Europe

Baltic Exchange, world's leading provider of benchmark indices for shipping, denies allegations made by Mercuria that its data on oil tanker prices caused losses to the commodity trader. Mercuria, a Swiss company, said in a court filing dated April 30 that the losses were due to oil tanker prices which did not take into account the closure of the Strait of Hormuz. Mercuria has sued the 'Baltic Exchange claiming that they have not met their statutory and contractual responsibilities in producing the TD3C Benchmark based on the voyages from the Middle -East to Asia. The London-based exchange owned by Singapore's...

A court filing revealed that commodity trader Mercuria has sued the Baltic Exchange - the top provider of shipping benchmark indices in the world - for losses caused by data on oil tanker prices which did not take into account the effective closure of the Strait of Hormuz. The U.S. and Israeli 'war' with Iran began on February 28. Since then, hundreds of ships have been stranded in the Gulf. 20,000 seafarers are unable to pass through the crucial chokepoints. Only a handful of ships will make the journeys every day. In a filing dated April 30, and submitted via...

Aena, a Spanish airport operator, said that the conflict in Iran and the potential for a jet-fuel crisis have created unprecedented levels of uncertainty ahead of the summer holiday season. Aena's CFO Ignacio Castejon told analysts that the company is awaiting greater visibility before it can provide an update regarding its current forecast for passenger traffic growth of 1.3% for this year. "We're seeing news of flights being canceled or airlines confirming that flight tickets are going up... We see many?trends. He said it was too early to place a figure on the situation, given the level of uncertainty. "I...

Brandenburg said that up to 80% of crude supplies for 'Germany's PCK Schwedt refining plant are guaranteed in May. Germany is seeking alternatives to replace lost supplies following Russia's announcement to stop deliveries via the Druzhba pipeline on May 1. Dietmar W. Woidke, the state premier, said on Wednesday that "PCK's capability utilisation is stable. Crude oil supplies are secured up to 80% by May.?And jobs are protected." Woidke said that the situation allowed him to be optimistic about the future. He added that German officials worked with partners to find a solution for the refinery which supplies parts of...

These are the most popular stories from 'the New York Times' business pages. These'stories' have not been verified and we cannot vouch for their accuracy. The?U.S. Federal Communications Commission ordered an early license?review of the network's television stations after a joke made by late-night host Jimmy Kimmel led to calls from the White House that ABC fire the comedian. Federal Communications Commission ordered a license review of the network's TV stations. Pernod Ricard & Brown-Forman announced that they had ended their merger talks because the French spirits firm and 'the Kentucky-based owner Jack Daniels'?whiskey couldn't?agree on terms. The U.S. Supreme...

Spanish airports operator, Aena, announced on Wednesday that its 'first-quarter net profits rose 9.3% compared to a year ago, as 'passenger traffic from and to Spain, which is one of the most visited countries in the world, continued growing. The company that operates all Spanish airports as?well as those in Latin America and Britain?said they booked a profit of $385.37 million, beating the average analyst's forecast of 325 millions euros compiled by LSEG. Spain's tourism sector?continues?to benefit from strong demand. Airlines operating in Spain have added capacity for the summer. However, the industry has warned of potential risks posed by...

Standard Chartered Bank announced on Tuesday that it had successfully arranged a $2.33billion syndicated finance facility?for a Standard 'Gauge -Railway?Project?in Tanzania. The money will be used to finance two stretches on a planned 1,219 km rail line linking the port and commercial capital of Dar es Salaam with?the lakeside town of Mwanza. The bank said that Yapi Merkezi, a Turkish company, and China's China Civil Engineering Construction Corporation would be responsible for the work. The bank added that funding was obtained from commercial banks, export credit agencies and development finance institutions. The bank said: "The construction of the Standard Gauge...

Israel could face a legal and diplomatic response from Kyiv, according to a Ukrainian diplomatic source. If it allows a vessel bringing?grain?from the Russian-occupied Ukraine?to dock at?the port?of Haifa? The Israeli newspaper Haaretz reported that earlier the Panormitis vessel, which was carrying grain from occupied Ukrainian territories that Kyiv considers stolen, was awaiting permission to berth in Haifa. The source, who spoke on condition of anonymity, said: "If the ship and its cargo are not rejected, we reserve the right to use a full suite of diplomatic -and international legal-responses." Israel's Foreign Ministry did not respond immediately to a comment...

Shipping data revealed that a superyacht associated with Russian billionaire Alexey Mordashov, who is sanctioned, sailed the Strait of?Hormuz Saturday. It was one of?very, very few vessels? to pass through the blocked shipping lane in the?heart of U.S.Iran conflict. Nord, a 142-meter (465 foot) yacht valued at over $500 million, left a Dubai Marina on Friday around 1400 GMT, crossed the Strait on Saturday and arrived in Muscat on Sunday morning. The multi-deck vessel's route is unclear. Iran has restricted the flow of traffic through the Strait since?February. The strait is responsible for around a fifth of the world’s oil...

Data from traders and LSEG revealed that two tankers carrying Russian ULSD (ultra-low sulphur Diesel) were diverted to other destinations mid-journey, after leaving Brazil. The cargo was shifted to Brazil after the first half of the journey. This happened because traders took advantage of the spike in prices worldwide due to the Iran War. It is rare that the terms of the initial or subsequent deals are not clearly defined and that the buyers are changed after the cargo has left the original port. According to shipping data, the Flora 1 under Cameroon's flag is sailing towards the Suez Canal...

Galp, Portugal's sole refiner and dominant jet fuel supplier, said that it does not anticipate any disruptions in supply despite the concerns expressed by certain European airlines ahead of the holiday travel season. Galp has said that it produces around 80% jet fuel for Portuguese airports at its Sines refinery. The crude oil is sourced primarily from Galp’s offshore fields in Brazil. The import of smaller quantities is primarily to meet the European standards for sustainable aviation fuel and to cover periods of high demand. European airlines have warned of the possibility that the Iran conflict could trigger jet fuel...

Shipping data from Friday showed that only five ships have passed through the Strait of Hormuz, including an Iranian oil tanker. This is after Iran seized two container vessels this week, and the U.S. has continued to blockade Iranian ports. The shipping traffic that passes through the 'crucial waterway' at the entrance to?Gulf? during an uneasy ceasefire, between Washington and Tehran, represents only a fraction the 140 average daily passages prior to the Iran War beginning on February 28, 2008. "Most shipping companies will need to have a stable ceasefire, and both sides of conflict must reassure them that the...

Two sources said that when potential financiers and providers of Venezuela's electrical industry met with government officials in Caracas, they were primarily concerned about?how to pay them for repairing the country's deteriorating grid. Sources said that the executives were hesitant as the nation tried to jumpstart the $100 billion reconstruction plan, which was pushed by Washington. Since she succeeded the deposed president?Nicolas Maduro? in January, Delcy Rod has made it a priority to ensure stable electricity. However, the cash-strapped nation has not been able to pay suppliers on time to help industries like oil and gas recover. A representative of...

The TurkStream pipeline, which is operated by the Russian energy giant Gazprom, has reduced its average daily natural gas?gas?supplies into Europe from 41 million cubic meters to 41 millions cubic metres in April compared to a year ago. Prices rose sharply after shortages arose from the closure of the Strait of Hormuz - a conduit that carried a fifth of global oil and gas. Turkey is the only route through which Russian gas can be transported to Europe. This is because Ukraine did not extend its five-year agreement with Moscow, which expired in January 2025. According to calculations based on...

Iraq began work on a 'oil pipeline connecting Basra and Haditha with a capacity of 2.5m barrels a day, according to the'state news agency, citing the Oil Ministry, in an effort to expand the export routes for the OPEC producer. The ministry stated that the project has received a budget of $1.5 billion, but its speed will be determined by the amount of additional funding. A spokesperson for the ministry said that the 700-kilometre pipeline (435-miles) will be used to transport crude oil via multiple routes including Syria's Baniyas and Turkey's Ceyhan, as well as Jordan's Aqaba. It will also...

Weir Group announced a drop in 'first-quarter orders' on Thursday. This sent shares tumbling as much as 10% even as the engineering firm reaffirmed its annual guidance and promoted their head of the biggest business to CEO. Andrew Neilson, the president of the company's minerals division, will succeed Chief Executive Jon Stanton, who is heavily focused on the mining industry. The unit accounts for more than 71% of the total group revenue. This update is timely as the global demand for rare earth minerals, such as nickel, continues to increase. Other factors driving this are electric vehicles, grid expansion, renewable...

Matteo Salvini, the Italian Transport Minister, said on Wednesday that Italy's jet-fuel reserves are enough to cover airport operations until at least the end of May. He also urged the European Union (EU) to relax its budget rules so governments can respond to the energy shortage. The 'Iran War' has disrupted Europe’s imports from the Middle East of jet fuel, raising fears about a shortage before the peak summer travel season. Since the U.S. and Israel's war against Iran began on February 28, the price of jet fuel is up 84%, but carriers are largely surviving the crisis. Salvini stated...

According to industry sources, Russia managed to maintain crude oil loadings in its western ports at the same level as March despite 'ongoing drone attacks. Drone attacks on ports and pipelines in the Baltic Sea and Black Sea ports in late March or early April slowed down crude oil loadings, but not overall. The estimated exports and transit shipments in April of Urals, Siberian Light, and KEBCO crudes from?the port of Primorsk?, Ust-Luga?, and Novorossiysk?, including carryovers from the initial schedule for March?and top-ups?, is around 2.2 millions barrels per day. The data from the market showed that this figure...

LSEG ship tracking data and the Russian'ship register' showed on Wednesday that Russia added four liquefied gas carriers to its fleet. This could help increase the country?s?marketshare ahead of a ban by the EU on Russian gas imports. In January, the European Union gave final approval to an import ban on Russian natural gas by 2027. In response to Russia's "war on Ukraine", the bloc also imposed sanctions. The sanctions have restricted Russia's ability to access the vessels that it needs to increase its share of the global market for LNG. The Russian Register?on?Wednesday showed four LNG tanks: the Orion,...

On Wednesday, oil prices rose, continuing a multi-day rally. This was based on reports that the U.S. would extend its blockade against Iranian ports. This will likely cause supply disruptions in the Middle East's key producing region. The Wall Street Journal, citing U.S. sources, reported that Donald Trump had instructed his aides to get ready for an extended Iranian blockade. The report stated that Trump would continue to'squeeze Iran’s economy and oil output by preventing shipping into and out of its ports. Brent crude 'futures' for June rose by 52 cents or 0.47% to $111.78 per barrel at 0154 GMT....

Germany and Poland are in discussions to see if short-term replacement oil can be delivered to the PCK Schwedt refining plant via Gdansk port after Russia announced it would stop the supply of Kazakh oil through the Druzhba pipe. A spokesman for the German Economy Ministry said that this was the case. The spokesperson said that the talks were in progress and refused to give any details. She noted that the supply contracts are between the companies concerned, but the government was closely following the process. A spokesperson for the Polish energy ministry stated that the country has the technical...

Asia is the most vulnerable area in the Iran War due to its heavy reliance upon Middle East oil and gas. But it could be the biggest winner as a result of several long-term tendencies this conflict will likely accelerate. These include higher cybersecurity investments, the pivoting away from fossil fuels, and supply chain diversification. Energy-intensive economies in the region, led by China and Japan, South Korea and India, are heavily dependent on Middle Eastern gas and oil. Around 80% of the oil and 90% of the gas that transits through 'the Strait of Hormuz is destined for Asian market....

The regional governor announced on Saturday that a Ukrainian drone had struck a multi-storey apartment building in Russia's fourth largest city, Yekaterinburg. This was the first attack in the city since the start of the Russia-Ukraine war. Denis Pasler wrote in the Telegram app that there were no deaths, but minor injuries had been reported and one woman was admitted to hospital. He said that residents of the building were evacuated. "All emergency services work quickly." A video posted on X, a social media site, and confirmed by showed smoke pouring from the top of a high-rise modern building. The...

In an interview broadcast Friday, Russian Foreign Minister Sergei Lavrov said that the United States had abandoned internationally recognised "diplomatic conventions" in pursuit of their own interests, particularly dominating the energy markets. Lavrov said, when he was interviewed by the Russian state television, that Washington's "dealings" with Latin America and Middle East were "returning us to a time where there was no international law." In an interview posted on the Foreign Ministry website, he stated that "the United States has declared that no one is allowed to dictate to them." It only cares about its own wellbeing and is prepared...