Latest News
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BHP signs charter agreements with COSCO for dual-fuelled ammonia vessels
The mining giant BHP Group announced on Wednesday that it had signed contracts with China’s COSCO Shipping to charter two Newcastlemax bulkers powered by ammonia and dual fuel. Two vessels will be delivered in 2028, and chartered for five years. The vessels will be primarily used to transport ore from Western Australia into Northeast Asia. These vessels can reduce greenhouse gas emissions by at least 50 per cent and up to 95 per cent on a per-voyage basis compared to a conventionally-fuelled voyage, if they run on lower or low-to-zero GHG emissions ammonia, according to BHP. As part of its plans to reduce shipping emissions, the mining giant has previously stated that it will receive its first bulk carrier powered by ammonia in 2026. Shippers are looking at alternative fuels to reduce carbon emissions. However, it will take some time for the adoption to be scaled up.
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MMC Port is getting closer to launching Malaysia’s largest IPO in the last 13 years
The website of the Securities and Exchange Commission showed that MMC Port Holdings had filed a draft prospectus at the securities regulator on Wednesday. This could have been Malaysia's largest IPO in the last 13 years. The draft prospectus revealed that MMC Corp., the parent company, which owns MMC Port Holdings at 100%, would sell up to 30% of its stake in the port operator during the initial public offering. In February, it was reported that MMC Port could earn more than 6 billion Ringgit ($1.43billion) in the second half this year. This information came from two sources who were familiar with the situation. This would be the largest IPO in Malaysia since IHH Healthcare, a private hospital operator, listed for $2.1 billion in 2012. According to the draft prospectus, MMC Port will offer up to 4,27 billion shares in its IPO, which includes 3.99 billion for institutional investors, and 286.1 millions for retail investors. The draft prospectus didn't specify the IPO size nor the launch date. MMC Port didn't immediately respond to an inquiry for comment. The draft prospectus shows that the net profit fell 9.2% from 701.13 millions ringgit to 636.56 in 2024, but revenue increased nearly 10% to 4,36 billion ringgit. MMC Port is not expecting any profits from its IPO, but remains confident about the strength of its finances. The draft prospectus stated that "our board believes our company does not currently require additional equity financing for our business." Reporting by Yantoultra ngi; Editing and proofreading by Muralikumar anantharaman.
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Qantas Australia confirms cyber attack at customer contact center, data exposed
Qantas Airways, an Australian airline, confirmed on Wednesday that a cyber-attack had occurred at one of their contact centers. The attack affected customer data. The company stated that the breach was caused by a cybercriminal who targeted a call center and gained access to a third party customer service platform. Qantas stated that the platform has around six million service records of customers, but didn't mention if the accounts are also located outside Australia. Initial review confirms that the system contains names, emails, phone numbers and birth dates of customers, but not financial data such as credit card numbers or passport numbers. Qantas released a statement saying that they were still investigating the extent of data theft. They expect the amount to be substantial. It added that "no frequent flyer account was compromised, nor were passwords or PIN numbers accessed." The airline stated that the system was contained and would not affect its operations or safety. The company also alerted the Australian Federal Police and the Australian Cyber Security Centre, "given the criminality of this incident." The Australian Federation of Pilots and the Australian Cyber Security Centre, as well as the Office of the Australian Information Commissioner, did not respond immediately to our request for comment on the issue. (Reporting and editing by Mohammed Safi Shamsi, Rashmi aich and Shivangi lahiri from Bengaluru)
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Sydney's wild storm disrupts flights and leaves thousands without power
The wild weather system that pounded Sydney on Wednesday for a second consecutive day brought down trees, and cut off power to thousands in Australia's Southeast. The website of Sydney's airport shows that Qantas Airways, Australia's largest airline, and Virgin Australia have cancelled together at least 55 domestic flight in and out on Sydney Wednesday. Some international flights are delayed. Sydney's rail services were also disrupted. Authorities urged people to avoid travel that was not essential. Be very careful. Dallas Burnes, the chief superintendent of New South Wales Emergency Services, told ABC News that it's a wild world out there. We expect a busy day as people see the damages from last night. Meteorologists describe a coastal low-pressure as a bomb cyclone, which smashed Australia’s southeast coast over night with wind gusts exceeding 100 kph. This caused trees to be uprooted and power lines damaged. In some areas, a month's rain fell in just six hours. The air pressure drops dramatically within a short time due to the weather phenomenon. Outage data shows that after the storm over night, more than 35,000 properties in New South Wales, Australia’s most populous State, are still without power. Flooding and falling trees have closed several roads in the Illawara region of the state, south of Sydney. Central Coast residents were ordered to evacuate due to coastal erosion, and dozens of warnings for wind damage and flooding remain. The system is expected to ease and move towards the Tasman Sea on Thursday, before conditions worsen again through Wednesday. The National Institute of Water and Atmospheric Research in New Zealand said that the low-pressure system may bring strong winds and heavy rain to the North Island of the country on Thursday and through the weekend. Reporting by Renju José in Sydney, editing by Lincoln Feast.
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US sources claim that Iran has made preparations for the mining of the Strait of Hormuz.
Two U.S. officials claim that the Iranian military loaded mines on vessels in the Persian Gulf in late November. This move heightened concerns in Washington about Tehran's plans to blockade Strait of Hormuz in response to Israel's attacks against Iranian sites. Officials who spoke on condition of anonymity in order to discuss sensitive intelligence issues said that the previously unknown preparations took place some time after Israel's initial missile attack against Iran, which occurred on June 13. The mines were not deployed in the Strait, but the loading suggests that Tehran was serious about shutting down one of the busiest shipping routes on the planet. A fifth of all oil and gas exports pass through the Strait of Hormuz, and a closure would have likely pushed up energy prices worldwide. The global benchmark oil price has fallen by more than 10% in recent months, largely due to relief that the U.S. strike on Iran's nucleus facilities did not cause significant disruptions in oil trade. Iran's Parliament reportedly supported a measure on June 22 to block the Strait of Hormuz. This was shortly after U.S. forces bombed Iran's three most important nuclear sites to try to cripple Tehran’s nuclear program. Press TV in Iran said that the decision was not final and the Supreme National Security Council of Iran would have to decide. Iran has threatened to close the Strait over the years, but never carried out that threat. It was impossible to pinpoint the exact time that Tehran had loaded the mines during the Israel-Iran war, which if used would have stopped the ships from passing through the main thoroughfare. The mines may have been detonated since then, but it is not clear. Sources did not reveal how the United States determined the mines were placed on the Iranian vessels. However, such intelligence is usually gathered by satellite imagery, clandestine sources, or a combination. A White House official was asked to comment on Iran's plans. He said: "Thanks for the President's brilliant implementation of Operation Midnight Hammer and his successful campaign against Houthis and maximum pressure campaign the Strait of Hormuz is open, freedom of movement has been restored and Iran has significantly been weakened." The Pentagon didn't immediately respond to an inquiry for comment. The Iranian Mission at the United Nations did not immediately respond to a request for comment. Key THOROUGHFARE Two officials stated that the U.S. has not ruled the possibility of a ruse in loading the mines. Officials said that the Iranians may have loaded the mines in order to fool Washington into thinking that Tehran is serious about closing down the Strait. Iran's military may have been preparing for the worst in case the Iranian leaders had given the order. The Strait of Hormuz is located between Oman, Iran, and the Gulf of Oman in the south. It also connects the Persian Gulf to the Arabian Sea. The shipping lane is only 2 miles wide either way. It's 21 miles (34km) wide at the narrowest point. Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates are all OPEC countries that export the majority of their crude oil via the strait. This is primarily to Asia. Qatar, one of the largest LNG exporters in the world, sends most of its LNG via the strait. Iran exports the majority of its crude oil through the passage which, in theory, limits Tehran's desire to close the strait. Tehran has invested significant resources in ensuring it is able to do this if necessary. The U.S. Defense Intelligence Agency reported that Iran had more than 5,000 mines in its arsenal as of 2019. These could be quickly deployed by small boats with high speeds, according to the estimate at the time. Fifth Fleet of the United States, based in Bahrain is responsible for protecting trade in the region. The U.S. Navy typically keeps four mine countermeasure ships, or MCM vessels in Bahrain. However, these vessels are now being replaced by a different type of vessel, a littoral battle ship, or LCS. This vessel also has antimine capabilities. In the days before the U.S. strike on Iran, all anti-mine vessels had been temporarily taken out of Bahrain to prepare for a possible retaliatory assault on Fifth Fleet Headquarters. Iran's immediate response was a missile strike on a U.S. base in Qatar. Officials in the United States have not, however, ruled out any further retaliatory actions by Iran.
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US LNG exports drop in June due plant maintenance
According to preliminary data, LSEG, U.S. liquefied gas exports in June fell to the second-lowest monthly level of the year, due to maintenance work being done at the largest export facilities. LSEG data revealed that the United States, which is the top LNG exporter in the world, sold 8,4 million metric tonnes of super-cooled gas during the past month. This was down from the 8.9 MT of May, and far below the record set by April of 9,3 MT. The decrease in LNG exports is mainly due to maintenance at Cheniere’s Sabine Pass facility, which produces 4.5 billion cubic foot per day in Louisiana. It also includes its Corpus Christi plant, which produces 2.4 bcfd in Texas. According to LSEG, Cameron LNG's plant in Louisiana, which produces 2.0 bcfd, also had maintenance. Freeport LNG, which produces 2.1 bcfd, experienced unplanned outages. According to LSEG, maintenance at Cameron LNG and Sabine Pass LNG plants appeared to be complete by the end of the second week of June. The plants were producing close to their capacity. EUROPE DOMINATES BUYERS Data shows that the ongoing trade wars between the United States and Asia continue to affect the demand for LNG. The first half of this year saw a drop in LNG imports of 16 MT compared to 2024. Gas prices in Asia were higher than in Europe in June. The Asian benchmark Japan Korea Marker rose to $12.90 from $11.83 per mmBtu in May. The European benchmark Title Transfer Facility, in the Netherlands rose from $11.68 to $12.38 in June. LSEG data show that even with a slight arbitrage in favor of Asian exports, U.S. LNG producers only exported 5.53 MT (66%) to Europe in June. This was lower than the 6.05 MT (68%), which went to Europe during May. LSEG data show that exports to Asia remained low in June, with only 1.56 MT (or 19%) of total exports going to Asia compared to 1.88 MT (21%) in May. Due to the shorter shipping time from the Gulf Coast, LNG Canada Train 1, which is a 14 mtpa LNG plant, will likely compete with U.S. LNG Exports. The US exports more LNG closer to home The United States increased its exports of gas to Latin America, with 0.81 MT or 10 % of all cargoes. This was due to colder weather conditions in South America and difficulties in obtaining enough domestic gas in Argentina. LSEG data show that this is a significant increase from 0.66 MT, or just under 7% of all cargoes in May. According to LSEG, Argentina bought 340,000 tons of LNG alone in June. The U.S. supplied a third of this, and Trinidad and Tobago provided 230,000 tons. LSEG data shows that U.S. LNG exporteders continue to demonstrate versatility with exports to Egypt, South Africa and other countries in June. In June, a number deals were announced between U.S. LNG producers and buyers in Asia. These could lead to even more LNG leaving U.S. port over the next five-year period and maintain the country's position as the largest LNG exporter in the world. Reporting by Curtis Williams, Houston; Editing and proofreading by Alison Williams & Mark Porter
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US LNG exports drop in June due plant maintenance
According to preliminary data, LSEG, the financial firm, U.S. liquefied gas exports in June fell to the second-lowest monthly level of the year, due to maintenance work being done at some the largest export facilities. LSEG data revealed that the United States, which is the top LNG exporter in the world, sold 8,4 million metric tonnes of superchilled LNG during the month. This was down from the 8.9 MT of May, and far below the record set by April of 9.3 MT. The decrease in LNG exports is mainly due to maintenance at Cheniere’s Sabine Pass facility, which produces 4.5 billion cubic foot per day in Louisiana. It also includes its Corpus Christi plant that produces 2.4 bcfd in Texas. According to LSEG, Cameron LNG's plant in Louisiana, which produces 2.0 bcfd, also had maintenance. Freeport LNG, a Texas plant that produces 2.1 bcfd, experienced unplanned outages. According to LSEG, maintenance at Cameron LNG and Sabine Pass LNG plants appeared to be complete by the end of the second week of June. The plants were producing close to their capacity. EUROPE DOMINATES BUYERS Data shows that the ongoing trade wars between the U.S. and Asia continue to affect demand for LNG. Imports of LNG fell by 16 million metric tons in the first half compared to 2024. Gas prices in Asia were higher than in Europe in June. The Asian benchmark Japan Korea Marker rose to $12.90/mmBtu from $11.83 per mmBtu in May. The European benchmark Title Transfer Facility, in the Netherlands, rose from $11.68 to $12.38 in June. LSEG data show that even with a slight arbitrage in favor of Asian exports, U.S. LNG producers exported only 5.53 MT (66%) to Europe in June. This was lower than the 6.05 MT (68%), which went to Europe during May. LSEG data show that exports to Asia remained low in June, with only 1.56 MT (or 19%) of total exports going to Asia compared to 1.88 MT (21%) in May. Due to the shorter shipping time from the Gulf Coast, LNG Canada Train 1, the 14 mtpa LNG plant in Canada, is expected to compete with U.S. LNG Exports. The US exports more LNG closer to home The U.S. increased its exports of gas to Latin America due to colder weather conditions in South America and the difficulty in obtaining enough domestic gas in Argentina. This amounted to 0.81 MT, or 10% of the total cargoes that went to the region. LSEG data show that this is a significant increase from 0.66 MT, or just under 7% in May. According to LSEG, Argentina bought 340,000 tons of LNG alone in June. The U.S. supplied a third of this, and Trinidad and Tobago provided 230,000 tons. LSEG data revealed that U.S. exporters of LNG continued to demonstrate versatility in June with exports to Egypt and Namibia, as well as Bahrain. Reporting by Curtis Williams, Houston; Editing and proofreading by Alison Williams
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Iranian firm offers to purchase minority shareholders in Russian Caspian Port Terminal
The company's Tuesday records revealed that Nasim Bahr Kish (an Iranian firm) which holds a controlling interest in Russia's Astrakhan Port has made an offer to buy the remaining shares. This includes a 25% share owned by the Russian government. Astrakhan Port is a port in Astrakhan, a city located in southern Russia. This move highlights Tehran's growing involvement in Russia’s export infrastructure, as both countries strengthen their economic ties while under Western sanctions. Kommersant, a Russian newspaper, broke the news first. The Iranian firm would gain full control of one of the most important Caspian Sea Terminals used to transship grain, metals and timber. The terminal handled approximately 275,000 tons of grain in the agricultural season 2023/2024. However, volumes have dropped to 139.500 tons this season with no shipments made in May. Transporting Russian grain from Russia to Iran has been done by the Caspian Sea for centuries. The route saw a sharp decline in grain shipments in the second half 2025, due to the temporary Russian export ban of barley and maize. Analysts expect the agricultural season 2025/2026 to rebound, in part due to the crop loss in Iran in this year.
The death toll from the floods in Australia has risen to four. Tens of thousands are stranded.
A man's body was discovered in a car that had been trapped in floodwaters on Friday in Australia's Southeast, bringing the death toll up to four. Three days of non-stop rains have cut off entire towns and swept livestock away, as well as destroying homes.
The man was located near Coffs Harbour. This is about 550 km north of Sydney. Searches for missing persons have continued since the flooding began earlier this week.
Emergency services staff said that around 50,000 people were still isolated. Residents returning to their homes after flooding have been warned about dangers.
"Floodwaters can contain contaminants. There may be vermin or snakes. You need to evaluate these risks." "Electricity can be a threat as well," said state Emergency Services Deputy commissioner Damien Johnston during a press briefing.
After fast-rising water burst the river banks, television videos showed cars submerged up to their windscreens, and intersections with street signs.
The coast is littered with debris from the flooding, as well as dead and missing livestock.
Floodwaters forced Anthony Albanese to cancel a planned visit to Taree - one of the hardest hit towns.
Albanese, a reporter from Maitland (in the Hunter region), told reporters: "We tried... but it was not possible because of the circumstances. I'm certain people understand."
Our thoughts are with the communities who are currently cut off. We're here primarily to say that you are not alone.
Climate change is causing more extreme weather in Australia, according to some experts. Since early 2021, after devastating bushfires and droughts at the end last decade, there have been frequent floods.
Climate change is changing Australia's weather patterns one flood at atime, according to Davide Faranda of ClimaMeter.
SYDNEY DISRUPTIONS
The weather bureau's latest update said that the system is expected to subside by Friday night.
Sydney Airport had to close two of its runways on Friday for an hour due to strong wind, which delayed flights.
Officials warned that the Warragamba Dam could overflow. The dam, which provides 80% of Sydney’s water and is currently operating at 96% capacity, has a high risk of spilling.
(source: Reuters)