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Gulf bourses mix as U.S. Iran talks stall. New fund lifts UAE share prices
The major Gulf stock exchanges were mixed early on Monday as investors remained largely on their sidelines due to uncertainty surrounding U.S. - Iran?talks, but the 'announcement' of a national fund in the uae boosted the shares. The weekend saw hopes for renewed diplomacy dim after U.S. president Donald Trump cancelled his planned visit to Islamabad by his envoys on Saturday. Trump said Iran was welcome to contact him if they wanted to?negotiate an end of the two-month conflict, but insisted that Tehran'must never obtain a nuclear weapon. Iran said that the U.S. had to lift 'barriers' to any deal including its blockade on Iranian ports. Abbas Araqchi is in Russia, seeking support from Vladimir Putin. The UAE Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum announced on Sunday that the country would establish a national fund of 1 billion dirhams ($272,26 million) to improve industrial resilience. The prime minister said that the fund would support localisation of strategic industry, boost?supply chain resilience and accelerate the adoption of artificial Intelligence in production, operation, and planning. Dubai's main stock index gained 1.2%. This was led by blue-chip developer Emaar Properties, which rose 1.8%. Toll operator Salik also advanced 2.5%. Alpha Dhabi Holding, a company based in Abu Dhabi, grew 2.8%, while the index rose 0.4%. Saudi Arabia's benchmark Index fell?0.1% due to a drop of 1.2% in Saudi Arabian Mining Co. Saudi Tadawul Group also plunged 5.9% after a sharp decline in its?quarterly profits. Qatar National Bank, the Gulf's largest lender in terms of assets, lost 0.3%.
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Orders for LNG tankers continue to grow despite mixed prospects from the Iran War
Analysts and industry executives say that global orders for LNGCs are expected to rebound this year following a slump in 2025, as the growing production of LNG and improved fuel efficiency on vessels will drive demand. The increase in orders offsets concerns that the U.S. - Iran war could reduce shipping demand near-term and?pressure freight rates. According to Poten & Partners & Drewry, since late last year, South Korea and China shipbuilders have received more orders. In the first quarter of this year, 35 new LNGCs were contracted. Drewry data show that, by comparison, 37 LNGCs have been ordered for 2025. In 2022, a record number of 171 LNGCs was placed. Each tanker is between $250 million and 260 million dollars, with a build time of over three years. The upcoming LNG production in North America, Africa, Canada, and Argentina, will create tanker demand. Fuel efficiency and vessel demolitions are also expected to increase, according to Pratiksha?Negi, Drewry’s lead LNG analyst. Steam turbine and diesel-electric ships should be phased out. FLEXIBLE U.S. FLEXIBLE U.S. Over 700 LNGC vessels are in the global LNGC fleet, and they handle more than 400 million tonnes per annum of LNG. Fraser Carson, Wood Mackenzie's principal analyst for global LNG, stated that more than 120 mtpa in new U.S. supply will be available within the next three to four years. He said that the growth in U.S. gas and flexibility of LNG supply has created trading patterns which require more shipping. U.S. Liquefied Natural Gas (LNG) is typically sold free-onboard with flexible destination options, allowing for mid-voyage diverts that can prolong vessel delays. Japan's Mitsui O.S.K. Jotaro Tamura, CEO of Lines, which is the largest LNGC fleet owner in the world with 107 vessels expects U.S. LNG investment to spur tanker order, he said. The company intends to increase its LNGC fleet by approximately 150 vessels around 2035. Drewry data revealed that the number of LNGCs powered by steam has increased from 2022, to 15 vessels in record time last year. This is due to tighter emission regulations and poor economics. Uma Dutt is vice president of LNG at Anglo-Eastern global ship management, and she said that a proposed framework by International Maritime Organization (IMO) to reduce shipping emissions also drives demand for new build. WAR COMPLICATES OUTLOOK However, the Iran war presents contradictory signals for LNG shipping. The disruption of LNG supply is pushing Asian buyers to alternative suppliers like the Atlantic basin, which increases travel distances. Wood Mackenzie's Carson said that it could also increase demand for LNG projects in other regions, increasing the overall demand for carriers. The 'war' has disrupted LNG flow through the Strait of Hormuz, and Qatari capacity of 12.8 mtpa will be sidelined for 3 to 5 years. This could reduce shipping demand, and weigh on freight rates, at a moment when an avalanche of ships is coming. Qatar, with its 100 LNGCs will build 70-80 new ones over the next three to four years, while ADNOC, the UAE's ADNOC, is expected to double their fleet to 18 in 36 months. He said that "most of these new vessels were intended to serve LNG projects in construction, which are now experiencing delays." The longer the delays continue, the more likely that the ships will be offered on the market under sublet agreements - softening the rates significantly. Poten & Partners and Drewry 'expect a new record of 90-100 LNGCs being delivered this year, up from 79 LNGCs in 2025. Negi, a Drewry representative, said that seven of the nine LNGCs originally scheduled to be delivered this year but now delayed to 2027-2028 are connected to QatarEnergy. Poten & Partners Senior LNG Analyst Irwin Yeo stated that some companies may put off placing large new orders because of the uncertainty caused by war. Some people may be put off by the rising costs of raw materials and labour in shipbuilding, as well as market uncertainty.
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Jet fuel crisis is a boon to Nigerian Dangote but not local airlines
The 'giant Dangote refinery in Nigeria is enjoying record margins on jet fuel it sells mostly abroad. Meanwhile, the domestic airlines that it supplies are threatening to stop flying due to the rise in fuel prices. The largest refinery on the continent was built in order to make Africa's most important oil producing country a net exporter, reduce?Nigeria?s dependence?on fuel imported, and protect its economy from global energy crises. The plant was fully operational by the beginning of this year, and it is currently producing at its maximum of 650,000 barrels of oil per day. Nigerian fuel prices remain among the highest on the continent, despite the fact that the market has been deregulated. This means the government does not subsidise fuel prices as it does in many African countries. Dangote's debt repayment agreements with the state oil company complicate matters further. They require that Dangote imports most of his crude oil, which makes it easier for it to balance its accounts if it exports. Clash with the needs of the aviation industry Airline Operators of Nigeria, an industry body, said that prices have nearly tripled since February, before the Iran War. Nigeria's energy regulator reported that Dangote is selling jet fuel for 1,879 Nigerian naira per litre ($1.39), which is not much different from the imported fuel price of 1,900 Nigerian naira per litre ($1.41) delivered to Lagos in earlier this month. Jet fuel shortages are a pressing concern due to the Middle Eastern conflict. Prices have been raised, fuel surcharges added and planes grounded by airlines around the world. Last week, Nigerian airlines threatened to stop all flights. This prompted the government to take measures on Thursday including a?relief of debts owed to local airlines? and?ordering?talks in order to try to negotiate lower prices. DANGOTE’S MARGINS CAN BE BETTER. Dangote has, on the other hand, been able, with a highly efficient new refinery, to benefit from record margins in producing jet fuel using crude. Profits could be higher if the company relied on Nigerian crude oil and avoided almost all shipping costs. The Nigerian National Petroleum Company Limited, a state oil firm, has a joint venture crude that is tied to loans backed by oil and pre-export agreements. This means that a large portion of Nigeria's production of about 1.5 million barrels a day is used to pay debts to banks, traders and international oil companies. Analysts estimate that the NNPC's obligations are about 400,000 barrels per day. Davekumar Edwin, vice president of Dangote Group, said that Dangote imports most of its crude oil from the U.S. as well as from other African producers as Brazil. He did not provide exact figures. He claimed that the majority of the 24,000,000 litres jet fuel produced daily was shipped to Europe. However, he said that the refinery also supplied a large portion of the Nigerian airline's needs, which are estimated by the aviation industry at?about 2 million litres per days. EUROPEAN BUYERS?ARE WILLING to PAY MORE Data from Kpler and LSEG show that European buyers are willing pay a premium to get ahead of the summer travel season. The data shows that European imports have been averaging 78,000 to 96,000 barils per day so far in April, which is the highest ever recorded. Alan Gelder, senior Vice President for Refining, Chemicals and Oil Markets at Wood Mackenzie said that European refiners earned around $15 per barrel. Dangote, he said, had margins more than twice as high due to the access it has to Nigerian crude oil and because of the size and sophistication of its plant. Edwin didn't disclose any figures, but profits from the production of?jet fuel reached a record in international markets during March. Dangote prices its products based on global markets. Dangote is planning to list its shares in the next few months. The complex will be expanded to a capacity of 1.4 million barrels per day, making it the largest refinery in the world by the end decade.
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Maguire: China's clean technology exporters are cashing in on the Iran war, which has affected oil and gas flows.
China's exporters of solar systems, batteries, electric vehicles, and other clean energy components had a?record month last month, as the Iran War and the subsequent closure of Strait of Hormuz disrupted oil and gas supplies to the Middle East. Data compiled by 'Ember' shows that the combined sales of Chinese clean energy products and parts totaled $26 billion during March. This was the highest clean-tech monthly figure ever recorded by a world leader in battery, electric vehicle and solar panel manufacturing. The total monthly revenue was up by 30% over February, and 52% higher than the same month of 2025. This is due to the earthquake shock caused by the bombings in the Middle East as well as the closure of important shipping lanes. BATTERY BOOM Last month, battery systems were the top-selling component in China among clean energy components. Sales of just over $10 billion were recorded. This compares with average monthly battery exports of $7 billion since 2025. It also marked a sharp increase in global orders of battery systems used by utilities to store energy and in electric cars. Asia, with 29% of exports, was second in line for Chinese battery imports. In March, Germany ($1.26 billion) was the largest market for Chinese batteries. This was followed by the United States ($823 million), Netherlands ($635 millions), Vietnam ($597millions), and Australia ($595millions). Germany registered the largest monthly increase of battery imports in comparison to February. Import purchases increased by $286 million in March. Vietnam and Oman both registered monthly increases of more than $200 million in the last month. SOLAR SPURT Chinese solar systems saw the second-largest increase in exports in March. They went from $2.1 billion to $4.8 million, the highest monthly total in the last 20 years. Asia accounted for the largest share of travel, or 43%, or $2.3 billion. Europe was second, with 27%, or $1.3 billion. The Netherlands was the largest overall importer of solar panels in March. They paid $400 million. This is a nearly $200 million increase over the previous month and compares with a monthly average around $264 millions since 2025. Last month, India, Indonesia, and the Philippines were the top five buyers of solar systems from China. EV EXPORT VOLTATILITY China's electric vehicle exports have been in turmoil so far in 2026, as changes in subsidy schemes in various countries affected consumer demand before the Middle East War disrupted global trade and consumer confidence. EV exports in the first three months of 2026 reached just over $21billion, a record compared to the $12billion exported during the same period in 2025. Europe, with 45% of sales, was the most popular destination for Chinese EVs. Asia followed, with a 25% share. Belgium was the leading exporter of EVs, followed closely by Brazil, Germany, United Kingdom and Australia. The sharp drop in sales?to Middle East in March was a notable feature. Air raids in that region had brought the movement to a standstill. In March, China exported EVs to the Middle East at a rate of only 4%, but this will increase to 11% by 2025. In March, the Middle East saw a sharp decline in the deliveries of grid systems made in China for the same reason. This shows that China's clean energy component exporters have also suffered from the Iran War. Those drops in Middle East deliveries may also be indicative of pent up demand when peace returns to the region and trade flows resume. This 'in turn' puts Chinese clean-tech exporters in a good position to maintain strong global sales, even when flows of Middle Eastern oil, fuel, and gas start to recover. These are the opinions of a columnist who writes for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Paytm's India falls over 8% as RBI cancels its banking licence for the payments bank
Paytm Payments Bank Limited shares fell 8.4% Monday, their biggest intraday decline in over three months, after India's central Bank last week cancelled its banking license. Later, the stock recovered some of its losses and traded down by about 3.5%. Reserve Bank of India made the decision two years after it imposed "business curbs" over violations. The regulator ordered the bank to stop taking new deposits due to non-compliance of rules. The RBI said that the continuation of the bank would not serve the public interest or any useful purpose. When announcing its cancellation, it?added "the general nature of the management is detrimental to the interests of depositors and also the public interest". The board of One 97 Communications, parent company of the payments bank, approved its winding down on Saturday. One 97 Communications stated that "the company wishes to assure shareholders and investors of its business, operations and financial condition, the cessation associated?relationship with PPBL and the subsequent winding up of PPBL is not expected to have a material impact." Analysts at BofA Securities stated that the cancellation of the license could increase regulatory risks for Paytm. They said that they saw "risks" in the future where Paytm may have a harder time obtaining any licenses from RBI.
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Bloomberg News reports that China Merchants has joined the talks to sell CK Hutchison ports
Bloomberg News, citing sources familiar with the situation, reported that China Merchants 'Group is in discussions to join a consortium looking to?buy dozens of CK Hutchison Holdings port. The report stated that China Merchants was joining the negotiations to?help state-owned company China?Cosco Shipping fund the deal. According to the report, the consortium includes the US investment firm BlackRock's GIP Fund and Italian billionaire Gianluigi?Aponte's 'Terminal Investment'. China Merchants Group was unable to respond immediately to a comment request from CK Hutchison. Last month, CK Hutchison said it was still in talks with a group to sell the majority its 'ports' business. Conglomerate owned by Hong Kong’s richest man Li Ka shing has been caught in a diplomatic whirlwind since U.S. president Donald Trump objected to Chinese ownership of ports along the 'globally strategic Panama Canal.
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WSJ reports that budget airlines are urging the US government to help with a $2.5 billion plan for relief.
The Wall Street Journal reported that a group of U.S. low-cost airlines, including Frontier Airlines and Avelo Airlines, are seeking government assistance worth $2.5 billion to exchange warrants for equity stakes in the companies. Reports say that the chief executives of low-cost carriers met with Transportation Secretary Sean Duffy, and Federal Aviation Administration Chief Bryan Bedford in Washington on Tuesday. Discussions regarding a possible aid package will continue in coming days. According to a WSJ report, the budget airline group calculated that they would spend $2.5 billion more on jet fuel this year than they had forecasted earlier, assuming average jet fuel prices remained above $4 per gallon. Could not verify the report immediately. White House, Frontier and Avelo didn't respond to our request for comments. The pitch highlights one of Washington's unintended consequences: an increase in jet fuel costs that have roughly doubled, squeezed margins, and pushed weaker airlines to the edge. Budget?airlines are requesting the government to provide up to $500 million to save low-cost carrier Spirit Airlines. The U.S. Treasury was given warrants on major airlines in exchange for $54 billion of aid. It only made $556.7 from the sale of these warrants, and many were of little value. (Reporting and editing by Sumana Aich and Rashmi Nandy in Bengaluru)
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Australian shares fall as miners and banks drag on Mideast tensions
Australian shares dropped on Monday as investors waited for "clearer signs" on the prospects of a permanent ceasefire. By 0021 GMT, the S&P/ASX 200 index had fallen 0.5% to?8,745.80 and was heading for its fifth consecutive session of losses. The benchmark index fell 1.8% in the past week, its biggest weekly drop since mid-March. Donald Trump, the U.S. president, said that Iran can call to negotiate an end of the two-month conflict, and stressed that Tehran will never be able to?acquire a nuclear weapon. This came after Trump, on Saturday, cancelled a planned U.S. ambassador visit?to Islamabad. Financials in the United States fell by 0.6%, with the four largest banks falling between 0.6% to 1% Investors are now looking to the Reserve Bank of Australia's meeting next week for clues on the country's rate trajectory. After the copper price fell on Friday, miners lost 0.3%. Mining giant BHP also dropped 1%. Energy companies lost 1.6%. This was the worst session of a week. Origin Energy, a power producer, fell as much as 4.5% after reporting a quarterly revenue drop of 9%. Gold?stocks rose 0.5% on Friday, bucking the trend of broader losses. Tech stocks gained?0.7% on the Nasdaq record-setting Friday close. Megaport, a network-as -a-service company, announced a contract for a 36-month period worth $25 million. The firm's shares jumped up to 9.5% and topped the subindex. Atlas Arteria shares jumped up to 15.5% in company news after the 'IFM Global Infrastructure Fund' launched a takeover offer, valuing Atlas Arteria at A$6.89 Billion. ($4.92 billion). New Zealand's markets were closed on Monday because of a public holiday.
Turkish BOTAS investment will increase Ceyhan crude oil production to 45 million barrels, according to a newspaper
A newspaper reported that the Turkish oil and gas pipeline operator BOTAS would invest in a project to quadruple crude oil storage capacity at its facilities in Ceyhan, in eastern Mediterranean.
Turkiye quoted BOTAS Chief Executive Abdulvahit Fidan as saying that the crude oil tank farm in Ceyhan project, where 'the Baku-Tbilisi -Ceyhan crude oil pipelines and Iraq-Turkey crude oils connect, will increase storage capacity to 45,000,000 barrels by 2030. It is currently 11.1 million.
Fidan was quoted in the paper as saying at an energy conference held on Saturday that the project would increase Turkey's ability to withstand energy crises and enable it to take a more active role?in regional markets.
Fidan, according to the newspaper, said that the project would be implemented in phases. Construction of the first six tanks will begin this year, and they'll be commissioned by?2028. The project will be completed in three phases between 2030 and 31.
Fidan also said that the multi-year plan would not only increase Turkey’s?energy storing capacity, but it will?create a critical buffer mechanism to protect against supply shocks. Reporting by Can Sezer, Editing by Daren. Butler
(source: Reuters)