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Fincantieri, an Italian company, expands its submarine business
Fincantieri, a shipbuilder in Italy, said that it expects its underwater business revenues to double in size by 2027 as the company continues its expansion. It said the state-controlled group wants to benefit from a global market valued at 56 billion dollars ($50 billion) annually, with a "component accessible" of 22 billion euros. Shipbuilder's revenue in this part of the business is expected to increase to 820 millions euros or 8% of revenues. This compares to 4% in 2024. The company expects the earnings before interest taxes depreciation, and amortization (EBITDA), from the submarine industry to reach 152 millions euros by 2027 with a margin of profit close to 19%. The company stated that "the underwater business represents an important domain for security and energy, environmental monitoring, and submarine communication." Fincantieri acquired Leonardo's Underwater Armament Systems, formerly known by the name Whitehead Alenia Sistemi Subacquei. The deal valued the company at 415 million euro. In 2023, it acquired Italian engineering group Remazel that specializes in underwater vessel solutions. It added on Monday that its unit IDS had signed a Memorandum of Understanding with Italian underwater mechatronics company Graal Tech for the development and marketing of small and medium-sized autonomous underwater vehicles. Pierroberto Fogiero, Chief Executive Officer of the company, said that the consolidation of a cross-sectoral demand for underwater applications in the defence and dual-use sectors as well as civil applications makes it a priority sector for government and industry. He made this statement at an investor and analyst event in Milan. $1 = 0.8887 Euros (Reporting and writing by Elvira pollina; Editing by Keith Weir).
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Petronet: India's LNG imports will rise due to higher demand by power companies
A. K. Singh is the chief executive officer of Petronet LNG, the top gas importer in India. He said that the imports of liquefied gas will increase in the next few months in order to meet the growing demand for electricity in the country. A notice on the website of the Ministry of Power shows that India invoked emergency measures last week, asking companies to run underutilised gas-based plants at higher capacities from May 26 to June 30 in order to meet the electricity demand. India's electricity demand has been low so far this year as rains have tempered temperatures. We expect LNG demand will rise at a similar rate to the previous year. "The demand for electricity has been increasing in recent days, so we expect the demand for LNG will increase in the third or forth week of May and June," said he. Gas-fired power plants are more expensive than coal-fired, solar-powered, and wind-powered power plants. This has led to the idling by about 35% of gas-fired stations across the country. He said that the narrowing gap in price between long-term and spot LNG prices has also prompted some companies to increase their purchases. Indian customers, he added, prefer LNG at prices below $10 per million British Thermal Units. He said that Petronet hoped to expand its Dahaj terminal from 17.5 million tons to 22.5 millions in three to four months. His firm would also maximize the use of the terminal in order to meet the demand during the summer season. (Reporting and editing by Toby Chopra; Nidhi verma)
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US natgas at Waha hub, Texas, falls into negative territory
The U.S. Natural Gas Prices for Monday in West Texas' Permian Shale Basin turned negative due to spring pipeline maintenance. The financial firm LSEG reported that the average gas production in the Lower 48 U.S. States has fallen to 103.9 billion cubic feet per day so far in May. This is down from a record monthly output of 105.8 bcfd set in April. Spring maintenance was a part of the reason that some gas pipelines were reduced in output, including the 2.7-bcfd Permian Highway pipe from West Texas' Permian basin to Texas Gulf Coast. Kinder Morgan announced that it will be performing a turbine swap at the Big Lake Compressor Station from May 13 to 26. This will reduce mainline capability to approximately 2.2 Bcfd. The Permian Highway's reduction has trapped some gas within the Permian Basin, which is helping to boost spot gas prices in Waha Hub The price of British thermal units (mmBtu), which was 94 cents on Friday, fell by more than 260% to a low of minus 1.52 dollars for Monday. This was the fourth time that Waha prices were below zero on average in 2025. The previous averages for the five years prior (2019-2023) were $1.96, 77 cents and $2.91. In 2019, the Waha price average was first below zero. This happened 17 times between 2019 and 2020, six times each in 2023, and 49 times total in 2024. Analysts said that low prices are a sign that the Permian needs more gas pipelines. Some pipes are under construction including Kinder Morgan's Gulf Coast Express, Blackcomb, and Energy Transfer's Hugh Brinson. However, they will not be in service before 2026. The Permian Basin in West Texas, and Eastern New Mexico, is the largest and fastest growing oil producing shale region of the United States. With the oil, a lot of gas is also released. Energy firms are willing to accept some gas losses, even though U.S. oil futures have fallen by about 13% in 2025. They can make up the losses in oil sales. Some energy companies said that they would reduce their capital expenditures on new oil drilling in 2019 because oil prices are on course to fall for the third consecutive year in 2025. (Reporting and editing by Andrea Ricci; Scott DiSavino)
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Indian boycott of Turkish chocolate, coffee and fashion increases
Indian small grocery stores and online fashion retailers have boycotted Turkish products, including chocolates, coffees, jams, cosmetics and clothing, amid growing anger over Turkey's support of Pakistan in the confrontation with India. After India launched military strikes against islamist attackers in Indian Kashmir, Turkish President Tayyip Erdoan expressed his public solidarity with Pakistan. The fighting across the border continued for four full days before a truce was declared. The All India Consumer Products Distributors Federation, which supplies 13,000,000 mom-and-pop stores with groceries, announced on Monday that it would launch an "indefinite, total boycott" against all Turkish products. This includes chocolates, wafers (wafers), jams, biscuits, and skincare. According to three sources, and an examination of their websites, the Indian fashion websites owned and operated by Flipkart (backed by Walmart) and Mukesh Ambani’s Reliance (owned and operated billionaire Mukesh’s Reliance), have removed a number of Turkish clothing brands. One source said that Flipkart's fashion site Myntra has removed listings for Turkish brands, including Trendyol (known for women's clothes), street and casual clothing brand LC Waikiki, and jeans manufacturer Mavi. A second source who has direct knowledge of the matter said that Myntra had removed the brands in the "national interest" and without Walmart's involvement. Reliance’s fashion app AJIO removed Turkish brands such as Trendyol and Koton from its app. Many of these listings showed up on Monday as being out of stock. Sources cited "national feelings" as the reason. Flipkart, Reliance Retail, and the Turkish brands Trendyol LC Waikiki Koton and Mavi have not responded to our requests for comment. India has not issued a boycott order to companies. India imports $2.7 billion worth of goods from Turkey each year, dominated by precious metals and mineral fuels. A consumer boycott would still have a significant impact. AICPDF stated that its ban would impact around 20 billion rupees (234 million dollars) worth of food products. According to Trading Economics, apparel imports accounted for $81 million in value last year. Sukhvinder Sukhu said that he will ask for a prohibition on the import of apples from Turkey. These were worth $60 million in last year. Flipkart announced last week that it would suspend all flight, hotel, and holiday package reservations to Turkey, "in solidarity with India’s national interest and sovereignty". Indians are cancelling their holidays to Turkey, and New Delhi has revoked the security clearance for Celebi, a Turkish aviation ground handling company. Reports on Friday claimed that Air India had lobbied Indian officials to prevent IndiGo from leasing Turkish Airlines' aircraft, citing both business and security concerns. This was prompted by Ankara’s support of Pakistan. (Reporting and editing by Aditya Liffey, Aditi Shah; Additional reporting by Dhwani Paandya)
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Poor bean quality is a problem for weekly cocoa deliveries in Ivory Coast
Exporters estimate that cocoa arrivals in ports of Ivory Coast, the top producer, had reached 1,582 million metric tonnes by May 18 compared to 1.437 millions tons a year ago. The weekly arrivals in the two major ports of the country between May 12 and 18 were down sharply compared to the same period the previous season. This drop was attributed by buyers to the fact that they rejected more beans due poor quality. Between May 12 and 18, approximately 7,000 tons of bean were delivered to Abidjan and 15,000 to San Pedro, for a total 22,000 tons. This is down from the 31,000 tons that were delivered in the same period of the previous year. This is the second week in a row that volume has decreased. The cause of this can be attributed to a number of factors. The quality of the beans are poor, and the production is weakening," said the director of an export company for cocoa in San Pedro. The director, who asked to remain anonymous, said that the bean count of most deliveries ranged between 130 and150 beans per 100g. The cocoa regulator has set the standard for 106 beans per one hundred grams, and will tolerate up to 120. Separately the head of an cocoa grinding firm based in San Pedro said on Monday that they reject between 40 and 50 percent of the beans they receive. The director, who requested anonymity, added: "The bean count cannot be exploited in our factories resulting in a slowed down in our operations." A second director at a grinder in Abidjan said that the company operated at 60% capacity due to the low bean volumes and poor bean quality associated with high acidity. The prolonged dry spell from November until now is the cause of these problems. "Even if it rains it will be too late to change the trend," he said. (Reporting and editing by Ayen deng Bior, David Goodman, and Ange Aboa)
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Investcorp invests $500 million in the expansion of Oman’s Port of Duqm
Investcorp, the Middle East’s largest alternative investment company, announced on Monday that it had entered into an agreement to invest $550 million in the expansion of the Port of Duqm, Oman. This is part of its ongoing investments in regional infrastructure assets. Investcorp's infrastructure platform Investcorp Aberdeen will be a partner in the project along with a consortium made up of the Port of Duqm Company and the DEME Group, as well as the Port of Antwerp Bruges. Duqm Port, located in Oman on the southwest coast, is close to major oil and gas developments. It serves as a hub for container shipments as well as dry and liquid bulks and cargo. The project includes marine infrastructure, dredging, and construction of a quay wall to support a low-carbon industrial plan that is aimed at green steel production. Oman, a non-OPEC small producer, follows other Gulf countries with its efforts to diversify the economy and reduce dependence on oil revenue. According to a 2023 report by the IEA, as part of its efforts, the country is investing in order to achieve its decarbonisation goals. The goal is to produce at least 1,000,000 metric tons renewable hydrogen per year by 2030. Investcorp announced on Monday that AIIP was awarded the investment mandate in the Port of Duqm Project after a "competitive" process. The Bahrain-based company was founded in 1982 and manages assets totaling $55 billion. The company is known for its luxury brands like Gucci and Tiffany & Co., but has also expanded into private credit as well as assets such infrastructure.
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The first LNG bunkering hub on the US Gulf Coast has been granted permission to begin work
Executives involved in the project said that the joint venture, which is developing the first marine fuel station for liquefied gas on the U.S. Gulf Coast, has received the final permits. Construction will begin later this summer. LNG is seen as an alternative fuel that can reduce carbon emissions in the global shipping industry. The U.S. administration of President Donald Trump is looking to increase LNG exports in order to reduce Europe's dependence on Russian gas following the invasion of Ukraine by Moscow three years ago. The project wants to capitalize on a new market for U.S. Liquefied Natural Gas (LNG) that can be used in U.S. port and nearby waters, without the need for export licenses. The facility is located along the Texas City Ship Channel, and the Galveston LNG Bunker Port company (GLBP) will supply LNG via fuel barges to the growing fleet of LNG-fueled vessels in the Greater Houston-Galveston area, GLBP stated. GLBP was formed by Houston-based Pilot LNG, and Seapath, a division of the global business group Libra. Seapath estimated that the total cost of the project is in the vicinity of $300 million. The U.S. Army Corps of Engineers, and U.S. Coast Guard have given final approval to the project. Seapath stated that the first bunker deliveries will be made in the second half 2027. Seapath's President Josh Lubarsky said in a press release that "after several years of challenging work, we are now comfortably leading the market as the first dedicated supplier of LNG marine fuels in the U.S. Gulf". "We made a substantial financial commitment to this Project and over the past few years have positioned GLBP as the leading clean fuel supply hub for the Galveston Bay/Gulf Region." Seapath stated that the first phase will be able to produce 360,000 gallons of oil per day in approximately two years. The second phase will have a production capacity of 720,000 gallons of oil per day within eight to twelve months. The GLBP project is the second dedicated LNG bunkering facility in the U.S. after Florida-headquartered joint venture JAX LNG, which operates a 360,000 gpd plant. GLBP will support Port Houston, the U.S.'s largest port by waterborne tonnage and with a $906 billion national economic value. Lomar Shipping, which operates a fleet with more than 40 ships, is also owned by Libra Group. Americraft Marine is Libra's maritime subsidiary. It owns a Jones Act shipyard located in Florida. This is one of only a few yards in the U.S. building crew transfer vessels for the offshore wind industry. They also build tugboats, barges, and tugboats. (Reporting and editing by Elaine Hardcastle; Jonathan Saul)
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Two people killed when a tall ship of the Mexican Navy crashes into Brooklyn Bridge
Two people were killed and several more injured when a Mexican Navy sailing vessel festooned in lights and a giant Mexican flag crashed into Brooklyn Bridge Saturday night. The top of the masts was ripped off, according to New York City mayor Eric Adams. Online videos showed the Cuauhtemoc training vessel as it approached Brooklyn's side of the East River bridge, which connects Manhattan and Brooklyn. The vessel named after the Aztec Emperor, which was sailing underneath, knocked over the masts, as they were too high to clear the bridge. On social media, the Mexican Navy announced that 22 people had been injured aboard the ship. Of these, 19 are receiving medical treatment in local hospitals and three of them were seriously injured. Adams, a New York City resident, put the total number of injured at 17. The Navy stated that no diving rescue operations are required because none of 277 passengers on board fell into the water. After the crash, cadets in white uniforms were seen hanging from the ship's beams. Claudia Sheinbaum, Mexican president, told reporters Sunday that a female cadet died and a Marine male died of their injuries. The New York Police Department reported that two of the injured were still in critical condition on Sunday afternoon. Sheinbaum stated that the Mexican Navy is investigating the cause of this crash, and that the injured cadets are "doing much better." The U.S. National Transportation Safety Board also investigates. New York Police said that mechanical issues were probably the cause of the crash without providing any further details. Online videos show bystanders in terror running from one of the suspension bridge bases near Brooklyn Bridge Park as the massive vessel hits the bridge and heads toward the shore. It was built in 1883. The bridge is a major tourist attraction as well as a conduit between Manhattan, Brooklyn and New York. The bridge was once the world's largest suspension bridge. A New York City official in charge of transportation said that the bridge had not sustained any major damage. After a preliminary examination, traffic was reopened both ways. On social media, the Mexican foreign ministry had earlier stated that Mexico's Ambassador to the U.S. as well as other officials were helping affected cadets. They also said they had been in touch with local authorities. According to South Street Seaport Museum's website, the Cuauhtemoc vessel was built in 1981 at the Celaya Shipyards of Bilbao in Spain. The visit was scheduled to end on Saturday evening. During its visit, the public was invited aboard. New York police said that the ship was leaving New York and heading to Iceland. Frank McGurty reported from New York, Timothy Gardner from Washington and Chandni Sharma in Bengaluru. Additional reporting was done by Brendan O'Boyle in Mexico City, Stefanie Eschenbacher and Brendan O'Boyle in Washington.
South Korean mills purchase 50,000 T of wheat from US traders, traders claim
In a Monday tender, a group of South Korean mills purchased an estimated 50,000 tons of wheat from the United States.
All purchases were FOB (free-on-board) and involved different types of wheat for shipment between 15 July and 15 August. It was thought that the seller would be Bunge, a trading house.
Traders said that the purchase included soft white winter wheat, which had a protein content of 9.5-11%, bought at a price of $220 per ton FOB. Soft white wheat, with a maximum protein level (9%), was purchased at $230 per ton, while hard red winter wheat, with an 11.5% protein, was bought between $230 and 260. Northern spring wheat, with 12% protein, was bought around 240.
The reports reflect the assessments of traders. Further estimates on prices and volume are possible in the future. Reporting by Michael Hogan, Editing by David Goodman
(source: Reuters)