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Ukraine claims it has hit Russia's Sheskharis Oil Terminal on Black Sea
The Ukrainian military said that it had attacked the Sheskharis Oil Terminal in Russia, one of the largest on the Black Sea. It also struck the nearby Grushova oil depot. On Telegram, the Ukraine General Staff reported that the overnight attack caused a fire to break out at the Sheskharis Terminal. The general staff of Ukraine also reported that a tanker called Chrysalis had been hit in the Black Sea. In recent months, Ukraine has increased its number and size of strikes on Russian oil refineries and transportation facilities, in an effort to reduce Russia's revenue from oil and natural gas exports that it uses to fund?its war. Robert Brovdi said that in the first 23 of May, Ukrainian drones attacked 13 major Russian oil installations. Brovdi, a Russian oil refinery executive, said earlier this week that six of the 10 biggest oil refineries in Russia had stopped processing crude after the?Ukrainian attack. We could not independently verify the claims. CHEMICAL PLANT AND VESSELS UNDER ATTACK Zelenskiy had said earlier, on 'Saturday, that Ukrainian drones attacked a large Russian chemical plant, Metafrax Chemical in the Perm area that supplied products to Russia’s military complex. He claimed that the 'plant has stopped working after the attack. Brovdi, in a separate Telegram message, said that Ukrainian 'drones' attacked a Russian'military frigate' and a hovercraft missile boat near Novorossiysk Naval Base on Saturday morning. Brovdi said that the extent of damage was unknown. Reporting by Daniel Flynn, Pavel Polityuk and Tomaszjanowski.
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Boeing 737 MAX fraud case cleared by jury
A jury in the U.S. District Court of Seattle ruled that Boeing was not guilty of 'hiding safety issues with 737 -MAX jets purchased by LOT Polish Airlines in the last decade. LOT accused Boeing of fraud by 'withholding a crucial change to the popular single aisle?jets' flight-control system. The change was a result of 'two fatal 737 MAX crash in 2018 and 2019. These crashes led to the planes being grounded for 20 months. The airline claimed that the grounded aircraft caused damages of $153 million. The jury members deliberated for three hours after a two week trial. Boeing's spokesperson said, "We are pleased with the jury's decision today in our favor." LOT issued a statement recognizing the result but allowing for an appeal. The company stated that "as the legal 'process is not yet concluded, LOT won't comment on the.details.of.the proceeding" at this time. Reporting by Dan Catchpole, Seattle; Editing and proofreading by William Mallard
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Sources say that the Brazil Development Bank BNDES has sold its stakes in Axia Energia and Petrobras.
Four anonymous sources said that Brazil's BNDES, the state development bank, has sold shares in both Axia Energia and Petrobras this month. BNDES, through its subsidiary?BNDESPar, holds the majority of the equity portfolio. This includes Axia and Petrobras, as well as electric utility Copel and meatpacker JBS. According to one source, BNDESPar has sold Petrobras shares worth around 3 billion?reais (597.75 million dollars) and more than 500 millions reais of?Axia stock this month. This person said that the bank sold 280 million reais worth of Copel shares in May. The total sales for the energy company this year are 1.2 billion reais. BNDES didn't?immediately respond to a comment request. A BNDES source stated, "These stocks were trading at high levels and the bank saw the opportunity to make gains by selling them." Another source said that in the case of Petrobras, the shares purchased did not have voting rights. This means there was no impact on bank strategy and planning. Petrobras declined to comment on the?current negotiations', while Axia refused to comment. BNDES President 'Aloizio Mercadante' said?in September the bank had adopted a strategy of divesting from traditional and mature sectors to?support strategic sectors. However, it said that they did not intend to sell their stake in Petrobras. In March, BNDESPar acted in the capacity of anchor?investor for a capital increase by a number of companies within Simpar. These included truck rental -firm Vamos, Movida, a car rental firm, and JSL, a road logistics company.
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Senator calls on US to finalize regulations banning airline family seating fees
Democratic Senator Ed Markey on Saturday urged the U.S. Transportation Department to finalize rules that would prevent airlines from charging fees for seating families with young children together on a flight, if adjacent seats were available at time of booking. In August 2024, the DOT issued regulations under?former U.S. president Joe Biden after Congress ordered that it write regulations. Markey asked Transportation secretary Sean Duffy for action. Markey noted that the DOT had been unable to act for more than 18 months on this proposal, despite the fact that it was supported by JD Vance (now vice president), a former senator who has now joined the DOT. "Airlines shouldn't be able to force parents to decide between paying more or being separated from their children." Duffy's spokesperson did not comment immediately. Many major airlines have pledged to guarantee family seating at no additional charge. The DOT previously stated that all other large domestic airlines have policies that try to seat families together, but they do not 'guarantee' it. Airlines for America (which represents American Airlines, Delta Air Lines, United Airlines Southwest Airlines and others) did not comment immediately. In 2024, the proposal will prohibit airlines from charging fees for assigning seats to children who sit next to parents on U.S. flight. If it is not possible to offer adjacent seating to multiple children, the airlines will be required to place them in an aisle seat, behind or in front of a parent. If adjacent family seats are not available, the DOT will?require free rebooking or refunds for passengers who choose to skip that flight. If airlines did not comply, they could be subject to civil penalties. Markey cited a variety of other actions taken by DOT in order to reverse Biden's?aviation consumers?rules. In January, DOT announced that it would review its guidance in order to reduce the emphasis on imposing civil penalties against airlines that violate consumer protection laws and?to eliminate Biden's policies that emphasized enforcement. USDOT reversed?some penalties on airlines under the Biden administration in December. This included waiving $11 million from a fine that was imposed by Southwest as part of a $140-million settlement for?operational issues that left more than 2,000,000?passengers stranded in 2022. In November, the DOT retracted a proposal that was issued under Biden and sought to force airlines to compensate passengers in cash when they are responsible for U.S. flights being disrupted. (Reporting and Editing by Franklin Paul, Aurora Ellis and David Shepardson)
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The EU should phase out the low-value package tax rules, say logistics giants
DHL, FedEx, and UPS called on 'European Union Finance Ministers' to implement new?duty regulations on?low value packages? on Friday. They warned of supply chain bottlenecks, and the impact this would have on some medical supplies. These rules are part of an effort to crackdown on cheap Chinese imports, such as those from online retailers Shein or Temu. In a letter dated 22 May, seen by the, three companies said the EU should implement a EUR3 flat rate duty on July 1 but defer "more complicated and unresolved" elements until they were?legally sure and 'operationally viable. The new data requirements, along with other changes mandated by the new rules, resulted in an amount of complexity which could not realistically be implemented before the deadline of July 1. In a letter, Mike Parra, CEO DHL Express Europe and Wouter Roels president of FedEx Europe and Daniel Carrera president of UPS EMEA said that they saw a "real" risk of shipments getting held up at EU border "without a stable and working legal framework". They wrote: "Such disruptions could affect the availability of medical supplies, delay industrial production and create bottlenecks across European supply chains. All?risks which are especially significant in today's geopolitical environment." (Reporting and writing by Tom Sims; Editing by Louise Heavens, Alexander Smith, and Louise Heavens)
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CMA CGM profits drop as Iran War weighs on shipping
CMA CGM, France's largest shipping company, posted a lower core profit for the first quarter on Friday as weaker markets offset a growth in logistics. The outlook remains cautious due to trade uncertainty and the Iran War. CMA CGM, behind the Mediterranean Shipping Company in Switzerland (MSC) as well as Denmark's Maersk, is the third largest container shipping company worldwide. The group's earnings before interest, taxes, depreciation, and amortization (EBITDA), which were $3.09 billion in the previous year, fell to $2.11billion, while its net income, attributable to it, plummeted to $250m from $1.12billion. Total revenue for the?first quarter was $13.23 billion, down from $13.26. Shipping revenue fell 8.5% to $8.02 billion, while logistics revenue grew 6.6% to $4.56 bn. The Iran War has stranded hundreds of vessels, increased fuel and insurance prices, and forced carriers and shippers to use alternative routes and adjust their networks. Rodolphe Saade, Chairman and CEO of CMA CGM, said in a statement that the Group had a resilient performance during the first quarter 2026. This was attributed to the strength of the Group's shipping activities and its diversification. This month, a CMA CGM container vessel was attacked while it was transiting the Strait of Hormuz, causing injuries to crew members and damage to the vessel. Another vessel left the Gulf. CMA CGM stated that it had set up alternative routes to ensure cargo could continue to move to and from Gulf Countries despite the restrictions. It remained cautious, however, as the Iran 'war, oil prices and freight rates, and trade uncertainty all weighed heavily on its visibility. (Reporting and editing by Louise Heavens, Alexander Smith and Zakarya Méliani)
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Swiss sanctions against Russia and Belarus are in line with EU actions
The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's energy and military-industrial complex, as well as 'individuals involved in the deportation and indoctrination Ukrainian children. It said that '60 more companies, some of which are based in a third country, will be subject to tighter export controls, with the aim of blocking the supply of 'critical goods for Russia’s military industry.
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Carney emphasizes importance of Alberta following separation vote announcement
The Prime Minister, Mark 'Carney, stressed the importance of?Alberta to Canada on Friday. This comes a day after this oil-rich province held a non-binding vote on whether or not its residents wanted to stay in Canada. Carney's largely symbolic move could be a major challenge for him, as he is trying to promote national unity in the face of U.S. Tariffs and Donald Trump's talk about annexation. Carney told reporters that "Canada is one of the best countries in the world, but we can do better. We're working together with Alberta to make it better." "We are renovating the nation as we go." Carney said that Alberta's central position is crucial. He did not mention the referendum announcement. The'separation' advocates are upset with Justin Trudeau's environmental policies, which they say has undermined the oil and gas industries of the province. Carney?took over in March 2025 and?then rolled back a number of Trudeau?s green measures. (Reporting and editing by David Ljunggren, Deepa Babington and Promit Mukherjee)
As ships reroute to the Cape, African bunkering hubs benefit
The hip-refuelling businesses along Africa's coastline are seeing a boom in business, as more ships divert around Cape of Good Hope. This is due to the Middle East war reshaping the global shipping routes and boosting Africa's role as an important bunkering hub. Since the Houthi attacks against Red Sea shipping in late 2023, carriers have avoided the Suez Canal as well as the Bab el-Mandeb strait. U.S., Israeli and Strait of Hormuz closures and strikes against Iran have reinforced this shift. This has led to expectations that Africa's Bunkering Sector will benefit from the prolonged instability.
Container carriers such as Hapag-Lloyd, Maersk and CMA CGM have announced this month that they will reroute vessels around Cape of Good Hope.
Detours prolong voyage times, but allow vessels to refuel in emerging African supply areas. This accelerates investment by fuel providers and trading houses.
Existing suppliers of bunker in Africa such as Denmark’s Monjasa have reported increased demand in the last few years. Meanwhile, new players like Vitol Bunker Partner, Peninsula Flex Commodities, Global Fuel Supply and Bunker Partners have announced plans to expand.
The Red Sea security situation has positively affected volumes, causing more vessels reroute southwards of Africa, said Monjasa's spokesperson Thorstein Andreasen.
Monjasa - which operates in West Africa and supplies fuel to Fujairah - reported an increase in bunkering during the first weeks of the Iran War.
Andreasen stated that "no matter what the outcome of the conflict is, we expect the overall volatility to be high for a significant period of time."
NEW ROUTES BECOME 'OPERATIONAL REALITY'
Along the Cape Route, the scale of the shift can be seen.
Cape Chamber of Commerce and Industry reported that diversions increased 112%?as of the beginning of March, signaling what carriers see now as a permanent change in operations.
After nearly two years operating in these conditions, it's becoming increasingly difficult to describe our setup as temporary. Instead, it has?become a adaptation to a different operational reality," Bhavan Vempati said. He is the head of Asia Market for Oceans at Maersk.
He said Maersk bunkers ports in West Africa, including Tangiers.
This trend has attracted new players. Flex Commodities, based in Dubai, launched physical bunkering in Namibia's Walvis Bay & Luderitz.
Rakesh Sharma, Flex's managing director, said: "We target the growing traffic around Cape Town and the offshore markets around the region by offering an alternative to the traditional bunkering stop in the area."
He added that the company will initially focus on West Africa where there is a shortage of supply, especially offshore.
Moses Komodatam, the operations manager at Misa Energy in Ghana, said that Misa Energy is increasing its volumes in order to meet a?rising need in offshore bunkering areas. Moses Komodatam, the operations manager at Misa Energy in Ghana, said that they are increasing their bunkering volume to meet?rising demand in offshore bunkering zones.
Tahra Sergeant, Africa Regional Manager at the International Bunker Industry Association, says that long-term growth prospects go beyond geopolitical disruption. Investment in port infrastructure and Africa's position on global shipping routes are supporting demand.
Mauritius Ports Authority announced at a conference in March last year that overall bunker fuel sales had almost doubled?at Port Louis, to a record of 929,043?metric tons by 2024, from 509 837 tons the year before.
PwC reported earlier this month that regulatory issues in South Africa, historically the continent's biggest bunkering hub, caused it to lose business to Port Louis, Walvis Bay, and other countries. Bunker volumes dropped to 80,000 tons per month in 2024, from 130,000 tons in 2023.
GROWTH IS IMPACTED BY RISKS IN SECURITY, SUPPLY AND ACCESS
Sources in the industry warned that African bunkering is faced with a number of obstacles, ranging from limited infrastructure and piracy to the uncertainty of supply due to the closure of the Strait of Hormuz which curtails Middle Eastern oil exports.
Emril Jamil is a senior analyst with LSEG. He said that "given the loss in crude supply and refinery runs,?fuel supply will tighten up across all bunkering 'hubs".
Misa Energy's Komodatam stated that long-term challenges include infrastructure bottlenecks such as congestion in the Port of Tema, Ghana, and high costs of products because of tax regimes.
Uncertainty is also created by tax and licensing disputes. Algoa Bay in South Africa, a major refuelling port for international shipping, is experiencing reduced bunkering capacities since the tax crackdown of late 2023.
(source: Reuters)