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Sources: Fujairah bunker price surge due to conflict in the Middle East will drive demand elsewhere
The refuelling of ships at Fujairah in the United Arab Emirates has slowed down after the U.S. Iran conflict disrupted fuel shipments. This led to a spike in prices, and could have shifted demand from Fujairah to other ports, including Singapore. After some vessels were struck, transit through the Strait of Hormuz, between Iran and Oman has come to a halt. This area carries one-fifth of the world's oil consumption, as well as a large quantity of liquefied gas. Dubai-based sources said that while bunkering is continuing at the port, sales have largely stopped after marine fuel prices soared on Monday due to concerns about a prolonged disruption in supply. Fujairah is located on the east coast of United Arab Emirates, near the Strait of Hormuz. Sources said that low-sulphur marine fuel offers rose from $10 to $15 per metric ton to more than $30 last week. High-sulphur fuel prices shifted from discounts to premiums. DEMAND TO FIRM in other HUBS If tankers stay away from the Middle East, or vessels are left stranded, traders predict that demand will shift to other hubs, such as Asia, Rotterdam and the Mediterranean. Suppliers and traders said that spot demand for fuel at the world's largest port of bunkering, Singapore, was already high late Monday night as shipowners rushed to get their fuel in before prices rose further. One of them said that if the conflict continues, the demand will increase and premiums are sure to follow due to the disruption in the supply. Sources declined to name themselves as they weren't authorised to speak to the media. Brent crude futures spiked, causing fuel prices and margins to rise sharply in Asia on Monday. "Current shipper precaution means a gridlock for now on Strait of Hormuz?transited volumes, and prolonged?disruptions? will curtail bunker supply in Singapore," said Royston Huan. He is a senior oil product analyst at the consultancy Energy Aspects.
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Netanyahu: US-Israeli War on Iran is not going to Take Years
Benjamin Netanyahu, Israeli Prime Minister, said that the war against Iran "would not take years" as the conflict escalated with Israel attacking again the Iranian-backed Hezbollah in Lebanon and Iran hitting Gulf States which host U.S. bases. Donald Trump, the U.S. president, launched strikes against Iran with Israel on Sunday. He initially predicted that war would last between four and five weeks. But he has now sought to justify an open-ended, broad war. Iran launched drone and missile strikes on not only Israel and U.S. forces, but also against a number of countries in the region who are allied with the U.S. This paralyzed vital energy shipments out of the Gulf, along with hundreds busy short-and long-haul flights routes. ISRAEL SPEAKS ABOUT WAR LASTING 'WEEKS" Netanyahu rejected the notion that the conflict would last years, as in previous wars. "I said that it could be swift and decisive. It will not take many years, even though it may take some time. Netanyahu told Fox News' "Hannity' program on Monday that it was not an endless conflict. Israeli Lieutenant Colonel Nadav Shishani told an online briefing the length of the campaign could vary depending on the developments. He added: "We prepared a general scope for weeks." Shoshani responded that it was unlikely Israel would deploy ground forces in Iran. As air defences intercepted Iranian missiles, explosions rocked buildings in Tel Aviv. Israel has attacked the Tehran complex for Iran's state-run broadcaster IRIB and Hezbollah militants in Lebanon. Israeli officials said they had sent additional troops to southern Lebanon, and placed them near the border in order to provide "forward defense". Israel maintained ground troops in Lebanon after its November 2024 truce with Hezbollah. Hezbollah is a Shiite militia which serves as an Iranian proxy. Saudi Arabia's Defence Ministry reported that two drones from Iran struck the U.S. Embassy in Riyadh early on Tuesday morning, causing some minor damage and a small fire. At least eight other drones were intercepted by the Saudi Arabian Defence Ministry before they reached the city. Since the U.S., Israel and Iran launched the war on Saturday by shooting down the Iranian Supreme Leader Ali Khamenei in the air, hundreds of civilians were killed across the globe, including in Iran, Israel, Lebanon, and other countries. The Islamic Revolutionary Guard Corps of Iran, which reports directly to the Supreme Leader of the country, has said that its navy destroyed the main command and headquarters of an American air base in Bahrain as part of "Operation Promise of the Truth 4". The base in Sheikh Isa was the target of 20 drones, three missiles and three rockets. The U.S. State Department or the White House didn't immediately respond to requests for comment. U.S. Secretary Marco Rubio warned Monday that the "hardest hits" from the U.S. Military are still to come. Rubio was asked how long the United States would be in Iran. He replied: "We think that the goals we set for this mission - the destruction of the (Iran) ballistic missile capability, both in terms of launch capabilities and manufacturing - can be achieved even without ground forces. Right now, we're not positioned for ground forces. The president isn't going to rule anything out, but he has options. THOUSANDS of Gulf Flights Canceled ISNA reported that a member of Iran's Assembly of Experts - the body charged with selecting a new Supreme leader - said it "won't be long" before Khamenei is replaced. The U.S. Military said that it has destroyed 11 Iranian vessels and struck over 1,250 Iranian targets. Six U.S. military personnel were killed in Iran's weekend retaliatory attack on Kuwait. Oil prices have soared as a result of the conflict, which has caused global air travel to be in chaos. One-fifth of all oil traded around the globe passes through the Strait of Hormuz. The major Gulf hubs, such as the busiest airport in the world, Dubai, which handles more than 1,000 flights per day, were closed for a 4th day. This has left tens and thousands of passengers stranded. Asian airline shares continued to lose money, as carriers closely monitored fuel price spikes. Bookings are also surging due to passengers switching from Middle Eastern airlines. According to industry sources and shipping data, the cost of supertankers in the Middle East has reached all-time levels after Iran targeted ships that passed through the Strait of Hormuz. WAR BREWS UP IN LEBANON The U.S. State Department has ordered all non-emergency U.S. Government personnel and their families to leave Bahrain, Iraq, and Jordan. Trump said that the U.S. was facing an imminent threat by Iran, which justified the war. He did not provide any specifics though and some U.S. legislators said he showed no evidence. Rubio said that the U.S. acted preemptively, knowing of Israel's plans to attack Iran. He also knew Tehran would react and put U.S. base at risk. Trump said on Monday that his order to attack was to stop Tehran's nuclear and ballistic missile programs, which he claimed were growing rapidly. An independent policy institute reported on Monday that commercial satellite imagery appears to have captured the first known strike on a nuclear site in Iran since the beginning of the war. Iran denied that it was seeking nuclear weapons, and said the U.S.-Israeli assault had been unprovoked. This occurred as Tehran and Washington?were negotiating a nuclear agreement. Trump rescinded a previous international agreement that curbed Iran's nuclear programme during his first term, in 2018, three years after the agreement was signed. Trump's attack on Iran is the largest U.S. Foreign Policy gamble in decades, and a major risk for his Republican Party during this year's Midterm Elections. In a weekend/Ipsos survey, only one out of four Americans supported an attack on Iran. Russia, China, and Turkey all condemned the war. Britain, a close ally of Washington, reluctantly permitted U.S. forces use British bases to conduct what they call "defensive" attacks on Iranian weapons.
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Drone strikes fuel tank in Oman's Duqm Port
The state news agency, citing a source in the security sector, reported that a fuel tank was damaged at 'Oman's Duqm Commercial Port on Tuesday. This is the fourth day since the U.S. and Israel launched strikes against Iran. Iran has responded with attacks on neighbouring countries. The attack came a day after Qatar stopped?its production?of liquefied... natural gas, which accounts for about a fifth?of global supply. Saudi Arabia also suspended production at its biggest domestic refinery. Iran has been targeting infrastructure in recent days, including energy facilities, ports, and airports. Before the attack on Iran, Oman was acting as a mediator in talks between Iran and the U.S. about Tehran's nuclear program. Oman's news agency said that the damage caused in Duqm had been contained, and there were no injuries. Duqm was also targeted by drones Sunday, injuring a worker. On Saturday, when the U.S. Israel and the U.S. launched their attack. The Abu Dhabi Government's Media Office said that on Monday, a fire broke out after a drone targeted the Musaffah Fuel?tank Terminal without affecting its operations. ADNOC, the state-owned oil giant of Abu Dhabi, operates a facility in Musaffah where fuels are transported via trucks and a pipeline network covering 1,600 kilometers (994 miles).
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MOL Hungary says it received Ukrainian oil through Druzhba after the attack
Hungary's MOL imported 35,000 tons (of Ukrainian crude) via the Druzhba Pipeline at Kyiv’s request, according to executive chairman Zsolt Hernadi of commercial television station ATV. This was after a fire and strike near the Druzhba Pipeline in late January. Ukrainian officials in the industry did not respond immediately to a comment request. Since January 27, oil shipments through the pipeline to Hungary and Slovakia, the only European Union nations still importing Russian crude, have been suspended following what Kyiv claims was a Russian assault on pumping stations in western Ukraine. Hungary and Slovakia claim that Ukraine has blocked the use of the pipeline for political reasons. This prompted Budapest to block any new EU sanctions against Russia. Kyiv claims that repairs will take time. According to a report last week, which cited 'three industry sources who are familiar with the issue, before the Druzhba pipe was damaged, it exported some Ukrainian oil, and much larger volumes of Russian crude. Hernadi stated that MOL believes the pipeline itself did not suffer any damage. "When the fire started...from other stores they began to pump Ukrainian crude in the pipeline. "Our Ukrainian colleagues asked us to take this oil over in order to prevent further escalation of the fire and problem," Hernadi stated late on Monday. "And we took 35, 000 tons of Ukrainian crude that?arrived over the Druzhba pipe in 2-3 days." The Ukrainian embassy in Budapest said in a statement issued late Monday night that the "possibility and timing of repairs on the pipeline depend solely on security circumstances" because Russia continues its attacks. Hernadi stated that the capacity of the Adriatic Pipeline, an alternative to Druzhba for bringing up seaborne oil shipments from Croatia, will be tested "repeatedly" this year. Hernadi stated that MOL's Hungarian main refinery is still operating about 40% below its capacity as a result of a fire in the previous year. This will continue until August.
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MOL Hungary says it has received Ukrainian oil through the Druzhba Pipeline
Zsolt Hernadi, executive chairman of MOL, told ATV that the company received a total of 35,000 tons?of?Ukrainian?crude via the Druzhba pipeline at Ukraine's request?after a fire and a hit near the pipeline. "The pipeline suffered 'no damage.' All the more so because a fire started after the (Russian) attack, and then they began to pump Ukrainian crude from other storages into the pipeline. Hernadi stated that after the fire started, the Ukrainian colleagues asked us to take control of the oil in order to prevent further damage and a fire. "And we bought (took over)?35,000 tonnes of Ukrainian crude that?arrived on the Druzhba pipe over 2-3 days." Since January 27, oil shipments from western Ukraine to 'Hungary and Slovakia' have been suspended through the Russian-operated pipeline. (Reporting by Krisztina Than)
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Operating profit of Kuehne+Nagel, a freight forwarder, falls amid worsening economic conditions
The Swiss logistics company Kuehne und Nagel announced a 17% decline in its annual recurring?operating profits on Tuesday. They cited a deterioration in industry conditions as a result of?the challenging macroeconomic environment. Last year, the company's recurring profits before?interest, taxes and?cost savings program expenses, which do not include?these costs, dropped to 1,38 billion Swiss Francs. It?forecasts recurring EBIT between 1.2 and 1.4 billion francs for 2026. They expect to?benefit?from?productivity improvements through the accelerated development artificial intelligence solutions. The savings programme aims to reduce costs by more than 200 millions francs.
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Thales boosts profits with defence, avionics business
Thales, a French aerospace and technology company, reported a core profit slightly higher than expected on Tuesday. This was largely due to its main defence business and the demand for avionics. The largest European defence technology group said its adjusted operating earnings for 2025 rose?14% compared to a similar basis, to 2.74 billion euros ($3.20billion), while sales increased 8.8% to 22,14 billion euros and the new order intake edged up by?1% to 25,26 billion euros. According to a compiled consensus, analysts expected an average adjusted operating profit of 2.7 billion euro on revenue of 21,88 billion euros. The maker of digital and military radars predicted that operating profit margins would increase to between 12.6% and 12.8% in 2026. This is up from 12.4% the previous year. Revenues will also grow by 6%-7%.
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FT reports that BlackRock-backed group is trying to complete CK Hutchison port deal without Panama assets
Financial Times reported that a consortium backed by BlackRock is pushing for the completion of its 'acquisition' of CK - Hutchison’s global ports business? without two terminals located in Panama after the authorities seized these assets. The report cited people who were familiar with the negotiations as saying that the Swiss-Italian Mediterranean Shipping Company and the U.S. listed asset manager are'said to be in discussions with CK Hutchison about?buying 41 ports throughout Europe, Southeast Asia, and the Middle East. Could not immediately verify the report. BlackRock, MSC - and CK Hutchison - did not respond to a request for comment. Panama's top court declared in January that Hutchison's concession to the Panama Canal terminals was unconstitutional. This led authorities to seize the assets last month. Hutchison’s Panama Ports Company has launched an international arbitration against the Central American country. Hong Kong listed conglomerate has been trying to sell off its non-Chinese port business. This includes 43 terminals spread across?23 different countries. The two Panama Canal Ports?are the core of the $23 billion dollar deal announced last December, under which BlackRock would?take control of a majority of the remaining portfolio and MSC a smaller portion. (Reporting and editing by Sumana Nady in Bengaluru)
Sources say that the US is still struggling to derisk Congo's "war zone minerals" even after the pact.
Diplomats and industry officials say that the U.S. is making progress in its efforts to wrest Congo's strategic mineral resources from China. However, conflict, contested licenses and compliance requirements are still slowing Washington down as it advances into a dominant region. The U.S. is relying on the Democratic Republic of Congo to reduce the West's dependence on China for rare minerals. It has the largest cobalt reserves in the world, as well as rich copper and lithium deposits. Kinshasa handed Washington, after the U.S. signed a mineral pact with Congo in December, a list of 44 projects spanning copper and cobalt as well as lithium, tin and gold.
The U.S. State Department stated that the U.S.-Congo Partnership is intended to unlock investment and support implementation of an agreement Washington brokered between Congo, Rwanda and Kinshasa, which Kinshasa accuses of supporting M23 Rebels fighting Congolese soldiers in its eastern part.
Sources, including Congolese mining and government officials, say that several of the assets shortlisted are located in politically volatile zones or have permit disputes, which makes it unlikely for mining deals to be made quickly. The sources asked to remain anonymous because the discussions were sensitive.
Source: CONGO slowing down deals
A U.S. diplomat stated that Kinshasa deliberately delays new deals in order to force Washington to increase its pressure on M23. Could not independently verify this claim.
The Congolese Government did not respond immediately to requests for comments. A senior government official called the allegations "speculation" in background.
The official explained that "the agreement has its own pace: a time for receiving offers and a time for negotiations." Rwanda, which denies supporting M23, didn't immediately respond to comments. U.S. State Department said?the U.S. is "deeply worried" about violence in eastern Congo. It urged regional partners to strengthen the ceasefire and urged Rwanda to stop supporting M23 and withdraw according to December's peace agreement. Washington wants to see rapid progress in key deals. These include a proposal by Glencore to sell copper and coal assets to the U.S. backed Orion consortium; Virtus Minerals bid to acquire Congo-focused Chemaf; and the extension to the Lobito Corridor rail line. Kinshasa being included on the shortlist for the Rubaya mine, which provides about 15% of global colltan, and is under the control of?M23/AFC, indicates that Congo wants more U.S. actions against M23. This was stated by Joshua Walker, NYU's Congo Research Group.
He said that investment is unlikely as long as the group controls territory. Some mines have already seen the influence of the United States on security. Alphamin Resources restarted the Bisie tin mining operation only after U.S. diplomats helped to ease fighting around the mine. However, it warns of renewed clashes which could threaten operations and access.
PERMITTING GRIDLOCKS
Michael Bahati is the chief analyst of Ascendance Strategies. He said that Congo's permitting gridlock was a structural barrier to new U.S. investments. However, some assets listed by Kinshasa are also mired in disputes and incomplete ownership and rights records. There are also slow transparency reports. U.S.-backed KoBold, which controls a global-class resource of lithium in Manono (Australia), is attempting to resolve a dispute with AVZ. Meanwhile, China's Zijin, located in the same 'area', is preparing to ship in June. The high-grade copper and cobalt assets of Chemaf, Gecamines, and other companies are hampered by political disputes and a history of permitting that discourages Western lenders. The sale of Chemaf to U.S.-backed Virtus is slowing down after owners indicated that the $30 million offer does not cover heavy debts.
Kinshasa has signaled success, even for "easy wins", such as tailings refining or proposed cobalt refineries, is dependent on the governance reforms, and security guarantees, that only Washington can deliver.
Geraud Christian Neema is an analyst of the geopolitics and natural resources in Africa.
Washington continues to focus on assets that are "ready-to produce". He said that a longer-term change would require U.S. businesses to be willing to take on Congo-level risks and wait for years to see returns.
WESTERN PROCEDURE Vs. CHINESE PACE
Officials in Congo acknowledge that they want American players to move more quickly, but they say they can't circumvent their compliance obligations.
Chinese firms are not bound to the same obligations as Western companies. These include anti-bribery tests, proof of clean title chains, and documentation of community impact risks.
At Manono the Zijin head start in building roads, power, and port links has already shaped the project. KoBold Congo's Congo chief said that the company would look to share the infrastructure once ownership disputes are resolved. This pace reflects the compliance burden that U.S.-backed companies?face.
It is evident that the Congo's mining industry has a different dynamic - Chinese companies can handle uncertainty better than Western firms, which allows Beijing-linked companies advance projects faster while U.S.-based companies are stuck in due diligence loops.
NYU's Walker stated that Kinshasa is currently succeeding in bringing Washington further into its orbit of critical minerals, as it believes the attention given by the U.S. will result in security and political benefits.
It is still unclear how the engagement will end up looking.
The Chinese have already seized over 70% of Congo’s rare minerals, including copper and cobalt. Washington has yet to show any signs that it can loosen Beijing's hold. Maxwell Akalaare Adombila, reporting and writing from Dakar and Veronica Brown, and Jan Harvey, editing.
(source: Reuters)