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The exports of Russian ESPO Blend oil from Kozmino are expected to increase by 7.5% in the month of July
Two traders have said that Russia will increase the ESPO Blend oil loadouts at its Far East Kozmino Port in July from 3.6 millions metric tons to 4 million metric tonnes (about 970,000 barrels per daily) from 3.6million tons in June. The traders reported that oil exports from Kozmino were reduced in June due to planned maintenance. Exports of ESPO Blend reached 4.2 millions tons in May. Calculations showed that ESPO loadings at Kozmino would increase by 7.5% on a daily average in July compared with June. Calculations showed that July is one day more than June. ESPO Blend Oil loadings will remain at around 4 million tonnes over the next few months, as the capacity of this route has been recently increased. Kozmino, the largest Russian oil terminal in the Far East, is located close to the Chinese terminals - the biggest importer of ESPO blend oil. Russia is looking to increase its oil supply to Asia, despite the European energy ban that has been in effect since late 2022 with only a few exceptions. China and India are the two largest buyers of Russian crude oil. Reporting by
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Taiwan's China Airlines will boost its fleet with Airbus Jets worth over $2 billion
China Airlines, a Taiwanese airline, said that it would spend over $2 billion on Airbus aircraft, including five A350-900 jets for long-haul routes and eight A321neos for medium- and short-haul flights. In the middle of a fleet upgrade, China Airlines split an order worth nearly $12 billion in list prices for new long-haul planes between Boeing and European rival Airbus last year. China Airlines announced to the Taiwan Stock Exchange that Air Leasing Corporation would provide five A321 aircraft at a cost $240 million. Negotiations are ongoing for the remaining three aircraft. The A350s are expected to cost less than $1.965billion, or $1.148billion if they were leased, according to the airline, without giving any further details. China Airlines chairman said this week the company would delay retirement of older aircraft due to delays in delivery of previously ordered Boeing 787-9 jets. The airline has already received 15 A350-900s and is expecting to receive its 18th A321 soon. (Reporting and editing by David Goodman.)
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Middle East flights suspended by airlines
Israel's attacks against Iran have caused international airlines to stop flights to certain Middle East destinations because of airspace closures and safety issues. The conflict has entered a new phase after the U.S. invasion on Iranian nuclear sites Some airlines have cancelled flights to hubs such as Dubai is Qatar's Doha. Here are some airlines that have canceled flights from and to the region. AIRBALTIC AirBaltic, a Latvian airline, announced that it had cancelled all flights from and to Tel Aviv up until September 30. AIR EUROPA Spanish airline cancels flights from and to Tel Aviv through July 31. AIR FRANCE-KLM The French flag carrier has suspended flights to Tel Aviv up until July 14. The airline plans to resume its flight between Paris-Charles de Gaulle airport and Beirut on June 26. It will also resume flights from and to Dubai and Riyadh starting June 25. KLM has cancelled all flights from and to Tel Aviv, until at least the 31st of July. AIR INDIA It said that the Indian airline would "gradually" resume flights from and to the Middle East beginning June 24, and it will also resume flights between the East Coast of the U.S.A. and Canada at the "earliest possible opportunity." The Indian airline will resume flights to and from Europe from June 24. DELTA AIR LINES Travel to, from or through Tel Aviv could be affected between June 12 and July 31. EL AL ISRAEL AIRLINES The airline announced that its normal flight schedules for EL AL, Sundor and other destinations had been cancelled through June 27, 2018. Flights scheduled to depart until July 22 are also closed for bookings. ETIHAD AERWAYS Etihad has cancelled flights between Abu Dhabi, Tel Aviv and Tel Aviv up until July 15, and is expecting disruptions and delays on a number flights in the next few days. EMIRATES Emirates has temporarily suspended its flights to and out of Iran and Iraq, until June 30. FINNAIR Finnair has cancelled all flights from and to Doha until June 30th, as well as flight AY1982 for July 1. Finnair added that it would not be flying over the airspaces of Iraq, Iran or Syria. FLYDUBAI Flydubai has temporarily suspended its flights to and from Iran and Syria, Iraq and Syria. This suspension will last until June 30. British Airways, a subsidiary of IAG, has announced that flights to Tel Aviv will be suspended until July 31, and flights to Amman or Bahrain will be suspended until June 30, inclusive. British Airways also suspended flights from and to Doha until June 25. Iberia Express, IAG's low cost airline, announced previously that it would cancel its flights to Tel Aviv up until June 30. Iberia has announced that it will not resume its flights to Doha as planned on the 25th of June after Qatar temporarily closed down its airspace. ITA AIRWAYS Italian Airlines announced that it will extend the suspension of Tel Aviv flight until July 31. This includes two flights scheduled for August 1. JAPAN AIRLINES The Japanese airline has cancelled all flights to Doha from July 2 until July 2. LUFTHANSA GROUP Lufthansa has suspended flights from and to Tel Aviv, Tehran and Beirut until July 31. Amman and Erbil flights are cancelled through July 11. German Airlines added that they would not use the airspace of these countries until further notice. PEGASUS Turkish Airlines has announced that they have cancelled all flights to Iran and Iraq until July 30, and flights to Lebanon, Jordan and Lebanon until June 30. QATAR AIRWAYS Qatar Airways has temporarily cancelled all flights from and to Iraq, Iran and Syria. RYANAIR Ryanair has announced that it will cancel flights from and to Tel Aviv up until September 30. SINGAPORE Airlines The Asian carrier has cancelled flights from Singapore to Dubai up until the 25th of June. The Romanian flag carrier has announced that all flights between Tel Aviv, Beirut, and Amman have been suspended until 30 June. TUS AIRWAYS The Cypriot Airlines cancelled all flights scheduled to depart and arrive in Israel until June 30, inclusive. The airline said that flights scheduled to depart between July 1-7 are currently sold out, pending any further developments. UNITED AIRLINES According to the U.S. airline, travel from and to Tel Aviv could be affected between June 13, and August 1, 2013. There may be problems with flights to and from Dubai between June 18th and July 3rd. WIZZ AIR Wizz Air announced that it would suspend its flights from and to Tel Aviv, Amman and the United Arab Emirates from June 30 to September 15, and cancel all flights from and to those cities. Hungarian Airlines will not overfly Israeli, Iraqi or Iranian airspaces until further notice. (Reporting and compilation by bureaus, compiled by Agnieszka Olesnka, Elviira Loma, and Tiago Brancao; Editing by Matt Scuffham, Alison Williams and Matt Scuffham)
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FedEx shares slide as trade turbulence hits demand, profit forecast
FedEx shares dropped on Wednesday, after the logistics giant predicted a current-quarter loss below expectations. This was due to U.S. Tariffs and President Donald Trump’s decision to remove duty-free status for certain consumer shipments coming from China. In premarket trading, shares of FedEx fell 6% while UPS dropped 1%. DHL, a German competitor, also fell by nearly 2%. The global demand environment is volatile, said CEO Raj Subramaniam, during an earnings webcast. However, the company did not provide revenue and earnings forecasts for the full year, citing uncertainties regarding U.S. Trade Policies. FedEx and UPS are seen as economic bellwethers due to their broad customer base, which allows them to have an early understanding of changes in demand. Russ Mould of AJ Bell's Investment Director noted that FedEx's failure to provide an outlook for this year was "quite telling". This could cause some concern in the market beyond FedEx's own fortunes. In April, the Trump administration imposed a 145% tariff on China which intensified a trade war around the world. It then reduced it to 30% by May. FedEx executives expect that tariff policies will continue to weigh on U.S. to China air traffic transit, as FedEx has more exposure to China than UPS. FedEx Chief Customer officer Brie Carere stated that the biggest impact is due to the Trump administration's decision to end duty-free status on direct-to consumer shipments valued less than $800 from bargain sellers with a China connection, like Temu or Shein. "FedEx like the Fitbit of the economy." Express tracks business demand, ground tracks ecommerce, and freight reflects industrial strength. "Right now, all three look sluggish," Michael Ashley Schulman said, partner at Running Point Capital Advisors. The company's gloomy outlook was overshadowed by a profit that was higher than expected for the fourth quarter ending May 31. Cost cuts and increased export volumes pushed operating margins up. Susannah Streeter is the head of money markets and financial services at Hargreaves Lansdown. She said that FedEx "cost-cutting drive" will continue, but there are more challenges to come as trade continues unpredictably. (Reporting and editing by Shailesh Kuber in Bengaluru, Rashika Singa and Utkarsh shetti from Bengaluru)
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FedEx shares slide as trade turbulence hits demand, profit forecast
FedEx shares fell nearly 6% on Wednesday in premarket trade after the logistics giant warned of a challenging year and predicted earnings for the current quarter below expectations. This is due to the pressures from U.S. Tariffs, which are causing global demand to be volatile. The global demand environment is volatile, said CEO Raj Subramaniam, during an earnings webcast. However, the company did not provide revenue and earnings forecasts for the full year, citing uncertainties regarding U.S. Trade Policies, especially those relating to China. In April, the Trump administration imposed tariffs of 145% on China, which intensified the global trade war. They were then reduced to 30% in may. FedEx has more exposure to China than UPS and the executives of the company expect that tariff policies will continue to weigh on U.S.-China transit air trade. FedEx Chief Customer officer Brie Carere stated that the biggest impact is due to the Trump administration's decision to end duty-free status on direct-to consumer shipments valued under $800 from bargain sellers with a China connection, like Temu or Shein. "FedEx like the Fitbit of the economy." Express tracks business demand, Ground tracks online commerce, and Freight shows industrial strength. "Right now, all three look sluggish," Michael Ashley Schulman said, a partner at Running Point Capital Advisors. The shares of German logistics firm DHL dropped nearly 2% while UPS fell 0.8%. FedEx and UPS are both key players in the U.S. logistics industry and economy. They have been fighting for market share, as the industrial sector slows down. Meanwhile, delivery profits have fallen as customers have switched to cheaper ground services from expensive air services. The company's forecast overshadowed its better-than expected profit for the fourth fiscal quarter, as cost reductions and increased export volumes pushed up operating margins. Schulman said that the U.S. manufacturing sector is still struggling with supply chain issues and concerns about recession. Global trade is not moving very much and, while FedEx manages costs well, demand is still slow. FedEx shares are trading at 11,63 times projected 12-month earnings, while UPS is trading at 13,40. (Reporting and editing by Shailesh Kuber in Bengaluru. Rashika Sing is based in Bengaluru.
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UK's Warehouse REIT accepts $661 million Tritax bid to takeover Blackstone
UK's Warehouse REIT has accepted a 485.2-million-pound ($661-million) takeover bid from Tritax Big Box REIT. This is a departure from the previous agreement with Blackstone, which was reached in early June. Tritax's offer of cash and stock values Warehouse at approximately 114.2 pence per Share as of June 24, the same day the agreement was announced. The offer also includes up to 1.6 pence in quarterly dividends per Warehouse share. Blackstone offered 110.6 pence for each Warehouse share or approximately 470 million pounds. The offer also included a 1.6-penny dividend per share. Warehouse Chair Neil Kirton stated in a press release that the Tritax deal was not only higher than the previous offer, but also allowed Warehouse shareholders to keep both the first and fourth quarter dividends. Warehouse shares rose 5.2% in early trading to 112.4 pence and were amongst the top gainers of the FTSE Small-Cap index, while Tritax traded slightly lower. Blackstone, a private equity company, did not respond immediately to a request for comment. U.S. firms have recently been buying British assets, taking advantage of the market's comparatively lower valuations and stagnant growth. Warehouse and Tritax announced that the directors of Warehouse had also withdrawn Blackstone's recommendation in favor of this latest proposal. Tritax added that it had received commitments from investors who hold about 8.36% shares of Warehouse.
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Verizon secures private 5G contract with UK's Thames Freeport
Verizon Business announced on Wednesday that it has been awarded a contract for the construction of multiple private 5G networks in Thames Freeport, Britain's largest shipping and logistic center. In partnership with Nokia Finland, Verizon will deploy private 5G network across multiple industrial sites, including Ford's largest London Manufacturing Facility and major ports, along the River Thames Estuary. Private 5G networks offer dedicated connectivity, which avoids congestion and speed variations on public networks that are shared by many users. This enables advanced industrial applications such as Artificial Intelligence (AI). The adoption of 5G in European ports has not yet reached a mature stage. The technology allows port to handle higher volumes of data required to run or track cranes, industrial sensors, and drones. The companies didn't disclose the financial details, but only said that the agreement supported a "multibillion dollar operational transformation" in the region. Thames Freeport, a 34-km-wide economic corridor created in 2021 by the UK as a "Free Trade Zone", offers a variety of tax incentives and reductions to businesses to help revitalize the Thames Estuary area. Verizon and Nokia have been working together to create private networks in markets abroad where Verizon lacks its public network infrastructure. Nokia will be the only hardware and software supplier. The networks will service DP World London Gateway, DP World Logistics Park – Britain's largest deep sea container port that handles over 3,000,000 units per year - the Port of Tilbury, and Ford's Dagenham Plant. Verizon stated that use cases would include AI-driven analytics, process automation and autonomous vehicle control. (Reporting and editing by Matt Scuffham in Gdansk, Gianluca Nostro)
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Judge prevents Trump administration from withholding funding for EV charger infrastructure
On Tuesday, a U.S. court temporarily prevented President Donald Trump from withholding funds that were awarded to 14 States for the installation of electric vehicle chargers. U.S. District Court Judge Tana Lin ruled in Seattle, Washington that the states are likely to win a lawsuit alleging the federal government illegally withheld billions of dollars from states to build EV charging station. In February, the U.S. Transportation Department suspended its EV charging program. It also revoked state plans pending a thorough review. Lin's decision did not apply District of Columbia and Minnesota, who also sued the Transportation Department over the revocation of funding, but failed to provide any evidence that the Transportation Department's decision would cause them immediate harm. Lin's decision will come into effect in seven business days. This will give the Trump Administration time to appeal her ruling and ask an appellate Court to block its effect. (Reporting and editing by Sandra Maler, Jamie Freed and Kanishka Singh)
Ifx reports that the first Russian-built LNG tanker of ice class will launch in this year.
Interfax reported that Sovcomflot, a tanker company from Russia, said on Wednesday that the first Russian-built ice class tanker for liquefied gas will be in operation at Arctic LNG 2.
The international sanctions against Ukraine have caused a shortage in Russia of tankers that can cut thick ice. This has prevented Arctic LNG 2 from being able to export cargo since the plant's first stage began operating at the end 2023.
The tanker named Alexey Kosygin, after a Soviet stateman, was constructed at the Zvezda Shipyard. It will join the fleet for the Arctic LNG 2 Plant.
The final stage of the trial is expected to start at the end this month.
Igor Tonkovidov, CEO of Sovcomflot, told Interfax that if all test parameters were met there was a high probability the vessel would be in operation by the second half this year.
The Zvezda shipyard will build 15 Arc7 ice class tankers capable of cutting through ice up to two metres thick (6.5 feet) to transport LNG for Arctic projects.
Novatek has ordered 21 of these tankers. (Reporting and editing by Oksana Kobieva and Vladimir Soldatkin. Mark Potter edited the article.
(source: Reuters)