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Kernel, Ukraine suspends port operations following Russian attacks
Kernel Holding, a Ukrainian agricultural group, announced on Monday that it had halted?operations? at its port infrastructure?in Chornomorsk following the significant damage caused by Russian missiles and drones. The company said that the attacks from July 10 to 12, damaged the grain, sunflower oil, and meal storage, and the infrastructure for transshipment. It added that the timing of restoring operations was uncertain. The Russian defense ministry announced on Monday that its forces had struck infrastructure at the Chornomorsk Port, claiming?that it was being used to handle military cargo by the Ukrainian armed force. Kernel, in a regulatory filing described the combined drone and missile strikes that occurred on the night of July 10-12 as being among the worst attacks on its port assets? in recent years. The company said that the'strikes' compounded previous attacks from May and June but 'that no injuries among employees have been reported. In its ongoing war against Ukraine, Russia has made the Black Sea port of Chornomorsk a frequent target. Reporting by Alicja Sundery, Editing by Kirsten Donnevan and Peter Graff
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Bousso: Cheap drones are a weak point for the global economy.
Drones are cheap, mass-produced and have revolutionized modern warfare. They expose critical energy infrastructure to be the Achilles heel of modern economies. Unmanned aircraft have proven to be able to evade air defences on the battlefields in Ukraine, Russia, and?the Middle East. This has made oil refineries and power stations as well as export terminals, pipelines, and even power plants, prime targets. The implications for the energy sector are huge. Drones that cost a few hundred dollars or a few thousand dollars each can threaten facilities that have taken decades to build and billions to invest in. This shifts the balance of power between attackers and defenders. Iran has provided one of most clear demonstrations of this reality. Since its conflict against the U.S. Since its conflict with the?U.S. Before the war began, the narrow waterway was responsible for around a fifth (or more) of the world's oil and gas supply. The attacks have thrown into question a long-held belief that the Strait could not be closed without a strong naval presence. Gulf producers have been forced to revive plans that they had made to reduce their dependence upon Hormuz. Governments across the Gulf are scrambling for thousands of kilometers of pipelines that will allow crude oil and natural gas to bypass the Strait. Every kilometre of pipeline, pumping stations or power substations creates a new potential target for drone attacks that are becoming more sophisticated. Iran has already targeted dozens of refineries and LNG plants, as well as power stations, in the region. It also demonstrated that it could 'rapidly produce new drones even during wartime conditions. Ironically, energy security measures could create new vulnerabilities. And the danger extends well beyond the Middle East. UKRAINIAN SWARMS Ukraine is the only place where drones have shown their destructive power. Kyiv has launched long-range drones in recent months against fuel depots, refineries and energy facilities deep within Russia. This has disrupted fuel supplies, and shown that strategic infrastructure is capable of being hit from far away. Ukraine is also building a domestic drone industry of large scale. Ukraine produces hundreds of thousands of low-cost, drones each month. This shows how quickly the technology has become commoditised. The proliferation of inexpensive drones has forced governments to rethink their national defence. This is a costly process. NATO members have announced that they will invest $40 billion over the next 5 years in counter-drone capability and train five times as many drone operators before the end of 2027. The technologies being developed include advanced radars, communications-jamming systems, interceptor drones, directed-energy weapons such as lasers, and specialised missile systems designed to destroy unmanned aircraft before they reach their targets. NATO stated that drones had "fundamentally changed the nature of modern warfare" and were now a major factor in the battlefield. "Effective defense relies on being able to quickly detect, identify and neutralise any drones." EXPAND ON YOUR OWN RISK The wars in Ukraine, Iran and other countries have revealed the vulnerability of vital infrastructures around the globe. This includes energy facilities, telecommunications systems, transport systems and electricity grids. In recent years, European authorities have reported an increase in the number of suspected Russian sabotage, hybrid attacks and cyber-attacks targeting offshore energy installations and rail networks. In the Middle East, the need for effective countermeasures has become more urgent because Iran could threaten to cut off Gulf producers' revenues by closing down the Strait of Hormuz. In order to counteract this, it is important to establish or expand alternative routes. Saudi Arabia considers expanding its crude oil pipeline, which connects the eastern oilfields of the kingdom with the Red Sea Coast. This would bypass the Strait. Saudi Arabia was able to export more than 4,000,000 barrels of crude oil per day, which is more than half its pre-war levels, thanks to the East-West pipeline, even though it was disrupted by the Iran war. United Arab Emirates has also expanded the pipeline that connects its oilfields with the port of Fujairah, outside the strait. Iraq and Kuwait have explored similar projects. This infrastructure can reduce the risk of a single strategic point being targeted, but it also creates a vast network of assets which are harder to defend. Energy companies now consider the risks of drone attacks, as well as other unconventional warfare forms when deciding on where to build and how best to protect and operate their assets. Some companies may decide to purchase their own drone defense systems, now that they know that their assets could be targeted. ECHOES FROM WORLD WAR I Drone technology is fundamentally changing the balance of power on the battlefield. Traditional air-defence system are often unsuited to combat small, low-flying planes and are, importantly, exponentially more expensive than the drones that they are trying stop. This dynamic has echoes from World War One when barbed wire, machine guns and artillery overturned centuries of military doctrine that relied on mass infantry assaults. A handful of soldiers with machine guns were able to slay hundreds of attackers who crossed open terrain. It was a bloody war of trenches and years on the Western Front. Only after the armies had developed new technologies, notably combat aircraft and tanks, were they able to finally break out of this 'deadlock. As governments and military forces develop more effective countermeasures, the current drone threat is likely to play out in a similar way. For now, however, the economic and tactical equations favor the attacker. This leaves one of the most important industries in the world facing a difficult reality: cheap technology can threaten installations worth billions. Drones will continue exposing the vulnerable underbelly to global economies until this imbalance is corrected. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
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Maguire: Mid-year checkup of the US power system vital signs
If the U.S. energy sector underwent a mid-year checkup, the doctor would have a positive verdict: vital?signs are improving, clean energy continues to gain strength, and long-standing illnesses are getting better. The transition is far from complete but the trendlines remain strongly pointed in the correct direction. The total output of electricity continues to increase as the system gets cleaner. According to the energy think tank Ember the total electricity production from January through June reached?2,234 Terawatt Hours (TWh). This is the highest output ever recorded for this?half-year?period and represents a 3% increase from the previous year. According to the Energy Information Administration (EIA), a large part of this growth will be driven by AI-hungry, data centers, and electrification. The EIA expects U.S. electricity consumption to reach record highs in 2026-2027 for a fourth consecutive year. The rapid expansion of the electricity supply appears to be a sign of a healthy patient. Before announcing a clean health bill, it is important to examine the following vital indicators. VITAL SIGN 1: CLEAN POWER APPROACHING PRIMARY STATUS Clean electricity is now a regular source of more energy than fossil fuels. This is the clearest sign that we have made progress. According to Ember, from March through May, clean energy?sources generated more than 50% of the electricity supplied by U.S. utilities, which is the longest stretch ever recorded. Clean sources provided 46.4% all of the electricity in June. This is when summer demand increases gas-fired power generation. This compares to 42.4% by?June 2025, and 41.7% by June 2024. It shows that clean-power is growing despite the aggressive push of the U.S. government to promote fossil fuels instead of renewables. Diagnose: Clean power is becoming the dominant source of energy during the key months of the calendar year. VITAL SIGN 2: SOLAR STRENGTH Solar power is the fastest growing part of our energy system. According to Ember's data, solar power production reached 51 TWh in June for the first time, and 231 TWh during the first half of 2012. Solar generation in?June of 2025 was approximately 41.5 TWh. The first half output for last year was 190 TWh - a growth rate year-on year of over 20%. Solar's share in the U.S. power mix has also risen to new heights. Since March, it has consistently contributed more than 10% to the total utility mix. Diagnosis : Solar power has evolved into a major contributor to the U.S. energy system. VITAL SIGN 3: COAL CONTINUES TO SHRINK The oldest chronic disease in the sector continues to decline. Coal's contribution to generation has fallen from 32% at the beginning of 2016 to only 11.7% by April 2026. In April 2026, coal-fired electricity generation will total only 39.8 TWh compared to more than 113TWh in January 2016 The high summer temperatures, coupled with the demand for air conditioners that consume a lot of power, have increased coal-fired production. However, its output year-to date is still around 11% lower than last year. Diagnosis : Coal is still a part of the mix for generation, but it's no longer an essential resource. VITAL SIGN 4: POLLUTION KEEPS FALLING The changing generation mix is affecting emissions. According to Ember, the total power-sector emission in June was just under 146 million tons of carbon dioxide or equivalent gases. This is a drop from the nearly 154 millions tons of emissions in June 2025. Despite an increase in electricity production, power sector emissions have fallen by 5% in a year. Spring 2026 produced particularly strong results, with total emission levels of only 114 million tonnes in March and 109 millions tons in April. These are among the lowest levels recorded in the dataset. Diagnosis : Cleaner generation translates into real emission reductions and not just cleaner capacity additions. VITAL SIGN 5: NATURAL GAS REMAINS KEY Not all indicators point to a successful transition. During the first half 2026, natural gas will still generate 39% to 40% of U.S. electric power. In June 2026, gas-fired production reached 162 TWh, highlighting its continued role in meeting demand and balancing the renewable output. Gas has been marketed as a "bridge" fuel for many years. It is still hard to replace in the top gas producing country of the world because it can increase production quickly when demand increases or renewable energy sources fall. Diagnosis : Although the patient is in better health, it still relies on gas for its primary source of dispatchable energy. CLOSING PROGNOSIS The mid-year review shows that the electricity system is undergoing a gradual transformation, rather than a radical revolution. Clean power has passed important thresholds. Solar has emerged as a real heavyweight. Coal is declining, and emissions continue to fall. The U.S. grid is becoming less fossil fuel-fueled, and more clean-powered with each passing year. The opinions expressed are those of the columnist, author. This column is a great read! 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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Australia's Regis gives up on Vault battle and Genesis' $3.9billion offer
On Monday, Australia's Regis Resources said it would not match an offer from a rival to purchase Vault Minerals. This cleared the way for Genesis Minerals A$5.6 Billion ($3.88 Billion) bid. The recent surge in gold prices has led to a consolidation of mid-tier mines. Genesis' offer, which Vault considered superior last week was at a premium of 15.7% to Vault's close price when the offer was made. It also came in nearly 6% higher than Regis' bid for all stock from May. Genesis-Vault would become one of the largest gold producers in Australia with a combined market value of A$12.6billion and a production capacity?of up 700,000 ounces per year. Vault shares are up nearly 8% from the time Regis made its offer. On Monday, the ASX 200 index was barely changed. The company's shares reversed their early losses and rose as much as 0.8%. Regis stock traded flat. Vault said in a separate filing on the exchange that it intended to end the Regis program and enter into an?agreement definitive with Genesis regarding its offer. The company's board of directors concluded that the terms required to match Genesis Proposal did not "meet" the value and return thresholds it applies to every?growth opportunity,? the statement said. Regis has said that the termination of the program will result in the payment of a break-fee of around A$50.7million to the company. Genesis has also confirmed that the terms of their proposal for Vault remain unchanged and are still open to acceptance until the Regis scheme is terminated. Its'shares' were up as much a?3% to A$5.84 and were among the top gainers in the benchmark index. $1 = 1.4420 Australian Dollars (Reporting and editing by Sam Holmes, SonaliPaul, Ronojoy Mazumdar).
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Traders say that the price of Middle East oil rivals has risen as China's teapots have turned to Middle East supplies.
Iranian oil at sea is rising as Tehran increased exports in the interim peace agreement with the United States. However, sales are slow because China's independent refining companies have switched to cheaper crudes from Iraq, UAE, and Qatar. This week, the return of U.S. sanctions could leave Tehran with a surplus of cargoes that are looking for buyers. This week's sanctions could leave Tehran with more cargoes looking for buyers, just as shipments from?Asia arrive. In recent weeks, independent Chinese oil refiners in the eastern oil hub Shandong (also known as teapots) bought between 16 and 20.5 million barrels from Qatar, Iraq, and the United Arab Emirates. This was their biggest purchase of Middle Eastern oil that is not sanctioned since the conflict started. Since the reimposition of U.S. sanctions in 2018, Shandong's independent Chinese refiners are responsible for most of China's purchases. Separately a privately owned refiner Shenghong Petrochemical purchased?12,000,000 barrels of Iraqi crude and Abu Dhabi, Saudi, and other crudes, according to an expert familiar with these purchases. As rival Middle Eastern producers raced to resume exports after the reopening of Strait of Hormuz at the end of June, the demand for Iranian barrels was displaced by the wave of non-Iranian shipments. The rush to sell non-Iranian shipments on a delivered basis was made by?European traders like Mercuria, Vitol and state majors such as PetroChina International, Zhenhua Oil and Gulf producer Abu Dhabi National Oil Co. Discounts of $5 to 8 per barrel were offered to ICE Brent for deliveries between August and September. According to traders?actively dealing with teapots?, discounts for Iranian Light crude were little changed, at $2-$3 a barrelle compared to ICE Brent. Two traders?described the sellers as being "slow" or "stubborn". One senior trader said, "Iranian oil is now the most expensive." The week-long funerals that culminated in the burial of the Supreme Leader Ayatollah Khamenei on Thursday also affected sales, as the offices were closed for the period of mourning. The traffic through this vital waterway has also slowed down again in the past week, following the tit-fortat exchange of attacks between Iran and the U.S. IRANIAN TANKERS ARE ON THE WAY According to Vortexa Analytics, between June 15 and July 6 about 30 million barrels (or 1.35 million barrels) of Iranian oil was loaded. Kpler reported an estimated 34.5 millions barrels of Iranian crude oil transiting the Strait of Hormuz by 21 tankers between June 14 and 10. According to an analysis by the U.S. advocacy organization United Against Nuclear Iran, 60.7 million barrels were exported, averaging 2,17 million barrels a day. This represents a 20% increase from January 2026. According to UANI, this number fell?to 35,7 million barrels by?March. This is an average of 1.136 million barrels a day. UANI analysis shows that since the ceasefire agreement announced on June 14, 52 tankers with Iranian oil, petrochemicals and products have been sailing, carrying about 62 million barrels. UANI's analysis shows that 15 of these vessels have already reached the Singapore Strait, and are heading to the eastern?Outer Port Limits Anchorage in the Johor region, Malaysia. Three Iranian flagged very large crude carriers already have their cargoes unloaded. TankerTrackers.com reported on Thursday that Tehran had shipped 10 million barrels overnight of fuel oil and crude 'oil. The U.S. Central Command didn't immediately respond to an inquiry for comment. Independent refiners are expecting discounts of $4 to $5 for August and September arriving cargoes. Kpler data shows that China's Iranian crude oil imports have been at their lowest level since January 2023. Reporting by Chen Aizhu and Siyi Liu; Editing by Louise Heavens
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The son of a Belgian victim of wildfire disputes Spanish officials' accounts of warnings
The son of the Belgian man killed in wildfires in Spain disputed claims by authorities that his father, and other victims, ignored official advice on?sheltering in place'. He said emergency services did not give them any guidance. Thomas-Wolf Verdonckt of Belgium said on Saturday that, just before 9:00 p.m. (10:00 GMT) on Thursday, he had spoken by phone to his father, Stanislas Verdonckt (63), a businessman in the southeast Almeria region. Stanislas verdonckt, a 33-year old Belgian man, was one of eight victims who died in the wildfire that swept through the area of Paraje el Curato where he resided on the outskirts Bedar. The younger Verdonckt who lives in Belgium travelled to Spain and spoke to surviving neighbours after the fire. Verdonckt stated that no officials informed the group of the approaching fire or told them that it was safer to remain at home rather than leave, Verdonckt. "The people that died didn't fail to follow orders because there were no orders." "No information was given," he said. They only fled when the flames were close to them. It was their last resort." Andalusia’s regional government said that residents did not receive a text alert because the advice varied depending on where they were located in the mountainous and wooded terrain?and the latest developments of the rapidly-moving situation. Local mayors and the police instead went door to door or called residents to either indicate a safe evacuation route or instruct them to shelter-in-place. In a Sunday night statement, the government disputed Verdonckt’s version of the events. It said that Angel Collado's, Bedar's, mayor had asked the group, including Stanislas Verdonckt, to shelter in place. The statement read: "We respect and understand the grief of the families and the fact that in times of great suffering, such as these, anger and a feeling of helplessness can lead to different perceptions of what occurred." 13 people, mainly foreigners, including Stanislas verdonckt and one Spaniard, died while trying to escape wildfires that spread above Los Gallardos to Bedar. The identities of the 13 people are not yet confirmed. Another 10 people have also been reported as missing. By Sunday lunchtime, the wildfire - one of Spain's most deadly - was declared under control. CLOSE ENOUGH FOR FLAMES TO BE TOUCHED Verdonckt claimed that a group including his father tried to leave on a paved highway on Thursday night, but was beaten back by fire. They couldn't have gotten through the main road because they weren't warned beforehand. He said that nobody had warned them about the fire coming from this direction. When they tried to escape, it was already too late. The group tried to escape by car on a dead-end dirt road belonging to their neighbours, which "hugs" a mountainside. He said that they were unable to make it and abandoned their cars in order to flee on foot. It was not an option. He said that they?drove until the end of the trail, and then when it was on fire, some people decided to run to try and get into the valley. Verdonckt was told by a neighbour who had survived the fire that the flames were close enough to his house to touch. Verdonckt stated that his father was a keen photographer and hiker who had lived in the area for a number of years. He knew the terrain and spoke Spanish. Verdonckt told me that during their final conversation, his father discussed the various options available to him for protection. Verdonckt stated that Stanislas Verdonckt remained calm in "even the most desperate situations". He also went over "plans A, B, and C". "My father is among the smartest people that I know. He was always a very analytical person and checked boxes when he asked: "Can we do that? He was checking boxes: 'Can we do this? "," he replied. At that point, they had just a few minutes before they became trapped and engulfed. The Andalusian Government said that it supported the Bedar Mayor's decision ordering citizens to remain in their homes, as "the option which offered the greatest guarantee of safety, given the conditions of fire, as unfortunately the tragic result has shown". The government provided photos that showed Stanislas' Verdonckt home was only slightly damaged by the fires. It added: "Therefore, it would have been a secure haven." (Editing by Cynthia Osterman & Edmund Klamann).
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Officials say that at least 27 people were killed in a Bangkok pub fire
The Thai prime minister and other government officials confirmed on Monday that at least '27 people were killed in an 'incident? in a Bangkok pub. This is one of the most deadly incidents to have occurred in this tourist hub in recent years. "There are over 27 dead," said Anwut Pho Ampai, of the Ruamkatanyu Foundation. The foundation operates a volunteer?emergency service. Anutin Charnvirakul visited the scene of the fire in the early morning hours of Monday and told reporters that, based on the'survivor reports, the pub quickly filled with smoke following a fire break out. Many were forced to run towards the rear of the venue, near the bathroom, but there was 'no fire exit. Anutin said, "We've recovered 27 bodies and others are being sent hospital." An official from the Bangkok Metropolitan Administration said that?63 people?were injured in the fire. Local media reported that the exact details of the fire were not known, but it was thought to have been started at the Rong Beer na Lat Phrao bar in Bangkok's Chatuchak District. Reporting by 'Panarat Thepgumpanat and Kitiphong?Thaichareon in Bangkok, and Bipasha Dey and Chayut Setboonsarng from Bengaluru. Writing by Devjyot...
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The son of a Belgian victim of wildfire disputes Spanish officials' accounts of warnings
The son of a Belgian who died in the Spanish wildfires has disputed claims by authorities that his father, and other victims, ignored official advice to 'huddle in place.' He said emergency services had not given them any guidance. Belgian virologist Thomas-Wolf Verdonckt told ? On Saturday, Thomas-Wolf Verdonckt told? Stanislas verdonckt, a 33-year old Belgian man, was one of eight victims found dead by the wildfire in a valley near the Paraje el Curato region where he had lived at the outskirts Bedar. Verdonckt, a Belgian resident, travelled to Spain and spoke with neighbours who survived the fire. Verdonckt claimed that no official told the group the fire was headed their way, or that it was safer to stay home rather than run. "The people who died didn't fail to follow orders, because there were none. He said that no information had been provided. They only fled when the fires were almost upon them. It was their last resort. Local officials and police contacted residents by phone or went door to door to give them instructions on how to safely evacuate or shelter in place depending on the speed of the fire. Angel Collado, Bedar's mayor, urged Stanislas verdonckt and the rest of the group to take shelter. Verdonckt did not receive a response to a request for comment from the Andalusian Regional Government, which is responsible for emergency services, local administration, or the Spanish Civil Guard Police, who were involved in rescue operations. Twelve people, mostly foreigners, like Stanislas verdonckt, and one Spaniard, died in the wildfires that reached Bedar above Los Gallardos. The identities of the victims have not yet been confirmed. Firefighters are still battling to put out the fires. CLOSE ENOUGH FOR FLAMES TO BE TOUCHED Verdonckt reported that a group of neighbours, including his father, tried to leave on a paved street, but were stopped by the flames. They couldn't have gotten through the main road, because they weren't warned beforehand. He said that nobody had warned them of the danger. When they tried to escape, it was too late. The group tried to escape by car on the dead-end dirt road of the neighbours, which runs along a mountainside. He said that when they couldn't make it, the group abandoned their cars to flee on foot. It was not an option. He said that they drove to the end, but when the fires started, some people ran to try and get into the valley. Verdonckt was told by a neighbour who had survived the fire in his house that the flames were close enough to touch the house. Verdonckt stated that his father was a keen photographer and hiker who had lived in the area for many years. He knew the terrain and spoke Spanish. Verdonckt stated that his father discussed the options to protect himself during their final phone call. Verdonckt stated that Stanislas Verdonckt remained calm in "even the most desperate situations". He also went over "plans A, B and c". "My father's one of the most intelligent people I know." He was always analytical and checked boxes. He was checking boxes: 'Can we do this? "," he replied. At that point, they had just minutes left before they would be engulfed by the fire and trapped. (Editing by Cynthia Osterman).
Unimot, a Polish company, has announced that it will supply crude oil to Schwedt Refinery in Germany.
Unimot, a Polish energy group, will deliver crude oil imported by sea from South America at Germany's PCK Schwedt Refinery. The company announced this on Monday. Germany is looking for alternatives to replace lost supplies since Russia announced it would stop deliveries of Kazakh oil via the Druzhba Pipeline from May 1. Unimot's supply will allow Schwedt a boost in activity during a period when the Middle East war is straining oil supplies worldwide.
Unimot reported that the South American oil has been shipped to Gdansk, and will then be delivered to?Schwedt via the Polish pipeline operator PERN.
In a press release, Robert Brzozowski said that "this?delivery" has significance beyond any single commercial operation.
"Any solution which strengthens the stability in?crude oil supply from the west will support fuel security both on the western and eastern side of the border." In April, the?Polish Energy Ministry said it had the?technical capacity?to deal with such deliveries. Any potential increase in volume depended upon?operational factors, logistical factors and market conditions.
PERN stated?in a press release that it was able to handle greater volumes of crude oil from the Naftoport in Gdansk, thanks to a?technology which reduced flow resistance and increased nominal capacity by approximately 30%.
(source: Reuters)