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Maguire: China's clean technology exporters are cashing in on the Iran war, which has affected oil and gas flows.
Exporters of solar systems, batteries, electric vehicles, and other clean energy components from China posted record sales in the last month, as the Iran War and the subsequent closure of Strait of Hormuz halted oil and gas supplies?from the Middle East. Ember's data shows that the combined sales of Chinese clean-energy parts and products in March totalled $26 Billion. This was the highest clean-tech monthly tally recorded by the world's largest battery, EV, and solar panel manufacturer. The total of'monthly' receipts was up by 30% compared to February, and 52% higher than the same month of 2025. This is due to the earthquake shock caused by the bombings in the Middle East as well as the closure of important shipping lanes. BATTERY BOOM Last month, battery systems were China's largest seller of all clean energy components. Sales totaled just over $10 billion. This compares with average monthly battery exports of $7 billion since 2025. It also marked a significant acceleration in the global order for battery systems for electric vehicles and energy storage by utilities. Europe was the leading region for Chinese batteries imports. It accounted for 43% of the total or $4.3 billion, followed by Asia which absorbed 29%. In March, Germany was the largest market for Chinese batteries ($1.26 billion). This was followed by the United States ($823 million), Netherlands ($635 millions), Vietnam ($597million) and Australia ($595million). Germany registered the biggest monthly increase in battery imports in comparison to February. Import purchases increased by $286 million in March. Vietnam and Oman both registered monthly increases of more than $200 million in the last month. SOLAR SPURT The export of Chinese solar systems jumped the second-highest in March. From $2.1 billion in February, the total jumped to $4.8?billion, the highest monthly total in the last 20 years. Asia was the most popular destination with a total of?43%, or $1.3 billion, followed by Europe. The Netherlands ranked as the largest overall importer of solar panels in March. They paid $400 million. This was a nearly $200 million increase over the previous month and compares with a monthly average around $264 millions since 2025. Last month, India, Indonesia, and the Philippines were the top five buyers of solar systems from China. EXPORT VOLATILITY OF EV China's electric vehicle exports have been in turmoil so far in 2026, as changes in subsidy programs in various countries affected consumer demand before the Middle East War disrupted global commerce and consumer confidence. Even so, the total EV sales for the first quarter of 2026 was just over $21 Billion, a record compared to the $12 Billion in the same period of 2025. Europe was the top destination for Chinese EVs, with 45% of sales in March. Asia followed, with a 25% share. Belgium was the top exporter of EVs, followed closely by Brazil, Germany, United Kingdom and Australia. The EV exports to the Middle East in March were marked by a steep drop in sales as air raids brought the goods to a standstill. In March, China exported 4% of its EVs to the Middle East, but that number will rise to 11% by 2025. In March, the Middle East saw a sharp decline in the deliveries of grid systems made in China for the same reason. This shows that China's exporters have also suffered from the Iran War. Those drops in Middle East delivery also point to potential pent up demand once trade flows resume and peace is restored. This puts Chinese clean-tech exporters in an excellent position to maintain strong global sales, even when Middle-East oil, gas, and fuel flows start to recover. These are the opinions of the columnist, an author for. 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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JetBlue Airways' return to profitability may be affected by the Spirit bailout and its large fuel bill
JetBlue Airways, which was on its way to its first profit since the pandemic began, has been forced to increase its debt in order to quell bankruptcy speculation. New York-based JetBlue Airways began the year with a sense of confidence that a multi-year restructuring, which was launched in 2024, would be successful as cost pressures had eased and demand for travel remained strong. Fuel prices have increased since the Middle East war broke out, and a possible U.S. bailout for Spirit Airlines could undermine JetBlue's fragile recoveries. Wall Street wonders if the airline can survive the worst jet-fuel supply crisis in the history of the industry, a result of Washington's Iran war. The war is destroying profits for U.S. carriers, even though they are reporting high demand. INVESTORS WAIT FOR QUARTERLY RESULT JetBlue will report its quarterly results on February 2, and Wall Street is expected to scrutinize the impact of high jet fuel prices on the carrier's margins. The company?recorded net annual losses since 2019, and has promised to break even this year on a net-basis. Jet Forward, its turnaround program, netted the airline $300 million before taxes, interest and other expenses in 2025. Its forecast for 2026 also included a similar amount, assuming a fuel average of $2.27 / gallon. Last month, however, the airline revised its fuel estimate for the first quarter to $3.01-$3.06 per gallon. JetBlue would have to spend $2.5 billion, or $450 million more, than in 2025 if it consumed 826 million gallons in 2026 at $3.04 per gallon. The costs of these increases would cancel out the savings that JetBlue had made last year from its lower fuel consumption, which could have been used to pay off some of the $9.5 billion it owed in debts and lease obligations. Daniel McKenzie is an equity analyst with Seaport Research. He expects JetBlue to increase its fuel expenses by 40% annually to $2.9 billion. He assumes JetBlue will offset about 30% of these costs by higher revenues, resulting in a pre-tax profit of approximately $1.1 billion. JetBlue has declined to comment about this story. LIQUIDITY NOT AN IMMEDIATE CONCERN JetBlue concerns go beyond jet ?fuel prices. Spirit Airlines' rescue by the government could lead to a renewed competition among JetBlue's leisure travelers for low-cost routes. Budget carrier JetBlue is taking steps to correct its course. JetBlue CEO Joanna Geraghty said last week that the low-budget airline was not contemplating bankruptcy this year. JetBlue's debt is high for its size but it ended the year with $2.3 billion cash. JetBlue has also significant assets that it can borrow against. Joseph Rohlena of Fitch's North American Airlines analyst said that JetBlue was not concerned about liquidity at this time. Fitch downgraded JetBlue's credit rating earlier this month to CCC+. The company was worried about its ability to pay for fixed expenses with?its earnings. Rohlena, who was referring to raising money, said that if fuel prices remain high, or if the demand for oil starts to fall, and they start to burn more cash, then it may be necessary to return to the market. JetBlue is a smaller?carrier with fewer international flights. It also offers premium seating options that are highly sought after by affluent travellers. Even these carriers have reported significant pressure due to rising fuel prices. Delta expects to recover 40 to 50 cents for every dollar more it spends on extra fuel in this quarter. United will see a similar gap, before it improves later in the year. Alaska Airlines only recovers about a third of the fuel increase. This forced it to withdraw their forecast.
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Spain urges you to buy airline tickets as the Iran war increases oil prices
Spain's tourism and industry minister has advised consumers to buy tickets as early as possible in order to avoid higher prices caused by the rising oil price triggered by the war in Iran. Spain, which welcomed 97 million record tourists in 2018, 3.5% more than 2024, could continue to grow at a similar rate this year. Industry and Tourism Minister Jordi Hereu stated. In an interview with the 'Spanish newspaper Expansion published on Monday, he warned that higher fuel prices could push up airfares, and have a negative impact?on demand. Hereu stated that "we recommend that people purchase their tickets as soon as possible because (airlines are using kerosene purchased some time ago) and there is a price fluctuation involved." "... It's already obvious that prices have increased and this could impact demand," he added, adding that Spanish authorities and European authorities are taking measures to avoid fuel shortages. Since the U.S. launched strikes against Iran on February 28, prices have risen by about 50% due to disruptions in global oil supply. Last week, Transport & Environment said that rising oil prices have added more than $100 to long-haul flight prices from Europe. This cost is likely to trigger higher ticket prices. Hereu stated that Spain was the fourth largest economy in the Eurozone and had a higher stock of kerosene than other countries. He warned that "if the countries who send tourists to Spain have problems, then we will too." (Reporting and Editing by Ros Russel)
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Russian diesel cargoes are redirected from Brazil due to global price surge
Data from traders and LSEG revealed that two tankers carrying Russian ULSD (ultra-low sulphur Diesel) were diverted to other destinations mid-journey, after leaving Brazil. The cargo was shifted to Brazil after the first half of the journey. This happened because traders took advantage of the spike in prices worldwide due to the Iran War. It is rare that the terms of the initial or subsequent deals are not clearly defined and that the buyers are changed after the cargo has left the original port. According to shipping data, the Flora 1 under Cameroon's flag is sailing towards the Suez Canal after loading about 37,000 metric tons of diesel in Primorsk on March 31. Last week, another vessel, the Aurora sailing under the Sao Tome & Principe flag, made a U turn deep in the?Atlantic. The tanker, which loaded 37,000 tonnes of diesel in Primorsk last March 22, was originally destined for Brazil but now is heading towards the Strait of Gibraltar. Its final destination is still unknown. According to LSEG, two additional tankers loaded with a total of 106,000 tons diesel from Primorsk in April were stalled on their way to Brazil and drifting aimlessly. It was not immediately clear why the tankers stalled. SELLERS MAY SEEK HIGHER MARGIN DELIVERIES The traders said that a change in course mid-way through a trip could indicate a widening of the price gap between regions as sellers search for higher-margin deliveries. Brazil is a major producer of diesel, but it depends on imports to satisfy its domestic demand. This accounts for 20-30% or the country's total fuel consumption. The current sanctions do not prohibit the export of Russian diesel to Brazil. An executive from the Brazilian state-run Petrobras PETR3.SA stated last month that six of its 11 domestic oil refineries are operating beyond their installed capacity in order to produce fuel locally amid a spike caused by the Iran Conflict. Since?March 20,23, Russia has become the largest diesel supplier in Brazil. This is a result of the European Union banning Russian oil products. LSEG data shows that diesel shipments to Brazil from Russian ports could exceed 800,000 tonnes in April. Prior to the sanctions, Europe was the main destination of Russian diesel. (Reporting and Editing by Bernadette B. Baum)
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Gulf bourses mix as U.S. Iran talks stall. New fund lifts UAE share prices
The major Gulf stock exchanges were mixed early on Monday as investors remained largely on their sidelines due to uncertainty surrounding U.S. - Iran?talks, but the 'announcement' of a national fund in the uae boosted the shares. The weekend saw hopes for renewed diplomacy dim after U.S. president Donald Trump cancelled his planned visit to Islamabad by his envoys on Saturday. Trump said Iran was welcome to contact him if they wanted to?negotiate an end of the two-month conflict, but insisted that Tehran'must never obtain a nuclear weapon. Iran said that the U.S. had to lift 'barriers' to any deal including its blockade on Iranian ports. Abbas Araqchi is in Russia, seeking support from Vladimir Putin. The UAE Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum announced on Sunday that the country would establish a national fund of 1 billion dirhams ($272,26 million) to improve industrial resilience. The prime minister said that the fund would support localisation of strategic industry, boost?supply chain resilience and accelerate the adoption of artificial Intelligence in production, operation, and planning. Dubai's main stock index gained 1.2%. This was led by blue-chip developer Emaar Properties, which rose 1.8%. Toll operator Salik also advanced 2.5%. Alpha Dhabi Holding, a company based in Abu Dhabi, grew 2.8%, while the index rose 0.4%. Saudi Arabia's benchmark Index fell?0.1% due to a drop of 1.2% in Saudi Arabian Mining Co. Saudi Tadawul Group also plunged 5.9% after a sharp decline in its?quarterly profits. Qatar National Bank, the Gulf's largest lender in terms of assets, lost 0.3%.
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Orders for LNG tankers continue to grow despite mixed prospects from the Iran War
Analysts and industry executives say that global orders for LNGCs are expected to rebound this year following a slump in 2025, as the growing production of LNG and improved fuel efficiency on vessels will drive demand. The increase in orders offsets concerns that the U.S. - Iran war could reduce shipping demand near-term and?pressure freight rates. According to Poten & Partners & Drewry, since late last year, South Korea and China shipbuilders have received more orders. In the first quarter of this year, 35 new LNGCs were contracted. Drewry data show that, by comparison, 37 LNGCs have been ordered for 2025. In 2022, a record number of 171 LNGCs was placed. Each tanker is between $250 million and 260 million dollars, with a build time of over three years. The upcoming LNG production in North America, Africa, Canada, and Argentina, will create tanker demand. Fuel efficiency and vessel demolitions are also expected to increase, according to Pratiksha?Negi, Drewry’s lead LNG analyst. Steam turbine and diesel-electric ships should be phased out. FLEXIBLE U.S. FLEXIBLE U.S. Over 700 LNGC vessels are in the global LNGC fleet, and they handle more than 400 million tonnes per annum of LNG. Fraser Carson, Wood Mackenzie's principal analyst for global LNG, stated that more than 120 mtpa in new U.S. supply will be available within the next three to four years. He said that the growth in U.S. gas and flexibility of LNG supply has created trading patterns which require more shipping. U.S. Liquefied Natural Gas (LNG) is typically sold free-onboard with flexible destination options, allowing for mid-voyage diverts that can prolong vessel delays. Japan's Mitsui O.S.K. Jotaro Tamura, CEO of Lines, which is the largest LNGC fleet owner in the world with 107 vessels expects U.S. LNG investment to spur tanker order, he said. The company intends to increase its LNGC fleet by approximately 150 vessels around 2035. Drewry data revealed that the number of LNGCs powered by steam has increased from 2022, to 15 vessels in record time last year. This is due to tighter emission regulations and poor economics. Uma Dutt is vice president of LNG at Anglo-Eastern global ship management, and she said that a proposed framework by International Maritime Organization (IMO) to reduce shipping emissions also drives demand for new build. WAR COMPLICATES OUTLOOK However, the Iran war presents contradictory signals for LNG shipping. The disruption of LNG supply is pushing Asian buyers to alternative suppliers like the Atlantic basin, which increases travel distances. Wood Mackenzie's Carson said that it could also increase demand for LNG projects in other regions, increasing the overall demand for carriers. The 'war' has disrupted LNG flow through the Strait of Hormuz, and Qatari capacity of 12.8 mtpa will be sidelined for 3 to 5 years. This could reduce shipping demand, and weigh on freight rates, at a moment when an avalanche of ships is coming. Qatar, with its 100 LNGCs will build 70-80 new ones over the next three to four years, while ADNOC, the UAE's ADNOC, is expected to double their fleet to 18 in 36 months. He said that "most of these new vessels were intended to serve LNG projects in construction, which are now experiencing delays." The longer the delays continue, the more likely that the ships will be offered on the market under sublet agreements - softening the rates significantly. Poten & Partners and Drewry 'expect a new record of 90-100 LNGCs being delivered this year, up from 79 LNGCs in 2025. Negi, a Drewry representative, said that seven of the nine LNGCs originally scheduled to be delivered this year but now delayed to 2027-2028 are connected to QatarEnergy. Poten & Partners Senior LNG Analyst Irwin Yeo stated that some companies may put off placing large new orders because of the uncertainty caused by war. Some people may be put off by the rising costs of raw materials and labour in shipbuilding, as well as market uncertainty.
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Jet fuel crisis is a boon to Nigerian Dangote but not local airlines
The 'giant Dangote refinery in Nigeria is enjoying record margins on jet fuel it sells mostly abroad. Meanwhile, the domestic airlines that it supplies are threatening to stop flying due to the rise in fuel prices. The largest refinery on the continent was built in order to make Africa's most important oil producing country a net exporter, reduce?Nigeria?s dependence?on fuel imported, and protect its economy from global energy crises. The plant was fully operational by the beginning of this year, and it is currently producing at its maximum of 650,000 barrels of oil per day. Nigerian fuel prices remain among the highest on the continent, despite the fact that the market has been deregulated. This means the government does not subsidise fuel prices as it does in many African countries. Dangote's debt repayment agreements with the state oil company complicate matters further. They require that Dangote imports most of his crude oil, which makes it easier for it to balance its accounts if it exports. Clash with the needs of the aviation industry Airline Operators of Nigeria, an industry body, said that prices have nearly tripled since February, before the Iran War. Nigeria's energy regulator reported that Dangote is selling jet fuel for 1,879 Nigerian naira per litre ($1.39), which is not much different from the imported fuel price of 1,900 Nigerian naira per litre ($1.41) delivered to Lagos in earlier this month. Jet fuel shortages are a pressing concern due to the Middle Eastern conflict. Prices have been raised, fuel surcharges added and planes grounded by airlines around the world. Last week, Nigerian airlines threatened to stop all flights. This prompted the government to take measures on Thursday including a?relief of debts owed to local airlines? and?ordering?talks in order to try to negotiate lower prices. DANGOTE’S MARGINS CAN BE BETTER. Dangote has, on the other hand, been able, with a highly efficient new refinery, to benefit from record margins in producing jet fuel using crude. Profits could be higher if the company relied on Nigerian crude oil and avoided almost all shipping costs. The Nigerian National Petroleum Company Limited, a state oil firm, has a joint venture crude that is tied to loans backed by oil and pre-export agreements. This means that a large portion of Nigeria's production of about 1.5 million barrels a day is used to pay debts to banks, traders and international oil companies. Analysts estimate that the NNPC's obligations are about 400,000 barrels per day. Davekumar Edwin, vice president of Dangote Group, said that Dangote imports most of its crude oil from the U.S. as well as from other African producers as Brazil. He did not provide exact figures. He claimed that the majority of the 24,000,000 litres jet fuel produced daily was shipped to Europe. However, he said that the refinery also supplied a large portion of the Nigerian airline's needs, which are estimated by the aviation industry at?about 2 million litres per days. EUROPEAN BUYERS?ARE WILLING to PAY MORE Data from Kpler and LSEG show that European buyers are willing pay a premium to get ahead of the summer travel season. The data shows that European imports have been averaging 78,000 to 96,000 barils per day so far in April, which is the highest ever recorded. Alan Gelder, senior Vice President for Refining, Chemicals and Oil Markets at Wood Mackenzie said that European refiners earned around $15 per barrel. Dangote, he said, had margins more than twice as high due to the access it has to Nigerian crude oil and because of the size and sophistication of its plant. Edwin didn't disclose any figures, but profits from the production of?jet fuel reached a record in international markets during March. Dangote prices its products based on global markets. Dangote is planning to list its shares in the next few months. The complex will be expanded to a capacity of 1.4 million barrels per day, making it the largest refinery in the world by the end decade.
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Turkish BOTAS investment will increase Ceyhan crude oil production to 45 million barrels, according to a newspaper
A newspaper reported that the Turkish oil and gas pipeline operator BOTAS would invest in a project to quadruple crude oil storage capacity at its facilities in Ceyhan, in eastern Mediterranean. Turkiye quoted BOTAS Chief Executive Abdulvahit Fidan as saying that the crude oil tank farm in Ceyhan project, where 'the Baku-Tbilisi -Ceyhan crude oil pipelines and Iraq-Turkey crude oils connect, will increase storage capacity to 45,000,000 barrels by 2030. It is currently 11.1 million. Fidan was quoted in the paper as saying at an energy conference held on Saturday that the project would increase Turkey's ability to withstand energy crises and enable it to take a more active role?in regional markets. Fidan, according to the newspaper, said that the project would be implemented in phases. Construction of the first six tanks will begin this year, and they'll be commissioned by?2028. The project will be completed in three phases between 2030 and 31. Fidan also said that the multi-year plan would not only increase Turkey’s?energy storing capacity, but it will?create a critical buffer mechanism to protect against supply shocks. Reporting by Can Sezer, Editing by Daren. Butler
Algeria purchases at least 450,000 t wheat in tender from traders
Initial assessments by European traders indicate that Algeria's state grain agency OAIC bought at least 450 000 metric tons milling wheat on Wednesday in a global tender.
They said that the cost of a metric tonne, including freight and transportation (c&f), was around $268.50.
Initially, the exact size of the order in terms of tonnage was not clear. Estimates ranged between 450,000 and 650 000 tons. 450,000 tons were repeatedly mentioned as a minimum purchase.
The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.
Algeria frequently purchases much more than the nominal volume. The sellers are free to choose from a variety of approved origins for their wheat.
The traders initially thought that the majority of the wheat they purchased would come from the Black Sea Region, especially Ukraine. Some Romanian and Bulgarian wheat could also be provided.
France, which is a regular wheat supplier to Algeria, wasn't expected to be the source of wheat.
Market talk has it that Algeria is tacitly refusing to purchase French wheat, despite the fact that French wheat was reportedly offered in the Wednesday tender.
Wheat was requested for shipment from two main regions, including Europe: May 16-31 and May 1-15. The shipment date is one month sooner if the wheat comes from South America or Australia. Reporting by Gus Trompiz from Paris and Michael Hogan from Hamburg. Mark Potter is the editor.
(source: Reuters)