Latest News
-
UKMTO: Crew safe after explosion reported near Kuwait
The United Kingdom Maritime Trade Operations said that a tanker anchored off Kuwait saw a large explosion on its port side and was taking in water. UKMTO reported that the master saw a'small craft' leaving the area after the explosion, which took place 30 nautical miles (56 km) southeast of Kuwait Mubarak al Kabeer Port in the Gulf. In an advisory note, it stated that "there is oil in the water from a cargo tank, which could have some impact on the environment, the vessel has taken in water, no fires were reported, and the crew was'safe. Kuwait's interior ministry stated in a statement issued later that the incident occurred outside of Kuwait's territorial water, at least 60 kilometers (37 miles) from Mubarak Al Kabeer port.
-
UKMTO: Crew safe after explosion reported near Kuwait
The United Kingdom Maritime Trade Operations said that a?tanker anchored off?Kuwait saw?a 'large explosion?" on its port side, and was taking in water. UKMTO reported that the master saw a small boat leave the area after the explosion. The explosion occurred in the Gulf 30 nautical miles (56 kilometers) south of Kuwait's Mubarak al Kabeer port. In an advisory note, it stated that "there is oil in the water from a cargo tank, which could have an environmental impact. The vessel has taken water on board, but there are no reported fires and the crew members are safe." Kuwait's interior ministry stated in a statement later that the incident occurred outside of Kuwait's territorial water, at least 60 kilometers (37 miles) from Mubarak Al Kabeer port.
-
Bloomberg News reports that NASA will be contacting ULA to obtain critical hardware for the moon rocket.
Bloomberg 'News' reported Wednesday that NASA intends to choose?United Launch Alliance as a supplier of a critical component for future missions?of its moon rocket. According to the report, this could be done in order to replace Boeing-built equipment that NASA's Inspector General has estimated will cost $2.8 billion by 2028. Bloomberg reported that NASA plans to use the upper part of the Vulcan rocket from ULA, also known as Centaur V rocket, for its fourth Space Launch System rocket flight when it aims to send people to the moon for the first time since more than 50 years. ULA is a joint venture of Boeing and Lockheed Martin. NASA, Boeing, and Lockheed Martin didn't immediately respond to requests for comments, while ULA directed NASA to comment. NASA has added a spacecraft docking test last month to its Artemis Moon Programme before it attempts its first crewed lunar landing. This is part of a major overhauling of the U.S. effort on the moon, amid increasing delays and 'competitive pressure' from China. The agency has also abandoned efforts to upgrade its SLS rocket. Instead, it will 'focus on increasing the rocket's flight rate and production, which has fallen behind that of newer launch systems. The decision affects the roughly $2 billion contract that Boeing has with the United States to build a stronger?SLS upperstage, which is no longer in development. Reporting by Rhea Abraham in Bengaluru, editing by Sumana Niandy and Sherry Phillips
-
US lawmakers express concern over Intel's testing on tools made by a Chinese-linked firm
A group of bipartisan U.S. legislators led by Democratic Senator Elizabeth Warren and Republican Tom Cotton raised concerns on Wednesday about national security issues regarding?Intel?s testing of ACM Research's chipmaking tools, which was first reported by?. ACM Research is a Fremont-based manufacturer of chipmaking equipment. It has deep roots in China, and two overseas units were sanctioned by the United States. ACM Research's customers include Chinese companies like YMTC CXMT SMIC that are sanctioned. This raises questions about whether ACM can pass sensitive Intel information to Chinese clients. The lawmakers wrote to Intel CEO Lip-Bu Tan on Wednesday that "by operating in Intel's facility, ACM can gain exposure to cutting edge chipmaking processes which?may improve the quality and competetiveness of ACM as well as Chinese military companies." Intel stated in a press release that "ACM Tools are not used by Intel's semiconductor production processes." The company also said that it fully complies to U.S. laws, regulations and regularly engages with the U.S. Government on security issues. ACM didn't immediately respond to the request for comment on this story. The company had previously stated that it could not comment on "specific customer engagements" but confirms that "ACMR’s U.S. Team has sold and delivered numerous tools from our Asian Operations to domestic customers." The company also revealed that it had shipped three tools from its Asian operations to a major U.S. semiconductor manufacturer. These are currently being tested, and some of them have already met performance standards. The letter is also signed by Democrats Elissa slotkin and Andy Kim, as well as Republicans Jim Banks and Pete Ricketts. It shows a bipartisan concern over China's increasing role in U.S. Semiconductor Manufacturing. The House Selection Committee on China stated in October that it had "reviewed reports with concern" that ACM Research...has allegedly sold (semiconductor production equipment) to a U.S.-based semiconductor manufacturer who also officially certified ACM Research tools for use on its production line. The lawmakers noted on Wednesday that Intel, who resisted President Donald Trump's calls for the CEO to resign in August due to alleged ties with China, now faces unique responsibilities because the U.S. Government owns a stake. They wrote: "This raises serious questions about Intel's approach to protecting the public interest and its fiduciary responsibilities, as well as how it benefits American taxpayers and economic interests." They added: "Intel’s involvement with Chinese companies on the blacklist raises questions about whether taxpayer dollars subsidise activities that may directly threaten U.S. security and leadership in semiconductor production." (Reporting and editing by Diane Craft; Alexandra Alper)
-
Canada is working to repatriate over 2,000 Middle East citizens
Canada's Foreign Affairs Minister said that the government was working to repatriate citizens stranded in the Middle East. This includes arranging seats on commercial flights, negotiating charter flights, and providing ground transportation to neighbouring countries. Anita Anand, Canada's Foreign Minister, said that more than 2,000 Canadians had requested the government of Canada to help them leave the region after the U.S. attacked Iran. Around half came from Canadians living in the United Arab Emirates. Another 237 inquiries were from Canadians residing in Qatar. Anand stated that she had instructed her office to?enter into contracts for charter flights to leave the United Arab Emirates within the next few days, subject to approval by the UAE government. Anand stated that the government had secured 75 seats for a flight departing Beirut on a Wednesday. In the days to come, more seats will be offered to people who wish to leave Lebanon. She said that 200 Canadians were bussed to Saudi Arabia from Qatar with tickets for flights. The government is also "engaging ground transportation" to help other Canadians leave Qatar. She said that officials are informing Canadians living in Israel of a bus service operated by the Israeli Government to Egypt, where passengers will be transported to airports open in Egypt. Major Gulf hubs, including Dubai, the busiest international airport in the world, were largely closed for the fifth straight day on Wednesday. This was the worst travel disruption since COVID. The United Arab Emirates opened safe air corridors for some citizens to return to their home. Under normal circumstances thousands of commercial flights would leave the?region every day. "I would like to directly address Canadians living in the Middle East, the Gulf and the Gulf Region. Your government is behind you. Anand said at a press conference that the government was working hard for you and arranging for you to leave. Anand explained that Canada is unable to arrange ground transportation to and from Iran due to the lack of diplomatic representation there. However, it has sent officials to border crossings in order to assist Canadians who cross the border with visas, as well as their onward travel. Canada issued travel advisories to Canadians urging them to avoid travel to Bahrain and Iran, Iraq, Israel, Palestine, Kuwait and Lebanon, Qatar and Syria, United Arab Emirates, Yemen and avoid travel to Jordan, Oman, and Saudi Arabia that is not essential. (Reporting and editing by Chris Reese in Toronto, with Ryan Patrick Jones reporting from Toronto)
-
Marsh, an insurance broker, meets with US officials to discuss restoring Gulf maritime commerce amid the Iran War
Insurance broker Marsh announced on Wednesday that it met with U.S. officials in order to discuss solutions for restoring the maritime trade amid the escalating conflict in 'the Middle East. This waterway is a crucial chokepoint between Iran & Oman and transports about a fifth (or a fifth of the global trade in crude oil & liquefied gas). The shipping through the Strait has been slowed down significantly after Iranian attacks on commercial vessels. This raises concerns about a prolonged disruption of global energy supplies. Marsh, who helped establish an international insurance facility for Ukrainian commerce in 2023, welcomed a directive issued by the U.S. International Development Finance Corporation, to provide financial guarantees and political risk insurance for maritime trade in the Gulf. Bloomberg News reported that Aon, an insurance broker, is in discussions with the U.S. Government about a plan for insuring?tankers traversing the Strait. Aon has not responded to the request for comment about the report. Although the U.S. did not declare war on Iran in a formal declaration, military tensions between the two countries have increased. Donald Trump stated on Tuesday that the U.S. Navy would be able to escort?oil tanks through the Strait of Hormuz, if needed. He also said he had instructed the DFC mobilize support for the affected trade. The move is one of the most aggressive measures taken by the administration to 'contain rising energy prices' amid the conflict in the Gulf which has increased risks for shipping along key waterways. Iran has long threatened to close the Strait of Hormuz in response to perceived "hostilities". Although it hasn't completely blocked the waterway yet, drones and missiles have been used to attack shipping. This has prompted insurance companies to re-evaluate risk. According to Gallagher, marine insurers on the 'London market' continue to provide a?war-risk coverage for vessels transiting this region. However, premiums are rising, and rates vary by vessel type, cargo and route. (Reporting by Manya Saini in Bengaluru; Editing by Tasim Zahid)
-
Australia expects more flights to Middle East, but situation is volatile
Three more commercial flights are scheduled to leave?the United Arab Emirates Thursday, as the first group of Australians who were stranded for a few days in the Middle East have returned home. Commercial air traffic was?largely absent? across the Middle East, as major Gulf hubs, including Dubai, the busiest international airport in the world, remained closed for the fifth consecutive day. This is the largest travel disruption since COVID-19. Penny Wong, Australian Foreign Minister, said that she hoped three scheduled flights would go ahead but warned of a volatile situation after NATO's air defences destroyed a ballistic missile fired by Iran towards Turkey. Wong, speaking to ABC News on Friday, said that "this could happen very quickly" if there is a further military operation which makes flying unsafe. "We are operating in an environment that is highly unpredictable." Television footage showed that about 200 Australians returned from Dubai in an Emirates flight on Wednesday night. Families embraced their returning travellers including school-age children, and there were emotional scenes at the arrival gates. Sam Brown told ABC News that she and her family, including a four-year old daughter, had just moved from Dubai to the United Arab Emirates. The family was "totally shocked" by the circumstances, but they were relieved to be back home. We couldn't believe that we were able to get on the flight. We're ?so grateful. "We felt nervous, but very safe in the hands of our trusted staff." According to airport information an Emirates flight from Dubai to Sydney is scheduled to depart at 9 a.m. (2220 GMT Wednesday), and another flight to Melbourne has been set for 5 pm (0600 GMT). Etihad Airways' flight from Abu Dhabi to Sydney scheduled for Thursday was?delayed. Around 115,000 Australians are still in the Middle East. Of these, 24,000 live in the United Arab Emirates. Officials in Australia believe that commercial flights are the best option for stranded travelers to return home.
-
Marsh, an insurance broker, meets with US officials to discuss restoring Gulf maritime commerce amid the Iran War
Marsh McLennan, an insurance broker, said that it had met with U.S. government officials on Wednesday to "explore" solutions for restoring maritime traffic amid the escalating fighting in the Middle East. The?region?is under threat from 'attacks' which threaten energy shipments across the Strait of Hormuz. This waterway is a crucial chokepoint between Iran & Oman and transports about a fifth (or a fifth of the global trade in crude oil & liquefied gas). The shipping through the Strait has been slowed down significantly after Iranian strikes on commercial vessels. This raises concerns about a prolonged disruption of global energy supplies. Marsh, which helped establish an international facility for Ukrainian trade by 2023, welcomed the recent directive of the U.S. International Development Finance Corporation, to provide financial guarantees and political risk insurance for maritime commerce within the Gulf. The?U.S. Although the?U.S. has not declared war on Iran formally, military tensions are increasing. Donald Trump announced on Tuesday that the U.S. Navy would be able to escort oil tankers across the Strait of Hormuz, if needed. He also said he had instructed the DFC mobilize support for affected trade. The administration has taken one of its most aggressive measures yet to control soaring energy costs?amid an escalating conflict that is affecting shipping through important waterways. Iran has been threatening to close the Strait of Hormuz for years in response to perceived hostilities. Although it hasn't completely blocked the waterway yet, drone and missile attacks have caused insurers to reconsider their risk assessment. (Reporting by Manya Saini in Bengaluru; Editing by Tasim Zahid) Marine insurers continue to offer coverage for war risks on vessels transiting the region. However, premiums are rising, with rates depending on vessel type, cargo and routing. (Reporting by Manya Saini in Bengaluru; Editing by Tasim Zahid)
Maguire: Low snow cover in Europe leads to higher gas consumption.
The European appetite for natural gas could grow more than expected in this year, after a lack of snow cover across mountainous regions reduced the potential for hydropower production.
The amount of snow in Italy and Austria has been well below average so far in 2026. This has led to a sharp drop in the fuel source for hydropower plants.
Local utilities use natural gas plants to compensate for the decline in power generated by hydro dams. Hydro dams are the main source of power in Austria, and the second most important form of dispatchable energy in Italy.
According to LSEG, the gas-fired electricity output in Italy is up 24% and in Austria by 17% compared to where it was at this time in 2025.
Power firms are likely to maintain the current level of gas production if snow accumulation continues below historical averages. This will further reduce regional gas stocks, which have already reached multi-year lows.
The prospect of increased gas demand in Europe is a boon for major LNG exporters such as the U.S. The upbeat outlook for gas could be shattered if regional snows or?rains are expected to fall in the next few weeks.
East-West DIVIDE
Recent maps of Europe's snow cover - or the lack thereof – highlight the severity of the shortage in certain areas.
Most of Western and Southern Europe, including the areas hosting the Winter Olympics, does not have enough snow.
Ski resorts are able to create artificial snow for the Olympics.
However, if utilities are looking to manage power flow, they can only rely on real snow to act as a storage reservoir for future hydropower generation during the winter. Then the runoff from the melting snow will be channeled into rivers and dams in order to generate electricity.
LSEG data show that Italy's hydro power production from run-of river dams is down 22% compared to a year ago and the lowest year-to date since at least 2023.
LSEG also has a sluggish forecast for the future of hydro production. The estimated output is projected to be 13% lower than its long-term average through April.
Austria's projected shortfall will be even greater, with production expected to fall by around 40% compared to the long-term norm.
The forecasts for the larger Danube Catchment Area - which spans southern Germany, Hungary and Romania – are in line with long-term averages despite the subpar readings this year.
GAS CRUTCH
Austrian and Italian utilities are used to patchy hydro-generation and have relied heavily on gas plants to fill in any gaps.
Utility companies in Turkey follow similar trends for power generation, with periods when gas-fired electricity is produced coinciding to those of low-hydro production.
As regional gas inventories are already at a multi-year low, power companies across Europe could start to see a trend in the price of replacement 'gas supplies as storage farms, utility networks, and gas exporters control system throughput.
Prices for regional benchmark natural gas are now well above what they were in 2025. The average price per megawatt-hour (MWh) has been around 34 euros so far this year, compared to around 27 euros/MWh?in December of last year.
Price increases could also be expected if the U.S. or any other supplier disrupts the LNG export flow from the U.S.
Gas inflation can cause utilities to lose money and increase energy bills.
If snowfall is scarce in key hydro markets then power firms may be forced to pay for gas to keep the lights on during winter and spring.
These are the opinions of the columnist, an author for.
You like this article? Check it out
Open Interest
Follow ROI on Twitter for the latest global financial news. Follow ROI on
You can find us on LinkedIn.
Listen to the song
Morning Bid daily podcast
Spotify
Or the
. Subscribe to the podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
(source: Reuters)