Black Sea may hold back world wheat supplies into 2026

The global wheat market narrative has recently shifted, though it’s easy to have missed it.

Exportable world wheat supplies in 2024-2025 are no longer expected to fall to multiyear lows, a perhaps predictable outcome based on recent patterns.

But the relief could be temporary. Meager possibility for the upcoming wheat harvests in Russia and Ukraine, which account for about 30% of global wheat exports, means that the thinning supply story could reemerge for 2025-2026, and potentially for real this time.

Two months ago, US Department of Agriculture (USDA) projections showed 2024-2025 global wheat stocks-to-use (SU) among major exporting countries at a 17-year low of 14.56%.

But this month’s updates put that figure at 15.89%, the second highest of the last six years.

This largely owes to the slashing of Chinese wheat import estimates over the last three months.

Late last decade, global wheat SU among major exporters averaged above 18%, so the 2024-2025 target is still below the longer-term mean.

However, world wheat SU has been pegged by USDA to reach decade-plus lows each year for at least three years now, only to creep upward as the marketing years progress.

As it stands, the 2020-2021 SU of 14.74% remains the lowest since 2007-2008, so this is the benchmark to keep in mind heading into 2025-2026.

USDA’s Kyiv attache last week pegged the 2025-2026 Ukrainian wheat harvest at 17.9 million tonnes, a 13-year low and down 23% on the year. Soils were extremely dry during the planting period and profitability is poor, cutting sown area.

Russian agencies currently predict the 2025-2026 harvest between 79.7 million and 82.5 million tonnes, the latter of which is similar to a year ago.

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China pushes for tariff cancellation to end US trade war | Shore Jobs In Shipping

China called for all “unilateral” U.S. tariffs to be cancelled on Thursday, as signs emerged that the Trump administration may de-escalate its trade war with Beijing.

China also clarified it has not held trade talks with Washington despite repeated comments from the U.S. government suggesting there had been engagement.

U.S. President Donald Trump has repeatedly said that the U.S. will have a deal with China and on Wednesday said there was “direct contact” between both countries. Trump, who calls his tariffs “reciprocal” , says the duties aim to correct unfair trade imbalances with the U.S.

The U.S. should remove all “unilateral tariff measures” against China “if it truly wanted” to solve the trade issue, Commerce Ministry spokesperson He Yadong said on Thursday.

“The person who tied the bell must untie it,” he told reporters at a regular press conference.

The Trump administration would look at lowering tariffs on imported Chinese goods from their current level of 145% to possibly between 50% and 65%, pending talks with Beijing, Reuters reported on Wednesday, citing a source familiar with the matter.

China’s He also urged the U.S. to pay attention to the “rational voices” of the international community and domestic parties.

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Landmark IMO deal set to shake up shipping

A decisive moment for global shipping regulation unfolded last week as the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC) concluded its 83rd session, which culminated in the approval of draft amendments establishing the ‘IMO Net-Zero Framework’. This global mechanism will combine mandatory greenhouse gas (GHG) limits with carbon pricing for the maritime sector and represents a move towards achieving the goals laid out in the IMO’s 2023 GHG Strategy, which targets net zero emissions from international shipping by or around 2050, supported by interim reduction goals for 2030 and 2040. Hailed by the IMO as a world-first for any industry sector, the measures are set to apply to large vessels over 5,000 gross tonnage – the segment responsible for about 85% of shipping’s CO2 emissions. 

IMO secretary-general Arsenio Dominguez was in a celebratory mood at the end of proceedings: “The approval of draft amendments to MARPOL Annex VI mandating the IMO net-zero framework represents another significant step in our collective efforts to combat climate change, to modernize shipping and demonstrates that IMO delivers on its commitments.” Framework mechanics The Net-Zero Framework, to be integrated into MARPOL Annex VI, Chapter 5, is built upon two key pillars: a global fuel standard and an economic measure. MARPOL Annex VI, with its wide ratification covering 97% of global tonnage, provides the existing legal foundation. The Global Fuel Standard requires ships to progressively decrease their annual greenhouse gas fuel intensity (GFI). Calculated on a well-to-wake basis, the GFI measures GHG emissions per unit of energy used. Ships must meet increasingly stringent GFI reduction targets over time, driving the adoption of lower-emission fuels and technologies.

Complementing this is the Global Economic Measure, introducing a GHG emissions pricing mechanism. Vessels exceeding the permitted GFI levels will need to acquire “remedial units” to cover their emissions deficit. Conversely, high-performing ships using zero or near-zero (ZNZ) GHG technologies, achieving emissions below a tighter ‘Compliance Target’, can earn financial rewards and tradable “surplus units”. Compliance incorporates flexibility. Ships can meet their obligations by acquiring surplus units from others, using previously banked units, or purchasing remedial units via contributions to a new central fund. A cornerstone of the economic measure is the establishment of the IMO Net-Zero Fund. This fund will pool the contributions generated by the emissions pricing.

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Gasoline traders shift exports to West Africa amid US tariff threats

Threats of further tariffs from the US and an ongoing arbitrage to West Africa have led to an unseasonal shift in European gasoline export flows.

Typically the summer driving season sees increased flows from Europe to the US Atlantic Coast amid an uptick in summer driving demand. At the same time, specification differences between Europe and WAF which exist in the summer disappear in the winter, typically resulting in fewer volumes fixed to Nigeria.

The threat of tariffs and changes in Nigeria’s refining landscape have seen this trend flip in 2025. Large volumes are presently set to arrive in West Africa’s Offshore Lome hub, while the USAC has been demanding more limited flows amid demand-side fears and tariff threats.

According to ship-tracking data from S&P Global Commodities at Sea, 4 million mt of gasoline are projected to be delivered into West Africa from all locations over the 30-day period to April 27, a high not seen in over two years.

This compares with 1.6 million mt to the USAC over the same period, reaching an 11-month high but well within normal seasonal trends.

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China’s March Iranian oil imports surge on US sanctions fears | Rig Jobs

China’s imports of Iranian oil surged in March as buyers stocked up amid worries that further U.S. sanctions on Tehran could tighten supplies, traders and analysts said.

China’s oil imports from Iran surpassed 1.8 million barrels per day last month, an all-time high, coinciding with a rise in inventory levels in independent refining hub Shandong province, according to data by ship tracking firm Vortexa.

Data from analytics firm Kpler put China’s Iranian oil imports at 1.37 million bpd in March, up 83% from 747,000 bpd in February and a five-month high, while two traders who track Iranian flows into China estimated March imports at 1.67 million bpd and 1.8 million bpd, respectively.

China, which opposes unilateral sanctions, buys some 90% of Iran’s oil exports, which are mostly trans-shipped in waters off Malaysia and Singapore and rebranded as Malaysian, a trade that has been boosted as more vessels drawn by high fees replaced those under U.S. sanctions, traders and analysts have said.

Iranian oil accounted for 13% of China’s March crude imports, Kpler data showed.

Vortexa senior analyst Emma Li and a China-based refining source attributed the rush to buy Iranian barrels to worries among traders and refiners of further supply disruptions.

Overall onshore inventories in Shandong province rose by 22 million barrels in March from February, an amount matching the increased Iranian arrivals, according to Vortexa.

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Long Beach Port Unveils 10-Year Capital Improvement Program

Over the next decade, the Port of Long Beach plans to invest more than $3.2 billion in capital projects that drive efficiency and make cargo operations more sustainable. The 10-year program calls for improvements to rail, terminals, roadways, waterways, and safety and security. Also included are infrastructure projects that support the use of zero-emissions equipment.

More than $1.28 billion, about 40% of the total, is expected to go toward the Pier B On-Dock Rail Support Facility. The facility is the centerpiece of all the improvements the Port has made to its rail network to date, and its goods movement and environmental benefits will reach across the San Pedro Bay ports complex and beyond. Construction began in 2024 and is due to be completed in 2032.

More than $700 million, about 22% of the total, is anticipated for sewer, street, water and stormwater projects. Improvements to waterfront infrastructure are expected to total more than $476 million, about 15% of the overall program. While sustainability is a core element of all capital projects, the Port plans to spend more than $220 million on specific ZE infrastructure projects that support its goal of transitioning all cargo handling equipment to ZE models by 2030.

The spending plan covers fiscal years 2026 through 2035. All infrastructure projects are subject to approval by the Long Beach Board of Harbor Commissioners.

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MARIN tests verify groundbreaking efficiency of ABB Dynafin™ propulsion

Globally recognized maritime research institute MARIN has verified that efficiency levels modeled for ABB Dynafin™ propulsion concept will convert to real-world ship performance gains, following tests at its Concept Basin in the Netherlands. The enhanced efficiency correlates to substantial fuel savings and significantly lower ship emissions compared to conventional propulsion set-ups.

Launched in May 2023, after a decade of development, ABB Dynafin™ offers a fresh perspective on ship propulsion. Its main electric motor powers the rotation of a large horizontal wheel which supports vertical blades – each controlled by an individual motor to mimic the motion of a whale’s tail. Combined, the motions simultaneously propel and steer the ship to optimize thrust and positioning precision.

In comprehensive open water tests, MARIN’s measurements and data analysts, working together with specialists from ABB Marine & Ports and ABB Corporate Research in Sweden, confirmed the positive effects for efficiency and performance. Tests verified ABB Dynafin™ at 18 knots speed achieves up to 81 percent open water efficiency in full scale.

“At MARIN, we measure hydrodynamic forces and moments, and determine hydrodynamic efficiency. All mechanical and electric losses have been subtracted from the test set-up,” said Jie Dang, Senior Project Manager and Principle Investigator (PI) of MARIN.

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Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Eclipse

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on March 24, 2025, it completed the previously announced sale of the M/V Magic Eclipse, a 2011-built Panamax bulk carrier vessel by delivering the vessel to its new owner.

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