Latest News
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CPC Blend Oil offered at wider discounts
The differential between Urals and Brent oil was stable on Thursday despite a low trading volume, but the discount for CPC Blend oil continued to widen when compared with Brent oil, traders reported. Urals cargoes were slow to load in January and many tankers had already been on the water?without a destination?, traders reported. Demand for 'the volumes in Asia wasn't high due to?the availability of alternatives? CPC Blend Oil values are under pressure due to recent attacks on tankers heading for the CPC terminal and the instability of the grade's oil exports. PLATTS WINDOW * ExxonMobil has offered to load 120,000 tons CPC Blend on February 10-14 for a price of minus $1.35 a barrel, almost $1 below yesterday's bid, but traders claim that they have not found a buyer. The traders reported that no bids or offers for Urals or Azeri BTC were made on Thursday. Trade data shows that India's 'Russian oil imports' fell to their lowest level for two years in December as Western sanctions pushed refiners into alternative sources of fuel, resulting in an increase in OPEC imports. Diane Craft (reporting)
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Greece warns its shipping fleet about increased risks following Black Sea drone attacks
According to shipping ministry advisories, Greece warned its shipping fleet to take the most stringent security measures when sailing into Russian Black Sea ports following drone attacks this week on two Greek-operated oil tankers. Drones hit two oil tankers, including one chartered from U.S. oil giant Chevron as they approached the marine terminal of the Caspian Pipeline Consortium on the Black Sea coast of Russia. Greek-operated tankers are among the largest in the world. They are crucial for trade along the Black Sea, where Bulgaria,?Georgia?, Romania?, Turkey?, and Russia?, who are at war with Ukraine?, which Moscow invaded?in February 2022?. It is strongly recommended that all Greek ships that are docked, anchored, or about to dock in the terminal take the highest possible security measures. The shipping ministry released a document on Thursday that included a warning to avoid being outside of the ship. After the attacks, in documents published this week, the ministry advised that security managers for shipping companies and Greek vessels conduct an updated threat analysis of ships located near the Black Sea and other maritime areas. The cost of war insurance for ships sailing into the Black Sea has risen this week due to the deteriorating risk environment. Two drones hit the Matilda tanker, which was operated by Thenamaris in Greece. Thenamaris officials said that while there were no serious injuries or damage to the ship, the company has since taken additional security precautions and instructed crews on their vessels to be more vigilant and avoid unnecessary exposure. In previous advisories the ministry had also directed shipping companies to a document that it published in April of 2022, which recommended that additional protective security measures should be maintained for a period of time due to the increased risk of the Russian Black Sea Ports of Novorossiysk, Taman, Tuapse, and Kavkaz. Reporting by Renee Maltezou and Yannis Souliotis, Editing and rewriting by Mark Heinrich, Timothy Heritage and Mark Heinrich
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Mayor of Kharkiv says that Russia has destroyed a large energy facility at Kharkiv
The mayor of Kharkiv said that Russian forces destroyed a large power plant in Ukraine's second largest?city. This is the latest target of the winter air campaign launched by Moscow, which has left millions of Ukrainians in darkness and cold. The Russians have attacked Ukraine's power grid, and other energy infrastructures while launching a military offensive. Kyiv is now on the defensive as it faces U.S. demands to ensure peace. Ihor Terekhov wrote on the Telegram app that he did not know what kind of facility was 'hit', but that emergency crews are on the scene, working round the clock. Kharkiv is a city that has been regularly targeted with drones, missiles and glide-bombs during the five year war. The regional governor Oleh Synehubov stated that officials are still trying to determine the extent of damages from Thursday's attacks. In the last week, power outages have increased and there are now cuts in heating and water supply. This is because Ukraine has been battling a cold spell that has weakened its already strained energy system. Vitali Klitschko, the mayor of Kyiv, said on Thursday that there are still around 300 apartment blocks in the Ukrainian capital without heat. An attack on January 9 knocked out the heating to half of the city's tall buildings. Russia has also intensified its attacks on the ports of southern Odesa, Ukraine. Oleksiy Kulba, deputy prime minister of Ukraine, reported that a missile attack on Thursday in Chornomorsk damaged shipping containers and injured one person.
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Turkish Airlines forced to land in emergency at Barcelona after a bomb hoax
According to Spanish police and Turkish Airlines, a false bomb threat received via an onboard mobile connection forced a Turkish Airlines flight from Istanbul on Thursday to land at Barcelona's El Prat Airport after making an emergency landing. Turkish Airlines spokesperson stated earlier that crew had detected that a passenger created an in-flight hotspot that was named with a?bomb warning as the aircraft approached?Barcelona. The Guardia civil?police force in Spain said that after a thorough examination of the aircraft, following the disembarkation of its passengers, the alert was deactivated. No explosives were found. Spanish airport operator AENA confirmed that El Prat is operating 'normally. The statement said that police have launched an investigation into the perpetrators of the hoax. Turkey's flag airline has faced previous incidents of hoax threats that were usually sent via written messages and led to emergency landings. (Reporting and editing by Andrei Khalip, Susan Fenton and Susan Khalip in Madrid and Ceyda Kaglayan)
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What plans do shipping companies have for the return of Suez Canal to sea?
After more than two years, major shipping companies are preparing strategies to return to the Red Sea?Canal following disruptions caused by security?risks. Since November 2023 they have been rerouting ships?via? longer, more expensive routes around Africa, after attacks by Yemeni Houthi forces on commercial vessels, reportedly in solidarity with Palestinians in the Gaza war. Some companies are exploring resumption of operations after a ceasefire agreement was reached in October 2025. However, security is still a major concern. Below are the latest updates. MAERSK, the Danish shipping company, announced on Thursday that it will resume one of its services via the Red Sea and Suez Canal this month after two vessels tested the route earlier in January and December. Maersk announced that its weekly service connecting Middle East and India with the U.S. East Coast will be the first in the group’s staggered return to the Suez Route, starting on January 26th with a departure from Oman's Port of Salalah. CMA CGM According to an online schedule, the world's third largest container shipping company, which has only made a few transits through Suez when safety allowed, will begin using this passage in January for its India-U.S. service INDAMEX. The authority that operates the canal said in December that two of its vessels had sailed through the Suez Canal. CMA CGM didn't immediately respond to Thursday's request for a comment. HAPAG-LLOYD The German shipping company Hapag-Lloyd has said that it will not change its operations at the Red Sea until further notice. A spokesperson made this announcement on Thursday, shortly after Maersk announced it would resume sailings in the area. The group's CEO said that in December, the return of shipping industry to the Suez Canal will be gradual. There will be a 60-90 day transition period?to adjust logistic and avoid sudden congestion. WALLENIUS WILHELMSEN A company spokesperson stated in December that the Norwegian car shipping group was still evaluating the situation. They will not resume their sailings until certain conditions have been met.
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Greece warns of the risks to shipping fleet after Black Sea drone attack
According to the shipping ministry, Greece has advised its shipping fleet to review security measures before sailing to Russian Black Sea ports after drone attacks this week on two Greek-operated tanks. Drones attacked two oil "tankers" on Tuesday, including one chartered U.S. oil giant Chevron as they sailed towards a Black Sea Terminal on Russia's Black Sea Coast. Greek-operated tankers are among the largest in the world and play a pivotal role for trade throughout?the Black Sea Region, which includes Bulgaria, Georgia and Romania, as well as Russia and Ukraine. In one of the documents that we saw that were released after the attacks, the shipping ministry stated that it was recommended that security managers of shipping companies and masters as well as security officers on Greek ships conduct an updated threat assessment for commercial ships in the Black Sea area and maritime areas near to it. This week, the cost of war insurance for ships heading to the Black Sea has risen. The increase is a reflection of the riskier environment. Two drones targeted the Matilda tanker, managed by Thenamaris in Greece. Thenamaris officials said that there were no serious injuries or damage to the vessel. They also advised the crew to be more vigilant and to avoid any unnecessary exposure. This included moving around on the deck. The ministry pointed shipping companies towards an older document, published in April 20,22, which recommended that?additional protective security measures should be maintained for a period of time as a result increased risk for Russian Black Sea Ports of Novorossiysk, Taman, Tuapse, and Kavkaz. Reporting by Renee Maltezou and Yannis Souliotis; editing by Mark Heinrich
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European airlines avoid Iran and Iraq even after the airspace was reopened
According to flight tracking websites such as Flight Tracker, Wizz Air, Lufthansa and British Airways avoided the airspace of Iraq and Iran on Thursday in order to reduce the risks associated with geopolitical unrest in Iran and the Middle East. Iran closed its airspace for nearly five hours, and then reopened it after that, amid fears of a possible military conflict between the U.S. FlightRadar24 reports that despite the airspace reopening many airlines continued to use alternate routes. This included Singapore Airlines, TUI, and others. Many Western airlines changed their routes in the Middle East in the past two years. Some even flew over Afghanistan more frequently despite continued 'Taliban' rule. On Wednesday morning, Germany issued a directive warning its airlines not to enter Iranian airspace. This came shortly after Lufthansa revised its flight operations in the Middle East due to the escalating tensions. Wizz Air's spokesperson stated on Thursday that some flights departing from Dubai or Abu Dhabi airports (for refueling and crew changes) will be required to stop in Larnaca, Cyprus, or Thessaloniki Greece. British Airways owner IAG spokesperson said that all flights from Bahrain to the UK were cancelled until and including January 16. "KLM avoids Iranian airspace at the moment as a precaution. This is a route that we use very rarely." The closure of Iranian airspace last night 'had no impact on our operations,' a KLM spokesperson said. Finnair told the local media on Thursday that it has ceased flying over Iraqi airspace and is instead travelling to Doha, Dubai, and other destinations in Saudi Arabia. Finnair had been avoiding Iranian airspace, Syrian airspace and Israeli space for security purposes. Air France and other airlines, including Ryanair, have avoided Iranian airspace for years. Anne Kauranen, Helsinki (additional reporting), Ed Osmond (editing)
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Airliners continue to avoid Iran & Iraq despite reopening of airspace
According to flight tracking sites, European airlines such as Wizz Air, Lufthansa and British Airways avoided the airspace of Iraq and Iran on Thursday. Instead, they chose routes through Afghanistan and Central Asia to reduce the risks associated with ongoing geopolitical instability in the Middle East and?Iran. Iran closed its airspace for nearly five hours, and then reopened it after that, on Wednesday, amid fears of a possible military conflict between the U.S.A. and 'Iran, which forced airlines to cancel or reroute flights. FlightRadar24 reports that despite the airspace being reopened, many airlines continued to use alternate routes, including Singapore Airlines and TUI. Many Western airlines changed their Middle East routings in the last two years. They flew more frequently over Afghanistan despite the Taliban's rule. On Wednesday, Germany issued "a new directive" warning its airlines not to enter Iranian airspace. This came shortly after Lufthansa revised its flight operations in the Middle East due to escalating regional tensions. Wizz Air's spokesperson stated on Thursday that some flights departing from Dubai or Abu Dhabi will be required to stop in Larnaca (Cyprus) or Thessaloniki (Greece) for refueling and crew changes. In recent months, carriers like Ryanair have shifted some of their routes away from the Middle East to avoid the turmoil around Israel, Iran and many other countries. Air France, for example, has avoided Iranian airspace for years. (Reporting and editing by Ed Osmond, Joanna Plucinska)
J.B. Hunt’s profit increases in the fourth quarter on cost reductions
J.B. Hunt Transport Services, a U.S. trucking company, reported an increased profit for the fourth quarter on Thursday. This was largely due to a strong shipping demand during peak season and efforts made by all departments to reduce costs.
As volumes increase, carriers add seasonal surcharges.
The company is pursuing cost reductions in order to increase efficiency. This is because the trucking industry has been experiencing a downturn for'more than three years, marked by excessive capacity and seasonal volume increases, which have kept rates low.
The expectation of a U.S. trucking market turnaround in 2026 is gaining momentum. This is largely due to?federal regulations that restrict the ability to obtain commercial driver's licenses for non-U.S. residents, thereby reducing truckload capacity. Experts warn, however, that the freight volume must increase for any meaningful recovery.
J.B. Hunt's intermodal volumes, which include shipping goods?via more than one mode of transport?, dropped 2% over the previous year in the reported third quarter.
The Arkansas-based company reported revenues of approximately $3.10 billion in the quarter that ended December 31, compared to roughly $3.15 billion one year earlier.
Revenues for its 'final mile services' fell by 10% in the third quarter to $206 million from a year ago.
In after-market trading, the company's stock was down by about 4%.
J.B. Hunt announced a fourth-quarter profit totaling $181.1m, or 1.90 per share. This is up from $1.53 per shares or $155.4m, a full year ago. (Reporting from Abhinav Paramar and Nathan Gomes, Bengaluru. Editing by Alan Barona.)
(source: Reuters)