Finnish ice measures unlikely to hinder LNG arrivals

: Natural gas
23/12/11

Ice restrictions put in place at Inkoo and Hamina on 9 December should not pose any threat to the delivery of LNG to the terminals in these two harbours, the Finnish Transport Infrastructure Agency (FTIA) told Argus today.

The restrictions limit access to icebreaking assistance only to vessels of at least Swedish-Finnish ice class II and deadweight 2,000t. In practice, this is likely to have little to no effect on the delivery of LNG, as all normal LNG vessels should qualify as ice class II.

"This first restriction seldom hinders any vessels from transporting any goods to or from Finnish ports, since most vessels qualify for Finnish-Swedish ice class II," the FTIA told Argus. The FTIA does not foresee "any rapid changes" in regards to ice build-up at present, but is monitoring the situation closely, it said. There is "thin-level ice and new ice in the inner archipelago" around the Gulf of Finland, with ice formation in places further out, according to the Finnish meteorological institute. It has been an abnormally cold start to the ice season this year, with the total area of ice coverage as of Sunday at 36,000km², compared with 10,000km² on the same day last year. There were light restrictions at Inkoo during the last ice season between 7 January-4 April 2023, but only to the level of ice class II and deadweight 2,000t.

The 145,000m³ Arctic Princess arrived at Inkoo on 7 December and left the port on 10 December without issue, having delivered an 800GWh cargo from Norway's Hammerfest liquefaction plant (see data and download). Inkoo is next due to receive a shipment on 26 December, according to the terminal schedule. The Arctic Princess is an ice class II vessel and thus had no problems navigating out of Inkoo, a source close to the matter told Argus.

The risk that ice poses for many shippers makes securing cargoes difficult, many market participants told Argus last month. Eesti Gaas managed to secure a contract for the delivery of three cargoes from Hammerfest in the coming months aboard ice-class vessels, which should not encounter problems with ice unless it becomes particularly thick.

Finland has been left entirely reliant on LNG deliveries to Inkoo and Hamina for its gas supply this winter following the rupture of the 2.6bn m³/yr Balticconnector pipeline.

By Brendan A'Hearn

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.

25/04/24

Eni cuts capex on macro headwinds, tariff uncertainty

London, 24 April (Argus) — Italy's Eni has cut its spending plans for this year in response to macroeconomic headwinds, uncertainty around trade tariffs and a lower oil price outlook. The company is planning a series of "mitigation measures" worth over €2bn [$2.28bn], a key element of which is a reduction in 2025 capex to below €8.5bn from previous guidance of €9bn. Eni now expects net capex — which takes into account acquisitions and asset sales — to come in below €6bn this year, compared with its initial plan of €6.5bn-7bn. Other savings will come from "mitigating actions" around its portfolio, operating costs and "other cash initiatives", the firm said. Eni's plan reflects a tariff-driven deterioration in the outlook for the global economy and, in turn, global oil demand and oil prices. The company has revised its Brent crude price assumption for 2025 down to $65/bl from $75/bl previously. It has also lowered its refining margin indicator assumption for the year to $3.5/bl from $4.7/bl. The lower oil price assumption has not changed the company's upstream production forecast — it still expects 2025 output to average 1.7mn b/d of oil equivalent (boe/d). But Eni's production in the first quarter was only 1.65mn boe/d, 5pc lower than the same period last year. The firm's gas production took the biggest hit, falling by 9pc on the year to 4.5bn ft³/d (861,000 boe/d) as a result of divestments and natural decline at mature fields. Liquids output fell by 1pc year on year to 786,000 boe/d. Eni reported a profit of €1.17bn for January-March, 3pc lower than the same period last year. Underlying profit— which strips out inventory valuation effects and other one off-items — fell by 11pc on the year to €1.41bn. Eni said the fall in profits was mainly due to lower oil prices. The company also had to contend with weaker refining margins and throughputs, as well as a continuing downturn in the European chemicals sector. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US states including New York sue Trump over tariffs

25/04/23

US states including New York sue Trump over tariffs

New York, 23 April (Argus) — A coalition of 12 states including New York is suing the administration of President Donald Trump for imposing "illegal" tariffs that threaten to raise inflation and derail economic growth. The lawsuit, filed by attorneys general from the 12 states, argues that Congress has not granted the president the authority to impose the tariffs and the administration violated the law by imposing them through executive orders, social media posts, and agency orders. "President Trump's reckless tariffs have skyrocketed costs for consumers and unleashed economic chaos across the country," said New York governor Kathy Hochul (D). "New York is standing up to fight back against the largest federal tax hike in American history." The lawsuit alleges the tariffs will increase unemployment, threaten wages by slowing economic growth and push up the cost of key goods from electronics to building materials. The lawsuit, which was filed in the United States Court of International Trade, seeks a court order halting the tariffs. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tariffs could cut FY profit $100mn-$200mn: Baker Hughes

25/04/23

Tariffs could cut FY profit $100mn-$200mn: Baker Hughes

New York, 23 April (Argus) — Oilfield services giant Baker Hughes expects a cut in its annual profit of as much as $200mn from tariffs, if current levels applied under President Donald Trump's 90-day pause stay in place for the rest of the year. That hit to profits does not include secondary effects, such as the impact of Trump's trade wars on slower global economic growth, as well as a renewed bout of weakness in oil prices. While the company is taking steps to mitigate tariff impacts, its "strong weighting" to international markets helps reduce its overall financial exposure, according to chief executive officer Lorenzo Simonelli. Increased oil price volatility due to tariffs , as well as the return of Opec+ barrels to the market, have resulted in a softening outlook for the market. As such, Baker Hughes now expects global upstream spending will be "down by high single digits" this year. The company forecasts a low-double digit decline in North America spending by its clients, and a mid-to-high single digit drop internationally. "A sustained move lower in oil prices or worsening tariffs would introduce further downside risk to this outlook," said Simonelli. "The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels." The company has identified three areas of tariff exposure within its industrial and energy technology division, including volumes exported to China, critical equipment supplies from its facilities in Italy, and an expected modest impact from steel and aluminum tariffs as well as US-China trade activity. Mitigation efforts include exploring domestic procurement alternatives to reduce input costs and improving its global manufacturing footprint. In relation to its oilfield services and equipment segment, Baker Hughes has been working to boost domestic sourcing and is working with customers to recover some costs. Elsewhere, the repeal of an US LNG permitting moratorium under the Trump administration has resulted in higher orders. Baker Hughes has booked about $1.7bn in LNG orders in the US over the past two quarters, and several LNG customers in the Gulf Coast have signaled plans to expand capacity beyond 2030. Profit of $402mn in the first quarter was down from $455mn in the year-earlier period. Revenue held steady at about $6.4bn. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US wants IMF, World Bank to drop climate focus

25/04/23

US wants IMF, World Bank to drop climate focus

Washington, 23 April (Argus) — US president Donald Trump's administration today called on the IMF and the World Bank to focus resources away from climate action and energy transition and to make lending available to fossil fuels programs. The IMF "devotes disproportionate time and resources to work on climate change, gender, and social issues," US treasury secretary Scott Bessent said in remarks today timed to coincide with the two international lending institutions' annual meeting in Washington. "Like the IMF, the World Bank must be made fit for purpose again," he said, during an event hosted by trade group Institute of International Finance. The IMF and the World Bank in recent years have followed the preferences of their largest shareholders — the US and European countries — in incorporating the effects of climate change in their analysis and to facilitate energy transition in the emerging economies. The World Bank, together with other multilateral development banks globally, announced at the UN Cop-29 climate conference last year that they could increase climate financing to $170bn/yr by 2030, up from $125bn in 2023. "I know 'sustainability' is a popular term around here," Bessent said. "But I'm not talking about climate change or carbon footprints. I'm talking about economic and financial sustainability." Bessent urged the World Bank to "be tech neutral and prioritize affordability and energy investment," adding that "in most cases, this means investing in gas and other fossil fuel based energy production." "In other cases, this may mean investing in renewable energy coupled with systems to help manage the intermittency of wind and solar," Bessent said. The US is the largest shareholder at both the IMF and the World Bank, with a 16pc stake in both institutions. The Trump administration, which has slashed climate programs at US government institutions and withdrew the US from climate-focused international efforts, has so far refrained from interfering in the operations of the IMF and the World Bank. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Bio-bunker sales in Rotterdam down in 1Q

25/04/23

Bio-bunker sales in Rotterdam down in 1Q

London, 23 April (Argus) — Sales of marine biodiesel blends in Rotterdam fell for the third consecutive quarter in January-March as demand shifted east of Suez. Port data for the first quarter of 2025 show marine biodiesel blend sales declined by 12pc compared with the previous three months and by 60pc compared with the same period last year. The decline was underpinned by lower prices in Singapore. B24 dob Singapore — a blend comprising very low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome) — averaged a $36/t discount against B30 advanced fatty acid methyl ester (Fame) 0 dob ARA in the first quarter, and a $129.74/t discount against B30 Ucome dob ARA. This price dynamic made Singapore an attractive bunker hub for those shipowners opting to use biodiesel blends to help their customers meet sustainability goals. It also attracted demand from shipowners bound by the FuelEU maritime regulations introduced in January this year. The regulations require a reduction in greenhouse gas (GHG) emissions from ships travelling into, out of and within EU waters, but energy consumed from blends bunkered in Singapore can be mass balanced to be fully accounted for under the scope of the rules. A pooling mechanism within the regulations also allows vessels operating on the east-west route to utilise compliance generated from marine biodiesel blends bunkered in Singapore across other ships that operate solely in Europe. While biodiesel bunker sales in Rotterdam fell, biomethanol sales at the port soared almost sixfold in January-March compared with a year earlier. The sharp rise in demand reflects the rollout of FuelEU Maritime , higher mandates in Europe for the use of renewables in transport this year and changes to regulations on the carryover of renewable fuels tickets in Germany and the Netherlands . Sales of conventional bunker fuels in Rotterdam edged up by a more modest 1pc on the quarter and by 7pc on the year. Sales of high-sulphur fuel oil (HSFO) overtook those of very low sulphur fuel oil (VLSFO), reversing the trend of the previous quarter despite the imminent addition of the Mediterranean Sea as an Emission Control Area (ECA). Ships without scrubbers that sail through ECA zones must use fuels with a maximum sulphur content of 0.1pc, such as marine gasoil (MGO) and ultra low sulphur fuiel oil (ULSFO). LNG bunker sales in Rotterdam fell by the 13pc on the quarter in January-March, reflecting a price rally at the Dutch TTF gas hub in late January and early February. The Argus northwest Europe LNG bunker price stood at a two-year high of €64.35/MWh on 6 February. LNG bunker sales were still higher than in the first quarter last year, which likely stems from the introduction of the FuelEU Maritime regulations. By Hussein Al-Khalisy, Natália Coelho, Gabriel Tassi Lara, Evelina Lungu and Cerys Edwards. Rotterdam bunker sales t Fuel 1Q25 4Q24 1Q24 q-o-q % y-o-y % VLSFO 789,218 810,831 680,782 -2.7 15.9 ULSFO 187,031 193,567 176,797 -3.4 5.8 HSFO 829,197 780,437 818,028 6.2 1.4 MGO & MDO 393,071 395,903 383,409 -0.7 2.5 Conventional total 2,198,517 2,180,738 2,059,016 0.8 7 Biofuel blends 104,037 118,201 262,634 -12 -60.4 LNG (m³) 230,129 263,068 215,247 -12.5 6.9 biomethanol 5,490 930 0 490.3 na Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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