Latest News
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Atlantic Zonda Drillship Starts its Maiden Job with Petrobras
The seventh generation Atlantic Zonda drillship, managed by Ventura Offshore Midco, has started operations for Petrobras under a three-year drilling contract.The Atlantic Zonda is managed by Ventura Offshore through marketing and operating agreements with the rig owner, Eldorado Drilling, and the company will earn its management fees and reimbursable revenues from these agreements.Following the delivery of the Atlantic Zonda from Samsung shipyards, contract preparations were carried out in Singapore, where the rig was upgraded with the most advanced technological drilling package available.The three-year contract marks the start of its inaugural assignment, with an option for additional three years for the Brazilian state-run firm Petrobras.The Atlantic Zonda is a full dual activity rig equipped with Managed Pressure Drilling (MPD) capability.“We extend our heartfelt congratulations to the entire Ventura Offshore team for achieving this important milestone. Their dedication and hard work have been instrumental in bringing this project to fruition. Additionally, we would like to express our sincere gratitude to Eldorado Drilling for their invaluable partnership and support throughout this endeavor. We look forward to delivering safe and efficient operations to Petrobras with the Atlantic Zonda,” said Guilherme Coelho, CEO of Ventura Offshore."We are excited to commence the contract made possible through our strong relationship with Ventura and the hard work, dedication and commitment of the entire Zonda project team,” added Svend Anton Maier, CEO of Eldorado Drilling.
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China's demand for iron ore is likely to increase in the near future
Iron ore futures prices rose on Tuesday due to a near-term increase in demand from China, the world's largest consumer. However, lingering concerns about tariffs limited the price rise. As of 0253 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange rose by 0.49% to $71.35 per metric ton. The benchmark May ore price on the Singapore Exchange fell 0.76% to $98.6 per ton. ANZ analysts wrote in a report that "strong iron ore purchases by steel mills, and lower imports, saw inventories drop sharply." ANZ reports that despite the government's efforts to reduce capacity, steel production grew by 4.6% in March to 93 tonnes. Steelhome data shows that the total iron ore stocks across China ports fell by 2.39% in a week to 134.6 millions tons on April 18. According to a report by Mysteel, the volume of iron ore exports from Australia and Brazil increased 0.1% compared with the previous week. Galaxy Futures said that tariffs are still weighing down on steel exports and affecting demand for iron ore during the second quarter. China accused Washington's abuse of tariffs, and warned other countries not to strike a wider economic deal with America at its expense. India implemented a temporary 12% tariff on certain steel imports (locally known as safeguard duty) to stop a rush of cheap shipments, mainly from China. Coking coal and coke, which are used to make steel, also lost ground. They fell by 1.89% each and 1.51% respectively. The benchmarks for steel on the Shanghai Futures Exchange have declined. The price of rebar fell 0.13%. Hot-rolled coils dropped around 0.2%. Wire rod fell 0.06%. Stainless steel declined 0.55%. $1 = 7.3125 Chinese Yuan (Reporting and editing by Eileen Soreng; Michele Pek)
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India imposes temporary tariffs on certain steel imports to stop cheap imports from China
India, the second largest producer of crude iron and steel in the world, imposed on Monday a temporary 12% tariff on certain steel imports. This is known locally as a "safeguard duty" to stop a rush of cheap shipments, primarily from China. In recent years, a flood of Chinese steel has forced some Indian mills into reducing operations and considering job cuts. India is among a number countries that have considered action to stop imports in order to protect their local industry. In an official order, the Ministry of Finance stated that this duty will be in effect for 200 days starting Monday "unless it is revoked, replaced or amended sooner". New Delhi has made its first major shift in trade policy since U.S. president Donald Trump imposed tariffs on a number of countries, starting a bitter trade conflict with China. The investigation into the latest action began in December, but tensions about cheap steel imports to India were already present before that. H. D. Kumaraswamy, India's steel minister, said in a press release that the measure was designed to protect domestic steel producers from the negative impact of a surge in imported steel and ensure fair competition on the market. This move will be a relief for domestic producers and small-scale businesses, which have been under immense pressure due to the rise in imports, Kumaraswamy stated. New Delhi's tariffs mainly target China, the second largest steel exporter to India in 2024/25 behind South Korea. The decision was expected and we are now waiting to see if this measure will support the industry, margins, and limit cheap imports in the country. The executive said that "Chinese imports have an impact on the world, whether they are directly or indirectly." According to government data, India became a net importer for the second consecutive year of 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen in nine years. New Delhi's top steelmakers' group, which includes JSW Steel and Tata Steel as members along with the Steel Authority of India, ArcelorMittal Nippon Steel India and Steel Authority of India has expressed concerns about imports and demanded curbs. Reporting by Neha Misra and Surbhi Arora; Editing by Alison Williams and Toby Chopra. Mayank Bhardwaj, Jan Harvey and Alison Williams.
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London copper reaches a two-week high, as the dollar falls
The copper price in London reached a two-week-high on Tuesday. This was due to a sharp drop in the dollar, as Donald Trump's harsh criticism of the Federal Reserve Chairman shook the confidence of investors in the U.S. As of 0212 GMT, the benchmark three-month price for copper on London Metal Exchange (LME), was up 0.8% to $9,265.5 per kilogram. It briefly reached $9,319.5 per ton, its highest level since April 4. After a weekend break for Easter, the LME returned on Monday. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 0.4%, to 76760 yuan per metric tonne ($10,503.56). The U.S. dollar sank close to a decade-low against the Swiss Franc and hovered around a 3-1/2 year low versus the Euro. The dollar's weakness makes the price of commodities in U.S. dollars cheaper for buyers who use other currencies. Trump stepped up his criticisms of Fed chief Jerome Powell in a Truth Social posting on Monday, calling him "a major loser" while demanding that he reduce interest rates "NOW", or risk an economy slowdown. Kyle Rodda is a senior financial analyst at Capital.com. He said that the crisis of confidence among U.S. investors was intensifying as Trump's policies could potentially disrupt global economic order. Other metals include LME aluminium, which rose 0.9% to $ 2,387.5 per ton. Lead was up 0.96% at $1,940.5. Tin was up 2.5% at $31,270. Zinc was up 0.99% at $2,602.5. Nickel was down 0.08% to $15,610. SHFE aluminium fell by 0.08% at 19,760 yuan per ton. Zinc was down by 0.18% at 22,170, lead was up 0.15% at 16,965 and nickel was down by 0.02%, falling to 125,400, and tin was down 0.67 percent to 257 590 yuan.
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Short-covering of oil prices has pushed up the price, but concerns about tariffs persist
Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 51 cents or 0.8% to $66.77 per barrel at 0045 GMT. U.S. West Texas Intermediate Crude was at $63.59 per barrel, up by 51 cents and 0.8%. The benchmarks fell more than 2% each on Monday, as signs of progress were seen in the nuclear agreement talks between Iran and the U.S. This helped ease concerns about supply. Hiroyuki Kikukawa is the chief strategist at Nissan Securities Investment. "However concerns about a possible recession driven by the Tariff War persist," he said. He predicted that WTI would likely trade between $55 and $65 for the moment amid ongoing uncertainty regarding tariffs. Donald Trump, the U.S. president, repeated on Monday his criticisms of Federal Reserve chair Jerome Powell. He also said that the U.S. economic growth could be slowed if interest rates are not immediately lowered. His comments about Powell fueled concerns about the Fed's ability to set monetary policy independently and the outlook for U.S. investments. On Monday, the dollar index and major U.S. stock indices fell to their lowest levels in three years. Kikukawa stated that "the growing uncertainty around U.S.monetary policy will negatively impact financial markets and broader economies, raising fears of a possible decline in crude oil consumption." Investors surveyed on April 17 believed that the tariff policy would cause a significant slowdown of the U.S. economic this year and the following, with a median probability for recession in the coming 12 months nearing 50%. The U.S. has the largest oil consumption in the world. According to documents obtained by the. A preliminary poll conducted on Monday showed that U.S. crude and gasoline stocks were likely to have declined last week. However, distillate inventories are expected to be higher, according to the American Petroleum Institute's and Energy Information Administration's weekly reports. (Reporting and editing by Yuka Obayashi)
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US judge confirms Red Tree as the starting bid for Citgo parent's auction
According to a court document, a U.S. Federal judge confirmed on Monday that a $3.7billion offer made by Red Tree Investments, an affiliate of Contrarian Funds to pay bondholders and creditors in an auction for shares of the parent company of Venezuelan-owned refiner Citgo Petroleum was the starting bid. The offer, which had been recommended by a court officer overseeing the auction, unleashed a battle among 16 creditors seeking to cash proceeds from the auction, with some supporting the bid because it includes a payment agreement with holders of a bond issued by Citgo's ultimate parent, Caracas-headquartered PDVSA, and others saying it was too low. A consortium led miner Gold Reserve had submitted a $7.1 Billion proposal. Rival bid Other creditors and lawyers representing Venezuela filed objections against Red Tree's bid. These were overruled U.S. district judge Leonard Stark. Stark's decision stated that "Red Tree’s bid represents the best balance between the evaluation criteria which can be summarized as the price and the certainty of closing", adding that this offer should encourage competitiveness. The judge asked Robert Pincus, the court officer, to suggest a time period to top off Red Tree’s offer. This is expected to result in a winning bid for the auction whose final hearing will be held in July. Pincus' final bid recommendation was to be "more focused on price, and less on certainty", as instructed by the Judge. A previous round of bidding last year saw most creditors reject a $7.3billion offer from an affiliate hedge fund Elliott Investment Management because it included conditions. Red Tree's selection as the stalking horse for this round is expected to encourage other bidders to offer up to $3 billion in compensation to holders of PDVSA 2020 bonds that were collateralized by Citgo equity. Citgo is valued between $11 billion to $13 billion. The final bids in the auction are expected to be below $8 billion. The more money paid to bondholders will leave less to pay other creditors. These include foreign oil companies, mining companies, and industrial conglomerates, whose Venezuelan assets have been expropriated.
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ADM closes soybean processing plant at Kershaw, South Carolina
Grains merchant Archer-Daniels-Midland will permanently close its soybean processing plant in Kershaw, South Carolina, later this spring as part of a cost-cutting and consolidation push announced earlier this year, the company confirmed to on Monday. ADM has cut jobs and downsized some operations ever since February, when it announced that it would be cutting costs by $500 to $700 millions over three to five year. Dane Lisser, ADM's spokesperson, said: "After exploring many alternatives, we have determined that our Kershaw crushing plant does not align with our future operating needs." Still reeling from a scandal that sent the stock price of the company plummeting last year, the company is now facing tough headwinds due to rising trade tensions with key markets, including China, which is a major soybean importer. According to sources in the industry, Kershaw will be closing as the first U.S. soya processing plant after a multi-year expansion of industry-wide facilities amid an escalating demand for vegetable oil from biofuels manufacturers. The biofuel sector, however, has recently slowed down production because of the uncertainty surrounding U.S. policy on biofuels and the possibility of a worsening trading war. According to industry sources, the Kershaw plant is one of the smaller soy processing plants operated by ADM. It has the capacity to crush up to 50,000 bushels per day. ADM has said that it will assist Kershaw employees in finding new jobs, and offer financial severance to those who choose to leave the company. However, the number of affected workers was not disclosed. According to South Carolina Department of Commerce statistics, the Kershaw plant employed 11 to 50 workers.
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Prosecutors say that a Russian attack killed one person in Kharkiv, Ukraine.
According to local prosecutors, Russian forces launched an attack on Ukraine's Kharkiv region in the northeast, Monday. One person was killed in a village near the border. According to a report posted on Telegram, which was released after a ceasefire of 30 hours announced by Moscow for Easter had expired, a Russian drone killed a man riding a scooter in Ivashki. The statement added that an artillery attack by the Russians hit a private home area in Kupiansk. This is a place where Russian military activity has increased in recent months. Kupiansk, which was captured by Ukrainian forces later in that year in a massive counter-offensive after the Russian invasion of Ukraine in February 2022, was initially occupied by Russian troops. At least once, Russian forces entered the city briefly. (Reporting and editing by Jamie Freed; Oleksandr Kozoukhar, Ron Popeski)
Season's first heat wave to burn parts of Western, Southern US
Countless people in the Western and Southern United States will bear the brunt of the summer season's very first heat wave beginning on Tuesday as temperatures are expected to overlook 100 degrees Fahrenheit (37.8 degrees Celsius) across the region.
From northern California down through southern Arizona and into South Texas, some 19 million Americans will spend the rest of the work week under excessive heat cautions and advisories provided by the National Weather Service (NWS).
The projection calls for temperatures in the triple digits in many low elevation areas, consisting of Sacramento, Phoenix and in Las Vegas, where the high is anticipated to reach 111 degrees Fahrenheit (44 degrees Celsius) on Thursday, the NWS said.
High temperature abnormalities of 20-30 degrees (Fahrenheit). above average are likely. Extensive temperature level records are. expected to be connected or broken across much of the previously mentioned. areas, it included.
Forecasters and local authorities are advising citizens to stay. in air-conditioned locations, consume lots of fluids and examine. next-door neighbors and family members throughout the heat wave.
Severe heat is an invisible however dangerous effect of. environment modification, and CA's outdoor workers, elders + kids are. particularly vulnerable, California's Environmental management. Firm said in a social media post.
The bout of heat is the first of the summer season for the. United States, where hotter-than-normal temperatures are. expected for the next three months in many areas, according to. the NWS.
The severe heat puts a pressure on the power grids in the. United States. In May, the North American Electric Reliability. Corp, a group that sets reliability standards for The United States and Canada,. said that large parts of the United States stay at risk for. supply shortages due to heat this summer season.
The hot weather outlook also might suggest more wildfires in. California this summer season as arid, windy conditions fuel the. blazes. A 14,000-acre (5,665 hectares) wildfire, called the. Corral Fire, was 75% contained after requiring countless. locals to evacuate east of San Francisco over the weekend.
(source: Reuters)