Advansix $35MM Force Majeure

Advansix is projecting a $30 to $35MM unfavorable impact to earnings from its Force Majeure declaration this week at Hopewell VA.

The plant is one of the world’s largest producers of Carprolactam (795MM lbs) and Ammonium Sulfate (3.3B lbs). Hopewell also produces CPL for its sister plant in Chesterfield VA, the second largest Nylon 6 plant in the US.

Advansix

TX Gas Storage Force Majeure

Force majeure declared on 16 January 2018 by Tres Palacios Storage due to commercial power outage affecting its ability to withdraw from storage. Six interstate pipelines post injections and withdrawals from the site as well as intrastate pipelines owned by Kinder Morgan and Enterprise.

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Force Majeure at Dominion Terminal

Hampton Roads…Force Majeure declared by Dominion Terminal at North America’s largest coal-exporting port. Extreme weather will “prevent the dumping of coal from railcars and the loading of vessels at average rates.”

Global metallurgical coal prices may be affected esp if Kinder Morgan Pier IX and NS Pier 6 follow suit.

Coal Terminal DTA

North Sea Forties Force Majeure Lifted

North Seas Forties Pipeline now fully operational following repairs to an onshore section crack found early December 2016.  Force Majeure lifted to begin 2018.

FPS is a major export pipeline from more than 80 assets in the UK North Sea, including the UK’s two largest producers, Buzzard and Forties, and through which 40% of North Sea oil flowed in 2017.

Offshore Oil Rig

Crowley Continues Strong Harvey Response

Crowley Maritime Corporation will have offloaded more than 6,500 loads of FEMA and commercial cargo from 20 vessels at its San Juan, Puerto Rico terminal since Hurricane Maria struck the island in late September.

Crowley projects another 9 vessels, carrying between 2,500 and 3,000 loads, will arrive in Puerto Rico next week.

Crowley Barge

Sherwin Williams 3Q17 Business Interruption Earnings Hit

Sherwin-Williams Co. (SHW) cuts its guidance for sales and earnings per share for the third quarter ending September 30, 2017.

3Q17 sales and profit have been negatively impacted by the lost sales days, costs related to clean up and recovery efforts and tightened supply of propylene and ethylene based raw materials.

SHW cut its expectation for net income per common share in the third quarter to be in the range of $3.40 to $3.70 per share compared to previous expectation of $3.70 to $4.10 per share.  Comparative net sales are projected to be in the low single digit not the mid single digits.

SW

 

 

 

 

Crowley Update on Puerto Rico Relief Effort

Crowley Maritime provided an update Friday on its on-going effort to get relief supplies to the people Puerto Rico in the aftermath of Hurricane Maria.

Crowley is transporting 100 fuel distribution trucks with 275,000 gallons of diesel fuel and 75,000 gallons of gasoline to support relief efforts in Puerto Rico.  Arrival Monday October 2.

By Friday, Crowley projects to have 4,100 commercial loads on its terminal ready for pickup containing a variety of needed products, including food, beverages, construction materials, clothing and much more.

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