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Birol, IEA's Birol, says the Strait of Hormuz should be reopened without conditions
Fatih Birol, the head of the International Energy Agency (IEA), welcomed on?Thursday the interim agreement that ended the?Iran War and?called for a reopening without conditions of the?Strait?of Hormuz. Birol said that several countries are reviewing their energy policies, as it is clear that the waterway may be closed again. Iran has already shut down the waterway during the war. Birol, speaking at an Istanbul event, said that the IEA would discuss new strategies with a number of countries, as the energy crisis has redrawn global maps. He added that "trust" was crucial in the global markets for energy, where prices have dropped since the peace pact. In the agreement, Iran will reopen the Strait of Hormuz and the U.S. will lift its naval blockade against Iran. This could end the biggest oil supply disruption ever. Birol added that the strait should be reopened without conditions so all parties can "believe" it is safe. "We'll now see what the details are of the agreement, the negotiation process, and next steps will be", he said. "The vase is cracked," he said. "Now that?all actors are aware that the Strait of Hormuz has been closed before, it can be shut down again." According to the IEA, the Iran war - which began on February 28 with U.S. and Israeli strikes against the country - has blocked more than 14 million barrels of Middle East oil production per day (bpd). Reporting by Ezgi Erkoyun, Ceyda aglayan and Jonathan Spicer. Editing by Alexander Smith.
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Witnesses report sustained gunfire and explosions at the airport in Niger's capital.
Witnesses reported hearing explosions and sustained gunfire early Thursday morning in the capital of Niger, 'Niamey. A security source called it an apparent attack. No immediate claim of blame was made for the attack. The Niger government spokesperson didn't immediately respond to an inquiry for comment. In January, the?Islamic State's affiliate in the area claimed responsibility for a terrorist attack at?the airport. The group claimed that it had attacked the?aircommand headquarters and drones and "delivered an immediate blow" to the Sahel countries'?counterinsurgency efforts. Niger has, along with its Sahel neighbours Mali, Burkina 'Faso and Mali, struggled to contain jihadist attacks linked to al Qaeda or Islamic State, which have caused thousands of deaths and millions of displaced people in all three countries. The witness reported that the first explosions took place at 6 am local time (0500 GMT). Sporadic gunfire could still be heard 'nearly 2 hours later. Witnesses said that security forces had closed off the area. Niger's Defence Ministry stated that militants arrived on motorcycles in the January attack and security forces quickly defeated them. The ministry said that four soldiers had been injured. The ministry reported at the time that several civilian aircraft were damaged in this?attack. Abdourahamane Tiani - the?military leader of Niger - accused the presidents from France, Benin and Ivory Coast, of sponsoring an attack in January, but did not provide any proof. He also promised retaliation. (Reporting and writing by Niger Newsroom; Editing by Philippa Fetcher, William Maclean).
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The Gulf stock market gains on US-Iran deal
Investor sentiment improved after an interim ceasefire was reached between Iran and the United States. U.S. president?Donald Trump signed a deal with his?Iranian counterpart on Wednesday to end the war. Trump warned that Washington would re-target Iranian officials and resume its attacks if Tehran did not honour its commitments. Dubai's main stock index rose by 0.8%, led primarily by the?real estate and industrial stocks. Emaar Properties, a developer, gained 2% while Emirates NBD Bank added 1.3%. NBD Bank, Dubai’s largest lender, announced that it has completed the acquisition of India's RBL Bank's majority stake through a $2.75 billion primary infusion. Among the other winners,?low cost carrier Air Arabia rose 3.8%. Exchange operator Dubai 'Financial Market' jumped 4%. Abu Dhabi's benchmark stock index grew 0.5%. Alpha Dhabi Holding, a conglomerate, rose 3.3% while Aldar Properties, a real estate developer climbed 2%. Saudi Arabia's benchmark stock index grew by 0.1% thanks to gains in real estate, financial and materials shares. Specialized Medical Company rose 4.6%, while Saudi Energy Company grew 1.7%. This was after Specialized Medical Company won a project worth an estimated 3.8 billion Riyals ($1.01 'billion). Saudi Aramco dropped 0.4% after a report that the oil giant is considering selling its stake in its sulphur division in an 'up to $7 billion deal. Qatar National Bank, the largest lender in the region, fell 0.6%, while Industries Qatar, the?Qatari index, was little changed.
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European shares fall on Fed rate hike bets
Investors?bet? that the Federal Reserve would raise rates next, following hawkish predictions from policymakers. However, easing oil prices helped to temper inflation fears. By 0812 GMT, the pan-European STOXX 600 Index was down 0.15% to 638.35. The Fed kept rates unchanged on Wednesday but persistent inflation worries led?nine officials to predict one rate increase this year. According to the FedWatch tool of CME Group, traders expect rates will remain unchanged through the end of this year. Brent crude oil prices continued to fall on Thursday, trading at around $77 per barrel after the U.S. signed an interim deal with Iran that would end the war and reopen Strait of Hormuz, and lift U.S. sanction on Tehran's petroleum. The energy-sensitive airlines Lufthansa & Air France grew by 0.9% &?2.7% respectively. Chipmakers Infineon, Aixtron and others gained more than 4% in response to a rally of Asian stocks. Generali gained 2.6% following a report that UniCredit was seeking to?double its stake in lender Delfin through the Del Vecchio holding company. Shares of?UniCredit rose 0.3%. Tesco, the UK's largest food retailer, fell 3.3% following a report that sales growth in its first quarter was impacted by the Middle East conflict. Edenred's stock jumped by?13.9% following a report in the media that BC Partners, a British company, is considering a takeover bid for the French voucher firm. Reporting by Utkarsh Hathi in Bengaluru and Johann M Cherian; editing by Harikrishnan Nair
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Azov fighters from Ukraine were expelled from Mariupol. Now, they are retaliating
The rebuilt Azov Regiment is determined to make Moscow pay for its occupation four years after it surrendered Mariupol's last corner to the?Russians. Azov's bitter defeat of May 2022, when hundreds of its fighters died or were captured, turned it into a symbol for endurance in Ukraine. It paved the road to its return in a stronger and bigger force. It is now focusing once more on its hometown?on Azov sea. According to the Kyiv military, drones from the First Corps Azov flew across the sky above the city's strategic port last week. The operation targeted electrical substations and repair facilities, as well as a sanctioned vessel, and plunged the entire port into darkness. I was able confirm the location of certain parts of a video posted by the Corps. The attack was part a larger strike campaign by Ukraine against Russian military infrastructure deep behind the front lines, in an attempt to crush Moscow's war machines and turn the war in Kyiv’s favor. Col. Arsen Dytryk, First Corps Azov chief of staff, said there would be many more operations like this to show off the unit's technology, planning and capabilities. He admitted that it would be a long game to drive Russia out of Mariupol. The city is 120 km behind the front lines, which are barely moving. "If it takes twenty years, we'll spend that time planning, waiting and preparing," said Dmytryk (32), who was one of those captured by Russia, then freed later. "But we have to be prepared when the time comes. I think we will return (Mariupol). It's only a matter of time. The Russian defence ministry didn't immediately respond to an inquiry for comment. "MORE IS COMING" The port attack, conducted by Ukraine's SBU security services and drone forces, was just a few mile from the destroyed steel mill, where Azov fighters, and other troops, surrendered following Moscow's three month siege of the city. This was after months of strikes in Russian-occupied areas of eastern Donetsk, including Mariupol. The aim was to disrupt Russian supply routes to the front. The Corps posted footage of its operations on April 16, including drones flying over fields and highways in Donetsk before crashing into army vehicles. A second post from May 8 shows drone footage of central Mariupol and heavily damaged Azovstal Iron and Steel Works. This is the site where the Ukrainian garrison will make its last stand in 2022. "Azov has already begun patrolling Mariupol, its hometown. "From the skies -- at least for now," said it. A recent investigation found that Russia is trying to consolidate its grip in the occupied south of Ukraine by constructing new infrastructure in the city, which had a population of more than 400,000 prior to?the conflict. Kyiv’s foreign intelligence service reported in January that Russia is expanding Mariupol’s seaport to become a key hub for its economy while pursuing showcasing construction projects within the city, at the expense of ordinary residents. The authorities of the region in Russian-occupied Donetsk didn't immediately answer questions about this article. CUTTING CRITERAL SUPPLIES Azov is the main target of Ukraine's "middle-strike" campaign. Its goal is to choke off enemy cargo, especially fuel, heading from Russia via key nodes such as Mariupol and Donetsk City, according to a drone officer. He said that the constant movement of trucks on vast open roads made them hard to defend. "There is no way to conceal a fuel tanker." It's impossible. He said that the routes being attacked include the M14 connecting Mariupol and the Russian city Rostov in the east; the H20 running north from Mariupol towards Donetsk; and a ring-road around Donetsk. Ukraine's military has also intensified its strikes against the logistics along the "landbridge" that connects Russia and Crimea in southern Ukraine, an area occupied by Russia. These attacks have caused fuel shortages across the peninsula. Robert Brovdi, Ukraine's top commander of drones, spoke to the media last week and pledged to "isolate Crimea within the near future" by mounting strikes on P-280. Azov strikes are "cumulative, rather than decisive", Franz-Stefan Gady said, a Vienna-based expert at the Center for a New American Security. They force Russia's military to disperse their vehicles by longer detours, and to resort to night driving. He added that this "degrades" the offensive pace Russia can generate on the battlefield over time. Russian forces are close to capturing Kostiantynivka - the southern anchor in the "fortress belt" of the Donetsk Region, which Moscow demanded Kyiv surrender. Russian drone teams also continue to hammer Ukrainian battlefield logistics. In recent months, however, the overall speed of Russian advance has slowed down to a crawl. Ukrainian forces have gained ground in some areas of the front. Rob Lee, senior fellow at U.S. based Foreign Policy Research Institute said Kyiv’s mid-range strikes could "test the condition" for Ukraine and possibly Azov to go on the offensive. This is one of the biggest stories of this past year: How does Russia handle Ukraine's Middle Strike Campaign? He said. Future Operations Azov uses the AI-assisted Hornet, a drone developed by Perennial Autonomy in the United States. Former Google CEO Eric Schmidt founded this firm. Lee said that Corps operators had modified the device by installing Starlink Internet Terminals to extend its original range of 100 km. This innovation demonstrated the technical expertise of this unit. He said that Azov had been responsible for many of the improvements made to the Hornet. Dmytryk, chief of staff of the?corps, explained that by raining drones down on the roads to and from Mariupol the?corps was working towards a major objective: speeding up the end of the fighting, which he hopes will see over 700 of his fighters released from Russian prisons. Kyiv makes a prisoner exchange that is all for everyone a key part of any deal. In Kyiv, and in other major cities there are frequent "Free Azov", or "Free Azov," rallies. This reflects the unit's heroism in Ukrainian society. Denys Prokopenko, the corps commander, said last month on X that releasing his comrades in arms was "my priority and a question of honour". Azov is vilified in Russia for its origins as a nationalist group. Today's Azov, however, is a far cry away from the scrappy, volunteer battalion which liberated Mariupol in 2014 from pro-Russian rebels, or from the fragmented regiment in 2022. Formerly under the National Guard it is now viewed as a premier combat force, and one of Ukraine’s "most advanced" formations in drone warfare, according to defence analyst Olena Khryzhanivska, of the Canadian Global Affairs Institute. The unit claims that it has grown to include tens thousands of soldiers. "When we were captured, the Muscovites said that they wanted us to be destroyed, destroyed, and then again, destroyed," said Dmytryk whose callsign is "Lemko". "But their 'destruction,' somehow keeps scaling up Azov." (Editing by Daniel Flynn and Mike Collett White)
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Bousso: The quest of ROI-Gulf Exporters to bypass Hormuz is reshaping the region.
Middle East oil producers will have to face the consequences. The Iran War exposed the dangers in relying solely on one chokepoint to export vital oil and gas. Gulf governments were left with a clear strategy imperative: diversify at all costs. A blockade by Iran of the Strait of Hormuz was long viewed as an "event of doomsday". It would never occur. Experts believed it would take a massive effort from the military and that Tehran wouldn't be willing to stop its exports. These assumptions were 'proven painfully incorrect. Iran used cheap drones and small vessels to impose a nearly airtight blockade, but continued to export its oil. The result was a global energy crisis that affected the entire region. The countries lost export revenue and had to close down 11 million barrels of oil per day (bpd), along with refineries and LNG installations. Washington and Tehran agreed to negotiate an agreement for a permanent ceasefire, but the "Hormuz Genie" can't be put back in the bottle. Future closures now pose a persistent and real risk to the region's economy and its people. As a consequence, the Gulf countries have become more dependent on alternative routes to export energy, chemicals, and fertilisers. Pipeline Dreams Saudi Arabia is the best example of how building pipelines to circumvent Hormuz can be beneficial. Before the war, Saudi Aramco, the state-owned oil company, diverted?60% (or?60 million barrels) of its oil shipments from the Gulf Coast to Yanbu on the Red Sea. In the 1980s, Saudi Aramco, the state-owned oil company, built the 1,200-kilometre (745 mile) route to protect against such a scenario. The strategic foresight has paid off. In April, the International Monetary Fund (IMF) said that it expected Saudi Arabia's economic growth to be 3.1% by 2026. This is just 1.4 percentage point less than its pre-war prediction. Qatar, on the other hand, has no alternative routes to export its oil and LNG, so its economy could contract by 8.6% this year after growing by 2.8% last year, according to IMF. Other regional players are taking note. United Arab Emirates were able to bypass Hormuz in part by using their pipeline to the Fujairah oil terminal located outside the Strait. Fujairah's oil terminal was damaged by Iranian airstrikes, but the UAE still managed to export 1.8 million barrels per day, or roughly half its pre-war production. Abu Dhabi, who left OPEC last May to pursue a growth strategy that is ambitious, has now accelerated construction of a new pipeline, which will double export capacity through Fujairah before 2027. Iraq is still in a very unenviable situation. The majority of the country's production is concentrated in southern Iraq, which makes it heavily dependent on Hormuz. Companies and authorities in Iraq are therefore looking at ways to improve and expand the northern export routes via Turkey and Syria. Security and political concerns are still major obstacles. THE QATARI CONUNDRUM Qatar and Kuwait are faced with a much more complex problem. Both countries, lacking alternative export routes on their own territory, will be forced to rely upon?neighbors to circumvent Hormuz. Qatar is the world's largest LNG exporter. For Qatar to gain access to beyond the Strait of Gibraltar, it would have to build a pipeline across the Red Sea or through Saudi Arabia, either via Fujairah, Oman or the UAE. Each option has its own geopolitical and economic complications. These projects would require the construction of new liquefaction capacity outside the Gulf region, which would drive costs up. This would leave Qatar heavily reliant on Saudi Arabia and the UAE, countries whose relationship with Doha has been strained in recent times. This poses political and strategic risks, which Qatar has sought to avoid for years. Kuwait faces a similar dilemma. To develop alternative export routes, it would be necessary to deepen energy integration with Saudi Arabia. This highlights how geography could reshape future regional alliances. DIVERSIFICATION OVERSEAS Diversification of the Middle East is not the only response that has gained traction. Gulf national oil companies have been expanding overseas operations to create a hedge for future disruptions in the region. QatarEnergy (formerly Abu Dhabi National Oil Company) and QatarEnergy have been at the forefront of building international portfolios that include oil, gas, and renewables. This trend will likely accelerate. Acquiring stakes overseas in upstream assets such as refineries, LNG installations and storage terminals would generate valuable income streams, which are not exposed to Gulf risks. Such investments are a great way to ensure that you can continue to grow and be resilient in a world without the certainty of Hormuz. The race to diversify will shake up government strategies, reshuffle alliances and redirect investments as Middle East producers start the recovery process. It could, in other words reshape this region for many decades. 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.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could have a significant impact on markets in France and Benelux or individual stocks. AIR FRANCE KLM: The Franco Dutch airline group has signed a multi-purpose credit facility worth EUR1 billion with 12 international banks. Its aim is to refinance existing financial instruments, including M&A, starting in H2 2026. AUTOS: The number of battery electric vehicles registered in Europe in May reached a new record, continuing a strong growth, as policy support, subsidies and higher petrol prices boosted demand. DERICHEBOURG SA : French waste management company Derichebourg Environnement has won a total of four waste collection contracts worth EUR74.85 million (USD 85.8 millions) over a multi-year period. FIGEAC AERO : French aerospace parts maker Figeac Aero has won a contract with Dassault Aviation for the production of?parts and canards for Rafale aircraft. Deliveries are expected to start in 2026, reaching cruising speed by 2027. GTT: A French group has received an order for the design of three?LNG tanks for land-based storage, scheduled to be delivered in Q4 2028. IRAN: On Wednesday, the U.S. president Donald Trump threatened to re-attack and kill Iranian officials who failed to honour their commitments. RENAULT GROUP - The French automaker acquired the full ownership of Flexis, an electric van company by purchasing Volvo Group and CMA CGM Group stakes. VINCI: French infrastructure company Vinci reported that autoroutes traffic was down 1.8% despite a 0.3% year-on year increase in May 2026. Airport passenger traffic, however, rose by 0.6% compared to the same period last year with a 0.1% year-on year gain in?May 2026. 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........................ 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 .....
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Thailand revives $30 billion coast-to-coast highway to rival Malacca Strait
Chaiyaporn?Arunrasamee, hunched with his nets over the Andaman Sea, is a Thai government official proposing a "Land Bridge", which will ferry goods from ports on either side of the peninsula. Chaiyaporn stated that he did not want the project to be implemented. The Thai Prime Minister Anutin Charnvirakul revived the project after the war with Iran and the closing of the Hormuz Strait revealed the countries' dependence on strategic maritime chokepoints. Plans envisage a '1 trillion baht logistics corridor ($30.45billion) to provide an alternative route through the Strait of Malacca, which is currently clogged with traffic. The corridor will connect two new deep sea ports, Chumphon on the Gulf of Thailand in the east, and Ranong along the western Andaman Coast, where Chaiyaporn has been fishing for 50 years. He said, "This will be in the area that we live in," last month on the island of Baan Hat Sai Dam. "Where will you go?" We crisscrossed land and communities along the proposed Land Bridge route and interviewed over 15 residents, local officials and experts, as well as planning leaders, and other people involved in or affected by the project. The interviews and documents that we reviewed reveal previously unknown details about a project which promised savings and quick shipments but was hampered due to complicated logistics, opposition from locals and an enormous cost. Analysts claim that the project appears to be economically ambitious, and it is unlikely to compete against Malacca in terms of a global transport route. However, it could be viable as a "smaller-scale strategic pathway for Thailand." The Malacca Strait, which is 900 km (550 miles) long, connects East Asia with the Middle East, Europe, and Thailand. Eugene Mark, ISEAS-Yusof Ishak Institute in Singapore, said that the land bridge could eventually...emerge into a modular asset for national security aimed at securing Thailand's local energy routes as well as boosting its own western export capability. Alternatives to Malacca A presentation by the government, seen by, says that the proposed corridor would reduce logistics costs of nearly 30% and transit times up to 14 days between ports on the Indian Ocean in South Asia and the Middle East. The presentation states that the standard gauge railway will span 90 km (56 mi) between two deep-sea port, and be able to handle up to 20 millions Twenty-foot Equivalent Units (TEUs) per year. One TEU is the volume of one standard 20-foot shipping box. A second meter-gauge line will connect the cargo flow to the national railway network. The corridor will also be supported by local roads and multi-lane highways, which are all integrated into Thailand's wider transport network. Thai estimates claim that 80% of the container traffic at regional ports in the Malacca Strait region, including Singapore, is trans-shipment cargo. This is goods waiting to be transferred from one vessel to another, rather than goods for local markets. Jiraroth Sukkorrat, Director General of Thailand's Office of Transport and Traffic Policy and Planning said, "We would like to capture some of the 80% market in particular, especially feeder segment." He was referring to cargo ships that have a capacity of 12,000 TEU or less. According to an internal government presentation, overall, feeder-tofeeder cargo movement from the Gulf of Thailand into the Andaman sea - or vice-versa - can be 10% cheaper and six-days faster than similar routes through Singapore. This is mainly due to lower congestion. Jiraroth stated that "we are not targeting the giant mainline ships." DIPLOMATIC BALANCING ACT The findings of a panel appointed by the Thai government, which is currently reviewing projects and previous impact assessments reports, are due before the end July. The Land Bridge Plan, which was first proposed around 2020, is the successor to a number of infrastructure schemes pursued over 20 years by Thai governments, but failed to materialise because of shifting policies and a lack of investment support. The current version of the plan does not include petrochemical plants and oil refineries. Instead, it focuses on ports, railways, and light industries. The concept hasn't changed. Wipawadee panyangnoi is an independent researcher and doctoral candidate who has written her dissertation on the Land Bridge concept. In the past, they talked openly about industrial estates and petroleum chemicals. People were against them. The project is now framed in terms of transport infrastructure and logistic because the public is more accepting. Mark, of the ISEAS Yusof Ishak Institute, says that it is a difficult task to convince cargo liners of the financial and time cost of unloading goods, transporting them overland and reloading onto another vessel. "Proving this model of double-handling can compete with the seamless transit of the Strait of?Malacca is a major obstacle," he said. Jiraroth said that authorities had learned from past failures and will now play a supportive and regulatory role. The state's primary funding source is private investors. He said that the consortium must include shipping lines, port operators and financiers, as well as land developers. Mark stated that investor interest is currently cautious and non-committal, due to the shifting policy frameworks as well as the enormous capital requirements. He said that the project is also in a geopolitical bind, as neighbours watch with caution and suspicion. Mark said that "Chinese state-owned enterprises are unlikely commit significant capital until they have strong operational leverage. This would lead to intense political resistance in Thailand?over foreign control." "Thailand needs to perform a delicate diplomatic balance act in order to avoid the corridor becoming a geopolitical hotspot." Singapore's foreign ministry has not responded to comments immediately. EXPANDING RESISTENCY Chaiyaporn was one of a dozen residents who told the?news that they were against the plan. The 90-kilometer (56-miles) corridor would disrupt fishing and farming communities along this area. Some residents in the Phato district in the middle of a 'proposed landbridge corridor,' where durian and coffee plantations bring in substantial incomes, question the need for such industrialisation. Chalermchart Sekhiao (30), a coffee entrepreneur, said that the durian industry in his hometown generates 10 billion baht per year. People need to realize that this is not a barren wasteland. This month, the project was dealt a major blow when the regulators ordered an entirely new Environmental and Health Impact Assessment due to a huge discrepancy in the estimates of government and private researchers on the density and diversity of marine life around the proposed ports. Mark explained that "Local resistance alone rarely cancels top-down megaprojects in Thailand but it acts as an effective regulatory drag which compounds investor risks."
The PM has announced that the second LNG-ice-class ship of Russia is now ready for service.
The second Russian ice-class LNG carrier, built in-house by the country's Prime Minister Mikhail Mishustin, is now ready to enter service. Its commissioning ceremony will be held on Thursday.
Mishustin announced that the ceremony to celebrate the vessel "Konstantin Posiet" will take place in the Zvezda Shipyard?in Russia's Primorsky Region.
The ships were?designed so that they could transport LNG from Russia’s Arctic projects to Asian markets and other markets year-round, regardless of the harsh weather conditions.
Zvezda is one of Russia's leading shipbuilding companies. They specialize in large Arc7 ice class tankers that can break through ice up to 2 metres thick.
The shipyard had been tasked with building?15 tanks for Russia's Arctic LNG-2 project, but sanctions imposed because of the conflict in Ukraine caused delays and difficulties.
Sovcomflot, Russia’s largest shipping company, received the "Alexei Kosygin", the?first domestically built ARC 7 ice-class?tanker, in 'December last year. (Reporting and writing by Oksana KOBZEV; Editing by Andrew Osborn).
(source: Reuters)