Latest News
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Ukraine disables shadow fleet vessel in Black Sea with sea drones
A Ukrainian official reported that Ukrainian drones disabled a tanker trading Russian oil on Wednesday as it sailed through Ukraine’s exclusive economic zone (EEZ) in the Black Sea towards the Russian port of Novorossiysk. This is the third drone attack in two weeks against vessels of Russia's "shadow fleet", which Kyiv claims are unregulated ships that help Moscow export large amounts of oil to fund its war?in Ukraine, despite Western sanctions. As the conflict in Ukraine spills over into sea lanes, insurers are reviewing policies daily. An official with the Security Service of Ukraine stated that the Dashan tanker had been sailing at top speed, without its transponders, when powerful explosions struck the stern of the vessel. This caused critical damage to the vessel. He did not mention any possible injuries. WESTERN SANCTIONES AN ARCTIC TANKER Three maritime security sources confirmed the strike on the Dashan. The Dashan is under sanctions from both Britain and Europe and sails without a known registry. Russia has not yet commented on the incident. Video footage from an official revealed that the drones were seen flying towards the tanker, followed by powerful explosions when they arrived. The official said that the SBU is continuing to take active steps to reduce the petrodollar revenue to the Russian budget. The shadow fleet has been put out of service three times in the last two weeks. It is believed that the tankers were helping the Kremlin to circumvent international sanctions. Last week, Russian President Vladimir Putin threatened to cut off Ukraine's Black Sea access in response to attacks on oil tankers that he referred to as "piracy". Ukraine has been using drones to strike Russian oil refineries from behind the frontlines of Moscow's conflict with Ukraine. The attacks on the tanks represent a new line of attack. Since December 2024, there have been at least seven explosions on other tanks that visited Russian ports in locations such as the Mediterranean. Sources in maritime security say that Ukraine is suspected to have carried out these attacks, using limpet-mines. However, Kyiv did not confirm or deny any involvement. Reporting by Tom Balmforth, Jonathan Saul and Alison Williams Editing by Gareth Jones and Alison Williams
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US Senator says FAA administrator failed divest airline stocks
The Senate Commerce Committee's top Democrat said that the Federal Aviation Administration chief failed to divest a?his holdings in Republic Airways, in violation of an ethics agreement. U.S. Senator Maria Cantwell from Washington stated that FAA Administrator Bryan Bedford who was previously CEO of Republic Airways had agreed to sell his holdings in 90 days after confirmation. Bedford, at the time of confirmation, reported owning stock in Republic Airways worth between $6 and $30 million. It appears you have retained significant equity in the conflicting asset for months after the deadline set to divest fully from Republic. This is a violation of your ethics contract. Cantwell stated that this is "inacceptable" and demanded a full account. Bedford, according to the FAA, will directly respond to Cantwell. Cantwell released a letter dated December 8, 2008, from the Office of Government Ethics. The letter stated that Bedford had "not complied" with the ethics agreement and had requested an amendment for the extension of the divestiture period of the last conflicting asset: Republic Airways. The ethics office stated that the request was not up to standard. The office stated that it was not informed of Bedford's divestment. The U.S. Department of Transportation was asked to emphasize to Bedford that "it is his responsibility to avoid any action which could create a conflict of interest in his 'holdings. Republic completed its merger on November 25 with Mesa Air Group. According to the merger agreement, Republic stockholders will own about 88% of the combined stock. Cantwell stated that the company has the largest Embraer fleet in the world, with 310 'E-Jets. Cantwell's letter stated that it was unclear whether the merger would increase the value of the shares you owned in Republic, which you were required to sell before the merger closed. Cantwell is asking Bedford if he plans to sell all of his airline shares. He also wants a list of everything he has been disqualified from because of this holding.
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Venezuela doubles discount on oil sold to Asia because of flood of sanctioned crude
Oil buyers from Asia are demanding steep discounts on Venezuelan crude oil 'due to the flood of sanctions-free oil on offer, and the increased risk of loading the South American country due to the U.S. increasing its military presence in Caribbean. Venezuela managed to??increase its oil exports from 2024 levels this year despite Washington's increased pressure on President Nicolas Maduro. The U.S. Navy did not disturb oil tankers from Venezuela, but it struck boats in Caribbean Sea suspected of drug smuggling. The administration of President Donald Trump has threatened to expand military operations to include land targets. The state-owned PDVSA is increasing export volumes to prevent a decline in oil revenues. According to traders and sources within the company, Venezuela's heavy grades of crude oil have been hit harder by low global crude prices due to U.S. sanction and poor quality. State oil company still struggles to keep the country's pocket full. China, the top Asian buyer, is being flooded with crude from sanctioned rivals. PDVSA was forced to slash its prices in order to move the product, traders claimed. The discount below Brent crude is about twice as high as it was a year ago. One person said that PDVSA did not have much negotiating power. It has been forced to reduce prices because the shippers involved are taking greater risks to load in Venezuelan ports near where U.S. military vessels are anchored. In recent weeks, with Russian and Iranian supplies being sold at steep discounts, Chinese buyers were not interested in Venezuela's Merey heavy oil at $14 per barrel less than Brent. This was according to a trader who sells to independent Chinese refiners. Another trader reported that a cargo of the same Venezuelan grade had been sold at $15 per barrel less than Brent for delivery in early 2026. Last year, traders reported that they offered discounts between $5 and 8 per barrel for Venezuelan heavy oil to be delivered in China. Venezuela's Maduro depends on oil revenues to maintain subsidies and government programmes to minimize domestic chaos and deal with mounting U.S. pressure after a 2024 disputed election. China is the recipient of 55% to 90% of Venezuelan oil exports this year. This compares with 40%-60% of Venezuelan oil exports last year. According to data from ship monitoring, in November, Venezuela sent 746,000 barrels of oil per day (bpd), to China. PDVSA has not responded to a comment request. Venezuela's oil Minister Delcy Rodriguez announced last week that oil production rose from 1.13 to 1.17 millions bpd during November. BE CAUTIOUS WHEN PORTING According to documents and data on ship monitoring, the U.S. military ships in the Caribbean Sea did not interrupt Venezuela's oil deliveries. According to ship monitoring data and documents, Venezuela's oil exports increased slightly in November to 921,000 barrels per day, the third highest monthly average of this year. Fuel imports, however, more than doubled, reaching 167,000 barrels per day. PDVSA and Chevron's joint ventures increased their crude oil exports from the U.S. in October to around 150,000 barrels per day. They also supplied naphtha for their joint ventures to dilute extra heavy crude production. Documents?showed that the country's imports of naphtha, including from Russia, allowed PDVSA maintain high diluent stock levels to ensure stable exports for crude blends over the coming months. The cost of shipping Venezuelan crude oil to any destination has increased as the vessel owners have included "war clauses", which protect them against delays, interruptions and potential seizure by U.S. naval ships near Venezuelan shores. A "war clause", in a contract, allows shipowners to avoid routes and obligations in the event of war by allowing safe discharge in alternative ports and charging extra freight fees or cancelling voyages in conflict zones. Sources said that while the clause may not have a major impact on the cost of shipping to the U.S., Caribbean or other short routes, it can increase the freight costs to Asia for longer routes, and force PDVSA's price reductions to compensate.
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India's IndiGo cuts Q3 capacity, passenger unit revenue forecast after flight cancellations
IndiGo, India's largest airline, announced on Wednesday that it had reduced its forecast for?capacity & passenger?unit revenues?for the third-quarter after the civil aviation regulator ordered the carrier to reduce 10% of its domestic winter flight schedule due to?massive cancellations. The airline has revised its forecast for the third quarter capacity growth to "high single-digit to early double-digit percent." This is down from an earlier estimate of "high teens." The third-quarter passenger unit revenue is expected to moderate by "a mid-single-digit percentage" as opposed to the previous forecast of flat or slight growth. Last week, the budget airline had to cancel at least 2,000 flights due to a faulty pilot roster plan. This left tens of thousands of passengers stranded. IndiGo stated that the regulator's decision would?also impact?its fourth quarter capacity outlook but added that it would?provide an impact on its full-year guidance for 2026 as well as its fourth quarter and subsequent. Reporting by Federica mileo in Barcelona, Editing by Shailesh kuber
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EU: MSC and BlackRock's bid to buy Hutchison's Barcelona Terminal may increase prices
The EU antitrust regulators warned that the BlackRock-MSC bid to buy CK 'Hutchison terminal in Barcelona port may lead to "higher prices" or a reduction in 'quality' of container terminal services. They opened a full investigation on Wednesday. The EU could force the two countries to make concessions in order to address "regulatory concerns". Terminal Investment Limited Holding, a subsidiary of MSC Mediterranean Shipping Company based in Switzerland, and BlackRock, will acquire joint control over Hutchison’s terminal at Barcelona Port. The port is the main deep-sea gateway to and from Barcelona, as well as connecting with traffic from and to southern Europe. The European Commission (the EU's competition enforcer) warned that the combined entity could block rival container liners shipping companies by giving MSC preferential treatment. EU executive must decide whether or not to approve the merger by April 30. The?first to report the EU's competition enforcer was going to launch an investigation. The Spanish?deal may provide a clue as to how EU regulators might examine the European portion?of a larger bid by BlackRock & MSC for CK Hutchison’s global port assets, which is yet to be finalised. (Reporting and editing by Kirsten Doovan; Foo Yunchee)
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Banks back FTSE 100 before Fed decision
The blue-chip FTSE 100 index in Britain edged higher on Wednesday as a result of gains made by?banking? stocks, while investors waited for the U.S. Federal Reserve to announce its interest rate decision. The FTSE 100 index closed at 0.1% while the domestically focused FTSE 250 index fell 0.4%, to a new two-week low. Lenders HSBC & Standard Chartered rose by 3.2% & 2.2% respectively following the bullish'recommendations' of BofA Global Research. The FTSE 350 Banks index rose by 1.8%, leading all sectors. There is a general consensus that the Fed will cut interest rates next year by 25 basis points, to a range of 3.50% to 3.75%. However, the policymakers may be divided and take a more hawkish or non-committal approach. The deadline for the decision is 1900 GMT. The UK GDP for October is also expected to be released on Friday. The Bank of England is expected to cut rates by 25 basis points next week. Further cuts are likely next year. Pearson, among other stocks rose 2% after J.P. Morgan dubbed the education company as one of its top media picks. FirstGroup increased its share price by 5% following the announcement that it was selected as the preferred bidder to build London's Overground Suburban Rail Network. The contract is worth approximately 4 billion dollars. Berkeley shares rose by 3.2% as the homebuilder reaffirmed its annual guidance and expressed confidence in its long-term prospects for London, its main market. Evoke surged by 14% after William Hill UK, the owner of 888 and online gaming giant 888, said that it was reviewing strategic options. This included a possible sale. The statement came just weeks after it had to withdraw its financial forecasts due to tax increases on sports betting and online gaming.
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Irish PM: Drones didn't threaten Ukrainian President's aircraft
The Irish Prime Minister said that the drones which appeared in the vicinity of Dublin last week, shortly after the arrival of Ukrainian President Volodymyr Zelenskiy was a 'not a threat? to his aircraft. However, the incident is very worrying. Prime Minister Micheal Mart told the parliament that a small number of unidentified UAVs were seen in the area of a naval vessel patrolling the coast of Dublin the evening before?Zelenskiy arrived for a visit of state. Martin said that the drones posed no threat to President Zelenskiy’s aircraft, because it had safely landed a long time before this incident. He didn't directly respond to Irish media reports that drones were flying near Zelenskiy’s flight path. 'RUSSIAN-INSPIRED ?HYBRID CAMPAIGN' Martin said that the circumstances suggest this is part of a hybrid campaign inspired by Russia against European Union interests and Ukrainians. A spokesperson from the Russian Embassy in Dublin stated that any suggestion of Russia's involvement was unfounded and that European politicians were spreading a "myth", about the danger Russia poses to Europe. In recent months, drone flights, whose origin is mostly unknown, disrupted airspace operations across Europe. On a?visit to Dublin, Tuesday, European Council President Antonio Costa described the incident last week as "another?hybrid attack from Russia." Ireland, a militarily neutral country, has the lowest level of defence spending of all of?Europe. Martin has pledged to increase this and has announced plans to invest anti-drone technologies. He said: "It's very clear that there is a threat to Ireland's security." Martin stated on Tuesday that the government is "fully certain" that it can protect European leaders who are due to attend a Summit during Ireland's presidency of the Council of the European Union (CEU) in the second half of the next year. Conor Humphries, Nia Williams and Conor Humphries wrote the article.
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Azerbaijan SOCAR and Hungary MVM sign new Gas Supply Deal
SOCAR, Azerbaijan’s state energy company, and MVM ONEnergy of Hungary have?signed a natural gas supply contract?that takes effect on 'January '1, 2026. Azerbaijani gas is gaining in importance since the collapse of Russian gas exports to Europe following Moscow's invasion of Ukraine in February 2022, and subsequent Western sanctions. SOCAR stated that the new agreement was based on the old contract. SOCAR signed an agreement with MVM CEEnergy in June 2023 for a?supply? of 100 million cubic meters?of natural gas. Deliveries will begin in April 2024. A source familiar with the deal said that Azerbaijan would export around the same volume in 2026 that it did in?2024. This is approximately 100 million cubic meters. The volumes will be supplied during the winter. MVM Group owns a 5% stake in Azerbaijan's Shah Deniz Gas Field and a 4.5% stake in South Caucasus Pipeline Company. Azerbaijan exports gas to 15 countries mostly in Europe. According to the energy ministry, its gas exports reached 18.3 billion cubic meters in the first nine month of 2025. Reporting by Nailia bagirova, Editing by Tomaszjanowski
Energy Transfer expects Lake Charles LNG investment to be approved in early 2026
Energy Transfer, a U.S. pipeline company, has secured enough agreements to sell liquefied?gas for it to make a final investment decision about its Lake Charles LNG Project early next year. An executive stated this on Wednesday during the Energy Live conference in Houston.
Energy Transfer is developing a?LNG facility in Louisiana with a capacity of 16.5 million metric tonnes per year. Last month, it said that 80% of the project would be sold to equity partners.
Amy Chen Davis, vice president at Lake Charles LNG, stated that the marketing aspect of the project was the most uncertain. However, the work has been completed and Energy Transfer now has enough volume to make the final investment decision in the early part of next year.
Davis said she wasn't overly worried about the possibility of an?oversupply in?LNG? because lower prices can often lead to a higher demand.
She said, "We can't undervalue the power of supply catching up with demand." Sheila Dang, Houston Reporting Editing by Nathan Crooks & David Goodman
(source: Reuters)