North Africa

Owner Torm claims that oil products tankers rerouted their voyage to Asia via Suez in response to Houthi warnings

The owner of the Danish flagged oil products tanker, Torm Innovation, announced on Friday that the vessel will sail to Asia via the Suez Canal with its cargo due to the current security situation in southern Red Sea. The Iran-aligned Houthis declared a naval blocade on 'Monday against Saudi Arabia, opening up a new front in the war between the United States and Iran. This could threaten global energy supplies and trade beyond the Gulf. The vessel will sail via the Suez Canal and around Cape Horn to Asia, due to the current security situation on the southern Red Sea.
Passenger Ground & Sea Transportation

After Houthi attacks, the cost of war risk insurance for south Red Sea cruises has increased.
Aramco offers additional crude oil cargoes to the Mediterranean amid Red Sea threat, sources claim

Five trading sources have confirmed that Saudi Aramco is offering additional 'crude' cargoes to be loaded from Egypt's Mediterranean port Sidi Kerir. This comes as a result of?Houthi threats against?Saudi shipping, which raises risks for Red Sea exports southbound through the Bab el-Mandeb strait. Two sources confirmed that the cargoes are being sold on a spot-basis, and will be supplementing Aramco's long-term buyers. Aramco supplies a few customers in Europe and North America from Sidi Kerir. The additional volumes indicate that the company wants to be more flexible in its approach after the Houthis in Yemen vowed an attack on
Passenger Marine Transportation

Data shows that more ships are changing course in the Red Sea following Houthi threats
Shipping data shows that more ships are changing course in the Red Sea following Houthi threats

Ship tracking data revealed that four tankers changed their navigational course on Wednesday in the Red Sea, with two of them indicating the Suez Canal as their new destination. Yemen's Houthi milita warned ships not to sail to Saudi Arabian port after warnings from the Houthi militia. According to LSEG and MarineTraffic'ship tracking data and analyses from British maritime -risk management group Vanguard, the?vessels changed their direction. The?other two indicated their destination as a?open?waters?in the Red Sea. According to shipping data, it appears that a fifth ship, a vehicle-carrier, turned back in the Gulf of Aden Wednesday after signaling the
Transportation

Sources say that the $30 billion Morocco-Germany power cable has been stalled due to governance differences.

Four sources claim that a $30 billion project, which would provide Germany with renewable energy from Morocco via the longest intercontinental undersea power link in the world, is currently being delayed by disagreements about structure and guarantees. Sila Atlantik is a project that aims to link Morocco and Germany through two subsea cables capable of delivering up to 5% the annual German electricity demand. According to project developers, the cables would be 4,800 km long (2,892 meters) and fed by solar and wind power installations up to 15 gigawatts in Morocco. The total infrastructure costs around $30 billion. European countries
Sources say Egypt is in negotiations with energy giants to secure a multi-year LNG deal.

Transport Infrastructure

The Gulf markets are gaining ground as caution persists

The major Gulf stock exchanges rose in the early trading on Wednesday, amid signs of progress in U.S.Iran negotiations. However, there was still uncertainty about?the durability? of the agreement. The two countries that concluded the first round of negotiations on Monday in Switzerland gave contradictory accounts of some key elements of the Framework Agreement signed last week for the end of the war. These included financial incentives to Iran, control of the Strait of Hormuz, and Israel's war in Lebanon. Donald Trump, the U.S. president, said that Iran agreed to nuclear inspections in "infinity" on Tuesday. Tehran denied this concession...

Transport Infrastructure

Riyadh Air, a Saudi-backed airline, has been granted permission to fly US routes

The U.S. Transportation Department announced Tuesday that Saudi Arabia's Riyadh Air won the rights to fly to and from the United States. Last week, the airline began its first London flight using its new Boeing fleet. Riyadh Air, Saudi Arabia's next national airline, will be launched in 2023. It is owned by Saudia's Public Investment Fund. USDOT stated that "the grant of this authority is in the public's interest." Riyadh Air informed the?USDOT last month when it requested approval that it intended to operate to more than 100 destinations Delta Air Lines, for example, has or is planning partnerships with...

Transport Infrastructure

Is the Iran War just an energy shock or a turning-point? Russell

Loss of?barrels, and increased prices are already signs that the Iran war has disrupted global crude oil and gas markets. With a U.S. peace deal with Iran expected to reopen Strait of Hormuz in the near future, it's time to assess whether this was a 'watershed moment or just another blip. Consider two precedents. Volkswagen's "Dieselgate", a scandal in 2015 over rigged emission tests, seemed innocent at first. But it signaled the end of diesel cars for passenger vehicles and the rise?of electric vehicle (EVs). The 2022 Russian invasion of Ukraine sparked a dramatic rise in energy prices. However, the...

Transport Infrastructure

Is the Iran War just an energy shock or a turning-point? Russell

Losses in barrels of crude oil and increased prices are already a result of the Iran war. With a U.S. - Iran peace deal expected that will reopen the Strait of Hormuz the reckoning has begun: Was this a watershed or just another blip, we ask? Consider two ?precedents. Volkswagen's "Dieselgate", a scandal involving rigged emission tests in 2015, seemed innocent at first. But it signalled the end of diesel cars for passenger vehicles and the rise in electric vehicles (EVs). The impact of Russia's invasion of Ukraine in 2022 was short-lived due to the market's ability reroute the flows...

Transport Infrastructure

Data shows that Russia's seaborne Diesel exports dropped in May due to drone attacks

Data from market sources and LSEG shows that Russia's seaborne gasoil and diesel exports fell 18% in the same month compared to a year ago, and 3% on the month, respectively, from 3.7 million metric tons. Sources said that the ultra-low-sulphur Diesel shipments from Primorsk - Russia's largest outlet for diesel exports - fell by 5% in April to 1.375 million tonnes. In May, drones struck several of Russia's largest refineries, including the Lukoil owned NORSI refinery as well as Rosneft Ryazan refinery and Surgutneftegaz Kirishi refinery. The latter is one of Russia's largest?diesel manufacturers. Diesel production in Russia dropped...

Transport Infrastructure

UAE markets benefit despite the stalled US/Iran peace talks

The stock markets of 'the United Arab Emirates' closed higher on Friday. Dubai outperformed its regional peers despite the fading hopes of a diplomatic breakthrough between Israel and the U.S. Hezbollah, a militia backed by Iran, rejected a ceasefire on Thursday in?Lebanon and Israel announced it?wouldn't withdraw troops from the?country?undermining U.S. president Donald Trump's attempts to halt fighting?and achieve a peace?deal? with Tehran. Dubai's main index of shares rose by 0.9%, boosted by gains in the industrial and utilities sectors. Salik Company, a toll operator, increased by 1.6% while Emirates Central Cooling Systems grew 2.5%. Abu Dhabi's benchmark indices settled...

Transport Infrastructure

Major Gulf markets gain on US-Iran peace deal hopes

The major Gulf stock exchanges rose slightly on Thursday in the early trading after Israel and Lebanon agreed to implement ceasefire. This boosted optimism for a larger deal to end the U.S. War with Iran, even though tensions were simmering. A joint statement issued by the U.S. State Department following talks in Washington said that the Israel-Lebanon truce is conditional on the complete cessation from fire of the Iran-aligned Hezbollah and the evacuation?of all their operatives?from the South Litani Sector. Donald Trump, the U.S. president, suggested Wednesday that progress could be made in negotiations with Iran by this weekend. Iran...

Transport Infrastructure

Major Gulf markets gain on US-Iran peace deal hopes

Sonatrach and Saudi Aramco cut prices by 18% & 31% respectively.

Saudi Arabian state oil producer Saudi Aramco raised its official selling price for liquefied gas by 1% to 3% between June and July, while Algerian Sonatrach cut it from 18% to 31% because of a higher supply on the Mediterranean market. Saudi Aramco increased its June OSPs by $10 per metric ton, to $760 for propane And?by $20 per ton up to $820 for butane . LPG comes in two types: Propane and Butane. They have different boiling points. LPG is used primarily as fuel for cars and heating, as well as as a feedstock for other chemicals. Sonatrach has...

The US-Iran trade dispute has impacted most Gulf markets.

Early trade on Monday saw most Gulf stock exchanges retreat after Iran and the U.S. traded strikes. Israel also ordered its troops to advance further into Lebanon in its battle with Tehran-backed Hezbollah. The U.S. said it had struck Iranian military sites at the weekend. Iran's Revolutionary Guards responded by saying they had attacked a U.S.-based base. This is the latest exchange in negotiations to end a three-month old?war. The fighting that followed the Israel-Lebanon talks in Washington on Friday tempered hopes that U.S. officials and Iranians would soon announce an extension of their ceasefire. Saudi Arabia's benchmark Index fell...

UAE equity gains as oil rallies due to US-Iran uncertainty

The stock markets of the United Arab Emirates ended a tad higher on Friday, with Dubai outperforming the rest. This was due to rising oil prices. Investors were doubting the prospects of a breakthrough in U.S. - Iran peace talks. The nations are divided over Tehran's uranium stocks and the control of the Strait of Hormuz. Brent crude rose 2.85% to $105.5 per barrel at 1130 GMT. Dubai's main stock market rose 0.6% led by the real estate and industrial sectors. Parkin Company, a parking service provider, and a blue-chip developer named?Emaar Properties both grew by 1.7%. Emaar Properties announced...

Algeria purchases wheat for shipment to two ports, traders claim

Traders in Europe said that the state grain agency of Algeria, OAIC, is believed to have purchased milling wheat Tuesday as part of an international tender which sought a limited'shipment' only to two ports. Initial estimates put the volume at about 200,000 tons. The requirement to only unload wheat?in two port tenders - Mostaganem or Tenes - from the OAIC signals that a relatively low purchase will be made. Initial estimates of the purchases reported ranged from $284-$285 per ton for shipment to Mostaganem, and $292 per ton (c&f), for Tenes. The cost of shipping to smaller ports was cited...

Investors focus on Trump-Xi Meeting to boost Gulf markets

Investors closely watched the 'high-stakes' meeting between U.S. president Donald Trump and China’s Xi Jinping, hoping to see any hints of a breakthrough relating to the iran war. Trump will encourage China to persuade Iran to reach a settlement with Washington in order to end the war. Analysts doubt that Xi would be willing to pressure Tehran or to end its support for the military given Iran's importance to Beijing as a counterweight to U.S. As efforts to resolve the conflict continue to stall,?governments have been forced to implement relief measures to help consumers. Xi stated that trade talks 'with...

Passenger Transportation Services

The Gulf stock market gains on US-Iran deal

Investor sentiment improved after an interim ceasefire was reached between Iran and the United States. U.S. president?Donald Trump signed a deal with his?Iranian counterpart on Wednesday to end the war. Trump warned that Washington would re-target Iranian officials and resume its attacks if Tehran did not honour its commitments. Dubai's main stock index rose by 0.8%, led primarily by the?real estate and industrial stocks. Emaar Properties, a developer, gained 2% while Emirates NBD Bank added 1.3%. NBD Bank, Dubai’s largest lender, announced that it has completed the acquisition of India's RBL Bank's majority stake through a $2.75 billion primary infusion....