Asia

Four sources with knowledge of the matter say that President Donald Trump’s administration is evaluating a proposal for the creation of an international shipping registry on the U.S. Virgin Islands, as part efforts to expand the small commercial shipping fleet flying under the American flag. The Trump administration believes that increasing the number of U.S. flagged vessels will help the U.S. Commercial Shipping Fleet to better support the military during wartime and reduce Washington's dependency on foreign ships for transporting supplies and equipment along sea routes. The U.S. flag fleet is currently around 187 ships, and only 80 of them...

Sources from maritime unions and maritime sources confirmed on Thursday that 200 seafarers stuck aboard 15 ships for weeks near the port of Ras-Isa in Yemen are now preparing to unload their cargoes and depart thanks to a truce agreement between Houthi militias and the U.S. Officials from the maritime sector said that the threat level for shipping was still high, given the Houthis' declaration that Israeli assets were open to attack, and the associated risks to shipping in general. In the past, ships with no connection to Israel were targeted and there was no guarantee of safe passage. On...

Sudan's Army said that its anti-aircraft system intercepted drones on Wednesday, which were targeting a Naval Base in Port Sudan, the capital of wartime. There were explosions heard in the city. It was not immediately known if they were near Flamingo's base. Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the largest fuel depots in the country and damaged its main humanitarian aid gateway. Since the outbreak of the RSF-Army war in April 2023 that led to mass displacements, famine, and ethnically motivated killings, the...

The DP World Tour Scottish Championship will be held at the golf course of U.S. president Donald Trump in Aberdeenshire, tour organisers announced on Tuesday. The tournament, which will take place from 7-10 August 2025 and is worth $2.75m, will be the first European Tour event to be held in Scotland at Trump International Golf Links. The Trump Organisation is the owner of Turnberry and Trump International Golf Links, both located south of Glasgow. Guy Kinnings, CEO of DP World Tour, said: "Trump International Golf Links Scotland is already a well-known links course in the UK. It promises to be...

Bloomberg News reported that representatives for Indian billionaire Gautam Adani met with officials of the U.S. administration of President Donald Trump to request dismissal criminal charges in a probe into bribery overseas. Adani Total Gas led the way as shares of nine Adani Group listed companies rose from 0.4% to 5.3% at early Monday trading. The market as a whole gained 0.5%. The report cited sources who said that discussions began in early this year, and they have intensified over the past few weeks. A resolution could be reached within a month, if the momentum continues. Bloomberg declined to comment...

AD Ports' managing director announced in a Sunday televised speech that Egypt's Suez Canal Economic Zone had signed a concession agreement with Abu Dhabi Ports Group of the United Arab Emirates for a 20-square-km logistics and industrial area east of Port Said. AD Ports has pledged $120 million to the initial development of 2.8 square kilometers and feasibility studies for the first phase. This area will be developed in three years. According to a Cabinet statement, it will feature a 1,5-km quay that could include a multipurpose terminal for cargo. This agreement is part of a series by AD Ports...

A company official confirmed that Syria signed a deal on Thursday with French shipping and logistic group CMA CGM for a 30-year partnership. The agreement includes the construction of a new berth in the Latakia Port and an investment of 230 million Euros ($260 million). Latakia is Syria's principal maritime gateway. CMA CGM took over Latakia’s container terminal from Bashar al Assad, the now deposed Syrian leader in 2009. Most recently, the contract was renewed for another 30 years in October 2024 under Assad. After the rebels overthrew Assad in December, the new authorities started talks about an amended agreement....

A government minister announced on Thursday that Turkey will build a canal to relieve the pressure on the Bosphorus Strait once funding is secured. This is despite widespread criticism about its potential environmental impact. The President Tayyip Erdoan laid the foundation for the canal in 2021. Its goal is to connect the Black Sea, north of Istanbul, to the Marmara Sea in the south. This will also prevent accidents on the Bosphorus. It was estimated that the initiative, which Erdogan called his "crazy" project when he announced it over a decade earlier, would cost around 75 billion liras ($1.9 billion)...

Adani Ports and Special Economic Zone in India reported a profit for the fourth quarter that was above expectations on Thursday. The growth of cargo volumes increased during a strong construction season. According to data compiled by LSEG, the country's largest private port operator posted a consolidated profit of 30,14 billion rupees (US$356 million) in the third quarter that ended on March 31. This was higher than analysts' estimates of 25,71 billion rupees. Adani Ports, a private port operator, and its smaller rival JSW Infrastructure, have benefited from the steady movement of cargo across Indian borders. This is especially true...

India's JSW Infrastructure stated on Wednesday that it expects cargo volumes to grow in fiscal year 2026 due to the resilience of domestic sectors, and minimized concerns about U.S. trade uncertainty. In a call following earnings, Rinkesh Roy, the Chief Executive of the port operator, said that he expects volumes to grow by 10%, up from 9% in fiscal 2025. This is despite signs that Asia's third largest economy has slowed down. Roy stated that "we are not affected by the current trade uncertainty (caused by tariffs)... We (primarily) cater to the steel and energy sector, which is more domestic...

India's JSW Infrastructure announced a 54% increase in its fourth-quarter profits on Wednesday. This was boosted by a volume increase in coal, one of their key cargoes. The company's net profit, which was 3.30 billion rupees in January-March, grew to 5.09 billion rupees (60,2 million dollars) from last year. Private port operators such as JSW Infra, and its larger rival Adani Ports, have enjoyed steady cargo movements across Indian borders until U.S. president Trump's erratic policy on tariffs threatened to disrupt the trade and add additional risks to a slowing economic. Analysts at Jefferies, however, said that JSW is relatively...

The refining profit margin for high-sulfur fuel oil (HSFO), 380-cst, reached its highest level in over six years Wednesday. This was boosted by the lower crude oil price and seasonal strength of the market. Singapore's 380-cst HSFO/Brent cracked closed at a premium $2.15 per barrel, its highest level since November 2018, according LSEG data. The 380-cst HSFO/Dubai cracked closed at a premium price of $2.01 per barrel. On Wednesday, benchmark crude oil prices continued to fall and were on track for their biggest monthly decline in nearly three and a quarter years. Market sources reported that despite a limited recovery...

Eight sources have confirmed that officials from Washington, Moscow and the European Union have discussed the possibility of the U.S. assisting in the revival of Russian gas sales on the continent. Europe cut its imports after Moscow invaded Ukraine in 2022. Russian exporter Gazprom suffered a $7 billion dollar loss the year following. U.S. president Donald Trump has been pushing for peace in Ukraine. This could lead to a thaw of gas relations. Sources familiar with the bilateral talks said that a new role for Moscow on the gas market of the European Union could help cement the peace agreement...

Eight sources have confirmed that officials from Washington, Moscow and the European Union have discussed the possibility of the U.S. assisting in the revival of Russian gas sales on the continent. Europe cut its imports after Moscow invaded Ukraine in 2022. Russian exporter Gazprom suffered a $7 billion dollar loss the year following. U.S. president Donald Trump has been pushing for peace in Ukraine. This could lead to a thawing of gas relations. Sources familiar with the bilateral talks said that a new role for Moscow on the gas market of the European Union could help cement the peace agreement...

Robert Fico, the Prime Minister of Slovakia, said that the Slovak government rejects the European Commission's plans to phase-out Russian gas and other imports. The EU executive announced on Tuesday that it would introduce legal measures in the next month, to gradually phase out EU imports from Russia of gas and liquefied gas by 2027. These plans include measures that target Russian uranium enriched for nuclear power, which would be equivalent to a tax on imports. This move is part and parcel of the EU's commitment to ending its decades-old relations with Russia, its former largest gas supplier after its...

It said that the European Commission would propose next month legal measures for the EU to gradually phase out its imports of Russian gas, including liquefied gas, by the end 2027. Here are some key details: GAS AND LNG Before the full-scale invasion in 2022, Russia supplied around 45% (or a little more) of all gas consumed by the European Union. This share dropped to 19% in the past year and the EU is determined to eradicate it completely as a result of the war. In plans published Tuesday, the European Commission announced that it will present legal proposals in...

The budget plan for Russia does not include a dividend from state-owned energy company Gazprom this year, said Finance Minister Anton Siluanov to reporters on Wednesday. Gazprom’s directors convene usually in the second half May to recommend dividends ahead of a shareholders meeting in June. If confirmed, the absence of a Gazprom dividend will only add to the difficulties of the government. It owns just a little over half of its share capital, at a moment when it faces falling oil and gas revenue, high inflation and military expenditure, as well as a budgetary deficit. Siluanov said that the budget...

The European Union is expected to announce on Tuesday a roadmap for the phase-out of the remaining gas ties between the EU and Moscow. However, in the absence sanctions, it will be hard for gas buyers to terminate contracts by using legal options like force majeure. A spokesperson for the Commission confirmed Monday that EU Energy Commissioner Dan Jorgensen will present the roadmap on Tuesday at Strasbourg. The U.S. has been pushing Russia to reach a peace agreement with Ukraine. The deal, if reached, could reopen doors for Russian energy as well as ease sanctions. Around 19% (or more) of...

Calculations showed that the Russian energy giant Gazprom’s pipeline gas exports into Europe fell by 44% between January and April compared to a period a year ago after the closure of transit via Ukraine in January 1. Calculations showed that the Russian pipeline gas exports into the region fell to 5.7 billion cubic meters (bcm), from 10.2 bcm during the same period of 2024. The only remaining transit route for Russian gas pipelines to Europe is the Turkey after Ukraine decided not to renew a five-year deal with Moscow that expired in January. The calculations based on the data of...

Three traders reported that the freight rates for ESPO blend crude shipped from Russia's port of Kozmino into China in April fell to their lowest level since mid-January due to increased availability of tankers. The lower rates will mean that Russian exporters spend less money on freight and get more oil for their money. The freight rates for the route are now around $2-3 million per cargo for April loadings, down from $4-5 million in February and March. This is because more non-sanctioned tanks have entered the ESPO marketplace. Calculations based on data from three trading sources revealed that the...

The need to replenish Europe's storages that were two-thirds empty following the winter will keep the market tight, and demand an increase in the supply of liquefied gas, according to Anders Opedal, CEO of Equinor. Equinor is the continent's biggest gas supplier. The European gas storage sites have ended winter heating at their lowest levels since 2022. This is due to the colder weather, lower wind speeds and increased demand for gas. Opedal stated that Europe will need 200-300 additional LNG cargoes than last year. He said that gas storages in Europe are low and that a tighter market is...

First Abu Dhabi Bank, the largest lender in the United Arab Emirates by assets, exceeded first-quarter profit expectations on Tuesday. This was boosted by a strong increase in non-interest revenue from fees and commissions. Sources say that the results are part of a reorganization by FAB aimed at strengthening their business in Gulf and increasing shareholder returns. Sources told us last month that FAB will split its operations into four divisions, and have appointed Citi dealmaking veteran LinosLekkas to be its new head for investment banking. Hana Al-Rostamani, the new head of FAB since 2021, is following a number of...

Mohsen Paknejad, the Iranian Oil Minister, said that during his visit to Moscow last Friday, Iran would increase cooperation with Russia in banking and agriculture. He also stated that he would remove all barriers between Russia and Iran in any sphere of cooperation. Since the beginning of the conflict in Ukraine, Russia has strengthened its ties with Iran and signed an agreement for strategic partnership with Tehran in January. Both countries are subject to Western sanctions. Paknejad, speaking on state television earlier on Friday said that Iran would sign a $4-billion agreement with Russian companies for the development of seven...

A source familiar with this matter told Reuters on Thursday that the energy security council of U.S. president Donald Trump plans to hold a summit in Alaska early in June. It hopes Japan and South Korea announce their commitments to the Alaska LNG Project. Trump has praised the $44 billion Alaska LNG project. This project would send gas from North Slope fields in Alaska via a pipeline of 800 miles (1,300 km), for domestic use, and then ship it as LNG to customers in Asia, bypassing Panama Canal. The project has been discussed for many years but has not progressed...