Venezuela's state oil firm PDVSA is toughening terms for buyers after a month-long halt to most exports of crude and fuel, demanding prepayment ahead of loadings in either cash, goods or services, company documents showed.PDVSA's new Chief Executive Pedro Tellechea put the move in place this month…
Portfolio investors have piled into petroleum futures and options at the fastest rate since the first successful coronavirus vaccines were announced in late 2020.China’s exit from a zero-COVID strategy, along with hopes the global economy can avoid a recession and low oil inventories…
Thailand's exports contracted more than expected in December and only modest growth was expected for 2023 as the global economy slowed and a strong baht currency hurt trade competitiveness, the commerce ministry said on Tuesday.Exports, a key driver of growth…
Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude…
Saudi Arabia’s ports ended December in the gains territory with a string of strong results across various indicators, chief among them the 13.63% year-on-year spike in container throughput from 841,055 TEUs to 955,731 TEUs.Saudi Ports Authority…
South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston.SC Ports moved nearly 2.8 million TEUs (twenty-foot equivalent units) in 2022, a 1.5% increase over 2021. When accounting for containers of any size…
At least one liquefied natural gas (LNG) vessel gave up on Freeport LNG's export plant in Texas by Thursday after a growing number of analysts and other sources said the facility would likely not exit its seven-month outage until February or later…
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, extended losses on Thursday to a fresh two-and-a-half-year low, pressured by a dip in rates for capesize vessels.The overall index, which factors in rates for capesize…
The airline industry has been hit hard during the COVID-19 pandemic and seaborne jet fuel cargo volumes suffered along with it. In comparison to pre-pandemic levels, available seat kilometers dropped nearly 90% in early 2020. Initially, air…
Port Houston recorded its best year yet in 2022. Port Houston container annual volume was up 14%, reaching just shy of 4 million twenty-foot equivalent units (TEU), at 3,974,901 TEUs. This is nearly double the volume posted six years earlier in 2016 and 492…
Earlier in 2022, NORDEN was approached by a major European energy customer to ship wood pellets from the U.S. to a small port outside of Copenhagen, Denmark. However, port restrictions prevented Supramax vessels from entering the port, and NORDEN…
The Baltic Exchange's main sea freight index was unchanged on Monday, languishing near the multi-year low touched last week, as a slight uptick in rates for larger vessels countered a fall in the supramax segment.The overall index, which factors in rates for capesize…
DP World expects freight rates to drop by a further 15% to 20% in 2023 as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters on Monday.Narayan said the first…
Agribusinesses CHS and Cargill plan to expand the scope of their joint venture, TEMCO, by adding the Cargill-owned export grain terminal in Houston, Texas. The addition of the Houston terminal will expand the joint venture’s export capabilities…
The Valencia Containerized Freight Index (VCFI) closed the year 2022 with a fall of -13.1% in December compared to November. This is the fourth consecutive month of decline in the Index, in a year marked by ups and downs that reflects the uncertainty…