Brazil News

Digitizing Risk-based Integrity Management of FPSOs

Industries are adapting to an increasingly digitalized landscape. The floating production, storage and offloading (FPSO) industry is no different. As concerted efforts are made to improve project economics Matt Tremblay, ABS Senior Vice President, Global Offshore, discusses how digitalization can increase safety, reduce costs, and build robust technical and operational capabilities.No one could have predicted what a challenging year 2020 would become. Offshore production activity fluctuated dramatically with changing market economics and a global pandemic…

Interview: Sam Ruda, Director, Port of NY/NJ

Ports are economic engines for the regions they serve, and the impact from business activities at the Port of New York/New Jersey runs as big as the area it serves: 46 million consumers in a four-hour radius. The port is an economic giant in and of itself, providing for nearly a half a million jobs, a cumulative $35 billion in personal income and a cumulative $98 billion in business income. Sam Ruda, Director, Port NY/NJ, discusses a record 2019, continued investment in infrastructure…

Container Shortage Delays Shipments of Brazil's Record Coffee Crop

Coffee traders are struggling to ship cargos out of Brazilian ports because of a shortage of available containers or space in vessels to hold them, according to traders and analysts.Brazil's economy is suffering due to the coronavirus pandemic, causing a 40% slide in its currency, the real. That spurred a flood of exports of now-cheaper goods, but imports have dropped sharply, causing the imbalance in containers that has led to delays.That's a direct hit to Brazil, which with…

How the Major Dry Bulk Commodities Drive the Freight Market into Q4

The world is in the midst of the second coronavirus wave and with that comes the natural question of how the current dynamics will play out for the dry bulk shipping market. Demand and the subsequent cargo flow of the major dry bulk commodities are critical for the freight market, as we enter the final quarter of the year.Iron ore…has without question performed well this year, on occasion even better than gold, driven by the robust demand generated by China, as the world’s leading iron ore consumer.

Golar Unit CEO Takes Leave of Absence Amid Corruption Probe

Golar LNG said on Tuesday Hygo Energy Transition Ltd Chief Executive Officer Eduardo Antonello has taken leave of absence with immediate effect, following a corruption investigation involving him in Brazil.Golar said Antonello's leave was in no way linked to any action or misconduct during his tenure at Hygo Energy, a liquefied natural gas transport and infrastructure operator formed with U.S. private equity firm Stonepeak Infrastructure Partners.Antonello's functions will be taken over temporarily by Hygo's board…

Charleston Will be the Deepest Harbor on the US East Coast

This September, the U.S. Army Corps of Engineers, Charleston District awarded the final two dredging contracts on its harbor deepening project, which will make Charleston’s harbor the deepest on the East Coast.The contract awards also coincided with the arrival September 20 of the CMA CGM Brazil, a 15,072-TEU containership stretching 1,200 feet long, and the largest containership to ever call on the East Coast and Charleston harbor.Charleston was the last stop on its East Coast itinerary…

Bunge Partners with Brazilian Agriculture Trading Platform Orbia

Global commodities trader Bunge Ltd said on Tuesday it was partnering with Brazil's Orbia, an online platform for forward selling agricultural products and trading farming supplies.Financial and partnership details were not disclosed.Orbia's platform has 170,000 users, who represent 70% of the planted area in Brazil, Bunge said.(Reporting by Roberto Samora; Additional reporting by Sabrina Valle; Editing by Richard Chang)

Chinese Demand Keeping the Dry Bulk Market Going -BIMCO

An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the world. High deliveries and low contracting have left the orderbook at multi-year lows, but – with the poor outlook – the current influx of new dry bulk ships orders is not what is needed.Demand drivers and freight ratesThe biggest story in the dry bulk industry in recent months has been the strength of the recovery in major Chinese imports. These are up across the board…

Is China Really on Pace to Help US Soybeans Set New Export Records?

China has been buying U.S. soybeans at what seems like a breakneck pace for about two months now, increasing the probability of record U.S. exports to the Asian country over the next year.But while a record volume becomes more realistic as the sales pile up week after week, the lower price of U.S. soybeans relative to most prior years means that less ground is being covered when it comes to the Phase 1 trade deal, which is based on the exported value.Further, it has been only three years since China bought U.S.

BIMCO: Agriculture Exports Make "Stunning Comeback"

BIMCO notes stunning comeback to Q2 agricultural exports nearly triple freight ratesAs agricultural dry bulk commodities exports took a dive in the first quarter of this year and painted a gloomy picture for Panamax and Handymax freight rates, a stunning second quarter comeback have nearly tripled freight rates.While total agricultural export volumes are now solidly up in the first half of the year, they are not mind-blowingly high, and export volumes in the first quarter of 2020 certainly offered little help.

Opedal Tapped for Top Spot at Equinor

The Equinor Board of Directors appointed Anders Opedal as its new president and CEO starting November 2, 2020. Eldar Sætre will retire after six years as CEO and more than 40 years in the company.Opedal ascends to the top spot coming from the position as Executive Vice President Technology, Projects and Drilling. He joined Equinor as a petroleum engineer in 1997, spent many years in Drilling and Well and served as Chief Procurement Officer. In 2011, he was chosen to lead Equinor’s approximately NOK 300 billion project portfolio.

Beirut Blast a Wake-up Call on Dangers of Ammonium Nitrate

The devastating explosion in Beirut should be a wake-up call for countries on the dangers of ammonium nitrate, which caused the blast, experts say.Lebanese authorities said 2,750 tonnes of the industrial chemical had been stored for six years at Beirut port without safety measures. That stockpile exploded on Tuesday, killing more than 150 people, injuring thousands and leaving about a quarter of a million people homeless.Commonly used in fertilizers and as an industrial explosive…

Webinar: Floating Production Forecasts & Analysis

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…

Paranaguá Port Resumes Grain Loading After Fire

The Port of Paranaguá, Brazil's second busiest for soybean and sugar cargoes, is gradually resuming grain export operations after a fire that affected conveyor belts at two terminals, according to a statement from the port authority on Wednesday.Operations remain halted at the two affected terminals, connected to berths 212, 213 and 214, which form part of an export corridor comprising 11 terminals, the authority said.The belts at the two terminals struck by the fire were idle at the time it broke out…

Webinar: Floating Production Forecasts & Analysis

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…

Shipping's Switch to Cleaner Fuel Has Been Smooth Sailing -ING Bank

Seven months after the United Nations' shipping agency brought in hotly anticipated new rules to curb emissions, the raft of technical issues and leap in fuel prices that were expected to result have failed to materialize, ING Bank said on Tuesday.Global shipping and oil firms had flagged major concerns over potential disruptions from International Maritime Organization (IMO) rules implemented at the start of 2020, which capped marine fuels' sulphur content at 0.5% against 3.5% previously.However, shipping and marine fuel suppliers say expected technical issues, such as damage to engines from

Iron Ore Under Pressure as China Port Stockpiles Grow

Iron ore futures slipped on Monday on rising port inventory of the steelmaking ingredient in China, though optimism over prospects of strong domestic steel demand for the rest of the year kept losses in check.The Dalian Commodity Exchange's most-traded September iron ore contract closed down 0.3% at 817 yuan ($116.91) a tonne, stretching losses into a third consecutive session.Iron ore's August contract on the Singapore Exchange dropped 0.7% to $106.31 a tonne in afternoon trade, extending losses into a fourth session.China's imported iron ore inventory stocked at ports rose for a fourth strai

US Great Lakes Ports See Mixed Impacts from COVID-19

U.S. Great Lakes ports reported mixed results in June with aluminum, road salt and grain shipments holding strong despite the coronavirus pandemic, while shipments of commodities related to steel production and manufacturing have continued to slide.Additionally, the St. Lawrence Seaway reported that from April 1 to June 30, nearly 11.7 million metric tons of cargo was shipped via the bi-national trade corridor. While these volumes were down 8% compared to the same time period in 2019, cargo shipments improved in June narrowing the year-over-year decline.Craig H.

Baltic Index Logs Record Jump as Capesize Demand Spikes

The Baltic Exchange's main sea freight index recorded its biggest ever daily percentage jump on Wednesday, propelled by surging capesize rates due to a spike in iron-ore shipments.The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 192 points, or about 18.2%, to 1,246, its highest since Dec. 17.The Baltic capesize index jumped 601 points, or about 32.4% to 2,455, its highest since Dec.

Dalian Exchange Calls for 'Rational' Iron Ore Trade

China's Dalian Commodity Exchange on Tuesday asked members to act "rationally" in iron ore futures trade after prices for the steelmaking ingredient held above $100 per tonne."The iron ore market has been facing many uncertainties recently," the Dalian bourse said on its website, adding that it would strengthen investigations and strictly crack down on any irregularities.Dalian's most traded iron ore futures contract, for September delivery, has jumped more than 8% since May 26 on concerns of tight supply from Brazil.It closed at 757 yuan ($106.62) per tonne on Tuesday.($1 = 7.0999 Chinese yua

Sugar Shipping Rush Causes Huge Vessel Logjam in Brazil

More than 70 ships are lined up at Brazil's port of Santos to load sugar for export in a queue that may take a month to clear after buyers worldwide scrambled to get ahead of possible disruption caused by the ravages of the coronavirus pandemic.A large share of the global sugar trade turned to Brazil, which posted record output, and after poor harvests in India and Thailand. The South American nation now has, however, the second-most COVID-19 cases worldwide at more than 610,000.Three bulk carriers had loading operations suspended in recent weeks and faced a 14-day quarantine in Santos…

Brazil on a Grain Exporting Spree

Brazil is expected to export 11.9 million tonnes of soybeans in June, a 37% rise from the same month last year, as Chinese demand remains strong and ports operate normally amid the COVID-19 pandemic, industry group Anec said on Tuesday.Exports of corn from Brazil are seen at 774,850 tonnes in the month based on shipping data, Anec said in a report.Anec also raised its annual export projection for 2020 to 78 million tonnes of soybeans, up from a prediction of 73 million tonnes in April.Brazil’s July soy exports are predicted to be 7.25 million tonnes while corn sales abroad are estimated at 3.9

Indigenous Leaders Fear Amazon Soy Port Could be Conduit for COVID-19

As the coronavirus pandemic reaches deep into Brazil’s Amazon, a ceaseless stream of trucks carry soybeans and construction workers to an expanding port complex in the heart of the forest.Indigenous activists have opposed the Itaituba port in Pará state for nearly a decade, even before shipments began there in 2014.But now the pandemic and expansion works are fueling new fears about the port’s impact on traditional communities and the biodiversity riches of the Tapajós river.“There’s a flow of workers all the time. Nothing’s changed.

Baltic Index Sees Best Day Ever—Again

The Baltic Exchange's main sea freight index marked its largest single-day percentage rise on Thursday, as capesize vessel segment rates jumped 50% on strong iron ore demand.The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 281 points, or about 22.6%, to 1,527, its highest since Dec. 10.The Baltic capesize index jumped 1,217 points, or 49.6%, to 3,672, its highest since Sept.

Chinese Demand Lifts Baltic Index to Record Weekly Gain

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry commodities around the world, posted its biggest weekly gain ever, underpinned by a rebound in global commodities trading as iron ore demand from China picked up.The 35-year old index, which reflects rates for capesize, panamax and supramax ships, has now surged nearly 300% since tumbling to a low of 393 points in May following a freeze in global trade due to coronavirus-led lockdowns."Most…

Demand for Brazil Grains Rise as Argentine River Shipments Hit Snag

Global demand for Brazilian grains is growing as Argentina and Paraguay struggle with low water levels in a key river for agricultural shipments that is preventing ships from being fully loaded, a Brazilian trading company told Reuters on Thursday.Chief Executive Frederico Humberg of trading firm AgriBrasil said the company has sold three shipments of Brazilian corn where the buyer had initially sought to buy from Argentina."The buyer had purchased in Argentina, but ended up reverting to Brazil," Humberg said.Humberg said he knew of 10 shipments in total between AgriBrasil and other suppliers