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US Senate seeks coordinated cargo theft probes

  • : Agriculture, Biofuels, Chemicals, Coal, Coking coal, Crude oil, Fertilizers, Freight, LPG, Metals, Oil products, Petrochemicals, Petroleum coke
  • 25/04/14

US rail and other transportation industries are urging Congress to move forward on a bill that would create a division within the Department of Homeland Security to coordinate investigations of organized cargo theft.

The bipartisan Combating Organized Retail Crime Act of 2025 was introduced on 10 April by Senate Judiciary Committee chairman Chuck Grassley (R-Iowa) and senator Catherine Cortez Masto (D-Nevada).

The bill, similar to a 2023 effort, calls for creation of an organized retail and supply chain crime coordination center to unite experts from federal, state and local law enforcement agencies, as well as retail industry representatives. The Class I railroads also operate their own police forces with powers equivalent to public law enforcement.

Coordinating investigations in a timely manner is difficult because of the proliferation of different agencies. Railroad police officials are limited to carriers' facilities, while local police forces are unable to quickly investigate railroad thefts because they need specific permission to enter railroad property.

"Organized criminal operations continue to evolve and escalate their targeted attacks against our nation's supply chain and retailers," Association of American Railroads chief executive Ian Jefferies said. The nation's largest railroads experienced a 40pc spike in cargo theft last year, costing carriers more than $100mn, AAR said.

Rail thefts tend to be split between flash mob robberies and organized efforts by criminal networks, according to Danny Ramon, director of intelligence and response at logistics platform Overhaul.

Flash mobs often target containers in urban areas, seeking valuable products such as apparel and footwear that they can quickly sell. These thefts often occur in regions near ports where containers are loaded onto trains, including Los Angeles, Chicago and Atlanta.

But thefts in rural areas are becoming more prolific, Ramon said. They have become popular locations because it can take law enforcement an hour or longer to reach trains as opposed to minutes for urban rail cargo thefts. Rural areas also make it easier for groups to stage larger thefts.

The organized groups tend to track trains from origin and monitor them along the way, breaking in during breaks in rural areas. They come prepared with equipment and cargo vans to enable them to quickly empty products from trains.

Arizona has become a popular location for thefts because of its vast portions of rural area. In addition, many trains are heading east with containers of goods recently loaded from west coast ports.

Thefts by criminal organizations have increased in part because of the ease in selling to individuals. The proliferation of on line websites have allowed these organizations to bypass traditional third-party middlemen and sell directly to consumers, Ramon said.


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25/05/12

EU, UK diesel imports from Mideast, India fall in April

EU, UK diesel imports from Mideast, India fall in April

London, 12 May (Argus) — Arrivals of diesel and other gasoil in the EU and UK edged lower in April, with high imports from Saudi Arabia's port of Yanbu not fully making up for lower supply from the Mideast Gulf and India. Data from Vortexa show total arrivals at 4.3mn t, lower by 3pc from March on a daily average basis and by 7pc on the year. The Mideast Gulf is the region that has supplied the most to the EU and UK so far this year, stepping up to fill a gap created by weak US arrivals. But market participants said the arbitrage from the Mideast Gulf was shut for most of April. Arrivals from the Mideast Gulf were around 1mn t, dropping by 24pc on a daily average basis from March but only marginally falling from April 2024. Exports from the region probably fell because of maintenance at the 400,000 b/d Rabigh refinery. Geopolitical tensions may have harmed transit through the Bab el-Mandeb strait. The EU and UK imported the largest amount from Saudi Arabia, at 1.3mn t or around 29pc of total arrivals. Around 68pc of Saudi Arabian arrivals, or about 780,000t, came from the Red Sea port of Yanbu, the largest amount from there since December 2020. Yanbu is just south of the Suez Canal, and market participants often treat it similarly to a Mediterranean port when calculating arbitrage economics. Arrivals from India dropped sharply in April, again probably driven by poor arbitrage economics. Arrivals fell by 45pc on the month on a daily average basis and by 33pc on the year, to 455,000t. Only five tankers arrived in the EU and UK from India, compared with 13 in April 2024. Reliance's 1.36mn b/d Jamnagar refinery conducted maintenance on a crude unit in April, and domestic demand reached an all-time high. Imports from the US, the EU's and UK's largest supplier in 2024, remained muted. Arrivals rose by 17pc on the month on a daily average basis to 562,000t, but were still only half the amount of April last year. Spain was the largest EU/UK importer, with 745,000t, the highest since May 2024. Imports may have risen because of maintenance at Repsol's 135,000 b/d Puertollano and 180,000 b/d Tarragona refineries . German arrivals were 493,000t, the highest since January 2023, up by 13pc on the year and more than double levels of March. Shell began to close its 147,000 b/d Wesseling refinery in March, and a turnaround took place at the Bayernoil consortium's 215,000 b/d Vohburg-Neustadt refinery. Demand stepped up, with households taking advantage of lower prices to stockpile product. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US shale M&A faces headwinds on oil price rout


25/05/12
25/05/12

US shale M&A faces headwinds on oil price rout

New York, 12 May (Argus) — Dealmaking in the US shale patch, which had been on a roller-coaster ride in the past few years, is at risk of grinding to a halt as a result of an oil price slump. Just as a growing number of producers are unveiling plans to cut spending and slow activity as crude prices teeter around levels needed to profitably drill wells, prospects for mergers and acquisitions (M&A) in the shale patch are also souring. That marks a departure from the start of 2025 , when dealmakers were expecting a bumper year with recent acquirers looking to offload non-core assets and private equity gearing up to make a return after raising new funds. April brought five deals with a combined value of $2.3bn, bringing the year-to-date total for M&A activity in the US upstream space to $19.2bn, consultancy Enverus says. That was down by 60pc from a year earlier, when the latest round of consolidation was in full sway. "We're just hearing over and over again, across the board, that companies are overwhelmingly sitting on their hands," law firm Sidley partner Stephen Boone says. Recent deals include natural gas giant EQT buying the upstream and midstream assets of privately held Olympus Energy for $1.8bn . Gas is increasingly likely to dominate dealmaking going forward, as not only has the commodity fared better than oil on a relative basis, but investors are likely to be drawn by the US LNG boom and rapid growth of gas-fired power generation demand to meet the energy needs of data centres required for artificial intelligence . "The trouble is, there aren't enough potential gas deals to make up for a drop in oil asset activity, which we do anticipate is going to fall off a cliff," Enverus principal analyst Andrew Dittmar says. Aside from the trade tariff-induced market volatility that has sent crude prices tumbling to four-year lows, a lack of high-quality targets on the oil side also suggests deals will be few and far between this year. Most publicly-held operators will be focused on protecting their bottom line as they remain focused on shareholder returns rather than growth, and might well be reluctant to take on debt to fund deals. And private equity may prefer to bide its time. "That group is likely looking for some sign of a bottom on crude before jumping in, rather than trying to catch a falling knife of asset values," Dittmar says. That is not to say that deals have completely dried up, with Permian Resources agreeing this week to snap up assets in the New Mexico part of the top US shale play from APA for $608mn. But Diamondback Energy, a top Permian producer which has played an active role in the most recent round of M&A, might sum up the view of many with its plan to remain on the sidelines for the time being. Too much noise "We're in the period right now where there's so much noise and volatility that not a lot gets done," Diamondback's president, Kaes Van't Hof, says. "Anything that we would look at would have to be extremely cheap, and I just don't think we're there yet today." Even if some relief comes on the tariff front and the economy avoids a recession, it will take time for deals to pick up again, and that could push a resurgence in dealmaking well into 2026. The fact that public operators have spent the years since the pandemic on repairing balance sheets and focusing on investor payouts might also count against any uptick in transactions anytime soon. "That's actually going to keep M&A down, because now that we see the downturn, we have significantly less distressed companies out there that will be forced to sell, and we have more and more companies that think they are better situated to just ride it out," Sidley's Boone says. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tata UK lambasts importers' TRA submissions


25/05/12
25/05/12

Tata UK lambasts importers' TRA submissions

London, 12 May (Argus) — Claims by the International Steel Trade Association and importers in the Trade Remedies Authority's (TRA) safeguard review are "factually incorrect", Tata Steel UK has said Importers have stated — accurately — that Tata does not produce 2m-wide hot-rolled coil, or material with a tensile strength of over 500 megapascal, so these products should not be under the scope of the safeguard. In a rebuttal submission released by the TRA today, Tata said such specifications "constitute a small proportion of the overall market", and that current quotas are more than sufficient to provide import choice. Should these grades be excluded from the safeguard, Tata — which is effectively a re-roller until its electric arc furnace becomes operational — said importers could circumvent the safeguard, importing higher grades "at much lower prices" to compete with material produced and sold by Tata. Tata said wider coil is "often imported only to be slit into narrower cuts", meaning it is not fundamentally different from material it sells domestically. Some applications do require decoiled 2m-wide material, but Tata suggests this is a small proportion of the overall market. No end-users have raised concerns regarding supply of such material, Tata said, adding that sufficient tonnes could be imported from the EU or Turkey, origins with quotas that are "consistently underutilised quarter after quarter". Buyers just want such products to be excluded so they can "access significantly lower-priced imports", it said. Tata has requested quotas be amended in line with the demand reduction seen in recent years, and that caps are implemented on other countries' quota for hot-dip galvanised. Should a cap of 25pc be imposed, which is what the market anticipates, some traders said material currently on route to the UK could still be clearing in January 2026. The TRA is expected to release its initial findings this week. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australian PM reaffirms climate priority in new cabinet


25/05/12
25/05/12

Australian PM reaffirms climate priority in new cabinet

Sydney, 12 May (Argus) — Australian prime minister Anthony Albanese has reaffirmed renewable energy commitments with cabinet picks after the Labor party's election victory on 3 May. Chris Bowen, who led key changes to the safeguard mechanism , the capacity investment scheme (CIS) and fuel efficiency standards for new passenger and light commercial vehicles, remains minister for climate change and energy. Madeleine King, the minister for resources and northern Australia, retains her cabinet position, while Tanya Plibersek, previously the minister for environment, is now the minister for social services and is replaced by Murray Watt, formerly the minister for workplace relations. In the previous term, Plibersek failed to establish an environment protection authority and reform the Environment Protection and Biodiversity Conservation Act, which was an election promise in 2022, after intervention from Western Australian state minister Roger Cook. Environmental lobby group the Australian Conservation Foundation (ACF) has welcomed Watt, who was also the minister for agriculture for two years to 2024, into his new role. "Having a former agriculture minister in environment increases the opportunities for co-operation on the shared challenges facing nature protection and sustainable agriculture," the ACF said. The ACF also welcomed Chris Bowen in returning to his role as environment minister for his "clear mandate" to continue the energy transition. Josh Wilson remains assistant minister for climate change and energy. Participants in the renewable energy carbon credit industry are urging the new Department of Climate Change, Energy, the Environment and Water to speed up the creation of new Australian Carbon Credit Unit (ACCU) methods in the new government term. They are also seeking greater transparency in ACCU data base , which requires legislative change. And renewable energy companies and lobby groups will be closely following a review of Australia's National Electricity Market wholesale market settings , which will need to be changed following the conclusion of the CIS tenders in 2027 and as Australia transitions to more renewables from its ageing coal-fired plants. By Grace Dudley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Saudi Aramco cuts dividend after fall in 1Q profit


25/05/12
25/05/12

Saudi Aramco cuts dividend after fall in 1Q profit

Dubai, 12 May (Argus) — State-controlled Saudi Aramco has announced a sharp cut to its quarterly dividend after reporting a 5pc year-on-year decline in profit for the first three months of 2025. The company's profit fell to $26.01bn in January-March from $27.3bn in the same period last year after lower oil prices squeezed revenues. Aramco said its bottom line was also hit by higher operating costs. The company said it sold its crude for an average $76.30/bl in January-March, down from $83/bl the first quarter of 2024. "Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices," Aramco's chief executive Amin Nasser said. The company said its overall dividend for the quarter will be $20.61bn, down from $31bn in the corresponding period in 2024. The steep drop is due to the performance-linked element of the dividend being slashed to just $219mn for the quarter, from $10.7bn a year earlier. Aramco already announced in March that it expected its dividends for the full year to fall to $85.4bn from $124.3bn in 2024. Despite the current economic uncertainty, Aramco's capital expenditure (capex) rose to $12.5bn for January-March from $10.83bn in the same period last year, although this puts investment broadly in line with the lower end of the full-year 2025 capex guidance of $52bn-58bn that the company announced in March. The aggressive capex programme will help drive growth plans for the downstream and new energies sides of Aramco's business, as well as fund the firm's strategy to maintain its maximum sustainable crude capacity at 12mn b/d and expand its gas output by 60pc by 2030 compared with 2021 levels. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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