Generic Hero BannerGeneric Hero Banner
Latest market news

Salvage teams to get access to leaking Red Sea tanker

  • : Crude oil, Freight
  • 24/08/29

Yemen's Houthi rebels have agreed to allow salvage teams to reach a Suezmax tanker that is unmanned, on fire and leaking oil in the Red Sea after it was targeted by the militant group last week, Iran's mission to the UN said late Wednesday.

Some countries asked for tugboats and rescuers to be able to access the area "with a temporary ceasefire", Iran's mission said. The Houthis have agreed to the request "given the humanitarian and environmental considerations", it said.

The Greek-flagged Sounion was sailing from Iraq to Greece carrying a cargo of close to 1mn bl of Basrah Heavy crude when it was attacked on 21 August. Three projectiles were fired at the vessel, causing it to lose engine power.

The crew comprising two Russian and 23 Filipino sailors were rescued soon after by EU member naval forces and evacuated to Djibouti, the nearest safe port of call.

Houthi spokesman Mohamad Abdulsalam confirmed the comments from the Iranian mission, posting on social media platform X that the group had given permission for the Sounion to be towed "after numerous international parties especially European ones" had reached out to them on the issue.

The move came just a day after the Pentagon said an attempt at salvaging the vessel had been thwarted after tugboats were warned away by the Houthis.

"We are aware of a third party that attempted to sent two tugs to the vessel to help salvage, but they were warned away by the Houthis and threatened with being attacked, which again demonstrates their blatant disregard for not only human life, but also for the potential environmental catastrophe this presents," the Pentagon's press secretary, Pat Ryder, said on 27 August.

The EU's naval mission in the region said the ship had been on fire since 23 August.

No end in sight

The targeting of the Sounion is the latest in a long line of Houthi attacks on commercial shipping in and around the Red Sea. The group said its attacks are in support of the Palestinians following Israel's offensive in Gaza.

The Houthis claim to only attack vessels that are going to or from Israel, or ships that are Israeli owned. But many of the vessels that have been targeted since the campaign started in November last year have not had an obvious link to Israel, including the Sounion.

Despite efforts by the international community to stop the attacks, the Houthis have reiterated that their campaign will continue until Israel ends its military offensive in Gaza.

"The burning of the [Sounion] is an example of Yemen's seriousness in targeting any ship that violates the Yemeni decision to prevent any ship from crossing to the ports of occupied Palestine," Abdulsalam said on X.

The "aim is to exert pressure on the Zionist enemy to stop its aggression in Gaza", he said. "All shipping companies linked to the Zionist enemy must realise that their ships will remain vulnerable to Yemeni strikes… until the aggression stops and the siege on Gaza is lifted."


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.

Strike at Port of Brisbane disrupts urea shipment


25/01/08
25/01/08

Strike at Port of Brisbane disrupts urea shipment

Sydney, 8 January (Argus) — Port operator Qube workers at Australia's Port of Brisbane have started a week-long strike today, which has likely already held up a urea shipment. The work stoppage will affect break-bulk operations, slowing the flow of commodities like fertilizers, steel and vehicles. This comes as a months-long dispute with the Maritime Union of Australia (MUA) drags on across several key ports. The 42,493 deadweight tonne (dwt) Es Dignity , loaded with 32,559t of urea from Qatar, arrived near Brisbane on 7 January, according to trade analytics firm Kpler. This means the ship is unlikely to discharge on 8 January and will be delayed, according to market participants. The vessel previously discharged 8,397t of urea into Townsville on 2 January. Urea is a key fertilizer imported into Australia, and vessels carrying urea typically make multi-port discharges when making deliveries into Australia. The 37,657dwt Tientsin delivered 10,000t of urea into Brisbane on 22 December 2024, after making two 10,000t deliveries into Portland and Newcastle earlier that month. A urea supplier last offered granular urea at around A$760/t ($474/t) fca Brisbane this week. Urea prices in Australia have climbed rapidly in recent weeks, on the back of higher international fob levels in the Middle East and as a weaker Australian dollar made imports more expensive. Argus last assessed granular urea prices fca Geelong in Victoria at A$740-750/t (see graph) , but market participants indicated prices are now higher. But Australian demand for urea is currently low, so the delayed vessel is currently unlikely to impact local supply-demand dynamics significantly. A trader that regularly supplies Brisbane with urea cargoes expects the strikes to persist until at least March, when demand will have picked up and delays will have a larger impact. Port Kembla Qube and MUA have been negotiating an employment agreement since the middle of last year, prompting months of industrial action across the company's Australian ports. The Brisbane work stoppages come alongside an ongoing two-week work stoppage at Qube's facilities at Port Kembla, in New South Wales, which also affected break-bulk operations. "The [MUA's] industrial action has effectively stopped Qube's port operations at Port Kembla and forced our customers to make alternative stevedoring arrangements," a company representative told Argus at the start of the Port Kembla strike. The strikes at Port Kembla have had no impact on fertilizer deliveries so far, with GTT data showing no urea or phosphate deliveries made into the port in January or February in recent years. By Avinash Govind and Tom Woodlock Granular urea prices fca Geelong (A$/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump wants policy of 'no windmills' being built


25/01/07
25/01/07

Trump wants policy of 'no windmills' being built

Washington, 7 January (Argus) — President-elect Donald Trump wants to pursue a policy to stop the construction of wind turbines, a move that could limit the growth of a resource projected to soon overtake coal and nuclear as the largest source of power in the the US. Trump has spent years attacking the development of wind, which accounted for 10pc of electricity production in the US in 2023, often by citing misleading complaints about its cost, harm to wildlife and health threats. In a press conference today, Trump reiterated some of those concerns and said he wants the government to halt new development. "It's the most expensive energy there is. It's many, many times more expensive than clean natural gas," Trump said. "So we're going to try and have a policy where no windmills are being built." The US is on track to add more than 90GW of wind capacity by 2028, a nearly 60pc increase compared to 2024, the US Energy Information Administration (EIA) said in latest Annual Energy Outlook report. If that growth materializes, wind will become the second largest source of electricity in the US at the end of of Trump's term, overtaking coal and nuclear in 2027 and 2028, respectively, according to the EIA forecast. Trump did not offer specifics on the policy, which he did not run on during his campaign. But the vast majority of wind capacity in the US is built on private land such as farms — largely in rural districts represented by Republicans — limiting the federal government's role. Trump could still threaten wind development by blocking projects on federal land, such as offshore wind projects, and working to repeal federal tax credits that subsidize wind. Democratic lawmakers said blocking wind development will raise costs for consumers and reduce energy production. "Trump is against wind energy because he doesn't understand our country's energy needs and dislikes the sight of turbines near his private country clubs," said US Senate Finance Committee ranking member Ron Wyden (D-Oregon), who helped expand federal tax credits for wind through the 2022 Inflation Reduction Act. Wind energy industry officials also raised concerns with the policy, which they said conflicted with an all-of-the-above energy strategy. "American presidents shouldn't be taking American resources away from the American people," American Clean Power chief executive Jason Grumet said. 'Gulf of America' Trump today separately reiterated his vow to "immediately" reverse Biden's withdrawal of more than 625mn acres of waters for offshore drilling, and also said he would rename the Gulf of Mexico as the "Gulf of America", which he said was a "beautiful name". In addition to expanding oil and gas production offshore, Trump said he will seek to drill in "a lot of other locations" as a way to lower prices. "The energy costs are going to come way down," Trump said. "They'll be brought down to a very low level, and that's going to bring everything else down." US consumers paid an average of $3.02/USG for regular grade gasoline in December, the lowest monthly price in more than three years. Henry Hub spot natural gas prices dropped to $2.19/mmBtu in 2024, the lowest price in four years. During his campaign, Trump said he would cut the price of energy in half within 12 months of taking office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Libyan oil exports resilient in 2024


25/01/07
25/01/07

Libyan oil exports resilient in 2024

London, 7 January (Argus) — Libyan crude exports dipped by just 2pc last year despite several months of politically-motivated blockades at ports and oil fields. The country exported 973,000 b/d across its 12 crude grades in 2024, according to Argus tracking data, only marginally down on 2023 when 989,000 b/d was loaded, the second-highest year for exports since the civil war in 2011. Exports averaged more than 1mn b/d in six out of the 12 months last year and hit 1.15mn b/d in December — the highest monthly average since February 2021. A rise in upstream activity over the past year has enabled Libya to boost its oil production to 1.4mn b/d in recent months — the highest in over a decade — and this has helped to offset the impact of disruptions to loadings earlier in 2024. Libya's largest oil field, El Sharara, was shut by protestors on 2-21 January last year and again on 3 August . The field feeds into the light sweet Esharara stream which is exported from the Zawia terminal. Esharara loadings fell to just 41,000 b/d in January 2024, sharply below the grade's average exports of 135,000 b/d in 2023. Exports of the grade plunged to just 20,000 b/d in August and ground to a complete halt in September for the first time since May 2022. A leadership crisis at Libya's central bank then led to a blockade at ports and fields by Libya's eastern-based administration on 26 August which lasted until 3 October . The blockade pushed total crude loadings to a near four-year low of 507,000 b/d in September. before recovering to 843,000 b/d in October, 1.09mn b/d in November and 1.15mn b/d in December. Demand for Libyan crude from European buyers remained strong last year despite the disruptions. Europe accounted for 84pc of Libyan crude exports in 2024, up from an 80pc share in 2023. By Kuganiga Kuganeswaran Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Caracas clamps down before disputed inauguration


25/01/06
25/01/06

Caracas clamps down before disputed inauguration

Caracas, 6 January (Argus) — Exiled Venezuelan politician Edmundo Gonzalez called on his opposition supporters to protest President Nicolas Maduro's plans to take the oath of office on 10 January, despite the US and other countries long backing claims of election fraud. Gonzalez was likely the winner of Venezuela's 28 July presidential election, international observers and others hold, but Maduro claimed victory and forced his opponent into exile in Spain. Gonzalez met with US president Joe Biden at the White House today, as part of several international visits. Protesting is "a task for everyone, for the political leadership but also for all Venezuelans who believe in democracy", Gonzalez said when leaving the White House today. The US has not changed its sanctions on Venezuela, including restrictions on crude exports, in response to the election results. Biden did not indicate that the US sanctions regime would change following his meeting with Gonzalez today, based on the White House readout of the meeting. "Both leaders agreed there is nothing more essential to the success of democracy than respecting the will of the people," the White House said. President-elect Donald Trump has not specified what will change after he takes office on 20 January, but many of the restrictions he put in place during his first term remain. The Venezuelan opposition may be hoping that the incoming US administration's officials, which include long-time Venezuela hardliners such as secretary of state nominee Marco Rubio and designated White House national security adviser Mike Waltz, would advance a tougher policy toward Maduro. But it is equally possible that Trump's plans to deport millions of migrants from the US would lead to dealmaking between the White House and Maduro, who said he would accept Venezuelans returning home from the US. In Caracas, Maduro's administration has heavily increasing police presence on the streets this week ahead of the swearing-in ceremony. Police lined platforms on the Caracas subway and guarded entry points into the city, searching most passengers and cars, causing lengthy delays. Police and paramilitary groups known as colectivos also surrounded the presidential palace of Miraflores. The main thoroughfare Avenida Urdaneta has been closed to motor traffic. Maduro's planning swearing-in has also led to additional diplomatic falling outs, with Venezuela breaking diplomatic ties with Paraguay after its president held a call with Gonzalez on Sunday and recognized him as the legitimate Venezuelan president. Venezuela had already severed ties with about a dozen countries in the area for siding with Gonzalez. Neighboring Brazil and Colombia are among the few Latin American countries with ambassadors in Caracas. Both Brazil and Colombia have promised to send a representative, although not their presidents, to the ceremony, but the EU has said it will not recognize the event. Gonzalez will be arrested if he tries to return to Venezuela, defense minister Vladimir Padrino reiterated today. The Maduro government is offering a $100,000 reward for information leading to Gonzalez' arrest. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. 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