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Pirates board a Malta-flagged product tanker off Somalia; crew safe, manager claims
Sources in maritime security said that pirates boarded the Malta-flagged tanker, off the coast of Somalia. The vessel's manager confirmed the safety of the 24 crew members. ttacks Armed assailants have attacked vessels in the past few days, raising concerns about shipping routes in a part of the world where vital energy and goods travel to global markets. A "security incident" occurred on the Hellas Aphodite Thursday morning as it was traveling from India to South Africa. Its Greek manager Latsco Marine Management did not provide any details. Ambrey, a maritime security company, said earlier that pirates in a skiff opened fire on the vessel. Sources in maritime security said that the pirates also fired a rocket propelled grenade on the tanker. An official of maritime security company Diaplous stated that the crew members took refuge in "citadel", a fortified safe-room, and remained there. The European Union's maritime forces in the area have been asked to provide assistance. A request for comment from the EU's ATALANTA naval mission was not immediately responded to. Latsco Marine Management issued a statement saying that "all 24 crew members are safe and well and we remain in contact with them." The company also said it activated its emergency response teams and coordinated with authorities in order to ensure continued safety and welfare for the crew. Sources in maritime security said that on Monday, the first suspected Somali pirate incident since 2024 occurred when armed attackers fired at a commercial vessel near Mogadishu after trying to board the vessel. Reporting by George Obulutsa and Renee Maltezou; Editing and production by Alexander Winning, Gareth Jones and Jonathan Saul
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US LNG producers sign near-record contract volumes, despite fees climbing
The U.S. industry is on track to sign the second highest number of contracts this year, despite concerns over rising costs and increased capacity. U.S. LNG companies signed sales and buy agreements (SPAs), totaling 29.5 million metric tons of LNG annually, in the first ten months of 2025. This is more than four-times the 7 mtpa of LNG signed by the entire year 2024. The SPAs can be used by project developers as a tool to raise funding by demonstrating the ability of planned projects to generate a positive cash flow, with customers being locked into long-term contracts lasting up 20 years. According to Rapidan Energy, the only time that more binding agreements have been signed by U.S. companies was in 2022 when Russia invaded Ukraine. Many buyers who are looking to diversify their energy sources away from Russian gas are willing to pay the higher liquefaction charges that American LNG developers charge in order to convert natural gases into liquids that can be transported easily around the globe on specialized ships. The companies with LNG trading portfolios also buy volumes from American producers. Fears of GLUT are growing as US LNG output continues to grow. President Donald Trump returned in January, with an agenda that was pro-oil. In trade negotiations with Europe, he has pushed LNG deals. The European Union agreed to purchase $750 billion of energy from the U.S. and his administration lifted former president Joe Biden's ban on new project approvals. The final investment decisions that followed will add 61.5 mtpa to the existing 120 mtpa LNG export base. Cheniere Energy Venture Global Sempra Next Decade Woodside Energy and Venture Global have all approved new facilities in this year. According to the U.S. Energy Information Administration, the country's total LNG capacity is expected to double by 2029. According to the International Energy Agency, America could export a third of global LNG in 2030. The IEA predicts that a rapid expansion of U.S. Liquefied Natural Gas (LNG) could lead to a global glut and lower prices. Keisuke Sadamori, Director of Energy Markets and Security at the IEA, said that new supplies, notably those from the United States and Qatar should bring down prices, a welcome relief to gas importers around world. Shell and Total have also forecast lower LNG prices, but some investors say that predictions are too optimistic. Woodside CEO Meg O'Neill stated at a September event that "we're very bullish about LNG demand on the long-term." Venture Global CEO Mike Sabel forecasts a growth in demand as more data centers and Asian countries switch to LNG for electricity production. Sabel said, "I believe data centers will be a major source of incremental demand. But you are currently short on gas production capability." Construction Costs are Rising Jason Feer, Poten and Partners' business intelligence director, says that labor inflation due to shortages of qualified workers and the rising cost of equipment because of tariffs is increasing construction costs. TotalEnergies CEO Patrick Pouyanne stated on a recent earnings call that costs have risen up to 20 percent in some cases, making some projects uncompetitive. Venture Global reported cost overruns for its 27.2 mtpa Plaquemines facility. Golden Pass, an Exxon Mobil-QatarEnergy joint venture, is also over budget and late. Feer stated that developers are seeking liquefaction charges, which have risen by an average of 15% in the last two years, to keep their projects viable. Venture Global, a supplier that is considered low-cost, charges $2.30 for every million British thermal units (mmBtu). This fee applies to new contracts. Two people familiar with its pricing said that the fee was higher than $1.75 per million British thermal unit (mmBtu) it charged when Calcasieu Pass first contracted sales. Cheniere Energy, which is the largest U.S. producer of LNG, charges a premium over $2.75 for each mmBtu. Woodside offers 10-year contracts at $2.90/mmBtu. Feer added that the fees on the market in general had averaged around $2/mmBtu by 2023. Higher prices are not stopping buyers. According to Rapidan Energy's director of global gas Alex Munton, the window for developing more LNG projects in the U.S. may be closing due to rising costs and the prospect that global prices will drop. Munton said, "This bull-run must end. It cannot last forever." Even with higher liquefaction costs and lower spot prices, some buyers like ENI and Petronas continue to sign new long-term contracts. JERA, Japan's biggest power generator, wants U.S. Gas to diversify, avoid over-dependence upon Australia, and meet the demand growth spurred on by data centers and AI. Pouyanne, from TotalEnergies, said that many large players focus on the big picture and lock in new volumes of trade even though fees are increasing. Trading and arbitrage opportunities increase as the market grows. The IEA stated that even a slight easing in the market would allow countries with higher prices to switch from coal, and increase global LNG demand. Curtis Williams, Houston (Reporting; Nathan Crooks, David Gregorio and David Gregorio).
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Turkish Airlines signs deal to purchase minority stakes in Spain's Air Europa
Turkish Airlines announced on Thursday that it had signed a contract to purchase around a quarter of Spanish airline Air Europa. Turkish Airlines will invest up to 355 million euros in convertible debt in exchange for a share of between 25 and 27%. The deal was agreed on in August. Air Europa's majority shareholder, Spain's Hidalgo Family, will continue to own the company through Globalia. British Airways owner IAG, however, will retain 20% of the shares through Globalia. Turkish Airlines said that it does not plan to increase its stake. Air Europa is valued at around 1.2 billion euro ($1.4 billion) after the transaction closes once all regulatory requirements are met, in approximately 6-12 months. This is the first time a non-European airline has bought a stake in a European carrier. Airlines are trying to consolidate the fragmented markets of the continent by buying smaller struggling operators. Turkish Airlines won the battle against European rivals Lufthansa, Air France-KLM and Air France to gain control of the airline with the Hidalgo Family. Air Europa announced that it had paid back a loan from the state-owned industrial holding SEPI in Spain one year earlier than scheduled. First reported in June, Turkish Airlines expressed interest in purchasing a minority stake. Reporting by Emma Pinedo, Editing by Charlie Devereux & Conor Humphries
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British homebuilder Vistry reports 11% growth in sales on affordable housing demand
The British homebuilder Vistry reported on Thursday a 11% increase in sales year-on-year since July 1, as the demand for affordable homes from housing associations offset slow private market sales. Since July 1, sales per outlet have averaged 0.81 homes per week, up from 0.73 during the same period in last year. Vistry, a company that focuses on affordable housing and is counting on the government's housing support, which includes multi-billion pound Investments in the United States In the second half and early 2026, we will be able to increase supply and encourage new contracts with partners who are interested in affordable housing. Most of the company's sales are made through partnerships with housing associations, local authorities and government providers. The company has said that it is starting to see the positive effects of the government's measures for affordable housing on new contracts with partners, but it also noted the uncertainty created by the Autumn Budget. Fears of higher stamp duties in the UK budget for November, coupled with rising inflation and living costs have dampened private buyer demand. Barratt Redrow, Bellway and other rivals have recently warned about a slowdown in sales and growing uncertainty. Vistry stated that while the open market sales rate showed a slight improvement since summer, they remain cautious about a recovery in demand amid economic uncertainty. They continue to offer incentives up to 6% for sales support. The company reiterated that it aims to increase profits year on year by 2025. Analysts at Jefferies said this may give investors "some comfort" about the wider operational challenges. Reporting by Raechel Thankam Job, Bengaluru. Editing by Harikrishnan Nair & Louise Heavens
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Sources say that Trump pressed China’s Xi for the release of a jailed Hong Kong media tycoon.
According to three people who were briefed about the meeting and a U.S. government official, U.S. president Donald Trump made a direct appeal to China's Xi Jinping for the release of Hong Kong media tycoon Jimmy Lai while the two leaders met last week in South Korea. One person said that Trump didn't discuss a specific agreement to free Lai, but instead spoke about his concerns for the health and well-being of the 77-year old publishing mogul after he had been on trial over national security charges. The person said that Trump discussed the matter for less than five minutes. The official said that President Trump had brought up Jimmy Lai, as he had promised. Both President Trump and president Xi participated in the subsequent discussion. A third person, speaking on the condition of anonymity due to the sensitive nature of the meeting between the two leaders, said: "It was raised and noted by Xi." The person who said Trump suggested Lai's release was good for U.S. China relations and China's image. Trump's intervention is coming as Lai awaits the verdict of a trial widely viewed as a symbol for China's crackdown against rights and freedoms within Asia's financial hub, under a law on national security imposed following mass pro-democracy demonstrations in 2019. Lai, the founder of Apple Daily, a pro-democracy tabloid that has since been shut down, pleaded no contest to two counts of conspiracy to collide with foreign forces and one charge of conspiracy for publishing seditious materials. The U.S. President said before the talks that he intended to bring up Lai's issue, but neither he or both sides' readings afterwards mentioned it. The White House refused to comment on the questions raised about Lai during the Trump-Xi summit. The White House has not confirmed whether Trump raised the issue. Liu Pengyu is the spokesperson for China’s embassy in Washington. He said that he did not know any details about Lai, but emphasized that Lai’s “crimes” have severely undermined Hong Kong’s prosperity and security. Liu stated that "any attempt to interfere with Hong Kong's judicial system or undermine the rule-of-law in Hong Kong won't succeed". Lai, a British national, has caused friction between Washington DC and Beijing. Trump had said during his presidential campaign last year that he was "100%" committed to getting Lai out. Sebastien Lai praised Trump last week and said he felt "incredibly grateful", following unconfirmed earlier reports that Trump raised his father’s case with Xi. Sebastien lai, in a press release, said: "Knowing that President Trump is known as the Liberator-in-Chief I pray that his commitment and continued support will convince President Xi of my father's freedom before it is too far." Trump hailed as a great success the trade-dominated discussions with Xi, pointing out also the progress made on rare earth shipments. He also promised "strong action" against the export of chemicals that are used to make the highly addictive fentanyl. He claimed that tensions regarding Taiwan were never raised during the 90-minute discussions in South Korea. Lai's family and human rights organizations claim that he has been in solitary confinement more than 1,700 consecutive days. Officials from both China and Hong Kong have said that it is crucial for the local legal system to be able run its course and Lai is given a fair trial. Hong Kong, an ex-colony of Britain, has a different judicial system from the rest China. It is based on Common Law traditions, which means Lai enjoys greater legal protections in mainland China. Lai, who was convicted in late August and is awaiting a decision in the Lai Chi Kok Prison, has been held there since. Two people familiar with Lai's situation confirm this. He could be sentenced to life in prison if convicted. His lawyers told the court that he was suffering from heart palpitations. He has received a heart monitor as well as medication. Reporting by Greg Torode, James Pomfret and Trevor Hunnicutt from Hong Kong; editing by Antoni Sladoskowski, Daniel Wallis and Michael Perry.
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Maersk increases profit forecast on global container volume growth
Shipping group A.P. Moller-Maersk raised its core profit forecast for the full year on Thursday, helped by an increase in container volumes, driven by shipments mainly from China. This was despite lower freight costs. Maersk is widely considered a bellwether of global trade. It now expects container volumes to increase by 4% in this year. This is up from the previous forecast range, which was 2% to 4 %, issued in August. In the third quarter 2025, the global container demand will grow between 3% to 5% on an annual basis, despite disruptions, the company stated in a press release. Exports from Far East Asia and China continue to be the primary driver of volume growth. The company reported that imports from Europe, Africa and Latin America were strong, but container volumes to North America decreased, especially in shipments to the United States from China. The company now expects to earn underlying earnings before tax, depreciation, and amortization (EBITDA) between $9 billion and 9.5 billion this year, compared with its previous guidance, which was $8 billion to 9.5 billion. Maersk reported that EBITDA dropped 44% on an annual basis in the third quarter, to $2.69 Billion. This was above the $2.58 Billion expected by analysts in the poll conducted by the company. Analysts had predicted $13.8 billion, but revenue fell 10% to $14.2 billion. The company has also stated that the disruptions at the Red Sea will continue throughout the entire year. Maersk had previously said it would resume transit in the region only when a viable and long-term security solution was established.
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Air France-KLM announces third-quarter sales despite rising costs
Air France-KLM announced third-quarter results that were in line with expectations on Thursday. It also confirmed its outlook for 2025, despite some expenses increases and expensive challenges faced by its Dutch subsidiary KLM. As the summer travel season is lucrative and busy, the third quarter of the year is typically the most profitable for European airlines. Travel from Europe to the United States is down under U.S. president Donald Trump. His policies are seen by many as anti-foreigner, anti-trade and anti-foreigner. Analysts polled by LSEG had predicted an operating profit of 1,27 billion euros (1,48 billion dollars) for the airline group. This was a significant increase from the 732 million euro operating profit the group had for the same period last year, when it took a large hit due to the Paris Olympics. Air France-KLM has once again shown its resilience during the third quarter in a difficult environment. Ben Smith, Chief Executive of Air France-KLM, said in a press release that the company had maintained a solid revenue growth with a stable margin. Air France-KLM’s operating margin in Q3 was 13.1%. This is a slight decrease from the same period last year. CAPACITY GROWTH MIDDLE BOOKING CHALLENGES The group stated that capacity is expected to grow between 4 and 5% in 2025 compared to the previous year, despite the ongoing challenges, as well as the somewhat sluggish bookings for Transavia's budget airline this summer. This was attributed to higher airport taxes in Amsterdam at Schiphol Airport, which resulted in higher ticket prices. The group saw a reduction in fuel costs, and a steady flow of bookings for its premium cabins. However, it continued to face pressure in the economy cabin, when traveling to the United States. KLM was particularly affected by the lower yields of its economy cabin as well as expensive labour disputes in September. Air France-KLM's debt increased slightly compared to the previous year due to costs associated with maintenance and other services.
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Western France attacker suspected of 'self-radicalisation', minister says
The driver who rammed his car into a crowd in western France on Wednesday is suspected of "self-radicalisation" and had "explicit religious references" at home, the country's Interior Minister Laurent Nunez said on Thursday. Nunez stated that "based on the number of factors present with this individual and his actual shouting 'Allahu akbar' there are clear religious references that exist in his case". He said that it was not clear, at this point, if religious motives were behind the attack on Oleron Island off France's Atlantic Coast. Five people were injured. Nunez stated that the National Terrorism Prosecutor's Office will determine through a psychiatric assessment, which was conducted yesterday following two searches and an examination of phone records, if these elements were responsible for the violent actions we witnessed. He said that two of the victims are still in an "absolute medical emergency". Reporting by Inti landauro and Dominique Vidalon, edited by Alessandro Parodi
Sources claim that Germany supports Brazil's forest fund idea
Sources in Berlin confirmed that the German government supports Brazil's proposal for a fund to protect rainforests, but it hasn't yet decided on how much money they will contribute.
Brazil, as host of the COP30 Climate talks, will launch its flagship Tropical Forests Forever Facility next week in order to raise $125 billion for the conservation of endangered forests.
Sources claim that the German Chancellor Friedrich Merz will attend the talks and finds the idea extremely interesting.
They added that the amount of the financial contribution should be left undetermined for the time being. The German development minister indicated that intensive discussions on the amount were underway.
Merz, according to sources in the government, is expected to meet Brazilian President Luiz Lula da Silva on his trip.
Lula pledged in September to contribute $1 billion and urged the other nations to make contributions of the same magnitude to ensure the TFFF could be operational during the climate negotiations. The World Bank is the financial manager for the TFFF.
The government sources said that Merz's visit is also meant to send a message to countries to continue cooperating to protect the climate.
It is especially relevant that the U.S. did not send any high-ranking officials to the talks. Holger Hansen is reporting, Miranda Murray is writing, and Madeline Chambers is editing.
(source: Reuters)