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Temporary channel opening soon at Baltimore harbor

  • : Agriculture, Coal, Fertilizers, Freight, Metals
  • 24/04/01

Authorities at the site of the collapsed bridge in Baltimore, Maryland, are preparing to open a temporary alternate channel for "commercially essential" vessels to pass through the blocked waterway.

The 11-ft deep, 264-ft wide channel will be to the north of the containership Dali, which struck the bridge early on 26 March when it lost power, leading to its deadly collapse, according to the federal Unified Command handling the accident response. While the channel would be deep enough for some types of cargo-laden barges, it will most likely be used for smaller craft and those taking part in salvage operations.

"This will mark an important first step along the road to reopening the port of Baltimore," said David O'Connell, the federal on-scene coordinator. "By opening this alternate route, we will support the flow of marine traffic into Baltimore."

While no official timetable to reopen the port to regular traffic has been given so far, experts say it could take many weeks to months.

The Frances Scott Key Bridge was closed to vehicle traffic shortly before it collapsed when crew members on the Dali warned local authorities of the impending collision, but six construction workers on the bridge at the time are presumed dead.

Demolition crews began removing sections of the collapsed bridge over the weekend. The bridge's north section is being cut into smaller parts that can be removed by barge-mounted cranes. A roughly 4,000-ton section of the bridge, which rests on top of the ship, will also need to be removed before the vessel can be moved.

The port is the busiest in the US for automobile shipments and carmakers are adjusting supply routes for what is likely to be a lengthy closure. Coal exporters are expected to shift to terminals south in Hampton Roads, Virginia, while other commodities such as asphalt and caustic soda that move through the port may also face challenges.


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25/04/22

FERC commissioner Phillips resigns from agency

FERC commissioner Phillips resigns from agency

Washington, 22 April (Argus) — Democratic commissioner Willie Phillips has resigned from the US Federal Energy Regulatory Commission (FERC) after serving more than three years at an agency responsible for permitting natural gas infrastructure and regulating wholesale power markets. Phillips' departure will clear the way for President Donald Trump to nominate a replacement at FERC, who once confirmed by the US Senate would provide Republicans a 3-2 majority for the first time since 2021. Phillips, whose term was not set to expire until June 2026, had a reputation for negotiating bipartisan deals on contentious orders involving pipelines and power market issues in the two years he served as FERC's chairman under former president Joe Biden. Phillips has yet to release a statement explaining his abrupt resignation. But Trump has already fired Democratic commissioners and board members at other agencies that, like FERC, are structured as independent from the White House. Two of the fired Democrats, who were serving at the US Federal Trade Commission, have filed a lawsuit that argues their removal was unlawful under a 1935 decision by the US Supreme Court. The White House did not respond to a question on whether it had pressured Phillips to resign. FERC chairman Mark Christie, a Republican, offered praise for Phillips as a "dedicated and selfless public servant" who sought to "find common ground and get things done to serve the public interest". Christie for months has been downplaying the threats to FERC's independence caused by Trump's executive order that asserts sweeping control over FERC's agenda. Energy companies have come to depend on FERC in serving as independent arbiter in disputes over pipeline tariffs and electricity markets, without the consideration of political preferences of the White House. Former FERC chairman Neil Chatterjee, a Republican who served in Trump's first term, said in a social media post it was "disappointing" to see Phillips pushed out after he "played it straight" in his work at the agency. As chairman, Phillips was able to authorize a "massive LNG project" — the 28mn t/yr CP2 project — at a time when Biden had sought to pause LNG licensing, Chatterjee said. Separately, Paul Atkins was sworn in as the chairman of the US Securities and Exchange Commission (SEC) on 21 April, after the US Senate voted 52-44 earlier this month in favor of his confirmation. Atkins was previously the chief executive of financial consulting firm Patomak Global Partners and served as an SEC commissioner from 2002-08. Republicans will now have a 3-1 majority at the SEC. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tariff ‘shock’ prompts IMF to cut growth outlook


25/04/22
25/04/22

Tariff ‘shock’ prompts IMF to cut growth outlook

Washington, 22 April (Argus) — Global economic growth is expected to be significantly lower in 2025-26 than previously anticipated because of the steep tariffs President Donald Trump is pursuing for most imports and the uncertainty his policies are generating, the IMF said. The IMF, in its latest World Economic Outlook released today, forecasts the global economy will grow by 2.8pc in 2025 and 3pc in 2026. That compares with the 3.3pc/yr growth for 2025-26 that the IMF was expecting just three months ago. Today's forecast is based on the tariffs that Trump had in place as of 4 April, before he paused steep tariffs on most countries and escalated tarrifs on China. These barriers had pushed up the effective US tariff rate to levels "not seen in a century", the IMF said. While Trump has altered his tariff levels repeatedly, he has imposed an across-the-board 10pc tariff on most imports, a 25pc tariff on steel and aluminum, a 25pc tariff on some imports from Canada and Mexico, and a 145pc tariff on most imports from China. "This on its own is a major negative shock to growth," the IMF said. "The unpredictability with which these measures have been unfolding also has a negative impact on economic activity and the outlook." IMF forecasts are used by many economists to model oil demand projections. The US and its closest trading partners appear to be among those hardest hit by tariffs and corresponding trade countermeasures. The IMF's baseline scenario forecasts US growth at 1.8pc this year, a decrease of 0.9 percentage points from the forecast the IMF released in January, reflecting higher policy uncertainty, trade tensions and softer demand outlook. Mexico's economy is now projected to shrink by 0.3pc in 2025, rather than grow by 1.4pc, while Canada's growth is forecast at 1.4pc in 2025, down from 2pc. The release of the IMF report comes as Trump has given no indications of a shift in thinking on tariffs, which he says are generating billions of dollars for the US and will prompt companies to relocate their manufacturing capacity to the US. "THE BUSINESSMEN WHO CRITICIZE TARIFFS ARE BAD AT BUSINESS, BUT REALLY BAD AT POLITICS. THEY DON'T UNDERSTAND OR REALIZE THAT I AM THE GREATEST FRIEND THAT AMERICAN CAPITALISM HAS EVER HAD!" Trump wrote on social media on 20 April. The next day, major stock markets indexes declined by more than 2pc, continuing their crash from when Trump began announcing his tariff policies. Trump on 21 April escalated his attacks against US Federal Reserve chair Jerome Powell for failing to lower interest rates as Trump has demanded. There could be a "SLOWING of the economy unless Mr. Too Late" — his nickname for Powell — "a major loser, lowers interest rates, NOW," Trump wrote. The IMF also ratcheted down its expectations for the Chinese economy. China's economy is expected to grow by 4pc/yr in 2025-26, down from the 4.6 and 4.5pc, respectively, the IMF was anticipating in January. The euro area is forecast to grow by 0.8pc in 2025 and 1.2pc in 2026, a decrease of 0.2 percentage points from the IMF's previous forecast. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Kaltim granular urea bid in low $400s/t fob Indonesia


25/04/22
25/04/22

Kaltim granular urea bid in low $400s/t fob Indonesia

Amsterdam, 22 April (Argus) — A trading firm is understood to have bid $402/t fob Bontang in Pupuk Indonesia subsidiary Kaltim's granular urea sales tender today. Other bids were heard around and above $400/t fob, but most were in the $390s/t fob and below. But there was no comment from the parties involved. Kaltim offered 45,000t of bulk granular urea for shipment in the first week of May. Bids were to be valid until 24 April. This enquiry follows BFI's sales tender in Brunei on 17 April for three lots of 6,000t of granular urea, which saw a trading firm bid up to around $405/t fob for second-half-May loading. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Coal India, DVC to build 1.6GW of thermal power plants


25/04/22
25/04/22

Coal India, DVC to build 1.6GW of thermal power plants

Singapore, 22 April (Argus) — State-owned producer Coal India (CIL) plans to develop 1.6GW of coal-fired power capacity under a joint venture with state-controlled utility Damodar Valley (DVC) to meet rising demand and expand its non-coal revenue. India's top coal producer CIL plans to set up two brownfield thermal power units of 800MW each with DVC in the eastern Indian state of Jharkhand, the company announced on 21 April. The brownfield expansion will be carried out at DVC's 500MW Chandrapura thermal power station. The 50:50 joint venture plans to invest 165bn rupees ($1.94bn) towards the expansion. The expanded capacity will source coal from the regional mines of CIL's subsidiary companies, Bharat Coking Coal and Central Coalfields. The firms did not disclose the timeline for the completion of this expansion. CIL has geared up to construct several super-critical or ultra super-critical pit-head thermal power plants to support the nation's requirement for affordable and reliable energy, the company said in its annual report for the fiscal year ended 31 March 2024. CIL announced plans to set up two brownfield thermal power units of 800MW each with state-owned utility Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) at the latter's existing Kalisindh thermal project in the northern Indian state of Rajasthan in September 2024. India's installed thermal capacity stood at 247GW as of 31 March, with coal accounting for 215GW of this, and the rest being lignite, diesel and natural gas, according to data from the country's Central Electricity Authority (CEA). The country's total power capacity stood at 475GW as of 31 March. India plans to raise its electricity generation capacity by more than fourfold over the next two decades to cater to rising domestic demand, although the focus would be on boosting power production from cleaner sources of energy as the country takes steps to cut emissions. New Delhi is aiming to achieve a generation capacity of 2,100GW by 2047, power minister Manohar Lal Khattar said at the launch of National Electricity Plan for power transmission in October 2024. By Ajay Modi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

South Korea's LGES exits Indonesia's $8.4bn EV project


25/04/22
25/04/22

South Korea's LGES exits Indonesia's $8.4bn EV project

Singapore, 22 April (Argus) — Top South Korean battery firm LG Energy Solution (LGES) has pulled out of Indonesia's Grand Package project, which is supposed to be an integrated electric vehicle (EV) battery project worth 142 trillion Indonesia rupiah ($8.4bn). "Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia [Grand Package] GP project," LGES told Argus on 22 April. The mega project was in the making since 2019. It involves an LG consortium that consists of multiple South Korean firms including LGES, LG Chem, LX International and Posco Future M, major Chinese cobalt refiner and nickel-cobalt-manganese precursor producer Huayou, Indonesian state-controlled mining firm Aneka Tambang (Antam) as well as consortium Indonesia Battery. Original plans included building a $1.1bn battery cell plant and were supposed to be followed by a smelter, precursor and cathode plant as well as "mining cooperation" with Antam. "However, we will continue to explore various avenues of collaboration with the Indonesian government, centering on the Indonesia battery joint venture, HLI Green Power," the firm added. The HLI Green Power is LGES' 10 GWh/yr Indonesian battery production joint venture with South Korean conglomerate Hyundai Motor, which started mass production last April. LGES earlier this year also invested in Chinese battery cathode maker Lopal Tech's lithium iron phosphate plant in Indonesia . LGES last year said it plans to reduce its dependence on the EV battery business and has signed multiple energy storage system battery supply deals so far this year, including with Taiwanese electronics manufacturing firm Delta Electronics and Polish state-controlled utility PGE . By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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