US Gulf refiners seek MidEast, S.American oil to offset Venezuela, Mexico losses

U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market.

The shake-up in trade flows reflects a shortage of medium and heavy crude grades at the key Gulf Coast refining hub which has struggled in recent months to secure adequate supplies amid Mexican production and quality challenges, and Washington’s pressure strategy on Venezuela’s sanctioned energy industry.

The U.S. Treasury Department in March revoked key licenses that allowed some companies to export Venezuelan oil and fuel to the U.S. after President Donald Trump criticized the OPEC nation’s record on migration and democracy.

However, the administration is now preparing to grant new authorizations to key partners of Venezuela’s state-run PDVSA to allow them to operate with limitations, which could include oil swaps, five sources close to the matter said this week.

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India’s GAIL in initial talks for long-term LNG deal with Alaska LNG, sources say

India’s state-run GAIL is in initial talks to buy liquefied natural gas from the proposed Alaska LNG project as the South Asian nation expands its import capacity, three industry sources with knowledge of the matter said.

The talks with developer Glenfarne come as India works to raise its energy imports from the United States to narrow its trade surplus as part of a broader trade agreement with Washington to avoid the imposition of hefty U.S. tariffs.

GAIL’s discussions are preliminary as the landed cost of LNG will be a crucial deciding factor for the deal, the sources said.

Glenfarne said last month that 50 firms had formally expressed interest in contracts with Alaska LNG. The project, championed by U.S. President Donald Trump, has been stuck on the drawing board for more than a decade.

GAIL did not respond to Reuters email seeking comment on the talks.

“Glenfarne does not comment on or confirm individual commercial negotiations, but Alaska LNG’s growing commercial momentum reflects the project’s competitive economic and geostrategic advantages,” it said in an emailed statement to Reuters.

India, the world’s fourth-largest LNG importer, aims to increase the share of gas in its energy mix to 15% by 2030, up from about 6% currently, to reduce its carbon footprint.

GAIL plans to increase the capacity of its 5 million metric tons per year Dabhol LNG terminal to 6.3 million tons per year by mid-2027 and to 12.5 million tons per year by 2031-32.

Earlier this year GAIL invited initial bids from companies as it seeks to buy equity in an existing LNG project or a new project that would be commissioned by 2030 at the latest.

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India’s crude diversification push won’t impact Middle Eastern term contracts

India is looking to widen its crude import basket with more non-OPEC crudes, but the diversification strategy is unlikely to impact term contracts with Middle Eastern suppliers, as energy security takes center stage, DLN Sastri, director for oil refining and marketing at the Federation of Indian Petroleum Industry, said in an interview.

In addition, expanding strategic reserves and building a fleet of oil tankers will figure in the future oil strategy for India, which imports more than 80% of its crude oil needs, Sastri told Platts, part of S&P Global Commodity Insights.

“The long-term diversification plan won’t alter the majority of the term contracts with Middle Eastern producers. State-refiners will not like term volumes for Middle Eastern crude to fall below 50%,” he added.

Russian imports accounted for about 35% of India’s total crude requirements in 2024, which was nearly 4.9 million b/d. The Middle East and Russia together accounted for nearly 80% of India’s crude imports, according to data from S&P Global Commodities at Sea.

“For India, security of supply is as important as affordability. The configuration of many Indian refiners is being built keeping in mind the crude specifications of Middle Eastern supplies, such as Kuwait and Iraqi crudes,” Sastri added.

He added that India has been buying large volumes of Russian crude since the start of the Russia-Ukraine conflict because of attractive discounts, and this would continue as long as the price remains attractive. “India continues to buy Russian crude, but there is no binding agreement, and it is being driven purely on commercial considerations.”

Russian crude shipments averaged 3.68 million b/d in May, up 165,000 b/d, or 5%, from April levels to the highest since October and above average 2024 flows of 3.54 million b/d, according to CAS data.

Russia’s crude exports to its biggest customers, India and China, were little changed at 1.67 million b/d and 1.11 million b/d, respectively.

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Trafigura announces strategic alliance with maritime technology provider ZeroNorth

Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, has announced a strategic alliance with maritime technology company ZeroNorth.

Trafigura is set to roll out ZeroNorth’s platform across its controlled fleet of more than 350 vessels, including its voyage optimization systems, emissions analytics and vessel reporting tools. Additionally, Trafigura will take an equity stake in ZeroNorth, further deepening the ties between the two companies.

ZeroNorth’s technology uses advanced artificial intelligence and real-time data, including live weather conditions, vessel specifications, ship performance data and fuel availability to optimize operational performance continuously. The implementation of ZeroNorth’s solutions is expected to deliver reductions in both fuel consumption and carbon emissions across Trafigura’s chartered fleet.

As part of the agreement, Trafigura will also join ZeroNorth’s group of strategic partners, contribute practical industry insights to product development and play an active role in shaping the company’s long-term direction.

Andrea Olivi, Global Head of Shipping at Trafigura, commented: “This partnership marks an important step in Trafigura’s commitment to improving efficiency and sustainability across its maritime operations. The ZeroNorth platform will help us optimize fleet performance through enhanced monitoring of fuel and emissions while improving data collection and quality. It will also strengthen our relationships with vessel owners through more effective communication and information sharing.”

Søren C. Meyer, CEO at ZeroNorth said: “We’re proud to partner with Trafigura – one of the largest players in global commodity trading and shipping. This partnership reflects a shared commitment to advancing the use of technology and high-quality data, sending a clear signal to the industry about the vital roles these play in the energy transition. Trafigura’s insight, scale, and ambition will be invaluable to our strategic direction and will help accelerate the impact of our platform across the industry.

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ONGC orders two ethane carriers from Japan’s top shipbuilder

Natural Gas Corporation of India has entered into an agreement with Japanese shipbuilding company Mitsui O.S.K. Lines.

Oil and Natural Gas Corporation of India has entered into an agreement with Japanese shipbuilding company Mitsui O.S.K. Lines. As per the agreement, Mitsui O.S.K. Lines will build, own and operate two Very Large Ethane Carriers (VLEC), which will be used by ONGC for the import of ethane.

According to an exchange filing by ONGC, the two companies signed a Heads of Agreement on July 3. The company said the arrangement is further subject to the approval of the Board of Directors.

Additionally, ONGC said that the Very Large Ethane Carriers will be used by ONGC Petro Additions Limited (OPal), a subsidiary of the company, for importing ethane. The VLEC is a specialized ship used for the transportation of ethane gas over long distances. The ship has a capacity of carrying about 150,000 cubic meters of liquefied ethane.

Supply chain modernization

Oil and Natural Gas Corporation of India is working towards the modernization of its supply chain. On June 30, the company called for suitable companies to transform its Vendor Managed Inventory.

The company said that it is seeking a model that can reduce the turnaround time and optimize its inventory. The company said that it is looking to roll out the Vendor Management Model in a phased manner.

The company aims to roll out the model in the west zone first, which consists of Mumbai, Gujarat and Rajasthan.

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Baltic Index Falls To One-Month Low As Larger Vessel Rates Dip

The Baltic Exchange’s main sea freight index, which tracks rates for vessels transporting dry bulk commodities, fell to a one-month low on Wednesday, as rates declined across capesize and panamax vessel segments.

The main index slipped to its lowest point since June 3, easing 15 points, or 1%, to 1,443 points.

The capesize index dropped 53 points, or 2.6%, to 1,958 points, an over one-month low.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $435 to $16,242.

Iron ore futures climbed across all benchmarks as shipments from top exporters Australia and Brazil dropped, while an increase in hot metal output buoyed investor sentiment.

The panamax index slipped 8 points, or 0.5%, to 1,492 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was down by $74 to $13,424.

Among smaller vessels, the supramax index gained 13 points to 1,031 points.

Allied Shipbroking in a note on Tuesday said “the U.S. Gulf market softened under growing prompt supply and sluggish demand, while the South Atlantic remained steady with limited fixing.”

“The Pacific proved more encouraging as Indonesian and NoPac demand lifted sentiment and allowed owners to resist charterers’ attempts to trim rates.”

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