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Malaysia releases suspected tankers of illegally moving crude oil worth $130 million
The Malaysian Maritime Enforcement Agency announced on Tuesday that two tankers, detained last week off Malaysia's Penang Island for allegedly transferring crude oil illegally from ship to ship, have been released with their cargo. MMEA Penang Director Muhammad Suffi Mohd Ramli said that the authorities had arrested 53 crew on January 29, following a complaint about the ships' activity. KNOWN LOCATION OF SHIP-TOSHIP TRANSFERS The waters around Malaysia are known as a frequent site for illegal ship to ship transfers. Oil is transferred between tankers in the sea, either to conceal their origin or avoid sanctions. Malaysian authorities promised last year to crackdown on the practice. Muhammad Suffi’s office responded to questions by identifying the vessels as Nora and Rcelebra. They also said that the tankers are managed by agents in Penang, appointed by their owners. The ships were released on a bond worth 300,000 Ringgit ($76400) but they remained under investigation because of their ship-to-ship activity without permission. Muhammad Suffi’s office stated that "the case... is waiting for further instructions from Deputy Public Prosecutor (for court proceedings)". The agency failed to identify the source of the oil or tankers. According to LSEG data and public records, the unique IMO numbers 'of the Nora' and 'Rcelebra" matched those of vessels sanctioned in the West. In 2020, the U.S. Treasury added the Nora (formerly known as Longbow Lake) to its sanctions list for its ties to the National Iranian Oil Company. Since last year, European Union sanctions have been placed on the Rcelebra for suspected transportation of crude oil and petroleum product from Venezuela, Iran, and Russia. The Nora last was seen heading towards Sri Lanka while the Rcelebra headed towards the Eastern Outside Port Limit near Singapore. This area is a hub for dark fleet tanks, according to LSEG data.
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India's Adani Ports increases its annual earnings forecast and expects Australia terminal to boost
India's Adani Ports and Special Economic Zone raised its ?annual core earnings forecast on Tuesday, driven by a higher-than-anticipated growth ?and the acquisition of an export terminal in Australia. This and?U.S. The stock of the company soared by up to 9.54% after President Donald Trump announced a reduction in tariffs on Indian products, boosting the markets. The company, which is part of the billionaire Gautam adani-led group has raised its upper limit of core?earnings for the fiscal year that ends March 2026 to 228 billion Indian rupees (US$2.53 billion). Ankita Shah said that the revenue growth was in line with their estimates and the strong growth across the portfolio of businesses confirmed the ability to reach all the long-term goals for the company. Adani Ports is India's biggest private port operator by volume. Its consolidated?net profits rose by nearly 21%, to 30.54 billion rupees (US$338.02 millions) for the quarter ending December 31. This was due to strong volume growth. Ashwani Gupta, the CEO of the company, said that the "sustained" momentum across the four business units and the consolidation of Australia's North Queensland Export Terminal NQXT enabled the firm to increase its EBITDA projection for fiscal year 2026. Adani completed its acquisition of NQXT in December. This is a multi-user natural deepwater export terminal that has a capacity of 50,000,000 tons per year. Sreedhar Krishna Menon, a group insider, was also appointed as its new Chief Financial Officer. The company announced that he replaces D. Muthukumaran who has held this role since 2022. Revenue from operations increased by nearly 22% on an annual basis to 97.05 trillion rupees. This was largely due to an increase of 9% in cargo volume. JSW Infrastructure, a smaller competitor, also reported a 14% increase in its third-quarter profits last month. Adani Enterprises, the parent company of Adani, also announced a higher profit for its third quarter on Tuesday. Gains in its renewable energy and airport businesses were offset by weak demand in Adani's core coal trading segment.
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Russia and India oil ties are strengthened as US trade deal targets crude imported
On Monday, U.S. president Donald Trump announced that he had reached a deal with Indian prime minister Narendra Modi. The agreement included a stop to the purchase of Russian oil by India. The U.S. is trying to limit Russia's oil revenues to make it more difficult for Moscow to finance the?war? in Ukraine. Here are some important facts about the oil trade between Russia and India. OIL PURCHASES After the outbreak of the Ukraine war in February 2022, India became the largest buyer of Russian oil by sea. After some Indian refiners halted imports in November under pressure from sanctions, Moscow wants India maintain higher purchases. Data from trade sources shows that India's Russian oil imports in December fell to the lowest level in two years, while OPEC share of Indian 'imports' rose to an 11 month high. The United States and European Union have tightened sanctions on Russia, causing the oil to flow to India to drop by 22% in December to 1,38 million barrels a day. The data revealed that Russia's 'overall' share fell to 27,4%, its lowest level since January 2023. Meanwhile, OPEC's share increased to 53,2%. In spite of the decline, Russia was the largest supplier of oil for India in December, and also during the first nine-months of the current fiscal year, which runs until March 31, 2026. Iraq and Saudi Arabia were the next two suppliers. After other suppliers pulled out, the Russian-backed Indian'refiner Nayara Energy is now exclusively running on Russian oil. Russia is looking to India for support in boosting?Nayara Energy's fuel sales and capacity usage. UPSTREAM ASSETS India's Oil and Natural Gas Corp wants to retain its 20% share in Russia's Sakhalin-1 Oil and Gas Project in its Far East. Oil India Ltd.,?Indian Oil Corp. and Bharat PetroleumResources own a 23.9% stake in JSC 'Vankorneft, and a 29,9% stake in Taas Yuryakh Neftegazodobycha. Both are oil-producing subsidiary of Rosneft. ONGC Videsh is the overseas investment arm of ONGC. It also owns a 26% share in JSC Vankorneft. In Russian banks, millions of dollars in dividends due to Indian companies from the assets are still stuck. Oil India holds a 50% share in the Russian oil block License No. 61.
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Kuwait PM: KPC will invite international oil companies for offshore oil and gas development.
Kuwaiti Prime Minister Ahmad Abdullah Al-Ahmad al-Sabah announced on Tuesday that Kuwait Petroleum Corporation plans to invite international oil companies to help Kuwait Oil Company develop recently announced offshore oil discoveries. Al-Sabah said in his opening remarks to the Kuwait Oil and Gas Show, that KPC was in discussions with global financial institutions about a?lease and a?lease-back arrangement for a Kuwaiti crude oil pipeline system. Kuwaiti sources said in January that the country was planning to sell a stake in its oil pipeline network as early as February, a deal which could raise up to $7 billion. Kuwait's Oil Minister?Tariq al-Roumi said on Monday that the tenders for the Durra oil field project in collaboration with Saudi Arabia will be launched this year.
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Singapore airshow kicks off amid supply-chain strains and regional demand surge
Singapore hosted Asia's largest aviation conference on Tuesday, as the industry aims to achieve ambitious regional growth goals despite widespread supply shortages which have delayed many aircraft delivery. The 10th edition?Singapore Airshow? will feature more than 1,000 companies, including industry giants Airbus and Boeing as well as local champion ST Engineering. There is also a new generation of drone-focused defence firms such Asuril Industries and Shield AI. Singapore announced on Monday that it will launch its own space agency at the accompanying space summit. China and India are driving the Asia-Pacific region's rapid growth in air travel. By 2026, passenger traffic is expected to grow by 7.3%. However, plane manufacturers and engine makers are struggling with demand for fleet extensions. As the aviation market grows, there's a mismatch between demand and supply, said Jeffrey Lam. He's president of ST Engineering Commercial Aerospace, the largest provider of airframe maintenance services in the world. "I think the mood (at this show) reflects that there are a lot expectations and a lot anticipation about how the industry will continue to recover in order to meet the market demand, either from the airlines or the?flight passenger." Boeing has announced a deal for Air Cambodia to purchase 10 of its 737 MAX aircraft. Meanwhile, Chinese planemaker COMAC, with its C919 passenger airliner, is also competing for attention. This year, the C919 is making its return at?the show after dominating headlines in 2012. On Tuesday, China's Shanxi Victory General Aviation signed an agreement to purchase six firefighting aircraft. According to COMAC, the passenger version of C909 is gaining some traction in Southeast Asia. Indonesia's TransNusa and VietJet Aviation, Lao Airlines, and TransNusa have all operated the model over 20 routes, carrying more than 700,000. Key Meeting Point According to Jefferies analysts' calculations, the Singapore Airshow only accounted for 5% of all global airshow orders from 2012 onwards, far behind Paris Farnborough, and Dubai which are held in later months. It is a meeting place for regional airline executives, their counterparts from plane makers, and engine manufacturers, as they try to meet the growing demand for air travel, especially in Asia-Pacific, where 35% of all global air traffic occurs. Alton Aviation Consultancy released a report on the eve before the show that predicted India, China, and Southeast Asia to be eight of the top ten fastest growing air travel markets in the world between 2024-2044. Singapore Airlines, the home carrier, announced Monday that it will launch four flights per week to Riyadh starting in June. DÉFENSE OFFERINGS The Israeli defence ministry and 11 Israeli companies were invited to exhibit at the air show in Dubai and Paris after being ignored by the organisers last year because of the war in Gaza. China's AVIC displayed a large-scale model of its J-35A fighter jet as it seeks international sales for the fighter it has been marketing. Boeing announced that it would no longer build F-15 fighter planes for Indonesia. This ended what had been a?major deal for Jakarta's militaristic expansion. On Tuesday, large groups of Southeast Asian officials took a keen interest to the defence offerings at the show. Vietnam's delegation visited Airbus to see its displays of military helicopters, including the A400M transport aircraft. Thai military officers then headed over to Embraer for a static display. Singapore's defence ministry officials visited Israel Aerospace Industries. The lunchtime flying show featured performances by air force captains from Singapore and Indonesia. It also included pilots from India, China, Malaysia, and Australia. Reporting by Julie Zhu; writing by Jamie Freed and Joe Brock. Editing by Raju Gopikrishnan.
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Air Cambodia unveils order for 10 Boeing 737 MAX jets
Air Cambodia, Cambodia's national carrier, announced on Tuesday that it had placed an?order? for 10 Boeing 737MAX jets, stating that this reflected the deepening of relations between the United States and Cambodia. The deal was announced at the Singapore Airshow, in the presence U.S. officials and Cambodian diplomats. Boeing reported that the deal includes 10 firm orders and an additional 10, with the possibility of further 10. Mao Havannall, Cambodia's Minister of Civil Aviation, said at a press conference that the signing today sends a positive and strong signal about?the deep collaboration between Cambodia and United States. The first report on the deal was in August of last year. It was part of Cambodian negotiations to reduce its tariffs from the 49% originally?threatened to just 19%. The relationship between Cambodia and its largest export market in the United States has improved since President Donald Trump took office. Cambodia nominated Trump in August for the Nobel Peace Prize after he intervened successfully to stop a conflict with Thailand. Last month, Cambodia announced that it would be joining Trump's?Board of Peace. Boeing had entered the order in its order book for the aircraft in December, but did not initially identify the airline until the official air show announcement on Tuesday. Air Cambodia had operated European aircraft until now. The International Trade Administration of the U.S. Commerce Department reported last month that U.S. firms signed contracts with foreign governments worth $244 billion by 2025, which is nearly triple what they did in 2024, as Boeing saw a huge increase in orders for jetliners. (Reporting from Tim Hepher, Singapore; Additional reporting from Martin Petty, Bangkok; Editing Jamie Freed).
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Data shows that Russia's diesel imports jumped 19% m/m in January.
Data from LSEG and market sources showed that Russia's seaborne gasoil and diesel exports increased 19% over the previous month. This was due to a seasonal decline in domestic demand, which prompted traders to ship out more. The data shows that exports were 4,6% lower than in January 2025, as drone attacks, maintenance and other factors affected the output. Sources said that the shipment of ultra-low sulphur diesel through the Baltic port Primorsk - Russia's largest port for?diesel imports - jumped 32.4% in one month, to a new record of 2.256 million tonnes, supported by an increase in production. The diesel loadouts at the southern port of Tuapse fell by nearly half last month to 230,000 tonnes after a drone strike on December 31 damaged equipment and one port berth. About two weeks after the port was reopened, Rosneft controlled refineries began supplying it by rail. LSEG data shows that Turkey and Brazil were the two largest buyers of Russian gasoil and diesel last month. However, tankers transporting around 0.7 millions tons of fuel have not yet declared their discharge ports. A second group of vessels, carrying approximately 0.55 million tonnes of Russian diesel, is headed towards the?anchorages in Port Said (Egypt) and Cyprian Limassol. The traders stated that some of these cargoes may be reloaded through ship-to-ship transfer (STS), and possibly sent to Asian markets. One tanker that has around 100,000 tons of diesel in Primorsk is listed as having Malaysia?as a destination. Market sources said that the increased flow of Russian oil into STS operations could be linked to an 'intensifying Western sanction pressure. According to traders, the combination of severe frosts on the Baltic Sea, which require Ice2-class vessels and planned maintenance at domestic refineries could limit diesel exports out of Russian ports by February. Reporting by In Moscow. Susan Fenton is the editor.
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Maguire: US-driven gas-turbine crunch could speed up global clean energy adoption
The rush by U.S. utilities to buy as many gas turbines possible to boost their local power output has caused a global shortage in gas-power equipment. This may prompt other power systems into accelerating the development of cleaner alternatives. According to Global Energy Monitor data, the?amount? of U.S. natural gas-fired power plants that are under construction has increased by more than two-thirds since a year earlier, and the amount?of capacity?in preconstruction has risen more than fivefold from early 2025. The U.S. surge in gas-fired capacity is pushing delivery dates for new 'gas turbines' into the 2030s. Meanwhile, the cost of utility-scale solar farms with battery energy storage systems continues to fall. Companies in other countries are prioritising non-gas power sources as a result of the combination of increasing uncertainty in the gas supply chain and the availability of cleaner power alternatives. Rapid Growth at Home According to GEM, the U.S. pipeline of new gas-powered generator capacity has exploded over the last year. The total capacity under construction is expected to more than double by 2025 and reach 30 gigawatts. Pre-construction capacity for U.S. Gas has risen by?420% since early 2025, to just under 159 GW. Pre-construction capacity in the U.S. represents one third of global capacity pipelines at the same stage of development. This means the U.S. holds a record share for the "global power supply pipeline" of gas. Utilities are the main contractors for the new capacity planned, but a few so-called hyperscalers such as Meta and Microsoft intend to power their facilities directly from gas plants. The appeal of gas-fired electricity in the U.S. has been boosted by the strong policy support in Washington and the record high production of domestic natural gas. The promise to reduce restrictions on gas exploration in federal lands has also led to expectations that U.S. supplies of gas will continue to grow and remain the most abundant energy?source for U.S. utilities. COOLING Demand Overseas There are signs of a waning enthusiasm for gas power in other countries. Gas prices have risen to three-year highs last month in the U.S. and nearly doubled so far in Europe this year. Gas-importing countries also do not want to become dependent on potentially belligerent trading partner. The fallout from Russia's invasion in Ukraine 2022 is still affecting several European gas-consuming countries. They are hesitant to replace these lost supplies by importing LNG from the U.S., while President Donald Trump uses tariffs and threats of trade as tools of coercion. In Asia and Africa as well, energy sovereignty is a growing concern. The production of materials related to the energy transformation - such as solar panels and batteries - creates local jobs while also reducing energy imports. MOVING TARGETS It is estimated that 52% of global gas pipelines in pre-construction are based in Asia or Africa. Around 234 GW of planned capacity in Asia, and another 19.3 GW on the continent, will be built. China has 61 GW in pre-construction, on top of the 31 GW that are currently being built. It is increasing its overall gas-powered footprint. The wide time frame of the pre-construction project means that these capacity levels will change. This is especially true in China, where the mix of generation changes at an 'unprecedented speed. China is the world's leading producer of renewable energy and manufacturer of clean-energy components. Its utilities and government are prioritising energy derived from domestic sources over imported fuels. Solar panels and battery storage system are increasingly popular with utilities around the world. Beijing continues to place a high priority on supporting these manufacturing and export-oriented industries. This means that China will continue to ship a large amount of clean energy components, even though gas turbine scarcity is increasing. The prospect of affordable, abundant renewable equipment may be more appealing to global power system managers than the uncertain timeline and high gas prices for gas power components. This could lead to a divergence of global power systems, with the U.S. becoming ever more gassy while other major markets choose a cleaner composition. These are the opinions of the columnist, who is also an author. This column is great! 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.
One week after Storm Kristin, a new tempest threatens Portugal
Portugal is bracing itself for a new hurricane that could cause flooding and further destruction, as it still struggles to recover from the effects of Storm Kristin.
The Portuguese Institute of the Sea and Atmosphere (IPMA), announced late Monday that the new hurricane, Leonardo, will begin to impact mainland Portugal on Tuesday afternoon until Saturday.
Iberian Peninsula residents have experienced heavy rains, strong winds, and thunder in the past few months.
IPMA warned that Leonardo could bring persistent and at times heavy rainfall, with wind gusts of up to 75 km/hr (47mph) in the central region south of Cabo Mundgo, and 95km/hr in the highlands.
The gusts should, however, be less intense than the 200 km/h winds unleashed by storm Kristin. This storm?battered central Portugal early on Wednesday morning, killing six people, and leaving behind a trail of destruction in homes, factories, and critical infrastructure.
Daniela Fraga - deputy commander of the national emergency and civil defense authority ANEPC - told reporters on Monday night that heavy rains in the next few days could lead to flooding and inundation, especially in regions affected by "Storm Kristin".
E-Redes, a power distribution company, said that nearly 134,000 households still lacked electricity. Around 95,000 of these were in Leiria, a region located in the middle of the country. (Reporting and editing by Hugh Lawson; Sergio Goncalves)
(source: Reuters)