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Union, US ports reach tentative deal to avert strike

  • : Oil products
  • 25/01/09

Unionized port workers and operators of US east and Gulf coast ports and terminals have reached a tentative agreement on a new work contract, averting a strike that would have started next week.

The International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) said the new six-year contract still needs to be reviewed and approved by members of both sides before it will be ratified. They have agreed to continue to operate under the current contract until the agreement is finalized.

"This agreement protects current ILA jobs and establishes a framework for implementing technologies that will create more jobs while modernizing East and Gulf coasts ports — making them safer and more efficient and creating the capacity they need to keep our supply chains strong," the ILA and USMX said in a joint statement.

Details of the agreement will not be released until after members have had time review and approve the deal, ILA and USMX said.

The current contract was set to expire on 15 January after the parties struck a temporary agreement to end a three-day port strike in October 2024.


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25/01/31

Trump tariffs most likely to bite US east coast market

Trump tariffs most likely to bite US east coast market

Houston, 30 January (Argus) — The prospect of the US imposing 25pc tariffs on imports from Canada and Mexico would most likely have the greatest impact on US Atlantic coast motor fuel markets. President Donald Trump repeated plans to impose the tariffs this weekend , although he said crude may be exempted from the plan. But a crude exemption would not matter in the case of Irving Oil's 320,000 b/d Saint John, New Brunswick, refinery, which is a regular source of gasoline and diesel to the US' upper Atlantic coast markets. The US imported roughly 595,000 b/d of oil products from Canada in October, according to the latest Energy Information Administration data, most of it bound for the Atlantic coast. New York Harbor spot market gasoline prices are currently around $2/USG, meaning a 25pc tariff on Canadian imports could up that price by as much as 50¢/USG. This could prompt buyers in New England or other East coast markets to look to other supply options. Canadian refiners could also start sending their product to west Africa or Latin America. In the US midcontinent, as much as 4.25mn b/d of US midcontinent refining capacity relies on heavy sour Canadian crudes for up to 70pc of their supplies. In theory, US midcontinent refiners could run lighter, US-produced grades. But there are relatively few pipelines serving the midcontinent with such grades and they would be much less profitable to refine compared to a pre-tariff WCS barrel. Chicago gasoline spot prices were just under $2/USG today, so a 25pc tariffs would also add 50¢/USG to prices. Chicago Buckeye Complex ultra low sulphur diesel (ULSD) prices were at $2.18/USG today while West Shore/Badger ULSD prices below that at $2.15/USG. Imports of Mexican refined products should be less of an issue as Mexico sent only 180,000 b/d of products to the US in October, according to the latest data. Counter tariffs on crude and oil products by Mexico or Canada would also be an issue for US refiners and blenders. US refiner Valero said today that the tariffs could cause a 10pc cut in refinery runs depending on how long the tariffs go and how fast they are implemented. By Dave Ruisard and Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tariffs could cut refinery throughput by 10pc: Valero


25/01/30
25/01/30

Tariffs could cut refinery throughput by 10pc: Valero

Houston, 30 January (Argus) — US refiner Valero is in a strong position to find alternative sources of crude if the US imposes a 25pc tariff on Canadian imports, but the switch could still cut throughputs by 10pc, the company said today. Valero's refining footprint in the US Gulf coast allows it to source feedstocks from around the world, but there is a point where a limit on heavy feedstocks like those from Canada could affect production of refined products, said chief operating officer Gary Simmons during a fourth quarter earnings call. "You might see a 10pc change in throughputs" depending on how long the tariffs go and how fast they are implemented, he said. Valero operates 1.6mn b/d of refining capacity in the US. President Donald Trump has threatened to impose 25pc tariffs on all imports from Canada and Mexico as soon as 1 February. But commerce secretary nominee Howard Lutnick said earlier this week that the tariffs may not be imposed if the countries cooperate on border security. Trump frequently makes the case that foreign suppliers are solely responsible for paying tariffs, while it is actually US importers that pay the tariffs. In the case of Canadian and Mexican crude, the US refiners that buy from those countries would pay a tax on the value of crude imports. Whether the price of Canadian crude falls by a sufficient amount to offset the 25pc tariff would depend on the market power of individual US refiners and Canadian producers, as well as actions by the Alberta government, according to a recent report by the Congressional Research Service. Valero does not have any details on how the tariffs would be applied and will just "have to deal with it when it comes up," Simmons said. The company reported record high throughputs of heavy sour crude in the fourth quarter of 2024. Heavy sour crude runs averaged 608,000 b/d, compared with 485,00 b/d in the same period in 2023. The increase showed the refining system's flexibility and the company's ability to secure and process the most economic crude oils, Valero said. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Marine biodiesel sales drop in Rotterdam port 4Q 2024


25/01/30
25/01/30

Marine biodiesel sales drop in Rotterdam port 4Q 2024

London, 30 January (Argus) — Marine biodiesel demand fell in the final quarter of last year in the port of Rotterdam, while LNG sales picked up ahead of the introduction of FuelEU Maritime regulations at the turn of the new year. Sales of marine biodiesel blends in Rotterdam fell by 13.8pc on the quarter and just under 50pc on the year in October-December. This contrasts with an increase of about 62pc on the quarter for marine biodiesel blend sales in Singapore, pointing to a continued trend of voluntary demand shifting east of Suez. Participants reported this trend throughout last year, with more competitive prices for the blends in Singapore. Argus assessed B24 dob Singapore, a blend comprising very-low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome), at an average discount of $10.58/t against B30 Advanced Fatty acid methyl ester (Fame) 0 dob ARA in the final quarter of 2024. B24 dob Singapore was marked at an average discount of $119.34/t against B30 Ucome dob ARA. Consequently, shipowners seeking to deliver proof of sustainability documentation to their customers, to offset the latter's scope 3 emissions, shifted their marine biodiesel demand to Singapore when feasible. FuelEU Maritime regulations, which came into effect in January and require a reduction in greenhouse gas (GHG) emissions from vessels every year, will probably incentivise regulatory-driven demand for marine biodiesel blends. But the regional price dynamics between ARA and Singapore will probably remain relevant to regulatory-driven demand as well, as energy consumed from blends bunkered in Singapore can be mass balanced to be fully accounted for under the scope of FuelEU Maritime. The pooling mechanism within FuelEU Maritime would also allow for vessels operating on the east-west route to potentially utilise compliance generated from marine biodiesel blends bunkered in Singapore across other vessels that operate solely in Europe. LNG sales picked up by 19.5pc on the quarter and soared by 76.6pc on the year ahead of the introduction of FuelEU Maritime regulations at the start of 2025. Fossil LNG, depending on the type of engine used on board, can help shipowners with LNG-capable vessels meet their FuelEU compliance targets for 2025. The Gate LNG import terminal is planning to start operations at a second jetty for LNG bunker vessels in 2028, pointing to expectations of greater demand. Bio-LNG sales were reported for the first time in 2024 since small volumes in 2021, ahead of FuelEU Maritime regulations. Conventional bunker fuel sales comprising VLSFO, ultra-low sulphur fuel oil (ULSFO), marine gasoil (MGO), marine diesel oil (MDO), and high-sulphur fuel oil (HSFO) dipped by 4.7pc on the quarter but rose by 17.7pc on the year in October-December. VLSFO sales alone were marked higher than HSFO's for the first time at the port since the last three months of 2023. Total VLSFO volumes traded in the fourth quarter came to nearly 811,000t, down by 3pc from the previous quarter, while HSFO sales totalled 780,500t, down by 14pc. Market participants attribute this retail drop-off to considerable local HSFO supply-side constraints at the end of 2024. Thin volumes produced by CDUs at refineries in the Amsterdam-Rotterdam-Antwerp (ARA) hub meant imported volumes were needed to cover shortfalls. Refineries cut throughput runs, reducing residual byproduct output. Biomethanol sales dropped by over half on the quarter, under pressure from thin trading activity, but were 86pc higher on the year in the final quarter of 2024. Shipping giant Maersk has signed several letters of intent for the procurement of biomethanol and e-methanol from producers such as Equinor , Proman and OCI Global . But the European Commission's proposal to exclude automatic certification of biomethane and biomethane-based fuels for the Union Database for Biofuels if relying on gas that has been transported through grids outside the EU, could slow some negotiations for 2025 imports of biomethanol of US origin into the EU. By Hussein Al-Khalisy, Bob Wigin and Evelina Lungu Rotterdam bunker sales t Fuel 4Q24 3Q24 4Q23 q-o-q% y-o-y% VLSFO & ULSFO 1,004,398 1,045,774 847,862 -4 18.5 HSFO 780,437 906,737 643,218 -13.9 21.3 MGO/MDO 395,903 334,752 361,585 18.3 9.5 Conventional total 2,180,738 2,287,263 1,852,665 -4.7 17.7 Biofuel blends 118,201 137,175 233,108 -13.8 -49.3 LNG (m³) 263,068 220,120 148,933 19.5 76.6 bio-LNG (m³) 575 0 0 na na biomethanol 930 2,066 500 -55 86 Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Syria issues crude, products tenders: Correction


25/01/30
25/01/30

Syria issues crude, products tenders: Correction

Corrects quality of gasoil sought in paragraph 4, from 10ppm to 50ppm. This story was originally published on 22 January Dubai, 30 January (Argus) — The new administration in Syria has issued its first tenders to buy crude and refined products since the fall of Bashar al-Assad's regime in December, as acute fuel shortages continue to cause lengthy blackouts in the country. Tenders seeking 3mn bl of light crude for the 140,000 Banias refinery and 1.2mn bl of heavy crude for the 110,100 b/d Homs refinery close for bidding on 27 January. They have a 10pc flexibility either way on the volumes. The Banias refinery is undergoing maintenance at several of its production units after being taken offline last month because of a lack of crude feedstock. Syria's new administration has also issued its first import tender for refined products — 80,000t of 90 Ron gasoline, 100,000t of 50ppm sulphur gasoil and 100,000t of fuel oil — commencing as soon as possible for delivery over a 30-day period. Offers must be delivered by hand to the oil ministry in Damascus by 14:30 local time on 27 January. A tender seeking 66,000t of LPG has been issued as well. A previous tender for 20,000t of LPG was awarded at mid-teen $/t premiums to fob Lavera west Mediterranean prices. Before Assad was toppled, Syria relied heavily on Iran for its oil supplies, as international sanctions imposed in the wake of the 2011 civil war left the country critically short of feedstock for its refineries. Iran's crude exports to Syria averaged around 55,000 b/d in January-November 2024 and around 80,000 b/d in 2023, according to trade analytics firm Kpler. Iran was also sending around 10,000-20,000 b/d of oil products to Syria in recent years, according to consultancy FGE. But Tehran has halted crude deliveries to Syria since the Islamist group Hayat Tahrir al-Sham took control last month , leaving the new transitional government under pressure to find alternative suppliers. Government-to-government deals are a potential option. "Recent political developments have indicated that Qatar, Saudi Arabia and Turkey could play a role in solving Syria's crude and refined products shortage," FGE analyst Palash Jain said. Saudi Arabia is willing to help for a limited period, but discussions remain in a preliminary phase and are light on details, a source with knowledge of the matter told Argus . Riyadh is waiting to hear more from the Syrians on their energy needs and requirements, the source added. The latest tenders come just two weeks after the US waived sanctions that had previously prohibited energy trade with Syria. The waiver, issued on 6 January, is valid until 7 July. By Rithika Krishna and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Sydney Airport transits up by 7pc in 2024


25/01/29
25/01/29

Sydney Airport transits up by 7pc in 2024

Sydney, 29 January (Argus) — Passenger numbers rose on the quarter and year at Australia's Sydney Airport in October-December, but remain behind pre-Covid-19 levels, meaning jet fuel demand is likely to be higher in 2025. Total transits at the nation's busiest airport were up by more than 500,000 on a year earlier in the quarter, aided by a 7pc rise in international passengers, while domestic numbers were up by 4pc. Numbers were also up in 2024 compared with 2023's annual figure, again aided by a 12pc rise in international terminal passengers, while domestic numbers rose by just 4pc. Total transits of 41.39mn were 7pc higher than a year earlier but are still 7pc below 2019 levels, the last full year before pandemic-era travel restrictions resulted in Sydney's figures dropping by 75pc in 2020 . Passenger traffic at Australia's Melbourne Airport — the nation's second busiest — rose by 7pc on the year in 2024 to 35.75mn , 5pc below 2019's 37.45mn. Jet fuel sales rose by 11pc in the first 11 months of 2024 to 160,000 b/d, with November the latest month for which data from Australian Petroleum Statistics are available. The figure was 161,000 b/d in January-November 2019, suggesting further growth in jet fuel demand is possible this year. By Tom Major Sydney Airport passenger traffic mn Oct-Dec '24 Jul-Sep '24 Oct-Dec '23 2024 2023 2019 q-o-q % ± y-o-y % ± 2024 vs 2023 % ± Total 11 10.3 10.5 41.4 38.7 44.4 6 5 7 International 4.4 4 4.1 16.3 14.5 16.9 8 7 12 Domestic 6.7 6.3 6.4 25.1 24.1 27.5 5 4 4 — Sydney Airport Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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