Latest News
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US oil is headed to Greece for the first time in 4 years as refiners look for alternatives to Middle East crude
Ship tracking data on Kpler showed that a cargo of WTI Midland Crude?was headed to Greece for the?first time in about four years. The U.S.-Israeli war against Iran, and the reduced traffic through Strait of Hormuz, have disrupted trade and closed down production in the area. Ship tracking data and the maritime platform Signal Ocean revealed that the Isle of Man flagged medium-sized Eagle Helsinki had loaded 700,000 barrels of WTI Midland - the flagship U.S. sweet light crude - at Seabrook Logistics Terminal?in Houston. The tanker was then anchored in Agio Theodoroi (Greece), close to Motor Oil's refinery located in Corinth. The 'Corinth' refinery is Greece’s second-largest and represents more than a third of the country's total refining capacity. Eagle Helsinki initially indicated its destination as Rotterdam before changing its mid-Atlantic course to head towards Gibraltar, then Greece, according ship tracking and Signal Ocean. Signal Ocean reported that the refinery relies on Iraqi crude oil from Basrah to a large extent. The company declined to make any comment. Ship tracking data revealed that a cargo of Ecuadorian heavy crude with high sulfur was also headed to Irving Oil’s refinery in Canada’s east coast via the Panama Canal in March. This is the first shipment in more than a year. The Zaruma, a mid-size vessel flying the Panama flag,?transported about 700,000. barrels of Ecuadorian Oriente crude.to the refinery. Canada received its last cargo of oil in Ecuador last February. Irving oil didn't immediately respond to a?request for a comment. Reporting by Arathy S. Somasekhar, in Houston. Angeliki Koutantou, in Athens. Jonthan Saul, in London. Amanda Stephenson and David Gregorio in Calgary.
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US Customs Agency says that the tariff refund system is progressing but payments could take up to 45 Days
U.S. Customs Agency said Tuesday that it is making progress in setting up a simplified process to refund some $166 billion?in tariff collection deemed illegal by Supreme Court. However, its new system could take as long as?45 days for review and processing?refund requests. Brandon Lord, a U.S. Customs and Border Protection representative, said in a filing to the U.S. Court of International Trade that development of a refund claims portal, review and processing system, and refund system are now between 60-85% complete. Lord did not specify a date when applications would be accepted, but the agency had previously indicated a goal of 45 days, which ends in April. Lord stated in the declaration filed on Tuesday that 'the new system would begin accepting claims gradually, giving priority to entries that have been liquidated or 'finalized' within the previous 80 days, and entries with liquidation status "suspended" or "under review". Lord stated that the initial phase would also accept declarations containing entries for warehouses and warehouse withdrawals. Lord said that the initial phase will also 'accept declarations containing warehouse and warehouse withdrawal entries. The U.S. Supreme Court struck down last month President Donald Trump's most expansive global tariffs, under IEEPA. This was a major blow to his central economic policy. Documents from the court show that more than 330,000 importers 'paid the IEEPA duties on 53 million shipments. The Supreme Court gave no guidance regarding the refund of tariff payments collected by importers between February 2025 and now. That matter was left to the Court for International Trade in New York City. FedEx and other large importers sued CBP in order to secure their refund rights, which Trump claimed could take up to five years. Many smaller importers were afraid that the costs of the refund process would be too high to justify the benefits. The Court of International Trade's Judge Richard Eaton ordered CBP earlier this month to process?refunds with its existing system. However, the agency proposed a different method that would allow refund requests to be accepted as early as next month without requiring importers to file a lawsuit. (Reporting and editing by Paul Simao; Additional reporting in Wilmington, Delaware by Tom Hals; Reporting by David Lawder)
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Japan and Europe continue to have near-historical lows in coffee stocks
According to the Coffee Trading Academy, green coffee stocks in Japan, Europe, and the United States, the two largest coffee-consuming regions in the world, were near historic lows in February, despite the recent weakness of coffee prices. Japan's stock was 2.21 million 60 kg bags. This is a little different from January, and also from last year. It is still far below the 5-year average of 2.75 millions bags for this time of the year. CTA cited data from the European Coffee Federation to say that green coffee stocks in Europe were 6.8 million bags at the end of February. This was 7.5% less than January and 8% below the same period last year. European stocks could reach 14 million bags by mid-2022. "High carry costs are one of the reasons that discourage stock building in an inverted market," said Ryan Delany, CTA's founder and chief analyst, referring the fact the spot prices are higher. He said that European stocks were around 4.5 millions bags below the average of the past 10 years and around 3.5million bags below the average for the last five years. Analysts claim that the relatively low stocks in major coffee-consuming regions make the market susceptible to price fluctuations in the event of a logistical breakdown or weather-related disruptions in important production regions like Brazil or Vietnam. The market is closely following the Middle East situation with the Hormuz Strait, and the Suez Canal. Stocks are low, and the coffee flow heavily depends on maritime transport," Gustavo Matias said at Matias Coffee Trading. He added that transportation costs had increased. Matias said the market was currently "split" on the price direction. One side is looking at the large Brazilian crop that will be coming up and the other side, the tight coffee flow in the short term. (Reporting and editing by Hugh Lawson; Marcelo Teixeira)
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After US airport security workers get paid, absences drop sharply
Transportation Security Administration said absences among the nation’s 50,000 security agents fell'sharply' on Monday, as workers received their paychecks after six weeks of working without a paycheque. Major?airports which had experienced multi-hour lines reported that operations were largely back to normal. Homeland Security Department reported that the absence rate dropped to 8.6% from 12.4% on Friday. Atlanta had the highest number of absenteeism reported on Monday, with 29%. Other airports with high absence rates include Baltimore, New Orleans and John F. Kennedy in New York, Philadelphia, Houston's two airports, Baltimore, New Orleans and Houston. The TSA experienced a surge in security lines as a result of the weeks-long congressional standoff. In some cases, these lines topped four-hours long. This is the longest TSA line in 25 years. Last week, hundreds of U.S. Immigration agents and Homeland Security Investigations (HSI) officers were deployed at 14 U.S. Airports to help with security screening. The White House said that they would stay in place until normal operations were resumed. The President Donald Trump signed a memo on Friday ordering TSA workers to get paid even though Congress still hasn't ended the 46-day partial government shutdown. U.S. Department of Homeland Security confirmed that workers began receiving their pay on Monday. DHS reported that most TSA agents received retroactive pay on Monday, which included at least two?two-week checks. It plans to give workers the rest of a partially missed paycheck since the shutdown began as soon as possible. Since mid-February, more than 500 airport security guards have quit. Tens of thousands?other DHS employees are still unpaid. The airports are coping with an increase in school spring break travel, which is about 5% higher than last year. Democrats in Congress halted funding for DHS, demanding that immigration rules be changed after agents in Minneapolis killed U.S. Citizens Renee Good and Alex Pretti. After weeks of squabbling, the Senate finally passed a bipartisan compromise bill that would pay TSA employees. The Republican leadership in the U.S. House rejected this legislation on Friday, passing a measure to fund DHS as a whole. David Shepardson is the reporter.
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Top EU diplomats visit Bucha in commemoration of 2022 massacre
On Tuesday, the European Union's top diplomatic representative Kaja 'Kallas' and a number of EU foreign ministers visited Bucha to mark the fourth anniversary since a massacre. They expressed their support for Ukraine in its demand for Russian accountability for the atrocities that were 'committed' there. Ukrainian officials claim that Russian forces killed hundreds of people in Bucha soon after the beginning of the 2022 invasion. Kallas, along with around a dozen EU Foreign Ministers and other senior European Officials made the trip to Bucha amid tensions in the EU over EU Aid for Ukraine. Kallas, who returned to Kyiv from the trip, said: "This morning we were reminded what's at stake." "There's no more stark example of Russia’s brutality than the events in Ukraine." Zelenskiy urged partners to focus on the "war in Ukraine" despite the impact of the U.S./Israeli war against Iran. "You know that images from Bucha have been compared with the horrific scenes in the Second World War. But there is a big difference," he explained. He added that the difference in treatment of Nazism and the sanctions imposed on Russia for the war on Iran was not a good reflection on the world leaders today. Peace talks on the end of the war in Ukraine are suspended because of the Middle East conflict. Officials in Kyiv expressed concern that weapons could be diverted from Ukraine due to Western military resources being stretched. KALLAS: EUROPE WILL STAND BY THE UKRAINE. Europe is now the primary backer of Ukraine in its fight against a larger and better equipped Russian army on a 1,200-kilometre (746-mile) frontline. Hungarian PM?Viktor Orban has blocked a 90 billion-euro ($103 billion) EU Loan for Ukraine due to a dispute about Russian oil transit through Ukraine's Druzhba Oil Pipeline. Hungary also blocks progress in talks on Ukraine's EU accession. Kallas stated that European ministers must work for Europe, not Russia. This was in response to a phone call leaked by a Russian and a Hungarian foreign minister discussing EU sanctions 2024. She said, "We must not fund Russia but confront it." The Ukrainian officials will use the senior EU officials' visit to increase accountability for war crimes. Sybiha stated that eight countries had confirmed their willingness to join an expanded partial agreement for the Special Tribunal?for the Crime of Aggression against Ukraine, a planned, international criminal court. He expressed his hope that this number would increase. "Perhaps, more than anywhere else in the world, we feel that the future of Europe and Europe's safety are decided here - right now - in Ukraine," said Sybiha. "The frontline of the current conflict is also an issue of international law, and values that we all share." Moscow has stated that it will not recognise the tribunal special and any country joining will be viewed as an act of hostility.
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Russian oil tanker starts discharging cargo at Cuba's Matanzas Terminal
Shipping data revealed that a Russian-flagged oil tanker with 700,000 barrels of crude oil docked at Cuba's Matanzas Oil Terminal?on Tuesday. This was the first significant oil shipment to the island after President Donald Trump's Administration cut off the fuel supply. Under U.S. sanction, the Anatoly Kodkin vessel entered Cuban waters late Sunday, not far from Guantanamo's U.S. Navy Base. This was despite U.S. restrictions imposed on oil supplies from Russia to Cuba. The U.S. claimed that it allowed the tanker's crude oil delivery for humanitarian reasons. LSEG data shows that the?Aframax fuel tanker entered Cuba’s largest fuel storage area under mostly clear skies with light winds. CELEBRATIONS - A CAUSE TO CELEBRATE Arrival of 250-meter tanker for many Cubans who were exhausted after?months blackouts was a cause of celebration. Marino Galvez (66), a Matanzas resident, said, "This is like discovering water in the desert." He watched the ship from Matanzas' waterfront boulevard early. According to President Miguel Diaz Canel, Cuba hasn't received an oil tanker for three months. This has exacerbated the energy crisis, which has further weakened its already deteriorated electrical grid, healthcare, public transport, and farming. The crude oil, once it is fully refined and discharged, should allow the Cuban government to breathe a little more, despite increasing pressure from the Trump administration. According to an estimate posted on social media, it will take 25-35 days for the oil to be processed and distributed in Cuba. The ship carries Russian Urals crude oil, which is medium-sour and suitable for Cuba's aged refineries. The Foreign Ministry said that about 40% of the cargo will be converted into fuel oil for the island's power plants. The remaining 35% of the cargo will be refined into diesel fuel for power generation, transportation and gasoline. OIL ON DECK After capturing Venezuelan president?Nicolas Maduro, the U.S. halted Venezuelan oil exports. Trump threatened to impose punishing tariffs against any country that shipped crude oil?to Cuba. Mexico, along with Venezuela, stopped its shipments. Dmitry Peskov, Kremlin spokesperson, said on Monday that further Russian shipments will follow. "The desperate situation in which Cubans find themselves, we cannot remain indifferent to this. So, we will continue working on this." The Trump administration said Monday that it would examine any further oil shipments made to Cuba "case by case". Anatoly Koodkin was not the only tanker that had been stuck in the middle of the Atlantic for weeks. Another tanker called the Sea Horse also carried Russian diesel, but it was rerouted from Cuba to Venezuela. The White House has softened the blanket ban on Cuban oil exports. It's unclear whether Sea Horse or other tankers originally bound for Cuba are going to try and discharge their cargoes at Cuban ports. Reporting by Ayose Naranjo in Matanzas, additional reporting by Marianna Pararaga in Houston, and Dave Sherwood at Havana. Writing by Dave Sherwood. Editing by Aida Pelaez-Fernandez & Tomaszjanowski.
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NTSB raises questions on driver assistance systems, lack of regulations
The National Transportation Safety Board criticized on Tuesday the lack of regulations by government on driver assistance systems and raised concerns about claims made by automakers. The 'NTSB' is holding an hearing to determine probable cause for two fatal crashes that involved Ford Motors BlueCruise, a hands-free advanced driving assistance system. Thomas Chapman, NTSB member and board member, expressed his disappointment with the National Highway Traffic Safety Administration. He said that the agency had shown "a lack of leadership" by failing to address the issues surrounding the deployments of driver assistance systems. The 2024 rear-end accidents involved Ford Mustang Mach-Es of the 2022 model, operating in the partial 'automation mode. NTSB members have repeatedly asked if sufficient safeguards were included in driver assistance systems that perform some tasks, but require drivers be attentive and prepared to take over other tasks. Jennifer Homendy, chair of the NTSB, said that automakers should be cautious about making claims about automation as the solution for the deaths that occur on US roads. roads. Homendy added that "humans are not well-suited to automate monitoring tasks, and they can easily become complacent." In a perfect scenario, the (NHTSA), would establish minimum performance standards for safety technologies. NHTSA has not yet commented. Both the 'NTSB' and the 'NHTSA" have been investigating BlueCruise since 2025 to answer questions about the system limitations, and to assess drivers’ ability to respond. Ford claims BlueCruise, an advanced hands-free?system, operates on 97% U.S. highways and Canadian highways without intersections or traffic lights. In recent years, the NTSB has opened several investigations into advanced driver assistance technologies. This includes Tesla's Autopilot. Tesla, the electric car manufacturer, agreed in December 2023 to recall 2,000,000 vehicles and install new safety measures for its Autopilot driver-assistance system. (Reporting and editing by David Shepardson)
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War Risks Insurers Win Appeal on UK Ruling on Jets Lost in Russia
Chubb, Fidelis, and Lloyd's have been granted permission to appeal a London Court ruling in favour of the world's largest aircraft?leaser AerCap regarding jets that are stuck in Russia due to its war against Ukraine. London's High Court decided in June that AerCap could recover just under $1 billion from "war risk insurers", though that was less than what it sought to recover of roughly $2 billion. After the court heard one of the largest insurance disputes ever heard in London, the court ruled in favor of leasing companies. The appeal hearing is expected to last five days. The lawsuit was centered on?almost 150 jets and engines with a value up to $4.7 billion. However, settlements, including the one made during the first day of the trial in October 2024, whittled down the number. AerCap, Dubai Aerospace Enterprise (also known as DAE), Merx Aviation, KDAC Aviation Finance, Falcon, and Genesis were the main claimants against insurers such as AIG, Lloyd's, Chubb, and Swiss Re. KDAC settled all of its claims during the trial. AerCap and DAE, as well as other lessors, have disclosed settlements periodically. (Reporting and editing by Barbara Lewis; Sam Tobin)
Defence Ministry: 29 killed in crash of Russian military transport aircraft in Crimea
According to news reports, a Russian An-26 military aircraft crashed into a cliff on the Crimean peninsula, killing 29 people on board. The crash was caused by a possible malfunction of a plane's technical system, said Russia's Defence Ministry.
The TASS News Agency, quoting the Ministry, stated that communication was lost with the aircraft at around 6 p.m. local (1500 GMT) Tuesday during a flight planned over Crimea. The peninsula is covered with sweeping mountains that lead down to the Black Sea coast. It was annexed from Ukraine by Russia in 2014.
TASS reported: "The Defence Ministry announced that a team of searchers had located the site of this catastrophe." According to a report on the scene, six crew and 23 passengers were killed.
The report from the ministry did not mention how many passengers were on board. However, it did not mention any survivors.
The ministry said that there was no impact to the aircraft, implying objects such as missiles, birds, and drones were not involved.
The preliminary cause of the accident is a malfunctioning technical system. It said that a military commission was working on the site.
The Russian defence ministry didn't respond to a comment request outside of normal business hours.
The An-26 is in service since the late 1960s. It has also been used to carry freight by airlines.
In 2022, a Ukrainian An-26 crashed in the Zaporizhzhia Region in Ukraine's southeast during a?technical flight. One person was killed. In 2020, a Ukrainian An-26 crashed during a training flight over the northeastern Ukraine region. All but one person on board died.
In 2020, eight people, including five Russians, died when an An-26 crashed into South Sudan. In 2017, four of the 10 people aboard were killed in a crash landing by an An-26 in Ivory Coast, West Africa. Reporting and editing by Jamie Freed
(source: Reuters)