Asia

The availability of tankers in late May and early June allowed for a further reduction in freight rates from Russian oil to India. However, this trend could reverse itself if the proposed price cap by Europe is implemented. The European Union proposed a new sanctions package against Russia for its actions in Ukraine, and suggested that the price cap of Russian crude oil be lowered from $60 per barrel to $45 per barrel by the Group of Seven. The G7 and EU imposed a $60 cap on Russian crude oil by the end of 2022. This would restrict access to...

Imports into the busiest U.S. port at Los Angeles fell 9% on an annual basis in May. This gives insight on how many shipments have been canceled or put to hold since President Donald Trump slapped 145% tariffs on goods from China. Los Angeles is America's No. 1 port for seaborne imports. Los Angeles is the No. 1 port of entry for these imports. Toys, furniture, and auto parts are important to domestic businesses from Walmart to Ford. In May, the data began to reflect the new 145% tariffs. The port of Los Angeles handled 355,950 20 foot shipping containers...

The Combined Maritime Force, a multinational force led by the United States, said that despite Israel's attack on Iran, merchant shipping continued to pass through the Strait of Hormuz, even though some shipowners wanted to avoid the area. Iran has threatened in the past to close down the Strait of Hormuz as a retaliation to Western pressure. The Strait of Hormuz could be closed, which would impact the global oil price and restrict trade. The Combined Maritime Force issued an advisory saying that the Strait of Hormuz was open, and commercial traffic continued to flow unhindered. It also said that...

The Egyptian authorities deported dozens foreigners who came to Egypt for a pro Palestinian march. Dozens more are facing deportation. According to airport and security sources, and the organizers of the event on Thursday. The Global March to Gaza was an international initiative to put pressure on Israel to end its blockade and to draw attention to the humanitarian situation in Gaza. Organizers confirmed that people from 80 different countries would be marching to Egypt's Rafah crossing with Gaza and also confirmed that some were deported or detained at airport. At least 73 foreigners were deported from a flight bound...

Australia may import liquefied gas (LNG), based on the progress of projects at import terminals along its east coast. This would be to meet potential shortages. The competition regulator of the country has stated that a shortfall may be a long-term problem for the east coast due to a higher demand and structural decline. Here is a list four projects that are being developed on the East Coast. These projects consist of floating storage and regasification units (FSRUs) which will send the gas back via pipelines to the mainland. Squadron Energy is the operator of the Port Kembla Energy Terminal....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch their accuracy. Israel is reportedly preparing an attack on Iran soon, according to officials from the United States and Europe. This could delay the efforts of the Trump administration in brokering a deal that would stop Iran's progress towards building a nuclear weapon. A U.S. official stated on Wednesday that the Trump administration is reviewing a security agreement between the United States and Britain to provide Australia with nuclear subs. The agreement is meant to "align with...

Bloomberg News reported Wednesday that billionaire Gautam Adani’s group plans to list Adani Airports by 2027 as part of its growth plan, which requires $100 billion in investments across all businesses over the coming years. Reports citing anonymous Adani Group executives said that the unit would be spun-off and listed in March 2027. Adani Airports has eight airports in India. This includes the Navi Mumbai International Airport located on the outskirts India's financial center, and which is expected to be operational very soon. The report also stated that the company has doubled its capital expenditure plan, and expects to spend...

Data from Descartes Datamyne shows that imports to the United States from some of its busiest seaports fell sharply in May after President Donald Trump's 145% tariffs were imposed on many Chinese goods. Overnight, the world's largest economies announced a framework for a trade agreement that would set tariffs against China at 30%. The final approval is still pending. This rate will be added to the 25% tariffs that were imposed by Trump during his first term. The total China rate will then reach 55%. China is the largest supplier of goods to the United States that arrive via sea....

India's Defense Ministry said that the Indian Coast Guard was trying to tow the burning cargo ship off the coast in the southern state Kerala, which contained hazardous cargo. This would prevent an ecological disaster. The Singaporean-container vessel MV Wan Hai 503 is carrying 120,000 metric tons of fuel and hundreds of containers, including hazardous cargo, the ministry said. A vessel bound for India's financial center Mumbai was involved in an accident Monday about 144 km off the coast of Kerala, a southern Indian state. Multiple explosions and fires broke out on the vessel and 40 containers fell into the...

Blueberry bushes as tall as two meters stretch to the horizon in Peru's Pisco Desert before giving way to dunes. Genetic innovations have allowed varieties such as Eureka Sunset to grow in this type of arid terrain, some 250 km (155 miles south of Lima). Since more than a century, the healthy berries are being shipped north to U.S. grocery shelves. But there's a new competitor in town: China. The United States is fighting a trade war with other countries, and Peruvian growers are seeking new markets to sell their products. Their best customer, America, has been increasing the tariffs...

State media IRNA reported that at least three people died and 10 were injured after a methanol tank caught fire in Bushehr in southern Iran. State TV reported that a vessel docked in the port of Bandar Dayyer, belonging to the Kaveh Petrochemicals Company and carrying methanol had caught fire. The cause is unknown. The head of emergency services in the province said that it was likely the death and injury toll would rise, given the size of the fire. A large explosion occurred at the Shahid Rajaee Some officials blamed the poor storage of chemicals inside containers for the...

Singapore's Koh Brothers Eco Engineering announced on Tuesday that its unit had secured a S$999.7 million contract ($776.77million) from Changi Airport Group for the construction of intraterminal tunnels in the airport's new fifth terminal. Koh Brothers' Koh Brothers Building & Civil Engineering Contractor will execute the contract via an integrated joint venture, with Penta-Ocean Construction a Japanese company. The joint venture is 30% owned by the company that provides engineering services. Changi Airport in Singapore, the fourth busiest airport in the world by international passenger numbers, began building a new terminal in May to capitalize on the growing air travel...

Calculations based on data from traders showed that the price of Russia's Urals crude rose above the $60 limit set by Western nations, as the Brent price surged last week due to rising tensions in Middle East. The oil prices rose on Friday, and ended 7% higher after Israel and Iran exchanged air strikes. This fueled investor concerns that the conflict could disrupt Middle East oil exports. As part of a wide range of sanctions, the U.S. and other Group of Seven nations, including Australia, imposed a price cap on Russian oil exports by sea in late 2022. According to...

Uganda forecasts its economic growth will accelerate to about 7% in the coming year, indicating that officials do not plan on large-scale production of energy in the next twelve months. This year, growth was projected at 6.3%. The latest government estimate was that crude production would begin in the middle of the year. However, this date has been pushed back repeatedly due to disagreements between the government of President Yoweri Museeveni and international energy companies and the slow progress of building critical infrastructure. Companies including France's TotalEnergies, China's CNOOC and China's TotalEnergies are developing Uganda's oilfields near the border with...

Khnatsakh residents are anxious at nightfall. Locals claim that every evening, around 10 pm, Azerbaijani soldiers fire into the night skies from their positions high above. Villagers say that bullets have been hitting houses regularly, but no one has been injured so far. Azerbaijan has denied that its troops are firing across the border and accused Armenian forces of violating ceasefire. Karo Andranyan (66), a retired mechanic, said, "It is very tense at home because we have children, little ones and elderly." Azerbaijani flags and a military position on a hillside are only 100 metres away from his door. This...

According to industry sources and calculations, the Caspian Pipeline Consortium has reduced daily oil production in May from April by 6% to 5,906 million metric tonnes (1.51 millions barrels per day). CPC, the company that carries over 80% of Kazakh oil exports connects Tengiz in western Kazakhstan, and other fields, with the CPC terminal at Yuzhnaya Ozereyevka in Russia, near Novorossiisk. Sources said that Kazakh exports of oil via CPC dropped to 5.386 millions tons in may from 5.523 in April, while Russian oil supplies via CPC reached 0.52 million tonnes in May compared with 0.57 million in April. The...

The European Commission's proposal to lower the price of Russian oil to punish Moscow for the war in Ukraine would not help stabilize the global energy market, Kremlin spokesperson Dmitry Peskov stated on Wednesday. The European Commission proposed on Tuesday to lower the price cap of the Group of Seven Nations on Russian crude oil from $60 to $45 per barrel, in an attempt to reduce the country's revenue. Peskov, when asked about the EU proposal he called Western sanctions such as these illegal. Peskov said that such actions "do not contribute to stabilising international energy markets or the oil...

Two sources have confirmed that U.S. LNG developer Commonwealth LNG, which is planning to build an export facility in Louisiana to provide 1 million metric tonnes per year (mtpa), of LNG, will soon sign a contract with Japan's largest power generator JERA. Commonwealth LNG would be able to commit 8 mtpa under the long-term contract. The company stated publicly that they want to secure contracts for 8 mtpa or more of their 9.5 mtpa capacity LNG export terminal to ensure the project's financial viability. The U.S. exports more LNG than any other country in the world. Based on the projects...

According to European Commission President Ursula von der Leyen, the 18th package against Russia has been proposed. It targets its energy revenues, banks, and military industry. The new package proposes to ban transactions with Russia's Nord Stream Gas Pipelines as well as banks who engage in sanctions-circumvention. Von der Leyen said at a press conference that "Russia will only understand the language of strength" if it imposes the rule by force. In an effort to reduce Russia's revenues from energy, the Commission also proposed that the price cap for Russian crude oil be lowered to $45 per barrel. It was...

Kassym Jomart Tokayev, the president of Kazakhstan, replaced two ministers from his government on Sunday, including that of transport, whom he had previously criticised for delays in modernising infrastructure. According to the decrees posted on his website, he fired Defence Minister Ruslan Zhaksylykov. He replaced him with Zhaksylykov’s deputy and Air Defence Forces Chief Dauren Kosanov. Tokayev, who met Kosanov Sunday, gave him several orders, including enhancing the army's readiness for combat, increasing the capabilities of Special Operations Forces and modernising its infrastructure. Zhaksylykov was previously the deputy interior minister and the head of the National Guard. He was appointed...

Four traders who are active in the market stated on Friday that spot supply has tightened and reduced discounts for Russian Urals crude oil to be delivered to Indian ports by July. This is the lowest discount since 2022. Indian refiners are being pushed by tight supplies and narrowing discounts to look for alternative products through purchasing tenders. Sources said that spot discounts for Urals crude for cargoes arriving to India in July decreased to an average of $2.25 per barrel, compared to $2.70 to $3.10 a barrel for dated Brent delivered ex-ship basis the previous month. This is the...

The English Court of Appeal denied Russian tycoon Ziyavudin Magomedov, who is currently in jail, permission to appeal a ruling that dismissed his $14 billion lawsuit filed against Russian oil pipeline monopoly Transneft as well as other companies. Magomedov filed a lawsuit against the company, as well as several other defendants at London's High Court. He claimed that his arrest in 2018 on embezzlement allegations triggered a Russian government-supported scheme designed to strip him of valuable port operators. Transneft and the U.S. private equity company TPG, among other companies, were successful in their bids to block Magomedov’s London lawsuit. Transneft...

Iraq's Oil Ministry said Thursday that it holds the Kurdish Regional Government (KRG), legally responsible for continuing to smuggle oil out of the Kurdish Region. It added that the ministry reserves the rights to take any legal action in this matter. The control of oil and gas is a long-standing source of tensions between Baghdad, Erbil and other Iraqi cities. Iraq is being pressured by the Organization of Petroleum Exporting Countries (OPEC) to reduce its output in order to compensate for producing more than the agreed-upon volume. OPEC counts the oil flowing from Kurdistan towards Iraq's quota. In a ruling...

Officials from Russia in Ukraine said that drone and shelling attacks by the Ukrainians caused power outages in large areas of Russian-controlled territory, including in Zaporizhzhia region and Kherson region in south Ukraine. Officials have said that the Zaporizhzhia Nuclear Power Station - Europe's biggest nuclear facility - has not been affected by the Russian invasion in February 2022. The Russian officials who run the plant have said that radiation levels are normal in the facility. It is currently shut down and does not produce any power. The governors of the two regions, who are Russian-installed, said that the Ukrainian...