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India exports its first fuel to Europe after the ban on Russian crude oil-derived products
Reliance Industries partially unloaded a jet-fuel cargo in Italy. This was India's first export to the region after a European Union ban took effect on 21 January on products made from?Russian?oil. India is the largest buyer of Russian crude oil, and traders are watching closely to see if there are any signs of disruptions in trade that might drive up the price of other sources of supply. The EU ban on the import of products made from Russian crude oil is intended to?reduce oil revenues that Moscow uses to finance its war in Ukraine. Reliance has two refineries in its Jamnagar Complex - one is geared towards exports and the other for the domestic market. On November 20, it announced that its facility geared towards exports had stopped processing Russian crude. Aframax tanker Liwa-V chartered by Reliance offloaded around 390,000 barrels or half of its cargo at the Fiumicino Port near Rome between January 1 and February 4. Data shows that the Liwa-V arrived around January 8 in Italy and waited at the port for almost three weeks. The cargo was initially scheduled to be unloaded by January 24 according to two different trade sources. The discharge was delayed because of bad weather. The ship had already discharged a substantial amount and is now waiting outside the port for the cargo to be completely offloaded," stated a spokesperson from Reliance Industries. RELIANCE SEGREGATES RUSSIA FREE FUEL FOR EUROPEAN MARK India has taken advantage of the discounted Russian crude as Western nations sought to reduce their dependence on Russian oil due to the conflict in Ukraine. Kpler data showed that India shipped 4.1 million tons of jet-fuel to Europe last year. This is nearly three times more than it did in 2021, before the outbreak the conflict. It also supplied 15% of Europe's aviation oil imports between 2022 and 2025. Reliance has told European buyers and traders that they have received written confirmation from the company that Russian crude oil has not been used in the production of fuels for export to Europe. James Noel Beswick, an analyst at Sparta Commodities, said that if European buyers are still cautious they may consider blending or FOB (free on board) sales. Shipping data from Kpler and two sources of trade showed that only one Indian jet fuel shipment per month is headed to Europe on the tanker Karpathos. Since the ban began, Europe has not received any diesel imports.
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One person is dead and a young girl has gone missing after the storm Leonardo hits Portugal and Spain
A man in Portugal died after floodwaters engulfed the car he was driving. In Spain, a young girl was dragged by a river while trying to save her dog as Storm Leonardo pounded 'the Iberian Peninsula with strong winds and heavy rains on Thursday. Leonardo is one of a half dozen winter storms which have hit Portugal and Spain in the past year. They have killed several people and destroyed roofs and flooded towns. Authorities in Portugal said that a man aged around 70 years old died Wednesday after his car was swept off a road that had been flooded near a dam. A girl in southern Spain's Malaga Province went missing after being dragged by the Turvilla River while trying to?rescue her dog. We spent all day and night searching for the girl from where she fell into the river to the end. Manuel Marmolejo, the fire chief of Malaga, said to Spanish television that they found "the dog but not her." Aemet, the state weather agency, predicts that Storm Marta will hit the region this weekend. The cost of reconstruction in Portugal following Storm Kristin last week could be as high as 4 billion euro ($4.7 billion), according to Economy Minister?Manuel Castro Almeida. After successive storms, the river Sado broke its banks in Alcacer do Sal. Sandbags were stacked up in front of the doors of shops and homes to protect them from flooding. Restaurant terraces had been completely submerged. "I have never seen anything so bizarre." Maria Cadacha, a resident of the area, said that it was surreal. There are many people here. Many shopkeepers and homes have been damaged. I would not want to be in their shoes." Andalusia’s emergency services attended to over a million cases by Wednesday midnight, they said on X. Antonio Sanz is the head of regional government's Interior Department. He said that 14 rivers and 10 dams are at "extreme risk" of overflowing. Portugal's National Civil Protection reported that it had recorded at least 70 incidents by early Thursday.
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IndiGo reviews India antitrust order following mass cancellations
IndiGo announced on Thursday that it will review the order from India's antitrust regulator in detail and take appropriate action after reviewing it. The Competition Commission of India has ordered an investigation into the airline following its widespread flight cancellations that shook the?air travel industry in India during December. IndiGo, India’s largest airline based on market share, cancelled 4,500 flights during the first weeks of December. This left tens and thousands of passengers stranded across the country, raising concerns about the lack of competition in one of the fastest growing aviation markets in the world. The 'CCI' said that by canceling thousands of flights, which represented a large portion of scheduled capacity, IndiGo effectively blocked its service, creating artificial scarcity and limiting access for consumers to air travel during times when demand is high. The airline's shares were trading at a 1.5% decline after the response. Reporting by Hritam?Mukherjee from Bengaluru, editing by Nivedita?Battacharjee and Mrigank Dhaniwala
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Russian captain imprisoned for crew member's deaths in U.S. Tanker Crash
The captain of the 'container ship' that collided with a U.S. oil tanker off Britain's east cost last year, was?jailed?for 6 years for gross negligence in causing death to a crewmember. Vladimir Motin was the captain of the Portuguese flagged Solong, when the tanker?Stena Immaculate,' was anchored with just over 220,000 gallons?of aviation fuel. This happened on March 10, 2025. The collision caused a fire on both vessels and the death of Mark Pernia (38), a Filipino national and member of the 'Solong crew. His body has never been located. James Leonard, Motin’s lawyer, said that Motin tried unsuccessfully to change the Solong’s course and take it off autopilot. Leonard argued that Motin had been at fault but was not grossly negligence. Motin, who was tried at London's Old Bailey court on Monday, was found guilty and sent back to be sentenced on Thursday. Judge Andrew Baker described Motin as "an accident waiting to happen". He also told him Pernia had died "under your command and because of your gross neglect". Tom 'Little, the prosecutor, read out the statement of Pernia’s wife who lived in the Philippines and was seven-months pregnant with her second child when he died. She said, "Our desire for him will last forever."
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Kumba Iron Ore anticipates a 23% increase in profit on increased prices and sales volume
Kumba Iron Ore, South Africa, said Thursday that it expected its full-year profits to increase by up to 23% due to higher mineral prices and sales volumes. Kumba, an Anglo American unit, expects to earn between $1,39 billion and $15,33 billion ($862,55 million-$951,29 million) in the year ending December 2025. This compares with the 12.5 billion rand earned the year before. Africa's largest iron ore producer said that the increase in earnings was due to the higher average free-onboard export iron ore prices of $95 per metric tonne in 2025. This is up from $92 a metric tonne the previous year. Sales volumes increased by?2%, to 37 million tons. In a trading update, Kumba said that iron ore prices were supported due to the resilient Chinese pig-iron production. This was due to the strong export demand, and the stable supply of the major iron ore producing companies. Kumba has announced that it will reduce its iron ore on-mine stockpile to 5.7 million tons by the end of December 2025. This is down from 6.9 millions metric tonnes at the end the previous year. The port stock level rose from 0.5 metric tones in December 2024 to 1.8 metric tonnes at the end of 2025. The company will announce its financial results for 2025 on February 19.
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Air India Express memo shows that it expects its first operating profit after privatisation.
Air India Express' low-cost unit is expected to post an operating profit during the second half of this fiscal, which will be its first since it was purchased by Tata Group 2022. This will be boosted by an increase in market share and capacity. Air India Group is relieved by the profit forecast, as the full-service carrier Air India has been hit financially due to an airspace restriction imposed on Indian carriers?by Pakistan. Highlights of the event show that Air India Express executives recently made a forecast for the second quarter ending in March. According to the first reports from Indian media, Air India Express is investing over $70 million into refurbishing their aircraft. A spokesperson for Air?India express did not immediately respond to our request for comment. Air India Express operates over 100 Boeing and Airbus narrowbody aircraft. Its managing director stated in October that the airline aims to double its capacity within four to five year with plans for expansion. Analysts and government officials are closely monitoring the progress of Air India Express as well as its full-service parent. Last month, 'the airline announced it would add 30 new Boeing 737 MAX planes to its fleet. Air India is undergoing a multibillion dollar turnaround following a 'period of decay' under government ownership. However, its restructuring has been hampered by the ongoing delays in plane deliveries from manufacturers. Singapore Airlines' financial results have been affected by its losses, as it owns 25% of the Indian carrier. Reporting by Abhijith Gaapavaram from New Delhi, Urvi Dugar from Bengaluru and Jamie Freed in editing.
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Maersk forecasts lower earnings in 2026 as Suez returns and overcapacity impact freight rates
Danish shipping giant Maersk said on Thursday that falling freight rates due to a?container vessel overcapacity? and the gradual resumption of shorter Red Sea routes? could negatively impact earnings in 2026. This would cause its shares?to plummet. Maersk reported an operating profit in the fourth quarter that was roughly in line forecasts. The company is also dealing with a subdued demand in the industry, a boom in new vessels, and a return of Red Sea routes, which reduce journey times but increase freight rates. Maersk, Hapag-Lloyd and other shipping companies are considering a return to the Asia-Europe trade route after ships were rerouted through Africa in late 2023 due to attacks on the Red Sea. In a press release, CEO Vincent Clerc stated that "we delivered a high-value performance and performance for our customers during a year when supply chains and global trade continued?to be reshaped?by evolving geopolitics." As we move into 2026, the market will continue to change. On Thursday, the company's stock was down by over 6%. Maersk is often viewed as a bellwether for global trade. It has projected a global container volume growth of between 2% and 4% by 2026. This is a decrease from the 5% that was predicted in 2025. The company anticipates earnings before interest, tax, depreciation, and amortization (EBITDA), which are derived from underlying profits, to be between $4.5 and $7 billion in this year. This is a decrease of $9.53 billion that was recorded?in?2025. The company polled analysts who 'expect' $6.49 billion. Analysts had predicted $1.88 billion for the fourth-quarter underlying EBITDA. Maersk Tuesday, said It would resume transit routes through Red Sea and Suez Canal in this month as part of its shared services network, with Germany's Hapag-Lloyd. (Reporting and editing by Terje Solsvik, Thomas Derpinghaus and Jacob GronholtPedersen)
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Bousso: The global push to energy security is highlighted by the tie-up between Japan and Qatar.
Qatar's long term deal to supply Japan’s largest power generator JERA with LNG highlights two themes in the hot market for this super-cooled fuel: the race for market share and global push for energy safety. QatarEnergy, Qatar's national gas and oil?company, signed a contract on Tuesday to supply JERA (Japan's largest generator of electricity) with 3 million tonnes per annum (mtpa), over a period of?27-years, beginning in 2028. The deal will allow Qatar to keep up with its biggest competitor, the United States. Qatar has several advantages over other LNG producers, such as lower production costs, and a closer proximity to Asia - the largest and fastest growing LNG market in the world. The Gulf nation's exports to Japan have fallen from a high of 16,7 million tons in 2013, to around 3 million tons over the past few years, as Japanese demand has weakened and other exporters have increased their competition. Qatar has been able to secure a number of major deals, including this new one that will double its LNG shipments. The country has also signed deals to supply Malaysia, France, and China, the world's biggest LNG importer. These agreements support Qatar's three massive expansion projects, which are expected to increase Qatar's LNG export capability from 77 million tons per annum today to 110 millions tons per annum later this year and 142,000,000 tons by 2030. This explosive growth will help Qatar close the gap between it and the U.S. which, in 2023, became the top LNG exporter of the world. It is also expected to push its capacity above 200 million tons per year by 2030. JAPAN’S UNCERTAINTY ABOUT ENERGY The agreement represents a major shift in Japan's energy policy. The world's second largest LNG importer, Japan, was determined at the beginning of this decade to reduce its reliance on expensive gas and fossil fuel imports. Japan's vulnerability to energy is structural. Japan, the world's 4th largest economy, has been reliant for decades on fossil fuel imports. It also had few domestic resources and no pipeline gas options. In the 1960s, Japan began to import LNG. The fuel became an important part of the country's energy system. After the Fukushima nuclear disaster in 2011, which led to the shut down of many reactors, LNG consumption hit a record 90 million tons. It then declined steadily to 66 million tonnes in 2025, as efficiency improvements, renewables and coal restarts combined with a declining population eroded gas demand. What explains Japan’s sudden U-turn in LNG policy? Security is the answer. Tokyo has reassessed its energy supply due to the geopolitical turmoil of the last few years, primarily in Russia and the Middle East. In Japan's seventh "strategic" energy plan published in February of last year, it was stated that due to international tensions and the uncertainty surrounding the deployment speed of renewable technologies, the country should be able to secure long-term LNG agreements regardless of any advances made in renewables. According to the government plan, securing stable LNG supply is crucial for ensuring electricity supplies while reducing dependence on inefficient coal-fired plants. LNG-fired plants are branded as "a practical measure" during this transition. The plan predicts that Japan's LNG demand in 2040 will range between 53 mtpa and 74 mtpa depending on the pace of adoption of other energy technologies. The new strategy is a radical departure from Japan's earlier approach, which saw the utilities and traders of the country allow several long-term Qatari gas contracts to expire, much to the frustration of Doha, because?Japanese customers prioritized flexibility due to uncertain long-term demand for gas. Qatar's LNG contract terms are rigid, with long-term durations and strict requirements for cargo delivery to specific ports. This means that buyers cannot sell fuels that exceed their actual demand. Most U.S. producers of LNG offer shorter-term contracts that allow for cargo destination flexibility. Japan seems to prefer security over flexibility in a world that is more uncertain, even if global LNG supplies have increased rapidly. The JERA/QatarEnergy agreement reflects the current tensions in the LNG markets: Net importers face uncertain energy futures while producers want to lock in customers for 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.
Dubai Financial Centre new registrations will rise by nearly 40% in 2025
Dubai's International Financial Centre DIFC announced on Thursday that new company registrations at the hub increased by almost 40% last year to a total of?1,525 - largely due to an influx of hedge funds and other?firms?.
Hubs such as DIFC are attracting more companies, as Gulf countries diversify away from oil and invest billions of dollars in sectors such financial services.
According to a presentation, the total number of active registered firms at the centre was around 8,840 by the end of last year's December, an increase of 28% over 2024.
There are 557 asset and wealth management firms that have set up or expanded their base in Dubai and Abu Dhabi over the past few years as the UAE has attracted high-net worth individuals who are drawn by factors such as tax-free status and relative ease of business.
DIFC Governor,?Essa Kasim, told the media that the geographic breakdown of firms in the center was a bit higher.
Authorities announced last week that the DIFC will undergo an expansion of?around $27billion by 2040. The hub has reached its capacity and is looking to welcome new companies.
When asked about funding, Kazim replied that DIFC had a net profit of $400 million in the last year. "That is the future cash flow", which will contribute to the expansion.
The market is definitely open. "In the past, we have issued sukuk. That's a possibility."
(source: Reuters)