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UKMTO: Vessel intercepted off UAE's Fujairah heading towards Iranian waters
United Kingdom Maritime Trade Operations reported that a vessel was 'boarded on Thursday by unauthorised personnel while it was at a berth northeast of the 'United Arab Emirates - port?of Fujairah, and heading towards Iranian waters. Two maritime security sources confirmed that the vessel was the Honduras flagged Hui Chuan Fishery Research Vessel. Iran has seized at least two more vessels since the U.S. launched its strikes on Iran in February. According to the British Navy agency?UKMTO, the incident occurred 38 nautical miles (70km) northeast of Fujairah. The report was received from a vessel's security officer. Vanguard, a British maritime risk management group, said that it was reported on Thursday at 0545 GMT. Vanguard reported: "The company's security officer reported to Vanguard that Iranian personnel had taken the vessel while it was at anchor." The vessel was reportedly headed 'for Iranian territorial waters,' it stated. It also said that the contact had been lost and that the vessel?no more transmitted its position via the Automated Identification -System (AIS). The operator of the vessel, listed in shipping databases as Marshall Islands based SG Navigation could not be reached for comment. According to data from the MarineTraffic platform, the vessel was last spotted in the Gulf of Oman on May 12th, right within Iran's Exclusive Economic Zone (EEZ). A?EEZ can extend up to 38 km (24 miles) from the coast of a country. Reporting by Ahmed Elimam and Jonathan Saul; Editing by Sharon Singleton and Aidan Lewis
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Kuwaiti tanker fire extinguished after Iranian attack on Dubai waters
Authorities confirmed that the fire was put out on a 'fully loaded Kuwaiti crude tanker' which had been damaged by an Iranian attack in Dubai Port's docking area 'on Monday'. The strike also caused damage to the vessel's hull, raising concerns of a potential oil spill. This apparent attack on the Al Salmi is the latest in a series of attacks on merchant ships by explosive drones and missiles in the Gulf of Mexico and Strait of Hormuz, since the U.S. & Israel attacked Iran on 28 February. Kuwait Petroleum Corporation (KPC), announcing early on Tuesday, said that the Al Salmi tanker was damaged and caught fire after an Iranian attack on the vessel while it was anchored in Dubai port in United Arab Emirates. Kuwaiti state-run news agency KUNA reported that the vessel warned of a potential oil spillage in nearby waters. Dubai authorities confirmed that maritime firefighting crews successfully extinguished the fire which was caused by a drone strike and continue to assess the situation. They also said no injuries were reported, and that all 24 crew members are safe. Brent crude futures rose over 2% to $115.17 a barrel in the early Asian hours following the news of the attack in Dubai. However, they retreated after the Wall Street Journal reported President Donald Trump was willing to end this war even if he had the Strait of Hormuz closed. Brent oil is expected to see a 59% increase in March. This will be its biggest monthly gain ever due to the Middle East war. KPC is assessing the damage to the tanker. According to Lloyd's List Intelligence, it is the parent company for Al Salmi's commercial operator and registered owner. According to data provided by?Lloyd's and TankerTrackers, the tanker carried 2 million barrels from Kuwait and Saudi Arabia. Lloyd's stated that the tanker was bound for Qingdao in China. It was not possible to reach the Iranian officials for a comment immediately. Experts in maritime security said that earlier on Monday, a Greek owned container ship located off the coasts of Saudi Arabia’s Ras Tanura, reported two separate incidents when projectiles struck water near the vessel. At 1352 GMT, a representative of the Liberian flagged?Express Rome reported that two unknown projectiles were splashing in the water near the container vessel approximately 22 nautical miles (40.7 km northeast of Ras Tanura). Vanguard, a British maritime risk management group, said that the incidents happened within an hour of one another and that the crew were safe. Vanguard reported that the Islamic Revolutionary Guard Corps had previously claimed to have attacked Express Rome on 11 March. Express Rome's operator did not immediately respond to a request for comment. The oil tanker and the projectiles were not attacked by any group.
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Singapore Airlines reports 57% decline in annual profits, and flags rising fuel costs
Singapore Airlines reported a 57.4% drop in its full-year profit on Thursday. The airline warned that the higher fuel costs were still 'filtering through' and would be felt more in the coming year. Jet fuel prices have risen far beyond crude oil prices since the U.S. and Israel war against Iran began in late February. This has compounded cost pressures across the entire aviation industry. Singapore Airlines said that the impact of fuel prices on its group's expenditures was only partially reflected in March 2026. It said that while SIA and Scoot had raised their air fares, they could not offset the increase in the price of jet fuel. This is the largest expenditure item for the group. The statement said that the 'full impact' of the surge will?feedthrough in the next year. Visible Alpha's consensus estimate for S$1.08 Billion was surpassed by the company's net income of S$1.18 Billion ($927.09 Million). It 'booked an one-time profit of S$1.1 billion last year from the full integration into Air India of its Vistara joint enterprise.
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Philippines warns about serious power cuts due to heat and outages
The Philippines warned on Thursday of power outages of up to seven hours across two of its main grids due to the intense heat and power plant failures. This was the first serious shortage warning in two years. The National Grid Corporation (NGCP) of?the Philippines issued a'red alert' on?Facebook warning of possible outages up to seven-hours in 32 areas of the Visayas grid, in central Philippines. Outages lasting an hour in nine areas of Luzon, which includes the capital Manila, were also warned. Red alerts are the most severe grid strain and indicate that supply cannot meet demand. The red alert issued for Luzon on Wednesday, which was triggered by the trip of two high-voltage lines, continued into Thursday. Michelle Angel Molles, a Facebook user from the Philippines, responded to NGCP's announcement by saying "I...just gave birth and I sincerely hope there aren't any brownouts." She was using the local term of power interruptions. Southeast Asia's archipelago, home to 120 million people, is already suffering from high fuel prices caused by the U.S./Israeli war against Iran. This has forced it to suspend spot electricity market trading because of fuel supply risks and price fluctuations. "It is already very hot, and there could be power outages on top of it. Unbelievable," Molles said. NGCP reported that the power capacity available in Luzon was 6.9% below peak demand and more than 3% below it in Visayas. It also said that 27 power plants were forced to temporarily shut down due to outages'since the start of this month. A spokesperson for NGCP did not respond immediately to requests for comment. The grid operator's posts on Facebook did not include any details?on what power plants were affected or why they went down. The Department of Energy in the Philippines (DOE) has directed that power companies resolve problems quickly and that large consumers reduce their consumption. In a press release, the DOE said that it "encourages" industries and government offices in particular to adopt energy-saving measures during "peak hours". In a separate statement, the DOE directed that the NGCP submit a report about the 'grid disruptions. Sharon Garin, Energy Secretary, said that the public deserves an accurate and transparent account of all incidents leading to grid alerts. The NGCP stated that it expects to have enough power available on Friday for its three main grids. (Reporting and additional reporting by Karen Lema, Manila)
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The deceptive calm of the oil market will not last.
Physical oil is at the center of the storm, a calm that deceives after the initial panic to deal with the largest oil crisis in human history. The Iran war blow has been softened by the dramatic drop in "China's" purchases and a rise in U.S. Exports. This delicate balance could not last long, as the peak season for demand is approaching. The crude oil market is surprising calm, despite the sudden loss of 20 million barrels of Middle Eastern oil per day, or about a fifth of global supplies, after Iran closed the Strait of Hormuz shortly after the start of U.S. and Israeli airstrikes in February. This is because a large part of the world still has to adjust in a complicated, fragile way to ensure adequate supplies. Exports from the U.S., and other producers in the Atlantic Basin have increased dramatically. This has helped to fill a large part of Middle Eastern demand. China deliberately reduced its purchases, and other countries have been reducing their inventories in a rapid manner. This unexpected availability has eased the pressure on prices. Physical Brent crude oil is currently trading at around $110 per barrel, well below the peak of its crisis. This balancing act, however, is not sustainable. The oil market could enter a more dangerous phase as the closure of Hormuz is likely to continue for several weeks, despite the sputtering efforts to achieve peace. SUPPLY CRUMBLING The initial reaction to the Middle East supply crunch was to cut consumption in the hardest hit regions. Asia, where 60% of oil was sourced from the Gulf until February, took the brunt. Refiners closed down units and governments implemented energy-saving measures. Emergency reserves were also released in large quantities. According to Kpler Shipping Data, Asian crude imports in April dropped to only 18.7 million barrels per day, a sharp drop from the average of 25 million barrels per day in 2025. Refiners were forced to find alternative feedstock from further afield. They turned primarily to Latin America and the U.S. This shift has "fundamentally" reshaped the global trade flows. According to Kpler's estimates, U.S. oil exports by sea reached a new record of 8.55 million barrels per day in April, and will likely surpass 10 million in May. This cements America's position as the largest oil and natural gas producer in the world. The wave of emergency purchases drove up physical oil prices in March and April. Crude oil from the Atlantic Basin reached a record price of $150 per barrel, as refiners competed to secure limited supplies. Due to the long distances involved with shipping oil from Asia to these regions, there is a delay of four to eight weeks in delivery. This means that replacement barrels are only now arriving. The dramatic reduction in global crude stocks and this lag in shipping oil from these regions to Asia are the main reasons why the prices on the physical market have dropped in recent weeks. CHINA FACTOR China is another key player that has contributed to easing the global scramble. After the Iran War broke out, China, the world's biggest oil importer, drastically reduced its crude purchases. Kpler reports that from a near record of 11.5 millions bpd seaborne imports in February, shipments dropped to 8 million in April, and will drop even further to 6.9 million in May. This is the lowest level for nearly a decade. In May, Chinese refiners largely avoided the market. They refused crude from Saudi Arabia and resold refined products from West Africa. This behaviour indicates that China's oil exports will continue to be low well into the summer. Beijing's vast oil reserves, which were estimated at 1.3 billion barrels in February, are roughly equivalent to four months worth of imports. China does not provide detailed information on its oil reserves, which makes it difficult to determine how aggressively the country has used its reserves. The International Energy Agency reported that China's above ground crude stock fell by 7,000,000 barrels in march, marking the first drop in six months. The Paris-based agency has no knowledge of oil stored in underground caverns. China is the only country that will see a 27% increase in Asian imports between April and may, to 14 million bpd. ?U.S. Kpler predicts that exports will nearly double, from 1.1m bpd to 2m bpd by May. DANGER ZONE The relative calm of today should not be misinterpreted as a new equilibrium. The world's oil stocks are rapidly depleting as the Hormuz Crisis enters its 12th week. According to the IEA, global inventories have dropped by 246 millions barrels, which is equivalent to 4 million bpd. Refiners will also be looking to increase their supply in the near future, ahead of the summer season, which is a crucial time for fuel consumption, especially in Northern Hemisphere. Politics could impede the U.S.'s export boom. Gasoline prices could rise sharply if the U.S. inventories shrink and summer demand increases. Although the Trump administration has denied any claims of oil export restrictions, this could change if American consumers start to feel the pinch. Overall, the market response to the 'Hormuz shock' - from trading and finance to shipping and storage - is testament to the?flexibility and?depth? of the global oil systems. The shock absorbers thin out with every passing day that Hormuz is blocked. The economic impact of this conflict will become more evident as summer approaches. Ron Bousso is a columnist at. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Investors focus on Trump-Xi Meeting to boost Gulf markets
Investors closely watched the 'high-stakes' meeting between U.S. president Donald Trump and China’s Xi Jinping, hoping to see any hints of a breakthrough relating to the iran war. Trump will encourage China to persuade Iran to reach a settlement with Washington in order to end the war. Analysts doubt that Xi would be willing to pressure Tehran or to end its support for the military given Iran's importance to Beijing as a counterweight to U.S. As efforts to resolve the conflict continue to stall,?governments have been forced to implement relief measures to help consumers. Xi stated that trade talks 'with the U.S. are advancing at the start of the two-day summit on Thursday. However, he warned that tensions regarding Taiwan could lead to a dangerous course in relations. Al Rajhi Bank gained 0.8%, while Saudi Arabia's benchmark Index rose 0.2%. ADNOC Gas' 0.3% increase helped the index gain 0.2% in Abu Dhabi. Dubai's main share index fell 0.1% due to a 1.6% drop in Salik, the toll operator. The Chairman of the UAE Banks Federation stated 'on Wednesday that there are no concerns about rising capital outflows or a dollar shortage due to the Iran War, even though the UAE is seeking a currency exchange arrangement with the United States. Qatar Islamic Bank rose 0.4%, while the Qatari index increased by 0.3%. Brent crude futures rose 26 cents or 0.25% to $105.89 per barrel at?0250 GMT. OPEC lowered its forecast for global oil demand growth in 2026 on Wednesday, joining other forecasters and the International Energy Agency. The Iran War is weighing on the outlook. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
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Sources say Brookfield will buy World Freight Company for $1.2 billion.
Two people with knowledge of the situation said that Brookfield Asset Management is set to purchase World Freight 'Company' (WFC) from investment firms EQT & PAI Partners for an enterprise valuation of approximately $1.2 billion. Sources said that the firms had finalised their discussions and a deal could be announced as soon as Thursday. PAI, WFC and Brookfield did not respond immediately to requests for comment. The sale is being planned amid a period of global transportation volatility, as the Iran War has risen fuel prices and air freight costs and caused serious disruptions to air traffic and shipping routes. WFC was founded in Paris in 2004 and acts as an 'agent general' for airlines worldwide. This means that it holds exclusive rights to sell an airline’s cargo capacity in a certain territory or region at agreed-upon terms, thus reducing the airline's cost. WFC, which has more than 300 companies in?80 different countries, claims on its website to manage more than 3,000,000 tons of cargo capacity annually for its airline partner. PAI and Baring Private ?Equity Asia (BPEA), ?which merged into Swedish-headquartered EQT in 2022, bought the cargo freight services provider in 2018 ?for an undisclosed amount and each owns 50%. At the time, it was reported that the?deal valued over 600 million euro. The?deal was worth over 600 million euros, according to the report at the time. Reporting by Kane Wu, Editing by Muralikumar Anantharaman & Alexander Smith
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Siemens strengthens rail technology portfolio by acquiring MERMEC, an Italian rail company
Siemens announced on Thursday that it has purchased the core 'business' of Italian rail technology company MERMEC in order to strengthen its -rail portfolio and gain a market -access to Italy. In a press release, the German engineering company said that the parties had 'agreed' not to reveal the financial details of the transaction. Two people who were familiar with the transaction estimated the deal to be worth 1.2 billion euro ($1.40 billion). Michael Peter, Siemens Mobility CEO, stated in a statement that by combining MERMEC’s technical expertise and market-access with Siemens Mobility’s global?presence, and technological leadership, they are strengthening their capabilities in diagnostics and asset intelligence, as well as signalling capabilities. The deal would support the digitalisation and modernisation of Italy's national rail network, it was added. Siemens said it expected revenue synergies to be worth more than 400 million euro per year in the medium term and 500 million euro per year in the long run, according to investor slides. MERMEC is based in Monopoli, a southern Italian town near Bari. It's owned by Angel Holding and its Chief Executive Vito Prontosa. The slides showed that in 2025 the group would have revenues of more than?430 millions euros. 75% of the revenue came from Italy and the core profit margin was 17%. Pertosa stated in the statement that he pursued the deal for health and family-related reasons and that it would help grow the company and create new jobs. Siemens Mobility will acquire MERMEC employees worldwide (1,700) as well as their sites and industrial capabilities. This includes a site in Matera that is set to be a hub for diagnostics of the future. The deal is expected to close by the end the year. Reporting by Alexander Huebner and Giulia SEGRITI in Rome, and editing by Joe Bavier and Gianluca Semeraro.
Fars reports that Iran allows Chinese vessels to transit the Strait of Hormuz.
According to a source, Iran has allowed some Chinese vessels to transit the Strait o f 'Hormuz after an agreement was reached over Iranian management protocols for the waterway.
The Fars report was released at the same time that U.S. president Donald Trump, on a visit of state to China, and Chinese leader Xi Jinping agreed that the Strait?Hormuz should be opened for free energy flow.
According to a source at?Fars News, the move was made in response to requests from China's ambassador and foreign minister. Tehran agreed to allow the passage of several Chinese?ships as part of the strategic partnership between the two countries.
Iran has severely restricted the flow of traffic through the Strait of Hormuz following the'start of U.S. and Israeli strikes' on 28 February.
The crisis has been prolonged by the U.S. blocking Iranian ports a few weeks after an agreement on a ceasefire in early April. This waterway is where one-fifth global oil and gas transits.
The move was not immediately apparent, given that Iran had already stated during the war, that neutral vessels, including those with a Chinese connection, were allowed to 'transit the Strait, as long as they coordinated with Iranian forces.
Ship tracking data showed that a Chinese supertanker, carrying 2,000,000 barrels of Iraqi oil, sailed through the Strait o'Hormuz Wednesday after being stranded for over two months in the Gulf due to the U.S. - Iran war. (Reporting and editing by Alex Richardson; Dubai Newsroom)
(source: Reuters)