Europe

I Squared Capital, a global infrastructure investor, will purchase Indonesian logistics and cold storage company Cella. This marks its entry into Southeast Asia’s largest economy, as it plans to expand a lot over the next 4 or 5 years. Harsh Agrawal, senior partner at Cella and based in Miami, said that the investor wants to increase Cella's cold storage and warehouse space from 231,000 square meters to approximately 1.5 million square meters. I Squared has announced that it will purchase the entire business of NWP Property, a Japanese logistics facility specialist and CRE. The financial terms of the deal were...

The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the...

The Black Sea region is becoming the latest strategic 'trade chokepoint' to be affected by an escalating conflict. The Black Sea is an important route for the shipment of?grains,?crude oils and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across...

According to industry sources, and calculations, Belarusian gasoline and diesel supplies to Russia reached a monthly record in July. Fuel shortages were caused by unplanned outages at Russian oil refineries after months of relentless 'Ukrainian drone attacks. According to industry data and calculations, the Russian gasoline production had dropped early in July, to around 65% the average seasonal consumption. Diesel production had also fallen to the same level as domestic demand. The?Russian Government, in response to rising fuel prices at retail and wholesale, banned diesel exports. However, it allowed exemptions under previous contracts and intergovernmental agreements. Export restrictions for gasoline...

Sources familiar with the incident said that a DHL cargo plane hit an unknown object while descending from Leipzig/Halle Airport in eastern Germany over night, which led to a 'unscheduled landing' in Hanover. The authorities said that they were investigating the drone, which was found overnight near a runway of the airport. According to the Bild newspaper, the drone contained a detonator. A spokesperson for the police said that the southern runway at the airport, which is a major hub of logistics company DHL, was closed as explosives experts examined a drone. The spokesperson stated that several aircraft, including one...

German police are investigating a suspicious item?found on Wednesday near a runway at Leipzig/Halle Airport after an overnight security incident which temporarily disrupted the airport's operations. A police spokesperson confirmed that the southern runway at the airport, which is a major hub for the logistics company DHL, was closed while experts examined the object with 'explosives disposal technology. Authorities also investigated?reports that an unidentified flying object?could be linked to the incident. The spokesperson stated that several aircraft, including one passenger flight, had been diverted overnight. However, operations returned to normal the next morning. German airports have been put on alert...

The Liberia flagged dry bulk ship Minoan Pioneer was struck by an unknown projectile Tuesday while sailing through the Strait of Hormuz. The crew abandoned the vessel, and one seafarer went missing. The projectile is said to have struck the engine room while a fire broke out in the accommodation area. The crew is fighting a?fire, and needs assistance. Meanwhile, the third engineer has been reported as'missing. The vessel's Greece based operator, Modion Maritime Management, did not respond immediately to a request for comment. One of the maritime safety sources confirmed that a'salvage operation' had been launched and a tugboat...

Venezuela's oil exports dropped to 1.16m barrels per day from 1.2m bpd in July as the country drained less inventories. However, exports to the U.S. rose to 786,000 bpd - the highest level since early 2019. Shipping data revealed on Monday. Exports of the OPEC nation have rebounded rapidly from lows never seen before, due to?U.S. The Trump administration imposed sanctions and a navy blockade to remove President Nicolas Maduro. Washington signed a key oil supply agreement with interim president Delcy Rodriquez in January. This allowed Venezuelan oil to be returned mainly through trading houses, but also directly via the...

Two traders say that oil shipments from Russia’s western ports will increase by 4% this August, compared to July, as drones attack domestic refineries, allowing more crude to be exported. Meanwhile, a strong demand in Asia is encouraging sellers to ship more. According to preliminary data collected by traders, exports from the Baltic port of Primorsk along with the Black Sea Port of Novorossiysk are expected to reach around 2.7 million barrels a day in August. The Ukraine's attack on Russia's refining facilities has meant that less oil can now be processed, and it must be exported. The traders say...

The freight rates for Russia’s flagship Urals oil shipments from western ports to India jumped by a little over 50% since mid-July, as rising shipping costs globally and increased security risks in the “Black Sea” discourage shipowners. Russia will increase its oil exports in August due to strong demand in Asia. However, a lack of tonnage may put a stop to its plans. In July, Ukraine intensified its?attacks against tankers in Black Sea. This resulted in damage to several vessels and forced the suspension of loading at Novorossiysk as well as the Caspian pipeline consortium terminal. The increased'security risk' in...

Mali's finance minister has said that it could use the revenues generated by recent reforms in the mining sector to raise as much as 500 billion CFA Francs ($883.1m) to fund energy, water, and transport projects. This is part of an effort to convert higher mining revenue into infrastructure funding. The comments are the first sign of how the Mali military government plans to use the windfall it will receive from the overhaul of its mining code in 2023. This new code increased royalties and state stakes for mining projects, causing disputes with mining operators such as Canada's Barrick. In...

According to satellite images and shipping experts, a sanctions-hit oil tanker has been leaking oil near the coast of Oman. The spill has increased in recent days and is increasing concern about possible environmental damage. Ship tracking data indicates that the Caroline Bezengi stowed Russian oil at its Black Sea port, Novorossiysk, before departing for its latest voyage. Two maritime security sources confirmed that the ship first reported problems on June 8, off the southern Yemeni Port of Mukalla. They added that preliminary assessments suggested that an explosion had occurred onboard. Satellite image taken on July 28 shows that there...

The Sueddeutsche Zeitung, among other news outlets, reported that a Ukrainian cargo aircraft found parked next to an explosive-laden drone at Germany's Leipzig/Halle Airport on Tuesday night was actually carrying military ammunition. The report, also broadcast by NDR and WDR, cited a confidential police report and said that forensic experts determined the explosives on the drone to be of high military grade. These findings could raise the stakes of a wider counterterrorism investigation into the incident at a?airport that serves as a major military and cargo logistics hub, which the German government has classified as critical infrastructure. Alexander Dobrindt, the...

Russia said on Wednesday it had struck seven 'logistics centers in Kyiv, and the surrounding area overnight that were used to store or 'distribute goods for dual-use?and drones components.? And that its forces have hit three cargo vessels in the Black Sea. Could not independently verify the claims of the ministry about the nature and quantity of goods stored at the target sites. The attacks, which Ukrainian officials said killed at least fourteen people, were part an intensifying bombing campaign against what Russia claims are targets related to Ukraine’s drone forces. Since July 18, Ukrainian drones have attacked at least...

DHL, the German logistics group, increased its share-buyback program by EUR 500 million ($ 577 million) and reiterated its yearly forecasts following its second quarter results that exceeded market expectations. The group announced that the program, which was launched in 2022, will now be worth up to EUR6.5billion and run until 2027. DHL's revenue for the second quarter rose by 13% from a year earlier to EUR22.4 billion. This was above analysts' expectations of EUR20.41 billion in a consensus provided by the company. The group stated that the increase in fuel prices was due to higher fuel costs and higher...

CMA -CGM, a French shipping company, has acquired FedEx's "third-party logistics" business, valued at $1.4 billion. The deal was announced on Wednesday, in an effort to increase its presence both in the United States and the logistics industry. The deal, which is expected to be completed later this year, will give CMA CGM, via its CEVA Logistics subsidiary a total of 20,000 contract logistics employees and 150 warehouses in North America. CMA CGM announced that following the acquisition the companies will also develop partnerships, under which CMA CGM would be the "preferred ocean carrier" for FedEx, and they would collaborate...

The Financial Times reported that the French container shipping company CMA CGM was 'nearing' a deal to buy FedEx's third-party logistics division for $1.4 billion cash. The report said that the talks between the two companies have advanced to a point where a deal may be reached as early as Wednesday. Could not verify the report immediately. CMA CGM and FedEx didn't immediately respond to comments outside of regular business hours. CMA 'CGM will be diversifying into air freight and logistics. FedEx will be able to focus on its core network of air-ground deliveries after selling its third-party logistic business...

FedEx beat estimates for its quarterly profits?and projected an 11% increase in revenue by 2026. However, shares fell 5.7% after a margin drop in the core express segment. Delivery giant also predicted earnings per share between $16,90 and $18,10 for the year. It has shifted its fiscal year from May to coincide with the calendar, instead of its previous year-end. Analysts are still working on'models' that will allow them to compare the new forecast with their previous one. It also follows its June 1 spin-off of its freight trucking division, FedEx Freight. This is part of a multiyear effort by...

FedEx, a global delivery company, said that it expects its revenue to increase?about 11 percent and earnings per share to be in the range of 16 to 18 dollars. This comes after reporting on Tuesday a higher profit for the fourth quarter, helped by increased rates. FedEx's fiscal year has been aligned with the calendar. The fiscal year of FedEx ended on May 31, previously. This comes just weeks after FedEx Freight was spun off on June 1, as part of a multi-year effort to streamline its operations and reduce costs by billions of dollars. FedEx reported an adjusted profit...

Companies are trying to protect their workers and keep operations running as temperatures in Europe reach above 40 degrees Celsius. They also want to take advantage of the soaring demand that could be a relief. DHL, the German logistics giant, has provided its delivery staff in Germany with "cool boxes", which contain reusable cooling towel, water-activated arm coolers, and UV-protective collar guards. Construction firms have shifted their working hours so that they start earlier and end before the hotter part of the day. Retailers are struggling to meet the demand for portable air conditioners and fans. DHL stated that "extremely...

Gregor Stuart Hunter gives us a look ahead at what the markets will be like in Europe and around the world. The yen is once again near its lowest levels?in the last 40 years, and the possibility of a joint intervention is looming after the?U.S. and Japan's finance minister met online. Treasury Secretary held an online "meeting" to discuss global financial markets. In the morning Asian trading on Tuesday, the yen traded at 161.60 to a dollar, its lowest level in two-years. It had moved within a few pip of levels that were not seen in decades during U.S. market...

DHL Express Europe believes that its aviation fuel supply is secure for the summer, despite the uncertainty caused by Iran's war. This was made possible by diversifying its sources and easing market pressures, according to Chief Executive Mike Parra. The jet fuel market has loosened over the past few weeks, as the demand for the product has weakened and the imports of it into Europe from the United States have increased. DHL Express is the largest division within German logistics and post services group DHL. It employs approximately 120,000 people around the world. DHL Express operates a fleet consisting of...

DHL Express Europe's CEO, Mike Parra, said that despite the uncertainty caused by a looming war in Iran, it is confident about its aviation fuel supplies for the summer. This is due to easing market pressures and diversifying its sources. In an interview with Parra on Tuesday, he said: "At this time, we do not have any risk" in major hubs, gateways or?major cities. No disruptions are anticipated. In recent weeks, the jet fuel market has loosened as the demand for it has slowed and imports from the United States of America, Nigeria, and South Korea have increased. The head...

At its annual Choose France Business Summit on Monday, France announced 71 projects for foreign investment worth a total of EUR93 billion ($108.3billion). They will create over 15,600 jobs. The biggest announcements focused on?artificial Intelligence and data centres. President Emmanuel Macron is seeking to position France as a European Hub?for AI Infrastructure, helped by the?low-carbon electric supply. Here are some of the major 'investment' pledges: AI AND DATA CENTRES SoftBank has plans to build and operate five gigawatts of AI-dedicated capacity data centres in France. This includes an initial EUR45billion investment in Hauts-de-France for 3.1gigawatts by 2031. These projects will...