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Source: Ukraine offers Russia a truce on the Black Sea in response to growing food shortage fears
Sources say that Ukraine sent Russia an offer to both countries asking them to stop attacking civilian targets on the Black Sea. Both countries have been warning about threats to food supplies worldwide after weeks of intense strikes against vessels and ports. Sources familiar with the matter said that Kyiv had sent the offer of suspension via a third-party, but Ukraine is still waiting for their response. Both Russia and Ukraine - major players in the global agriculture market - have accused each of intensifying their targeting of agricultural export vessels. Kyiv was forced to find alternative shipping routes when many shipowners stopped stopping at ports in the southern region of Odesa, which is a major grain exporting area. They were wary of Russian strikes on dozens?foreign flagged ships and port infrastructure. Russia didn't immediately make a public comment. Alexander Grushko, the Deputy Russian Minister of Foreign Affairs, said that Moscow had not received any formal ceasefire proposals in the Black Sea before this report. Recently, we've heard many calls for different kinds of truces and moratoriums. The ideas are being presented through different channels, but no formal proposals have been received," he said, according to Russia’s state news agency TASS. Euronext September Wheat?BL2U6 slid lower after the news about Ukraine's bid. Hakan Fidan, the Turkish Foreign Minister, said on Saturday that both Russia and Ukraine had been asked to declare a moratorium in Black Sea attacks. The de facto blockade by Russia of Ukraine's Black Sea ports in Odesa has caused Ukrainian grain exports to fall 76% in comparison to the same period last year. The agricultural sector warns of dire consequences for the Ukrainian economy if the situation continues. Andrew Heavens edited this article.
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The largest grain terminal in Russia, Novorossiysk KSK, has suspended operations
Delo Group, the owner of Russia's KSK grain terminal in the Black Sea port of Novorossiysk, announced on Thursday that it had suspended operations. The decision was taken to ensure the safety of staff and infrastructure, it stated. Ukraine attacked?Novorossiysk ports in a massive drone attack on Wednesday. Two other major grain terminals were?put out of service. Russian Railways, the monopoly railway company in Russia, announced on Thursday that it had limited the loading of cargoes bound for the port of Novorossiysk. According to a document reviewed by the. Novorossiysk’s 'grain' terminals, with a combined capacity of more than?20 millions tons, are the main route for Russian seaborne grains exports. Last season, they reached a record?52.7million tons. (Reporting and editing by David Goodman, Jan Harvey and Olga Popova)
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CK Hutchison’s halted Panama port operation weighs on earnings
?CK Hutchison said that its cargo traffic and 'port earnings were?affected by a halt in operations in Panama. It also added that there had been little progress on a sale of the majority of its ports businesses for $23 billion. Li Ka-shing's conglomerate, owned by Hong Kong’s richest man, Li Ka, is embroiled in a diplomatic dispute since U.S. president Donald Trump objected to Chinese control of ports on the Panama Canal. This was followed by the cancellation by Panama of the concessions it had in the country. CK Hutchison’s ports division reported a 1% decline?in throughput. However, earnings before interest tax, depreciation, and amortization (EBITDA), despite the HK$496?million hit from Panama, rose?4%. Panama Ports Company's (PPC) is seeking more than $2 billion from Panama in damages through arbitration, after being removed from operations at two ports near the Panama Canal for nearly 30 years. The legal battle has complicated the plan of the group to sell dozens ports around the world, including the Panamanian Terminals, to a consortium that includes BlackRock, Mediterranean Shipping Company, and another strategic investor, which sources identified as China's COSCO. Frank Sixt, Group Finance Director at a earnings conference, said that there was "absolutely" nothing to report in terms of the transaction. CK Hutchison's retail business helped to boost the group's underlying profits by 6.7% in the first six months of the year.
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One person killed in blast at Rotterdam Port Energy Facility
Officials said that a blast occurred at a storage area for 'petroleum' products in the?Port of Rotterdam,?the Netherlands, on Thursday. One person was killed and several others were injured. The cause is unknown. Gunvor, a major trading company in energy commodities, said that an "incident occurred"?during the maintenance of a storage tank. Police spokesperson said that no immediate signs of sabotage were present and?that the investigation was looking at all possibilities. Rotterdam, Europe's biggest port, is home to?oil refining facilities?,?liquefied gas terminals? and?multiple chemical plants? Shell, Exxon 'Mobil, BP, and Gunvor Energy, among others, are energy giants that operate at the port. Around 11:30 am (0930 GMT), the explosion took place. Gunvor has said that it is cooperating with the local authorities. Shell stated that the explosion had no impact on its operations at the port. The spokesperson for Rotterdam Port said that the LNG terminals were not affected. Exxonmobil has shut down all of its 191,000 barrels/day Rotterdam Refinery units due to an outage in power, according to a Wood Mackenzie alert sent to customers. Exxonmobil didn't immediately respond to an inquiry for comment. Rotterdam Port said that there was no "connection" between the explosion and the power outage. Reporting by Charlotte Van Campenhout, Inti Ladnauro and Richard Lough. Writing by Richard Lough. Editing by Toby Chopra, Hugh Lawson and Toby Chopra.
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Petronet India says it is unclear about September LNG deliveries from Qatar
Petronet LNG, India's largest gas importer, does not have a definitive liquefied gas supply plan with its main supplier Qatar. This was revealed by its CEO on Thursday as the Middle Eastern producer reviewed force majeure from month to month. In March, Qatar declared force majeure for LNG exports after Iran hit two of Qatar's fourteen production trains. The U.S. - Iran conflict has also 'disrupted fuel shipments via the Strait of Hormuz. This route carries around a fifth of global oil consumption, as well as large quantities of LNG. After Petronet's earnings for the June quarter, A K Singh said to the media: "They haven't given any definite plans for supply of LNG in September." "Everything is tied to the Strait of Hormuz, and their initial?plans." Singh stated that Indian companies import LNG from Oman and the United States, Nigeria, Angola and Nigeria to make up for the shortage of LNG supplies from Qatar. PETRONET STATES FORCE MAJEURE HAS IMPACTED 56 CARGOES TO DATE He said that Qatar declared force majeure for supplies in August. The measure has affected 56 of the company’s Qatari LNG shipments. He said that the Qatar deal allows the delivery of delayed cargoes until April 2028 when the existing long-term agreement ends. Petronet received Qatari LNG cargo last month on the tanker Tembak. Another cargo is due to arrive this month. According to LSEG's trade flows, Petronet's Dahej Terminal is expected to receive a LNG cargo from a vessel Al Gattara loaded with a cargo from Ras Laffan on Sunday. Singh stated that the company has suspended its operations on?its three tankers Disha, Raahi and Aseem which were chartered to?import LNG from Qatar. He said that Petronet would be receiving 600,000 tons of LNG this year from the Australian Gorgon project under its 1.2 million ton per year supply agreement with ExxonMobil. Petronet imports 1,42 million tonnes of LNG per year from the Gorgon Project, where ExxonMobil is a shareholder, as part of a separate, long-term agreement with the U.S. energy giant. (Reporting and editing by Nidhi verma)
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German police confirm that investigation of suspected explosive device found on rail tracks is underway
German police confirmed on Thursday that they were evacuating nearby buildings to allow the explosive item, found on rail tracks in 'the 'Bavarian town Treuchtlingen, to be safely moved. Bavarian police announced on X they were clearing buildings in the area as a precaution. A spokesperson?added two to three homes are being evacuated in order for the object to be moved. The object was discovered in the southern area of 'the Bavarian City. Police also stated on X that experts are analyzing X-rays of the object. The robot is lifting the object to allow for further examinations, it stated. Bild magazine described the object as an elongated metallic object. However, they did not give a source. German authorities have been on high alert for over a week because of an attempted drone attack at Leipzig airport, in eastern Germany. An unmanned aerial device with explosives near the runway was discovered. Treuchtlingen is a city of 12,000 residents located 150 km (93 miles), northwest of Munich.
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Iran and the US claim competing control of Strait of Hormuz
The Strait of Hormuz, the newly appointed head of Iran’s Basij paramilitary group said on Thursday. This was a day after U.S. president Donald Trump claimed that the United States held "total" control of the strategic waterway. Hossein Taeb claimed that the U.S. tried to undermine what he called the Islamic Republic's popular in the region by launching a war in the Strait of Hormuz. However, they were defeated once again despite their claim that Iran had neither an air force or a navy. Taeb told the semi-official Fars News that "Today, you can see that the Strait of Hormuz has been placed under the?management and control of Islamic Republic," adding that Iran is continuing its 'course in total security. The strait was effectively closed after the beginning of the war which began on February 28 with the U.S. and Israeli strikes against Iran. This strait used to be the route through which one fifth of all oil and LNG in the world were shipped. The U.S. then imposed a blockade against Iranian ports and shipping, claiming it would ensure freedom of navigation by vessels traveling to and from non Iranian ports. The two countries signed an interim agreement in June declaring a ceasefire permanent and calling for the return of freedom of navigation to the Gulf. After a few months, the deal collapsed after Iran resumed limited attacks against vessels it claimed were violating the 'agreement'. Washington then re-started strikes in Iran's south provinces to weaken Tehran's capability to target vessels in the Gulf. Rasoul Sanaei Rad, a senior military official, said that Iran wouldn't reopen Strait until the other side met its obligations under the interim agreement. According to Fars News, he added that the U.S. couldn't achieve the reopening unilaterally. Sanaei-Rad warned that Iran will respond more aggressively in a future conflict. He said: "In the event of a future war, Iran will be more aggressive and firmly stand our ground." (Reporting and editing by Dubai Newsroom, Toby Chopra & Sharon Singleton).
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Maguire: The boom in renewables in Europe is causing a fall-off of gas demand.
In recent years, the question that has defined Europe's energy history has been whether there is enough gas in the region. This question is becoming outdated. After the Russian invasion of Ukraine, traders, policymakers and utilities became obsessed with storage levels, LNG cargo arrivals, and winter weather forecasts. Gas inventories were the main measure of Europe's security in terms of energy. A new trend is emerging in the power system of the continent, suggesting that Europe may be increasingly asking the wrong questions. It is not a question of whether Europe will be able to secure sufficient gas. The question is not whether Europe can secure enough gas supplies. The combined electricity generated by Europe's solar and wind farms will surpass the output of gas-fired plants in 2026 for the first time ever. This may seem like another milestone in the clean energy industry. It could be a sign of a major structural change in the European gas market. RENEWABLES ARE NOW THE CENTRE OF ATTENTION Gas used to generate more electricity than the combined output of Europe's wind- and solar-powered fleet. Data from the energy think tank Ember?shows that in 2016, solar and wind combined monthly output generally hovered around 30 to 45 terawatt-hours (TWh), whereas gas-fired production often exceeded 100 TWh. Today, the gap is gone. Solar and wind combined output has increased to 80-110 Terawatt Hours per month, while gas-fired power generation has been steadily losing ground. Renewable generation has been able to match or exceed?gas production for long periods of time in 2025 and 2026. This is not just the result of good weather. Gas-fired power generation in Europe has increased modestly from 250 gigawatts (GW) to 400 GW over the last quarter century. Over the same time period, wind and solar power capacity has risen from 20 GW up to 750 GW. In Europe, wind and solar power is now installed at nearly double the rate of gas-fired power. That distinction matters. Weather can explain temporary shifts in generation. Changes in the footprint of generation fleets drive structural shifts. Europe has been steadily building a power system based on renewable resources, rather than fossil fuels, for the past two decades. After installing sufficient renewable capacity, the decline in fossil?generation is no longer a policy goal but a mathematical result. The data suggests that Europe has crossed this threshold. Fewer months of gas burning Even more interesting are seasonal generation statistics. Gas has historically been the mainstay of Europe's energy system. Demand peaks in winter, but falls in spring and summer. Now wind and solar are increasingly dominating the April-through-October period. By 2026, the renewable energy sector will have reached new highs and coal and gas production will be at multi-year lows. As renewables provide a greater share of electricity, the traditional gas-burning season is getting shorter. This could be a game changer for the gas market. Each month, the use of renewable energy reduces gas consumption and lowers imports of gas. This is a major source of gas demand in Europe. HIDDEN STORAGE STORY Gas inventories may have the most significant impact. Storage has been a crucial insurance policy in Europe since 2022 against disruptions of supply and seasonal demand spikes. If the power sector gas demand continues to shrink, Europe might not need as much gas in storage during summer or as little gas withdrawn during winter. Storage is essential for cold snaps and times of low renewable production. As wind and solar power continue to replace gas, the continent may find that its need for gas inventory is gradually decreasing. The debate is now "How much gas does Europe actually need?" This shifts the debate from "Does Europe have enough gas?" to "How much does Europe really need?" BRIDGE FUEL NOT MORE? The trend is reinforced by the broader historical context. Natural gas has been the main replacement fuel in Europe for power generation and industry since the 1990s. Renewables now pose a similar threat to gas. Years ago, policymakers referred to gas as a fuel that bridged the gap between coal and "renewables". The power system in Europe is increasingly looking like it's approaching the other side of this bridge. Europe does not just produce cleaner electricity with each new wind farm or solar park. It is reducing the amount it has to import, store and burn. For a continent who spent years worrying about whether they would have enough fuel to make it through the winter, the ability to use less gas in the first instance may be the most significant energy development. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. 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Rubio: US will find "another way" if Iran negotiations fail
Marco Rubio, Secretary of State at the Department of State, said that the United States would either reach a fair agreement with Iran or find "another solution" to the conflict. Washington was downplaying hopes for a breakthrough in the war which has been raging for three months.
Rubio said to reporters in New Delhi the U.S. will give diplomacy "every chance" to succeed before looking at "alternatives", following President Donald Trump's statement?on Sunday? that he had instructed his representatives to not rush into any Iran agreement.
Rubio stated that there was "a pretty solid thing on their table" in terms of opening up the strait.
Trump had written on Truth Social a day earlier that the U.S. Blockade of Iranian Ships in the Strait of Hormuz "would remain in full force until an agreement was reached, certified and signed".
He said, "Both parties must take time to get it right."
The Iranian government did not respond immediately. The Tasnim news agency, which is linked to Iran's Revolutionary Guards said that the U.S. still blocked parts of the potential deal. This included Tehran's request for the release frozen funds.
On Monday, oil prices dropped 6% and reached a two-week low as optimism grew about the United States and Iran moving closer to a deal.
Trump raised hopes of a deal imminent on Saturday, when he stated that Washington and Tehran have "largely negotiated", a memorandum of agreement on a peace accord?that will reopen Strait of Hormuz.
The critical waterway carried about a fifth (of all global oil and LNG shipments) before the conflict.
Both sides are at odds over a number of difficult issues. These include Iran's nuclear ambitions and Israel's war with the Iranian-backed Hezbollah in Lebanon. Also, Tehran is demanding the lifting of the sanctions and the release tens and tens billions of dollars in Iranian oil revenue that has been frozen in foreign bank accounts.
Sticking Points
Senior?Trump Administration official described the latest 'contours' of the issues that are being negotiated.
The official, who spoke on condition of anonymity said that Iran had agreed in principle to open the Strait of Hormuz as a trade for the United States lifting their naval blockade and for Tehran to dispose of its highly enriched nuclear material.
He said that the U.S. believed Ayatollah Mojtaba Khamenei, Iran's Supreme leader Ayatollah Mojtaba Khamenei, had approved the general template of the agreement.
Iran did not confirm the agreement or elaborate on its "in principle".
According to the official, Washington envisaged first reopening the Strait and lifting its naval blockade. The details of the nuclear measure would require more time to negotiate.
The official denied that Iran was unwilling to dispose of its enriched uranium stockpile. The official said, "It is a question of how."
On Sunday, a second senior official in the administration said that the proposed framework would allow negotiators to have 60 days to come up with a final agreement.
Iranian sources have said that "feasible solutions" can be found in the future to solve the dispute regarding its highly enriched stockpile of uranium, including diluting it under the supervision and control of the U.N. nuclear watchdog.
Iran has denied U.S. accusations and Israeli allegations that it is developing nuclear weapons. It says it has the right to enrich uranium?for civilian purposes?, even though it's purity far exceeds what is needed for electricity generation.
Trump has been hyping the possibility of an agreement to end the conflict that began on February 28, when the U.S. & Israel started the conflict. He has also faced attempts by Congress to limit his war powers.
Since early April, a tenuous ceasefire is in place.
The President reacted to critics who criticized his handling of the negotiations and his willingness for compromise with Iran.
"If I reach a deal with Iran it will be good and right." Don't listen the losers who criticize something they don't know about," Trump wrote on Sunday.
A deal that reinforces the fragile ceasefire will bring relief to the markets, but not defuse an energy crisis which has pushed up fuel, fertiliser, and food prices.
Early April, the U.S. and Israeli bombing of Iran was suspended.
Israel also has killed thousands of people and forced hundreds of thousands to leave their homes in Lebanon. It invaded the country in pursuit of Hezbollah militants. Iranian attacks on Israel and the Gulf States have killed dozens. (Reporting and editing by Clarence Fernandez; Additional reporting and writing by Helen Coster, Stephen Coates, Doina Chiu, Ariba Shhid, Hatem Mater, Andrew Mills and Elwely Elwelly; Reporting by Bureaus; Writing and editing by Helen Coster, Stephen Coates and Parisa Hafezi)
(source: Reuters)