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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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Air India now tests all pilots for drugs after a captain's positive test for marijuana
According to an internal memo, Air 'India will start mandatory substance testing for all pilots starting Thursday. The tests will go beyond the'regulatory requirements'. The tests are to screen for substances or medications that are prohibited by aviation regulations. They will be conducted in conjunction with training sessions at Gurugram Academy, at offices and briefing centres, and after flights at designated locations. The test will also be conducted on the pilots of Air India Express, a budget airline. Air India didn't immediately respond to an email seeking comment. Airline rules currently require that at least 10% their flight crew be tested for psychoactive drugs each year. Air India stated in a memo that "we feel it is now important to go even further." The initiative was meant to maintain?safety and reassurance for passengers and other stakeholders. Authorities are investigating an incident that occurred on August 4, involving an Air?India Airbus A320neo, which was flying from Phuket to?Delhi and suddenly lost 300 feet (91 meters) of altitude while?cruising. A source familiar with this matter said that the captain of the flight tested positive for marijuana during a confirmatory drug testing. Reporting by Abhijith Ganahapavaram. (Editing by Emelia S. Sithole-Matarise, Mark Potter.
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Heron Power to invest $100 million in new factory for advanced grid equipment
Heron Power, a'startup' run by a former executive at EV maker Tesla said it planned to build a factory in California for $100 million to produce advanced transformers to be used on the U.S. electrical grid. Heron will convert an old 286,000-square-foot distribution warehouse, 30 minutes south-southeast of San Jose, into a factory to produce Heron Link - a 5-megawatt mid-voltage power-conversion system for large-scale energy projects and data centers. In February, the company announced that it had raised $140m in a Series B round of funding. Investors Andreessen Hoowitz and Breakthrough Energy Ventures were included. Drew Baglino is the CEO of Heron, and he spent 18 years working at Tesla. He believes that software-controlled chip-based converters can compete against conventional transformers filled with?steel and oil. SHORTAGE of CRITICAL Components Baglino wants to take advantage of the rapid transformation of the U.S. grid as the demand for data centers, heat pumps, and electric vehicles grows. The infrastructure of transmission and generation is not prepared for the electrification. U.S. Energy Department officials pointed out during a meeting in March that much of the U.S. grid is still based on infrastructure and engineering from the 1960s and 1970s. The country is now facing a shortage of critical components that are needed to maintain it. Baglino stated that "there's definitely a challenge in supplying new equipment." He said that it could take up to four-years to receive a standard transformer, as the majority of grid components are imported. The power industry will spend an estimated $1 trillion in the next decade on new power plants, solar power, battery charging stations, and high-voltage transmission cables. Heron plans to "start mass production" of its equipment in late 2027. Baglino refused to name any customers but stated that he had received strong interest from data center developers and electric utilities. Baglino stated that "any grid which is rapidly changing requires this type of electronic." (Reporting and editing by David Holmes; Tim McLaughlin)
China maps the ocean floor to prepare for a submarine war with the U.S.
China has been conducting an extensive undersea mapping operation and monitoring across the Pacific Ocean, Indian Ocean and Arctic Oceans. This vast operation is aimed at gaining detailed knowledge about marine conditions, which naval experts believe will be vital for the conduct of submarine warfare against America and its allies.
Ship-tracking data shows that, for example, in 2024 and 2025, the Dong Fang Hong 3?a research ship operated by Ocean University of China sailed back and forth between the seas around Taiwan, Guam and strategic stretches of Indian Ocean. Ocean University reports that in October 2024 it tested a series of powerful Chinese ocean sensors able to identify undersea items near Japan. It returned to the same area last May. In March 2025 it covered the approaches to the Malacca Strait - a crucial chokepoint for maritime trade - by crisscrossing the waters between Sri Lanka, Indonesia and the Malacca Strait.
According to the university the ship carried out climate research and mud surveys. A scientific paper written by Ocean University academics reveals that the ship has also carried out extensive deep-sea maps. According to U.S. Navy officials and naval-warfare specialists, the Dong Fang Hong 3's deep-sea mapping and sensor placement gives China an idea of what conditions are under the sea so it can better deploy its subs and track down its enemies.
The Dong Fang Hong 3 doesn't operate alone. The Dong Fang Hong 3 is part of an ocean mapping and monitoring effort involving hundreds of sensors and dozens of research ships. This effort was traced by examining Chinese government records and university publications, as well as journal articles and scientific papers, and analyzing more than five years' worth of movement data from 42 research vessels operating in the Pacific Ocean, Indian Ocean, or Arctic Ocean using a ship tracking platform developed by New Zealand-based Starboard Maritime Intelligence.
Nine naval warfare experts who reviewed the findings said that while the research is primarily civilian - for example, some areas are being surveyed to determine fishing grounds and mineral deposits - there are also military purposes.
In order to gather information on the underwater terrain, researchers map the seafloor by traveling in tight lines. This type of movement is shown in the tracking data of vessels that have been tracked over large areas of the Pacific Ocean, Indian Ocean and Arctic Ocean.
According to an analysis of Chinese state-run media, descriptions of vessels published by Chinese universities and press releases from government organizations, at least eight of those tracked vessels have performed seabed mapping. Another 10 of them have carried mapping equipment.
Peter Scott, former chief of Australia’s submarine force, stated that the survey data from the vessels "would potentially be invaluable in preparing for the battlespace" of Chinese submarines. "Any submariner who is worth his salt will spend a lot of time and effort to understand the environment in which he operates."
Ship-tracking data shows that China's seabed surveying effort is concentrated in part around militarily-important waters near Guam, Hawaii, the Philippines and China. Wake atoll is a military base in the north Pacific.
Jennifer Parker, adjunct professor of Defense and Security at the University of Western Australia (and former Australian antisubmarine warfare officers), said that "the scale of their actions is more than just about resources." If you take a look at its sheer size, it is clear that the Australians intend to build a blue-water navy that includes submarine operations.
Parker and other experts also added that, even when data are gathered for scientific reasons, the integration between civilian scientific research, and military?technology has become a major focus of the Chinese Government under President Xi Jinping. Beijing calls this "civil-military" fusion.
The Chinese ministries of foreign affairs, defense and natural resources did not respond to inquiries about ocean monitoring and seabed mapping.
The U.S. Defense Department did not respond to any questions.
Rear Admiral Mike Brookes of the U.S. Office of Naval Intelligence testified to a congressional committee this month that China has dramatically increased its surveying activities, providing data "that enable submarine navigation, concealment and positioning of seabed weapons or sensors." Brookes also said that the "potential collection of military intelligence" by Chinese research vessels "represents an important strategic concern." The United States has recently reorganized its efforts to map the ocean and monitor it, but they do so using military vessels which are permitted to disable the civilian tracking software. China's civilian survey vessels also disable tracking at times, so its campaign could go further than we can determine. It is the first report on the extent of China’s mapping and monitoring efforts across the Pacific Ocean, Indian Ocean and Arctic Ocean. In previous reporting, a small portion of China's mapping and monitoring effort was revealed around Guam and Taiwan and in some parts of the Indian Ocean.
Ryan Martinson, a U.S. associate professor who specializes in Chinese maritime strategies, said: "It's truly astonishing to see the immense scale of Chinese marine science research." Naval War College.
Martinson added, "For decades the U.S. Navy was able to assume an asymmetrical advantage due to its knowledge of ocean battlespace." China's efforts "threaten that advantage." This is obviously very concerning.
"PARANOID about being boxed in"
According to naval experts, the data collected by Chinese research vessels about seabeds and water conditions are crucial for submarine operations and antisubmarine warfare. According to Australian defense scholar Parker: Commanders need information about the underwater terrain in order to avoid collisions, and conceal their vessels.
This data is essential to detect submarines that operate within a few hundred metres of the surface. Submarines can be identified by the sound they make or echoes of signals from sonar systems. Tom Shugart is a former U.S. sub commander and adjunct senior fellow with the Center for a New American Security. He said that the sound waves move differently depending on the underwater terrain.
Water temperature, salinity, and currents also affect sound waves and submerged movements.
The vessels in question belong to Chinese state entities such as the Ministry of Natural Resources, or to state-affiliated institutions of higher learning like Ocean University. In 2021, its president publicly celebrated "close ties with China's Navy" and "commitment to building a maritime force and national defense." The university did not respond to a comment request.
China's most extensive ocean surveying has been done east of the Philippines. The Philippines is located along the First Island Chain. This chain of territories, largely controlled and governed by America, runs from the Japanese Islands in the north, through Taiwan, to Borneo, in the south. The chain is a natural barrier that separates China's coast seas from the Pacific.
Peter Leavy, former Australian naval attache in the U.S. who is now the president of the Australian Naval Institute, said that the First Island Chain was a source of paranoia for the Australians. China's mapping is "an indication of a desire to better understand the maritime domain in order to break out."
China's tracking data also shows that it covers the waters around Guam, where American nuclear submarines have been stationed.
Chinese vessels also mapped the waters surrounding Hawaii, another of America's regional military hubs. They examined an underwater ridge to the north of a base in Papua New Guinea, where the U.S. gained access recently. And they scouted Christmas Island, a territory of Australia on a route connecting the South China Sea with a crucial Australian submarine base. China's efforts go beyond the South China Sea. China has also mapped vast?swathes of the Indian Ocean. This is a crucial route for Chinese imports from the Middle East, Africa and the Middle East.
Parker, a former anti-submarine war officer, said that China has "some key vulnerabilities" when it comes its dependence on maritime trade. Surveying indicates that "they will likely conduct more submarine operations in Indian Ocean".
China's ships have also mapped seabeds west and north from Alaska, a vital sea route to the Arctic. Beijing has declared the Arctic a strategic frontier, and its ambition is to become a great polar power by 2030.
Shugart said that the extensive surveying, and Beijing's increasing undersea capabilities are "symptomatic" of China's rising as a leading maritime power.
A 'TRANSSPARENT OCEAN'
Wu Lixin proposed an ambitious project to create a transparent ocean in 2014 by deploying sensors to give China a complete view of the water conditions and its movement. This was according to a report published by the Chinese Academy of Sciences, which is affiliated with state. According to Shandong officials, the Shandong government quickly backed this proposal with at least $85 millions.
Ocean University has announced that it began the project in the South China Sea where they have built an observation system covering the deep-sea area.
Brookes Brookes, director of the U.S. Office of Naval Intelligence told the Congressional?commission China was building underwater surveillance networks to "gather hydrographic information - water temperatures, salinity and currents – in order to optimize sonar performances and enable persistent surveillance of subs transiting crucial waterways such as the South China Sea."
Chinese scientists have expanded the project transparent ocean to include the Pacific and Indian Oceans after surveying the South China Sea. Records from the Chinese Ministry of Natural Resources and Shandong Government show that China deployed hundreds of sensors and buoys in the Pacific to detect changes like temperature and salinity.
Documents from the Ministry of Natural Resources and the Chinese Academy of Sciences describe an array of sensors ringing India, Sri Lanka and the Ninety East Ridge, a mountain range under the Indian Ocean. Starboard data shows that Chinese vessels also explored the ridge, which is one of the longest underwater mountain ranges in the world. It sits on the approach to Malacca Strait - through which a large part of China's oil supplies passes.
Ocean University and Institute of Oceanology of the Chinese Academy of Sciences have stated that the larger network of sensors provides China with data in real time about the water conditions and movements of subsea.
Experts in naval warfare cautioned against this claim due to the technical difficulties of real-time data transmission from under water. Parker stated that even delayed data could be valuable as it can help China detect U.S. sub operations. Many sensors are located in sensitive areas. Recently, the media reported that the U.S. was fortifying a crucial strait connecting Taiwan and the Philippines in order to block Chinese access to Pacific. Ocean University reports that China has installed?advanced sensor systems in areas of the strait where U.S. subs could move through to reach the South China Sea.
Chinese scientists claim that these sensors monitor changes in ocean and climate conditions. In 2017, Shandong officials said that the transparent ocean project aimed to "ensure maritime security and defense" and compared it with the U.S. military's effort?to create an American ocean sensor network.
The Chinese Academy of Sciences, Shandong Government and Institute of Oceanology did not respond to comments.
According to the website of the Naval Submarine Academy in China, the founder of the Mapping-Program, Wu, now oversees the Network through the Qingdao National Laboratory for Marine Science and Technology. Wu did not respond to any questions.
'NEW TYPES OF COMBAT CAPABILITIES'
China's mapping system and monitoring tools give it the sophisticated tools needed to detect and destroy rival submarines in some of world's most volatile waters.
Collin Koh is a senior fellow at Singapore's RSIS Institute of Defence and Strategic Studies. He said that this was a manifestation of China’s vast sea reach. "They have a fairly good idea of the maritime domain that they want to operate in either in peacetime, or during war."
Chinese researchers also see the strategic value of their work. Zhou Chun is a researcher at Ocean University who supervises the Indian Ocean sensor arrays and Pacific Ocean sensor arrays. He was quoted in a press release from Ocean University last year as saying that he had seen "the rapid growth of my country's military and maritime capabilities." He did not respond to any questions.
Zhou promised to "transform our military's most advanced technological and scientific achievements into new combat capabilities at sea."
(source: Reuters)