Latest News
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Amplus Energy Services Buys Altera’s FPSO Fresh Off Duty from Brazil
Floating production solutions specialist Amplus Energy Services has signed an agreement with Altera Infrastructure to acquire the Petrojarl I floating production storage and offloading (FPSO) unit, which recently completed its deployment at Petrobras’ Atlanta field offshore Brazil.The acquisition marks Amplus' initial vessel ownership, positioning the company to expand this strategy and meet growing market demands. Petrojarl I FPSO was most recently deployed at Petrobras’ Atlanta field. It has a production capacity of 30,000 barrels of oil per day and a storage capacity of 180,000, and was replaced by the larger FPSO unit named Atlanta.FPSO Petrojarl Enters Decom Phase as FPSO Atlanta Readies to Take OverFirst Oil Starts Flowing from FPSO Atlanta Off BrazilAccording to Amplus, Petrojarl I is available for swift deployment in early production system applications, extended well tests, and standalone marginal field developments.Additionally, the FPSO is said to be ideal for cost-efficient, lower-production operations and can support both early-phase and tail-phase production in regions such as Vietnam, Suriname, Brazil, and West Africa.Amplus noted that the FPSO requires minimal modification to be field-ready for specific customer needs.“This vessel is unquestionably the most flexible and most deployed FPSO in history - and Amplus now has the opportunity to apply our experience and approach to steward it safely and successfully for years to come.“The addition of this vessel strengthens our ability to meet growing market demands and ensure we are well-positioned to address client needs. "Furthermore, this acquisition has the potential to fast-track our journey to becoming a fully operational organization, complete with our own onshore support and offshore team. It also underscores our commitment to investing in the business and applying our considerable experience and expertise to deliver exceptional value to our clients,” said Steve Gardyne, Amplus’ Managing Director.“Petrojarl I was Altera’s very first FPSO and the industry’s first newbuild harsh environment FPSO achieving first oil in 1986. It has been operated by Altera on 11 fields for many years. We wish Amplus Energy and all who will serve on Petrojarl I in the years ahead much success and safe operations,” added Chris Brett, President of Altera Infrastructure Production.
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James Fisher Launches Japanese Business Unit
James Fisher and Sons, a global provider of specialist services to the energy, marine and defense industries, has launched new legal entity in Japan, reinforcing its long-term commitment to Japan and its footprint in North East Asia.The move furthers James Fisher’s intention to bring its integrated offering and solutions to Japan’s energy transition, maritime security and defense needs.The group already has a partnership covering the offshore wind service industry, including a Joint Collaboration Agreement with Tokyo Gas Engineering Solutions (TGES).With more than 200 employees across 12 locations in Asia Pacific region, and operations in over 25 countries worldwide, James Fisher can use both its regional and global expertise to support Japan’s industrial ambitions."Japan’s ambitious modernization plans are driving demand for advanced maritime technology, defense capabilities and renewable energy solutions.“With a target of 10 GW of offshore wind by 2030, a significant increase in defense spending to 2% of GDP by 2027, and around 99% of its foreign trade moving by sea, it is making substantial investments across these critical areas.“James Fisher’s expertise gives us a unique opportunity to support Japan’s evolving needs. Our long-term commitment to the Japanese market will grow in parallel with the country’s goals, ensuring we continue to contribute to its national strategy, while bringing a global perspective to complex challenges,” said Jean Vernet, CEO of James Fisher and Sons.
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Gold prices fall on speculation, but there are still hopes for peace talks between Russia and Ukraine
Investors are watching for peace talks, after U.S. president Donald Trump's administration has agreed to hold additional talks with Russia about ending the war in Ukraine. As of 0338 GMT spot gold fell 0.2%, to $2,928.52 per ounce. This is $14 less than its previous high of $2942.70, which was reached last week. U.S. Gold Futures fell 0.1% to $2.945.90. Gold's upside is limited as the first round of negotiations between the U.S., Russia and Ukraine over a potential peace agreement in Ukraine ended without a clear path. However, if they present a solid plan then it would be detrimental for gold, said Ajay Kedia at Mumbai-based Kedia Commodities. There should be a slight erosion of war premium. The upside is likely to be limited by $2,970, which could act as resistance, and $2,890, which would act as support. The Trump administration announced on Tuesday that it had agreed to continue talks with Russia about ending the conflict in Ukraine, after the first Russia-Ukraine talks ended without Kyiv and Europe present. Bullion has traditionally been used as a hedge against inflation and geopolitical uncertainty. Analysts at ANZ stated that the uncertainty created by Trump's presidency would likely prompt investors to diversify their investments into gold. They added that macroeconomic, geopolitical and trade risks, as well as fiscal and fiscal risks, could boost investment demand in gold. Bullion prices rose by over 1% during the last session due to concerns about economic growth. This was caused by uncertainty over Trump's tariff plans, which led to a safe-haven flow into bullion. The Federal Reserve's minutes of its January meeting, due later today, will provide clues as to the interest rate path for the U.S. Central Bank this year. Spot silver fell 0.9%, to $32.57 per ounce. Palladium and platinum both fell by 1.3%, to $974.32. Platinum was down 1.3% at $974.32.
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Aboriginal group claims $1.1 billion in iron ore from Western Australia
Court filings on Wednesday showed that an Aboriginal group was seeking A$1.8billion ($1.1billion) in compensation from Western Australia after the state allowed Fortescue Mining to mine iron ore for its own benefit without a land-use agreement. The Yindjibarndi Ngurra Aboriginal Corporation says that the Solomon mining hub's activities have damaged their land and people. The claim included A$1 billion in cultural damages and A$678 millions for economic losses, according to documents filed with the Federal Court of Australia. This case will be remembered not only because of the compensation sought, but also for any precedent that could lead to future claims for damages in the past. The YNAC has sued the state for authorizing the mining. The state will then likely try to recoup its losses by suing Fortescue - the fourth largest iron ore miner in the world. Fortescue accepted that the Yindjibarndi people were entitled to compensation. However, the parties disagreed on the amount. Western Australia's Premier and Justice Department did not respond immediately to comments. YNAC has declined to comment further. The court will hear arguments this week, but a final decision is not expected before the end of this year. Western Australia is home to around half the global seaborne supply of this steel-making component. Rio Tinto's destruction of culturally and historically significant Juukan Gorge Rock Shelters in the Pilbara Region, in 2020, sparked a global outcry. Its CEO and Chairman also resigned. According to experts quoted in the filings, the Solomon mine caused irreparable harm to the Yindjibarndi by destroying their culture and land. The report stated that the mine had damaged over 285 archaeological sites, including six Dreaming tracks or Creation Story Tracks, which are part of Australia's understanding about human settlement in arid areas around 40,000-45,000 ago. The report stated that "the significant harm to the country, people, and Dreamings continues." In 2017, the Yindjibarndi Group won exclusive native title over land that covered the Solomon mining hub. This vast, mineral-rich project began in 2012 and can produce up to 80 millions tonnes of iron ore per year. Native title in Australia is a legal doctrine that recognizes Indigenous rights over certain parcels. Andrew Forrest, founder of Fortescue, is among Australia's richest people. The miner made a net profit of $5.7 billion in the last financial year.
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Dalian Iron Ore continues to gain on the expectation of improved China demand
Dalian iron-ore futures prices rose for the second session in a row on Wednesday. This was due to expectations of improved demand and reduced portside arrivals, which would result in large destockings at major ports within China's top consumer. As of 0246 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 1.3% higher. It was 819 yuan (about $112.46) per metric ton. As of 0236 GMT, the benchmark March iron ore traded on Singapore Exchange was unchanged at $106.65 per ton. Analysts at Jinrui Futures predicted in a note, that China's port deliveries of iron ore by the four world's largest producers will drop sharply in the second half February from the previous week on February 14, to the lowest level for this period since 2019. This would result in massive destocking in ports. Analysts at Huatai Futures wrote in a report that "it's traditionally the slack period for iron ore shipment, while domestic ore recovery is limited. This suggests supply will remain at a low level." Tropical cyclones have caused a sharp drop in iron ore shipments by Australia, a major supplier. Huatai analysts said that the ore demand will be boosted by steelmakers restocking, who will likely be motivated by profit to increase production. Prices were also supported by the rising bets that China would provide economic stimulus to boost its struggling property sector. The gains were tempered by the uncertainty surrounding new tariffs proposed by U.S. president Donald Trump. Analysts at ANZ said that "steel production is likely to remain low due to the increasing challenges of trade tariffs." Coking coal and coke, which are used to make steel, have gained ground on the DCE. The Shanghai Futures Exchange saw a rise in most steel benchmarks. Rebar rose by 0.67%; hot-rolled coils rose by 0.53%; stainless steel gained 0.5%, while wire rod remained unchanged.
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Letter shows that Lyondell Houston refinery will begin layoffs in mid-April.
In a letter to the United Steelworkers union on Monday, Lyondell Basll Industries announced that layoffs would begin at the refinery in Houston which was closed. Estalee Russi wrote in a letter to USW International president David McCall that "Employment Separations - including (USW) local 13-227 represented employees - will begin at or around April 17, 2025." Tuesday, the letter was examined. A spokesperson for Lyondell did not respond to a comment request. There are around 400 Lyondell employees working at the 263,776 barrel-per-day-capacity Houston refinery, with about 70% of them being hourly workers represented by the Steelworkers. On Tuesday, Marcos Velez said that Lyondell's decision of removing 250,000 bpd from the market was not only disappointing, but would negatively impact American consumers. Russi's email stated that the "bumping right" which allows workers with more seniority to be given priority when it comes to securing jobs at the refinery would be maintained in accordance with contract between the unions and the company. Velez stated that the pledge was not enough to honor the contract. He said that "their handling of the layoffs is not in line with the collective bargaining agreements that are in place." "We will take every step to hold them accountable." Lyondell shut down the Houston refinery on February 7th, according to people familiar with the plant's operations. Lyondell announced its plans to close this plant in 2023 as it did not align with the company’s new strategy to become a global producer of plastic pellets that are used to make plastic products. The company intends to convert the refinery along the Houston Ship Channel to use equipment that will produce recycled plastic pellets after 2027.
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Sources say that Taiwan's CPC Corp. offers March jet fuel as a rare offer.
Three trade sources on Tuesday said that Taiwan's CPC Corp. is looking to export jet fuel in March. This would be the first time in almost three years that it has made such an offer. They added that the state-owned oil company issued a tender for a combined cargo of 150,000 to 150,000 bbls. of jetfuel or 150,000 bbls. of jetfuel and 150,000 bers. of gasoil with 10ppm of sulphur. A document that was reviewed by on Wednesday showed the cargo would be loaded between March 6-22. Sources said Tuesday that the tender will close on February 19, but it is valid until February 20. A second source told me on Tuesday that the rare move was due to the refinery having more aviation and heating fuel than they expected. However, further details were not confirmed. CPC Corp is a frequent spot buyer of jet-fuel, according to tender records. Last year, the company purchased up to four 300 000 barrel cargoes. Last month, the refiner sold a 300,000 barrel shipment of 10ppm gasoil with a discount between 20-30 cents per barrel for loading on March 16-22.
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Sources say that Taiwan's CPC Corp. offers March jet fuel as a rare offer.
Three trade sources on Tuesday said that Taiwan's CPC Corp. is looking to export jet fuel in March. This would be the first time in almost three years that it has made such an offer. They added that the state-owned oil company issued a tender for a combined cargo of 150,000 jet fuel barrels and 150,000 jet fuel barrels with 10ppm of sulphur. It was not possible to confirm exact loading details. One source stated that the tender will close on February 19, but it is valid until February 20. A second source said that the rare move was due to the refinery having more than expected stocks of aviation and heating oil, but further details were not confirmed. CPC Corp is a frequent spot buyer of jet-fuel, acquiring up to four 300 000 barrel cargoes in the past year, according to tender records. Last month, the refiner sold a 300,000 barrel shipment of 10ppm gasoil with a discount between 20 and 30 cents per barrel for loading on March 16-22.
The EU will not tolerate reciprocal US tariff increases
The European Commission stated on Friday that it did not see any justification for U.S. president Donald Trump's "reciprocal trade policy" and would "firmly and instantly" react against any tariff increases as a result.
The Commission, the body that coordinates the trade policy of the 27 member states of the European Union, has described the policy proposal as a step backwards.
The Commission stated that "the EU maintains some the lowest tariffs around the world, and does not see any justification for an increase in U.S. duties on its exports."
According to the EU executive, the average tariff applied by the EU on imported goods is among the lowest in the world, with more than 70% of imports being tariff-free.
White House fact sheet on Thursday emphasized the differences between the 10% EU tariff on cars imported compared to the 2.5% for those entering the United States as well as EU restrictions of imports of U.S. Shellfish.
The EU said that it would react immediately and firmly against any unjustified barriers in the way of free and fair trade. This includes when tariffs were used to undermine legal and nondiscriminatory practices.
The comments echo European Commission president Ursula von der Leyen’s pledge on Tuesday that "
Countermeasures that are firm and proportionate
", in response to Trump’s decision to impose duties on all imports of steel and aluminum.
The EU Ministers in charge of trade have taken a stance.
softer line
On Wednesday, the United States put negotiations ahead of retaliatory actions, knowing that steel and aluminum tariffs in the U.S. will not be implemented until March 12.
In a press release, Simon Harris, the Irish Foreign Minister said that there was a window of opportunity for negotiations.
Trump's directive of Thursday didn't impose any more tariffs. Instead, it triggered an investigation that could take weeks or even months to determine the levies placed on U.S. products by other trading partners, before deciding on a response.
Three EU diplomats agreed that it was sensible to take the time to negotiate and prepare a strong response in case U.S. Tariffs are imposed. Reporting by Philip Blenkinsop and Jan Strupczewski. Writing by Charlotte Van Campenhout. Editing by Alex Richardson, Sharon Singleton.
(source: Reuters)