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Additional oil tankers leaving Hormuz will add to global supply
Shipping data shows that three stranded oil tankers, each carrying 5 million barrels of crude oil, left the Strait of Hormuz Wednesday. Two of them were headed to Asia. The interim agreement between Iran and the U.S. has released more supply?stuck?in the Gulf, which is bringing down?global?prices. Data from LSEG & Kpler revealed that the VL Breeze (flagged South Korean) is a Very Large Carrier, carrying 2,000,000 barrels of Qatari Condensate & Abu Dhabi Crude. It has passed through the strait on its way to Daesan. The supertanker was chartered by South Korean refiner Hyundai Oilbank. The data revealed that the VLCC Plata Carrier chartered by Indian Oil Corp is headed?outside the strait, carrying 2 million barrels Saudi crude. It is accompanied by the Suezmax tanker Prudent Warrior which is headed?for Sohar in Oman with 1,000,000 barrels Iraqi Basrah oil. Both vessels are flying the 'Liberian flag. Hyundai Oilbank and IOC were not available for comment. Kpler analysts and Vortexa analysts estimated that last week, close to 90 millions barrels of crude oil were trapped inside the Gulf. The South Korean maritime ministry announced on Wednesday that four vessels operated by South Korean shippers had left the strait, and were sailing towards their destinations. One vessel was bound for South Korea while the other three were headed to third countries. The ministry reported that 18 of the 26 vessels stranded in the Gulf since the beginning of the Middle East conflict are still there. It wasn't immediately clear if the ships were sailing on the temporary maritime routes established by?Oman & the International Maritime Organization in order to help ships safely leave the region. Oman has said that it will keep the Strait of Hormuz free of tolls and open to all shipping. It has also designated two temporary routes to the north and south of existing shipping lanes to help vessels leave the area safely. Shipping data revealed that two empty LNG tankers, the Milaha Qatar and the Shandong Redwood, were the last to be seen heading west of the strait in order to load cargoes at Qatar. Nine LNG tankers have been seen transiting the strait in order to load cargoes at Qatar, which is the highest number of empty LNG vessels since the start of the war. The Financial Times reported that Qatar's Prime Minister Sheikh Mohammed Bin Abdulrahman Al-Thani stated the Gulf state will resume normal?LNG output within a few short weeks. (Reporting from Florence Tan and Emily Chow, in Singapore; Nidhi in New Delhi; Jonathan Saul, in London; Additional reporting by Jack Kim, Heejin Kim, and Milla Nissi Prussak in Seoul)
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Deutsche Bahn blames technical issue for nationwide rail standstill
A'security source' said that nothing indicated sabotage. After one of the largest incidents in the history of the country, train services were resumed Wednesday. The incident affected passengers on regional and long-distance trains as well some local transport networks. The scheduled replacement of a technical component appears to be the cause of the disruption yesterday of the GSM-R system digital railway radio, according to Philipp Nagl of Deutsche Bahn Infrastructure. He added that "we are analysing how this disruption occurred as a matter a highest priority" in a statement. A security source stated that despite repeated warnings by intelligence agencies about the vulnerability of Germany's infrastructure to an?attack?, there was no evidence of any external interference in the railway. German authorities have suspected sabotage in the past when attackers cut fibre optic cables or forced rail traffic to a halt. The outage is a high-profile issue for the state-owned 'Deutsche Bahn. It has been criticized in recent years due to chronic delays, cancellations, and poor service, which critics claim is 'a result of decades underinvestment. Evelyn Palla, the new CEO of Evelyn Palla Inc. has announced "a major" overhaul. Deutsche Bahn said that "after the rapid resolution overnight, rail services started off largely smoothly this morning, although there could still be some disruptions." The German Bahn halted all trains for two hours late on Tuesday night, citing a problem with the?Global System for Mobile Communications for?Railways (GSM-R), the main communication?tool used between train drivers, traffic control centers, and other railways. Reporting by Andreas Rinke and Christoph Steitz; writing by Christoph Steitz & Madeline Chambers. Editing by Franklin Paul Jamie Freed & Stephen Coates.
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Sevastopol, in the Russian-held Crimea, is now without power after a Ukrainian strike
Local officials reported that Ukrainian drones targeted energy infrastructure in central and southern Russia and the largest city in Russian-held Crimea. This highlights the'reach' of Kyiv’s attacks. Ukraine intensified its strikes against Russian oil refineries and depots this year, driving up the price of gasoline in Russia where authorities have restricted sales in certain regions. The fuel shortages in the Crimean peninsula have been especially acute since Russia's annexation of the peninsula in 2014. Sevastopol's newly-installed Russian governor has ordered the early closure of cafes, public transport, and street lights to protect Sevastopol from overnight attacks. He said that the power supply had been knocked out by Wednesday's storm and that there would be no trolley buses and that parents should keep their children at home. The governor of Telegram, Mikhail Razvozhayev said that work was underway to restore supplies, even though Kyiv "tried to deprive [us] of our normal living condition and sow panic." DRONES DOWNED OFF THE SOUTHERN SIDE Robert Brovdi, commander of Ukraine's drone force, said that drones hit the main substation in the Sevastopol?plant. Crimea is not recognized as Russian territory by many countries. Kyiv says it will never cede the peninsula. Gleb Nikitin, the Governor of Nizhny Novgorod in central Russia, said that falling Ukrainian drone debris destroyed an industrial facility there and killed two people. He said that the unspecified facility had not been damaged in a critical way. NORSI is the fourth largest oil refinery in Russia. It's one of several large oil plants located in central Russia which temporarily stopped or reduced production in May after drone attacks. The Russian Ministry of Defence reported that its air defences shot down 323 drones in various regions of the country overnight. Orenburg, a region in Russia located more than 1,000 km (621 mi) south of Moscow, has reported that drones were shot down over an industrial site. The extent of damage in this remote area, which borders Kazakhstan, is not clear. It is home to several industrial facilities including an oil refinery and a gas processing facility. The Kazakh energy ministry stated that gas is being supplied via alternative routes. Ukraine's strategy of using long-range drones to target Russian energy installations is meant to sapper a major source of war funding for Russia and show Russians that the four-year old conflict started by Moscow is not far away. The Russian President Vladimir Putin accused Kyiv on Tuesday of trying to destabilise the Russian society, and said that the Russian government will implement additional measures to counter the effects of the strikes. Both sides claim they don't target civilians, but Russian attacks in Ukraine have killed thousands of civilians and also caused fatalities in Russia. Local authorities reported that a Russian shelling on Wednesday killed a person in Balakliia, an eastern Ukrainian city, in Russia's border region of Belgorod. Could not independently verify details of the recent strikes. Reporting by Alessandra Prentice, Jekaterina Gólubkova, and editing by Jamie Freed; Andrew Osborn; Philippa Fletcher
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Paris Club: Fix debt restructuring framework for poorer countries
In its annual report for 2025, the Paris Club said that reforms were needed to the core initiative of sovereign debt restructuring for low-income nations known as the Common Framework in order to make it more efficient and faster. The group released a report that was compiled of the views of various officials at 'the start of a annual meeting in Paris which brings together creditors and borrowing countries to discuss sovereign debt issues. The report stated that debt distress had decreased, even in the poorest countries of the world, since the G20 launched the Common Framework platform for speeding up restructurings after a series of defaults following the COVID-19 pandemic. The writings, however, focused on the need for improvements to the initiative. Critics have said that it is inefficient and slow. Thomas Revial, co-chair of the Paris Club, wrote in his report that "the Common Framework must deliver quicker?and quickly embark all creditors to deliver?comparable effort." China called for a strict enforcement of comparability of treatment, a principle which demands that other creditors suffer similar losses as official lenders. The International Monetary Fund (IMF), World Bank, and Ethiopia proposed allowing all creditors to negotiate simultaneously during a restructure. ETHIOPIA IS IN DIFFICULTY For the first year since?2017 more low-income nations - 52% – are at a low or moderate level of risk or debt distress compared to the 48% who are already at high levels or in debt distress. Ghana, Zambia, and Chad are all close to completing debt restructurings in accordance with the Common Framework. Ethiopia, however, is "caught up in a dispute" between investors who hold its defaulted $1 billion bond and official creditors. They agreed on a debt agreement in principle in March of 2025. Official creditors such as China and France rejected the initial agreement of bondholders. The bondholders have refused, arguing that the country's improved outlook doesn't justify their proposed loss. They have threatened to take legal action. The CF's implied sequencing means that, by the time a creditor engages 'bondholders', the analytical divergence of the 'IMF' and private creditors is not addressed," wrote 'Astewaye' Woldemichael in Ethiopia's Ministry of Finance's report. The IMF and OCC must engage private creditors sooner. It is not a good idea to leave the debtors to fill this gap. (Reporting and editing by Karin Strohecker Tomasz Janovowski, Sharon Singleton, and Libby George)
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The Gulf markets are gaining ground as caution persists
The major Gulf stock exchanges rose in the early trading on Wednesday, amid signs of progress in U.S.Iran negotiations. However, there was still uncertainty about?the durability? of the agreement. The two countries that concluded the first round of negotiations on Monday in Switzerland gave contradictory accounts of some key elements of the Framework Agreement signed last week for the end of the war. These included financial incentives to Iran, control of the Strait of Hormuz, and Israel's war in Lebanon. Donald Trump, the U.S. president, said that Iran agreed to nuclear inspections in "infinity" on Tuesday. Tehran denied this concession and raised doubts over the viability of the fragile peace agreement. Saudi Arabia's benchmark index rose 0.3%. This was boosted by a 10.0% surge in Umm Al Qura Development and Construction Co and 5.3% in Jabal Omar Development Co. In a Tuesday statement, the kingdom's Real Estate Authority announced that it had begun accepting applications from foreigners to own real estate. This is part of an effort to attract foreign investments in the kingdom. Dubai's main stock index rose 0.1%, thanks to a 1.2% increase in the Salik Company toll operator. The index in Abu Dhabi increased by 0.3%. In choppy trading, the Qatari index was flat. Oman and Iran have agreed to continue discussions on?Tuesday? regarding the future management of the Strait of Hormuz. U.S. Secretary?of?State Marco Rubio stated that any attempt by Iran impose transit fees will violate international law. (Reporting and editing by Jan Harvey in Bengaluru, Ateeq?Shariff from Bengaluru)
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Paris Club: Fix debt restructuring framework for poorer countries
In its annual report for 2025, the Paris Club of rich creditor countries said that further reforms were needed for a core platform for restructuring sovereign debt for low-income nations known as "the Common Framework". The group released a report, which is a compilation of the views of various officials, as part of an annual meeting that takes place in Paris, and brings together 'creditors, borrower countries, and investors, to discuss sovereign debt. The report said that debt distress had?ebbed, even in the poorest countries of the world, since a series of debt defaults following the COVID-19 pandemic led the G20 platform to launch to accelerate restructurings. The writings, however, focused on the need for improvements to this initiative that critics have called?slow' and 'inefficient. Thomas Revial, co-chair of the Paris Club, wrote in his report: "The Common Framework should deliver faster and quickly engage all creditors to deliver 'comparable effort. China demanded that all creditors be allowed to negotiate simultaneously in a restructuring. The World Bank, the International Monetary Fund and Ethiopia also made proposals. (Reporting and editing by Karin Strohecker, Tomasz janowski)
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Oman announces that it will not charge tolls for temporary shipping routes through the Strait of Hormuz
Oman has said that it will 'keep' the Strait of Hormuz free of tolls for shipping and designated two temporary routes to the north and south of existing shipping lanes to ensure the safe passage of ships leaving the region. Oman, in coordination with the International Maritime Organization (IMO), established temporary maritime routes to assist ships leaving the region safely amid increased security risks. Since the United States and Israel launched their war on Iran, the Strait of Hormuz has been severely disrupted, with commercial shipping being slowed and global energy markets roiled. Oman warned mariners that the "existing Traffic Separation Scheme" in the strategic waterway is unsafe to use. Instead, vessels leaving the strait can use temporary routes to the north and south of existing shipping lanes. The 1968 scheme was adopted by the United Nations shipping agency and established 'routing lanes' through Iranian waters. Citing agreements reached between Iran and the United States, the Gulf Arab state claimed that the measures reflect its responsibilities to the strait and its importance for the global economy. It also said they reflect its commitment to international laws and freedom of naviga-tion. Oman stated that navigational safety was the top priority, and that vessel traffic must be moved in a controlled manner to reduce collision risks. According to a plan that was developed by the IMO 'in coordination with Omani officials,' vessels will be grouped together and contacted one-by-one with instructions as to when they can depart and what route they should take. Ships are directed to an area in international waters designated as a waiting area before they can proceed. Vessels travelling eastbound on the Oman route will need to "maintain communication with coastal authorities" and comply with all navigational directions. Oman stated that shipowners and captains were responsible for completing independent risk assessments prior to voyages. The Oman Maritime Security Centre was instructed that vessels should keep their Automatic Identification Systems activated 'during transit' and report any navigational dangers. Oman's announcement?said no tolls will be imposed on vessels that transit the Strait of Hormuz in accordance with recent talks between Iran and the United States. Iran and Oman started discussions on 'the future administration of navigation services and maritime in the waterway' on Tuesday. The interim U.S. Iran agreement allows commercial vessels to pass through the waterway without paying for 60 days. However, the talks will likely address any longer-term arrangements including costs associated with maritime service after this period.
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Heatwave in France leaves thousands without power
The authorities in northern France scrambled on Wednesday to restore power to thousands of homes that were affected by a 'power cut' amid a scorching heatwave which has been sweeping western Europe for days. In the effort to restore power, healthcare centres and critical sites are being prioritized. Generators have been?provided? for retirement homes after Tuesday's outages were blamed on an?incident with a transformer, they? added. Officials said that the incident was an accident and related to this heat wave. "Nobody was injured." According to Climate Monitor, record-breaking temperatures in Europe have caused disruptions to transport networks, and schools and tourist attractions to close. Meteo France, the French weather agency, has stated that conditions are similar to "a heatwave" in August 2003 which lasted 16-days and caused an estimated 88,000 excess deaths throughout Europe. The current heatwave was driven by an Omega block weather pattern, a shape which allows temperatures to build day after day. The World Meteorological Organisation says that Europe is heating up at a rate more than double the global average. This makes heat waves?more likely. Heatwaves have forced builders to change their working hours to avoid disasters. Retailers struggle to keep up with demand for portable air conditioners and fans, while farmers harvest grain after an afternoon ban due to fire hazards. Dozens of people drowned when they jumped into water to escape the heat. The grid operator in Britain asked generators to provide more power amid temperatures that are expected to reach record highs later on Wednesday. British health authorities issued a "red-heat" alert for the second time,?warning of a life-threatening risk to the healthiest, the elderly and the sick. The heat and speed restrictions have caused Britain's train operators to advise only essential travel on the two hottest days, Wednesday and Thursday. On autopsy, it was revealed that two children in the south-east of France died from excessive heat after being left in a car. The regional prosecutor stated that their mother claimed that the children were in her car without knowing. The Italian health ministry issued the highest heat alert in 16 cities, including Florence, Milan, Rome, Turin, and Verona. Meteorologists predicted that conditions would worsen, particularly in the 'central and northern regions', and that heatwaves were likely to peak between Sunday and monday. The temperature could reach 41 degrees C between Tuscany, Emilia and Liguria. In coastal areas like Liguria, the combination of extreme heat and humidity can cause temperatures to feel as high as 45 degree C (113 F). (Reporting and editing by Clarence Fernandez, Sarah Young, Giselda Vasgnoni)
FedEx's margin hit is a concern for investors as they gauge the freight spin-off company's fortunes
FedEx shares fell 7% on Wednesday before the bell, due to investor concerns about the 'transition' of the company following the spin-off of its highly profitable trucking unit.
FedEx spun off its trucking division, FedEx Freight earlier this month, in an effort to focus on the delivery business. Investors are scrutinizing the slimmed down company to boost profits and reduce cost. FedEx Federal Express' operating margin fell from 8.4% to 7.7% as employee salaries, benefits and outsourced transportation costs increased.
Fuel prices have risen due to the Iran 'war' and changes in U.S. Trade Policies.
Volumes have also been affected by the loss of duty-free treatment "de?"minimis" for low-value e?commerce shipments linked to China-linked discounters such as Shein or Temu.
In a recent note, J.P. Morgan analysts noted that FedEx may experience an overhang as the market sorts through the various moving parts of the Freight'spin-off' and moves to a year-end reporting period.
FedEx, an indicator of 'global trade', has forecast earnings per share between $16.90 and $18.10, after re-aligning its fiscal year with the calendar from May.
Analysts still haven't 'built models to enable comparisons with a new forecast that only includes its delivery operations.
Analysts at Morgan Stanley said that it would be difficult to judge the numbers in a few quarters due to the noise. However, they will focus on fundamental issues.
FedEx is trading at 14.68 times its projected 12-month earnings, a little higher than UPS's 14.05. (Reporting and editing by Shreya biswas in Bengaluru, Siddarth S. in Bengaluru)
(source: Reuters)