Transport Infrastructure

The Egyptian cabinet confirmed on Thursday that a 'drone' was responsible for the fire which engulfed the two gas ships at Egypt’s Mediterranean port of Damietta. This is the first confirmation that the blaze that broke out a day before was not an accident. The cabinet said that no party had claimed responsibility and authorities continued their investigations, taking the?necessary steps to protect Egypt's security. Ambrey, a British maritime security company, said that on Wednesday a "drone" had struck a U.S. owned gas storage tanker in the port. This was an initial assessment which raised concerns over a possible 'further...

Ambrey, a British maritime security firm, said on Wednesday that a drone had struck a U.S. owned gas storage tanker in Egypt's Mediterranean Port of Damietta. The company cited an initial assessment. The Egyptian petroleum ministry released a statement that confirmed the fire in the port, but did not mention a drone attack. Inchcape, a port services company, said in an unrelated message that two gas tanks had caught fire near Damietta. Three trading sources who were familiar with the incident confirmed that the drone struck a floating storage tanker named Energos winter, causing an explosion which spread to a...

Regional sources familiar with the matter said that Yemen's Houthi militia is considering charging fees to commercial ships navigating through the southern Red Sea a week after announcing a naval blockade against Saudi Arabia. The Iran-aligned Houthis declared a maritime boycott against Saudi Arabia on July 20th, opening up a "new" front against the U.S. Sources said that the Houthis are considering imposing fees for most traffic passing through the Bab el-Mandeb narrow gateway which connects the southern Red Sea to the Gulf of Aden. At this point, no timeframe for implementation was provided. The media office of the Houthis...

Six sources familiar with the situation have confirmed that China held direct discussions with Yemen's Houthi Movement to allow its?tankers the freedom to navigate through the southern Red Sea, without fear of being attacked by the Iran-aligned militia. The 'Houthis' declared their blockade of the U.S. on July 20. This opened a new front in the Iran War against the U.S. According to sources, including a senior Iranian official, Beijing asked the Houthis to guarantee safe passage for their tankers. Sources who refused to be named due to the sensitive nature of the issue said that China was one of...

JetBlue Airways announced on Monday that it will be overhauling its fare options to give customers more flexibility in choosing seats as well as?change and refundability options. Airlines are increasingly relying on segmented prices to 'boost revenue' and offset higher costs. The New York-based carrier said that the update would be released in the next few days. It is expected to announce its second-quarter earnings on Tuesday before the bell. The segmentation of fares and customer choice have become crucial for revenue performance, even though fuel price volatility will remain a risk. Customers will be able book the fare that...

The Federal Aviation Administration announced on Friday that major U.S. carriers would need to retrofit their planes to prevent wireless interference by the year 2030. However, they could be eligible for government rebates of up to $2.2 billion to cover these costs. The FAA has mandated that all altimeters must meet the next-generation performance standards to combat interference from 5G spectrum signals, which could lead to 'inaccurate readings. The government will fund the rebates with some of the proceeds from the Federal Communications Commission's C-Band Wireless Auction. The FAA estimates that the cost per aircraft will range from $80,000 to...

Euronext Wheat Futures dropped?more? than 6% after reports that Ukraine was looking at possible ways to keep vessels moving through its Big Odesa port. This raised hopes for Black Sea exports. The price of front-month milling wheat for September on Paris' Euronext fell?6% at 1320 GMT to EUR228.75 ($260.02), after falling as low as EUR226.25 per ton earlier. Chicago's most popular wheat contract was down 4% at the same time. ExpertGrain Media reported that under 'the proposal', shipowners would notify both Ukrainian authorities and Russian authorities prior to vessels calling at ports in either of the countries. Ships registered under...

Canada will celebrate the 'opening of a new bridge linking Windsor, Ontario and Detroit, Michigan on Friday, in a quiet ceremony without U.S. officials, after a dispute over toll sharing and threats from U.S. president Donald Trump of tariffs of up to 50% further strained tensions between the two countries. Canada has cancelled the planned ribbon-cutting ceremony to celebrate the Gordie-Howe International Bridge. The country said that the event would be celebrated only by Canadians, before the bridge is opened for traffic on Monday. The celebration of a long-standing friendship between the two countries has been overshadowed due to trade...

As part of the legislation required to renew federal transportation programs, the Trump administration wants Congress to make daylight savings?time permanent. They also want to deprioritize mass transit and bicycle lanes, reduce funding for charging stations for electric vehicles, and accelerate adoption of self-driving car technology. In a letter sent to Congress on Thursday by Sean Duffy of the U.S. Transportation Department, he also asked that Congress provide New York Penn Station another $1 billion to rebuild it and direct Amtrak rename Penn Station. In February, it was reported that the Trump administration offered to defrost some transportation funds in...

Sources say that the insurance costs for shipping goods across the southern Red Sea have doubled since Thursday's attack by Yemen's Iran aligned Houthis on at least one tanker. The Houthis claimed that their forces had launched missiles and drone attacks on the Encelia and the Layla, two Saudi oil tankers. The Strait of Hormuz was essentially closed, which made the situation worse for "shipping" in the region. The strike was confirmed by maritime security sources off the coast of Jizan in southern Saudi Arabia, near Yemen's border. Donald Trump, the U.S. president, mentioned two attacks against Saudi oil tankers....

Three industry sources reported on Thursday that drones had attacked two more oil tankers as they approached the terminal of 'the Caspian Pipeline Consortium,' on 'Russia's shores' of 'the Black Sea. This has further harmed prospects for exports to Kazakhstan, who uses this outlet. Authorities alleged that the closure of the terminal earlier this week, which accounts for more than 80 percent of Kazakhstan's oil exports, was due to safety concerns. This forced Kazakhstan to reduce its oil production. Sources said that the CPC should have provided oil to the HERA and ALATAU tanks. HERA, however, was set ablaze and...

These are the most popular stories in the Wall Street Journal. The?has not?verified these stories and?does not?vouch for their accuracy. Union Pacific has struck a deal with Canadian National Railway in which it will give Montreal Railway more access to the Midwest, in exchange for the company ending its opposition to Norfolk Southern's merger with the American railroad. After the companies made concessions in relation to film distribution, the European Union has approved Paramount's $81 Billion bid to purchase Warner Bros Discovery. IBM CEO Arvind Krsna urged the company to shift its sales force away from large licensing deals and...

The owner of the Danish flagged oil products tanker, Torm Innovation, announced on Friday that the vessel will sail to Asia via the Suez Canal with its cargo due to the current security situation in southern Red Sea. The Iran-aligned Houthis declared a naval blocade on 'Monday against Saudi Arabia, opening up a new front in the war between the United States and Iran. This could threaten global energy supplies and trade beyond the Gulf. The vessel will sail via the Suez Canal and around Cape Horn to Asia, due to the current security situation on the southern Red Sea....

DP World announced on Wednesday that it would build two new container terminals at Fujairah, a city on the eastern coast of the United Arab Emirates. The Gulf state is working to reduce its?dependence? on the Strait?of Hormuz due to the Iran War. The Dubai-based company said that the 'development' will expand DP World UAE capacity and gateway networks, giving customers more choice, flexibility and connectivity on regional and global trade routes. The development, once operational, will increase DP World’s total container handling capability in the UAE from 19.4 million Twenty-foot Equivalent Units (TEUs), to nearly 22 million TEUs. It...

Iraq temporarily suspended oil loadings at its Basra terminal on Thursday before they were resumed, according to four Iraqi sources in the oil and security industries. Sources added that the drone was not damaged or set ablaze and that it wasn't immediately apparent who launched it. The head of Iraq's state-owned oil marketing company SOMO said that the incident did not involve a direct assault on terminals or vessels. It is not targeting Basra Oil Terminal. It is not targeting Basra Oil Terminal. Ali Nazar stated that loading is done at the normal rate, depending on vessel availability. A spokesperson...

The race to secure vital minerals has created a wealth of opportunity for countries that have the fortune of having the right metal deposits. The goal is to extract as much value as you can from the metals in the earth. The obvious answer is processing. Smelters that convert ore to metal are not only more valuable, but also provide a path to greater industrial and economic growth. It's a way for Western policymakers to loosen China's grip over midstream capacity in a large part of the critical metals spectrum. According to a joint study by the consultancy CRU, and...

Data and industry sources indicate that daily crude loadings in Saudi Arabia's Red Sea Port of Yanbu are close to their maximum levels as tensions with Yemen's Houthi militants intensify. The kingdom also seeks to maximize oil exports. Since the U.S. - Israel conflict with Iran began February 28, Saudi?Aramco has increased its use of the Yanbu Terminal. Sources have said that Saudi Arabia also considers expanding its capacity of the oil pipeline to the western Red Sea Coast, which would enable the kingdom and?possibly?neighbours to transport more crude oil without having to cross the Strait of Hormuz. Aramco didn't...

Shipping data revealed that the number of tankers traversing the Strait of Hormuz dropped to its lowest level in two months in the last day, after renewed strikes between Iran and the U.S.?and attacks against vessels raised safety concerns. Shipping industry sources say that vessels are increasingly turning off their public AIS?transponders. This makes it difficult to count the total number of ships on the waterway. According to Kpler's analysis, based on the data available, oil and gas tanker traffic has fallen to its lowest levels since May 25. In a recent report, ship broker Gibson stated that the world...

The U.N. Shipping Agency's governing board agreed that countries should reject Iran's efforts to impose sovereignty over the Strait of Hormuz, and Tehran's unilateral decision to create an agency to control traffic in the waterway. This week, the U.S. and Iran engaged in hostilities, which included U.S. airstrikes triggered by Washington's accusation that Tehran was responsible for attacks on ships. The attacks have renewed concerns over the recovery of oil supplies and shipping worldwide, and they have highlighted the fragility in an interim truce that was supposed to end a conflict lasting more than four months while the U.S. negotiated...

Iran has started talks with Japanese firms under a U.S. sanction waiver that allows?it resume oil sales. However, prospective buyers are?seeking longer waivers and reassurances regarding ship safety. The waiver was part of the 60-day talks between Washington and Tehran, and it expires on August 21. Two Iranian sources declined to identify themselves due to the sensitive nature of the matter. They said that three Japanese buyers are considering possible crude oil purchases in Iran. This would be their first purchase since 2019. A Western industry source with knowledge of the situation said that Japanese and Iranian officials were initially...

Authorities in St Petersburg, Russia's second largest city and the surrounding Leningrad area said on Saturday that a major Ukrainian drone strike overnight had hit a local oil pipeline and port. Alexander Beglov, the Governor of St Petersburg, said that the city with a population of 6,000,000 had been subjected to a "large scale" drone attack. The city's oil storage terminal was also hit. He stated that there were no injuries and the aftermath had been handled. Alexander Drozdenko, Governor of the Leningrad Region, said that drones struck the port of Vysotsk on the Gulf of Finland. The port is...

The stock markets of the United Arab Emirates ended higher on Friday, following gains in global equities. A lukewarm U.S. employment report dampened expectations for a near-term Federal Reserve interest rate hike. The STOXX pan-European Index rose?0.2% while MSCI's broadest measure of global equity edged up by 0.1%. As more people left the workforce, the U.S. unemployment rates fell from 4.3% to 4.2% in May. Soft jobs data decreased expectations of an impending Fed rate hike and increased betting that rates will remain on hold until October. Changes in U.S. currency policy can have a major impact on Gulf markets,...

A top U.N. official announced on Friday that the United Nations was working with countries to resume the evacuating of hundreds of vessels and thousands of stranded seafarers in the Strait of Hormuz, after this effort had been halted earlier in the week. The U.N. International Maritime Organization announced on Thursday that it had "temporarily paused' its evacuation initiative following the attack on a container vessel operated by Taiwan-based Evergreen. IMO Secretary General Arsenio Dominguez said that 115 ships and around 2,500 seafarers were able to navigate through the strait, before evacuations ceased. Dominguez stated that he is working "vigilantly",...

The U.S. and Israel war against Iran is causing financial stress for companies in Australia and New Zealand. Higher fuel prices are stoking inflation, reducing consumer and business confidence and weighing on corporate earnings. Some of the companies in Australia and New Zealand have made an impact. Air New Zealand: New Zealand’s flag carrier predicted its largest annual pre-tax losses in four years. This was two months after withdrawing their earlier 2026 forecast, as the Iran War pushed up jet oil prices, increasing costs, and compounding the pressure of weak demand and fleet restrictions. Air New Zealand has forecast a...