Hurricane Francine brings rain to the lower Miss. River
Hurricane Francine dropped 4-8 inches of rain around the lower Mississippi River, raising forecast water levels on the river and potentially improving shipping conditions for barges.
Points between Cairo, Illinois, and Vicksburg, Mississippi, that were at their low water thresholds over the week are now forecast to exit those thresholds in the coming week according to the National Weather Service (NWS). Increased rainfall from Hurricane Francine has locations like Greenville, Mississippi and Helena, Arkansas entering regular water levels as soon as this weekend.
Other locations, such as Memphis, Tennessee, will see a bump in water levels, but will remain at its low water threshold, said NWS.
The US Coast Guard has not made any changes to the draft and towing restrictions since 10 September when they changed the point for heavier loading from Greenville, Mississippi, to Vicksburg for southbound limits.
More water is likely to enter the lower Mississippi River through its tributaries in the coming days, after Francine has passed the Mississippi Delta.
The storm made landfall as a hurricane on the Louisiana coast the evening of 11 September but downgraded to a tropical storm as it moved northward.
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Fulcrum Bioenergy files for Chapter 11 relief
Fulcrum Bioenergy files for Chapter 11 relief
New York, 13 September (Argus) — A US company that had set ambitious plans to convert garbage into sustainable aviation fuel (SAF) and attracted investments from major airlines and energy companies filed for Chapter 11 bankruptcy protection this week. Fulcrum Bioenergy and subsidiaries filed for relief before the US Bankruptcy Court for the District of Delaware on Monday, estimating outstanding obligations to over 200 creditors at more than $456mn. A lawyer representing Fulcrum, Robert Dehney, said at a Thursday hearing that the company was on the verge of declaring Chapter 7 bankruptcy, which typically involves liquidation of assets, before a late-breaking bid from an interested company prompted a change in plans. Fulcrum chief restructuring officer Mark Smith said in a declaration to the court that the company wants to initiate the sales process and move through the chapter 11 process on an "expeditious timeline." Judge Thomas Horan on Thursday preliminarily approved various first-day motions, including a request to continue paying Fulcrum's handful of remaining employees. Fulcrum began initial operations at its flagship Nevada facility in 2022, becoming the first company to commercialize a clean fuels pathway based on gasifying garbage and signing offtake agreements with BP, United Airlines, and others. The process at the Nevada site involved receiving and sorting landfill waste, converting that to a synthetic crude oil through a gasification process, and then sending that feedstock to a Marathon Petroleum refinery to be processed into a usable low-carbon fuel. Fulcrum eventually wanted to be able to upgrade the synthetic crude into SAF on site. An archived version of the Fulcrum website, which is no longer online, also set plans for eventual biorefineries and feedstock processing facilities in Indiana, along the US Gulf coast, and in the UK and said its suite of facilities could ultimately support 400mn USG/yr of production capacity. But Fulcrum has reported few updates on its progress more recently, and there were signs of financial struggles. Multiple contractors have filed lawsuits alleging missed payments, while UMB Bank indicated in October last year that Fulcrum had defaulted on debt obligations. The Nevada site ceased operations in May and plans for other US facilities are apparently on hold, though filings indicate that Fulcrum has not yet determined whether to begin restructuring proceedings for any subsidiaries outside the US. Fulcrum's business "represents a revolutionary idea," Smith said in his declaration, but "as with all cutting-edge businesses, the cost of innovation has been born through delays in operations and the inability to anticipate issues based on prior ventures and experiences." There were necessary equipment changes after initial operations begun, but these were expensive and affected by supply chain delays, he said. It is unclear how much feedstock was successfully delivered to Marathon, which declined to comment. The Hong Kong-based airline Cathay Pacific, which had signed an offtake agreement with Fulcrum, told Argus that it never received any SAF. Other companies that had signed offtake agreements did not immediately respond to requests for comment or declined to comment. Fulcrum had been soliciting interest from potential buyers for months and finalized an agreement with a company called Switch LTD, which agreed this month to offer a "stalking horse" bid to purchase Fulcrum's assets for $15mn and issue a loan of up to $5mn to fund Fulcrum's bankruptcy cases. A stalking horse bidding method is a way to arrive at a minimum bid price that other prospective buyers then must exceed. Filings before the court this week did not elaborate on the nature of Switch's business or its reasons for wanting to acquire Fulcrum's assets. Dehney described Switch as a "disinterested third party" and said that Fulcrum has received other interest from prospective buyers, some eyeing all of Fulcrum's assets and some just looking at physical property, intellectual property, or the UK subsidiary specifically. Failure to launch The idea of gasifying waste to produce fuel has long been attractive, since feedstock costs would be low and the Fischer-Tropsch chemical process to convert synthetic gas to liquids has been known for decades. Demand for low-carbon alternatives to jet fuel is high among major airlines, some of which have government mandates to meet or voluntary goals to rapidly scale up SAF consumption by 2030. While Fulcrum's Chapter 11 filing "was not really a surprise" given its recent financial troubles, it could give investors pause about future projects aiming to use similar technology, according to BloombergNEF renewable fuels senior associate Jade Patterson. The large majority of SAF capacity currently and the bulk of planned capacity additions through 2030 come from the more established method of hydroprocessing non-petroleum feedstocks like fats, oils, and greases, Patterson said. Efforts to build gas-to-liquids facilities, by comparison, have faced delays and financial challenges. Red Rock Biofuels had aimed for a refinery converting forest waste to begin operations in 2020 , but the company that later acquired the Oregon site at auction is now targeting a 2026 launch for its clean fuels facility. And Fulcrum's plans for converting waste into fuel go back more than a decade, having inked its first deal with a municipal solid waste supplier in 2008. Kickstarting a market for a novel fuel pathway has also not been helped by a dip over the last year for prices of US federal and state environmental credits, which function as a crucial source of revenue for biofuel producers. There is also uncertainty about how much federal subsidy certain fuels will earn when an Inflation Reduction Act tax credit for low-carbon fuels kicks off next year. But other gas-to-liquids companies are marching on — including DG Fuels, whose president told Argus last month that the company plans to reach a final investment decision by the first quarter next year on a potentially 178mn USG/yr SAF plant in Louisiana that will gasify biomass. The company has earlier-stage plans for similar facilities in Maine and Nebraska. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Colombia advances moves to end coal production
Colombia advances moves to end coal production
Bogota, 13 September (Argus) — The Colombian government has identified areas in thermal coal rich parts of the Cesar and La Guajira provinces as special mining districts where coal production may eventually be replaced with operations meant to aid the transition to cleaner energy sources, deputy minister of mines Johana Rocha said on 12 September. The country has selected five areas in Cesar and three areas in La Guajira to be subject to Colombian president Gustavo Petro's decree issued on 2 August to create 16 special mining districts for diversifying production. The districts that have been selected include areas where Drummond, Cerrejon and CNR have coal mining operations and where Glencore subsidiary Prodeco used to mine. Anticipating the downturn in international coal demand, the Petro administration is looking at how to convert mining areas to other uses. Cesar and La Guajira also have the ability to be used for producing renewable energy, tourism and production of other minerals in high need such as silicon and agriculture, Rocha said. The Ministry of Mines will soon declare some of the areas as strategic mining areas that will be auctioned before the end of Petro's term in August 2026, Rocha said. The areas contain high grades of ferro silicon and polysilicon needed for production of solar panels and microchips. The ministry has held 20 separate meetings with local people in Cesar province. But Colombia will not convert the special mining districts until existing lease agreements with producers expire, Rocha said. "We want these coal licenses to continue operating under the contractual terms that they have. In the meantime, we will look at how we can supplement other income for those territories that have a high dependence on coal," Rocha said. Colombia's policy also could change under future presidential administrations. Drummond's El Descanso coal concessions expire in 2032. The company's La Loma lease ends in 2039. Drummond Colombia president Jose Miguel Linares told Argus two weeks ago that the company is interested in extending the El Descanso coal project for an additional 30 years. The company's three mines in Colombia have measured coal reserves that exceed 2bn metric tonnes. On the other hand, Glencore has laid out plans to progressively close Cerrejon by the time current mining concessions expire in 2034. Colombia's coal production could end by 2040 under a scenario of a gradual energy transition, Alvaro Pardo, the director of the Colombian mining agency, ANM recently said. By Diana Delgado Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Pusri sells prills at $381/t fob Indonesia: Update
Pusri sells prills at $381/t fob Indonesia: Update
Adds prilled urea sale, BFI tender details Amsterdam, 13 September (Argus) — Pupuk Indonesia subsidiary Pupuk Sriwidjaja Palembang (Pusri) sold 5,000t of prilled urea at $381/t fob today. Bids emerged earlier in the day in the $360s/t fob. There was no confirmation from the parties involved. Bids were to be valid until 17 September. International urea prices are rising in the wake of a major tender to buy in India, which resulted in more tonnage being bought than most had expected. Prilled urea remains at a considerable premium to granular product east of Suez, given the lack of shipments from China, the region's top supplier. Granular urea is priced in the $330s/t fob southeast Asia, reflecting latest bids emerging from Bruneian supplier BFI's latest sales tender, which also closed on 13 September. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India's Fact issues tender to buy NPS
India's Fact issues tender to buy NPS
London, 13 September (Argus) — Indian fertilizer importer Fact has issued a tender to buy two 20,000t cargoes of 20-20-0+13S. The tender closes on 25 September. Fact requests delivery of one cargo to Kakinada and the other to Tuticorin, both on India's east coast. The firm seeks an arrival laycan for both cargoes of 1-31 December. The most recent buy tender from an Indian importer for 20-20-0+13S — issued by Hurl for up to 70,000t — resulted in no offers being submitted. Fact has also been seeking 15-15-15. It is scheduled to close a tender on 23 September for 30,000t of the product. The latter 15-15-15 request was issued despite Fact having been offered two 25,000t cargoes of the grade by a trading firm in a tender that closed last week. A deal has not been completed under the earlier 15-15-15 tender, but discussions have been taking place. By David Maher Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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