Latest News
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Taiwan's Evergreen claims ship struck by unknown object near Oman
Evergreen Marine, a Taiwanese firm, said that a ship owned by the company was hit by an unidentified object near Oman but has since safely left the Strait of 'Hormuz. The company made a statement at the Taiwan Stock Exchange, stating that the starboard-side of the Ever Lovely's bridge, which is owned by a Singapore subsidiary, had been hit by an unidentified object just 3.6 nautical miles off Oman, Khawr Naiwah. Damage was discovered around the bridge window after an initial inspection. The crew, vessel, and cargo are safe, the report said. The company stated that the main engine and navigation instruments were 'operating normally', and that there were no issues with seaworthiness. The ship followed the route recommended by the British Navy agency UKMTO when passing through the Strait. UKMTO announced on Thursday that "a cargo ship" had reported an attack while it was attempting to pass through Strait of Hormuz near the Omani coast. In a 'press release 'on Friday, the Maritime and Port Authority of Singapore stated that they were aware of the damage that?the Singapore flagged Ever Lovely sustained at?about 900 SGT on the previous Thursday and that they would be in constant contact with the management company of the vessel. It also said that it was "deeply concerned" about the incident. The incident was described as being "unprovoked and unjustified, a violation of international law". (Reporting and editing by Thomas Derpinghaus and Aidan Lewis; Reporting by Ben Blanchard)
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New Zealand's Capital, Wellington, is hit by a storm that cancels hundreds of flights
The storm that hit central New Zealand Friday knocked out power for 'thousands' of homes, caused flooding, and triggered landslides. MetService, the national?weather forecaster, issued multiple severe weather alerts as a system of low pressure swept across Canada. The warning was issued after wind speeds?exceeding?150 kph were recorded in some parts of the country over night. The?storm caused 200 flights to be cancelled in and out of Wellington. The airport said that "most flights into and out of Wellington Airport today have been cancelled, and most but not all scheduled flights tonight have also 'been cancelled". The winds are expected to calm tomorrow, which should allow for flights to resume. Air New Zealand has confirmed that it has cancelled all flights into and out of the capital as well as flights departing from New Plymouth Airport. The airline stated that "services will resume only when it is safe for them to do so." Wellington?Electricity reported 4,000 customers without power, and warned that 'further outages could occur' as the wind speeds peak in the evening. The utility reported that it had restored power to 3,000 customers earlier. On its website, it said that "it?may take several days to restore power?to all customers". Emergency services responded to reports of landslides and flooded roads in Lower Hutt (northeast of Wellington). (Reporting and editing by Christopher Cushing in Sydney)
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Maguire: How to monitor the stress on European power systems during heatwaves
Scores of European cities are experiencing record-breaking temperatures, which are forcing utilities to reduce power production in order to avoid outages. Data centers, electric vehicles (EVs) and heat pumps are all increasing their electricity consumption. This is putting a strain on power grids in the region. This is an overview of?how? to track the impact of the heatwave on Europe's energy systems. Power prices and generation mix are constantly changing as a result. PRICE SIGNALS Day-ahead prices and intraday price ranges are available on many of Europe's biggest power markets. These provide valuable clues about expected system conditions and can reveal multiple things at once. Demand is expected to continue to be strong, while the supply will remain tight. The so-called merit-order pricing system can reveal the power source that is setting the marginal prices for production in certain key markets by analyzing the rise in power prices. On most European electricity markets, the most costly power source to meet demand determines the price of the entire market. This is usually gas-fired power plants, but it can also be nuclear, hydro, and coal power systems. The high day-ahead price can indicate the technology that is setting the margin in a particular market, as well as what fuel and carbon prices will be fed through each system when power firms adjust output to meet market demands. Market data providers like LSEG allow subscribers to track energy prices for power applications. Websites such as EUenergy.live or electricitymaps.com provide more recent information on power prices. Power FLOWs Imports and Exports play a key role in Europe's energy markets. Countries?such France and Norway are normally major electricity suppliers to their neighboring countries. LSEG, for example, offers subscribers real-time information on power trading across borders, and the International Energy Agency provides tools that measure the direction of the trade between key nations. A sudden outage in a key exporter nation can have far-reaching effects throughout Europe. It can also trigger a rise in prices in the region if large exporters are unable to supply for long periods. OPERATOR ALERTS Grid operator notices are also important for power market watchers, as they inform participants about potential network issues. Heat-related alerts can include voltage control issues, which occur when air conditioner demand peaks and supply through infrastructure like transmission lines drops due to heat stress. Grid operators can also send alerts that call for a reduction in consumption by key users or at certain times. This is a way to monitor the health of important networks. The main French operator of nuclear plants has issued a warning this week that the high temperatures are reducing the amount of river water available to cool their reactors. This is forcing them to cut back on production. This week, the United Kingdom's grid operator issued a very rare notice about electricity margins. It warned that there may be fewer supplies than usual as demand for total system power increases. The extreme heat warnings that are in effect for the remainder of this week across Europe (including the UK), will put additional strain on the regional power grids, which can affect traders, utilities, and businesses. The signals are there for those who pay attention: rising prices, shifting power flows, changing production mixes, and grid operator alerts. The author is a columnist and his opinions are expressed here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
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ROI-Hormuz oil shock echoes 1973 embargo lessons: Bousso
Oil and gas have now resumed flowing through the Strait of Hormuz. However, the closing of this vital waterway for more than 100 days may prove to be an important turning point on the global energy market. A similar supply shock in 1973, the Arab "oil embargo", offers clues as to where we may be heading. The latest Middle East Crisis tested the limits on the modern energy system. It has evolved over the past decades into an interconnected global market, held together by thousands trading houses, complex pricing systems, and thousands of tankers. The system was remarkably flexible during the U.S. - Israeli war against Iran that began on February 28, 2009. Rapid changes in supply and demand patterns have mitigated what was previously considered as a "doomsday scenario": the closure of the Strait of Hormuz. This narrow waterway is where nearly a fifth of 'world oil and liquefied gas supplies pass. This shock was not without pain, especially in Asia which relies on Middle East oil and gas for 60% of their imports. Market adaptations made during the crisis, such as the depletion of energy stocks and China's reduction in imports, were not sustainable. The global energy markets bought time. The global energy markets could have reached a critical point had the Strait not reopened at that time, when inventories were dangerously low. The calamity could have been avoided, but the Hormuz Crisis has forced nations to rethink energy strategies. Do we need to expect a drastic reduction in the use of fossil fuels? The comparison of today's crisis with the Arab oil embargo shows that the future will be much more complex, but that it could mark the beginning of an end to the oil age. BLACK GOLD Standard Oil was founded in 1870 by John D. Rockefeller. The modern age began in 1859 with the drilling of America's first commercial oil well. Oil consumption grew from almost nothing in 1900 to more than 100 million barrels a day in the 2020s. Control of the "black gold", as global consumption grew throughout the century, and new oil frontiers emerged, especially in the Middle East, became a source for friction between Western nations and oil producing countries, fueling countless wars, coups, and conflicts. After the Yom Kippur War of 1973, Arab members of the Organization of Petroleum Exporting Countries placed an oil embargo against the U.S. The oil price quadrupled almost overnight. This triggered a global inflation. Great Reshuffle The impact of the embargo was wide-ranging. It first pushed governments and companies to reduce fuel consumption. As Washington imposed fuel efficiency standards, U.S. motorists shifted to smaller and more efficient Japanese vehicles. European automakers promoted diesel engines and heavy industries shifted away from fuel oils to coal and gas. Western countries, in general, accelerated the development and production of oil and gas, especially offshore basins. It reduced their dependence on imports while also reducing the energy intensity of economies. In 1974, the crisis led to the creation of the International Energy Agency to coordinate global responses in the event of major oil disruptions. This included the management of newly-created national strategic petroleum reserve. It did not lead to economies abandoning fossil fuels but to using them more carefully. NEW ENERGY STRATEGY - DIVERSIFY AND BUY LOCALLY Fast forward to 2026 and a similar change appears to be taking place. There are more affordable alternatives to fossil-fuels available today than in the 1970s. This could reduce oil and gas consumption. Asia, which was most affected by the closure of the Gulf, responded with drastic measures. These included four-day work weeks, mandatory policies to work from home, and restrictions on car and air travel. Energy shortages forced some industries to reduce their capacity. These were only temporary measures that would be reversed when oil flow returned to normal. It is structural changes which will determine the future of the fastest growing energy market in the world. Asian economies have focused for years on finding the cheapest sources of energy to fuel growth. Hormuz taught us that energy security is more important than anything else, including price. In order to achieve this, India and Pakistan are now investing in their domestic oil reserves. They will follow IEA member countries and China. India, Pakistan, and Japan are all major energy importers who want to reduce their dependence on oil and gas. They do this by investing in renewables and nuclear power, and even coal. In South Korea, which is a major industrial and petrochemical powerhouse, the President Lee Jae Myung called for efforts to explore alternate supply chains, pursue long-term industrial restructuring, and move towards a "plastic free economy" as part of key national projects. Europe was not as badly affected by the Iran Crisis, but it has experienced two major energy supply disruptions in less than five years. Europe had to replace the sanctioned energy supply after Russia invaded Ukraine in 2022. Gas prices rose and countries implemented energy-saving measures. Chemicals, glass, and steel industries also suffered as the high cost of fuel made them uncompetitive on a global scale. The European gas market dropped by more than 20% between 2021-2023, and it has barely recovered since. Renewables are now a larger part of Europe's energy mix. This trend is likely to be accelerated by the latest shock. Capital has already started to follow these new global energy priorities. Despite the Middle East conflict's destabilising effects, global energy investments are expected to reach $3.4 billion this year. This is up 5% on 2025. Most of the money is going to alternative fuels and systems that are more resilient. This suggests that the shift away from oil, even if it is only marginally, is gaining traction. According to the IEA, electric vehicle sales soared in the first three months of 2026. They increased by 30% in Europe, by 75% in Latin America, and by 80% in Asia Pacific. Solar trade flows also tell a similar story, with Chinese panels exports to Africa jumping 120% and to Southeast Asia by 150%. In Africa, 15 nations reported solar imports exceeding $400 million dollars in the first quarter, compared to $650 million by 2025. The policy agenda is moving towards a greater focus on energy efficiency. The global spending on this topic is already around $350 billion a year. And the scope of these?policies continue to expand. According to the IEA, approximately 20 countries announced new efficiency measures 'in response to the Hormuz Crisis. It is not true that oil and natural gas will soon be replaced as the mainstays of a global energy system. The oil industry is still deeply rooted in transportation, agriculture, and construction. Meanwhile, the gas industry has been boosted by an increase in electricity demand, fueled by air conditioning, industrial expansion, and AI data centers. It's all about the direction. The direction of fossil fuel usage was always up and to the left for most of the 20th century. The Hormuz Crisis may change this. You like this column? Check out Open Interest, your new essential source for 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.
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Taiwan's Evergreen claims ship struck by unknown object near Oman
The Taiwanese firm said that a ship owned by?Evergreen Marine, which was struck by an unknown object near Oman has now safely departed the?Strait?of Hormuz. The company made a statement at the Taiwan Stock Exchange, stating that the starboard side?bridge of Ever Lovely, which is owned by its Singapore subsidiary, had been hit by an unknown object just 3.6 nautical mile off Oman’s Khawr Naiwah. After a?initial crew inspection, damage was discovered around the bridge windows. The crew, vessel, and cargo were all safe. The company reported that the main engine, navigation instruments and seaworthiness are all working normally. The'ship' was said to be following the route recommended by the British Navy agency UKMTO while passing through the strait. UKMTO said on Thursday that an Omani cargo ship reported a suspected attack while it was attempting to pass through the Strait of Hormuz.
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IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
Venture Global's profits will increase as Calcasieu provides long-term clients with a new LNG plant
Venture Global Inc. is set to sell liquefied gas cargoes at its Louisiana export terminals to long-term clients rather than the highest bidder. It plans to use the controversial, but lucrative practice in a larger terminal it is building.
Venture Global is finally completing the commissioning of its Calcasieu Pass facility, in Louisiana. This binds Venture Global to all contractual obligations that it signed when developing the facility.
Many LNG plants take months to commission a plant or ensure that its systems work as intended. Calcasieu Pass took three years to commission, or ensure that the plant's systems are working as designed.
Shell, BP Orlen Edison and Repsol filed arbitration claims alleging Venture Global intentionally failed to meet their supply contracts by dragging its heels to commission the facility so that it could profit off higher spot prices. Venture Global claimed that a malfunctioning power system caused the delay in normal operations.
Venture Global's larger and newer Plaquemines LNG facility is increasing production to meet the demand of the lucrative spot market. The plant began producing at the end of December. Venture Global has said it will commission its plant in two-year stages, which analysts believe will improve the company's profit outlook.
Adam Baker, a Morningstar energy analyst, stated that "we still expect the majority of sales to be made on the spot market by 2025".
According to a filing made by the SEC last Thursday, Plaquemines now produces at 140% its design capacity. In three months it has sold 29 cargos for an average fee of $7.26 million British thermal unit (mmBtu) per liquefaction.
Jason Feer is the Poten and Partners business intelligence chief. He said: "One can reasonably expect the company's total revenue to increase from LNG sales at the spot market in Plaquemines and some revenue generated from Calcasieu Pass".
UBS, in a Friday note to clients, said that Venture Global's LNG revenues should double from $4.972 to $9.98 Billion in 2025. They will continue to grow through 2029, thanks to higher volumes and high prices.
UBS informed investors that the company expected to sell between $10 and 12 billion worth of cargoes at the spot market from Plaquemines during the period of commissioning. The margin is $5 to $6 per mmBtu.
Exxon Mobil is one of the contracted customers who receive LNG from Plaquemines. However, they did not respond when asked for comment.
Shell declined to comment on its 2 MTPA Plaquemines facility. Shell, according to a person familiar with its position, is bracing itself for another long period of commissioning and possible delays when receiving LNG.
Venture Global has not yet commented.
Venture Global is second in the United States behind Cheniere. Both companies saw a boom in exports as the U.S. became a major global supplier of supercooled gas after Russia invaded Ukraine.
CALCASIEU LEGAL FEIGHT
SEC filings reveal that Venture Global has earned over $19 billion in LNG sales at the spot market during the last three years. This was almost exclusively from its Calcasieu Pass terminal. The margins of that terminal will begin to shrink on April 15 when it begins supplying customers with long-term contracts.
Two people who are familiar with the contracts said that the liquefaction fee at Calcasieu Pass is among the lowest in the Gulf Coast, at $1.75 per million British Thermal Unit (mmBtu).
Venture Global warned investors during its initial public offering of the decline in revenue when Calcasieu pass is commercialized.
Customers who have signed contracts with Venture Global have been waiting for years to receive the cheaper cargoes. Shell, Orlen, and Repsol all say they will continue to fight Venture Global after they receive cargoes.
Shell's CEO Wael sawan said last month, at the Capital Market's Day of the company in New York, "We hope that we will be able have some sort of readout in the coming months and hopefully this year."
Magdalena Bartos, Orlen's chief financial officer and Repsol CEO, confirmed their respective companies' arbitration processes in separate earnings calls held last month.
Orlen, who has contracted with Calcasieu Pass for 2 MTPA, expects to receive its first shipment from the facility by April 23.
Josu Imaz, CEO of Repsol, said that the company plans to resell the LNG at low prices from Calcasieu in Europe and Asia if it is priced right.
Imaz stated that Calcasieu is "a very competitive LNG plant, and probably the best in the Gulf" from a cost perspective.
Shell intends to also sell its LNG contracts from Calcasieu. A Shell source confirmed this. Reporting by Curtis Williams, Marwa Rashed in London, and Marek Stzelecki in Warsaw. Editing by David Gregorio.
(source: Reuters)