Asia

MMC Corporation (which owns Malaysia's largest port operator) informed staff via an internal memo that Sultan Ahmed bin Sulayem had been?appointed as executive chairman of the ports unit due to his expertise and proven track record. This was after public outcry regarding his alleged ties with Jeffrey Epstein. The chief executive of MMC Corporation sent the memo to all staff. The memo stated that Emirati Bin Sulayem was appointed to MMC Ports in accordance with the parent's mission of elevating its businesses to international excellence and competitiveness. Exclusively reported in July, Bin Sulayem was to take over MMC Ports five...

South Korea will flag off a container ship bound to Europe via the Arctic on Saturday, testing if a route made possible by melting sea ice is commercially viable. However, the trip requires Russian cooperation, which could cause friction with Western allies. The 'trip' would be South Korea’s first commercial voyage via the Arctic to Europe, if it is successful. It will join China and Russia as the only countries that have run or tested cargo services on this route. PanStar Acro, which will depart from Busan and sail north, will stop at Felixstowe, Britain, Rotterdam, Netherlands, and Gdansk, Poland,...

CK Hutchison announced on Thursday that it had filed a?international arbitration proceeding against Panama, and sought?damages in excess of $1.5 billion for?the 'destruction' of its investments. CK Hutchison stated that Panama had violated an investment treaty following a series measures taken over the last two years, which culminated in "the destruction of the concession contract for?the ports?of Balboa?and Cristobal?and the takeover of port terminals". The Hong Kong-based conglomerate stated that "the?board strongly disapproves of the measures taken by Panama to violate the?treaty". Conglomerate owned by Hong Kong’s richest man, Li Ka shing, is caught up in a diplomatic spat since...

South Korea will launch a container ship bound for Europe via Arctic on Saturday, testing if a route made possible by melting sea ice is commercially viable. However, this could cause friction with Western allies as the journey'requires Russian collaboration. If the trip is successful, it would be South Korea's first commercial voyage via the Arctic to Europe. It would also place South Korea alongside China and Russia as the only countries that have run or tested cargo services on the route. PanStar Acro, which will depart from Busan and sail north, will stop at Felixstowe, Britain, Rotterdam, Netherlands, and...

The attacks on shipping have closed more than 97% Russia and Ukraine's grain export capacities in the Azov and Black Sea Basin, cutting off "a major source of low cost supplies" and driving up global prices. In the last month, the two largest grain exporters intensified their attacks on ports, shipping, and other infrastructure. This forced importers from the Middle East and Africa to look for grain in more expensive suppliers, such as Australia or the United States. According to calculations based off official data and estimates by analysts, Russia and Ukraine exported together an average of 7.2 million metric...

Due to disruptions in the Black Sea port Novorossiysk, oil shipments from Russia’s western ports fell by 15% during the first half of August. The drop in oil exports reflects the increased difficulty Moscow faces to maintain its oil exports, as Ukraine targets Russian energy infrastructure which is crucial for supplies and budget revenues. In August, it was initially estimated that exports from the Baltic port of 'Primorsk' and 'Ust-Luga along with the Black Sea Port of Novorossiysk would be approximately 2.7 million barrels a day. The traders reported that oil exports, including Russian 'Urals oil' and Kazakh?grade KEBCO, had...

Sources say that Russia has rerouted Kazakhstan's crude exports to the Black Sea port of Novorossiysk from the Baltic port?of Ust-Luga, in order to free up more capacity for Russian oil exports?from the Baltic due to a heightened Black Sea security risk. Sources familiar with the issue said that Kazakhstan exports crude oil through Novorossiysk as well as Ust-Luga. However, Moscow wants to route all Kazakh transit volumes through the Black Sea starting in late August and continuing until the end of September. This move would allow Russia to replace Kazakh crude barrels at Ust-Luga by its own crude exports....

According to industry executives, ship brokers, and tanker trackers, two Chinese shipping giants are no longer sending oil tankers into Middle East chokepoints because of the ongoing conflict. Instead, they're collecting oil cargoes from outside the?Gulf. According to Vortexa, a tanker tracking service, and a shipbroker, state-controlled COSCO?Shipping Energy Transportation (CMES) and China Merchants Energy Shipping have been keeping their tankers away from the Strait of Hormuz since late July. Security concerns are preventing oil shipments for the world's biggest importer. Yemen's Houthis announced a maritime embargo on Saudi Arabia on 20 July, while the Strait of Hormuz is still...

Analysts said that the Chicago Board of Trade soybean futures rose on Monday, as higher crude oil and a stronger crush rate of soybeans supported the market. Wheat prices fell after investors took profits on last week's gains. However, the continued disruption of Russian and Ukrainian exports via the Black Sea helped to support the market. The corn and soybean futures rose as well, boosted by caution about U.S. crop yield prospects ahead of a closely followed Midwest tour scheduled for this week. Chicago Board of Trade futures for soybeans, the most active contract, rose by 23-1/2 cents a bushel...

Three industry sources and LSEG data revealed that at least one cargo of fuel?from India? has entered the Russian domestic market as Moscow tries to alleviate fuel shortages caused by a?Ukrainian drone swarm on refineries. Russia has taken a number of measures to help support its domestic fuel market following repeated Ukrainian attacks against oil refineries that caused shortages and price spikes. These measures include the import of gasoline by rail from Belarus and Kazakhstan, as well as a ban on fuel sales. In July, Deputy Prime minister Alexander?Novak announced that Russia would import oil products in order to stabilize...

The sultanate’s?state media agency? reported on Monday that weather conditions and operational difficulties were hindering salvage efforts of a grounded tanker leaking Russian crude in a marine protected area off Oman’s coast. Oman is coordinating the?salvage?operation with Ambrey, a risk management company. This is part of Oman's efforts to limit environmental damage caused by a spill estimated at 2,000 square kilometers. Environment agency of the government gave an official estimation of 400 sq km in August but has not yet issued an update. The Caroline Bezengi spill, which is the apparent result of an?unknown attack on the tanker in June,...

Market participants stated on Friday that the normalization of Colombian coffee logistics, including the return of beans to a major exporting port, and then to export markets could take up to two weeks. Fixing processing installations may take even longer. Market participants said that the 7.4-magnitude quake in the Colombian coffee region?killed almost 300 people, caused landslides along dozens of roads and destroyed a number of warehouses and export ports. Carlos Santana is a director of global coffee trader ECOM. He said that he estimates it will take 15 days to normalize the coffee flow. Colombia supplies around 25% of...

According to Yahya Saree, the military spokesperson for the Houthis'?Iran-aligned group in Yemen on Telegram Monday, the Houthis fired missiles at what they 'described' as a Saudi military ship and its four escorting vessels in the Red Sea. Saudi authorities did not immediately confirm the report. Mocha is a Red Sea Port near the 'Bab el-Mandeb Strait. This strategic chokepoint connects the Red Sea to the Gulf of Aden, and it is an important international shipping line. The Houthis reportedly attacked a ship on Tuesday in the Bab el-Mandeb Strait, at the southern 'entrance to the Red Sea. According to...

Two trading sources reported that the main Black Sea oil terminal of Russia, Novorossiysk, resumed its operations on Sunday following a Friday drone attack. Sources said that a Suezmax class tanker had been loading Kazakh KEBCO crude since Sunday. It was due to depart on Monday. One of the sources stated on Monday that another tanker will begin loading 80,000 tonnes of KEBCO crude oil on Tuesday. Novorossiysk is capable of handling?around 700,000. barrels per day. It can load Russia's Urals and Siberian Light grades as well as Kazakh KEBCO. The Sheskharis Terminal, the port’s main oil export facility, is...

According to regional authorities and media, fuel shortages returned to certain regions of 'Russia in August. Local authorities in at least ten regions tightened controls on the sale of motor fuel at petrol stations. On Monday, witnesses reported that diesel fuel was still available in almost all fuel stations throughout the Moscow region. However, gasoline was again unavailable. Fuel?crisis began in May, and by July, it had spread to almost all of Russia. It was caused by the closure of several refineries that were?targeted in drone attacks, and an increase in seasonal demand. The authorities increased fuel supplies on the...

L'IMAD, the Abu Dhabi sovereign wealth fund, announced on Monday that it plans to buy out AD Ports Group. L'IMAD owns 75.42% of AD Ports' shares through its wholly-owned subsidiary ADQ. It is now looking to purchase the remaining capital by way of a conditional voluntary cash offer at 6.25 dirhams for each share. According to calculations by?' calculations. AD Ports shares rose by nearly 15% to 5.86 dirhams at 0745 GMT on Monday morning, bringing them closer to the offered price. L'IMAD, one of Abu Dhabi's wealth funds, is chaired?by Crown Prince Sheikh Khaled Bin Mohamed bin Zayed Al...

Iraq's plans for a 'pipeline' to transport oil through Syria in order to avoid future disruptions to the Strait of Hormuz would likely take four years to build and cost $15 billion, according to sources familiar with the project. U.S. officials and energy executives have billed the plan as part of an effort to reduce the industry’s dependence on the Strait of Hormuz, which has been closed largely by the Iran War. The initial feasibility study is being funded by a consortium that includes Chevron. Over the next two-year period, the Strait will become irrelevant. Last week, U.S. Treasury secretary...

Grid gridlock could stall the renewable energy transition * Many green energy plants cannot connect to an overloaded grid * Government plans major grid expansion over next decade By Kate Bartlett The President Cyril Ramaphosa launched the latest green energy projects last month. He called it part of a "clean-energy revolution" and a 155 megawatt wind farm located in Mpumalanga Province. He said that "electricity which is reliable, affordable and becoming increasingly clean is the 'lifeblood' of a growing economic system." South Africa plans to add 105 Gigawatts to its grid by 2039. This will include nuclear, wind, and solar...

Open Interest (ROI), every Friday, distills the previous five days' financial week into five charts that highlight the most important trends, surprises, and overlooked moves. 1. HORMUZ REALISTIC CHECK CLYDE RUSSEL, 'ROI Asia Commodities and Energy'?Columnist : Middle East crude exports, including?flows across the Strait of Hormuz?, have been depressed this summer, say commodity analysts Kpler. The data is in line with other vessel tracking companies but it stands in stark contrast to the claims made by U.S. Energy Sec. Chris Wright this week that 15 million barrels of crude oil per day were leaving the region. This includes 9...

The Abu Dhabi National Oil Company reported that two of its vessels were attacked Thursday evening while they transited the Strait of Hormuz. No injuries were reported. This was the second incident in which ADNOC vessels were involved in less than one week. The UAE condemned an alleged Iranian attack against a vessel associated with the state oil company on Saturday as it crossed the strait. According to WAM, the state news agency of the UAE, ADNOC has confirmed that the situation is under control. The UAE Foreign Ministry condemned a "hostile Iranian assault" on the two ADNOC ships. The...

Ukraine will ship more grain via the?Danube River and neighbouring countries in?eastern Europe after a Russian?blockade? of key Black Sea ports caused exports to plummet 76% year-onyear so far this August, said the state railway operator on Thursday. Ukrzaliznytsia reported that grain exports have reached 201,700 tons this month. In a recent report, it stated that "the pace of export shipments has been extremely low due to the blockade at seaports." Since the end of December, Russian attacks on Ukrainian Black Sea export terminals, vessels and ports have effectively stopped shipments. Ukrzaliznytsia stated that export cargo is being redirected towards...

Multiple trade sources confirmed that 'Indian state-run refiner Hindustan Petroleum Corp. bought 4 million barrels of Middle Eastern crude in a spot auction on Thursday. They said that the refiner bought 2 million?barrels? of Murban crude? from BP and another?1million barrels? of Murban?from PetroChina, as well as 1 million barrels?of Oman crude?from Trafigura. Both grades are?loaded from outside of the Strait of Hormuz. Two of the people said that Murban's delivered price was $7 per barrel higher than Brent's contract date, and Oman's delivered price was $4 to $5 per barrel. Arrival of the oil is expected to be around...

Russian claimed on Wednesday that Ukrainian strikes against its grain and agricultural infrastructure were causing global food prices to rise - and exacerbating the grain shortages. This, it said, served some Western countries' interests. Maria Zakharova, a spokeswoman for the Russian Foreign Ministry, made her comments after a wave Ukrainian strikes on Russia’s Black Sea Port of Novorossiysk, which killed three people, including a young child, and caused major grain terminals in the city to cease working. Zakharova stated: "It's evident that the Kyiv regime is pursuing a cynical campaign of military aggression to create chaos on the global food...

Chief Executive 'Horacio 'Marin announced on Wednesday that Argentine oil Company YPF will begin exporting?180,000 barrels a day via a port located in the Rio Negro Province?from january as part -of -the VMOS Project. Marin told the Vaca Muerta Investment Forum, in Buenos Aires, that "we will begin exporting in January. First, we will export 180,000 barrels a day. Then, 360,000 barrels a day by mid-year, and then 550,000 barrels a day in 2028." He added, "We're already looking at expanding our production to 700,000.?barrels a day." VMOS, a consortium, includes YPF and Vista Energy Argentina, as well as Pampa...