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As fighting continues, the EU Aviation Agency adds Jordan to its no-fly list
The European Union Aviation Safety Agency (EASA)?on?Wednesday asked airlines to avoid the airspace of Jordan following the recent conflict between Iran and the United States. Last week, the agency re-issued and strengthened its warning for airlines in the Middle East to avoid the airspace of Bahrain Kuwait Qatar the United Arab Emirates, and the Gulf of Oman due to the renewed U.S. – Iran war. EASA reported that the advisory for Jordan was also extended until August 31. Iran's army claimed to have used drones in an attack on U.S. military bases in Kuwait, Jordan, and Bahrain early Wednesday morning. The army claimed to have used Arash suicide drones to strike accommodation buildings and storage facilities at Al Azraq Air Base, Jordan. They also attacked equipment warehouses and aircraft hangars in Sheikh Isa Air Base, Bahrain. I was unable immediately to?verify the details of the attack. In the past few days, four U.S. soldiers have been killed by Iranian attacks against U.S. military base in Jordan and?Iraq. EASA stated in a statement that "since the middle of July 2026, security has rapidly deteriorated, with an increase in kinetic activity affecting Jordanian Airspace." EASA warned of the increased risks posed by recurrent Iranian air attacks, as well as Jordan's activation of its air defence system. This includes the possibility of misidentification civil aircraft. Last week, EASA extended its separate advisory to airlines asking them not to fly in the airspace of Iran and Iraq. It is valid until August 31. Reporting by Shubham Kalya in Bengaluru. Editing by Louise Heavens & Hugh Lawson.
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Glencore is planning large withdrawals of LME lead after stock surges, sources claim
Two industry sources reported that commodity trader Glencore will withdraw 30,000 metric tonnes of 'lead' from London Metal Exchange storage warehouses after inventories of the battery metal soared to records. One source and two others familiar with the situation said that Hartree Partners, a fellow trader, also marked metals for delivery from a warehouse by cancelling the lead stocks. The sources did not specify how much lead Hartree cancelled. These withdrawals can create the impression that there is a 'physical demand' for lead when in fact it may be simply being moved between traders or warehouses, rather than actually reaching end users. This is important for a market which relies on LME data to gauge the market. Since last Thursday, a total of 65,225 tonnes worth of LME lead warrants, which are title documents that confer ownership, have been cancelled. Or 14% of the total stock. All but 1,725 tonnes of the cancelled stocks are in Singapore. The sources didn't?know why London listed Glencore and U.S. based?Hartree cancelled the warrants but said that they could supply lead to actual customers or move it to another warehouse to make lucrative "rent deals". Hartree and Glencore did not reply to comments. These cancellations came after Trafigura, a rival trading house, delivered over 160,000 tons (or a total of 1.6 million pounds) of lead to Singapore in two days for a rental deal earlier this month. According to records, LME lead stocks were at their highest level since 1970. Trafigura has declined to comment. Two sources said that it would be rare for Glencore and Hartree to become involved in rent deals. Companies that deliver metal for rent do not need to own the metal. Instead, they receive a portion of the rent paid by the new owner for the duration of time the metal remains in the warehouse. Rent deals in Singapore are attractive partly because of the high costs associated with cancelling warrants, loading the metal, and shipping it to consumers. This can discourage withdrawals. In Singapore, the daily LME rental for lead is 51c per ton. Storing 30,000 tonnes there would earn you $15,300 per day or over $5 million per year.
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Equinor CEO: Europe is unlikely to achieve 80% of gas storage goal
Gas volumes at European?storage sites are significantly lower than the five-year average and at their?second-lowest level in 15 years, Equinor chief Anders Opedal said on Wednesday after the?company reported its highest quarterly profit since early 2023. This is due to tightening market conditions that have increased competition from Asian buyers. Anders Opedal, Equinor's chief executive officer, said that gas volumes in European storage sites were significantly below the 5-year average. They are also at their second-lowest levels in 15 years. "We don't think Europe will be able to fill its stocks up to more than 80% this fall," Opedal said. He added that due to the lower storage levels of gas, currently at 54% in Europe, this winter will see more price fluctuations than previous winters. The U.S. - Iran war has effectively halted the shipping through the Strait of?Hormuz. This includes about a quarter of the world's liquefied gas, which is typically delivered to Asian clients. The war in Ukraine has prevented Europe from relying on Russian gas pipelines. Equinor reports that Europe relies upon LNG to meet?30% its import needs. However, supply is now missing. "The gas from Qatar that was to be sent to Asia was actually going to Europe, so the?LNG which earlier this year was shipped to Europe now goes to Asia," Opedal explained, referring to increased competition in global supply. (Reporting and editing by Terje Solsvik, David Goodman and Nora Buli)
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Shares of freight group DSV fall 13% on cash flow decline and disappointing earnings
DSV reported a "sharp decline" in its second-quarter cashflow on Wednesday. The disappointment about the company's profit growth and earnings caused shares to fall by 13%. DSV acquired Schenker, a German freight forwarder, last year to become the largest in the world. While planned cost reductions are on track, the deals to sell excess property have not been completed. DSV reported that adjusted free 'cash flow' fell to 786 millions Danish crowns ($120million) from 3.98billion crowns a a year earlier?due a temporary increase in working capital due to higher activity, increasing freight rates and soaring fuel and bunker prices. It also said that the group receivables increased by 1.8 billion crowns during the quarter due to the sale of Schenker property for which payment was still "pending" at the end of the quarter. DSV's operating profits before special items rose from 4.73 billion Danish crowns to 6.26 billion crowns during the second quarter, compared with the 6.05 billion crowns averaged by analysts in a survey provided by the company. Analysts at Jefferies stated that DSV's operating profits were 1% below consensus expectations, excluding a gain of 250 million crowns from the sale of properties in the road division. DSV expects to earn between 23.5 and 25.5 billion crowns in operating profit for 2026, up from the 23 billion to 25 billion crowns previously forecast. DSV shares fell 13.3% by 1043 GMT and were at the bottom of the pan-European STOXX 600 Index. Haider Anjum, Jyske Bank's analyst, wrote to clients that the?drop in price was "a strong reaction",?even though investors might have expected an even bigger increase in earnings guidance.
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Shipping data shows that more ships are changing course in the Red Sea following Houthi threats
Ship tracking data revealed that four tankers changed their navigational course on Wednesday in the Red Sea, with two of them indicating the Suez Canal as their new destination. Yemen's Houthi milita warned ships not to sail to Saudi Arabian port after warnings from the Houthi militia. According to LSEG and MarineTraffic'ship tracking data and analyses from British maritime -risk management group Vanguard, the?vessels changed their direction. The?other two indicated their destination as a?open?waters?in the Red Sea. According to shipping data, it appears that a fifth ship, a vehicle-carrier, turned back in the Gulf of Aden Wednesday after signaling the Saudi port of Jeddah for its next destination. Following the warning by the Iran-aligned Houthis, three oil tankers carrying 'Saudi crude' for China and India turned around in the Red Sea on Tuesday. They headed towards the Suez Canal instead of tackling the Yemeni coast at the mouth of the sea. (Reporting and editing by Joe Bavier; Reporting by Jonathan Saul)
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Sources say that the $30 billion Morocco-Germany power cable has been stalled due to governance differences.
Four sources claim that a $30 billion project, which would provide Germany with renewable energy from Morocco via the longest intercontinental undersea power link in the world, is currently being delayed by disagreements about structure and guarantees. Sila Atlantik is a project that aims to link Morocco and Germany through two subsea cables capable of delivering up to 5% the annual German electricity demand. According to project developers, the cables would be 4,800 km long (2,892 meters) and fed by solar and wind power installations up to 15 gigawatts in Morocco. The total infrastructure costs around $30 billion. European countries want to increase the number of such connections in order to reduce their dependence on fossil fuels and improve energy security. Sila 'Atlantik was created by a German firm for this project after a similar proposal to build a renewable electricity link between Morocco and the UK called Xlinks collapsed a year ago. Two Moroccan and two German sources with knowledge of the issue have said that the project has now hit a snag, as the Moroccan authorities are insisting on a formal intergovernmental agreement to be endorsed by Berlin in order to guarantee long-term support from the state. The sources, who requested anonymity because they weren't authorised to publicly speak on the issue, said that Morocco would also like the connection to be able to send electricity both ways. One German source stated that a two-way link would be technically feasible but more expensive economically. A senior official from the region said that Moroccan authorities have promised to dedicate around 150,000 hectares in southern Guelmim - Oued Noun to the Xlinks Project, but they haven't yet approved the same allocation to Sila Atlantik. Sila Atlantik didn't answer specific questions regarding the project, but stated that it was "progressing according to its technical, financial, commercial and regulatory roadmap." The company responded in an email that "the project continues to evaluate the technical and regulatory alternatives that will best support its long-term growth." The Moroccan Energy Ministry didn't reply to questions but stated 'by email' that "regional Integration is a key component of Morocco's Energy Transition Strategy" and emphasized plans to strengthen electricity links with European partners. A second Morocco-Spain connection with a capacity of 700 megawatts is being planned. Meanwhile, a Morocco-Portugal link currently under study could require investment up to 735 million euros ($838 million). According to a document from the electricity utility ONEE seen by, a second Morocco-Spain link with a capacity of 700 Megawatts is planned. A Morocco-Portugal connection currently under study may require an investment of as much as 735 Million Euros ($838 Million). According to a document from the electricity utility ONEE, a connection with France is also planned. Morocco and Portugal plan to submit their proposed electricity link to the European Union T-MED Programme, which aims at mobilising up to 25 billion euro in investment to support renewable energy cooperation and cross border electricity infrastructure. (Reporting and Editing by Ahmed El Jechtimi: Editing By Sharon Singleton).
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Bousso: The electrification of Europe's ROI will be a decade-long struggle.
Europe is facing a "death Valley" of high energy prices over the next decade, which threatens to erode their industrial base even if they achieve their ambitious plan?to increase electricity consumption by 2040. The European Commission announced on Friday an Electrification Action Plan aiming to increase electricity's share in final energy consumption from 23% today to 48 % by 2040. An interim reference goal of 32 % by 2030 was set as an initial target. The strategy aims to accelerate electrification in transport, buildings, and industry. It also tackles one of Europe's largest energy paradoxes - electricity is often more expensive than fossil fuels that policymakers would like consumers and businesses abandon. The Commission claims that turning Europe into the first "electrocontinent" of the world would drastically reduce fossil fuel consumption, and the EU's energy import bills could be reduced by up to EUR260 billion ($297billion) per year by 2040. The appeal is clear at a time when the security of energy has become a priority in geopolitics. The challenge is also clear. Europe is still largely fueled by fossil fuels. Oil, coal and gas account for over 60% of EU's total energy mix. Renewables only make up about one fifth. Despite the rapid expansion of renewable energy generation on the continent at a cost that is enormous, the continent has made much less progress in electrifying sectors such as transport, industry, and heating. Even though Europe has been steadily decarbonising its electricity production, electricity still only represents a small percentage of the total energy consumption. The share of electricity consumption in total energy has been around 23% since over a decade. The disconnect underscores the magnitude of the task that lies ahead. It could very well determine whether the European industry is viable in the coming decade. MASSIVE VULNERABILITY The energy crisis that followed Russia’s invasion of Ukraine on a large scale in February 2022 underscored the urgency to accelerate this shift. Losing abundant Russian pipeline natural gas forced Europe to undergo a costly and painful energy realignment. It had to replace cheaper imports from the east with more expensive liquefied gas imported from global markets. The effects on industry were profound. The rise in energy prices led to a contraction of industrial activity, as companies from metals to glass to chemicals to fertilisers struggled to compete against rivals from regions that benefitted from cheaper energy. Europe is still acutely vulnerable to fluctuations in the fossil fuel markets. According to the European Commission's estimates, since the beginning of the Iran War in late February, oil and gas imports have increased by EUR50 billion. This has added fresh pressure on inflation. The Commission has proposed an extensive package of measures to reduce energy costs. These are aimed at reducing the gap in price between electricity and natural gas. These include reducing the network charges, introducing smart meters, increasing the affordability of electric vehicles, expanding the charging infrastructure and replacing gas boilers with heat pump systems. The EU's Emissions Trading System is the flagship policy of the EU on climate change. The reforms proposed would give industries more flexibility to reduce emissions, while also providing financial support for investments in clean technologies and domestic production. HUGE PRICE TAG The scale of the investment required is staggering. According to a recent estimate by the Commission, upgrading and expanding Europe’s ageing transmission networks and distribution systems will require approximately EUR1.2 trillion in investment between 2040 and 2040. Tens of millions more will be needed to fund programmes designed to promote electrification within the transport sector, in industry and in buildings. There are reasons to be optimistic, though. According to the International Energy Agency?, Europe spends about EUR60-EUR70 billion on electricity grids every year. This means that reaching the Commission's target for investment would not require an overhaul of current investment trends. The proposed relaxation of ETS requirements could also unlock additional funding, allowing companies to redirect their capital towards modernising production and infrastructure. The Commission wants the member states to also dedicate half of ETS revenue to decarbonising their domestic industry. Since 2013, carbon?market revenues have been around EUR260 billion. Even after all of this, however, the increase in investment still remains daunting. This is especially true when you consider that European governments are under pressure from both Washington and Russia to increase their defence spending. Existential Risk Timing is the biggest issue. The benefits of the plan will only be realized gradually, even if it survives the forthcoming political battles. This is unlikely given the divergent interests among the 27 members states. It takes years to build grids, charging systems, heat pumps and industrial infrastructure. The challenge to Europe's competitiveness in the industrial sector, on the other hand, is urgent. European electricity prices are still more than double those in the U.S., and about 50% higher than China. This leaves energy-intensive industries at a structural disadvantage, even after the decline from the extremes of the energy crisis in 2022. Europe's energy-intensive industries will need to be competitive with their rivals from Asia and North America for most of the decade. They must also expand electricity-hungry areas such as artificial intelligence and data centres. This is the unsettling reality that lies at the core of Europe's electrification policy. Electrifying Africa is not just a climate goal. It has become a necessity for a region that is limited in fossil fuel resources, exposed to geopolitical shocks and faces increasing costs of imported fuel. It is a question of whether Europe's industry can survive for long enough to reap its benefits. You like this column? Open Interest (ROI) is your new essential source of 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. ($1 = 0.8753 euros)
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Energy minister: Low Danube levels are causing a drop in fuel imports to Serbia
Low water levels on the Danube River slowed barge deliveries and lowered Serbia's fuel imports to 25% of its monthly target for July, said Energy Minister Dubravka Djedovic Handanovic on Wednesday. She said that after a meeting with representatives of oil companies in Serbia she realized the country's dependency on the single refinery operated by NIS, a Russian oil company sanctioned by the U.S. This week, the Danube reached record lows in Hungary, Serbia, and Romania, forcing barges to operate at 30 to 40 percent of their cargo capacity. Djedovic handanovic claimed that fuel was transported via road or rail, but this has pushed up the prices which are already "exceptionally expensive". Serbia has 269,000 metric tonnes of diesel in its strategic state reserves. However, the NIS refinery, located in Pancevo with a 4.8 million ton annual capacity, is vital for 80% of Balkan demand. In October, the U.S. Office of Foreign Assets Control (OFAC) imposed sanctions against NIS as part of broader measures targeting Russia's oil and gas sector due to the conflict in Ukraine. They also demanded that its Russian majority owners Gazprom and Gazprom sell their shares. OFAC granted NIS a number of sanctions waivers, allowing it to import crude through Croatia's Janaf Pipeline while Hungary's MOL completed?its acquisition?of the Russian-owned stake. The current NIS exemption expires on the 31st of July. Djedovic?Handanovic stated that "if the NIS licence is not extended, (market) supplies will be entirely dependent on state reserves." MOL entered into a provisional contract in January for the purchase of a combined Gazprom-Neft-Gazprom 56% stake in NIS. After several extensions, OFAC gave the companies until July 31, 2012 to complete the deal. The Serbian Government owns 29,9% of NIS. Small shareholders and employees hold the rest. (Reporting and editing by Jan Harvey; Aleksandar Vasovic is the reporter)
After attacks, Greece urges its fleet to increase security in the Black Sea
Greece has advised Greek flagged commercial ships to upgrade their security measures while'sailing in the Black Sea' following a series of.attacks on tankers over the past few days.
Greek-operated tankers are among the largest in the world and play a pivotal role for trade along the Black Sea, where Bulgaria, 'Georgia', Romania, and Turkey share the waters with Russia, Ukraine and other warring nations.
Ukraine and Russia have intensified their attacks in recent weeks on ships and other facilities located near the Black Sea or the Sea of Azov to try and undermine each other's military efforts.
A Russian missile struck a ship with corn near the southern Ukrainian port of Odesa on?Sunday and killed 10 people.
On Sunday, two Greek-operated oil tankers were also targeted with sea drones at the Caspian Pipeline Consortium – a 1,510 km (1,440 mile) oil pipeline connecting Kazakhstan's Caspian Sea to Russia's Black Sea Port of Novorossiysk. CPC is responsible for 80% of Kazakhstan's oil.
During loading operations, the crude oil tankers ASIA (which is'managed' by Dynacom) and NISSOS IO, which belongs to Kyklades Maritime Corp., were both attacked. The advisory for July 21 stated that a third Greek-operated ship was also?attacked.
The advisory stated that "Greek ships operating in the region should increase their security measures due to the increased tensions observed following attacks on 'commercial ships. (Reporting and writing by Yannis Soulieotis, Editing by Joe Bavier).
(source: Reuters)