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Maersk Shipping Group resumes service in the Red Sea
Maersk, a Danish shipping company, announced 'on Monday that it will re-start sailing through the Red Sea to provide another of its services. This is part of the group’s gradual return of using the Suez Canal as a shortcut between Asia and Europe. In a press release, the company announced that it would resume its WAF6 service. This service is operated solely by Maersk and connects the Middle East, Mediterranean, and West Africa. Maersk stated that "this change marks another small step in the gradual return of trans-Suez traffic." After attacks by Yemen's Houthis in the Red Sea, most shipping companies abandoned the Asia to Europe trade corridor through the Suez Canal. This forced vessels to take the?much?longer route around Africa's Cape of Good Hope. Some carriers have recently started a 'gradual return' to the corridor. Maersk, for example, announced on Thursday that it will re-establish its Middle East-to U.S. East Coast route through the Suez Canal. (Reporting and editing by Terje Solsvik, Louise Rasmussen)
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Chesapeake Utilities to build Florida gas pipeline worth $1.2 billion
Chesapeake Utilities announced on Monday that its subsidiary Peninsula Pipeline Company will 'develop, build and operate' a natural gas pipeline in Florida at a cost of about $1.2 billion. It said that the project would help increase natural gas transport capacity in order to alleviate regional supply shortages. Utilities are investing in new infrastructure for reliability and to support the?growing needs of residential, commercial, and power generation. Florida Energy?Pathway will be a 24-inch pipeline connecting Palm Beach?to Miami -Dade counties. It is supported by 250,000?dekatherms of?firm shipping agreements per day. Chesapeake Utilities said that the project is expected to be operational in 2030, subjected to final commissioning. It plans to partner up with one or two third parties, who could own as much as 49% of the project. The company stated that the project represents a long-term growth opportunity in a regulated environment and builds on its expanded presence in South Florida after it acquired Florida City Gas. Florida continues to be the leader in economic and population growth, driving an increase in energy demand. In the south Florida region, this has resulted in a'significant energy shortage' according to CEO Jeff Householder. (Reporting and editing by Katha Kaalia in Bengaluru, Leroy Leo, and Devika Syamanath).
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Hormuz traffic drops to a two-month low after renewed US and Iran strikes raise safety risks
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 would be in a worse position if the renewed escalation of the strait led to another extended closure of Hormuz. The global inventory has been rapidly depleted over the past few months. This is a recipe that will lead to a much tighter market, higher prices, and heightened downside risks for tanker markets. According to LSEG's and MarineTraffic's?ship tracking data, the Sea Faith oil tanker had a destination of Sohar. In an advisory issued on Sunday, the Joint Maritime Information Center of the U.S. Navy (JMIC) reported that commercial traffic in the Strait of Hormuz had "continued to be reduced". The traffic patterns continue to reflect operator caution after recent attacks. Satellite imagery of July 11, reviewed by, shows that at least three pairs of tanks were involved in ship to ship transfers outside of Hormuz in the Gulf of Oman. Transfers from ship to ship (STS), as the name suggests, involve oil being transferred from one vessel into another. Since the conflict began in February, STS transfers have allowed faster oil deliveries to?waiting ships who do not have to travel through Hormuz. One shipping official stated on Monday that "some ships are slipping into and out". The source stated that "this has to be seen as a managed war now, similar to the Houthis at the Red Sea," referring to Yemeni militias who paralysed the traffic through the Bab al Mandeb Waterway for almost two years, before calling a truce in 2026. TRUMP AND IRAN DIFFER ON STRAIT STATUS Central Command reported that U.S. Forces completed another round of strikes on Iran Sunday, hitting multiple targets in different locations with precision munitions. Donald Trump, the U.S. president, said that the Strait of Hormuz was open for commercial traffic on Sunday. Iran had earlier declared that the strait was closed after an Iranian vessel struck a ship that was travelling on a route that wasn't approved. The?Revolutionary Guards of Iran said Monday that two ships were stopped in the Strait of Hormuz by their navy last night after shutting down?their?systems. The?Revolutionary Guards did not name the ships. JMIC reported that an unknown projectile caused damage to a container ship on Sunday. The fire was started in the engine room. TRAFFIC SLOWDOWN Kpler data showed that six vessels crossed the strait Sunday, the lowest number for five weeks. The data revealed that the Very Large Crude Carrier Humanity was loaded with 2,000,000 barrels Iranian oil and another tanker called Capetan Andreas carried about 500,000 barrels Kuwaiti oil. Three empty tankers were also seen entering the Gulf to load oil. The data showed that most of the tankers turned off their transponders as they crossed the strait. Ship-tracking data shows that no liquefied?gas tanks entered the Strait of Gibraltar over the weekend. Kpler data indicated that between July 10th and 12th, one tanker owned by Abu Dhabi National Oil Co left the strait. The vessel was headed for Dahej in India. Reporting by Jonathan Saul and Florence Tan; Editing and editing by Lincoln Feast, Ros Russell, and Siyi Liu
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Maguire: Mid-year checkup of the US power system vital signs
If the U.S. energy sector underwent a mid-year checkup,?the verdict would be positive: vital signs are improving, clean energy is steadily growing, and certain long-standing illnesses?are becoming more severe. The transition is not yet complete, but trends remain in the right directions. As the system becomes cleaner, total electricity production continues to grow. According to the energy think-tank Ember, total electricity production?from January through July was 2,234 Terawatt Hours (TWh),?the highest for that half year period. This marks a nearly 3 percent increase from the previous year. According to the Energy Information Administration (EIA), a large part of this growth will be driven by AI-hungry, data centers, and electrification. The EIA expects U.S. electricity consumption to reach record highs in 2026-2027 for the third and fourth consecutive years. The rapid expansion of the electricity supply appears to be a sign of a healthy patient. Before assuming that a patient is in good health, it's important to examine the vital signs. VITAL SIGN 1: CLEAN POWER APPROACHING PRIMARY STATUS Clean electricity is now regularly producing more power than fossil-fuels. This is the clearest sign that progress has been made. According to Ember, from March through May, clean energy sources generated more than 50% of the electricity supplied by U.S. utilities, which is the longest stretch ever recorded. Clean sources provided 46.4% all of the electricity in June. This is when summer demand increases gas-fired power generation. This?compares to 42.4% in 2025 and 41.7% of June 2024. It indicates sustained clean-power development despite the aggressive push by the U.S. government to promote fossil fuels instead of renewables. Diagnose: Clean power is becoming the predominant source of energy during the key months of the calendar year. VITAL SIGN 2: SOLAR STRENGTH Solar power is the fastest growing part of our energy system. According to Ember, solar power generation in the first half of this year reached 231 TWh. Solar generation in June 2025 will be around 41.5 TWh. The first half of last year's output totaled 190 TWh - a growth rate year-on year of over 20%. Solar's share in the?U.S. The generation mix also reached new heights. Since March, solar has consistently represented more than 10% of all utility mixes. Diagnosis : Solar power has evolved into a major contributor to the U.S. energy system. VITAL SIGN 3: COAL CONTINUES TO SHRINK The oldest chronic disease in the sector continues to decline. Coal's contribution to generation has fallen from 32% at the beginning of 2016 to only 11.7% by April 2026. In April 2026, coal-fired electricity generation will total only 39.8 tWh compared to more than 113 tWh in January 2016 The high summer temperatures, coupled with the demand for air conditioners that consume a lot of power, have increased coal-fired production. However, its output year-to date is still around 11% lower than last year. Diagnosis : Coal is still a part of the mix for generation, but it's no longer an essential resource. VITAL SIGN 4: POLLUTION KEEPS FALLING The changing generation mix is affecting emissions. According to Ember, the total power-sector emission in June was just under 146 million tons of carbon dioxide or equivalent gases. This is down from almost 154 million tonnes in June 2025. The power sector emissions have fallen by about 5% compared to a year earlier despite an increase in the overall electricity output. Spring 2026 has delivered some of the best results in the dataset, with emissions totaling just 114 millions tons in March, and 109 millions tons in April. Diagnosis : Cleaner generation is resulting in real emission reductions and not just cleaner capacity additions. VITAL SIGN 5: NATURAL GAS REMAINS KEY Not all indicators point to a successful transition. During the first half 2026, natural gas will still generate 39% to 40% of U.S. electric power. In June 2026, gas-fired production reached 162 TWh, underscoring the role it continues to play in meeting demand and balancing out renewable output. Gas has been marketed as a "bridge" fuel for many years. It is still hard to replace in the top gas producing country of the world because it can increase output quickly when demand increases or renewable energy sources fall. Diagnosis : Although the patient is in better health, it still relies on gas for its primary source of dispatchable energy. CLOSING PROGNOSIS The mid-year review shows that the electricity system is undergoing a gradual transformation, rather than a radical revolution. Solar has surpassed coal as a heavyweight and emissions are continuing to fall. The U.S. grid is becoming less fossil fuel-powered and more clean-powered with each passing year. The opinions expressed are those of a columnist, the author. This column is a great read! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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China's first five-year plan aims to boost consumption
China has set a target of retail sales of 60 trillion yuan (8.85 trillion dollars) by 2030 as part a five-year plan to increase consumption and raise household incomes. The plan, which was approved by the State Council on Monday and released, aims to increase service consumption in elderly care, childcare and healthcare, as well as?culture, sport, tourism and education. The report also calls for a stronger?tourism related spending, an increase in visa-free entries to more countries and?more international direct flights to Europe and the U.S., as well as countries participating in?Belt and Road Initiative. China's first 5-year plan aimed at boosting consumption aims to increase consumption rates and the role of consumption in driving economic growth. Beijing will promote a new generation of consumption models, including AI-powered consumption and green consumption. The plan highlights the need for households to increase their spending power through stronger employment, higher wages and more property income. According to the plan, China has pledged to remove any "unreasonable restrictions" on areas like car purchases, housing, and approvals for entertainment events. The plan stated that fiscal and financial policies should place greater emphasis on direct benefits to consumers, livelihood spending, and infrastructure related to consumption.
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Bousso: Cheap drones are a weak point for the global economy.
Drones are cheap, mass-produced and have revolutionized modern warfare. They expose critical energy infrastructures as the Achilles heel of modern economies. Unmanned aircraft are able to evade air defences on the battlefields in Ukraine, Russia, and the Middle East. This makes oil refineries and power stations as well as export terminals and pipelines prime targets. The energy industry is affected by the implications. Swarms of drones, which cost a few hundred dollars up to several thousand dollars each, can threaten facilities that have taken decades and billions to build. This will dramatically shift the balance of power between attackers and defenders. Iran is a clear example of this new reality. Since the 'conflict between the U.S., Israel and Iran began on February 28, Tehran has used drones repeatedly to disrupt shipping in the Strait of Hormuz. Before the war, the narrow waterway was responsible for around a fifth (or more) of the world's oil and gas supply. The attacks have thrown into question a long-held belief that the Strait could not be closed without a strong naval presence. Gulf producers have been forced to re-evaluate long-standing plans for reducing their dependence on Hormuz. Governments across the Gulf are scrambling for thousands of kilometers of pipelines that will allow crude oil and natural gas to bypass the Strait. Every kilometer of pipeline, pumping stations or power substations creates a new target for drone attacks that are becoming more sophisticated. Iran has already targeted dozens of refineries and liquefied gas (LNG), power stations, and LNG plants in the region. It also proved that it could quickly manufacture new drones even during wartime. Ironically, energy security measures could create new vulnerabilities. And the danger extends well beyond the Middle East. UKRAINIAN SWARMS The destructive power of drones has never been more evident than in Ukraine. Kyiv launched a swarm of long-range drones in recent months against fuel depots, refineries and energy facilities deep within Russia. This disrupted fuel supplies, and showed that strategic infrastructure could be struck far from the front lines. Ukraine is also building a massive domestic drone industry. Ukraine produces hundreds of thousands low-cost drones each month. This shows how quickly the technology has become commoditised. The proliferation of drones, which are cheap and easy to use, is forcing governments to rethink their national defense. NATO members have announced that they will invest $40 billion over the next 5 years in counter-drone capability and train 5 times more drone operators by 2027. The technologies being developed include advanced radars, communications-jamming systems, interceptor drones, directed-energy weapons such as lasers, and specialised missile systems designed to destroy unmanned aircraft before they ?reach their targets. NATO stated that drones had fundamentally changed the nature of modern warfare, and have become a decisive force on the battlefield. Effective defence depends on the ability of quickly detecting, identifying, and neutralising drones. EXPAND ON YOUR OWN RISK The wars in Ukraine, Iran and other countries have revealed the vulnerability of vital infrastructures around the globe. This includes energy facilities, telecommunications systems, transport systems and electricity grids. In recent years, European authorities have reported an increase in the number of suspected Russian sabotages and hybrid attacks against offshore energy installations and rail networks. In the Middle East, the need for effective countermeasures has become more urgent because Iran could threaten to cut off Gulf producers' revenues by closing down the Strait of Hormuz. In order to counteract this, it is important to establish or expand alternative routes. Saudi Arabia considers expanding its crude oil pipeline, which connects the eastern oilfields of the kingdom with the Red Sea Coast. This would bypass the strait. During the Iran War, the East-West Pipeline proved to be a lifesaver, allowing Saudi Arabia continue exporting over 4 million barrels despite the disruption. This is more than half its pre-war levels. United Arab Emirates has also expanded the pipeline that connects its oilfields with the port of Fujairah, outside the strait. Iraq and Kuwait have explored similar projects. This infrastructure can reduce the risk of a single strategic point being targeted, but it also creates an extensive network that is harder to defend. Energy companies now consider the risks of drone attacks, as well as other unconventional warfare methods when deciding where to build and protect their assets. Some companies may decide to purchase their own drone defense systems, now that they know that their assets could be targeted. ECHOES FROM WORLD WAR I Drone technology has fundamentally changed the balance of the battlefield because traditional air-defence system are often ill suited to counter small low-flying planes and are, importantly,?exponentially expensive than the drones that they are trying stop. This dynamic has echoes from World War One when barbed wire, machine guns and artillery shook up centuries of military doctrine that relied on mass infantry assaults. A handful of soldiers with machine guns were able to slay hundreds of attackers who crossed open terrain. It was a bloody war of trenches and years on the Western Front. Only after the armies had developed new technologies, notably combat aircraft and tanks, were they able to finally break through?the impasse. As governments and military forces develop more effective countermeasures, the current drone threat is likely to play out in a similar way. For now, however, the economic and tactical equations favor the attacker. This leaves one of the most important industries in the world facing a difficult reality: a relatively inexpensive technology can threaten installations worth billions. Drones will continue exposing the vulnerable underbelly to global economies until this imbalance is corrected. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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EU imports record LNG volume from Russia's largest plant
EU data revealed on Monday that the European Union imported record volumes of liquefied gas from Russia's Yamal facility during the first half of this year. This is ahead a ban which will come into effect in 2019. The EU banned Russian LNG imports from April, but imports of long-term contracts are allowed until January 1, 2027. According to data from commodities intelligence company Kpler, EU countries imported 136 loads containing 9.97 metric tons of LNG from Yamal between January and June, an increase of 16% over the same period in the previous year. Novatek, a private Russian company, controls the Yamal LNG project located in western Arctic Russia. China's CNPC, France's TotalEnergies and China's CNPC also have stakes. According to an analysis by Urgewald, more than 97% (of the deliveries from the Yamal facility between January and June) went to EU ports. The group said that it showed "the extent of Europe's support" for Russia's LNG industry, while the EU supports Ukraine in its war with Russia. Urgewald stated that the project absorbs almost all of the output from one of Russia’s most strategic LNG projects. MONEY FOR MOSCOW’S WAR EFFORTS Urgewald stated that EU LNG purchases from Yamal during the period January to June were estimated at EUR5.96 billion (6.82 billion), Urgewald. France, Belgium, and Spain were the top three destinations for LNG deliveries. The EU decided to ban all Russian gas imports after Moscow's full-scale invasion in 2022. The EU has decided to ban all Russian gas imports after Moscow's 2022 full-scale invasion. The deadline for ending pipeline imports will be September 2027. The Yamal deliveries are part of a larger trend in which Europe has increased its Russian gas imports during this year. According to the EU's Agency for the Cooperation of Energy Regulators, EU imports of Russian pipeline gas increased by 7% annually from January to May 2026. Russian LNG imports increased by 11%. The increase was attributed to a number of factors, including 'companies' front-loading their deliveries in anticipation of the EU ban and the EU prohibiting trans-shipments of Russian gas in 2025. This means that more volumes are left in Europe, rather than being shipped elsewhere.
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Transport costs increase as Rhine shipping is hampered by low water levels in Germany
Commodity traders said that the current heatwave is causing a drop in water levels, which prevents cargo ships from being able to sail 'fully loaded' on the Rhine River in Germany. This has led to an increase in freight transport costs. In shallow water, vessel operators impose surcharges to compensate for ships not sailing at full capacity. This increases costs for cargo owners. The traders also said that the loads have to be spread across several vessels which are sailing partially loaded. This increases costs. The traders said that low water levels are affecting shipping along the entire river south of Duisburg and Cologne. This includes the chokepoint at Kaub. Ships can only sail at 20% capacity, and the load is often split between several ships. The traders reported that tanker barges can only carry around 1,200 metric tonnes through Duisburg, and only 460 at Kaub. Traders said that the cost of transporting tanker barges from Rotterdam, to Karlsruhe is now around EUR60-EUR70 per ton. This was EUR45 at end of June. The Rhine is an important shipping route, especially for commodities like grains, minerals, ores and coal, as well as oil products such heating oil. The traders say that the improvement in river catchment area is not imminent. Rain is expected?from this Friday. German companies were faced with'supply bottlenecks and manufacturing problems' in summer 2022, after a heatwave and drought led to abnormally low Rhine levels. (Reporting and editing by Louise Heavens in Hamburg)
Lazard reports that solar costs have risen 18% but are still the lowest cost generation.
Solar power project costs in the United States have risen 18% since a year ago, as tariffs and high interest rates are taking hold. However, renewable energy sources remain the most cost-effective way to generate 'new' electricity, according to a report published on Monday by the financial advisory firm Lazard.
The levelized cost energy of new combined-cycle gas plants, which is a measure for the average cost to generate electricity over the lifetime of a power station, has reached a 15-year-high. Lazard warns that costs may rise further due to equipment shortages and the booming demand for power.
The record-breaking?demand for electricity in the United States, driven by the growth of data centers and the electrification sectors like transportation, has led to a need for new generating capacity, while increasing development costs.
Lazard discovered that the levelized costs, or average cost to produce a unit of electricity over the life of a power station, for utility-scale solar increased from $38-$92 a year earlier. Samuel Scroggins said that levelized costs of solar and storage increased because of a variety of factors. Higher capital costs, higher interest rates, and inflationary pressures such as tariff pass through and repricing supply chains are all factors.
Solar and onshore winds, which are relatively quick to deploy, will still account for the majority of new U.S. generation capacity in the near future.
Solar and wind projects are still competitive even after calculating the cost of a backup system to guarantee?reliability'. This highlights?the important role that renewables will play in meeting increasing power demand.
The levelized price of electricity generated by 'combined cycle natural gas plants', which use gas to power one turbine and steam to power a second, has risen to $51 to $129 per MWh. Utility companies and power developers were attracted to the generation source because of its constant output.
(source: Reuters)