Maersk Secures Fuel for First Methanol Containership Journey
Denmark's Maersk said on Monday it has secured fuel for the first container vessel able to run on carbon-neutral methanol on its inaugural journey, from South Korea to Denmark.The 21,500 km long summer trip from Ulsan to Copenhagen will be fuelled by bio-methanol fuel produced from biogas captured from decomposing organic landfill waste. This will be delivered from a U.S. plant by Dutch company OCI Global."The green methanol market is still in its infancy and frankly we had not expected to be able to secure a maiden voyage on green methanol for this vessel…
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. The world's biggest LNG markets - Japan, China, South Korea, and India - are all seeing a drop in demand. Asia's spot LNG prices dropped to $1.85 per million British thermal units (mmBtu) last week, the lowest ever, as cargoes have flooded the market. "At prices in the $2/mmBtu range ... some producers are getting close to not recovering cash costs of their operations.
LNG Cargo from US Plant does U-turn for UK
The first liquefied natural gas (LNG) cargo exported from a new plant in the United States at Cove Point will arrive in Britain later this month as Asian spot LNG prices weaken relative to European benchmarks. The Gemmata tanker is expected to arrive at the UK's Dragon terminal on March 20, according to the local port authority at Milford Haven. As Asian spot LNG prices weakened, the tanker performed a U-turn in the middle of the Atlantic this week away from Asia and towards Europe, shipping data shows. Royal Dutch Shell is responsible for shipping test cargoes from the newly built plant in Maryland. Cove Point is the second biggest LNG export terminal in the lower 48 U.S. states after Cheniere Energy's Sabine Pass terminal in Louisiana, which exported its first cargo in February 2016.
POSCO Plans Port Plant at Indiana-Jeffersonville
POSCO, a multinational company headquartered in Pohang, South Korea, and the fifth-largest steel producer in the world, has announced plans to build a wire rod processing center at the Port of Indiana-Jeffersonville, creating up to 60 high-wage jobs by 2018. POSCO is South Korea's fourth largest company, behind Samsung Electronics, SK Holdings and Hyundai Motors, and is ranked No. 162 in Fortune's Global 500. "Although we are located on different continents, South Korea and Indiana both share a reputation of excellence when it comes to advanced manufacturing," said Governor Mike Pence. "Having a globally-focused company like POSCO select Indiana to grow its business is a strong endorsement of our state's low-cost…
Diesel Engine Manufacturer to Expand US Plant
Diesel engine propulsion and power manufacturerTognum, will expand its Aiken Plant for MTU engines and add 20 new jobs over the next two years. The $40 million expansion project is made possible in part by the support of Aiken County, S.C. and the State of South Carolina. Expansion plans for the MTU Aiken Plant include two new research and development buildings that will house new engine test equipment, as well as additional visitor and employee parking areas. Construction has already begun, and Tognum America Inc., an American subsidiary of Tognum AG, expects to complete the new facilities by the end of this year. The investment follows Tognum’s initial commitment of $45 million in plant renovations and expansion…
CBP Intercepts Pest in Sea Cargo
U.S. Customs and Border Protection (CBP) Agriculture Specialists conducted nearly 5 million agricultural cargo inspections last fiscal year, up more than 16 percent over the year before. Many shipments get routine inspections; others are targeted for closer scrutiny for various reasons. Last month, one carried the beginnings of a dangerous insect that was, fortunately, stopped dead in its tracks. On the morning of February 17, 2005, at the New York Container Terminal in Staten Island, New York, CBP Agriculture Specialists were processing cargo coming in from the Far East. A group of containers had been targeted by CBP for a more in-depth inspection.
