Asia

I Squared Capital, a global infrastructure investor, will purchase Indonesian logistics and cold storage company Cella. This marks its entry into Southeast Asia’s largest economy, as it plans to expand a lot over the next 4 or 5 years. Harsh Agrawal, senior partner at Cella and based in Miami, said that the investor wants to increase Cella's cold storage and warehouse space from 231,000 square meters to approximately 1.5 million square meters. I Squared has announced that it will purchase the entire business of NWP Property, a Japanese logistics facility specialist and CRE. The financial terms of the deal were...

The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the...

The Black Sea region is becoming the latest strategic 'trade chokepoint' to be affected by an escalating conflict. The Black Sea is an important route for the shipment of?grains,?crude oils and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across...

According to industry sources, and calculations, Belarusian gasoline and diesel supplies to Russia reached a monthly record in July. Fuel shortages were caused by unplanned outages at Russian oil refineries after months of relentless 'Ukrainian drone attacks. According to industry data and calculations, the Russian gasoline production had dropped early in July, to around 65% the average seasonal consumption. Diesel production had also fallen to the same level as domestic demand. The?Russian Government, in response to rising fuel prices at retail and wholesale, banned diesel exports. However, it allowed exemptions under previous contracts and intergovernmental agreements. Export restrictions for gasoline...

Five industry sources familiar with the matter have confirmed that China has eased its limits on refined fuel exports in August for a second time. Refiners were given temporary approval to ship 2.7 millions metric tons of fuel to destinations other than Hong Kong and Macau. Due to the short timeframe for spot sales, refiners can also rollover some of their August allowances into September. The August 'programme' is expected to be 3.6 million tonnes, including shipments to Hong Kong as well as jet fuel refuelling at Chinese airports for international flights. Estimates say that the total amount of jet...

Trade sources and analysts claim that the supply of low-sulphur fuel in Singapore has been tightened due to reduced refinery output and a decline in sweet crude imports. This has led to higher refuelling prices for shippers. Data showed that spot premiums for fuel oil with a maximum 0.5% sulfur content (VLSFO), also known as fuel oil without sulphur, surpassed $58 per ton in Singapore on Tuesday. This was a record high of over four months. Trade sources reported that bunker fuel premiums in Singapore were well over $100 per ton for a prompt delivery. The U.S. - Iran war...

The Liberia flagged dry bulk ship Minoan Pioneer was struck by an unknown projectile Tuesday while sailing through the Strait of Hormuz. The crew abandoned the vessel, and one seafarer went missing. The projectile is said to have struck the engine room while a fire broke out in the accommodation area. The crew is fighting a?fire, and needs assistance. Meanwhile, the third engineer has been reported as'missing. The vessel's Greece based operator, Modion Maritime Management, did not respond immediately to a request for comment. One of the maritime safety sources confirmed that a'salvage operation' had been launched and a tugboat...

Trade sources and analysts said that the supply of low-sulphur fuel oil in Singapore has been tightened due to reduced production from refineries, and falling sweet crude imports. This is driving up fuel costs for'shippers' at the world’s largest bunkering facility. Data showed that spot premiums for fuel oil with a maximum 0.5% sulfur content (VLSFO), also known as fuel oil without sulphur, surpassed $58 per ton in Singapore on Tuesday. This was a record high of over four months. Trade sources reported that bunker fuel premiums in Singapore were well above $100 per tonne this week due to the...

The 'China Industry Ministry' announced on Tuesday that the country has issued mandatory safety standards for vehicles equipped with highly automated or conditional driving systems. According to the new rules that will take effect July 1, 2027 an automated 'driving system' must reach a level of safety that is at least equal to a human driver who is qualified and attentive to the driving task. According to a statement from the ministry, the system must not pose unreasonable risks to road users or vehicle occupants. The standard does not apply to automated parking systems and only applies to vehicles with...

Venezuela's oil exports dropped to 1.16m barrels per day from 1.2m bpd in July as the country drained less inventories. However, exports to the U.S. rose to 786,000 bpd - the highest level since early 2019. Shipping data revealed on Monday. Exports of the OPEC nation have rebounded rapidly from lows never seen before, due to?U.S. The Trump administration imposed sanctions and a navy blockade to remove President Nicolas Maduro. Washington signed a key oil supply agreement with interim president Delcy Rodriquez in January. This allowed Venezuelan oil to be returned mainly through trading houses, but also directly via the...

Two traders say that oil shipments from Russia’s western ports will increase by 4% this August, compared to July, as drones attack domestic refineries, allowing more crude to be exported. Meanwhile, a strong demand in Asia is encouraging sellers to ship more. According to preliminary data collected by traders, exports from the Baltic port of Primorsk along with the Black Sea Port of Novorossiysk are expected to reach around 2.7 million barrels a day in August. The Ukraine's attack on Russia's refining facilities has meant that less oil can now be processed, and it must be exported. The traders say...

The freight rates for Russia’s flagship Urals oil shipments from western ports to India jumped by a little over 50% since mid-July, as rising shipping costs globally and increased security risks in the “Black Sea” discourage shipowners. Russia will increase its oil exports in August due to strong demand in Asia. However, a lack of tonnage may put a stop to its plans. In July, Ukraine intensified its?attacks against tankers in Black Sea. This resulted in damage to several vessels and forced the suspension of loading at Novorossiysk as well as the Caspian pipeline consortium terminal. The increased'security risk' in...

The Sueddeutsche Zeitung, among other news outlets, reported that a Ukrainian cargo aircraft found parked next to an explosive-laden drone at Germany's Leipzig/Halle Airport on Tuesday night was actually carrying military ammunition. The report, also broadcast by NDR and WDR, cited a confidential police report and said that forensic experts determined the explosives on the drone to be of high military grade. These findings could raise the stakes of a wider counterterrorism investigation into the incident at a?airport that serves as a major military and cargo logistics hub, which the German government has classified as critical infrastructure. Alexander Dobrindt, the...

Russia said on Wednesday it had struck seven 'logistics centers in Kyiv, and the surrounding area overnight that were used to store or 'distribute goods for dual-use?and drones components.? And that its forces have hit three cargo vessels in the Black Sea. Could not independently verify the claims of the ministry about the nature and quantity of goods stored at the target sites. The attacks, which Ukrainian officials said killed at least fourteen people, were part an intensifying bombing campaign against what Russia claims are targets related to Ukraine’s drone forces. Since July 18, Ukrainian drones have attacked at least...

The following companies have suspended their operations in Japan's Kumamoto prefecture and surrounding areas after a magnitude-7.1 earthquake struck the area on Tuesday, killing at least 17. AEON KYUSHU 17 of Aeon Kyushu’s 40 stores located in Kumamoto Prefecture temporarily halted operations. The shopping mall in Kumamoto was badly damaged by a post-quake blast. Rescue workers are working around the clock to find people who may be trapped or missing. AISIN Aisin has halted operations at its Kumamoto City plant, which is one of Japan's biggest automotive parts suppliers. It is also a member of the Toyota Group. The company...

The following companies have temporarily suspended their operations in Kumamoto, Japan and the surrounding prefectures. A magnitude 7.1 earthquake struck on Tuesday that killed at least 17 people. AEON KYUSHU 17?of Aeon Kyushu’s 40 stores located in Kumamoto Prefecture temporarily suspended?operations. Its Kumamoto shopping mall is severely damaged following a post-quake blast, and rescuers are working around the clock to find people who may be trapped or missing. AISIN Aisin has halted operations at its Kumamoto City plant, which is one of Japan's biggest automotive parts suppliers. It is also a member of the Toyota Group. It is assessing damage...

These are the most popular?stories from the Wall Street Journal. ? This?story has not been verified and we cannot vouch for its?accuracy. Takeda, a Japanese pharmaceutical giant, has formed a partnership with InSilico to develop AI-based drugs. The initial potential value is $600.0 million. Northern Star has chosen the former head of Glencore’s Nickel and Zinc Industrial?Assets as its new chief executive. This is because it faces pressure from activist investors Elliott Investment Management to make changes. The United States did not agree to renew the USMCA under its current form, U.S. Trade Rep Jamieson Greer stated on Wednesday. This...

Gregor Stuart Hunter gives us a look ahead at what the markets will be like in Europe and around the world. The yen is once again near its lowest levels?in the last 40 years, and the possibility of a joint intervention is looming after the?U.S. and Japan's finance minister met online. Treasury Secretary held an online "meeting" to discuss global financial markets. In the morning Asian trading on Tuesday, the yen traded at 161.60 to a dollar, its lowest level in two-years. It had moved within a few pip of levels that were not seen in decades during U.S. market...

DHL Express Europe believes that its aviation fuel supply is secure for the summer, despite the uncertainty caused by Iran's war. This was made possible by diversifying its sources and easing market pressures, according to Chief Executive Mike Parra. The jet fuel market has loosened over the past few weeks, as the demand for the product has weakened and the imports of it into Europe from the United States have increased. DHL Express is the largest division within German logistics and post services group DHL. It employs approximately 120,000 people around the world. DHL Express operates a fleet consisting of...

DHL Express Europe's CEO, Mike Parra, said that despite the uncertainty caused by a looming war in Iran, it is confident about its aviation fuel supplies for the summer. This is due to easing market pressures and diversifying its sources. In an interview with Parra on Tuesday, he said: "At this time, we do not have any risk" in major hubs, gateways or?major cities. No disruptions are anticipated. In recent weeks, the jet fuel market has loosened as the demand for it has slowed and imports from the United States of America, Nigeria, and South Korea have increased. The head...

FedEx Corp announced on Monday that FedEx Freight had?completed a spin-off from the parent company. This paved the way for its trading debut at the New York Stock Exchange, under the symbol FDXF. After announcing that the FedEx Freight division was completed, shares of FedEx rose 2.2% during premarket trading. FedEx Freight, the U.S.'s largest provider of services less than truckload, is the world's leading company in this sector. Its independent debut comes at a moment when the freight rate could 'emerge from a slump of four years, due in part to operators leaving the market because they suffered a...

FedEx Freight, the spin-off of?FedEx Corp., will begin trading on the New York Stock Exchange Monday under the symbol FDXF. FedEx Freight is the largest provider of less than truckload services in the U.S. Citizens only. Fadi Chamoun, analyst at BMO Capital Markets, said recently that the company, as a newly-separated, pure-play, offers a significant margin improvement opportunity. However, this depends heavily on execution. Chamoun said that the improvement depends on management’s ability to?translate network advantages into better service quality, higher revenues per shipment and sustained operating ratio improvements. J.P. Morgan analyst Brian Ossenbeck stated that he values FedEx Freight...

DHL, FedEx, and UPS called on 'European Union Finance Ministers' to implement new?duty regulations on?low value packages? on Friday. They warned of supply chain bottlenecks, and the impact this would have on some medical supplies. These rules are part of an effort to crackdown on cheap Chinese imports, such as those from online retailers Shein or Temu. In a letter dated 22 May, seen by the, three companies said the EU should implement a EUR3 flat rate duty on July 1 but defer "more complicated and unresolved" elements until they were?legally sure and 'operationally viable. The new data requirements, along...

The CEO of ANSR, a company that helps companies 'build & run global centers,' said Monday, "Global capability centres are being measured in India as companies...are worried about the impact of...geopolitical uncertainty and the growing adoption of.AI." India has more than half the global centres, as businesses prefer it for its skilled workforce, low operating costs, and ability to support high-value positions in technology, finance, and engineering. The 'rise of artificial intelligence' could put this edge to the test by reducing the number of people in certain roles and reshaping what global centers do. Lalit?Ahuja is also the founder and...