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Glencore News

02 Oct 2023

Thungela Says Coal Terminal Workers' Strike Not Impacting Exports

Illustration - Credit; Ossewa/Wikimedia Commons - CC BY-SA 4.0 DEED

Thungela Resources, South Africa's largest shipper of thermal coal burned in power stations, said its shipments of the fuel have not been impacted by a workers' strike at the country's key coal export hub. Workers at Richards Bay Coal Terminal, which is owned by coal exporters including Thungela, Exxaro Resources, Glencore, and Seriti, have been on a strike for the past three weeks. A two-week strike at South Africa's state-owned ports and rail company Transnet last year hit coal shipments…

27 Jul 2023

Obscure Traders Ship Half Russia's Oil Exports to India, China After Sanctions

© Jouni Niskakoski / Adobe Stock

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according to two trading sources.The number of little-known trading firms relied on by Moscow to export large volumes of crude exports to Asia has mushroomed in recent months…

03 Apr 2023

UN to Start Taking Deep-sea Mining Applications This July

File photo. Image courtesy of the NOAA Office of Ocean Exploration and Research, 2019 Southeastern U.S. Deep-sea Exploration.

The International Seabed Authority will start accepting applications in July from companies that want to mine the ocean's floor, a decision that came after the U.N. body spent the past two weeks debating standards for the new and controversial practice.Deep-sea mining would extract cobalt, copper, nickel, and manganese - key battery materials - from potato-sized rocks called "polymetallic nodules" on the ocean's floor at depths of 4 to 6 km (2.5 to 4 miles). They are abundant…

29 Mar 2023

Cargill to Stop Grain Export Activities in Russia

©Elena/AdobeStock

Cargill said on Wednesday it would take a further step back from the Russian market by stopping handling Russian grain from its export terminal from July, although its shipping unit will continue to carry grain from Russian ports.Most international grain traders have stopped new investment in Russia since last year following Moscow's invasion of Ukraine but continued exporting Russian wheat."As grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season…

05 Dec 2022

Performance Shipping Takes Delivery of Secondhand Aframax Tanker

Greek tanker owner Performance Shipping announced on Monday it has taken delivery of a secondhand Aframax tanker it agreed to purchase in September 2022.The P. Monterey, formerly Phoenix Beacon, is a 105,525 dwt tanker built in 2011. It is equipped with a ballast water treatment system (BWTS), and its next scheduled special survey is not due until 2026.The vessel was acquired for a total purchase price of $35 million and partially financed through the recently announced term loan facility with Piraeus Bank S.A.Following the delivery, P. Monterey will commence a time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore, at a daily rate of $32,000 per day for a period of 24 months +/- 45 days at the option of the charterer.P.

14 Nov 2022

Singapore Marine Fuel Sales Hit One-year High in October

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Marine fuel sales in Singapore surged to a one-year high in October, latest official data showed on Monday, as more competitive prices attracted ships to refuel at the world's top bunkering hub. October bunker sales totaled 4.25 million tonnes, climbing 7% from September, while vessel arrivals for bunkering at Singapore rose 9% month-on-month at 3,431 vessel calls, data from Singapore's Maritime and Port Authority showed. Prices for ship refueling were lower in Singapore in October, compared with other regional bunkering ports such as Zhoushan and South Korea, bunker fuel traders said.

13 Sep 2022

Singapore Bunker Fuel Sales Steady in August

© Igor Groshev / Adobe Stock

Marine fuel sales at the world's largest bunkering hub Singapore held steady at 4.12 million tonnes in August, with the number of vessel arrivals for bunkering little changed, official data showed Tuesday.Sales for low-sulphur marine fuels were steady to higher from the previous month, though total monthly sales were weighed down by a slight decline in high-sulphur fuel oil (HSFO). "HSFO bunker volumes were lower, potentially due to the two-month suspension of Glencore's bunkering license in Singapore…

31 Aug 2022

Russia Attacks Grain Silos at Ukraine's Mykolaiv Port

© Genya / Adobe Stock

Grain silos in Ukraine's second biggest port, Mykolaiv, were hit by Russian shelling of the city on Tuesday, causing a fire that was still burning on Wednesday, Ukraine's emergencies service said."As a result of the shelling of Mykolaiv, grain silos at an infrastructure facility in the Korabelny district caught fire," the emergencies service said on Facebook on Wednesday. "Firefighting continues."It published photos showing holes in the metal roofs of at least two silos and fire brigades pouring water on damaged facilities.

16 Aug 2022

Battery-Electric Surge: ESS Scales Up in Maritime

Battery friendly: the DC set-up aboard an ESS-equipped VARD vessel. Image courtesy Vard

Ask the right government department in any G7 state and you’ll find funding to put battery power for your vessel. Beyond funds, new battery makers and system integrators are ironing out safety issues, and a growing number of giga-sized cell factories offer hope that costs will fall for marine energy storage, as ESS choice grows. Efforts are also underway to recycle rare earth elements and to augment or greenify staggeringly high plant electricity inputs. Apart from funding, the drivers of change include constraints on shipping in Emissions Free Areas like the fjords of Norway…

25 Jul 2022

Swiss "Take Note" of EU Sanctions Tweak for Russian Oil

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The Swiss agency in charge of sanctions said it was up to the Swiss government to decide whether to adopt a tweak to EU sanctions that eases shipments of oil from Russian state-owned firms Rosneft and Gazprom to third countries.Purchases of Russian seaborne crude oil by EU companies and its export to third countries is allowed, but under tweaks to sanctions on Russia that came into force on Friday, payments related to such shipments would not be banned."We took note of the EU's decision to adopt new measures against Russia…

06 May 2022

Singapore Port Authority Says Tainted Bunker Fuel Came from UAE

© Igor Groshev / Adobe Stock

Contaminated fuel supplied to some 200 ships in Singapore came from a tanker that loaded the oil from Khor Fakkan port in the United Arab Emirates, the Maritime and Port Authority of Singapore (MPA) said.MPA began investigations after it was notified on March 14 that a number of ships had been supplied with high-sulphur fuel oil (HSFO) containing high concentration levels of chlorinated organic compounds (COC) in Singapore.MPA said in April that the tainted oil was supplied by Glencore Singapore Pte Ltd.In further investigations to trace the oil's origin…

24 Feb 2022

Major Buyers of Russian Oil Struggle with Bank Guarantees

The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers.At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.Russia produces every 10th barrel in the world and oil prices jumped to above $105 per barrel on Thursday, their highest since 2014, due to fears of disruptions.In the Black Sea, a Turkish-owned ship was hit by a bomb off the coast of Ukraine's port city Odessa…

11 Jan 2022

Urals Oil Exports from Russia's Baltic Ports Revised Upward

© Igor Groshev / Adobe Stock

Russia's Urals oil export loading plan from Baltic ports in January has been revised upwards by 0.1 million tonnes to 6.2 million tonnes, traders said on Tuesday.Oil giant Rosneft added an additional cargo for loading from Primorsk Jan. 24-25, traders said. The cargo was allocated to Glencore, they added.Primorsk oil exports in January have been increased to 3.8 million tonnes, traders said.

29 Nov 2021

Cheniere to Sell US LNG to China's Foran Group

© Carabay / Adobe Stock

U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said Wednesday its marketing arm agreed to sell LNG to a unit of Chinese natural gas distribution company Foran Energy Group Co Ltd for 20 years starting in January 2023.Analysts said the deal should move Cheniere closer to making a final investment decision (FID) to build the proposed Stage 3 expansion at its Corpus Christi plant in Texas, which is expected in 2022.The deal is one of several announced in recent weeks…

19 Aug 2021

Tanker Firm Frontline Keeps Barstad as Permanent CEO

Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS, having assumed that position after CEO Robert Hvide Macleod decided to step down, as reported in October 2020.Prior to becoming the interim CEO, Barstad held the role as Frontline’s Commercial Director and has previously worked as a trader with Noble Group Ltd and Glencore Ltd in London, as well as serving as Director of Imarex Pte Ltd in Singapore.Ola Lorentzon, Frontline's Chairman of the Board, says: “The Board is delighted to have appointed Lars H. Barstad, who has demonstrated his abilities serving as Interim CEO.

22 Jul 2021

Cyber Attack Disrupts Operations at South African Port

Cape Town port - Credit: Chris/AdobeStock

A cyber attack has disrupted container operations at the South African port of Cape Town, an email seen by Reuters on Thursday said.Durban, the busiest shipping terminal in sub-Saharan Africa, was also affected, three sources with direct knowledge of the matter told Reuters.Cape Town Harbour Carriers Association said in an email to members, seen by Reuters: "Please note that the port operating systems have been cyber-attacked and there will be no movement of cargo until the system is restored."Transnet's official website was down on Thursday showing an error message.Transnet…

21 Jun 2021

Freight Tech Startup Forto Raises $240 Million in Softbank-led Round

© Kalyakan / Adobe Stock

Forto has raised $240 million from investors led by Softbank (9984.T), the freight technology startup said on Monday, and will invest in expanding its platform for organizing trade shipments between China and Europe.The five-year-old Berlin firm offers a single platform for managing the journey of a shipping container from origin to destination - a task long handled with pen, paper and post-it notes, said Forto CEO and co-founder Michael Wax.“A shipment from Shanghai to a warehouse in Berlin should not be more difficult than a payment via Paypal or Stripe today…

02 Jun 2021

Novatek, Glencore Ink Arctic LNG 2 Gas Supply Deal

File image: Novatek

Russian gas company Novatek has signed heads of agreement with Glencore for the long-term supply of LNG from the Arctic LNG 2 project.The agreement, signed Wednesday at Saint-Petersburg International Economic Forum, established the key commercial terms for the long-term supply of more than of 0.5 million tons of LNG per year from the Arctic LNG 2 project. The LNG will be delivered to a number of locations in East Asia, Novatek said.Leonid Mikhelson, NOVATEK's Chairman of the Management…

04 Dec 2020

Glencore Boss Glasenberg Steps Down, Nagle Named CEO

(Photo: Glencore)

Glencore boss Ivan Glasenberg is to step down next year and Gary Nagle, head of coal assets at the mining and trading group, will become the new CEO.Glasenberg's departure will mark a shift to a new, younger leadership for the business, which, along with other mining companies, has faced increasing pressure from investors to cut carbon emissions.Glasenberg, 63, has been chief executive since 2002 and investors have been expecting a succession plan after several senior members…

30 Mar 2021

Gunvor to Cut Emissions by 40%, Sets up Renewables Arm

© Altin Osmanaj / Adobe Stock

Energy trader Gunvor Group aims to cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025, the company said on Tuesday, and has set up a new subsidiary to invest in non-hydrocarbon projects.The Geneva-based firm, which is among the top five global oil traders, aims to cut emissions it produces directly, and those from the electricity it uses, against its 2019 total of 1.9 million tonnes of carbon dioxide equivalent.Its new unit will invest in biofuel, renewable power projects such as solar and biomass…

04 Mar 2021

Subsea Miner DeepGreen to Go Public Via $2.9 Billion SPAC Deal

(File photo: DeepGreen)

DeepGreen Metals, an EV battery metals maker, said on Thursday that it will be acquired by blank-check firm Sustainable Opportunities Acquisition Corp in a $2.9 billion deal.The deal will consist of a $330 million private investment from investors along with Allseas, adding to the list of existing strategic investors such as Maersk Supply Service and Glencore.Vancouver-based DeepGreen intends to produce metals from polymettalic rocks, found in deep oceans, for use in batteries…

22 Mar 2021

Australian Coal Exports Disrupted as Deluge Slows Port

© Ben / Adobe Stock

Coal deliveries to Australia’s Port of Newcastle, the world’s biggest coal export port, have been halted because flooding in the Hunter Valley region has shut rail lines, with heavy rains also slowing ship movements at the port.Heavy rains along Australia’s east coast over several days have caused the worst flooding in half a century, with thousands of people being forced to evacuate their homes.

03 May 2021

Icebreaking Bulk Carrier Delivered to Fednav

(Photo: SR Photography / Fednav Limited)

Canadian dry bulk shipping company Fednav announced it has taken delivery of its latest Polar Class 4 icebreaking bulk carrier, Arvik I.Ordered through Sumitomo Corporation and built by Japan Marine United Corporation (JMU) shipyards in Japan, the 31,000-DWT mine resupply vessel is a sister ship to Fednav’s two other Polar Class 4 icebreaking bulk carriers, Nunavik, delivered in 2014, and the Canadian-flagged Umiak I delivered in 2006, currently the most powerful icebreaking bulk…