North America

Major?U.S. Airlines and travel groups warned Thursday that a partial government shutdown would snarl the air traffic just as spring break, a busy season for U.S. travelers, approaches. The funding for the Department of Homeland Security lapsed in February after Congress failed reach an agreement on immigration enforcement reforms requested by Democrats. This halted funding for several government departments, including the Transportation Security Administration. Around 50,000 TSA airport screeners work without pay. As the'shutdown' continues, more workers may be unable to or unwilling to report to work due to financial hardship. Chris Sununu is the CEO of Airlines for America,...

Ship tracking data revealed on Thursday that Iranian dry bulk'vessels' are trying to transport their cargoes through the Gulf to the export markets for the first time since the U.S. launched an attack? on Iran at the weekend. Since the start of the conflict, international shipping has been largely shut out of Strait of Hormuz. Vessels are wary of being shot at. According to MarineTraffic, two Iran-flagged?bulk ships - the Parshad? and the Parisan? - left Iranian port Bandar Imam?Khomeini? and Bandar Abbas on Thursday and were on water heading towards Kuantan in?Malaysia. The two ships that were sanctioned by...

As trucking capacity is tightening and road haul rates are rising, U.S. rail companies such as CSX Corp., Union Pacific and BNSF are attempting to capture freight from trucks. Low trucking rates and increased flexibility allowed road carriers to capture cargo that would have otherwise been transported by rail. This weighed on?rail volume and limited pricing power. This?dynamic has now shifted, at least temporarly. Freight ?broker ?C.H. Robinson stated that trucking capacity is decreasing as small carriers leave the market, and as federal scrutiny of driver licenses, safety and insurance requirements increases. This added pressure reduces the supply of drivers...

Berkshire Hathaway announced on Thursday that it had begun repurchasing shares after a two-year break. Greg Abel, who succeeded Warren 'Buffett in January as CEO, is putting his stamp on the company. Berkshire began its first stock repurchases on Wednesday. These repurchases may help Berkshire reduce the $373.3 billion cash position at year's end, which has grown because Buffett was unable to find stocks and companies to purchase. Abel revealed that he purchased 21 Berkshire Class A Shares on Wednesday, for $14.6 million. This represents the after-tax equivalent of his salary of $25 million. He plans to make similar purchases...

The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf. Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated. Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement...

March 5 - Berkshire Hathaway CEO greg abel says that he spoke with his predecessor, warren buffett, before deciding to resume stock repurchases Abel claims that 'berkshires' disclosure of stock repurchases was a once-off event Abel has expressed disappointment in the kraft-heinz investment. However, the new ceo of the food company is taking the right approach when evaluating the future of kraft-heinz. Greg ?abel interview ends Abel claims that his purchase of Berkshire stock is to demonstrate alignment with investors, and he plans to?do it every year Abel claims that Buffett is "in the office" every day and they talk...

Azerbaijan’s Foreign Ministry lodged an official protest at the Iranian Embassy on Thursday, after a pair of Iranian drones crossed the border and injured two people in a Nakhchivan airport. The?foreign minister said that the attack on Azerbaijan's territory violates international law and its principles and contradicts them. "We demand the Islamic Republic of Iran to clarify the matter as soon as possible, provide an explanation, and take the necessary urgent measures in order to prevent similar occurrences in the future." Baku reported that the Iranian ambassador in Azerbaijan was summoned by Baku to receive an official protest note. Azerbaijan...

Insurance broker Marsh announced on Wednesday that it met with U.S. officials in order to discuss solutions for restoring the maritime trade amid the escalating conflict in 'the Middle East. This waterway is a crucial chokepoint between Iran & Oman and transports about a fifth (or a fifth of the global trade in crude oil & liquefied gas). The shipping through the Strait has been slowed down significantly after Iranian attacks on commercial vessels. This raises concerns about a prolonged disruption of global energy supplies. Marsh, who helped establish an international insurance facility for Ukrainian commerce in 2023, welcomed a...

Senators have been informed that U.S. officials are to give a classified briefing to key senators on Wednesday, following two incidents in Texas with 'government drones' which prompted the Federal Aviation Administration (FAA) to close 'airspace? for airplanes. The U.S. Military shot down an unintentional government drone on February 25, using a laser-based system to combat drones. This prompted the FAA, who oversees flight restrictions around Fort Hancock in Texas, to extend this area. The FAA announced on February 18 that it would halt all flights at El Paso Airport, Texas for 10 days. However, the FAA reversed course after...

MSC, world's largest ocean container carrier, announced on Tuesday that all cargo bound for Gulf ports will be unloaded at the nearest safe seaport, due to the ongoing hostilities between the United States and Israel. Israeli and U.S. attacks on Iran. MSC, based in Geneva, said that the "End of Voyage Declaration" also applies to containers which have been loaded with cargo but are empty and intended to be exported to ports in the Gulf. MSC announced that a mandatory surcharge $800 per container would be applied to all affected shipments?without exception' to cover deviation costs. The company stated that...

According to an advisory published on Tuesday, London's marine insurers have widened their high-risk area in the Gulf as the conflict rages in the Middle East. Underwriters closely follow the Joint War Committee's guidance, which is comprised of syndicate members and representatives of the London Insurance Company Market. In a statement, the JWC declared that waters surrounding Bahrain, Djibouti Kuwait, Oman, and Qatar were high-risk zones. In a statement by the committee's secretary Neil Roberts, the JWC decided to review the areas during a meeting held on Monday. "In light of recent events", Roberts stated. He also added that these...

Financial Times reported that a consortium backed by BlackRock is pushing for the completion of its 'acquisition' of CK - Hutchison’s global ports business? without two terminals located in Panama after the authorities seized these assets. The report cited people who were familiar with the negotiations as saying that the Swiss-Italian Mediterranean Shipping Company and the U.S. listed asset manager are'said to be in discussions with CK Hutchison about?buying 41 ports throughout Europe, Southeast Asia, and the Middle East. Could not immediately verify the report. BlackRock, MSC - and CK Hutchison - did not respond to a request for comment....

Residents of Veracruz, a Mexican state, are concerned by the recent appearances of oil on local beaches. This has disrupted the livelihoods of the residents, who fear that it could contaminate the lagoon?where the communities raise fish and shrimp. Residents of Jicacal on the Gulf of Mexico have organized to remove as much of this hardened tar from the beaches as possible, as the viscous spill moves along the coast. Authorities have not revealed what caused the spill. Veracruz has a high oil activity in Mexico. This is true on both land and sea. The state oil company Pemex has...

The U.S. The 'U.S. Transportation Department granted tentative approval on Thursday for Wizz Air, a budget airline that operates flights between the UK and 'U.S. The UK subsidiary of Wizz Holdings applied for a foreign carrier permit in January to begin operating flights between the UK and the US "as quickly as possible." USDOT announced that it had tentatively approved the application but would give opponents 21 days to submit objections, which it will then consider before making a decision. Wizz Air UK has requested permission to launch passenger services under the 2020 Air Transport Agreement, also known as the...

Canadian 'pipeline operator South Bow announced?on Thursday that it had launched a formal open season? to seek?binding long-term shipping commitments? for a revival?of part of the Keystone XL?oil pipeline. This move could boost Canada’s crude _exports?to the United States?by more than 12%. Open season runs until March 30. Transportation commitments are sought from Hardisty in Alberta to the United States. Delivery points. South Bow will then?conduct a?60-day review before deciding the next steps. The company awaits a decision from the Trump Administration on whether or not to approve 'the project. If approval is granted, additional pipeline links would need to...

According to a filing made this week, the watchdog of the U.S.'s largest electrical grid urged federal regulators not to approve the sale of a Maryland-based power plant. The group cited concerns that the energy generated by the plant might be diverted to 'data centers, at a time when electricity is in short supply on the grid. The White House, Governors, PJM, and others have proposed that data centers supply or build new power in order to 'cover their electricity consumption. Monitoring Analytics, LLC, PJM's market monitor, has objected to the sale of Morgantown Generating Station by TeraWulf Inc, a...

After criticism of the Trump administration’s initial planning and assistance to U.S. citizens who were trying to leave the Middle East since the U.S. - Israel war on Iran started, the U.S. State Department announced on Thursday that it was 'intensifying the provision of charter flight services' from the Middle East. Airspace has been closed in the entire region due to the strikes which began on Saturday, and Iran's retaliatory actions against its neighbors. The Department of State, led by Secretary Marco Rubio, announced Wednesday that the first U.S. Government charter flight?left the region bound for America, but gave few...

Cuba's Energy Ministry announced on Thursday that power was being restored to the nation after a?outage? on Wednesday. The island's communist government, which is run by Trump, has been under increased pressure to reduce oil shipments. The ministry announced on X that the grid had been reconnected by 'early Thursday' from Guantanamo, in eastern Cuba, to Pinar del Rio, in the far western part of the island. According to the local utility EELH in Havana 22?substations? and 102 distributions circuits?representing roughly?36%?of the city?had been restored. The firm stated that the process would continue gradually as the conditions of the national...

It was the first time in World War II that the United States sank an enemy vessel using a torpedo. These details are based on the accounts of Sri Lankan, U.S., and Iranian officials about the incident that occurred on 'March 4th, as part of U.S., Israeli, and Iranian attacks against Iran and its military resources. Current Status of Relief and Rescue The Sri Lankan Navy began a search and rescue operation on Wednesday morning after receiving a distress signal from the Iranian warship IRIS Dena. When rescuers arrived, the ship was already sinking, and only a thin oil slick...

Mexico has expanded its investigation into fuel smuggling in seaports, which was highlighted?in an investigation 2025 into cartel-linked crimes. According to the February document, the anti-corruption minister is in charge of internal investigations at the ports of Guaymas and Tampico as well as Ensenada. It also oversees the Navy and Customs Agency. The government had previously acknowledged investigations into suspected fuel smuggling in the Port of Tampico, and 14 people were arrested last year for allegedly being involved. These included customs agents and Navy officers. The government's comments on fuel smuggling were in response to questions posed by the National...

Canada's Foreign Affairs Minister said that the government was working to repatriate citizens stranded in the Middle East. This includes arranging seats on commercial flights, negotiating charter flights, and providing ground transportation to neighbouring countries. Anita Anand, Canada's Foreign Minister, said that more than 2,000 Canadians had requested the government of Canada to help them leave the region after the U.S. attacked Iran. Around half came from Canadians living in the United Arab Emirates. Another 237 inquiries were from Canadians residing in Qatar. Anand stated that she had instructed her office to?enter into contracts for charter flights to leave the...

Iraq's?electricity?ministry announced on Wednesday that all provinces were experiencing a blackout. The?government attributed the power outage to a?technical?fault. Since the government's electricity is only available intermittently, many?Iraqis have been relying on private generators to provide power. Others have used solar power to cover their electricity needs. The Ministry of Electricity spokesperson said that the sudden drop in gas supply to the Rumaila Gas-fired Power Plant in Basra Province was the cause of the power system shutdown. The spokesperson added that the power was being restored gradually. According to a senior source familiarized with power operations who requested anonymity on the...

LSEG data and traders' reports indicate that Russia is diverting its naphtha from Oman to Singapore as it searches for new buyers. At least one tanker has now headed for Singapore. Iran's retaliatory?attacks on Gulf countries have caused disruptions in energy production, shipping and naphtha discharges. Since the European Union embargo against Russian oil products came into effect in February 2023 most Russian naphtha is being shipped to the Middle East and Asia. Middle Eastern countries also are the largest suppliers to Asia. The recent disruption has pushed Asia's naphtha price to four-year heights. According to LSEG, the Liberia flagged?tanker...

Six listed subsidiaries of Abu Dhabi's state oil giant ADNOC said that their operations were continuing as normal on Wednesday, with no material impact from recent regional events on their finances or businesses. The statement did not mention the U.S. and Israeli strikes on Iran or Tehran's response of attacking its neighbours. Separate, almost identical disclosures were made to 'the Abu Dhabi Securities Exchange by ADNOC Gas, ADNOC Drilling & Services, ADNOC Distribution, ADNOC Logistics & Services, Borouge and Fertiglobe. They said they are 'closely monitoring the situation in the United Arab Emirates and broader Gulf Region, and coordinating the...