a first quarter profit of $462,000, down from $74mn in the same quarter the previous year. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU consults on tariffs for €95bn US imports

25/05/09

EU consults on tariffs for €95bn US imports

Brussels, 9 May (Argus) — The European Commission is consulting on an extensive list, worth €95bn ($107bn), of US industrial, agricultural and other imports that could be subject to tariff countermeasures. The long list includes extends from livestock, biofuels, wood pellets to metals, aircraft, tankers and polymers . The consultation runs until midday on 10 June. It is aimed at stakeholders affected by US measures and possible EU rebalancing measures. Also considered for possible countermeasures are restrictions, worth €4.4bn, on EU exports to the US of steel, iron and aluminium scrap, as well as toluidines, alcoholic solutions and enzymes (CN codes 7204, 7602, 292143, 330210 and 350790). The commission linked the possible new measures to US universal tariffs and to Washington's specific tariffs on cars and car parts. The commission said the public consultation is a necessary procedural step. It does not automatically result in countermeasures. The EU also launched a WTO dispute procedure against the US for Washington's universal tariffs, set at 20pc for EU goods and currently paused at 10pc, and at 25pc on all imports of vehicles and car parts. The commission will need approval by EU governments under a simplified legislative procedure. Officials say this will complete a legal act for the countermeasures, making them "ready to use" if talks with the US do not produce a "satisfactory" result. The list of products potentially targeted includes livestock, along with items ranging from spectacles to antiques. The 218-page list includes a range of agricultural and food products including oats, maize, and cereal pellets. Also included are biodiesel and wood pellets (CN codes 38260010, 44013100), as well as paper and cotton products. Aluminium, iron, steel are listed together with a wide range of other goods from gas turbines, ships propellers and blades, aircraft, sea-going tankers and other vessels. Polymers, copolymers, polyesters and other products are not spared (CN codes 39039090 and more). On 10 April, the EU paused its reciprocal tariffs against the US for 90 days, responding to a US pause. The EU notes that €379bn, or 70pc, of the bloc's exports to the US are currently subject to new or paused tariffs. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Scorpio Tankers' profits plunge in January-March

25/05/07

Scorpio Tankers' profits plunge in January-March

Singapore, 7 May (Argus) — New York-listed shipowner Scorpio Tankers' net income and time charter equivalent (TCE) revenue plunged by 76pc on the year in January-March, because of lower average daily TCE rates and a reduced fleet size. Scorpio's adjusted net income was at $49mn in the first quarter, down sharply from $206.6mn in the first quarter of 2024. The TCE rate for Scorpio's fleet decreased to $23,971/d in January-March from $39,660/d a year earlier. The company projects the TCE rate for the second quarter at $26,139/d. The company in early 2024 reported favourable market conditions, because of rising consumption and high export volumes. Disruptions in the Red Sea had prompted much of the global shipping fleet to divert around the Cape of Good Hope, and this rerouting significantly boosted tonne-mile demand. This boosted average daily spot TCE rates for the company's Long Range 2 (LR2) vessels, which are primarily used for these extended routes, to record highs during the first quarter of 2024. Red Sea transits remained limited throughout 2024, but global refined oil product supply chains adjusted, so tonne-mile demand fell to more typical levels during the second half of 2024 and into early 2025, according to Scorpio Tankers. Concurrently, refinery maintenances took place earlier than usual, peaking in February and March, which contributed to a drop in refined product exports. The company also said the average number of vessels operated was 99 during the three months ending 31 March, down from 110.9 during the same period in 2024. This contributed to Scorpio Tankers' lower TCE revenues in the first quarter of 2025. Scorpio's fleet consists of 99 ships, comprising 38 LR2 vessels, 47 Medium Range (MR) ships and 14 Handymaxes. The fleet's weighted average age is approximately 9 years. By Sureka Elangovan and Lisa Cheng Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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