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Oil products shipments exit Hormuz, LNG tanker loads at UAE
Shipping data revealed that two tankers loaded with oil products left the Strait of Hormuz in the last week while a liquefied natural gas carrier loaded cargo?in the United Arab Emirates. These are 'rare' movements as the traffic through this chokepoint is still limited. The U.S. and Israeli war against Iran began on February 28, but oil and gas flows remain severely restricted. Around a fifth of the world's oil and LNG supplies normally pass through the Strait of Hormuz. The Aframax Cy Victorious tanker, which was carrying more than 508,000 barrels of straight-run high-sulfur fuel oil and at least 80,000 metric tonne (over 80,000 metric tonne) of the fuel, left the strait May 30 according to ship tracking data from Kpler & LSEG. The vessel is expected to arrive in Malaysia by the second half June. Kpler data shows that another?Long Range 2 tanker Sti Elysees loaded with clean Kuwaiti products in late February left the Strait of Hormuz on May 29. The tanker's destination is unclear. FLUCTUATING HOPES The Marigold LNG tanker managed by Abu Dhabi National Oil Company, (ADNOC), reportedly loaded a cargo on Das Island in the?UAE between May 24-25. In a report published on Monday, Vortexa reported that "the vessel halted AIS transmittals on 3 May prior to a 'dark inbound transit of Strait of Hormuz". AIS (Automatic Identification System) is used to track the location of ships. Some vessels turn off AIS when they are trying to cross the strait. It is the last of four steam carriers controlled by ADNOC, who all turned off AIS, to cross Hormuz in the west, for reloading. "The other three – Mraweh Al Hamra, and Umm Al Astan – have already made their subsequent dark outbound transits," Vortexa stated. Kpler data indicated that the Marigold had been last seen on the east side of the strait, on May 1. However, it was loaded on Das Island on 25 May. ADNOC?did not immediately respond? to a request for a comment. According to Vortexa data, LSEG and?Kpler, four ballast LNG tanks have moved recently towards the eastern entry of the strait. They are now occupying positions in that area. Ashley?Sherman senior LNG analyst, Vortexa, stated that the vessels reached their current position on May 30 and 31. He said that while such movements were not new, they reflected fluctuating hopes of a reopening the strait as well as a wider peace deal. Al Hamra returned to?the Strait last week after delivering cargo from Das Island?to India. Around May 25-27, Al Areesh Al Khuwair Al Marrouna (all controlled by QatarEnergy) began moving towards the strait from waters near India and Sri Lanka. QatarEnergy didn't immediately respond to an inquiry for comment. Reporting by Emily Chow and Florence Tan. Mark Potter edited the article.
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BP has announced that it will transfer the BTC pipeline's operation to Azerbaijan SOCAR.
As part of a contract, BP, the British energy'major' said that it is 'on track to... hand over?the _running of _the Baku-Tbilisi - Ceyhan (BTC ) oil pipeline. to Azerbaijani SOCAR on July 1. The pipeline, which has been in operation since 2006, is capable of moving more than 1 million barrels per day. The pipeline is designed to transport oil from the Caspian Sea, through Iran and Russia's Caucasus, to the Mediterranean. Giovanni Cristofoli is BP's regional 'president' for Azerbaijan and Georgia, as well as Turkey. He announced the transfer via a press release, stressing it wasn't about BP divingsting, but rather that BP "was excited" to see SOCAR taking over 'as the operator of the pipeline. BP has not responded to a request for comments?on what contractual obligations cited?in this statement and the implications of the move for BP's share. SOCAR, the state oil company, owns 32.97% of BTC through its AzBTC affiliate. BP holds 30.1% of the?share, while eight other'stakeholders' hold the rest. (Reporting and Additional Reporting by Shadia Nasralla, Writing by Alessandra Prrentice; Editing By Andrew Osborn & Edwina Gibbs).
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Stellantis will produce three new Peugeots in Mulhouse
Stellantis said that it will begin producing three new electric Peugeot models in its factory located in Mulhouse, France, from 2029. This is part of an updated global strategy, which includes a new product explosion. The new launches will be supported by a?investment of EUR400 million ($465.88m) in the Mulhouse plant in eastern France. A further EUR500m will go into?research & development, mainly to a?new STLA 'One platform, aimed at producing an electrified vehicle range. Details follow French President Emmanuel Macron’s announcement last Thursday that?the Franco Italian carmaker will invest EUR1 billion into France. According to sources familiar with the matter, the STLA One platform will first be introduced in Spain, 2027, along with the production of the new Peugeot.
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Startups bolster Ukraine's defenses with robot trucks and sea drone swarms
How can we stop Russian drones from attacking the Ukrainian port city of Odesa by flying undetected over the Black Sea? Charles Maher was tasked with solving the problem that Ukraine's military faced. Former U.S. sub?commander who founded maritime intelligence & security?company BlueShadow began working with Ukraine's defense units to??develop? a system that could control swarms autonomous naval vessels to form a protective shield off the Ukrainian coastline. Maher said that when fully deployed there will be four squadrons of twelve vessels. These squadrons would operate between 10 and 12 kilometers offshore. He added that the first squadron, which will be armed with drones and missiles, could be operational as early as 2027. BlueShadow from Denmark was one of eight startups who demonstrated new products and systems to military units at the weekend. They are part of a growing ecosystem?of small businesses and investment firms which has emerged to support Ukraine's efforts in military matters. Business serves a 'bigger purpose' All of them were working with Defence Builder, a private sector?accelerator which provides funding, mentoring and resources to help grow defence technology startup companies into larger businesses. Line Rindvig is the CEO of Defence Builder. She said that Defence Builder provides initial funding?of $10,000, a four-month accelerator programme, which includes advice on how to create strong business foundations in order to attract investors and contacts within the military who can provide feedback and support on products. The accelerator will take a small share in the startup. In exchange, the military receives a low-cost weapon system or weapon that it can use to compete with a much more well-funded foe. Rindvig stated that "business is business, but it's also important to us all. We serve a greater purpose." "And that is to ensure that the solutions needed to win this battle get the financial support they need." Defence Builder is a member of the Ukrainian Council of Defense Industries Investor Club. This group of 25 institutions aims to encourage investment in Ukraine's defense industry and work together on deals. According to the club, publically disclosed defense investment in Ukraine has risen from $1.1 million in 2013 to $105 millions in 2018. Land Drones Are a Priority For faster procurement, brigades may order directly from the manufacturers via?the Brave1 Market website and DOT Chain - an online store that sells 800 weapons from 200 manufacturers. Customers can also leave product reviews. Defence Builder's Rindvig stated that a priority is to develop remote-controlled vehicles capable of operating in the "Kill Zone", which is the area around the frontline where drones are increasing dangerous for people. Telearmy is an Estonian startup that has been installing remote-controlled systems inside trucks in the frontline, since 2023. This allows them to be controlled from hundreds of kilometers away, according its founder Enn Lasoo. Laansoo, standing next to a modified BRDM-2M – a Soviet-era armored car – said?Telearmy can adapt almost any vehicle in the battlefield. "You can't send any more troops to the frontline?and our tech provides that layer, so the soldier does not have to be there," Laansoo said. His company is looking for capital to expand. Ukraine's military used "mid-strike" drones in recent months to target Russia's air defences,?logistics base and vital road connections?to front line. Wingtech, in response to the shortage of drones like this, developed a reusable, fixed-wing aircraft, the Haba. It claims that it can fly up to 300km on a single mission, and is jamming resistant. Wingtech, which had been on the battlefield more than a full year, was in need of working capital for increased production to meet military demand. Rindvig explained that they found the money when a Ukrainian manufacturer of defence products stepped up with funding. Andrew Heavens edited this article.
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EasyJet attracts investors who spot a bargain as they look to takeover the airline
EasyJet, a British budget airline, has attracted the attention of?U.S. Castlelake, an investment firm, is considering a takeover. Analysts say that while easyJet called the timing of this takeover "highly opportunistic", its low valuation, slots in key airports, and stable fleet make it an attractive target for a takeover. Chris Beauchamp is the chief market analyst for trading platform IG. Shares Underperform Rivals Potential suitors are attracted to the British carrier because its shares have performed better than those of competitors like Ryanair. Jaime Rowbotham, a Deutsche Bank analyst, wrote that EasyJet had 'looked 'cheap' for a while. He added that its airline fleet could be attractive, as well as the room it has to increase margins and improve efficiency. This latest bid speculation is likely to see the easyJet stock price rise again. HOLIDAY BUSINESS BOOMS A good holiday?business, and an efficient Airbus?fleet have helped to boost results despite the airline struggling to increase passenger numbers. It is positioned between traditional and low-cost?rivals such as British Airways operator AIG. EasyJet has also no direct exposure to Middle East, where flights were disrupted for three months by the Iran War. Bank of America analysts stated that Castlelake's strategy was unclear but its fleet might be of interest. They estimated that a takeover would cost PS6.50 for each easyJet share. EasyJet's share price of PS 4,50 on Monday was equivalent to approximately PS 3,4 billion. The stock has still fallen about 15% this year. EasyJet's?slots? at airport hubs like London, Paris, and Geneva have been a source of deal speculation for many years. This is despite the fact that any takeover would be fraught with competition issues. 'FEW PEOPLE CAN RESIST A BARGAIN' The cost of jet fuel has risen since the beginning of the Iran War in late February. This has affected the entire sector. EasyJet has been reducing fuel costs over the long-term since a pandemic spike. Revenue per seat km is also up. Barclays' Andrew Lobbenberg warned that the conflict has had a significant impact on the demand for short-haul leisure travel in Europe. He also said easyJet’s relatively low margins means external factors have hit its profits quite hard. Lobbenberg said that even though 'easyJet' is Europe’s worst performing airline stock, its assets, including its slots, holiday business and fleet, were undervalued. He estimated that they were worth more than PS11 per share.
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Wall Street Journal, June 2,
These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. -?Alphabet has announced plans to issue equity worth $80 billion, of which $10 billion will go to Berkshire Hathaway to fund AI capital expenses. Blackstone, a manager of alternative assets, announced that it had raised $13.1 billion in private equity funds for Asia. This was more than its initial target. It is also the largest fundraise ever made by Blackstone. Andrew Left, 55, an eminent?short seller in Los Angeles, has been convicted of securities fraud by a federal jury. Castlelake, an investment firm, said that any offer to purchase easyJet should value it at at least $4.12 billion. This is slightly higher than the previous closing price of a?airline whose valuation plummeted during the Iran conflict. Motorola Solutions is buying Israeli startup D-Fend Solutions, for $1.5 billion. Governments and critical infrastructure operators are rushing to protect themselves against the growing threat of rogue drones. - 'Elliott Investment Management is seeking to review the strategic direction of Australia's biggest gold miner, Northern Star Resources, after accumulating a stake worth more than US$716 million, or?1 billion Australian Dollars.
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A bus driver is charged with manslaughter on five counts in a Virginia highway accident
The driver of a tour bus has been charged with manslaughter for the deaths?of five people?in a chain-reaction accident?that was triggered?when the motor?coach ploughed into slower moving traffic?in a highway construction area?. Jing Sheng Dong (48), a Staten Island resident from New York was charged with two felony counts of unintentional manslaughter the following day, on Saturday. A grand jury at the 'Stafford County Circuit Court' indicted Jing Sheng Dong on Monday for three additional counts of manslaughter and a misdemeanor charge. Dong is still in hospital for his injuries sustained in the pileup crash that occurred on Interstate 95 in the early morning hours Friday, about 45 miles south of Washington D.C. The police said that a preliminary investigation revealed that the bus driver did not slow down for traffic in front of him as he approached an highway work zone. He slammed a Chevrolet Suburban into the back, forcing it into a 'Acura SUV and other vehicles. According to the?state police, four of those killed, including two children were in this Acura. The Suburban, which was hit by the bus, also killed a fifth person. Massachusetts is home to all five of the?dead?. Authorities reported that more than 40 people were also injured.
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Newark Airport's international flight processing is not being stopped by Homeland Security officials, according to the US Homeland Security chief
Markwayne Mullin, Secretary of Homeland Security at the U.S. Department of Homeland Security, said that he did not need to stop international?flights processing?at New Jersey's Newark Liberty International Airport. He cited cooperation from?state and?local law enforcement officials located near a detention facility. Mullin told a Dallas press conference that as long as the partnership between local and state law-enforcement agencies continues, there will be no need for this. New Jersey Governor Mikie Sherrill on Friday ordered the state police to take control of a migrant center in Newark, which had been a flashpoint for clashes between protesters and federal Immigration and Customs Enforcement officers. Sherrill is a Democrat who said that she was taking action to calm escalating tensions and violent episodes outside Delaney Hall. Delaney Hall is a 1,000-bed prison operated by Geo Group. Mullin acknowledged that he had a "plan" to remove customs agents to help with security at Newark Airport, a major United Airlines hub outside of New York City. However, he said the plan was not needed due to efforts made by local and state law enforcement. Mullin warned on Thursday that the Trump Administration could stop processing international passengers and cargo at Newark Airport. On Friday, major airline, travel, and business groups warned that stopping border processing at Newark Airport or other U.S. major airports would cause chaos, leave thousands of tourists and Americans stranded, and stop vital cargo shipments. Mullin has said repeatedly that he can also stop immigration processing in more than a dozen airports, including Boston and Denver. He could also do the same at Chicago, Los Angeles or Seattle. The U.S. Travel Association stated that if all international flights were to be stopped at the 18 airports in sanctuary cities, it would cost the U.S. economy more than $70 Billion and affect 68 Million international passengers each year. The U.S. Travel Association said that foreign visitors will'stream in' for the soccer World Cup, which is being hosted jointly by Mexico, Canada and the U.S. The final will take place on July 19, in East Rutherford New Jersey. This is about 12 miles away from Newark Airport.
DHL Express believes that aviation fuel is secure for the summer despite Iran War
DHL Express Europe's CEO, Mike Parra, said that despite the uncertainty caused by a looming war in Iran, it is confident about its aviation fuel supplies for the summer. This is due to easing market pressures and diversifying its sources.
In an interview with Parra on Tuesday, he said: "At this time, we do not have any risk" in major hubs, gateways or?major cities. No disruptions are anticipated.
In recent weeks, the jet fuel market has loosened as the demand for it has slowed and imports from the United States of America, Nigeria, and South Korea have increased.
The head of the European branch of premium delivery service said that there had been no shortages.
Parra said that the firm’s global network, contingency plans and localised shortages would allow it to?handle potential localised shortages.
The company can also reroute cargo via road transport, or change the fueling location.
"If things started to get really ugly and beyond the norm, we have an aviation?network that is very dynamic and network planning," said he, adding that he was monitoring the situation as usual. $1 = 0.8590 euro (Reporting and Writing by Miranda Murray; Editing by Kirsti Knolle).
(source: Reuters)