East Asia

His office announced Thursday that South Korean President Lee Jae Myung had 'ordered strict disciplinary actions against officials who were responsible for the delays in the'recovery of the remains of victims from 2024 -Jeju Air crash which killed 179 people. A presidential aide said that Lee expressed regret and condolences following an additional investigation into the crash, which found only nine body pieces belonging to seven victims were discovered more than one year after the accident. Officials said that the president had "instructed" authorities to investigate why 648 items of personal property and 155 pieces aircraft debris were left unattended...

Investors remained cautious about inflation and growth risk stemming from the U.S./Israeli war on?Iran. According to the Pentagon and Iranian sources, the U.S. launched the most intense airstrikes in the war. Global markets were still betting that Donald Trump would try to end the conflict soon. The Strait of Hormuz has been effectively closed by the war. It is a major route used for approximately one-fifth of all global oil and gas shipments. Producers have had to stop production as their storage tanks fill up, and energy prices are now higher. Dubai's main stock index fell 2.4%. Blue-chip developer Emaar...

According to two sources in the trade and a tanker tracking service, a Chinese oil terminal that was sanctioned by Washington in October is now operating again after a Sinopec logistics unit sold its stake to a local port operator. Sinopec had to divert cargo because of the U.S. sanctions imposed on the Rizhao-Shihua terminal, which handled Iranian oil on vessels sanctioned by Washington. Sinopec received a fifth its oil imports through this facility in Shandong Province. The terminal at Lanshan with its three berths that can handle very large crude carriers was idle for months as shipowners and traders...

The state auditor stated that the South Korean transport ministry has been cutting construction costs for more than 20 years and approving unsafe airport safety structures. This was revealed in a report about aviation safety management following a Jeju?Air accident which killed 179 people. In the 'December 2024 crash, a 'Boeing 747-800 was hit by birds and then belly-landed at Muan Airport. It overran its runway, killing nearly everyone aboard after it hit a concrete support of a localiser. Two flight attendants were the only survivors. In a report released on Tuesday, the Board of Audit and Inspection stated that...

Local newspaper La Prensa on Tuesday reported that the Chinese shipping and logistics conglomerate COSCO Shipping has halted operations at the Balboa Port at the entrance of the Panama Canal. Could not immediately confirm the report. COSCO published a notice to clients, which was published by La Prensa. The company stated that empty containers should be returned to the Colon Container Terminal or the Manzanillo International Terminal in Colon Province. The newspaper reported that COSCO had not specified the reason for its suspension, or whether it was temporary or permanent. This move comes after a ruling by the Supreme Court...

Oil prices rose more than 15% on fears of long-term Strait of 'Hormuz shipping interruptions and supply cuts, while most Gulf markets fell in early trading Monday. Donald Trump, the U.S. president, said on Saturday that he is not interested in negotiations and that the war will end when Iran's military or government cease to function. Iran's decision to name Mojtaba Khamenei supreme leader, to succeed his father Ali Khamenei on Monday, further dampens hopes for peace. Brent crude rose $14.73 or 15.8% to $107.39 per barrel around 0800 GMT, on course for its largest-ever single-day jump. The energy markets...

Hong Kong conglomerate 'CK Hutchison' said Friday that it had 'escalated the legal battle in Panama following the?government seizing its port operations. It has petitioned for a re-examination of the decree behind this takeover. Panama occupied illegally facilities, seized property, and ignored consultations. The company took further legal action at the national and international level. CK Hutchison’s Panama Ports Company, which manages a?two terminals close to the strategically important Panama Canal, has filed an administrative request?seeking reconsideration for the Panamanian executive action, which led to the confiscation of?its property and occupation of its facilities, CK Hutchison stated. Panamanian authorities raided...

Financial Times reported that a consortium backed by BlackRock is pushing for the completion of its 'acquisition' of CK - Hutchison’s global ports business? without two terminals located in Panama after the authorities seized these assets. The report cited people who were familiar with the negotiations as saying that the Swiss-Italian Mediterranean Shipping Company and the U.S. listed asset manager are'said to be in discussions with CK Hutchison about?buying 41 ports throughout Europe, Southeast Asia, and the Middle East. Could not immediately verify the report. BlackRock, MSC - and CK Hutchison - did not respond to a request for comment....

Investors bet on the short-term disruption of oil supplies in the Middle East. This optimism, however, may not be justified. The oilfields in the Gulf have escaped damage so far, but the inability to ship fuel out is straining the global energy system. Each day of disruption increases pressure on both?producers?and?consumers?, causing bottlenecks in the Middle East for exporters?and?deepening shortages elsewhere for buyers? The oil prices rose by more than 10% on Monday, reaching the highest level in over a decade. They then fell back to $79. This was a reaction to the extensive U.S.-Israeli airstrikes on Iran that took...

The logistics of one of the main export hubs in the world for soybeans are being overwhelmed by a record harvest. Backlogs for soybeans being moved from the world's biggest producer and exporter highlight ongoing logistical challenges in Brazil's agriculture supply chain. A large portion of Brazil's soybean harvest is headed for China. It's a shame here in Miritituba," said trucker Jeferson Borges da Silva who, after driving 1,200km from Mato Grosso waited for a?30 km (20 mile) queue. "We have been waiting in line for 2 days, this was the worst year yet." Miritituba is a crucial transshipment point...

European traders reported that the 'Major Feedmill Group' (MFG) of South Korea purchased approximately 135,000 metric tonnes of 'animal feed corn on Friday in an international tender that sought up to?to?210,000 tons. Two consignments were purchased at the end of the tender. A third consignment, also requested in the tender, was not believed to be purchased after negotiations. It was possible to source corn from South America, the United States or Africa. A 67,000-ton consignment was purchased for an estimated cost and freight of $251.23 per ton plus a $1.50 surcharge per ton to cover additional port unloading. It was...

Local media reported that Panamanian officials searched offices connected to the Panama Ports Company (the local 'unit of Hong Kong conglomerate CK Hutchison), on Thursday. CK Hutchison did not respond immediately to a comment request. Neither did the Panamanian authorities. Local TVN showed pictures of about a dozen individuals, some of whom were wearing vests with the initials DIJ of Panama's Investigative Police, located in an underground parking garage in Albrook, a high-end area of Panama City. Images showed people loading cardboard boxes into a police truck. The images did not show the name of the location, so it was...

The International Energy Agency reported on Thursday that Russia's crude-oil?and refined products?and revenues decreased in February to reach their lowest levels?since the onset of the Ukraine conflict 2022. Russia's commodity revenue is a crucial?part of state budget proceeds, and it is?needed to support increasing military expenditures. Since the beginning of the Iran War at the end of February, Russian oil prices have increased. The Paris-based IEA reported that Russia's crude exports decreased by 410,000 barrels a day from January to 4.2 millions?barrels a day. The drop was caused by the?reduction of exports to India after 'Washington discouraged Russia from cooperating...

Multiple sources claim that Saudi Aramco asked Asian buyers to offer plans for loading crude oil at its main Gulf export terminal, Ras Tanura, and Yanbu in the Red Sea due to the disruptions caused by war in Iran. The shipping through the Strait of Hormuz, at the southern end of the Gulf, near Iran is largely stopped. This has forced producers such as Saudi Arabia to adjust export plans and production. Sources said that Aramco requested Asian buyers to submit nomination plans both for Ras Tanura and 'Yanbu' for April-loading cargoes. The Yanbu option is only available for the...

Industry sources claim that some ships struggle to refuel in Asia's key ports as bunker prices soar. In anticipation of a tightening supply triggered by the conflict in the Middle East, bunker prices have reached record levels. The longer waits for fuel could cause congestion in Asian ports like Singapore, Shanghai, and Ningbo/Zhoushan, China. This is because the Iran War will reduce traffic through the Strait of Hormuz causing delays or diversions. Prices for marine fuel are up sharply, despite the fact that there are still daily offers on the market. This is because the Middle East conflict has curtailed...

According to calculations made by? Calculations on Tuesday. The cost of shipping vessels from Russia's Baltic Sea port to India has risen sharply, according to traders. Robert Fico, the Slovakian Prime Minister, said that after meeting with EU chief Ursula von der Leyen on Tuesday they agreed to resume oil transit through the Druzhba pipe via Ukraine and appreciated EU's readiness for financial and technical assistance for repairs. PLATTS WINDOW * There were no?bids on Tuesday for Urals or?Azeri BTC, and CPC blend, traders said. Donald Trump, the U.S. president and Vladimir Putin, his Russian counterpart discussed the war in...

The war in Iran has pushed up the price of Urals oil from Russia, which was shunned due to sanctions imposed on Ukraine. However, costs are also increasing, traders reported Tuesday. After Iranian threats against Gulf shipping effectively stopped tankers from Saudi Arabia, the second largest seller in the world, Russia, was brought to attention. Urals crude On Monday, barrels from Russian ports were being sold at $76 on a FOB basis. Data showed that the price of a barrel in Russian ports was around $76 on Monday, free-on-board (FOB). Calculations show that the price of an Urals cargo?loading out...

An official ticketing office said in Beijing on Tuesday that tickets for the first passenger trains?in six-years from Beijing to Pyongyang's capital were sold out before its departure date of?March 12?. The return of rail service suspended in 2020 due to the COVID-19 pandemic, restores an important transport link between North Korea and its main economic ally. According to the Beijing ticketing office, entrepreneurs, government officials, and journalists purchased tickets for the trip, which was restricted to those with business visas. Tickets are still available for the service scheduled for 18 March. North Korea is still largely closed to tourists...

The Unification Ministry of South Korea announced on Tuesday that passenger train services between Pyongyang, North Korea and Beijing will resume this week. This marks the end of a six-year suspension due to the COVID-19 Pandemic. After years of border closures, which began in early 2020, the resumption of traffic restores an important transport link between North Korea's primary economic ally and itself. China's State Railway?told Yonhap News Agency the Pyongyang to Beijing train would?begin round-trip service starting March 12 and operate four times per week. Yonhap reported that only 'the last two carriages would initially carry passengers, mostly diplomats...

The schedule showed that the differentials between dated Brent and Urals crude jumped in 'the Indian market due to supply shortages brought on by 'the conflict in Iran. Meanwhile, exports of Azeri BTC from Ceyhan were expected to increase next month. Reports on Thursday indicated that traders are selling Russian Urals at a premium to Brent of $4-5 per barrel upon arrival in Indian ports between March and April. This is after the United States granted Indian refiners an 'waiver' to resume purchasing Russian oil. Calculations on Friday showed that the grade's discount on Brent at the Russian Baltic Sea...

The Kremlin announced?on Friday?that?the war against Iran has fueled demand for Russian energy. This comes a day after U.S. Treasury granted India a waiver of 30 days to purchase Russian oil that is currently "stuck" at sea. As the conflict entered its seventh?day on Friday, the Strait of Hormuz - a vital shipping?passage - was all but closed, and countries around the globe were cut off from global oil and LNG supplies. Dmitry Peskov, Kremlin spokesperson, told reporters that Russia is a reliable source of oil and natural gas via pipelines as well as in liquefied forms. The war in...

The differential between Urals crude and dated Brent has remained relatively unchanged, although buyers in Asia have increased their 'interest' in this grade due to Middle Eastern oil supply disruptions. They are still weighing the risks as well as the duration of the shortages. The disruption to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, has led to a tightening of availability of Middle Eastern grades and increased freight rates. According to two traders and an industry source, Indian refiners are contacting Russian sellers about March and April deliveries. Chinese buyers also show...

Five traders said that concerns about Middle Eastern oil supply are causing buyers to be more interested in Russian oil. However, prices haven't yet responded. Analysts and traders said that disruptions to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, have led to a tightening of Middle Eastern grades. Two traders and a source in the industry report that Indian refiners are contacting Russian suppliers about March and April deliveries. Sources claim that Indian refiners have begun consulting the government on the possibility of "additional Russian exports". Chinese buyers also show interest in...

LSEG data and traders' reports indicate that Russia is diverting its naphtha from Oman to Singapore as it searches for new buyers. At least one tanker has now headed for Singapore. Iran's retaliatory?attacks on Gulf countries have caused disruptions in energy production, shipping and naphtha discharges. Since the European Union embargo against Russian oil products came into effect in February 2023 most Russian naphtha is being shipped to the Middle East and Asia. Middle Eastern countries also are the largest suppliers to Asia. The recent disruption has pushed Asia's naphtha price to four-year heights. According to LSEG, the Liberia flagged?tanker...