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US Coast guard restricts lower Mississippi drafts

  • : Agriculture, Coal, Fertilizers, Freight, Oil products, Petroleum coke
  • 24/09/03

The US Coast Guard (USGC) set new towing and draft restrictions for the lower Mississippi River on 31 August, as water levels continue to decline.

For southbound traffic from Tiptonville, Tennessee, to near Greenville, Mississippi, barge drafts must remain under 10.5ft and no more than six barges wide, according to the USGC. From Greenville to Tunica, Mississippi, southbound barge drafts must be under 10ft. Boats can tow six barges wide, but no more than four of those barges can be loaded.

Northbound movement from Tunica to Tiptonville must keep drafts below 10ft and cannot be more than six barges wide and no more than four barges loaded.

These new restrictions arrived five days after the previous draft restriction issued by the USGC.

Memphis, Tennessee, water levels fell below the low water threshold of -5ft over the holiday weekend, at nearly -6ft as of 3 September according to the National Weather Service (NWS). As many as six other points on the lower Mississippi River are at their low water thresholds with others expected to reach their thresholds this week.

Low water has already spurred an increase in southbound tariff values, which will likely be exacerbated as US crop harvests progress.

The next 48hrs in the Memphis area is forecast to receive no rain, while the southern half of Mississippi and most of Louisiana may see 0.5-2 inches of rainfall, according to NWS.


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25/05/19

Phillips 66 vote could change company's course

Phillips 66 vote could change company's course

Houston, 19 May (Argus) — Just four of Phillips 66's 14 board members are up for election at its annual meeting this week, but the outcome could shape the future direction of the US refiner and midstream operator. Activist hedge fund Elliott Investment Management has named four of its own candidates for the vote which will come to a conclusion on 21 May, part of its multi-year effort to push the company to sell assets and focus on core businesses. Elliott, which has amassed a $2.5bn stake in Phillips 66, contends that the company has consistently trailed its industry peers and needs to streamline operations, including spinning off or selling its midstream business, selling its stake in Chevron Phillips Chemical (CPChem), and possibly other assets. Phillips 66 has told shareholders that Elliot is pushing "an aggressive short-term agenda" that would cause disruption, slow momentum and jeopardize shareholders' investments. It says the Phillips 66 board and management team are implementing a "transformative strategy" that has delivered results, expanded its NGL business, improved its refining cost structure and continues to position CPChem as the lowest cost producer of ethylene. "We don't act out of fear or short-term trends," Phillips 66 chief executive office Mark Lashier said in a first quarter earnings call last month. "We act on what we believe will create the most long-term value for our shareholders each and every time." Turning up the heat Elliott alleges that Phillips 66 suffers from "continuous poor corporate governance" and "disingenuous shareholder engagement." Elliott said its proposals could push Phillips 66 stock to more than $200 per share. The stock was trading near $124 per share Monday morning. Elliott's campaign has grown more aggressive in the months leading up to this week's shareholder meeting. It includes launching a website dubbed "Streamline 66" with slide shows, podcasts, biographies of its dissident board nominees, press releases and information on how shareholders can vote by mail, phone or online. Elliott nominees include Brian Coffman, former chief executive at Motiva; Sigmund Cornelius, former chief financial officer of ConocoPhillips; Michael Heim, former chief operating officer of Targa Resources; and Stacy Nieuwoudt, former energy analyst at Citadel. Three top shareholder advisory firms [are backing the Elliott nominees](https://direct.argusmedia.com/newsandanalysis/article/2687988) in the proxy fight. Institutional Shareholder Services (ISS) and Egan-Jones are recommending all four of Elliot's dissident nominees, while Glass Lewis is backing three of the four — and supporting Phillips 66 nominee Nigel Hearne, a 35-year veteran of Chevron, because his experience "is more critical at this juncture". Phillips 66 pushback Phillips 66 has made some adjustments since Elliot started to agitate for change. In February 2024 it appointed former Motiva and Cenovus downstream executive Robert Pease to the board to address Elliott's concerns about a shift in focus from refining to midstream. And this year it agreed to sell off [some of its European retail business](https://direct.argusmedia.com/newsandanalysis/article/2688808), and expects about $1.6bn in pre-tax cash proceeds from the sale that it will use toward debt reduction and shareholder returns. But for the other Elliott recommendations to divest from midstream and sell its 50pc share of CPChem, Phillips 66 said the board has evaluated them and "came to the conclusion that neither action is in the best interest of long-term shareholders at this time". In additon to Hearne, Phillips 66's slate for the open board seats includes putting up Pease and current director John Lowe for re-election and nominating Howard Ungerleider, a former Dow president and chief financial officer. Current board members Gary Adams and Denise Ramos will not stand for re-election. Analysts with US bank TD Cowen said they "suspect Elliott could get some or all of its board members elected" and there could be larger board turnover next year if shareholders approve an Elliott proposal to require each director to submit a resignation to the board every year. The most likely outcome of an Elliott win is that the board "more deeply examines a midstream restructuring", TD Cowen said. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Egypt’s NCIC issues tender to sell fertilizers


25/05/19
25/05/19

Egypt’s NCIC issues tender to sell fertilizers

London, 19 May (Argus) — Egyptian producer NCIC has issued a tender to sell various fertilizers for loading in June, closing on 24 May. NCIC is offering the following products: 30,000t of DAP – it sold 15,000t at $683-687/t fob in its last tender, probably for shipment to Europe 17,000t of TSP – it sold 15,000t at $535-540/t fob in its last tender. The cargo was probably sold at $573/t cfr Brazil 30,000t of 19pc SSP – it sold 30,000t at $255-280/t fob in its last tender, probably for shipment to Brazil 10,000t of CAN 27 – it sold 10,000t at $275-280/t fob in its last tender 5,000t of granular urea – it did not award the 5,000t offered in its last tender 1,500t of water-soluble SOP – it sold 1,500t at $600-605/t fob in its last tender NCIC's last sales tender offered May-loading fertilizers and closed on 15 April. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

German gasoil demand down on rising prices


25/05/19
25/05/19

German gasoil demand down on rising prices

Hamburg, 19 May (Argus) — Traders in Germany bought significantly less heating oil in the week to May 18, after many stocked up when prices fell in the previous week. Rising prices have dampened demand, and heating oil inventories are at their highest May level in four years. Traded spot volumes for heating oil reported to Argus fell by almost 45pc on the week as inland prices for heating oil and diesel rose notably in the week for the first time since the end of March. Spot sales in the week ending May 11 has resulted in national average heating oil inventories above 50pc, according to Argus MDX data. The last time German inventories were more than half full at this time of year was in May 2021. Given the unusually high inventories and rising prices, many heating oil buyers are waiting before becoming active again. Diesel demand also fell, with traded spot volumes reported to Argus down by 23pc in the week ending May 18. But industrial end-users' inventories are at their lowest May level in five years, according to Argus MDX data. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US House panel votes down Republican megabill


25/05/16
25/05/16

US House panel votes down Republican megabill

Washington, 16 May (Argus) — A key committee in the US House of Representatives voted today to reject a massive budget bill backed by President Donald Trump, as far-right conservatives demanded deeper cuts to clean energy tax credits and social spending programs. The House Budget Committee failed to pass the budget reconciliation bill in a 16-21 vote, with four House Freedom Caucus members — Ralph Norman (R-South Carolina), Chip Roy (R-Texas), Josh Brecheen (R-Oklahoma) and Andrew Clyde (R-Georgia) — voting no alongside Democrats. A fifth Republican voted no for procedural reasons. The failed vote will force Republicans to consider major changes to the bill before it comes up for a vote on the House floor as early as next week. Republican holdouts say the bill would fall short of their party's promises to cut the deficit, particularly because it would front-load increased spending and back-load cuts. The bill is set to add $3.3 trillion to the deficit, or $5.2 trillion if temporary provisions were permanent, according to estimates from the nonpartisan Committee for a Responsible Federal Budget. Some critics of the bill said the proposed cut of $560bn in clean energy tax credits is not enough, because the bill would retain some tax credits for new wind and solar projects. "A lot of these credits have been in existence for 30 or 40 years, and you talk about giveaways, we want to help those who really need help," Norman said ahead of his no vote. "That's the heart of this. Sadly, I'm a no until we get this ironed out." Negotiations will fall to House speaker Mike Johnson (R-Louisiana), who can only lose three votes when the bill comes up for a vote by the full House. But stripping away more of the energy tax credits enacted in the Inflation Reduction Act could end up costing Johnson votes among moderates. More than a dozen Republicans on 14 May asked to pare back newly proposed restrictions on the remaining clean energy tax credits. Ahead of the failed vote, Trump had pushed Republicans to support what he calls the "Big Beautiful Bill". In a social media post, he said "Republicans MUST UNITE" in support of the bill and said the party did not need "GRANDSTANDERS". The failed vote has parallels to the struggles that Democrats had in 2021 before the implosion of their push to pass their sprawling "Build Back Better" bill, which was later revived as the Inflation Reduction Act. Republicans say they will work over the weekend on a compromise. The House Budget Committee has scheduled another hearing at 10pm on 18 May to attempt to vote again on the budget package, but any changes to the measure would occur later, through an amendment released before the bill comes up for a vote on the House floor. By Chris Knight 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
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.

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