Nigeria’s Dangote aims to end Africa’s fertilizer imports

Africa will be self-sufficient in fertilizer within 40 months, Nigerian billionaire Aliko Dangote said on Friday, on the basis of a planned expansion of his $2.5 billion plant on the outskirts of Lagos.

Africa currently imports over 6 million metric tons of fertilizer annually as it struggles to produce enough food in often challenging growing conditions.

The benefits of increasing domestic production would include reduced foreign exchange expenditure, which has been a major economic burden in Nigeria because of the weakness of the local currency.

“In the next 40 months, Africa will not import fertilizer from anywhere. We have a very aggressive trajectory right now. We want to put Dangote to be the highest producer of urea, bigger and higher than Qatar – give me 40 months,” Dangote said at the annual Afrexim bank meeting in Abuja.

Dangote runs Africa’s largest granulated urea complex, which has annual capacity of 3 million tons, 37% of which it exports to the United States. It will need to double current output to achieve his ambition. Dangote has said he is not worried about the impact of Trump tariffs.

Analysts say the market outlook for fertilizer is bullish, but there are also challenges and the kind of expansion Dangote seeks requires infrastructure to be built.

“Any new fertilizer plant or expansion project faces cost overrun risks to the producer,” Seth Goldstein, senior equity analyst at Morningstar Research, said.

Mikolah Judson, an analyst at global risk consultancy, Control Risk, cited the need for “transport infrastructure and port capacity,” saying “bottlenecks routinely delay various import and export projects in Nigeria”.

Dangote has a track record for delivering big projects. He also owns the Dangote Petroleum Refinery, Africa’s largest, although its launch was repeatedly delayed and it exceeded its initial budget.

He has said he intends to list the 650,000 barrels-per-day refinery next year and on Friday he also confirmed plans to list his fertilizer plant on the local stock exchange this year.

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First Russian-built ice-class LNG tanker to launch this year, Ifx reports

The first Russian-built ice-class tanker for liquefied natural gas is expected to go into operation in the second half of this year at the Arctic LNG 2 plant, Interfax news agency quoted tanker group Sovcomflot FLOT as saying on Wednesday.

International sanctions over Ukraine have led to a shortage of tankers in Russia that can cut through thick ice, preventing Arctic LNG 2 from exporting cargo since the first stage of the plant started operation at the end of 2023.

The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for the Arctic LNG 2 plant.

The tanker, already under U.S. sanctions, started sea trials at the end of last year and the final trial stage is due to begin at the end of this month.

“If all test parameters are achieved, there is a good chance that the vessel will be put into operation in the second half of this year,” Sovcomflot’s CEO Igor Tonkovidov told Interfax.

Russian energy company Novatek NVTK, which owns 60% of Arctic LNG 2, has said 15 Arc7 ice-class tankers that are able to cut through two-metre (6.5 ft) thick ice to transport LNG from Arctic projects, will be built at the Zvezda shipyard.

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Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict

Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday.

Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iran last week.

“We are receiving additional interest from our customers in Asia,” a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September.

A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies.

Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia.

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The mother of ports fights hard to come out of troubled waters

MUMBAI: The proposed Vadhavan Port in Maharashtra, projected to be three times larger than Jawaharlal Nehru Port (JNPT). Once completed, it is projected to be three times bigger than the Jawaharlal Nehru Port. Maharashtra Chief Minister Shri Devendra Fadnavis says the Vadhavan Port will make the country a maritime force. But as you enter the Vadhav village near Dahanu town, the reality hits hard.

Villagers are hostile towards any visitors, even journalists. Krishna, a villager, says that the main worry is the loss of fisheries’ income after the project takes off. “We also want development but not at our own cost,” he says. In fact, the conflict has been going on for several decades, with residents expressing fears that it will negatively impact the marine ecosystem and their traditional fishing practices. These concerns have led to widespread demonstrations, including boycotts of elections and road blockades.

The process of starting the project itself has already taken almost a decade. The memorandum of understanding (MoU) for the port was signed between the Maritime Board and JNPT in 2015, the ‘in principle’ approval came in 2020 and the proposal to build the port was approved in 2024.

A government official who did not wish to be quoted said that the villagers need not worry as the port will be built on the sea, that is, it will be the country’s first offshore port as it will be built on an artificial island. He believes that most of the villagers’ fears have been allayed. He also added that villagers will get first right in the job opportunities in the new port and they will be trained properly to help them take up the opportunities. The port is expected to create 1.2 million job opportunities. “We also gave employment to villagers when JNPT port was built. We understand their position,” he said.

Jawaharlal Nehru Port Trust (JNPT) holds a 74% stake in the Vadhavan Port through a special purpose vehicle and Maharashtra Maritime Board holds 26%. An email sent to JNPT did not elicit any response on the subject.

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Iron ore rebounds as traders cheer Sino-US trade progress

Iron ore futures prices rebounded on Wednesday, as signs of progress in trade talks between the world’s two largest economies bolstered sentiment, although uncertainty over a final agreement and softening steel demand capped further gains.

Officials from the United States and China, the world’s largest iron ore consumer, agreed on a framework to put their trade truce back on track following two days of intensive negotiations in London.

The development has broadly lifted sentiment in the ferrous market, helping support prices.

China purchases over two-thirds of global seaborne supply.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 1% higher at 707 yuan ($98.39) a metric ton. The contract registered losses of nearly 1% on Tuesday.

The benchmark July iron ore on the Singapore Exchange was 0.87% higher at $95.2 a ton, as of 0720 GMT.

Other steelmaking ingredients on the DCE gained ground, with coking coal and coke (DCJcv1) up 1.1% and 1.31%, respectively.

Most steel benchmarks on the Shanghai Futures Exchange nudged higher on firmer costs of raw materials, but soft downstream demand limited gains.

Rebar RBF1! added 0.67%, hot-rolled coil EHR1! rose 0.78% and wire rod (SWRcv1) advanced 0.43% and stainless steel HRC1! ticked up 0.48%.

“Steel consumption has declined rapidly entering the off-peak demand season,” analysts at Galaxy Futures said in a note.

Amid growing concerns over market stability, the state-backed China Iron and Steel Association called on Tuesday for a joint boycott for the ‘rat race’ style competition in response to the spill-over impact of the fierce price war among domestic automakers on the steel market.

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World Shipping Council Statement on World Ocean Day 2025

On this World Ocean Day, we celebrate the immense value of the Ocean – a source of life, food, energy, and biodiversity, and a vital ally in the fight against global warming. The Ocean produces half of the world’s oxygen, and as the world’s largest carbon sink, absorbs a quarter of all CO₂ emissions. It sustains communities, supports economies, and literally keeps world trade afloat – carrying the ships that deliver 80% of everything we humans need.

For those of us in the maritime industry, the Ocean is more than a backdrop – it is our workplace, our partner, and our shared responsibility.

Shipping is the backbone of global trade and economic growth, connecting communities around the world – but we account for up to 3% of global GHG emissions. That’s why liner shipping is investing massively in the transition to clean fuels and technologies.

Investing USD 150 billion to decarbonise shipping and protect the Ocean

Today, nearly 80% of all new container ships and vehicle carriers on order are designed to run on zero/near-zero GHG emissions fuels (ZNZ fuels)

Already, 200 such vessels are in operation

By 2030, at least 1,000 new container and vehicle carriers designed to run on zero or near-zero emissions fuels and technologies will be on the water

That represents an investment by liner ocean carriers of more than USD 150 billion in the decarbonisation of the shipping industry

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Ship Recycling Activity Under the Hong Kong Convention Influence

The impending enforcement of the Hong Kong Convention is bringing some turbulence in the ship recycling market, as compliance is a key factor. In its latest report, Best Oasis, a leading cash buyer of ships said that “as the Hong Kong Convention enforcement approaches, the global ship recycling market remains quiet with activity restrained by regulatory developments and weak sentiment. In India, local conditions stay soft with minimal interest. A new directive now mandates IHM certification for new vessels from 26 June 2025, while existing ships must comply before recycling or by mid-2030. Only HKC-compliant yards are permitted for recycling, with provisions for converting existing Statements of Compliance to IHM Certificates. In Bangladesh, uncertainty continues with no clear direction on NOC approvals for nonHKC yards. Even certified facilities are cautious, offering significantly below recent price levels, and overall activity remains limited. Pakistan has seen a rise in buying interest as the HKC deadline nears, driven by timing rather than a shift in sentiment. A new port directive now requires full IHM documentation for all recycling candidates, though no yard has yet been officially confirmed as compliant. Türkiye remains flat and unchanged from the previous week, reflecting its usual market consistency”.

In its analysis, Best Oasis commented that “as attention shifts toward EU SRR-compliant ship recycling, new yards are being developed under a framework that appears structured, visible, and progressive. It presents a powerful image of responsibility. But is responsibility only about how it looks on paper? Many HKC-compliant yards have spent years improving infrastructure, aligning with global standards, and anchoring livelihoods for thousands. Their work may not carry the same polish, but does that make it any less credible or valuable? With more capacity coming in, it becomes harder to ignore the realities of a cyclical industry. When activity slows, will all these yards remain active? Will the communities that have grown around long-standing facilities still have a place in this changing landscape? It’s not just about choosing one standard over another. The question may be whether the pursuit of progress is being matched by a clear understanding of what sustainability really means for the environment, for the industry, and for the people behind it”, it said.

In a separate note, shipbroker Intemodal said this week that “all eyes remain on the compliance front across the Indian subcontinent, as ship recycling yards intensify their efforts to catch up with HKC requirements. Moreover, President Trump’s announcement for doubling tariffs on steel and aluminum to 50% is raising concerns for impacts on steel demand and prices. In Pakistan, approximately 7 ship recycling yards are currently undergoing infrastructure and procedural upgrades to achieve HKC certification. Of these, only two are expected to be certified before the enforcement deadline of 26 June 2025, with the remaining yards likely to follow thereafter. While this progress is encouraging, uncertainty still clouds the sector’s future postHKC implementation. In the meantime, a slight increase in buyer interest has been observed. However, this appears to be driven more by opportunistic acquisitions of vessels that can be beached at Gadani before the deadline, rather than any fundamental improvement in market conditions. In this context, a price premium may emerge for end-of-life vessels deliverable prior to the regulatory cutoff. Bangladesh continues to make tangible strides toward HKC compliance.

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WCS crude price differentials tighten as wildfires disrupt Canadian crude production

Canadian heavy crude price discounts tightened on June 2 as wildfires sweeping across northern Canada caused producers to shut in nearly 350,000 b/d of output.

Western Canadian Select at Hardisty, Alberta, was traded at an $8.50/b discount to WTI early June 2, narrowing from an $8.70/b discount assessed by Platts on May 30 and a $9.75/b discount on May 26.

Platts is a unit of S&P Global Commodity Insights.

Discounts widened later in the day with trading seen at $8.85/b under WTI.

Over the past several days, major producers have been forced to evacuate workers and temporarily shut in output as fires advanced toward key oil sands infrastructure.

Cenovus said June 1 that the wildfires reduced output from its Christina Lake asset.

“As a precaution, currently only essential personnel are at the Christina Lake oil sands asset, where the company began safely and methodically shutting in production on May 29,” the company said in a press release. “Approximately 238,000 barrels per day of production have been impacted, and the company will provide an update when it is in a position to restart.”

MEG Energy is delaying the restart of 70,000 b/d of production, and Canadian Natural is shutting 36,500 b/d of bitumen output, the companies said May 31.

On May 26, a separate wildfire caused A spenleaf  Energy to halt operations, shutting roughly 4,000 boe/d in Alberta’s Swan Hills region.

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HD Hyundai To Build Duo of Containerships | Jobs On Ships

HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company of HD Hyundai specialized in shipbuilding, announced on May 30 that it has recently signed a contract to build 2 containerships with a shipping company based in Oceania.

– The total order amount is 386.8 billion KRW.

– The two vessels will be built by HD Hyundai Samho and is scheduled to be delivered by the first half of 2028.

– Including the disclosed orders, HD Korea Shipbuilding & Offshore Engineering has received orders for a total of 57 ships worth 6.98 billion USD to date, achieving 38.7% of the annual order target of 18.05 billion USD (provisional).

– By ship type, the company has received orders for 1 LNG carrier, 6 LNG bunkering vessels, 6 LPG/ammonia carriers, 2 ethane carriers, 36 container ships, and 6 tankers.

Source: HD Korea Shipbuilding & Offshore Engineering

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