Asia

A senior executive at DP World, a Dubai-owned port and logistics company, said that the shipping time between Romania and Turkey had been cut in half. The company is expanding its Black Sea operations along the eastern border of the European Union. DP World has more than doubled the capacity of its container shipping at Romania's biggest Black Sea port, Constanta, last year. This was achieved by adding a Roll-on-Roll-off (RoRo) Terminal and a logistic hub in western Romania. This year, a new integrated European logistic service was launched in Romania, offering services by road, rail, sea and air, initially...

No radio? No radio? Fujairah, the emirate in which I live, has installed rumble stripes along a half-mile (750 meter) stretch of highway. These rumble strips play Ode to Joy from Ludwig van Beethoven’s Ninth Symphony when cars roll. This is part of an initiative to bring music into everyday life. In the United States of America, Japan and Hungary, similar so-called Musical Roads were already installed. This is the first permanent road to be built in the Arab World, according Ali Obaid Al Hefaiti. He is the director of the Fine Arts Academy, located in Fujairah. Fujairah is a...

Three sources familiar with the matter have confirmed that two companies of India's GMR Group will tap the corporate bond markets in the next few days to raise a total of 25 billion rupees (US$291.27m). Sources said that GMR Airports Holdings Co., the holding company for the GMR Group’s airport businesses, is looking to raise 15 billion rupees via three-year bonds. One source said that large mutual funds will be heavily involved in this issue. The source said that the yields could be as high as single digits, or even lower than double digits. This makes the debt fund an...

Two sources familiar with the matter said that the State Bank of India wants to be a senior creditor in order to get early repayment rights in the event of default or liquidation of state-owned road authority’s investment trust (InvIT). Sources said that the lender, which is the largest in the country, had written to the National Highway Authority of India, (NHAI), requesting this status for its investments in National Highways Infra Trust, (NHIT). InvITs are investment vehicles that raise funds through the issuance of units. NHIT manages NHAI InvITs. Sources requested anonymity because the discussions are private. SBI, NHAI,...

On Monday, the difference between Brent and Urals crudes increased as freight rates for Russian oils fell due to higher vessel availability. However, traders expect that this trend will change in light of new sanctions. Donald Trump, the U.S. president, threatened on Monday to impose sanctions on buyers of Russian goods if Russia does not reach a peace agreement within 50 days. This was a significant shift in policy prompted by frustrations with Moscow. Costs for shipping Urals oil to India from the Russian Baltic Sea port of Primorsk or Ust-Luga dropped to $5 to $5.3 million, per one-way shipment,...

Fears of increased tariffs led retailers to stock up goods in preparation for the holiday season. Last month, the Port of Los Angeles received 470 450 20-foot units (TEUs), after the U.S. and China reached a truce on tariffs. This was an increase of almost 10% over a year earlier and contributed to a record volume for the entire month. Port of Los Angeles Director Gene Seroka. Seroka stated that the June surge "highlights tariff whipsaw effects" caused by U.S. policy. The result for last month was 32% higher than May, when short lived 145% import tariffs on China hammered...

A document that was seen by us and four people with knowledge about the matter confirmed the FAA's statement. After a preliminary Friday report into the Boeing 787-8 crash that killed 260 people last month, questions were raised about engine fuel cutoff switch. According to the FAA's notification sent to Civil Aviation Authorities by, "although the design of the fuel control switch, including the locking mechanism, is similar in various Boeing aircraft models, the FAA doesn't consider this to be a dangerous condition that would warrant a Airworthiness Directive for any Boeing plane models, including Model 787." The FAA did...

SANA, the Syrian state news agency, reported that Syria's General Authority for Land and Sea Ports signed a $800-million agreement on Sunday with UAE's DP World in order to improve port infrastructure and logistical support for Syria. The agreement is a follow-up to a Memorandum of Understanding signed by the two parties in May. The agreement with DP World (a subsidiary of United Arab Emirates' investment company Dubai World) focuses on the development of a multipurpose terminal in Tartous, on Syria’s Mediterranean coast, and on cooperation for setting up industrial zones and free trade areas. At the signing ceremony, Syrian...

The U.S. Seaport Operators are requesting extra time for the implementation of pending tariffs against towering ship to shore cranes. They expect that President Donald Trump’s administration will follow through with a promise to ban this vital cargo handling equipment. In early this year, the United States Trade Representative proposed tariffs up to 100 percent on these cranes. This was after China sucked up market share to gain commercial and military dominance in the oceans. China, through its state-owned Shanghai Zhenhua Heavy Industries(ZMPC), has now dominated the global market. It has also supplied 80% of ship-to shore cranes to the...

Industry sources reported on Thursday that the insurance costs for shipping goods across the Red Sea have more than doubled since Yemen's Houthis attacked two ships and sank them, killing four seafarers, after months of calm. The Red Sea is an important waterway for oil, commodities and other goods. However, traffic has declined sharply ever since the Houthi began their attacks on Yemen's coastline in November 2023. This was said to be in solidarity with Palestinians fighting in Gaza by the Iran-aligned Houthi group. Sources familiar with the issue said that war risk premiums had risen from 0.3% to 0.7%,...

The Nigerian Finance Ministry announced on Thursday that the country has received a $747-million syndicated loan led by Deutsche Bank to fund the construction of the 700-km (435 miles) first phase of the planned coastal highway project. Mohammad Manga, spokesperson for the Finance Ministry, said that the loan was the first of this size in Nigeria. The syndicate includes First Abu Dhabi Bank as the global coordinator, African Export-Import Bank (AEIB), Abu Dhabi Exports Office (ADEO), ECOWAS Bank for Investment and Development (ECOWAS Bank) and Zenith Bank. Manga reported that the first section of the highway to be financed with...

The Nigerian Finance Ministry announced on Thursday that the country has received a $747-million syndicated loan led by Deutsche Bank to fund the construction of its 700-km (435 miles) coastal highway plan. Mohammad Manga, spokesperson for the Finance Ministry, said that the loan was the first of this size in Nigeria. The syndicate includes First Abu Dhabi Bank as the global coordinator, African Export-Import Bank (AEIB), Abu Dhabi Exports Office (ADEO), ECOWAS Bank for Investment and Development (ECOWAS Bank) and Zenith Bank. Manga stated that the first section of the highway, financed with the loan, is 47.47 km long. The...

Iraqi Kurdistan's oil exports will resume through a pipeline in Turkey following a two-year stop, the Iraqi federal government announced on Thursday. This was despite drone attacks which have resulted in a shutdown of half of region's production for a fourth consecutive day. Baghdad, Erbil and the semi-autonomous region have been in talks since late February about ending a standoff that had stopped the flow of goods from the north to Turkey's Mediterranean Port of Ceyhan. Baghdad announced that the Kurdistan Regional Government will begin immediately supplying at least 230,000 barrels of oil per day to the state oil marketer...

Two people familiar with the matter said that Saudi Aramco was close to signing a deal for the group BlackRock to invest around $10 billion in Aramco’s Jafurah Gas Project infrastructure. This agreement is the latest in a long line of financial arrangements that are similar to borrowing and allow Gulf oil-producing countries to raise funds to diversify their economy while offering investors a steady revenue stream. Two people confirmed that the new transaction would be similar to the two infrastructure deals Aramco signed in 2021. This included one where BlackRock invested into Aramco’s gas pipeline network, allowing it to...

The energy ministry announced late Wednesday that the second of two nuclear units in Belarus was disconnected from the grid following an alarm signaling a deviation within the cooling system for the non-nuclear portion. The power plant located in Astravets in western Grodno is 15 km away from the border of Lithuania. It has been criticized for safety issues, mostly by neighbouring countries and from international organizations. The Belarusian Energy Ministry said that the situation was routine and did not pose a threat to the plant's safe operation. Radiation levels at the NPP and the monitoring zone surrounding it have...

U.S. president Donald Trump has threatened to impose sanctions on buyers of Russian products unless Russia agrees to a peace agreement over the conflict in Ukraine. This could complicate Moscow's oil exports to China, India, and Turkey. RUSSIA'S GRADES AND PORTS OF OIL According to the International Energy Agency (IEA), Russia's revenues from crude oil and petroleum products sales in June fell by nearly 14% compared to a year ago, to $13.57 Billion. The IEA reported that Russia's crude production remained stable last month at 9.2 millions barrels per daily (bpd), and crude loadings stayed at 4.68million bpd. The IEA...

After years of discussions and complaints by licensed taxi drivers in Hong Kong, the Hong Kong government has presented proposals to regulate ride-hailing services, such as Uber. Uber, the first ride-hailing service in Hong Kong to operate without regulation, was launched in 2014. Uber drivers were arrested for driving without a licence after police raided the office of Uber in 2015. Ride-hailing services have an unfair advantage over taxis, according to the city's taxi sector, which is struggling with a decline in income. The Transport and Logistics Bureau stated in a document submitted to the Legislature that all platforms offering...

Officials said that Indonesian rescuers located alive 11 people who were missing at sea. They had survived the capsize of a boat in bad weather after swimming at least six hours until they reached the nearest island. Officials in the region said that two boats and dozens rescuers searched for the missing after a boat carrying 18 people overturned near the Mentawai Islands, which are located in West Sumatra province. The incident occurred at around 11 am on Monday. Rinto Wardana, an island official, said that it was pouring rain when the incident occurred. "Some passengers were able to swim...

The local search and Rescue agency reported on Tuesday that 11 Indonesians are missing after their boat capsized due to bad weather near the Mentawai Islands, in West Sumatra Province. The rescue agency released a statement saying that eight people were rescued following the incident which occurred on Monday morning at 11 am (0400 GMT). Ten of the 18 people aboard were local officials. The boat was leaving Sikakap in the Mentawai Islands and heading towards Tuapejat, another small town. On Tuesday, dozens of rescuers and two boats were sent to search for the missing. In Indonesia, an archipelago with...

Dubravka Djedovic Handanovic, Serbian Mining and Energy Minister, said that the talks between Belgrade and Washington over delaying sanctions against Russian owned Serbian oil company NIS a fifth consecutive time were marred by difficulties. NIS has secured a fourth reprieve that is set to expire July 29. This puts Serbia in an unstable position, as it attempts to balance energy security with geopolitical demands. Djedovic handanovic, Serbia's minister of state for RTS TV, said that negotiations are tough because they are between two powerful countries, Russia and America. NIS is owned by Gazprom Neft, a Russian company, and Gazprom. It...

Their governments reported that the leaders of Armenian and Azerbaijan had substantive talks on Thursday in Abu Dhabi, which amounted to their most serious direct discussions yet in an effort to end nearly four decades of conflict. In March, the two sides announced that they had reached an agreement on a draft of a peace accord. However, progress has been slow and sporadic since then. The first official meeting between the Azerbaijani president Ilham Aliyev and Armenian prime minister Nikol Pashinyan in the capital city of the United Arab Emirates was the first since the leaders approved the draft. The...

Kerala, a state in southern India, has sued the Swiss-based Mediterranean Shipping Company for $1.1 billion after one of their container ships sank in May and spilled fuel into Arabian Sea. The High Court of Kerala issued an Order late Monday ordering port authorities to "arrest, seize and detain" another MSC Ship anchored at the Vizhinjam Harbour in the state. This will continue until the ship deposits the required security for the claim. MSC did respond immediately to a comment request. In a May statement, the Indian government said that MSC had hired a marine service company to remove oil...

According to a decree issued by the Russian president, Vladimir Putin, his transport minister was fired on Monday. Roman Starovoit had been in his position for just over a month. Starovoit was abruptly dismissed without explanation. After almost five years of serving as the governor of Russia's west Kursk region, he was appointed Transport Minister in May 2024. Few months after leaving this role, Ukrainian forces spilled across the border to Kursk when Kyiv launched their The biggest incursion Since the beginning of the war, in 2022. Vitaly Savelyev was Starovoit’s predecessor in the role of transport minister. He became...

The U.N. nuclear watchdog reported that all external power lines supplying Zaporizhzhia Nuclear Power Plant, which is occupied by Russia, were down Friday. Ukraine blamed Russian artillery for the destruction of the last powerline. The International Atomic Energy Agency reported that Europe's largest nuclear power plant is now running on diesel generators. It has not been operating, but it still needs power to cool its nuclear fuel. IAEA warned repeatedly of the danger of a catastrophic incident at Zaporizhzhia. This is a city located near the frontline of the Ukraine war. The six reactors have been shut down but the...