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Peru launches natural gas distribution and aims to normalize by Saturday
Government officials announced on Friday that the?energy distribution in Peru is expected to return to normality on Saturday, as a major gas transport company resumes its operations. The rupture of the Transportadora de Gas del Peru pipeline (TGP) triggered the worst?energy crisis of the past two decades. This was at the same time that oil prices were surging due to the U.S. and Israeli war against Iran, which effectively closed the Strait of Hormuz shipping lane. Jose Balcazar, the President of TGP, said at a press briefing that TGP had restarted gas supplies that morning. Denisse Miralles, the Economy Minister, said that distribution would normalize on Saturday. This is ahead of schedule. In a separate presentation on monetary policy for journalists, central bank economist Adrian Armas stated that shortages affect everything from factories to electricity utilities. He said: "We've had an unfortunate coincidence, where the rise of the international oil price coincided with a serious shock." There's never been a gas supply disruption of this magnitude before. Armas stated that the impacts could continue until the end of the month. The priority, he said, was to meet the internal demand. He predicted that there would be a slight impact on inflation in March. The central bank said on Thursday that inflation will edge towards the upper limit of its target range?of 1% to 3.0% but remain within established guidelines. Armas estimates that the gross domestic product grew by around 3.5% in January compared to the same month last year. Peru's Statistics Office is set to release the monthly GDP figures on Sunday. Reporting by Marco Aquino from Lima, and Sarah Morland from Mexico City. Editing by Natalia Siniawski & Daina Beth Solow.
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Panama minister hopes China's COSCO resumes operations at Balboa Port
Jose Ramon Icaza said that the Panamanian government hopes China's COSCO Shipping will reconsider their decision to not 'use the Balboa port at the 'entrance' of the Panama Canal. La Prensa, a local newspaper in the area, published an announcement from COSCO to its clients that it had suspended operations at Balboa. COSCO didn't?respond to an earlier request for comments about the suspension of operations. Icaza, a reporter at an event, said that COSCO is responsible for a mere 4% of the cargo that passes through Balboa. "All cargo is valuable, but COSCO's is particularly important to us and Panama. We hope they reconsider their decision not use the port of Balboa." Balboa, one of two ports in the middle of a saga that has lasted for a year and involved Washington, Beijing, and the 'Panamanian Government. The?move comes after a ruling from Panama's Supreme Court late in January, which?annulled a contract for the?port operated by a Hong Kong-based unit. APM Terminals - a Maersk unit - has recently started temporarily operating the port for up to 18 months.
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Sources say that Iran has allowed two gas tankers to sail through Hormuz to India.
Four?sources who have direct knowledge of this matter confirmed that Iran allowed two Indian-flagged LNG carriers to pass through the Strait of Hormuz. This is a rare exception from the Iranian blockade? that has disrupted the global energy supply. Two sources confirmed that the?Indian flagged LPG tanker Shivalik had crossed the Strait with?escort? from the Indian Navy. The second vessel, Nanda Devi, is expected to be cleared in the next few minutes. Since the United States launched an air campaign against Iran, Tehran has stopped traffic in the Strait of Hormuz, which runs along its coast. It supplies 20% of the world's oil and seaborne liquid natural gas. India has asked for exemptions. Narendra Modi, Prime Minister of India, said that he spoke to Iran's president Masoud Pezeshkian on Thursday and they discussed the transit of goods?and energy out the Gulf. India also granted safe harbour to 183 Iranians from a ship that docked in India after the outbreak of war. The vessel was one of three that participated in exercises in India. One of the other vessels was sunk off Sri Lanka by a U.S. Torpedo. India is experiencing its worst gas shortage in decades. The government has cut off supplies to industries so as to protect households from any shortages of cooking gas. Shivalik and Nanda Devi belong to the state-owned Shipping Corp of India. According to tracking data from MarineTraffic, Shivalik had entered Qatari waters in February 25. It last reported its location on March 12, indicating that it was within the exclusive zone waters up 24 miles away from the United Arab Emirates. MarineTraffic data shows that Nanda Dev was last spotted on Friday, in Iranian waters near the Strait of Hormuz. The data revealed that it had stopped at Qatar's Ras Laffan Anchorage on February 27, before sailing into UAE waters. According to data and two sources, an oil?tanker carrying Saudi Arabian crude is expected to arrive in India this Saturday after passing through the Strait on March 1. The Liberia-flagged Smyrni crude tanker with a capacity of up to 1 million barrels is expected at a port in India for the state refiner Hindustan Petroleum Corp. After business hours, emails sent to India's Foreign Ministry, Navy, Shipping Corp, and HPCL were not responded to. India imported about 60% of the cooking gas it consumed last year. Around 90% of these imports were from the Middle East. India reported on Thursday that 24 Indian-flagged ships were stuck in Gulf past the narrow strait. (Reporting and editing by Ros Russell, Nidhi verma, Jonathan Saul)
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The bodies of 84 Iranian sailors will be brought home by air from Sri Lanka, along with the crew that is stranded on Indian soil.
The bodies of the 84 Iranian sailors who were killed in an?U.S. The bodies of 84 Iranian sailors killed in a U.S. The Iranian warship IRIS Dena, which was returning from a Naval Exercise in India during the U.S./Israeli War on Iran on 4 March, was sunk when a U.S. sub launched a torpedo. Two other ships also took part in the exercise and sought shelter: the IRIS Lavan which docked on Indian soil, and the IRIS Booshehr, which docked on Sri Lankan soil. The bodies of the sailors who were killed in this attack are stored in a mortuary in the National Hospital of Galle, a southern port city. A Sri Lankan Court?ordered that they be given to the Iranian Embassy. Sri Lankan media, citing the Sri Lankan Defence Ministry, reported that the bodies would be returned to their homeland on Friday via a special flight from Mattala International Airport?in the southern region of the island nation in the Indian Ocean. A source at the Iranian Embassy in Colombo said that arrangements were being made to transport the bodies of the Iranian crew to the Mattala Airport, but did not elaborate on the date the flight would depart. Later, the bodies were driven in a truck by police vehicles through the city. The Sri Lankan health, foreign and defence ministries have not responded to requests for comment. Sri Lankan Navy said that it was not involved in transport or repatriation. PLANE TO PICK UP CREW FROM SHIP IN INDIA Indian officials said they would allow the plane to land in India after it leaves Sri Lanka with the bodies to collect some of the IRIS Lavan sailors and some Iranian tourists who were stranded there. The Indian foreign ministry didn't immediately respond to an inquiry for comment. Source said that it was unclear when the plane would arrive in India or depart. 32 survivors from the sunken ship, along with 208 crewmembers of the IRIS Booshehr are in Sri Lanka. According to the defence ministry, the Sri Lankan Foreign Ministry is in contact with the Iranian embassy at?Colombo regarding the crew. The embassy, in turn,?consults Tehran. Last week, it was reported that Washington had urged Colombo not to repatriate survivors from two ships. Reporting by Uditha Jayasinghe, in Colombo; Krishn Das and Saurabh sharma in New Delhi; additional reporting by Bipasha dey; writing by Hritam mukherjee, Sakshi Dayal, and Peter Graff.
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As Middle East trade routes are blocked by conflict, air freight rates have risen.
Data shows that air freight rates on some routes have risen up to 70% since the U.S. and Israeli war against Iran began. The conflict has caused flights to be restricted, ocean shipments blocked, and a rise in 'jet - fuel costs. Experts in the industry said that the Middle Eastern airspace restrictions and security concerns have had the greatest impact on the rates for routes between South Asia, and Europe. This is after more than 100 containers ships were stranded around the Strait of Hormuz, a critical oil export corridor. Swiss logistics group Kuehne+Nagel announced on Friday that global carriers prioritize shipments of perishables such as food and healthcare into the Middle East. Prashant Yadav, a pharmaceutical supply chain expert, explained that some generic drugs and pharmaceutical ingredients are transported on container ships from India to Europe, Africa, and certain Arab countries. "The biggest shift I have heard is that companies are moving generic drugs from ocean freight to airline cargo," said Yadav. He's a senior fellow with the Council on Foreign Relations. Air cargo accounts for about a third of all global trade in terms of value. Rate spikes could have a negative impact on goods such as fresh food, pharmaceuticals and electronic products. Steve Blough is the chief supply chain strategy at logistics software company Infios. He said that customers are moving?freight to air. However, it's extremely expensive. It can be 5x-10x more expensive. And these costs are increasing as capacity tightens. Shippers often move a limited quantity of freight by air in order to fill a gap. JET FUEL PRICES DOUBLE The price of jet fuel has doubled in the last two years. Danish container shipping company?Maersk announced this week that its air cargo service is now applying fuel surcharges, as well as war risk levies. Maersk increased surcharges for some ocean cargo coming from the region on Friday. Analysts said that they expected oil prices to stay high in the short term, before stabilizing in later years. Airspace closures also resulted in a reduction of cargo capacity on passenger and freighter planes, as airlines took longer routes to avoid conflict zones. This further pushed up rates. The Middle Eastern conflict has severely restricted operations at Dubai and Doha, which are usually among the busiest air freight hubs in the world. Niall van de Wouw is the chief air freight officer of transportation pricing platform Xeneta. He attributed higher air cargo 'rates' to a?dramatic reduction? in capacity at major Middle East transshipment centers, more than fuel prices. Ronald Lam, CEO of Hong Kong-based Cathay Pacific Airways, said that many of the airline's freighter flights to Europe usually stop in Dubai for refueling and to pick up additional cargo. He said that on Wednesday, he would be announcing the decision to skip Dubai and fly direct from Hong Kong, with some restrictions on payload, due to the fact that fuel could not be transported between the two cities. According to Freightos' air freight index, spot off-contract rates from South Asia have increased 70% from $2.57 to $4.37 per kilogram just before the war started. South Asia to North America rates are now up 58% at $6.41 per kilogram, while Europe to the Middle East rates are up by 55% to 2.79 per kilogram. A significant portion of South Asia's air cargo exports travels via Gulf hubs, and some had to reroute via East Asia. He said that the price increases on these lanes have slowed, leveled off, or even declined slightly over the past couple of days. These trends could be due to Asian and European carriers increasing capacity on these long-haul routes to compensate for Gulf carriers' absence, or they could also be due to Gulf carriers, most notably Emirates, having resumed operations and increased the number of flights leaving and arriving at important Gulf hubs.
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Why is it so simple for Iran to close the Strait of Hormuz?
Iran, following through on a long-standing threat, has closed the Strait of Hormuz in retaliation to U.S. and Israeli strikes. This waterway is vital, as it carries a fifth of all global oil supplies. The United States has said that it could consider escorting ships through the Strait of Hormuz, which would be very difficult to secure, as the Houthis from Yemen proved last year when they disrupted Red Sea shipping. According to United Nations data, about a fifth of global oil and LNG normally passes through the Strait. Traffic has decreased by 97% since February 28 when the U.S./Israeli war on Iran began. Why has Iran cut off the Strait now? The threat of cutting off the Strait was made before, when a commander from Iran's Islamic Revolutionary Guard Corps said in 2011 that it would be "easier to drink a glass water". The Guards warned that they would close the border in the past, especially during tensions about sanctions and Iran's nuke programme in 2016-2018, and also during Israeli and U.S. attacks in June of last year. Analysts have viewed the closing of the Strait of Hormuz as a last resort due to the strategic changes that it could cause among Iran's adversaries and the possibility of retaliation by its own energy sector. This equation has been changed by the attack on Iran that began on 28 February with the death of its supreme leader. Iranian officials have described the war as a existential one, with the Guards taking over the strategy. What is at stake? Kuwait, Iran Iraq, Qatar, and the United Arab Emirates are oil and gas producing countries. The only sea exit is the narrow passage of water that connects the Gulf of Oman with the Gulf of Iran. On Monday, oil prices briefly rose to their highest levels since 2022. According to the United Nations, high oil prices may trigger another cost of living crisis like what happened in 2022 after Russia invaded Ukraine. A prolonged conflict may also lead to a fertilizer shortage, putting the global food supply at risk. According to Kpler, about 33% of all fertilisers in the world, including ammonia and sulphur, travel through the Strait. A prolonged war could cause fears of an economic crisis in the world similar to the ones that followed the Middle East oil shocks of the 1970s. Why is it so difficult to secure the streit? According to shipping broker SSY Global, the shipping lanes are only two nautical miles wide. Ships must turn around and face Iranian islands as well as a mountainous coastline that offers cover for Iranian forces. Tom Sharpe said that although the conventional navy of Iran has been largely destroyed, there are still many options available to the Guards. These include fast attack craft and mini submarines. They also have mines as well as jetskis with explosives. According to the Centre for Information Resilience (a non-profit group of researchers), Tehran is able to produce 10,000 drones per month. Sharpe stated that it would be possible to protect three or four vessels a day in the strait using seven or eight destroyers as air cover. However, this would only be feasible for a short time, depending on the reduction of the mini-submarine threat. To sustainably do so over months, however, would require additional resources. Adel Bakawan of the European Institute for Middle East & North African Studies said that even if Iran were to lose its ability to deploy ballistic rockets, drones, and floating mines, there would still be a danger from suicide attacks. Kevin Rowlands, Editor of the RUSI journal at the Royal United Services Institute, explained that if the war continues for several weeks, an escort would be formed. He said that "the world needs oil flowing through the Gulf and there are plans in place to put protective measures in place." What have the US and other countries promised? On March 3, President Donald Trump stated that the U.S. will provide protection for oil tankers through the Strait of Hormuz, but attacks have already occurred and very little has gotten through. He said that he also ordered the United States Development Finance Corporation (USDFC) to provide insurance and guarantee for shipping companies. Emmanuel Macron, the French president, said that several European countries as well as India and?other Asian nations were planning a mission to 'provide protection. He said that such a mission could only be carried out once the conflict is over. France has deployed a dozen navy vessels, including an aircraft carrier strike group to the Red Sea, the Eastern Mediterranean and possibly the Strait of Hormuz. A spokesperson for the British government said that British Prime Minister Keir starmer had spoken with the German and Italian leaders on options to support commercial shipping through the Strait. "We are looking at various options," General Caine said to reporters on Tuesday at the Pentagon without giving any details. WHAT HAPPENED AT OTHER SHIPMENT CHOKEPOINTS? Yemen's Houthis - a group allied to Tehran, but with a much smaller arsenal than Iran - managed to close down the majority of traffic through the Red Sea, Bab al-Mandab strait, and on the way to the Suez Canal, for over?two years despite the protection provided by U.S.-led forces. The majority of shipping companies still use a much longer route via southern tip Africa. Danish shipping company Maersk announced that it would return to the Suez Route in phases starting January. The EU-led force that countered piracy off the coast of Somalia has had more success than Iran's Revolutionary Guards, but they were fighting against forces much less well-equipped. AREN'T THERE OTHER WAYS TO USE THE STRAIT? The UAE and Saudi Arabia are looking for ways to bypass this strait. They have built more oil pipelines. These alternatives are also not operational at the moment. An attack by Houthi militants on a Saudi east-west pipeline in 2019 proved that they were vulnerable. (Additional reporting by Rene Maltezou, Kate Holton and Charlie Devereux, Writing by Angus McDowall and Timothy Heritage, Editing by Timothy Heritage).
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Sources: Colombian ministers are now in Caracas following the postponement of a presidential meeting.
Two sources familiar with the matter said that?Colombia’s foreign and defence ministers traveled to Caracas, Venezuela, on Friday after a postponement of the meeting between a?Colombian president Gustavo Petro and a?acting president Delcy Rodriquez. This was the first bilateral meeting at the presidential level that Rodriguez had since taking power after her predecessor was ousted by the United States. The meeting is likely to focus on bilateral trade which Petro will close at the end of August. They are also expected to discuss energy cooperation, such as an agreement reached this week for the repair of a damaged portion of a binational gas pipeline, allowing Bogota import natural gas from its neighbor. Since the January raid in which President Nicolas Maduro was captured, the administration of U.S. president Donald Trump has supported the efforts of Rodriguez, the former vice president, in attracting investors to the oil and mining sector and stabilizing the country. Trump has repeatedly praised Rodriguez for her cooperation. Rodriguez has also welcomed U.S. secretary of interior and energy as well as potential investors to Caracas. The two countries have now formally restored diplomatic relations. The Trump administration has quietly built a legal case against Rodriguez despite her outward cooperation. This is to increase its leverage with Caracas. Petro, who enjoyed a good relationship with Maduro before, has repeatedly fought with Trump. The two men, however, were both positive following a face to face meeting in Washington, last month, and they had a friendly phone call on Thursday. They discussed the economy near the Venezuelan-Colombian borders. Trump has repeatedly asked Colombia for more cooperation in the fight against drugs trafficking. He has also accused Petro of being a "illegal drug leader" without any evidence. Petro, meanwhile claims that record drug seizures occurred during his tenure. He also says that deadly strikes against alleged drug ships amount to war crime. Colombia and Venezuela share a deep history?and culture, particularly in border regions where many families are bilingual. Colombia had a surplus of $973.4 millions in trade with Venezuela in 2025 after?exporting $1.07 billion worth of goods such as food, tobacco and chemicals. Imports of iron and steel, paper and fertilizer totaled $98,3 million. The two leaders were scheduled to meet at a border crossing between the Colombian city of Villa del Rosario, and the Venezuelan village Tienditas. However, the meeting was postponed late Thursday night due to "force majeure," which is a term that means extraordinary or unforeseeable events. The countries did not give any details, but said they would reschedule the meeting soon. The Colombian energy ministry announced Thursday that the Venezuelan state oil firm?PDVSA would repair the Antonio Ricaurte pipeline which has been inactive since years. The pipeline is 225 km (140 mi) long and can transport 500 million cubic feet. (Reporting and writing by Julia Symmes Cobb, with additional reporting by Nelson Bocanegra)
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Sources say that the net loss of Germany's Deutsche Bahn railways has increased to $2.6 billion.
Sources told Friday that the net loss of Germany's Deutsche Bahn, which is battling with chronic delays & outdated infrastructure, grew to 2.3 billion euros ($2.6 billion) in last year due?to problems within its long-distance unit. Sources familiar with the figures who spoke under condition of anonymity as they are still confidential said that the division was forced to reduce its value 'by 1.4 billion euro' due to the persistent delays affecting the white ICE trains. A spokesperson for Deutsche Bahn declined to comment, pointing to a 'press conference on the company's results scheduled for?March 27,' The sources claimed that the operating profit (EBIT), or earnings before interest and taxes, was 300 million euros. The company's loss in 2024 was around 1.8 billion euro. Deutsche Bahn is undertaking a multi-billion euro project to upgrade its aging main line, which often involves closing entire sections of the lines for several months. Renovations in 'its infrastructure division' have affected a subsidiary of 'the -train company, as the company is now liable to compensate passengers for?late trains. It is also expected that the subsidiary's growth will be slower, as fewer people are willing to travel by train. Instead, they prefer to use their cars or planes to avoid delays.
France continues to push forward with its Hormuz plans, but there are no secret Iran discussions, according to sources
Two French officials stated on Friday that France will continue to 'efforts to put a coalition together to secure the Strait of Hormuz once the security situation stabilizes, after a reported stating that 'Paris is negotiating safe passage for its ships.
European countries have been largely ignored 'as?the U.S. and Israel war against Iran escalated. Iran carried out attacks against Israel, U.S. base, and Gulf state.
The European powers are trying their best to protect themselves, but the shipping lanes have been affected by the conflict and oil prices have risen.
In the last week, France has held consultations with European, Asian and Gulf Arab countries in order to develop a plan that will eventually see warships escorting tankers across the Strait.
One official said: "In the present context, the conditions do not allow any mission to deploy forces. But we are first working on the diplomatic side so that we can enter into detail and eventually make it operational."
The Financial Times reported France and Italy wanted to negotiate an agreement to ensure safe passage of their ships through this strait.
The French 'presidency' did not reply to a comment request. A source in the Italian foreign ministry denied this report.
Source: "In their diplomatic contacts, Italian leaders are trying to favor conditions that will lead to a general de-escalation of military tensions, but there's no secret negotiation meant to preserve only some merchant vessels at the expense others," said the source.
Contacts with Iran
Aspides is the main naval activity of the European Union in this region. It was launched in 2024 as a Red Sea mission to protect vessels from attacks by Iran-aligned Houthis.
Emmanuel Macron, President of France, has stated that France will provide two warships to this mission. He said that France would deploy its aircraft carrier strike team, two helicopter carriers, and eight warships to the area.
Macron stated this week that the Strait of Hormuz could be included in a future plan to help commercial vessels.
France has maintained both direct and indirect contact with Iran. The presidents and the foreign ministers spoke and Paris kept its Tehran Embassy open.
Unofficially, a French official stated that the focus was on the coalition and not on ensuring safe passage of French ships.
Two diplomatic sources stated that there have been talks with several?European countries, India, Gulf Arab States, Canada, and others but nothing has been finalised. India is showing some resistance.
A European diplomat said, "The French want to distance themselves from the American approach? because at the end of the day you'll need?to get a minimum approval?from Iran."
The diplomat explained that the idea wasn't to force it, as some American officials had suggested. Reporting by John Irish from Paris, Chandni in Bengaluru, and Angelo Amante at Rome; Writing by John Irish with editing by Toby Chopra
(source: Reuters)