Former airline manager wanted in Canada’s biggest gold heist to turn himself in — report

Staff Writer | June 14, 2024 | 


A former Air Canada manager wanted on a national warrant for his alleged role in the largest gold heist in Canadian history is preparing to turn himself in according to his lawyer, CBC News reported Friday.


Simran Preet Panesar is wanted on charges including theft over C$5,000 in connection with the April 2023 theft of more than C$20 million in gold from Toronto’s Pearson International Airport, according to the CBC.

Several arrests were made in April and 19 charges laid in what police called a “daring theft, the single-largest gold heist in Canadian history.”

RCMP investigated the heist last April at the country’s busiest airport that may have netted thieves more than C$20 million in gold taken from a cargo holding area at Pearson.

Swiss bank Raiffeisen Schweiz Genossenschaft and precious metals refining company Valcambi SA had hired Brink’s to move the goods from Zurich to Toronto. Brink’s, in turn, arranged for Air Canada to fly the valuables between the two cities.

In the wake of the brazen theft, Brink’s Co. sued Air Canada for allegedly letting a thief slip away with the loot.

Almost none of the gold has been recovered, though police did seize about C$430,000 in Canadian currency and six gold bracelets worth about C$89,000.

De Beers plans return to marketing roots as split from Anglo American looms

Blair McBride | June 14, 2024 | 

Credit: De Beers

De Beers, which created the global market for diamond engagement rings through its “A Diamond is Forever” campaign, is shifting back to its marketing roots as its parent company Anglo American (LSE: AAL) moves to sell it off.


Its new ‘Origins’ strategy is part of a wider pivot back towards natural diamonds, announced on May 31. The move makes sense because marketing has always set the diamond sector apart from other mineral industries and the industry risks losing its way if it becomes focused only on mining and turns away from the demand creation side, New York City-based diamond analyst Paul Zimnisky told The Northern Miner.

“Marketing is what moves the needle,” he said. “You can throw money at the problem, you can create demand if the products are marketed properly. You have to look at it as a luxury product, not as a commodity.”

In announcing the divestiture of De Beers on May 14, Anglo said the move would give both companies “a new level of strategic flexibility to maximize value” for Anglo American and the government of Botswana, which each hold 85% and 15% stakes, respectively, in the diamond company. The Botswana government also indicated on June 10 that it wants to increase its interest in De Beers. High capital needs and declining diamond supply present further challenges in the diamond sector, analysts say.

Anglo’s announcement of its De Beers plans, as well as plans to sell off its South Africa-based Anglo American Platinum (JSE: AMS) and its steelmaking coal assets was triggered by BHP’s (ASX: BHP) unsuccessful, multi-billion-dollar acquisition bid in mid-May.

‘Growing desire’

De Beers is also suspending its Element Six lab-grown diamonds (LGD) subsidiary for jewelry to focus instead on synthetic diamond technology for industrial applications, it said in May. Production for the Lightbox LGD brand will stop in a few months, De Beers CEO Al Cook said in a June 13 interview with diamond news site Rapaport.

“The outlook for natural diamonds is compelling,” Cook said in a news release, adding that the company’s new approach will involve “growing desire for natural diamonds through the reinvigoration of category marketing, embracing new approaches that maximize reach and impact.”

Cook explained to Rapaport the need to tell better diamond stories is greater now that “there are more diamonds above the surface of the Earth than below the surface. Every year, diamond mines are closing.”

De Beers first entered the synthetic diamond jewelry market in 2018. In setting up a solid difference between mined and lab-grown diamonds, the company initially offered Lightbox jewelry for up to 80% less than its competitors’ prices.

Slowing sales, production

The stronger emphasis on marketing also comes as De Beers grapples with lower sales, with Cycle 4 rough diamond sales, at $380 million this year, down by 20% from last year’s Cycle 4 period of $479 million, the company reported on May 23. The Cycle 4 period approximately covers two weeks in May. Cook said the sales were due to the seasonally slower second quarter and less trading in India during the elections.

Production declined 8% to 31.9 million carats in 2023, from 34.6 million carats in 2022. First quarter output this year, at 6.8 million carats, was down 23% from the year-earlier figure of 8.9 million carats.

The wider industry is also facing the challenge of lower demand, especially in the United States and China. Amid the slow demand, De Beers cut the price of 0.75-carat stones by 4% to 6% at this year’s fourth trading session, according to a May 7 report from Rapaport. In the first sale of the year, the company cut prices by about 10%.

The issue of declining production could be expensive for De Beers to deal with, BMO Capital Markets diamonds analyst Raj Ray implied.

“From mining business point of view, not having a parent company like Anglo American backing De Beers could have some serious implications for diamond supply going forward,” he said.

Rough diamond supply has dropped to around 120 million carats from 150 million carats in 2017-2018, Ray said. It’s expected to drop even more in the next four to five years.

Amid the supply constraints, De Beers has invested $1 billion in expanding the life of its flagship Jwaneng mine in Botswana, and $2.3 billion to move underground the Venetia mine in South Africa.

“The next 12 to 24 months don’t look great for the rough diamond industry,” Ray said. “Anyone looking at De Beers will have to acknowledge (that). There’s huge capital investments that are needed over the next few years across mines to be able to maintain supply, forget about growing supply.”

But despite that hurdle, Ray and Zimnisky both see De Beers maintaining its 30% share of the global diamond market.

“They’ll continue to be the pre-eminent producer in the world,” Ray said. “Anyone who will buy (De Beers) will continue to fund its projects. I don’t see any significant drop in production from the De Beers portfolio.”

Going solo?

Once De Beers formally leaves Anglo as part of the company’s restructuring, which CEO Duncan Wanblad has said could take 18 to 24 months to complete, the diamond miner will face the prospect of being purchased or going alone.

Zimnisky said either option has its own difficulties.

“This is something Anglo has wanted for a while,” he said. “They wanted Anglo to become more of a pure play copper producer, or a green infrastructure buildout commodity producer hoping it would lead to a higher valuation for the company. That said, De Beers is a complicated business and not easy to sell. It has (the) Debswana joint venture, which is the crown jewel of the company.”

Ray agrees that few potential buyers would have interest in a company like De Beers whose business requires massive capital investments. An IPO is also unlikely, he said.

“There’s little interest in the diamond sector from an equity perspective. I don’t see how in a potential IPO there’s enough interest in a new diamond story,” he said. “This has to be a private sale or consortium that needs to come in and take a longer-term view of the diamond sector. There could be growth expected in the retail segment. That’s where I think anyone taking a look at De Beers would see the value.”

Both analysts also see the De Beers sale having minimal impact on the junior exploration sector for diamonds.

“In order to stimulate exploration across the industry you would have to see a notable diamond price recovery,” Zimnisky said. “Prices have been flat for almost a decade now.”

Second Australian rare earths producer suffers cyber attack

Bloomberg News | June 14, 2024 | 

Credit: Iluka Resources Ltd.

Iluka Resources Ltd. has become the second Australian rare earths miner to suffer a cyber attack in recent months, although the hackers weren’t able to penetrate its cybersecurity protections.


The denial-of-service attack was intended to disrupt Iluka’s external website, according to a statement from the company. However, there was “no infiltration of our internal systems and hence no loss of data or privacy concerns,” the company said.

The West Australian newspaper first reported the attack earlier Thursday.

Last week, fellow Australian rare earths producer Northern Minerals Ltd. said some of its data had been released onto the “dark web” months after the firm detected a breach of its cybersecurity protections.

The data “included corporate, operational and financial information and some details relating to current and former personnel and some shareholder information,” Northern Minerals said at the time.

Earlier this month, Australia ordered a Chinese-linked fund and its associates to sell their stakes in Northern Minerals, part of an effort by US allies to counter China’s dominance of critical minerals.

(By Paul-Alain Hunt)

Congo’s Gecamines threatens to intervene in sale of cobalt firm

Bloomberg News | June 14, 2024 |

The Mutoshi project (Image: Trafigura)

The Democratic Republic of Congo’s state miner said it will need to approve any acquisition of cobalt producer Chemaf Resources Ltd. if the new owner wants to take over a key mining permit.


Chemaf put itself up for sale in September and, although it said in March the process was in its “final stage,” a winning bid is yet to be announced. The Trafigura Group-backed firm is trying to build one of the biggest copper-cobalt mines and processing plants in Congo on a permit rented from state-owned Gecamines.

A transaction to change ownership of the lease without prior approval from Gecamines would be “void” if it includes the license where Chemaf is developing its Mutoshi project, Gecamines chairman Guy-Robert Lukama said in an interview. “If they sell, we will withdraw the lease agreement.”

Responding to questions on Friday, Chemaf said it has been engaging at the “highest level” of government in Congo and has already secured approval from the mines minister for a proposed transaction.

“Following these approvals we are preparing to seek formal approval from Gecamines SA, our respected partner in Mutoshi,” a spokesperson for Chemaf said.

Kizito Pakabomba was sworn in as Congo’s new mining minister earlier this week, replacing Antoinette N’Samba Kalambayi. Neither responded to requests for comment sent outside office hours.

Chemaf arranged a $600 million loan from Trafigura in late 2022 to fund its expansion, but the mine development overshot its budget and the commodity trading giant was forced to seek new funding. Chemaf offered itself for sale shortly afterward, asking prospective bidders to commit the $250 million to $300 million still needed to complete construction of its projects.

The company, whose relationship with Trafigura dates back more than 15 years, has been planning a large complex at Mutoshi, in Congo’s Lualaba province, since at least 2018. The site would be capable of producing 16,000 tons of cobalt and 50,000 tons of copper a year.

Any move by Gecamines to withdraw the permit may threaten efforts to find a buyer by complicating the fate of the unfinished mining complex, but it wouldn’t impact the dozens of other licenses that Chemaf owns directly.

Trafigura said that as “one of the creditors to Chemaf,” it is “not managing or influencing decisions on the investment process.”
‘Non-performing’ lease

Gecamines has contacted Isle of Man-registered Chemaf on several occasions since the closely held firm — owned by businessman Shiraz Virji — began the sale process, but hasn’t received a reply, according to Lukama. The 25-year lease agreement secured in 2015 is “non-performing,” which makes Gecamines “entitled to terminate it,” he said.

Chemaf said on Friday it has invested about $520 million in developing Mutoshi, which is about 80% complete. The company has previously blamed the funding gap on “inflationary pressures across the global mining sector,” a “soft cobalt pricing environment” and the unavailability of the full loan from Trafigura.

(By William Clowes and Michael J. Kavanagh)

Orano at risk of losing Niger uranium mine sought by Russia

Bloomberg News | June 16, 2024 |

External view of the Somair plant. Credit: Orano

Orano SA could lose the right to mine uranium at one of the largest deposits in the world by June 19 after Niger rejected the French nuclear company’s plan for developing the asset.


The move comes as Russia’s seeks to take over mining assets in the West African country controlled by the French company, Bloomberg reported on June 3. Niger’s Paris-allied president was overthrown in a coup last July, the latest in a string of military takeovers in the region that has seen strongmen spurn ex-colonial power France and forge closer ties with Moscow.

Orano continues to operate a single large uranium mine in Niger but its proposed plan for the development of the Imouraren deposit “doesn’t meet the authorities’ expectations,” Niger’s mining ministry said in a letter seen by Bloomberg. A junta spokesman confirmed the letter dated June 11.

“The second and final notice will end on June 19, after which date the company’s operating permit will be revoked,” the letter said. A Niger mining ministry official couldn’t be reached for comment. An Orano spokesperson didn’t respond to a request for comment.

Imouraren is one of the world’s biggest uranium deposits, with reserves estimated at 200,000 tons. Niger’s move follows years of delays since Orano obtained the permit in 2009, according to the letter. Exploitation was initially scheduled for 2012, but the fall in uranium prices on the world market delayed operations. Niger accounted for about 4% of global uranium mine production in 2022, according to the World Nuclear Association.

One of the world’s poorest countries, Niger expelled French forces last year and ended a decade-long security agreement with the US, which has until mid-September to withdraw its troops stationed in the country. In April, 100 Russian military instructors arrived in the capital, Niamey, to train Niger’s forces on how to use air defense systems supplied by Moscow.

France has relied on Niger for as much as 15% of its uranium needs to fuel nuclear reactors that account for 65% of the country’s electricity production, Le Monde reported last year, citing Orano. European Union utilities depended on Niger, the world’s seventh-largest producer, for about a quarter of their uranium supplies in 2022, according to the Euratom Supply Agency.

Orano has a majority stake in Imouraren SA with Niger’s Sopamin SA controlling the remaining 33.35%.

Orano currently operates Somaïr, an open-pit mine in the northern Arlit region, after the closure of Cominak in 2021. Mine activities at Somaïr resumed in February after a production stoppage of several months following the coup. Imouraren has been suspended since 2015, according to the company’s website site.

(By Katarina Höije)

Serbia to give green light for Rio Tinto lithium mine

Reuters | June 16, 2024 | 

Rio’s Jadar project has an estimated production capacity of 55,000 tonnes per year. (Image courtesy of Rio Tinto.)

Serbian President Aleksandar Vucic is preparing to give Rio Tinto the green light to develop Europe’s largest lithium mine two years after Belgrade called off the project, the Financial Times said on Sunday.


Vucic told the newspaper that “new guarantees” from the global mining giant and the European Union looked set to address Serbia’s concerns over whether necessary environmental standards would be met at the Jadar site in the west of the country.

Rio Tinto said in a statement emailed to Reuters: “We believe the Jadar project has the potential to be a world-class asset that could act as a catalyst for developing an EV (electric vehicle) value chain in Serbia”.

Regarded as a critical material by the EU and the United States, lithium is used in batteries for EVs and mobile devices.

“If we deliver on everything, (the mine) might be open in 2028” Vucic told the FT, adding that the mine was projected to produce 58,000 tons of lithium per year which would be “enough for 17% of EV production in Europe — approximately 1.1 million cars.”

In 2022, Belgrade revoked licences for Rio’s $2.4 billion Jadar project after massive environmental protests. If completed, the project could supply 90% of Europe’s current lithium needs and help to make the company a leading lithium producer.

In 2021 and 2022 Serbian environmentalists collected 30,000 signatures in a petition demanding that parliament enact legislation to halt lithium exploration in the country.

(By Gursimran Kaur; Editing by William Mallard and Hugh Lawson)

Related Article: Environmental studies show Serbian lithium project is safe, Rio Tinto says

Tesla shareholders vote no on deep sea mining moratorium

Bloomberg News | June 14, 2024 

Tesla Inc. investors agreed to Elon Musk’s $56 billion pay package on Thursday, but declined to agree to a moratorium on sourcing electric vehicle battery metals from deep sea ecosystems.


Activist investors had pushed the carmaker to join other industry leaders in considering the impacts of deep sea mining at its annual shareholder meeting. As You Sow — a nonprofit promoting corporate social responsibility — filed a proposal in December asking shareholders to impose a moratorium on sourcing minerals from deep seabeds. “We are seeing Tesla, the face of the EV transition, as a laggard,” said Elizabeth Levy, the nonprofit’s biodiversity program coordinator.

On Thursday, 78% of Tesla shareholders voted against the proposal and 6% voted in favor, including abstentions and broker non-votes.

Earlier this month, General Motors Co. investors rejected a similar proposal — also filed by As You Sow — that would have required the company to publicly disclose any use of deep sea minerals in its supply chain. The proposal was, however, supported by 12% of investors, enough for As You Sow to file it again next year.

While commercial deep sea mining has not begun, the industry aims to extract potato-sized rocks called polymetallic nodules found on the seabed 13,000 feet (4,000 meters) beneath the surface. They contain metals used in EV batteries, such as cobalt and nickel.

The fight over deep sea mining is heating up as a growing number of nations, scientists and environmentalists call for a moratorium or ban on mining fragile and biodiverse deep sea ecosystems, which are home to organisms found nowhere else on the planet. A United Nations-affiliated organization is in the midst of a protracted fight over writing regulations for mining the seafloor.

The nascent deep sea mining industry maintains that seabed minerals will accelerate decarbonization, providing materials needed to build new batteries and other technologies that are key to the energy transition. Some countries are also on board: Earlier this year, Norway made a push to mine Arctic seabeds.

In January, Tesla appealed to the US Securities and Exchange Commission to omit the deep sea mining proposal from this year’s stockholder meeting, saying that it aimed to micromanage the company. Derek Windham, Tesla senior director and general counsel, wrote “the Proposal fails to focus on a significant social policy issue that transcends the ordinary business of the Company.” The SEC declined Tesla’s request on March 27.


The vote highlights a broader question facing the auto industry: whether deep sea materials are necessary to compete in the global EV race. Several non-US carmakers — including Volvo Car AB, Volkswagen AG, and BMW AG — have already signed onto a deep sea mining moratorium in cooperation with the World Wildlife Fund.

“The United States is a follower in this regard,” said As You Sow President Danielle Fugere. “Other nations are further along, and this shows up in how car companies operate.”

Tesla is increasingly using lithium iron phosphate batteries, which are also popular in China and do not rely on nickel or cobalt. The company has continued to expand its LFP supply chain in the US and says that by early 2022 nearly half of the vehicles it produced had LFP batteries.

Gerard Barron, chief executive officer of the Metals Company Inc., a leading seabed mining company, says battery chemistries are subject to further change. “I think LFPs are filling a certain segment of the market,” he said. “Over the next decade, sodium-based chemistries will become more popular and replace some of the LFP market share. And that will require the metals from our nodules.”

Tesla and GM’s shareholder votes come as the EV landscape faces a major shift. By the end of 2025, the global battery industry will be capable of making five times more cells than demand requires, according to BloombergNEF. The nickel content of EV batteries is also forecast to drop by 25% next year. Those shifts could make mining the seabed for nickel and other minerals both environmentally dubious and economically ill-advised.

(By Alexander Battle Abdelal)

BC 

Taseko reaches tentative labour deal for Gibraltar mine restart

Staff Writer | June 16, 2024

The Gibraltar open pit mine in BC. Credit: Taseko Mines

Taseko Mines’ (TSX: TKO) Gibraltar mine in British Columbia is set to resume operations in the coming week after the company and the workers’ union reached a tentative agreement over the weekend.


On June 1, more than 500 workers at the mine located north of Williams Lake, BC, went on strike after talks over a new collective agreement broke down after months of negotiations. The current collective agreement expired on May 31.

In a statement by Unifor, their representative union, it was alleged that Taseko had “refused to negotiate basic terms” and “shown little interest in avoiding a disruption at the copper mine.”

The miner was subsequently forced to suspend mining and milling operations, leaving only essential staff on site to maintain critical systems.

Acquired in 1999, the Gibraltar mine is currently Taseko’s only producing asset, anchored by a large mineral reserve base that would support an average annual copper production of 130 million lb. until at least 2044.

Now in its 20th year of operation, Gibraltar represents the second-largest open-pit copper mine in Canada, owing to $800 million of spending on multiple phases of modernization and expansion.

The new collective agreement would spell the end of the two-week work stoppage at the largest employer in the Cariboo region. In 2024, the mine is expected to produce 115 million lb. of copper, having already topped its guidance last year with 122.6 million lb. produced.

The new agreement remains subject to ratification by union members, and voting is expected to occur early this week. If the agreement is ratified, Taseko expects to resume operations on Wednesday.

Union at BHP copper mine in Chile accepts contract, averting strike

Reuters | June 14, 2024 | 

Spence copper mine, Chile. (Image courtesy of BHP)

The union representing workers at BHP’s Spence copper mine in Chile accepted a contract proposal by the company on Friday by an overwhelming margin, averting the risk of a strike.


Around 93% of union members voted in favor of the proposal, with the other 7% voting to strike, a tally provided by the union showed.

The three-year contract will give workers a “significant raise” in terms of salary and benefits, the union said in a statement.

Earlier this week, workers and the firm had reached an initial agreement that required a vote by union members to go into effect.

The union represents more than 1,100 workers at the copper mine located in northern Chile. Their previous collective agreement expired on May 31.

BHP had previously said that the Spence mine, which produced 249,000 metric tons of copper last year, was operating as normal while the firm was in negotiations with the union.

“The company appreciates the willingness for dialogue, respect and effort to build a sustainable and beneficial agreement for both parties,” BHP said in a statement.

Chile is the world’s largest copper producer.

(By Fabian Cambero and Kylie Madry; Editing by Leslie Adler, Sarah Morland and Aurora Ellis)

 

World Trade Month Highlights Agricultural Shipping's Role in World Commerce

Grain being loaded on a bulker (file photo)

PUBLISHED JUN 16, 2024 11:10 AM BY ATLANTIC PROJECT CARGO

 

World Trade Month recognizes the importance of international trade each May. It highlights how trade between countries creates jobs, opens new business opportunities, and strengthens the global economy. The United States has been celebrating it since 1938, and many events and programs are held throughout the month to promote its significance.

World Trade Month wouldn't be complete without acknowledging the agricultural sector's critical role. Here's how agriculture contributes significantly to global commerce:

• Food Security: International trade allows countries to import the food they don't produce enough of, ensuring a wider variety and stable supply for consumers worldwide.

 

 

US agricultural imports 

• Economic Growth: Agricultural exports are a major source of income for many countries, boosting their economies and contributing to global trade value.

• Efficiency and Innovation: Trade fosters competition, encouraging innovation and efficiency in agricultural practices to stay competitive in the global market.

While vital, agricultural trade faces hurdles. Regulations and tariffs can make exporting agricultural products expensive and complex. Countries worldwide tend to impose higher tariffs on agricultural products than non-agricultural goods. Studies show this happens in over 90 percent of countries.

Trends, Growth Areas, and Challenges for Agricultural Trade

Recent trends in agricultural trade paint a complex picture with both growth and challenges.

Growth Trends

Despite a projected slowdown, global agricultural trade continues to expand, with a significant rise in volume and value compared to overall world trade. The total value of agricultural production worldwide is expected to reach US$3.9 trillion in 2024. According to Statista, this number is projected to grow at an average annual rate of 5.66% over the next four years, reaching US$4.86 trillion by 2028.

Emerging Markets and Growth Areas

Demand for products like fruits, vegetables, and meat is rising, particularly in developing countries with growing middle classes. Consequently, these countries are projected to account for 92% of the global increase in meat imports, 92% of the increase in grain and oilseed imports, and nearly all the rise in world cotton imports (Developing Countries Dominate World Demand for Agricultural Products, Ronald Trostle and Ralph Seeley).

Challenges

Geopolitical disputes can lead to trade wars and tariffs, disrupting established trade flows and raising food prices. Caldara and Iacoviello in their work “Measuring geopolitical risk” identify several ways geopolitical risks disrupt agricultural exports. These risks can lead to:

• Higher export costs. The cost of shipping agricultural goods can increase due to factors like disruptions in transportation routes or higher fuel prices.

• Increased security spending. Exporters may need to invest more in security measures to protect their products during transport, especially in high-risk regions.

• Reduced insurance coverage. Insurance companies may be less willing to cover shipments in areas with heightened geopolitical tensions, making it more expensive or impossible for exporters to obtain adequate coverage.

Opportunities for Agricultural Trade

The current economic climate presents both challenges and opportunities for agricultural trade. 

Technological Advancements in Agriculture

The global agricultural sector is experiencing a surge in demand for advanced equipment. Maryana Serafinas – CEO of Atlantic Project Cargo highlighted three main factors:

1. Feeding a world population projected to reach 9.1 billion by 2050 necessitates significant increases in food production.
2. As incomes rise in developing countries, the demand for meat, dairy, and processed foods increases, putting pressure on agricultural output.
3. In many regions, the agricultural industry faces a shrinking workforce. Precision agriculture equipment helps address this by automating tasks and improving efficiency.

This rising demand translates into a need for efficient and reliable transportation of agricultural equipment. Atlantic Project Cargo handles large and complex agricultural machinery, including tractors, combines, planters, and sophisticated harvester attachments. Additionally, Atlantic Project Cargo's global network allows them to facilitate the transport of this equipment from manufacturers to farms worldwide.

How Shipping and Logistics Drive American Prosperity

USCG MARITIME COMMERCE'S STRATEGIC OUTLOOK

The United States prospers from global trade, and behind every imported good and exported product lies a complex web of shipping and logistics. These services ensure the smooth flow of goods across vast distances, playing a vital role in the US economy, especially in the agricultural sector.

Why Shipping and Logistics Matter for US Agriculture

The agricultural sector is a major contributor to the US economy, and efficient shipping and logistics are crucial for its success:

• Reaching Global Markets

US farmers can export their products to a wider audience, increasing their income and fostering economic growth. Countries like China and Japan rely heavily on US agricultural imports. According to data from fiscal year 2023, the top five export destinations for US agricultural products accounted for a substantial 64% of the total value of US agricultural exports.  China ranked as the leading importer, with a value of $33.7 billion in US agricultural goods. Mexico and Canada followed closely behind, importing $28.2 billion and $27.9 billion worth of US agricultural products, respectively. (Economic Research Service, U.S. DEPARTMENT OF AGRICULTURE)

• Competitive Advantage

Efficient logistics reduce costs and delivery times, giving US agricultural products a competitive edge in the global market. Fresh produce can reach distant markets while still maintaining quality.

• Ensuring Food Security

The US imports certain food products it doesn't produce enough of. Efficient logistics ensure a wider variety and stable supply of food for American consumers.

Conclusion

World Trade Month serves as a timely reminder of the critical role agriculture plays in international commerce. From ensuring global food security to fostering economic growth, agricultural trade is a complex and dynamic system. 

Companies like Atlantic Project Cargo play a crucial role in this ecosystem by facilitating the movement of oversized and specialized agricultural equipment. Their expertise in customized solutions, navigating regulations, and utilizing alternative transport methods ensures this vital equipment reaches farms around the world. 
 

This article is sponsored by Atlantic Project Cargo. Visit them online at www.atlanticprojectcargo.com

The opinions expressed herein are the author's and not necessarily those of The Maritime Executive.

 

Van Oord Dredger Hits Bunker Tanker, Spilling Oil in Singapore's Harbor

Damage to the bunker tanker Marine Honour (MPA Singapore)

PUBLISHED JUN 16, 2024 2:37 PM BY THE MARITIME EXECUTIVE

 

On Friday, a dredger struck a bunker tanker at the port of Singapore, leading to a substantial spill. 

At about 1440 hours local time, the Van Oord-operated dredger Vox Maxima allided with the berthed bunker tanker Marine Honour at the Pasir Panjang Terminal, tearing open its hull amidships on the starboard side. In a statement, Van Oord said that both vessels were safely anchored and stable, and that no personnel injuries have been reported. 

One cargo tank aboard the bunker tanker was damaged, releasing fuel oil into the water, and the tidal current carried the slick towards shore. Oil reached the waterfront at the island of Sentosa, a popular resort and casino destination for vacation-goers. Beachfront areas at Sentosa, the Labrador Nature Reserve, Southern Islands are affected, and selected areas have been closed off as cleanup gets under way. Professional work crews are already removing oiled sand from the waterfront. 

On the water side, more than a dozen vessels are engaged in containment and cleanup efforts, and the Singaporean authorities are using dispersants to minimize the effects of the pollution on land. More than a kilometer of boom has been laid out, and more will be installed in the days to come in order to keep the oil off the beaches, Singapore's Maritime and Port Authority (MPA) said in a statement. Additional boom will be used to keep the oil that has reached shore from drifting back out to sea again. 

Local environmental NGO Marine Stewards advised that the best thing for local residents to do is to stay away from the oil for health and safety reasons. The organization is collecting public reports on wildlife impacts, and more than a thousand people have signed up to help survey the shoreline, according to partner NGO Friends of the Marine Park. Limited wildlife oiling has been reported. 

The MPA has set up an operations center for its staff and personnel from key stakeholders, and an official investigation is expected soon. 

"We are cooperating with the investigations by the authorities. As long as investigations are ongoing, we can’t provide any further substantive information in the interests of the investigations," Van Oord said.