Tangier Port Processes Grow by 23% in 2020

Cargo ships are pictured at the Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. (Reuters)
Cargo ships are pictured at the Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. (Reuters)
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Tangier Port Processes Grow by 23% in 2020

Cargo ships are pictured at the Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. (Reuters)
Cargo ships are pictured at the Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. (Reuters)

Moroccan ports handled a total of 81 million tons in 2020, an increase of 23 percent compared to the previous year.

A total of 5,771,221 TEU containers were handled at the Tanger Med port complex in 2020, an increase of 20 percent compared to 2019.

Recent activities at the port of Tangier Med have shown sustained growth throughout 2020, according to the Tanger Med Port Authority (TMPA). Tanger Med alone processed 47 percent of the total port tonnage of Morocco last year, making it the leading port on the Mediterranean.

Liquid bulk traffic grew by 26 percent compared to 2019, with total traffic of 7,968,485 tons of treated hydrocarbons. This is mostly due to bunkering activity by ships passing through the Strait of Gibraltar, which generated traffic of nearly 1.6 million tons.

As for solid bulk traffic, it recorded a total of 303,705 processed tons, an increase of 18 percent compared to the previous year, mainly thanks to the traffic of steel coils, wind turbine blades and cereals.

Despite COVID-19-induced difficulties, the Tanger Med port finished the year with international transport truck traffic similar to 2019, with 357,331 trucks passing through, mostly concerning the agro-food sector, TMPA said.

In addition, it noted that 358,175 new vehicles were handled at the two-vehicle terminals of the Tanger Med port in 2020, down 28 percent compared to last year.

This variation is explained by the drop in vehicle sales in Europe and by the slowdown in automobile production by Renault and PSA during the March-May period due to the COVID-19 pandemic.



Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.

Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

The contracts settled at five-week highs a day earlier.

"Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG, Reuters reported.

However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.

A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.

Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump's threats.

After news of Trump's threats initially boosted prices on Monday, traders told Reuters they viewed the president's warnings to Russia, at least, as a bluff.

Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.

Tariffs on buyers of oil from Russia, the world's second largest oil exporter, would disrupt global supply and hurt Moscow's biggest customers, China and India.

Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.

"For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries," said ING commodities strategists on Tuesday.

The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.

Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.