Logistics News

Sources say that Chevron and Shell will sign agreements in Venezuela for oil and gas fields.

Three sources said that Chevron is expected to sign an agreement on Monday to return the Loran field to Venezuela, and to participate in a new extra-heavy crude area in Venezuela's main oil regions. Shell will sign a contract to operate the Loran field. Three sources close to the preparations said that Shell will sign a contract for the Loran gas field. The agreement is part of a series of changes and expansions since the U.S. launched a $100 billion plan to rebuild Venezuela's energy industry after it captured President Nicolas Maduro. Sources said that the agreements, which have not
Transportation

Sources say that the freight rates for Russian Urals crude oil are expected to ease in April.
Sources: Telecom Italia selects Goldman Sachs and Evercore to review Poste's bid

Two sources familiar with this matter have confirmed that Telecom Italia has appointed 'Goldman Sachs' and 'Evercore’ as advisers to review the cash-and-shares offer from the state-backed conglomerate Poste Italiane in order to take??the phone???group private. Telecom Italia declined comment. Goldman Sachs, Evercore and Telecom Italia were not available to comment immediately. Poste, a state-backed conglomerate, announced last?month a bid of 10.8 billion euros to take TIM 'private' and create a digital champion in the country. This would strengthen control by the state over assets that deal with critical data for households and corporations. Poste would gain control over TIM's
Transportation

Uber driver sexual assault case to be tried again after $8.5 Million verdict
NATO allies reject Trump's Strait of Hormuz Blockade

NATO allies announced on Monday that they will not be 'involved' in President Donald Trump’s plan to close the Strait of Hormuz. Instead, they propose to intervene once the fighting has ended. This move is likely to anger Trump and increase tensions within the alliance. Trump said that the U.S. military would work with other countries in order to block all maritime traffic on the waterway after weekend talks failed. The U.S. Military later clarified that the blockade would only affect ships heading to or leaving Iranian ports. Since the beginning of the war in February, Iran has blocked the
Passenger Transportation Services

Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.

The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and re-evaluate their financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for about a quarter or more of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East
Airline cancels flights due to Middle East conflict

Poland and Baltics look to protect energy assets after undersea cable cuts

The Baltic states are working with Poland to protect the energy facilities they need as they decouple their power grids from Russia, Lithuania's energy minister told Reuters, following damage to undersea cable televisions in the area. Polish and baltic state-run power grid operators are working on an arrangement to guarantee the smooth running of the decoupled system, and how to repair it if needed, Zygimantas Vaiciunas said in an interview...

Transport Infrastructure

Sources say that the Black Sea port of Novorossiysk has partially resumed oil and fuel loadings following a drone attack.

Two sources familiar with port operations said that Russia's Black Sea Port?of Novorossiysk?partially resumed oil and fuel loadings? from its Sheskharis Terminal?later?on Thursday? after this week's suspension due to a drone strike. Sheskharis, Russia's largest oil terminal with a capacity to load 700,000 barrels of crude oil per day, suspended oil loadings Monday following a Ukrainian drone attack that started fires in a fuel terminal and at some berths. Oil tanker loading resumed on one berth and only a single cargo of about 80,000 tons is expected to leave Friday. After the strikes, the oil loading schedule would?be trimmed?and it...

US seeks to renew relations with Peru in advance of an uncertain election

Business leaders and senior officials say that as Peru prepares to hold its first round of presidential elections on Sunday, Washington will make its most aggressive push in recent years to bolster its influence in this major?copper-producing country, which has been a strategic partner for China. The outreach by the newly appointed U.S. Ambassador Bernie Navarro marks a?shift after a decade when China overtook United?States, especially in mining and infrastructure. Washington could use the upcoming elections - in which over 30 candidates vie for the presidency with no clear frontrunners - to rebuild relations as it seeks access to vital...

Panama's president tries to calm China's tensions

On Thursday, Panamanian President Jose 'Raul Mulino sought to?calm tensions with China. He struck a?conciliatory note a day after he had called on the Asian superpower to increase inspections of Panama flagged vessels in a titt-for-tat reaction to China losing its concessions at Panamanian ports. Mulino, on a recent visit to the Balboa Port?on Pacific side of Panama Canal said: "We don't want a dispute with China." "I hope that the situation will de-escalate... that we can return to normality, both in our political relationship as well as in our understanding that the problem is one that will be solved."...

Brazil's Vale signs charter agreement with China's Shandong Shipping for ethanol-powered vessels

Vale, the Brazilian miner, has signed a 25-year charter deal with the 'China's Shandong Shipping Corporation. The agreement will see the construction of the first two transoceanic vessels powered by ethanol. Both vessels, with a combined capacity of up to 325,000 metric tonnes of iron ore each, will be delivered in 2029. Rodrigo Bermelho said that the ships will be equipped with rotors sails for harnessing wind energy, and engines that are more energy efficient, among other improvements. He said that decarbonization was an irreversible trend. "It's at the core of Vale's strategic plan, not just in maritime transport, but...

UN ship agency: A toll on the use of Hormuz is a "dangerous precedent"

The UN shipping agency warned that imposing a toll on ships passing through the Strait of Hormuz would "set a dangerous precedent" and countries should not hinder freedom of navigation. Iranian officials have suggested?charging for the use of the Strait? after a two-week truce was reached between the United States and Tehran this week. There is no international agreement that allows tolls for crossing international straits. A spokesperson for the UN's International Maritime Organization stated that any such toll would set a dangerous precedent. The IMO countries have adopted the UN Convention on the Law of the Seas (UNCLOS), which...

Trading sources report that despite the attack on a pipeline, crude loadings have continued at Saudi Arabia's Yanbu Port.

Sources from two buyers at the port, and a third source in the trading world told us on Thursday that crude loadings have continued at the Red Sea port at Yanbu despite the?attack by Iran?on Wednesday?on the East-West Pipeline of the country. Saudi state oil company Aramco declined to comment. Iran attacked the 7-million-barrel-per-day pipeline hours after ?a ceasefire was agreed to pause the Iran war, ?an industry source told on Wednesday, targeting its only oil export route ?since hostilities began. Sources added that the damage assessment was underway and that it is expected that?flows? through?the?pipeline will be affected. Saudi...

Passenger Transportation Services

UAE markets fall as US-Iran talks fail

The stock markets of the United Arab Emirates fell in early trading on Monday after Washington announced a blockade against?traffic into and out of Iranian ports, following the failure of a weekend 'talks' with Tehran to reach a settlement to the conflict. The talks in Islamabad were the first direct U.S. - Iranian meeting in over a decade. They followed a six-week ceasefire that saw thousands of people killed, energy supplies disrupted, and fears of a larger regional conflict heightened. The U.S. Central Command announced that the blockade will begin at 10 am ET (1400 GMT). ET (1400 GMT) will...