Fortescue, Cosco eye iron ore on ammonia-fuelled ships

: Metals, Oil products
24/07/30

Australian iron ore producer Fortescue and China-based firm Cosco Shipping will explore building green ammonia-powered ships to transport iron ore from Australia to China.

The two companies signed an initial agreement to collaborate on decarbonising shipping, Fortescue said today. The collaboration will include building and deploying Cosco vessels, or co-owning vessels, which would be fuelled by green ammonia. The vessels will ship iron ore and other mineral products through the Australia-China iron ore green shipping corridor, with aims to lower the corridor's carbon emissions.

"This collaboration marks a significant step in decarbonising the shipping industry and establishing a green fuel supply chain," said Fortescue Metals chief executive officer Dino Otranto.

This comes after the Fortescue Green Pioneer in March received the world's first certification to use ammonia with marine gasoil (MGO) as a marine fuel. The trial was conducted in the port of Singapore.

By Mahua Chakravarty

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25/04/23

Bio-bunker sales in Rotterdam down in 1Q

London, 23 April (Argus) — Sales of marine biodiesel blends in Rotterdam fell for the third consecutive quarter in January-March as demand shifted east of Suez. Port data for the first quarter of 2025 show marine biodiesel blend sales declined by 12pc compared with the previous three months and by 60pc compared with the same period last year. The decline was underpinned by lower prices in Singapore. B24 dob Singapore — a blend comprising very low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome) — averaged a $36/t discount against B30 advanced fatty acid methyl ester (Fame) 0 dob ARA in the first quarter, and a $129.74/t discount against B30 Ucome dob ARA. This price dynamic made Singapore an attractive bunker hub for those shipowners opting to use biodiesel blends to help their customers meet sustainability goals. It also attracted demand from shipowners bound by the FuelEU maritime regulations introduced in January this year. The regulations require a reduction in greenhouse gas (GHG) emissions from ships travelling into, out of and within EU waters, but energy consumed from blends bunkered in Singapore can be mass balanced to be fully accounted for under the scope of the rules. A pooling mechanism within the regulations also allows vessels operating on the east-west route to utilise compliance generated from marine biodiesel blends bunkered in Singapore across other ships that operate solely in Europe. While biodiesel bunker sales in Rotterdam fell, biomethanol sales at the port soared almost sixfold in January-March compared with a year earlier. The sharp rise in demand reflects the rollout of FuelEU Maritime , higher mandates in Europe for the use of renewables in transport this year and changes to regulations on the carryover of renewable fuels tickets in Germany and the Netherlands . Sales of conventional bunker fuels in Rotterdam edged up by a more modest 1pc on the quarter and by 7pc on the year. Sales of high-sulphur fuel oil (HSFO) overtook those of very low sulphur fuel oil (VLSFO), reversing the trend of the previous quarter despite the imminent addition of the Mediterranean Sea as an Emission Control Area (ECA). Ships without scrubbers that sail through ECA zones must use fuels with a maximum sulphur content of 0.1pc, such as marine gasoil (MGO) and ultra low sulphur fuiel oil (ULSFO). LNG bunker sales in Rotterdam fell by the 13pc on the quarter in January-March, reflecting a price rally at the Dutch TTF gas hub in late January and early February. The Argus northwest Europe LNG bunker price stood at a two-year high of €64.35/MWh on 6 February. LNG bunker sales were still higher than in the first quarter last year, which likely stems from the introduction of the FuelEU Maritime regulations. By Hussein Al-Khalisy, Natália Coelho, Gabriel Tassi Lara, Evelina Lungu and Cerys Edwards. Rotterdam bunker sales t Fuel 1Q25 4Q24 1Q24 q-o-q % y-o-y % VLSFO 789,218 810,831 680,782 -2.7 15.9 ULSFO 187,031 193,567 176,797 -3.4 5.8 HSFO 829,197 780,437 818,028 6.2 1.4 MGO & MDO 393,071 395,903 383,409 -0.7 2.5 Conventional total 2,198,517 2,180,738 2,059,016 0.8 7 Biofuel blends 104,037 118,201 262,634 -12 -60.4 LNG (m³) 230,129 263,068 215,247 -12.5 6.9 biomethanol 5,490 930 0 490.3 na Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Indonesia stands committed to Ni controls: Ni Indonesia

25/04/23

Indonesia stands committed to Ni controls: Ni Indonesia

London, 23 April (Argus) — Indonesia remains committed to controlling nickel exports as well as increasing downstream value, the country's environment minister told delegates at the first Argus Nickel Indonesia conference today. Cecep Mochammad Yasin, director of mineral business development at the energy and mineral resources ministry, said the rapid growth of Indonesian nickel output made it necessary to adjust royalty rates and maintain output controls to preserve "invaluable nickel reserves" and stabilise prices on the international market. The Indonesian government in March adopted Regulation 19 of 2025, increasing royalty rates for nickel ore to 14-19pc, up from a previous flat rate of 10pc, while Ferronickel and NPI royalty rates were introduced at 5-7pc and nickel matte at 3.5-5.5pc. The new rates will take effect from the end of April. "This is a critical step towards ensuring that our natural resources give optimum benefits to all Indonesians by gradually increasing royalty rates," Cecep said. Preserving Indonesia's mineral wealth Cecep emphasised his country's commitment to preserving nickel reserves, saying Indonesia needed to maintain production controls to increase the longevity of critical minerals. "We have a responsibility to manage this resource to ensure availability for future generations," he said. "Massive exploitation of natural resources without regard for conservation will result in resource depletion. We must learn from other countries' experiences to make sure our nickel reserves are not depleted too quickly." Indonesia earlier this year set a production quota for nickel ore in 2025 at around 200mn t, a reduction from 2024's estimated production of 215mn t. The government had previously approved 240mn t of production out to 2026, but a reduction was made in January owing to a nickel supply glut in the international market. Since then, nickel prices have continued to fall, reaching their lowest since early 2020 at $14,000-14,030/t on the London Metal Exchange (LME) on 9 April after US tariffs were announced. Prices have since bounced back to about $15,000/t on continued trade negotiations between the US and other economic partners. The minister also hinted at working with other nickel producing countries "to create a shared understanding of global production management", which he said would be a "key step" towards international price stability. Government officials warned delegates that over the coming years, the quality of nickel grades will decline, as some of the low-hanging fruit has already been picked. "Resource quality will gradually decline," Indonesia's National Economic Council executive director Tubugas Nugraha said. "Over the next 2-3 years this trend will be balanced by increased production, but in the longer term the nickel content, especially in our NPI products will face structural challenges." Increasing downstream ambitions Indonesia has ambitions to add further value downstream in the supply chain, including in stainless steel and battery production, delegates heard. "By promoting the growth of domestic nickel processing and refining industries, we can increase added value and reduce reliance on exports," Tabagus told delegates. "Downstreaming can also absorb part of the supply and produce consistent demand." Tubagus added that downstreaming is part of Indonesia's 2045 plan for economic development, moving from extracting raw ore to producing value-added materials. He added that the country's ambition was to become a "global hub" for stainless steel, battery raw materials and electric vehicle (EV) components. Under the Indonesia Emas 2045 plan, the country plans to invest over $600bn into commodity linked industries in the coming decades, in order to escape what Indonesian national development planning ministry energy resources director Nizhar Marizi called its own "middle-income trap". Tax revenues will be key to this plan, as a report by the World Bank in December 2024 highlighted, saying Indonesia would need "structural reforms" to increase tax receipts and fund its ambitions. By Thomas Kavanagh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India, Saudi Arabia to establish two Indian refineries

25/04/23

India, Saudi Arabia to establish two Indian refineries

Mumbai, 23 April (Argus) — India and Saudi Arabia will collaborate on establishing two refineries and petrochemical projects in India, according to an Indian government release today. Indian prime minister Narendra Modi met Saudi prime minister Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 had pledged to invest $100bn in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health. The government did not disclose further details, but industry sources said that one of the two refineries might be Indian state-run BPCL's planned refinery in Andhra Pradesh , which Saudi Arabia's state-controlled Saudi Aramco may join as an investor. The other one might be a refinery in Gujarat, under a partnership with Indian upstream firm ONGC and Aramco. But plans for a 1.2mn b/d refinery in Ratnagiri in collaboration with IOC and Adnoc have mostly been ruled out, because of logistical issues relating to the size of the refinery and land acquisition hurdles, among others. Saudi Arabia is the third-largest crude supplier to India, making up 15pc or 712,000 b/d of India's total imports in January-March, data from oil analytics firm Vortexa show. Saudi Arabia's share in the Indian market has declined, after Russia became India's biggest supplier following its war with Ukraine. Modi's trip to the Middle East comes close on the heels of US vice president JD Vance's visit to India on 21 April. The visit included negotiations for an India-US bilateral trade agreement and efforts towards enhancing co-operation in energy, defence, strategic technologies and other areas. JD Vance in India Vance said on 22 April at his speech in Jaipur that India will benefit from US energy exports and said the US wants to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies. US president Donald Trump has pushed India to step up its purchases of US crude and LNG. Crude imports from the US doubled on the month to 289,000 b/d in March, of which 65,000 b/d was Canadian Cold Lake crude, according to trade analytics firm Kpler. The visits come at a time when geopolitical and trade uncertainty has risen, because of Trump's volatile tariff policies. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

FERC commissioner Phillips resigns from agency

25/04/22

FERC commissioner Phillips resigns from agency

Washington, 22 April (Argus) — Democratic commissioner Willie Phillips has resigned from the US Federal Energy Regulatory Commission (FERC) after serving more than three years at an agency responsible for permitting natural gas infrastructure and regulating wholesale power markets. Phillips' departure will clear the way for President Donald Trump to nominate a replacement at FERC, who once confirmed by the US Senate would provide Republicans a 3-2 majority for the first time since 2021. Phillips, whose term was not set to expire until June 2026, had a reputation for negotiating bipartisan deals on contentious orders involving pipelines and power market issues in the two years he served as FERC's chairman under former president Joe Biden. Phillips has yet to release a statement explaining his abrupt resignation. But Trump has already fired Democratic commissioners and board members at other agencies that, like FERC, are structured as independent from the White House. Two of the fired Democrats, who were serving at the US Federal Trade Commission, have filed a lawsuit that argues their removal was unlawful under a 1935 decision by the US Supreme Court. The White House did not respond to a question on whether it had pressured Phillips to resign. FERC chairman Mark Christie, a Republican, offered praise for Phillips as a "dedicated and selfless public servant" who sought to "find common ground and get things done to serve the public interest". Christie for months has been downplaying the threats to FERC's independence caused by Trump's executive order that asserts sweeping control over FERC's agenda. Energy companies have come to depend on FERC in serving as independent arbiter in disputes over pipeline tariffs and electricity markets, without the consideration of political preferences of the White House. Former FERC chairman Neil Chatterjee, a Republican who served in Trump's first term, said in a social media post it was "disappointing" to see Phillips pushed out after he "played it straight" in his work at the agency. As chairman, Phillips was able to authorize a "massive LNG project" — the 28mn t/yr CP2 project — at a time when Biden had sought to pause LNG licensing, Chatterjee said. Separately, Paul Atkins was sworn in as the chairman of the US Securities and Exchange Commission (SEC) on 21 April, after the US Senate voted 52-44 earlier this month in favor of his confirmation. Atkins was previously the chief executive of financial consulting firm Patomak Global Partners and served as an SEC commissioner from 2002-08. Republicans will now have a 3-1 majority at the SEC. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tariff ‘shock’ prompts IMF to cut growth outlook

25/04/22

Tariff ‘shock’ prompts IMF to cut growth outlook

Washington, 22 April (Argus) — Global economic growth is expected to be significantly lower in 2025-26 than previously anticipated because of the steep tariffs President Donald Trump is pursuing for most imports and the uncertainty his policies are generating, the IMF said. The IMF, in its latest World Economic Outlook released today, forecasts the global economy will grow by 2.8pc in 2025 and 3pc in 2026. That compares with the 3.3pc/yr growth for 2025-26 that the IMF was expecting just three months ago. Today's forecast is based on the tariffs that Trump had in place as of 4 April, before he paused steep tariffs on most countries and escalated tariffs on China. These barriers had pushed up the effective US tariff rate to levels "not seen in a century", the IMF said. While Trump has altered his tariff levels repeatedly, he has imposed an across-the-board 10pc tariff on most imports, a 25pc tariff on steel and aluminum, a 25pc tariff on some imports from Canada and Mexico, and a 145pc tariff on most imports from China. "This on its own is a major negative shock to growth," the IMF said. "The unpredictability with which these measures have been unfolding also has a negative impact on economic activity and the outlook." IMF forecasts are used by many economists to model oil demand projections. The US and its closest trading partners appear to be among those hardest hit by tariffs and corresponding trade countermeasures. The IMF's baseline scenario forecasts US growth at 1.8pc this year, a decrease of 0.9 percentage points from the forecast the IMF released in January, reflecting higher policy uncertainty, trade tensions and softer demand outlook. Mexico's economy is now projected to shrink by 0.3pc in 2025, rather than grow by 1.4pc, while Canada's growth is forecast at 1.4pc in 2025, down from 2pc. The release of the IMF report comes as Trump has given no indications of a shift in thinking on tariffs, which he says are generating billions of dollars for the US and will prompt companies to relocate their manufacturing capacity to the US. "THE BUSINESSMEN WHO CRITICIZE TARIFFS ARE BAD AT BUSINESS, BUT REALLY BAD AT POLITICS. THEY DON'T UNDERSTAND OR REALIZE THAT I AM THE GREATEST FRIEND THAT AMERICAN CAPITALISM HAS EVER HAD!" Trump wrote on social media on 20 April. The next day, major stock markets indexes declined by more than 2pc, continuing their crash from when Trump began announcing his tariff policies. Trump on 21 April escalated his attacks against US Federal Reserve chair Jerome Powell for failing to lower interest rates as Trump has demanded. There could be a "SLOWING of the economy unless Mr. Too Late" — his nickname for Powell — "a major loser, lowers interest rates, NOW," Trump wrote. The IMF also ratcheted down its expectations for the Chinese economy. China's economy is expected to grow by 4pc/yr in 2025-26, down from the 4.6 and 4.5pc, respectively, the IMF was anticipating in January. The euro area is forecast to grow by 0.8pc in 2025 and 1.2pc in 2026, a decrease of 0.2 percentage points from the IMF's previous forecast. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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