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India exports its first fuel to Europe after the ban on Russian crude oil-derived products
Reliance Industries partially unloaded a jet-fuel cargo in Italy. This was India's first export to the region after a European Union ban took effect on 21 January on products made from?Russian?oil. India is the largest buyer of Russian crude oil, and traders are watching closely to see if there are any signs of disruptions in trade that might drive up the price of other sources of supply. The EU ban on the import of products made from Russian crude oil is intended to?reduce oil revenues that Moscow uses to finance its war in Ukraine. Reliance has two refineries in its Jamnagar Complex - one is geared towards exports and the other for the domestic market. On November 20, it announced that its facility geared towards exports had stopped processing Russian crude. Aframax tanker Liwa-V chartered by Reliance offloaded around 390,000 barrels or half of its cargo at the Fiumicino Port near Rome between January 1 and February 4. Data shows that the Liwa-V arrived around January 8 in Italy and waited at the port for almost three weeks. The cargo was initially scheduled to be unloaded by January 24 according to two different trade sources. The discharge was delayed because of bad weather. The ship had already discharged a substantial amount and is now waiting outside the port for the cargo to be completely offloaded," stated a spokesperson from Reliance Industries. RELIANCE SEGREGATES RUSSIA FREE FUEL FOR EUROPEAN MARK India has taken advantage of the discounted Russian crude as Western nations sought to reduce their dependence on Russian oil due to the conflict in Ukraine. Kpler data showed that India shipped 4.1 million tons of jet-fuel to Europe last year. This is nearly three times more than it did in 2021, before the outbreak the conflict. It also supplied 15% of Europe's aviation oil imports between 2022 and 2025. Reliance has told European buyers and traders that they have received written confirmation from the company that Russian crude oil has not been used in the production of fuels for export to Europe. James Noel Beswick, an analyst at Sparta Commodities, said that if European buyers are still cautious they may consider blending or FOB (free on board) sales. Shipping data from Kpler and two sources of trade showed that only one Indian jet fuel shipment per month is headed to Europe on the tanker Karpathos. Since the ban began, Europe has not received any diesel imports.
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One person is dead and a young girl has gone missing after the storm Leonardo hits Portugal and Spain
A man in Portugal died after floodwaters engulfed the car he was driving. In Spain, a young girl was dragged by a river while trying to save her dog as Storm Leonardo pounded 'the Iberian Peninsula with strong winds and heavy rains on Thursday. Leonardo is one of a half dozen winter storms which have hit Portugal and Spain in the past year. They have killed several people and destroyed roofs and flooded towns. Authorities in Portugal said that a man aged around 70 years old died Wednesday after his car was swept off a road that had been flooded near a dam. A girl in southern Spain's Malaga Province went missing after being dragged by the Turvilla River while trying to?rescue her dog. We spent all day and night searching for the girl from where she fell into the river to the end. Manuel Marmolejo, the fire chief of Malaga, said to Spanish television that they found "the dog but not her." Aemet, the state weather agency, predicts that Storm Marta will hit the region this weekend. The cost of reconstruction in Portugal following Storm Kristin last week could be as high as 4 billion euro ($4.7 billion), according to Economy Minister?Manuel Castro Almeida. After successive storms, the river Sado broke its banks in Alcacer do Sal. Sandbags were stacked up in front of the doors of shops and homes to protect them from flooding. Restaurant terraces had been completely submerged. "I have never seen anything so bizarre." Maria Cadacha, a resident of the area, said that it was surreal. There are many people here. Many shopkeepers and homes have been damaged. I would not want to be in their shoes." Andalusia’s emergency services attended to over a million cases by Wednesday midnight, they said on X. Antonio Sanz is the head of regional government's Interior Department. He said that 14 rivers and 10 dams are at "extreme risk" of overflowing. Portugal's National Civil Protection reported that it had recorded at least 70 incidents by early Thursday.
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IndiGo reviews India antitrust order following mass cancellations
IndiGo announced on Thursday that it will review the order from India's antitrust regulator in detail and take appropriate action after reviewing it. The Competition Commission of India has ordered an investigation into the airline following its widespread flight cancellations that shook the?air travel industry in India during December. IndiGo, India’s largest airline based on market share, cancelled 4,500 flights during the first weeks of December. This left tens and thousands of passengers stranded across the country, raising concerns about the lack of competition in one of the fastest growing aviation markets in the world. The 'CCI' said that by canceling thousands of flights, which represented a large portion of scheduled capacity, IndiGo effectively blocked its service, creating artificial scarcity and limiting access for consumers to air travel during times when demand is high. The airline's shares were trading at a 1.5% decline after the response. Reporting by Hritam?Mukherjee from Bengaluru, editing by Nivedita?Battacharjee and Mrigank Dhaniwala
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Dubai Financial Centre new registrations will rise by nearly 40% in 2025
Dubai's International Financial Centre DIFC announced on Thursday that new company registrations at the hub increased by almost 40% last year to a total of?1,525 - largely due to an influx of hedge funds and other?firms?. Hubs such as DIFC are attracting more companies, as Gulf countries diversify away from oil and invest billions of dollars in sectors such financial services. According to a presentation, the total number of active registered firms at the centre was around 8,840 by the end of last year's December, an increase of 28% over 2024. There are 557 asset and wealth management firms that have set up or expanded their base in Dubai and Abu Dhabi over the past few years as the UAE has attracted high-net worth individuals who are drawn by factors such as tax-free status and relative ease of business. DIFC Governor,?Essa Kasim, told the media that the geographic breakdown of firms in the center was a bit higher. Authorities announced last week that the DIFC will undergo an expansion of?around $27billion by 2040. The hub has reached its capacity and is looking to welcome new companies. When asked about funding, Kazim replied that DIFC had a net profit of $400 million in the last year. "That is the future cash flow", which will contribute to the expansion. The market is definitely open. "In the past, we have issued sukuk. That's a possibility."
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Russian captain imprisoned for crew member's deaths in U.S. Tanker Crash
The captain of the 'container ship' that collided with a U.S. oil tanker off Britain's east cost last year, was?jailed?for 6 years for gross negligence in causing death to a crewmember. Vladimir Motin was the captain of the Portuguese flagged Solong, when the tanker?Stena Immaculate,' was anchored with just over 220,000 gallons?of aviation fuel. This happened on March 10, 2025. The collision caused a fire on both vessels and the death of Mark Pernia (38), a Filipino national and member of the 'Solong crew. His body has never been located. James Leonard, Motin’s lawyer, said that Motin tried unsuccessfully to change the Solong’s course and take it off autopilot. Leonard argued that Motin had been at fault but was not grossly negligence. Motin, who was tried at London's Old Bailey court on Monday, was found guilty and sent back to be sentenced on Thursday. Judge Andrew Baker described Motin as "an accident waiting to happen". He also told him Pernia had died "under your command and because of your gross neglect". Tom 'Little, the prosecutor, read out the statement of Pernia’s wife who lived in the Philippines and was seven-months pregnant with her second child when he died. She said, "Our desire for him will last forever."
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Kumba Iron Ore anticipates a 23% increase in profit on increased prices and sales volume
Kumba Iron Ore, South Africa, said Thursday that it expected its full-year profits to increase by up to 23% due to higher mineral prices and sales volumes. Kumba, an Anglo American unit, expects to earn between $1,39 billion and $15,33 billion ($862,55 million-$951,29 million) in the year ending December 2025. This compares with the 12.5 billion rand earned the year before. Africa's largest iron ore producer said that the increase in earnings was due to the higher average free-onboard export iron ore prices of $95 per metric tonne in 2025. This is up from $92 a metric tonne the previous year. Sales volumes increased by?2%, to 37 million tons. In a trading update, Kumba said that iron ore prices were supported due to the resilient Chinese pig-iron production. This was due to the strong export demand, and the stable supply of the major iron ore producing companies. Kumba has announced that it will reduce its iron ore on-mine stockpile to 5.7 million tons by the end of December 2025. This is down from 6.9 millions metric tonnes at the end the previous year. The port stock level rose from 0.5 metric tones in December 2024 to 1.8 metric tonnes at the end of 2025. The company will announce its financial results for 2025 on February 19.
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Air India Express memo shows that it expects its first operating profit after privatisation.
Air India Express' low-cost unit is expected to post an operating profit during the second half of this fiscal, which will be its first since it was purchased by Tata Group 2022. This will be boosted by an increase in market share and capacity. Air India Group is relieved by the profit forecast, as the full-service carrier Air India has been hit financially due to an airspace restriction imposed on Indian carriers?by Pakistan. Highlights of the event show that Air India Express executives recently made a forecast for the second quarter ending in March. According to the first reports from Indian media, Air India Express is investing over $70 million into refurbishing their aircraft. A spokesperson for Air?India express did not immediately respond to our request for comment. Air India Express operates over 100 Boeing and Airbus narrowbody aircraft. Its managing director stated in October that the airline aims to double its capacity within four to five year with plans for expansion. Analysts and government officials are closely monitoring the progress of Air India Express as well as its full-service parent. Last month, 'the airline announced it would add 30 new Boeing 737 MAX planes to its fleet. Air India is undergoing a multibillion dollar turnaround following a 'period of decay' under government ownership. However, its restructuring has been hampered by the ongoing delays in plane deliveries from manufacturers. Singapore Airlines' financial results have been affected by its losses, as it owns 25% of the Indian carrier. Reporting by Abhijith Gaapavaram from New Delhi, Urvi Dugar from Bengaluru and Jamie Freed in editing.
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Maersk forecasts lower earnings in 2026 as Suez returns and overcapacity impact freight rates
Danish shipping giant Maersk said on Thursday that falling freight rates due to a?container vessel overcapacity? and the gradual resumption of shorter Red Sea routes? could negatively impact earnings in 2026. This would cause its shares?to plummet. Maersk reported an operating profit in the fourth quarter that was roughly in line forecasts. The company is also dealing with a subdued demand in the industry, a boom in new vessels, and a return of Red Sea routes, which reduce journey times but increase freight rates. Maersk, Hapag-Lloyd and other shipping companies are considering a return to the Asia-Europe trade route after ships were rerouted through Africa in late 2023 due to attacks on the Red Sea. In a press release, CEO Vincent Clerc stated that "we delivered a high-value performance and performance for our customers during a year when supply chains and global trade continued?to be reshaped?by evolving geopolitics." As we move into 2026, the market will continue to change. On Thursday, the company's stock was down by over 6%. Maersk is often viewed as a bellwether for global trade. It has projected a global container volume growth of between 2% and 4% by 2026. This is a decrease from the 5% that was predicted in 2025. The company anticipates earnings before interest, tax, depreciation, and amortization (EBITDA), which are derived from underlying profits, to be between $4.5 and $7 billion in this year. This is a decrease of $9.53 billion that was recorded?in?2025. The company polled analysts who 'expect' $6.49 billion. Analysts had predicted $1.88 billion for the fourth-quarter underlying EBITDA. Maersk Tuesday, said It would resume transit routes through Red Sea and Suez Canal in this month as part of its shared services network, with Germany's Hapag-Lloyd. (Reporting and editing by Terje Solsvik, Thomas Derpinghaus and Jacob GronholtPedersen)
Endeavor Global LNG raises $1.75 bln after pricing United States IPO
Venture Global LNG has raised $ 1.75 billion after pricing its U.S. initial public offering within variety, the secondlargest exporter of melted natural gas in the United States said on Thursday.
The company priced its offering of 70 million shares at $25. each, a day after cutting the price range to between $23 and $27. each and increasing the shares on offer.
The company had at first set a target of offering 50 million. shares for $40 to $46 each to raise as much as $2.3 billion for. an appraisal of $110 billion.
Endeavor Global was forced to nearly halve the evaluation it. was demanding investors balked at its estimated long-term. profit for melting gas for export, Reuters reported on. Wednesday.
The flotation, the very first huge IPO under the second regard to. President Donald Trump, is also a bet on the inbound. administration's agenda to enhance energy production.
Trump had actually assured to make the most of U.S. oil and gas. production in part by clearing away what he considers as unnecessary. regulation and bureaucracy.
He signed an executive order on his first day to end a. moratorium on brand-new LNG export permits, which clears a barrier. to Endeavor Global's growth strategy. He has also said he wishes to. see European companies buy more U.S. LNG.
Venture Global's IPO extends a strong start to the year,. buoyed by rate of interest cuts by the U.S. Federal Reserve and. expectations of deregulation and business tax reductions under. the Trump administration.
Oilfield providers Flowco's shares jumped. in their market debut recently, while Smithfield Foods is set. to go public next week with an appraisal aim of $10.7 billion.
Venture Global has 5 LNG tasks in various phases of. advancement near the Gulf of Mexico in Louisiana and expects to. have overall peak production of 143.8 million tonnes a year.
Developers such as Endeavor Global have constructed terminals along. the U.S. Gulf Coast to melt and ship the gas, turning the. United States into the world's leading LNG exporter.
Regardless of the rate revision, Endeavor Global's capacity. market price would likely surpass competing Cheniere Energy,. currently the biggest U.S. LNG exporter with a market price of. around $52.36 billion.
Endeavor Global, established in 2013, is anticipated to begin. trading on the New York Stock Exchange on Friday under the. ticker symbol VG.
The IPO is being underwritten by a distribute of Wall Street. banks led by Goldman Sachs, JPMorgan and BofA Securities.
On The Other Hand, Endeavor Global is likewise dealing with contract. arbitration cases brought by some of the world's leading oil and gas. producers, including BP, Shell and Repsol. , for freights exported from the business's first task,. the Calcasieu Pass plant.
The cases could cost Endeavor Global billions of dollars if. it loses, its IPO document indicated.
(source: Reuters)