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A fire erupted at Novatek’s LNG processing Ust-Luga complex near St. Petersburg following a suspected Ukrainian drone attack yesterday, Reuters reports, citing Interfax-Ukraine news agency. Novatek has said the incident, which resulted in a partialsuspension of operations at the terminal, was the result of “external influence,” without elaborating further, Bloomberg reports, citing a company statement. The terminal, located in the Gulf of Finland, is one of Russia’s two main energy-export facilities and a key Baltic Sea access point to global markets.
Peru’s USD 3.5 bn Chancay port project will come online later this year, connecting China with South American markets, Reuters reported last Thursday. The first phase of construction is slated for completion in November. China’s state-owned shipping company Cosco holds a 60% stake in the port and Peruvian mining company Volcan — part owned by Swiss commodity and mining company Glencore — holds the remaining 40% stake.
Details: Construction on the port project — part of China’s Silk Road initiative — started in 2018. The port can accommodate large cargo ships and cut the journey time for some exporters by two weeks, allowing some shippers to bypass the Panama Canal by providing direct access to the Pacific. Peru plans to establish an economic zone near the port and Cosco will build an industrial hub nearby to process raw materials, Brazil’s Ambassador to Peru Clemente Baena Soares told Reuters.
Japanese carrier Ocean Network Express (ONE) has inked contracts for twelve 13k TEU methanol dual-fuel container newbuilds set to begin deliveries in 2027, according to a statement released last week. The order is divided equally between China’s Jiangnan Shipyard, and Yangzijiang Shipbuilding. The new vessels represent ONE’s inaugural methanol-duel powered fleet as the carrier looks to curb emissions as part of its sustainability strategy.
The Panama Canal’s revenues have dropped by USD 100 mn per month since last October, Reuters reported last week, citing comments made by the canal’s administrator Ricaurte Vasquez. The drop in revenues is the result of shipping restrictions enforced due to the severe drought that has limited the canal’s ability to accommodate vessels. If current conditions continue, a cumulative loss of almost USD 700 mn could be seen by April, Vasquez added. However, the waterway is still set to meet fiscal year income targets due to a recent toll increase.
