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US port operators try to reduce the expected high tariffs on Chinese-built cranes
The U.S. Seaport Operators are requesting extra time for the implementation of pending tariffs against towering ship to shore cranes. They expect that President Donald Trump’s administration will follow through with a promise to ban this vital cargo handling equipment. In early this year, the United States Trade Representative proposed tariffs up to 100 percent on these cranes. This was after China sucked up market share to gain commercial and military dominance in the oceans. China, through its state-owned Shanghai Zhenhua Heavy Industries(ZMPC), has now dominated the global market. It has also supplied 80% of ship-to shore cranes to the United States. ZPMC operates more than 200 cranes across two dozen U.S. port locations, including Houston Los Angeles, and New York. Each crane costs between $10 million and $20 million. The Trump administration has made it a priority to stop this trend. In meetings, officials said they would put an end to these purchases. Carl Bentzel is the president of the National Association of Waterfront Employers, which represents terminal operators, and other groups. Bentzel responded, "I have been operating on the assumption that this is the minimum." When asked if he anticipated the tariff rate would be around 100%, Bentzel replied, "I have been operating under that position. This is basically a ban on using Chinese-made cargo equipment." USTR and White House didn't immediately comment. Trump isn't the first U.S. president to pressure ports to purchase cranes at higher prices from manufacturers who have ties with U.S. Allies. These include Konecranes in Finland, Mitsui E&S in Japan, and Liebherr, based out of Switzerland. Joe Biden placed 25% tariffs in 2024 on cranes that connect ship to shore from China after the Federal Bureau of Investigation, the National Security Agency and the Cybersecurity and Infrastructure Security Agency all publicly announced that China had sought to preposition vulnerabilities in American critical infrastructure including port equipment. Officials from the United States also warned that software, modems and other technologies in this equipment could be used to spy on military operations or as kill switches for port operations. Ports and terminal operators continue to buy Chinese cranes despite their lower cost. The inaction of the port operators is based on the desire to save money in the short term. However, they are underestimating the cost in the long run. William Henagan was the director for critical infrastructure in the National Security Council during Biden's tenure. In May, U.S. port operator and ZMPC representatives wrote to USTR to say that security concerns related to cranes were out-of-proportion to the risks. In May, USTR received letters from U.S. port operators and representatives of ZMPC stating that security concerns related to the cranes were out of proportion with the risk. NAWE, an industry organization that represents terminal operators, has been working hard to reduce the impact of new tariffs. They are asking for exemptions on previously ordered cranes, and for a transitional period before the new duties take effect. Bentzel stated, "We have chosen to work together."
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US Senator says United-JetBlue partnership could harm competition
Democratic Senator Richard Blumenthal warned that a partnership between United Airlines, a smaller airline, and JetBlue Airways would harm competition and result in fewer options and higher prices for consumers. Blumenthal, in a letter that was seen on Friday, asked United CEO Scott Kirby to answer questions regarding their "Blue Sky", a tie-up between the two carriers, which allows customers to book flights through both airlines' websites and earn and use points interchangeably. Blumenthal requested that the airlines disclose any records they have about their partnership and future plans. He also expressed concern about any deal which "could harm fair and full airline competition, and result in fewer and higher priced options for travelers," particularly those who travel to the New York City region. United didn't immediately comment. JetBlue didn't immediately respond to an inquiry for comment. Last month, Spirit Airlines, a budget airline, has urged U.S. Transportation Department rejects the United JetBlue partnership. They claim it is anti-competitive, will encourage other large carriers to follow suit and JetBlue will "become a defacto vassal to United." United and JetBlue In May, they said their tie-up will be completed Give United some of JetBlue’s slots at New York’s John F. Kennedy International Airport beginning in 2027, and swap their flight times at Newark’s airport. United and JetBlue said that the complaints' arguments about reduced competition were " You can also read about it here ", adding: "Blue Sky maintains JetBlue's independent and enhances its competitiveness. This will ensure that JetBlue continues to grow and compete independently." JetBlue and Spirit cancelled a $3.8-billion merger agreement in March 2024 after a U.S. court blocked it on the grounds of anti-competition. JetBlue is seeking new partnerships since a federal court judge in 2023 blocked the Northeast Alliance between American Airlines and JetBlue. Blumenthal said JetBlue's failed attempts at a partnership "raise questions about how your airline will ensure Blue Sky doesn't unlawfully restrain the competition." A Senate committee headed by Blumenthal criticised the rising fees charged by airlines for seat assignments, luggage and other services. Other competition concerns
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UN report: Haitian gang violence claimed 5,000 lives within a year.
According to a report by the U.N. Office of the High Commissioner for Human Rights published on Friday, nearly 5,000 people were killed in Haiti between October 2024 and January 2125, with hundreds of thousands being displaced as gang violence increased, particularly around Port-au-Prince. Why it's important The violence has exacerbated Haiti's humanitarian situation, destabilizing it and raising fears of spillover effects to other countries. KEY QUOTES The OHCHR reported that violence has increased dramatically in recent months. In a report released by the U.N., resident and human rights coordinator in Haiti Ulrika Richson stated that "Human Rights Abuses are increasing in areas where the presence of State is very limited." She added that "the international community must increase its support for the authorities." By the Numbers Haiti has seen a spike in gang violence between October 2024 and the end of June 2025. Port-au-Prince, and the surrounding area, accounted for over 1,000 deaths. CONTEXT The gangs are increasingly taking control of Haiti. They have overwhelmed the local security forces, forced international aid agencies to reduce their operations and forced tens and thousands of residents out of their homes. Haiti's health sector has been weakened by the closure of hospitals, including Mirebalais University Hospital, due to insecurity. UN estimates show that less than 25% of the health facilities in Port-au-Prince are still operational. What's Next? The UN report warned the violence in Haiti, which is on the rise, could destabilize not only the country itself but also the Caribbean.
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Asian spot LNG prices rise as hot weather increases cooling demand
The Asian spot price of liquefied gas (LNG), which is a form of natural gas, increased this week due to a heatwave that swept Japan and North Korea. Meanwhile, industrial demand in China was subdued. Average LNG price for August deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is now $12.90, up from $12.70/mmBtu a week ago. Estimated price for September was $12.70/mmBtu. Prices have increased this week due to a heatwave across north-east Asia. Seoul experienced its hottest day in 2018 and South Korea and Japan are reducing their LNG stocks to meet the increased cooling demand, said Martin Senior. Senior stated that at least two Atlantic Basin carriers have diverted from Europe towards Asia since the beginning of the month, and two Qatari carriers also changed their course from Europe toward Asia. Klaas Dizeman, a market analyst with Brainchild Commodity Intelligence, stated that the demand in South Asia, China and India remains muted, with a cooling trend for this time of year, and a subdued demand from industry, based on production prices and inflation figures published by Brainchild Commodity Intelligence. Dozeman stated that the import tariffs and the "fluid situation" around them may influence the industrial demand in the coming weeks. The gas market in Europe is stabilizing. Gas prices could be finding a bottom for the summer. "Gas prices may be finding a floor for summer." Froley stated that there is a possibility of a short-term bullishness, if the heatwaves in East Asia continue and if Japan's and Korea’s competition with Europe for fuel to generate summer electricity increases. He added that the fundamentals of the industry are improving, as the second phase Plaquemines, in the United States will bring an additional 7 million tons of oil per year (mtpa), as well as an additional 14 mtpa of LNG Canada. S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in August ex-ship on July 10. This represents a $0.440/mmBtu reduction from the August futures prices at the TTF Hub. Spark Commodities set the price at $11.639/mmBtu for August, while Argus put it at $11.670/mmBtu. Spark Commodities analyst Qasim Afghan said that the U.S. Arbitrage to North-East Asia via the Cape of Good Hope is still pointing to Europe while the arbitrage via Panama is pointing to Asia. Afghan said that on the LNG market, Atlantic rates were the lowest since January, and they were at $31,750/day last Friday. Pacific rates, meanwhile, decreased slightly to $38,750/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
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Ships use a message to avoid Red Sea attacks: 'All crew Muslim'
After the Houthis' deadly attacks on commercial ships this week, commercial ships still sailing in the Red Sea broadcast messages about their nationality or even religion to their public tracking systems so as to avoid being targeted. The Red Sea is an important waterway for oil, commodities and other goods. However, traffic has declined sharply ever since the Houthi began their attacks on Yemen's coastline in November 2023. This was in support of the Palestinians during the Gaza War. After months of calm, the group has sunk two ships and Abdul Malik al-Houthi, its leader, reiterated that no company transporting goods to Israel will be allowed passage. Recent days, more ships that sail through the southern Red Sea or the Bab al-Mandab strait added messages to the public tracking profiles of their AIS. These can be viewed by clicking on a ship. The messages have mentioned an all-Chinese management and crew, as well as the presence of armed guards. MarineTraffic's and LSEG's ship tracking AIS data show that some messages read "All crew Muslim" while others make it clear that the ships have no connection with Israel. Sources in maritime security said that this was an indication of growing desperation, but also believed it would not make a difference. One source claimed that Houthi intelligence was "much more advanced and forward-looking". Shipping analysis revealed that vessels in the larger fleets of the two ships attacked and sunk this week by the Houthis had called on Israeli ports over the last year. Sources in maritime security said that even though shipping companies are required to do a thorough due diligence check on any possible tangential links with Israel before they sail through the Red Sea the risk of an attack is still high. The U.S. Central Command reported that in March 2024 the Houthis fired ballistic missiles at the Chinese-operated Huang Pu despite having previously said they would not target Chinese vessels. Houthis also targetted vessels that trade with Russia. In a recent report, Aon Insurance Brokers stated that despite declared ceasefires areas like the Red Sea or Bab al-Mandab Strait are still considered high-risk. Ship operators must take continuous monitoring and adaptable security measures. Insurance costs for goods shipping through the Red Sea have more than doubled in recent weeks, and some underwriters are suspending coverage on certain voyages. According to Lloyd's List Intelligence, the number of vessels passing through the Strait of Aden at the southernmost tip of the Red Sea, which is a gateway into the Gulf of Aden was 35 on July 10 and 32 on July 9. This compares with 43 vessels on the first of July. This compares to a daily average sailing of 79 in October 2023 before the Houthi attacks started. Seafarers are essential to global trade. They keep countries stocked with fuel, food and medicine. The UK-based Seafarers' Charity stated this week that seafarers should not be required to risk their life to do their jobs. (Reporting and editing by Andrew Cawthorne, with additional reporting by Renee Maltezou)
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Sources say that Macquarie has shortlisted Brookfield, Stonepeak, and Air Liquide for its $3.6 billion S. Korean Gas firm.
Three people familiar with the matter have confirmed that Macquarie Asset Management is shortlisting Brookfield Asset Management, Stonepeak, and French gas supplier Air Liquide to compete in the final round of bidding for South Korean industrial gases firm DIG Airgas. Sources who declined to name themselves because the information was confidential said that binding bids are expected around the end or early August for South Korea's largest industrial gas producer. Macquarie hired Goldman Sachs to manage the sale. The deal could be worth up to $3.6 Billion, according to a report in June. Macquarie Air Liquide Brookfield Stonepeak Goldman JPMorgan and JPMorgan all declined to comment. If the deal is successful, it would be the biggest investment for Brookfield and Stonepeak in South Korea, as both companies have a strong focus on infrastructure. Brookfield acquired SK Airplus in 2022, a gas-production facility that supplies SK Hynix (the world's 2nd largest memory semiconductor manufacturer). Stonepeak, based in New York, does not appear to have a portfolio of industrial gases in Asia on its website. According to its website, Air Liquide, based in Paris, has been operating in South Korea since 1996. It supplies gases for a variety of industries including chemical, construction and food and beverage. DIG Airgas, located in Seoul, has earnings of between $170 and $180 million before interest, tax, depreciation and amortization (EBITDA). Macquarie anticipates that a sale will value the company at 18-20 multiples core earnings, according to a previous source. DIG Airgas, a company founded in 1979, produces industrial gases, electronic gasses and gas equipment. Macquarie purchased the company formerly known Dausung Industrial Gases from South Korean private equity group MBK Partners in 2019 for 2,5 trillion won ($1,85 billion), local media reported. Reporting by Kane Wu, Yantoultra ngui. Mark Potter (Editing)
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UK's Warehouse REIT switches allegiance from Tritax to Blackstone
On Friday, Britain's Warehouse REIT recommended Blackstone to its shareholders the sweetened offer. Tritax Big Box REIT had previously supported this bid. Blackstone increased its offer to the London-listed firm on Thursday from 485.2 pounds in cash and stock, to approximately 489 million pounds. Due to the strong demand for warehouse space from eCommerce retailers to better serve their clients, logistics has remained an attractive property investment in a market that is otherwise lacking in vibrancy. Real estate investment funds - listed property funds - are also undergoing a dealmaking wave as they seek to increase profitability during tough trading conditions. Tritax said on Thursday that it still believed its buyout offer was "a compelling proposition" for Warehouse investors. The company didn't respond immediately to a comment request on Friday.
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Korean Air's quarterly cargo revenue drops amid volatile U.S. Tariffs
Korean Air announced on Friday that its cargo revenue fell by 4% for the second quarter. The company attributed this to market volatility caused by U.S. Tariff policies. South Korea's biggest airline is one of Asia's most important cargo carriers. It has also benefited from the rise in e-commerce coming out of China over the past few years. The airline's cargo revenue grew by 14% in the same quarter of last year. Since then, it has grown on an annual basis, and the airline attributed this to the increasing e-commerce volume. Reports indicate that air cargo shipment volumes to the United States in Asia dropped by double-digits between May and June after the U.S. ended a tax exemption for low value packages coming from China at the beginning of the month. E-commerce shipments were particularly hard hit. Korean Air stated that it had managed to navigate the market volatility brought on by U.S. Tariff Policies by diversifying their product offerings and focusing primarily on high-yield freight. The list included semi-conductors and batteries, as well as seasonal perishables. Korean Air reported that its quarterly revenue was the same as last year's quarter, which was 4 trillion won. However, operating profit dropped 3.5%, despite lower fuel costs, due to rising expenses, such as personnel, depreciation and other overheads. After completing the $1.3 billion acquisition of Asiana Airlines, it became Asia's largest carrier.
Trump declares that it is not too late to reach a deal with Iran after Israel strikes Iran for the second night
Israel renewed its attacks on Iran on Friday evening, hours after it launched its largest ever attack on its long-standing enemy. The massive underground nuclear facility of Iran was destroyed and its top military leaders were all killed.
Israel claimed that the strikes were just the beginning of "Operation Rising Lion". Iran responded by saying "the gates to hell will open". Donald Trump, the U.S. president, said that it wasn't too late for Tehran if they reached a nuclear deal to stop their bombing campaign.
Iranian media reported explosions as evening fell Friday. These were near Fordow, which is located close to the holy city Qom. This was a second nuclear site that had been spared during the initial wave of attacks. Israel's military claimed it had struck Iranian drone and missile launch sites.
Isfahan was rocked by explosions and air defences activated in Tehran.
Benjamin Netanyahu, Israeli Prime Minister, said that the Israeli campaign aimed to defeat an existential Iranian threat. He compared the Israeli campaign with the failure of the Holocaust during World War Two.
Israel's operation will continue "for as many days as necessary to eliminate this threat," he stated in a television address. "Generations will look back and remember that our generation stood firm, acted quickly, and secured our future."
Ayatollah Khamenei, the Supreme Leader of Iran, said that Israel "unleashed" its "bloody and wicked" hand and would "suffer a bitter fate".
In a telephone interview, Trump stated that it was unclear if Iran's nuke programme had survived. He said that the scheduled nuclear talks between Tehran, Iran and the United States on Sunday were still on his agenda, though he wasn't sure whether they would happen.
Trump stated that he tried to prevent Iran from being humiliated and killed.
Trump had posted earlier on Truth Social that "Iran has to make a deal before there's nothing left."
Tzachi Haengbi, Israel's National Security Advisor, said that military action alone would not destroy Iran’s nuclear program, but it could "create conditions for a longer-term deal led by the United States", to eliminate it.
DECAPITATION
Two sources in the region said that at least 20 Iranian military leaders were killed. This was a shocking decapitation, similar to Israeli attacks last year which quickly wiped out Lebanon's once feared Hezbollah Militia leadership. Iran said that six of its leading nuclear scientists were also killed.
The chief of the Revolutionary Guards, Hossein Salaami, and the chief of the Armed Forces, Major General Mohammad Bagheri were among the generals who died on Friday.
In a letter read on state TV, Major General Mohammad Pakpour vowed revenge in response to Salami's promotion to Guards commander. "The gates to hell will be opened for the regime that kills children."
Iranians have described an atmosphere filled with fear and anger. Some people were rushing to exchange money, while others sought a safe way out.
"People in my street ran out of their houses in panic. We were all terrified," Marziyeh said, 39, after a large blast woke her up in Natanz, which is home to an underground nuclear facility.
Some Iranians hoped that the attack would bring about a change in Iran's hardline, clerical leadership. Others vowed to support the authorities.
"I will die and fight for our right to have a nuclear program." Israel and America, its ally, cannot take away our right to a nuclear programme with these attacks," Ali said. Ali is a member in the Basij militia of Qom that supports the government.
Iranian media showed images and described the destruction of apartment blocks. Nearly 80 civilians died in an attack that killed nuclear scientists asleep in their beds, while more than 300 were injured.
The ability of Iran to respond with weapons fired by regional proxies was weakened over the last year with the fall of its ally Bashar Al-Assad in Syria, the decimation Hezbollah and Hamas and Gaza.
On Friday evening in Jerusalem, air raid sirens were heard. Israel reported that it had detected a missile launch from Yemen. The Houthi militia is one of the few remaining Iranian-aligned groups capable of shooting at Israel.
'COWARDLY'
Israel claimed that Iran launched 100 drones at Israeli territory on Friday. Iran denies this, and there are no reports of drones hitting Israeli targets.
On Friday, the United Nations Security Council would meet at Tehran's invitation. Iran wrote to the Council informing them that it would take decisive and proportionate action against Israel's "unlawful", "cowardly", and "unjustified" actions.
Fears of retaliatory attacks in a major oil producing region pushed the price of crude up, even though there was no evidence of damage to oil storage or production. OPEC stated that the escalation in price did not warrant any immediate changes to supply.
A source in Israeli security said Mossad commandos were operating deep within the Islamic Republic prior to the attack. The Israeli spy agency as well as the military also conducted a series covert operations against Iran’s strategic missile range.
Israel has also set up an attack drone base near Tehran. The military claimed to have destroyed "dozens of surface-to air missile launchers and radars" in Iran's air defences.
Israeli officials have said that it could be some time until the extent of the damage is known to the underground nuclear facility at Natanz, where Iran refined uranium up to levels Western countries say are more suitable for bombs than civilian uses.
Iran has insisted for years that its nuclear program is only for civil purposes. The U.N. Nuclear Watchdog concluded last week that Iran was in breach of its obligations under global non-proliferation.
Tehran was in negotiations with the Trump Administration on a new deal to curtail its nuclear program to replace a previous one Trump had abandoned in 2018. Tehran rejected the previous U.S. proposal.
(source: Reuters)