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Finland's Wartsila believes in shipping decarbonisation despite IMO setback
Wartsila's CEO stated on Tuesday that he still believes in the decarbonisation process of maritime traffic despite the delay in establishing a carbon price globally for shipping. The company reported a third quarter order intake below expectations. The Finnish engineering group has invested in emission reduction technologies for power plants and ships. The company expects a higher demand for the technologies under the International Maritime Organisation climate plan. Under pressure from the United States, however, a decision was made to delay a global shipping emission price by an entire year in early this month. TARIFFS AND REGULATIONS IN THE US 'HEAVILY IMPACT' ENERGY STORAGE Hakan Agnevall, a Wartsila spokesperson, said that despite the fact that quarterly orders fell by 0.7% on an annual basis to 1.79 billion euro ($2.09 billion), he had not noticed any negative effects as a result. He said, "The journey of decarbonisation continues." "We keep selling because owners are trying to hedge their bets. "They want fuel flexibility and fuel efficiency." Agnevall stated that Wartsila’s energy storage unit was "heavily affected" by U.S. Import duties and Foreign Entity of Concern regulations. Last year, the energy storage unit represented 12% of sales. Agnevall, however, said that it had not received any new orders during the third quarter following the FEOC regulation which was included in President Donald Trump's "One Big Beautiful Bill Act" and banned the importation of Chinese battery cells into the United States. Wartsila said that he is looking to source battery cells from other Asian or U.S. countries in order to mitigate the impact. Investors had expected a higher growth rate and better prospects, particularly for orders of energy equipment. JPM analysts in a JPM note wrote: "This could be disappointing for investors, who expected Wartsila's demand outlook to be upgraded on the potential upside of data centre orders." They were referring to Wartsila keeping its energy demand forecast unchanged. Despite the IMO setback Wartsila left its outlook for marine unchanged and expected higher demand. Agnevall stated that "there will be a journey towards a more fragmented landscape of regulation, as countries and regions have their own regulatory frameworks."
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Kenyan plane crashs with 11 foreign tourists aboard
On Tuesday, a light aircraft carrying 11 foreign tourists from Germany and Hungary crashed in Kenya. Mombasa Air safari, the airline, claimed that there were 10 passengers on board: eight Hungarians, and two Germans. The captain was Kenyan. Mombasa air safari said, "Unfortunately, there are no survivors." According to the Civil Aviation Authority, the accident occurred at Kwale near the Indian Ocean coastline at around 0830 local (0530 GMT). In comments broadcast by Kenya Broadcasting Corporation (KBC), a regional police commander said that all passengers were tourists. Citizen TV reported that the bodies of those aboard had been burnt beyond recognition. The aviation authority stated that the aircraft was traveling from Diani on the coast to Kichwa Tembo, in Kenya's Maasai Mara National Reserve.
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MOL Hungary says Danube refinery has restarted at reduced capacity
The Hungarian oil company MOL announced on Tuesday that it has resumed production at its main Danube Refinery following an earlier fire at a distillation unit which processes more than 40% of the refinery’s crude intake. MOL's and Hungary’s energy supply was under pressure last week on two fronts due to the fire, and U.S. sanction against Russian oil companies Lukoil & Rosneft. According to MOL, the refinery processes a large amount of Russian crude that is delivered through the Druzhba Pipeline. International Energy Agency data show that it effectively covers Hungary's demand for oil and petroleum products. According to LSEG, the AV3 unit where the fire started processes more than 40% of the refinery’s crude intake. The restart of the units that were not affected by fire went according to plan, so the Danube Refinery started fuel production with a reduced capacity, MOL reported on Tuesday. It added that Hungary's supply of fuel was secure. Viktor Orban, Hungary's prime minister, will meet Donald Trump next week in Washington to discuss U.S. oil sanctions against Russian companies and other topics. (Reporting and editing by Bernadettebaum; Krisztina than)
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Kumba's improved rail performance allows South Africa to haul more iron ore into port
Kumba Iron Ore, South Africa, reported on Tuesday a 12% rise in mineral shipped to ports in the third quarter of the year on the backs of improved freight rail performance. This led to a 7% increase in quarterly sales. Anglo American delivered 10,2 million metric tonnes to Saldanha Port in the third quarter. This compares to 9,1 million metric tonnage during the same time period last year. Kumba's sales totaled 9.6 million tons during the third quarter. This is up from 9 million tons. Kumba, Africa’s largest iron ore mining company, stated in a recent production update that improvements to the freight rail network are mainly attributed to the ongoing cooperation between bulk mineral producers, and the state-owned logistics firm Transnet, to restore the ore shipping corridor. Kumba's iron ore on-mine stockpiles decreased to 5.5 millions metric tonnes from 6.4million metric tons in the month of June due to improved rail performance. Stockpiles at the port increased from 1 million to 1.8 millions metric tonnes at the end September. Transnet's problems, blamed for under-investment, cable theft, and vandalism, forced Kumba, a miner, to reduce their production in order to match Transnet's reduced capacity. Transnet reported an increase of 5% in its freight volume after moving 160 millions metric tons during the year ending March 2025. It aims to haul 180 million metric tonnes in the current financial period. Kumba's annual sales are expected to be at the higher end of its unchanged forecast for sales and production between 35 and 37 million tons. (Reporting and editing by Conor Humphries; Nelson Banya)
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Royal Caribbean forecasts quarterly profit below estimates
Royal Caribbean's current quarter profit was below expectations Tuesday due to higher fuel prices and economic uncertainty. In premarket trading, shares of the company that also predicted an annual profit below expectations were down around 8%. After a boom in demand following the pandemic, the company struggles with customers who are reluctant to spend on expensive cruises due to persistent inflation in the U.S. and uncertainty caused by tariffs. According to data compiled and analyzed by LSEG, the company expects a profit per share adjusted for fiscal 2025 of between $15.58 and $15.63. This is higher than its previous forecast of between $15.41 and $15.55 but still falls short of analyst estimates of $15.68, according to LSEG. Analysts' average estimates of $2.89 for the fourth quarter of adjusted profit per share are expected to fall between $2.74 and $2.79.
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Maguire, R.O., "China's changing primary energy mix by 2060"
China is the largest producer of goods and raw materials in the world. It is also the largest consumer of electricity and power worldwide. But aggressive policies aimed at boosting clean energy production and reducing emission will lead to a radical retooling in China's energy mix over the next decades. It will go from being largely fossil fuel based to mostly clean powered by mid-century. Six charts show how China's primary mix of energy - including the use by its power sector, industries and households - will evolve from now until 2060 based on DNV's data. CLEAN POWER DRIVE China has led the world in clean energy growth for over a decade. It is expected to double its output of clean energy within the next 25-30 years. DNV's projections show that clean power sources will provide close to 75% China's energy by 2060. By 2060, China is expected to increase its output of solar power, wind energy and nuclear energy by over 450%. China will drastically reduce its coal dependence over the same period. China currently uses coal to generate 55% of its primary energy. By 2060, this will drop to less than 10%. FOSSIL-CLEAN FLIP BY LATE 2040'S By 2046, China will switch from being mainly fossil fuel dependent to being primarily clean energy based, thanks to the combination of a surge in clean generation and the steep reductions to coal production. Even if the switch is made over several decades, it will still be an extreme move. Fossil fuels account for around 85% (or more) of China's primary energy supply. Electric vehicles are already outselling combustion engines, and China is electrifying its homes, offices, and factories at an unprecedented rate. China's energy transformation efforts will accelerate in the 2030s and 2020s as it continues to shutter outdated fossil fuel power stations, while scaling up clean generation sources across the country. NUCLEAR RISE Nuclear power is expected to be the fastest growing source of clean energy in China from now until 2040. Nuclear generation will increase by an average of 56% by 2040. This is from 4,775 petajoules to almost 18,000 petajoules. This growth rate is higher than the projected growth of solar power (53%), and wind energy (50%) over the same time period. COAL CUTS As China's energy system increases its clean energy supply, it is expected that China will continue to reduce the fossil fuel production system. Data from DNV shows that coal is expected to have the greatest total decline in generation by 2060. It will go from 101,000 petajoules around 2025 down to 13,000 petajoules around 2060. The energy generated by crude oil and gas will also be on a steep decline by 2060 as more vehicles are electrified, and power systems rely on nuclear reactors, renewables, and batteries. Global Share Impact China is the largest producer and consumer of energy in the world. The projected changes to China’s primary energy production mix will have far-reaching implications, particularly for energy products exporters. China is the world's largest coal producer, consumer, and importer. It currently generates around 60% of primary energy from coal. Indonesia, for example, will find it difficult to find new markets as the country reduces its coal dependence in the next two decades. Data from DNV shows that global coal consumption will not disappear by 2060. Even China, which currently accounts for 40% of global coal usage, is expected to continue doing so. China's share in global crude oil and natural gas energy consumption is also expected to decrease from current levels by the year 2060. The country's overall fossil energy share for primary energy will be reduced from 30% to 15%. China's share in global solar and wind energy generation will decline as these technologies are more widely deployed. As China builds up its nuclear fleet, it is expected that China's share in global nuclear power generation will more than double from 16% to 36%. China will continue to lead the world in clean energy production through 2060 and its share will increase from 21% to 26%. China's energy mix is expected to change dramatically in the next few years, and so will its footprint. According to DNV data, China is expected to emit around 13,2 gigatons CO2 in 2025. This is about 34% of the global fossil fuel emission. China's fossil-fuel emissions will be around 2,5 gigatons by 2060. This is 17% of global total. It shows that China's power mix change in the future will have an impact on global pollution trends as well as the energy producers within the country. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Iraq signss agreement with Excelerate Energy for floating natural-gas platform
The Prime Minister's Office announced in a Tuesday statement that Iraq had signed an agreement with U.S. company Excelerate Energy for a floating gas platform. Baghdad is seeking to attract more American investments into its energy industry. Two Iraqi energy officials familiar with the deal said that Excelerate Energy would provide Iraq with the first floating storage regasification units capable of receiving, storing, and regasifying Liquefied Natural Gas. Officials said that the LNG terminal would be located at the port of Khor al-Zubair, on the Gulf. Gas will then be piped to Iraq's electricity grid. Washington is pressuring Iraq to diversify energy sources and to limit its energy ties to Iran. This is because U.S. sanctions have caused gas exports from Iran to Iraq to be repeatedly disrupted. Ahmed Rasheed (Reporting, Ahmed Elimam, Ahmed Rasheed and Jan Harvey)
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Hue and Hoi An, two of Vietnam's most popular tourist destinations, are hit by heavy flooding
In a report released on Tuesday, the Vietnamese government reported that heavy rains in the past few days caused flooding throughout central Vietnam, including in the top tourist destinations of Hue and Hoi An. According to the disaster management agency of the Vietnamese government, rain fell in many parts of Hue (the former imperial city listed by UNESCO) and Hoi An (the ancient town), in the 24 hours ending late Monday. Vietnam is susceptible to violent storms, which can be deadly. Flooding and storms are also common in Vietnam. This causes widespread damage to property. Images circulated on state media showing that Hoi An had been inundated with floodwater, and several houses were submerged to the roofs. Authorities deployed boats to evacuate tourists. According to the report of the agency, flood waters of up to 1-2 meters deep had hit 32 of Hue's 40 communes. According to the government, flood levels in Hue are at record highs. Authorities in central Vietnam have evacuated thousands of people who were trapped by flooding and without power or transportation. According to reports in the media, heavy flooding has also forced the state-run Vietnam Railways Corp. to suspend service between the capital Hanoi (Hanoi) and the business hub Ho Chi Minh City. In a separate government report, the government stated that over 306,000 households and business in Hue and Quang Tri Provinces suffered from blackouts. The weather agency of the Vietnamese government said that the water levels in central Vietnam's main rivers were at their highest point and heavy flooding was expected to continue in the coming days. Landslides would also be a risk, it added. According to official statistics, natural disasters in Vietnam caused property damages worth $611 million and killed 187 people in the first nine month of this year.
UPS forecasts fourth-quarter revenue above estimates, shares surge
United Parcel Service on Tuesday forecast revenue for the fourth quarter above Wall Street estimates, relying on price increases to offset a soft demand from business-to-business in the U.S.
The company estimated revenue at about $24 billion. According to LSEG data, analysts' average quarterly revenue was $23.8 billion.
In premarket trading, shares of the company rose 12%.
The largest parcel delivery company in the world reported a net profit of $1.48billion, or 1.74 cents per share for the three-month period ended September 30. This compares to $1.50billion, or 1.76 cents per share a year ago.
UPS and FedEx have seen their volumes fall due to the tariffs imposed by President Donald Trump on a wide range of Chinese goods, and also because of the removal of duty-free treatments on low-value online purchases made from China-linked retailers such as Temu and Shein.
(source: Reuters)