Latest News
-
Norwegian Air Shuttle announces a larger-than-expected quarter loss
Norwegian Air Shuttle, a budget airline, reported a larger-than-expected operating loss for the quarter on Tuesday. The increase in fuel prices and the Supreme Court of Norway's decision regarding ETS obligations from 2020 were to blame. Norwegian's result was a dramatic reversal of its performance a year earlier, when it had made a profit?of 1.25 billion crowns during the period April-June and announced that it would pay a first-ever dividend. Norwegian's operating losses were 603 million Norwegian crowns (about $61.7 million) in the second quarter. This was higher than the 517 million crowns loss that analysts expected. Budget airline booked a one off?733million crown loss in June after the Supreme Court of Norway rejected its appeal regarding 2020 EU emission obligations that it claimed it couldn't meet while it was under reconstruction. Flight cancellations and disruptions have been caused by the U.S. and Israeli war against Iran, and the blockade of Strait of Hormuz. The conflict has caused the disruption to continue, even though some airlines have started resuming flights. Norwegian 'Air's unit costs, or the average cost to fly an aircraft seat, increased 6% from the previous year -to 0.76 crowns during the third quarter. The airline has hedged about 55% of its estimated jet fuel consumption in 2026, and approximately 25% in 2027. Norwegian said that the overall market condition remained good. The number of tickets sold was higher than the same period last year despite a "softer" demand for the summer season. Reporting by Vera Dvorakova, Gdansk. Editing by Matt Scuffham.
-
China's oil imports in June hit near 10-year-low amid Iran war
China's crude imports in June fell by?41.3%, to the lowest level for almost a decade. This was due to a drop in refinery run rates due to a weak domestic market and export restrictions on refined oil products. Customs data on Tuesday showed that China imported 29.27 millions tons of crude oil, or 7,12 million barrels per days, in June. This is the lowest level since October 2016. After oil imports fell to an eight-year low?in May, the slump continued into June, with imports dropping by another 12%. According to Vortexa, the ship tracking company, China's seaborne crude oil imports were around 6 million barrels per day in June. Imports from the Middle East also hit their lowest level in 10 years, and Iranian oil imports dropped 40% month over month to less than 800 thousand barrels a day. According to Chinese consultancy Oilchem, in June, China's crude distillation units had an utilisation rate of 57.72%. This was down by 3.28 percentage points from the previous month, and 13.09 percentage points on a year-on-year basis. "Refinery runs rates were probably near a decade-low, due to weak domestic demand and restrictions on refined oil products exports." If refined products are loosened, run rates may see a partial recovery," said Emma Li at Vortexa. The oil market is also considering the permanent loss in demand from China due to the sharp drop in fuel consumption following the oil price spike. China's massive electric vehicle fleet suggests that it can live with less oil. Natural gas imports also rose 3.7% on an annual basis to 10.9 millions tons in June, according to data from Customs. Natural gas imports fell 3.4% in the first half?2026 to 57.45 millions tons from the same period last year. The data does NOT separate LNG from gas piped across the land. In June, China exported 4.36 millions tons of refined oil products. Export restrictions in March were imposed to protect domestic supplies amid the Iran War. This resulted in a 13.2% drop year-on-year. 1 ton = 7.3 barrels of crude. (Reporting and editing by Thomas Derpinghaus, Sonali Paul and Lewis Jackson)
-
Typhoon Bavi causes severe flooding, forcing more than 260,000 people to evacuate
Typhoon Bavi, which caused a lot of flooding in northeastern Liaoning Province, was the most powerful storm that hit Mainland China this year. Authorities said that heavy rain will continue through Tuesday with some areas experiencing extreme downpours. Bavi is bringing tropical moisture northward and creating a flow of humid air to northern China. Videos posted on Chinese social media show a 'lighthouse' in Shenyang (the provincial capital of Liaoning) severing its high-voltage electricity line, drifting along the?main roads, and even crossing under a bridge. All schools and training institutes have been ordered to suspend their classes. Transport services in the northeastern cities, including Shenyang, Jilin and others have also been severely disrupted. Bavi formed 13 days ago in the Pacific Ocean, covering an area as large as France. Even though it made landfall in China's eastern provinces on Saturday, its structure was largely intact on Monday. This makes Bavi the longest-lasting tropical storm in Asia-Pacific this year. Chinese meteorologists claim that Bavi's long-lasting nature is due in large part to the fact that its warm core has been preserved exceptionally well. This allows Bavi to retain a lot of moisture even as it churns towards the Korean peninsula. When 'Bavi', which is currently a tropical storm, begins to slow down and release the moisture it has been holding, heavy rains are expected. (Reporting from the Beijing newsroom, writing by Farah Masters; editing by Stephen Coates).
-
New York City's major power line goes offline for the second time this July
The $6 billion transmission system that was designed to bring Canadian hydropower to New York City has been shut down a second time in the last month. This disrupted a clean energy project that was meant to reduce New York City's dependence on dirty fossil fuel generators. The 1,250 megawatt Champlain Hudson Power Express transmission line (CHPE) can provide up to 20% New York City electricity. Hydro-Quebec announced on Monday that the transmission line is offline because of a cable problem. Hydro-Quebec and private-equity company Blackstone Inc. developed the project. New York ISO's data, which controls the flow of electricity in the state grid, shows that the shutdown is expected to last until at least Friday. Hydro-Quebec has confirmed that the current cable problem with?CHPE is not related to a shutdown on July 1. The line began operation in May after a 15-year planning and development period. The energy demand in New York is expected to increase this week as temperatures reach 100 degrees Fahrenheit. According to federal data, the city's reliance on generators that have?the best pollution controls will be 6 times higher than those with the most advanced emissions controls due to CHPE's power outage. The 339-mile (546km) 'power line' stretches along the length of New York State from the Canadian border up to Astoria in Queens where the?energy is fed into the New York City grid. New ISO stated that its energy demand planning studies didn't assume CHPE was available to meet summer peak demand. "That's one of the reasons why the grid worked reliably during this heatwave earlier in August." While reserves were tight, we had enough generation and reliability resources to meet the demand regardless of CHPE status," New York ISO spokesperson Kevin Lanahan stated. (Reporting by Tim McLaughlin, Editing by Chizu Gregorio and David Gregorio).
-
Sources say that Riyadh Air is looking at ordering 25-30 Boeing 787s as well as more Airbus.
Industry sources say that Riyadh Air is looking at acquiring between 25 and 30 additional Boeing 787 Dreamliners, by utilizing its contractual rights with the U.S. aircraft manufacturer. It may also increase its Airbus order list. The airline, which last week conducted 'its first commercial revenue flight', has ordered up to 72 Boeing Dreamliners by 2023. This includes 39 definitive orders and options for another 33. Sources said that Riyadh Air could announce its intention to convert the majority of these options into outright purchase as soon as next week at the Farnborough Airshow. However, they warned that details are still being discussed. Riyadh Air and Boeing declined to comment. Riyadh Air has also placed an order for?25 Airbus A350 - 1000 long-haul 'jets, with options to purchase another 25. Industry sources claim that some of those?orders may also be turned into firm orders. Airbus declined comment. (Reporting and editing by Louise Heavens, Tim Hepher)
-
Hapag-Lloyd's outlook for the year is raised on the back of strong demand and freight rates
Hapag-Lloyd, the German'shipping company', raised its financial -year outlook on Monday. It cited strong market -demand and positive freight rate developments. Hapag-Lloyd now expects its earnings before interest tax, depreciation, and amortisation for the full fiscal year to range from $2.7 billion to $3.7 billion. This is up from the previous forecast of between $1.1 billion to $3.1 billion. The company has also increased its group's?earnings prior to interest and taxes (EBIT), for the year, to a range of $100 million to $1 billion. The forecast was subject to high uncertainty due to the volatility of freight rates, as well as major geopolitical issues. Hapag-Lloyd & Maersk will resume some sailings through the Suez Canal. This Asia-Europe trade route was abandoned by most shippers after Yemeni Houthi rebels destroyed vessels in 'the Red Sea. Shippers were forced to use the much longer route around Africa's Cape of Good Hope. However, firms are considering returning to the Red Sea Route. Shipping rates increased as a result of the longer trips?around Africa.
-
US lawmakers debate whether to end twice-yearly clock switching
The U.S. House of Representatives will vote this week on a measure to extend daylight saving time year-round. Another group of legislators wants standard 'time to be permanent. The House Rules Committee will meet at 4:00 p.m. Monday, the House Rules Committee will meet to determine if any amendments are needed before the House takes up the measure this week. The House Energy and Commerce Committee approved the Sunshine Protection Act 48-1 on May 1. In March 2022, the U.S. Senate voted to permanently extend?daylight savings time but the House did not take up the issue due to opposition. Hawaii and Arizona don't observe daylight saving time. The supporters of the measure claim that the time change causes sleep disruptions, increased workplace injuries and car crashes. They believe that brighter evenings will also spur more economic activity in winter. Since the 1960s, daylight saving time has been implemented in the United States. This involves moving the clocks one hour forward during the summer months. Two lawmakers introduced the Sunshine for Our Kids Act last week. The act makes standard time the default time for all states, but allows them to opt in for daylight saving time if that is what they prefer. Reps Pat Harrigan, Mary Gay Scanlon and others argue that standard time is better for mornings to be in sync with the natural light?and circadian rhythms. Donald Trump has been aggressive in his push to end the?bi-annual clock-?switching. The U.S. Senate will need to decide again if it wants to consider the measure, which is opposed by U.S. Senator Tom Cotton of Arkansas, a Republican, and others. Cotton said that it would lead to absurdly late winter dawns and force many children to attend school in darkness. In World War II, the United States implemented a year-round daylight savings time. They did it again in 1975 to reduce energy consumption. It was unpopular, and Congress repealed the law later that same year. (Reporting and editing by Nick Zieminski.)
-
Canada's Oil Sands Alliance signs agreement to advance Pathways Carbon Capture and Storage Project
The Oil Sands Alliance, the Alberta government and the federal government of Canada announced on Monday that they had reached an agreement for the 'Pathways carbon capture and storage 'Project. This was a condition set by the government to'move forward with the new West Coast oil pipe. The Oil Sands Alliance said that the Pathways Project, when operational, will be able to transport and safely store approximately 6 million metric tonnes of CO2 per year by the mid-2030s. Early July, Canada announced plans to build a pipeline from Alberta to the Pacific Coast. This would allow the fourth largest oil producer in the world to have greater export capacity to Asia. It would also reduce its dependence on the United States. Mark Carney has tried to strike a balance between Alberta's goal of increasing oil production and?environmental concerns. He has said repeatedly that federal support for the new crude pipeline in Canada depends on oil sands producers in Canada implementing a large-scale project to capture and store carbon emissions. This would reduce emissions from Canada's most polluting sector. The biggest Canadian oil sands companies -- Suncor Energy and Canadian Natural Resources, Cenovus Energy Imperial Oil, ConocoPhillips Canada, ConocoPhillips Canada, Cenovus Energy -- proposed the Pathways Project in 2022 but refused to assume?the cost of its construction. The initial estimate was C$16.5 billion. However, the companies and the government have agreed to scale down the project and build it in phases. The government-owned Trans Mountain ?Corp will build a new 1-million-barrel-per-day pipeline in coordination with Pembina Pipeline Corp PPL.TO. Pembina will have a 10% stake during construction and the opportunity to increase that up to 10% after the project is operational. The government of Premier Danielle Smith has stated that construction could begin as soon as September 2027.
Gazprom is blamed by the president of Moldova for the energy crisis
The President Maia Sandu accused Gazprom on Thursday of creating an energy crisis in Moldova. She said the Russian energy giant refused to supply gas via an alternative route, if fuel stopped flowing through Ukraine by the end of the year.
Since Kyiv announced that it would not renew its contract with Gazprom at the end of December, Moldova's 2.5 million residents have been preparing themselves for prolonged power outages.
Russia provides Moldova with around 2 billion cubic meters of gas each year via Ukraine. This is piped to the breakaway region of Transdniestria which uses the gas to generate cheap power, which it sells to government-controlled Moldova.
"The problem is simply that Gazprom refuses to fulfill the contractual terms, and supply gas through another route." Sandu, Moldova’s pro-Western President, said at a press conference that the route and volumes were available.
"To call them by their proper names, they have an opportunity to create an Energy Crisis in Moldova. "This is yet another lesson to us: don't have a single source of energy that can blackmail us at every turn," Sandu said.
She said that the government of Transdniestria, a small former Soviet Republic trying to join the European Union was looking at how it could supply natural gas to Transdniestria, and encouraging the country to pay for the cost.
Transdniestria, the government of Moldova and Chisinau have agreed that in 2022 all Russian gas received in Moldova will flow to the breakaway region which does not traditionally pay for fuel.
The unrecognised, separatist enclave is home to a power plant which provides most of the power for government-controlled areas of Moldova at a fixed and low price.
The power plant may stop working without gas, and Moldova and Transdniestria could face blackouts lasting hours. This is the same situation that Ukraine has been experiencing for the past two years because of constant Russian missile strikes.
Sandu said that her government will propose "a variant" on how Transdniestria would receive gas if Gazprom stops deliveries of gas from January 1.
Chisinau said that a possible alternative route for Moldova would be to ship Russian natural gas via TurkStream to Turkey, and then through Bulgaria or Romania.
How to Pay
Both Moldova and Transdniestria declared states of emergencies due to the possibility of gas supply disruptions.
Sandu stated that the main issue was payment for fuel to be provided to Transdniestria. He added: "The left-bank of the Dniester region will have to pay the gas that Moldova supplies to the Transdniestria region."
She added, "The question now is how will the left bank be able pay for the gas."
Transdniestria used to be an industrial region of Moldova prior to the collapse of Soviet Union in 1991. After the split, both the region and its population were left impoverished and deprived of market opportunities, and they were cut off from Russia, which was a supporter. (Writing and editing by Alexander Smith; Pavel Polityuk)
(source: Reuters)