Generic Hero BannerGeneric Hero Banner
Latest market news

Funding cuts could delay US river lock work: Correction

  • : Agriculture, Biofuels, Chemicals, Coal, Crude oil, Fertilizers, Metals, Oil products, Petroleum coke
  • 25/04/14

Corrects lock locations in paragraph 5.

The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year.

Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending.

No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget.

River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennessee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed.

There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock on the Illinois River; Lock 25 on the Mississippi River; and the Montgomery Lock on the Ohio River.

There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map).

Corps active construction projects 2025

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.

25/04/21

India’s thermal coal imports ease in March

India’s thermal coal imports ease in March

Singapore, 21 April (Argus) — India's thermal coal imports in March fell on the year for the seventh consecutive month, pressured by rising domestic output and high inventories even as coal-fired generation expanded. The country imported 14.1mn t of thermal coal in March, down by 1.2pc from a year earlier, but up by over 24pc from 11.33mn t in February, according to data from shipbroker Interocean. Coal arrivals declined year-on-year across key origins barring Indonesia and South Africa. India's cumulative imports over January-March stood at 38.3mn t, down by 8.6pc from 41.9mn t in the same period a year earlier, according to Interocean data. Demand for imported coal fell as domestic availability continued to rise. The combined output from state-controlled Coal India (CIL), Singareni Collieries (SCCL) and captive blocks reached 118.54mn t in March, up by 1.6pc from a year earlier, according to data from the country's coal ministry. Overall supplies stood at 94.94mn t, up by 5.1pc from a year earlier. Combined coal supplies to utilities from domestic sources stood at 78.46mn t in March, up by 6.3pc from a year earlier and up from 69.61mn t in February, coal ministry data show. The increase in domestic coal output and supplies helped utilities to increase stocks to cater for an increase in coal consumption at power plants in March. But the higher domestic coal availability pressured imports. The country's coal-fired generation reached 117.95TWh in March, up from 112.82TWh a year earlier and well above the 106.18TWh in February, according to Central Electricity Authority (CEA) data. Higher temperatures and increased air conditioning use lifted coal-fired output in March. Coal burn at utilities could remain elevated over the summer months and exacerbate drawdowns from stocks at power plants and at coal producer CIL. Combined coal inventories at Indian power plants stood at 58.11mn t as of 31 March, up from 50.69mn t a year earlier, and up from 54.59mn t on 28 February, the CEA said. Inventories at CIL reached an all-time high of 106.8mn t as of 31 March, up from 89.41mn t a year earlier. Import mix Imports from Indonesia grew to 9.68mn t in March from 9.23mn t a year earlier, and were sharply higher from 6.75mn t in February, Interocean data show. Indonesia continued to be the primary supplier of imported coal to India in March, accounting for nearly 69pc of overall thermal coal imports, up from almost 60pc in February. Imports from South Africa, a source favoured by coal-consuming industries like sponge iron, rose by 72pc from a year earlier to 2.32mn t, but fell from 2.42mn t in February. Demand from India's coal-intensive sponge iron industry, which is a major consumer of South African NAR 5,500 kcal/kg coal, remained resilient following a stimulus measure from the Indian government to introduce steel safeguards , which in turn has driven domestic sponge iron prices higher. By Ajay Modi India thermal coal imports in March 2025 t Origin Quantity % ± m-o-m % ± y-o-y Indonesia 9,684,944 43.4 5 South Africa 2,323,265 -4 72.1 USA 1,132,417 66.8 -17.1 Russia 435,120 -27.1 -20.8 Mozambique 68,306 -42.7 -85.7 Others 458,288 -21.4 -44.1 Total 14,102,340 24.4 -1.2 Source: Interocean Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Alcoa expects to incur $90mn 2Q hit from tariffs


25/04/21
25/04/21

Alcoa expects to incur $90mn 2Q hit from tariffs

Houston, 21 April (Argus) — US-based integrated aluminum producer Alcoa anticipates $90mn in tariff-related costs associated with importing primary aluminum from Canada during the second quarter. For the full year, the Pennsylvania-based company foresees that figure rising to between $400mn-425mn, as 70pc of its production from Canada "is destined for US customers," Alcoa chief executive William Oplinger said in a first-quarter earnings call late Wednesday. A higher Midwest premium should help offset most of those cost pressures in support of Alcoa's domestic smelters, but Oplinger warned that the company still faces a $100mn negative impact on its business in 2025 because of the higher Section 232 duties that US president Donald Trump implemented on 12 March. The company noted that the US lacks the infrastructure to cover domestic aluminum consumption, even if all other idled smelting capacity here would restart. "Until additional smelting capacity is built in the US, the most efficient aluminum supply chain is Canadian aluminum going into the US," Oplinger said. By his estimate, at least five domestic smelters would need to be added, but construction would take "many years" and investment would be partially dependent on access to new — and cheap — energy sources. "These new smelters would require additional energy production equivalent to almost seven new nuclear reactors or more than 10 Hoover dams," Oplinger said. Still, Alcoa maintained its full-year production and sales volume guidance for aluminum products, ranging between 2.3mn-2.5mn metric tonnes (t) and 2.6mn-2.8mn t, respectively. It also kept its outlook for alumina output and shipments unchanged at 9.5mn-9.7mn t and 13.1mn-13.3mn t, respectively. First-quarter aluminum production increased by 4pc to 564,000t from the prior-year period, while total sales volumes fell by 3.9pc in the same timeframe, reflecting timing of shipments and the end of its offtake agreement with Saudi Arabia Mining (Ma'aden) as part of its planned divestment from the entities' aluminum joint venture. Alumina output in January-March dropped by 12pc to 2.4mn t on the year, while shipments fell by 12pc as well, to 2.1mn t. Alcoa attributed the drop in sales volumes to timing of shipments and reduced trading. Quarterly bauxite production fell by 5.9pc to 9.5mn dry metric tonnes (dmt) from the prior-year period, while sales volumes increased by 67pc to 3mn dmt. The company was able to capitalize on supply tightness in the bauxite market that has helped elevate prices to $80-85/dmt, selling cargoes in the spot market. Alcoa posted a $548mn profit in the first quarter compared to a loss of $252mn in the prior-year period. Revenues increased by 30pc to nearly $3.4bn in the same timeframe. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s Revo launches SAF, biodiesel plant in Aichi


25/04/21
25/04/21

Japan’s Revo launches SAF, biodiesel plant in Aichi

Tokyo, 21 April (Argus) — Japanese biodiesel producer Revo International has launched a plant in the Aichi prefecture, central Japan, to produce sustainable aviation fuel (SAF) and biodiesel. This is the company's first SAF plant but its second biodiesel plant, Revo said. The firm already has a biodiesel plant in Kyoto, western Japan. Revo held an opening ceremony at the Aichi plant on 18 April. The plant has a production capacity of 30,000 litres/d for biodiesel, and can process 600 l/d of used cooking oil (UCO) as feedstock to make SAF. The plant can produce SAF at low pressure and temperature, Revo's president Tetsuya Koshikawa said at the ceremony. This helps to save energy consumption during SAF production, which results in a lower production cost, the firm explains. Revo hopes to supply the produced SAF to planes at Chubu International Airport, near the Aichi plant. The company has applied for international certifications on SAF including the UN's Carbon Offsetting and Reduction Scheme for International Aviation (Corsia) and the American Society for Testing and Materials (ASTM) standards, and expects to be certified in the 2025 fiscal year starting from April. Revo also joined Japan's first large-scale domestic SAF production venture Saffaire Sky Energy, jointly funded by Japanese refiner Cosmo Oil, engineering firm JGC and Revo. Saffaire has a SAF plant at Cosmo's Sakai refinery, Osaka, and started delivering its SAF in this April. In the venture, Revo takes charge of collecting UCO as feedstock for SAF. The companies have announced the plans to start delivering Saffaire's SAF to domestic airlines Japan Airlines (JAL) and All Nippon Airways (ANA), the US' Delta Air Lines , Finnish airline Finnair and German logistics group DHL Express in the 2025 fiscal year. Cosmo group will also deliver Saffaire's SAF to Taiwanese airline Starlux Airlines in the 2025 fiscal year at Kobe airport, western Japan, Cosmo and JGC announced on 18 April. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Canada grants tariff relief to automakers


25/04/17
25/04/17

Canada grants tariff relief to automakers

Pittsburgh, 17 April (Argus) — The Canadian government will allow automakers to circumvent retaliatory tariffs to continue importing US-assembled vehicles if the companies keep making cars in Canada. Canada began taxing imports of US-made vehicles and parts on 9 April at a 25pc rate in response to a similar tariff the US had implemented. Canada's tariff on vehicle imports from the US will not apply to car companies that keep their Canadian plants running, the country's finance minister said this week. The measure attempts to prevent closures of auto plants and layoffs in the Canadian automotive sector that the US tariffs threaten to cause. Automaker Stellantis paused production at its Windsor, Ontario, assembly plant in early April to evaluate the US tariff on vehicle imports. The plant will re-open on 22 April, Stellantis said. General Motors also plans to reduce production of its electric delivery fan at its Ingersoll, Ontario plant. The slowdown will result in layoffs of 500 workers, the Unifor union said. The automotive industry in the US, Canada and Mexico has struggled to adapt its supply chains to the new tariffs because the US, Canada Mexico free trade agreement (USMCA) and its predecessor helped establish an interconnected North American auto sector. In another measure, companies in Canada will get a six-month reprieve from tariffs on imports from the US used in manufacturing, food and beverage packaging. The six-month relief also applies to items Canada imports from the US used in the health care, public safety and national security sectors. "We're giving Canadian companies and entities more time to adjust their supply chains and become less dependent on US suppliers," finance minister Francois-Philippe Champagne said in a statement. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IMF anticipates lower growth from US tariffs


25/04/17
25/04/17

IMF anticipates lower growth from US tariffs

Washington, 17 April (Argus) — Economic growth projections set for release next week will include "notable markdowns" caused by higher US tariffs that have been disrupting trade and stressing financial markets, IMF managing director Kristalina Georgieva said today. The IMF earlier this month warned that the tariffs that President Donald Trump was placing on trading partners could pose a "significant risk" to the global economy. Those higher trade barriers are on track to reduce growth, raise prices for consumers and create incremental costs related to uncertainty, the IMF plans to say in its World Economic Outlook on 22 April. "Our new growth projections will include notable markdowns, but not recession," Georgieva said Thursday in a speech previewing the outlook. "We will also see markups to the inflation forecasts for some countries." Trump has already placed an across-the-board 10pc tariff on most trading partners, with higher tariffs on some goods from Canada and Mexico, a 145pc tariff on China, and an exception for most energy imports. Those tariffs — combined with Trump's on-again, off-again threats to impose far higher tariffs — have been fueling uncertainty for businesses and trading partners. The recent tariff "increases, pauses, escalations and exemption" will likely have significant consequences for the global economy, Georgieva said, resulting in a postponement of investment decisions, ships at sea not knowing where to sail, precautionary savings and more volatile financial markets. Higher tariffs will cause an upfront hit to economic growth, she said, and could cause a shift in trade under which some sectors could be "flooded by cheap imports" while other sectors face shortages. The IMF has yet to release its latest growth projections. But in January, IMF expected global growth would hold steady at 3.3pc this year with lower inflation. The IMF at the time had forecast the US economy would grow by 2.7pc, with 1pc growth in Europe and 4.5pc growth in China. The upcoming markdown in growth projections from the IMF aligns with analyses from many banks and economists. US Federal Reserve chair Jerome Powell on 16 April said the recent increase in tariffs were likely to contribute to "higher inflation and slower growth". Those comments appear to have infuriated Trump, who has wanted Powell to cut interest rates in hopes of stimulating growth in the US. "Powell's termination cannot come fast enough!" Trump wrote today on social media. Powell's term as chair does not end until May 2026. Under a longstanding US Supreme Court case called Humphrey's Executor , Trump does not have the authority to unilaterally fire commissioners at independent agencies such as the Federal Reserve. Trump has already done so at other agencies such as the US Federal Trade Commission, creating a potential avenue to overturn the decision. By Chris Knight 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