Latest market news

Russia halts most international flights

  • : Oil products
  • 22/03/05

Russian airlines will stop almost all flights to foreign countries on 6 March in a move to avoid seizure of their planes, many of which are being leased from foreign owners. Russian air connections with the EU, some non-EU European countries, the US and Canada were halted last week or earlier this week, as part of Western sanctions against Russia.

Russian federal agency for aviation transport FAVT said today that it recommends that all Russian airlines "which have planes registered abroad under leasing contracts with foreign partners" halt flights from Russia to destinations outside the country from 6 March and halt flights from foreign countries on 8 March. "The reason for this measure is high level of risk of planes being detained or arrested abroad".

Russian state-controlled Aeroflot, the country's largest air carrier, said it will operate flights to foreign countries in the next two days but only passengers that have a return ticket for a date not later than 8 March will be admitted to flights from Russia. The airline is offering ticket exchanges or refunds.

Aeroflot will continue operating flights within Russia and between Russia and Belarus, the firm said.

Privately-owned air carrier S7 has cancelled all its international flights from today. "S7 regional offices are assisting tourists in getting back home by flights of partner airlines", the firm said today.

Russian privately-owned air carrier Red Wings, which uses Russian SSJ-100 planes, will continue flights to Armenia and Uzbekistan.

International flights used to account for around 50pc of all flights in Russian air space each month in pre-pandemic 2019 — this number included passenger and cargo flights operated by Russian and foreign air carriers. In August 2021, the frequency of international flights in Russian airspace recovered to 1,633 a day — 42pc lower than in the same month in pre-pandemic 2019 but the highest since February 2020 when the aviation sector began to feel the effects of the Covid-19 pandemic.

Domestic flights rose in Russia last year, even though pandemic restrictions continued to reduce international travel as the Russian authorities boosted domestic travel with a number of measures including cashback programmes for tourist trips inside the country. The frequency of Russian domestic flights averaged 4,077/d in June, the highest for any month since at least 2016, according to data from Russian State Air Traffic Management.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

24/11/28

Japan’s Oct naphtha imports fall on weak petchem demand

Japan’s Oct naphtha imports fall on weak petchem demand

Tokyo, 28 November (Argus) — Japan's naphtha imports totalled 1.18mn t in October, down by 10pc on the year but up by 5pc on the month, according to the country's finance ministry. Naphtha imports were lower on the year, given the continuous weakness in domestic petrochemical demand. This lowered cracker operating rates, which have been weakening since July, by 5.2 percentage points from a year earlier to 77.4pc in October, according to Japan Petrochemical Industry Association (JPCA). Cracker operating rates below 90pc indicate weakness in petrochemical consumption and the Japanese economy, JPCA said. The rates have been below 90pc since August 2022. Against a backdrop of weaker petrochemical consumption, ethylene production by domestic crackers in October fell by 7.4pc on the year to 414,500t. On a year-on-year basis, polypropylene and polyvinyl chloride output dropped by 5pc and by 12pc to 174,000t to 121,100t, respectively. Acrylonitrile output fell by 32pc to 21,300t, while styrene-butadiene rubber production stood at 15,600t, down by 25pc on the year. Aromatics xylene and benzene output fell by 2.6pc to 328,200t and by 1.5pc to 232,500t, respectively. By Nanami Oki Japan naphtha imports (t) Oct-24 Oct-23 Sep-24 y-o-y % ± m-o-m % ± Saudi Arabia 40,663 82,359 137,722 -70 -51 UAE 414,109 306,886 564,083 -27 35 Kuwait 205,941 284,441 109,249 89 -28 Qatar 148,927 147,786 195,703 -24 1 Bahrain 0 55,054 24,632 -100 -100 South Korea 179,544 92,986 89,023 102 93 Malaysia 0 0 0 - - India 38,742 0 8,516 355 - China 0 0 0 - - Indonesia 0 0 0 - - Singapore 0 0 0 - - Thailand 0 28,421 27,165 -100 -100 Russia 0 0 0 - - Australia 0 0 66,854 -100 - US 70,425 54,440 26,448 166 29 Others 79,178 69,289 60,090 32 14 Total 1,177,530 1,121,663 1,309,486 -10 5 Source: Finance ministry Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Norden agrees marine biodiesel deal with Meta


24/11/26
24/11/26

Norden agrees marine biodiesel deal with Meta

London, 26 November (Argus) — Danish shipping company Norden has agreed with tech giant Meta to utilise marine biodiesel blends on operated vessels. The deal is based on Norden's book-and-claim, a system that can be used to deliver proof of sustainability (PoS) documentation to customers to offset the latter's scope 3 emissions and fulfil their voluntary demand. The PoS can be obtained on a mass-balance system, allowing shipowners flexibility with regards to the port at which a blend can be bunkered. Norden did not specify which marine biodiesel blends it will use as part of this agreement, but said the biofuel will be ISCC-certified and will have an 80-90pc greenhouse gas (GHG) emissions reduction potential. The agreement follows recent drops in Argus assessments for marine biodiesel blends comprising Advanced Fatty acid methyl ester (Fame) 0 in the ARA trading and refining hub. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Nigeria restarts Port Harcourt refinery: Update


24/11/26
24/11/26

Nigeria restarts Port Harcourt refinery: Update

Recasts and adds details throughout London, 26 November (Argus) — Nigeria's state-owned NNPC said today it has restarted its 210,000 b/d Port Harcourt refinery after three and a half years offline. Product loadings began today after the plant's smaller, 60,000 b/d capacity crude distillation unit (CDU) came into operation. This gradual restart had been planned by Italian engineering firm Maire Tecnimont, which has been rehabilitating the plant under a $1.5bn contract, although a number of deadlines announced by NNPC have been missed. Refined products from Port Harcourt will add to the gasoline that has been supplied since September from the 650,000 b/d Dangote refinery. Product imports are likely to fall, an industry source said. Nigerian downstream regulator NMDPRA's head Farouk Ahmed said products from Port Harcourt will be made available nationwide and would stoke price competition. Nigeria's National Bureau of Statistics (NBS) reported an average national gasoline price of 1,185/litre (70¢/l) for October, a rise of 88pc on the year and 15pc from September. The price of diesel, which has been deregulated since 2003, was an average N1,441/l in October, NBS said, up by 43pc on the year and by 2pc on the month. The Dangote Group dropped its ex-gantry gasoline prices on Sunday, 24 November, to N970/l from N990/l. Nigerian importers already appear under pressure to compete with Dangote on product pricing, which the Port Harcourt start-up may exacerbate. A local trader said he has found gasoline trading economics most workable when lifting from Dangote ex-single point mooring (SPM) and delivering to coastal ports such as Port Harcourt and Warri in Nigeria's southeast, where truck deliveries from Dangote would prove uneconomic. Nigeria's presidency and NMDPRA's Ahmed urged NNPC to now bring back online its 125,000 b/d Warri and 110,000 b/d Kaduna refineries, which have been closed since 2019. NNPC has opened a combined tender for operating and maintaining these. The outcome of a similar tender for Port Harcourt is unclear. Nigeria would become a net products exporter when Warri and Kaduna come online, NMDPRA's Ahmed said today. A source at the regulator said exports might become vital to Nigerian refiners. "The patronage for petroleum products is low and Nigeria is oversupplied," the source said, attributing the latest Dangote price cut to competition with imports and weak demand. The prospect of Port Harcourt running at its nameplate capacity is in doubt, sources said. It would at best reach 40-50pc of capacity, the industry source said, which would focus on mainly local gasoline deliveries. Port Harcourt was shut in 2020 after several years of low capacity utilisation. NNPC previously said it expects the initial 60,000 b/d phase to produce 12,000 b/d of gasoline, 13,000 b/d of diesel, 8,600 b/d of kerosine, 19,000 b/d of fuel oil and 850 b/d of LPG in the first year of resumed operations. By Adebiyi Olusolape and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Bimco develops FuelEU clause for charter parties


24/11/26
24/11/26

Bimco develops FuelEU clause for charter parties

Sao Paulo, 26 November (Argus) — Danish shipping association Bimco has developed a contractual clause to support time charter parties ahead of FuelEU Maritime regulations that come into force at the beginning of 2025. The clause designates the shipowner to be the party responsible for FuelEU Maritime. Bimco said the clause is intended to be the standard applicable for most scenarios and commercial relationships. Among the recommendations, the clause states it is mandatory for a shipowner to present the vessel's compliance balance for the previous two years and in the current year. The FuelEU maritime regulation will start in 2025 and will require that ships traveling in, out of, and within EU territorial waters gradually reduce their greenhouse gas (GHG) intensity on a lifecycle basis. It will start with a 2pc reduction in 2025, 6pc in 2030, and will be 80pc by 2050, all compared with 2020 levels. The regulation applies to all commercial ships above 5,000 gross tonnes (GT) carrying passengers or cargo. "The clause we have adopted today is the result of a collaborative process between owners, charterers, Protection and Indemnity (P&I), legal experts, and other stakeholders," said Bimco's documentary committee chairman Nicholas Fell. Bimco has also already adopted a clause for emission trading allowances under the EU emissions trading system (ETS) for ship management agreements, voyage charter parties, and contracts of affreightment. By Gabriel Tassi Lara and Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Star Bulk expects smooth 2025 FuelEU compliance


24/11/25
24/11/25

Star Bulk expects smooth 2025 FuelEU compliance

New York, 25 November (Argus) — Greek ship owner Star Bulk said it expects to meet the 2025 FuelEU regulation without issue. Starting on 1 January 2025, the FuelEU regulation will require that vessel fleets travelling in EU territorial waters cap their lifecycle greenhouse gases (GHG) at 89.34 grams of CO2-equivalent per megajoule through 2029. The company plans to meet this regulation by burning B30 biofuel blends on some of its vessels. This will GHG credits for its remaining vessels that trade in and out of EU territorial waters. Star Bulk does not expect to have difficulty sourcing the B30, but warned that sourcing it could become a challenge from 2027 onward. The International Maritime Organization (IMO) should update its GHG emissions regulation for international shipping to include lifecycle emissions from the current emissions from combustion around mid-2027. The organization will require that vessels globally reduce their lifecycle GHG by at least 20pc by 2030 and by at least 70pc by 2040, compared with a 2008 baseline, and reach net-zero by 2050. This will require additional quantities of biofuel. Unlike the FuelEU regulation which applies to vessel fleets or pools travelling in EU waters, the IMO regulation will apply to individual vessels travelling in international waters. Star Bulk burned 832,371 of marine fuel in 2023, down 4pc compared with 2022. Of this quantity, 708,406t was high-sulphur fuel oil (HSFO), 36,598t very low-sulphur fuel oil (VLSFO) and 87,367t marine gasoil. About 95pc of Star Bulk's vessel fleet is outfitted with marine exhaust scrubbers. The scrubbers allow its vessels to burn HSFO in international waters. Vessels that do not have scrubbers are required by the IMO to burn marine fuel with up to 0.5pc sulphur content maximum, such as VLSFO in international waters. Star Bulk's vessels emitted 2.6mn t of CO2 in 2023, down 4pc from 2022. The company is aiming to reduce its fleet's carbon intensity ratio by 12pc by 2026, from 2019 baseline year, consistent with the IMO's carbon intensity indicator targets. In 2023, Star Bulk achieved 4.32pc reduction relative to 2019. The reduction was largely due to improved vessel performance monitoring, hull cleaning, and optimization of weather and routing, the company said. As of the end of September, Star Bulk owned 155 vessels, chartered 10 vessels and had five newbuild vessels on order to be delivered in 2025 and 2026. In April, the company finalized its merger with Eagle Bulk Shipping . By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more