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Diana Shipping is ready to nominate six directors for Genco's proxy battle, according to sources
Two?people with knowledge of the situation said that global?shipping firm Diana Shipping will launch a proxy battle to replace Genco Shipping & Trading’s six current board members, just days after its board rejected Diana’s takeover bid. Diana Shipping, who owns almost 15% of Genco, and has proposed to buy all outstanding shares at $20.60 each in cash, will nominate executives with experience in shipping and maritime in the next few days, according to one source. Genco, based in New York City, did not immediately respond to a request for comment. Diana wants Genco shareholders to have the opportunity to elect board members who are open to exploring alternative options, such as Diana's offer to purchase Genco. This was stated by one of the sources who wasn't authorized to publicly speak about the plan. Genco rejected earlier this week?Diana?s indicative offer which was made on the 24th of November and represented a 15% premium over Genco?s closing price for November 21. Genco's shares closed at $19.88 Thursday. It has increased by 36% over the past?12 month. Diana was disappointed that Genco took six weeks before responding to the?offer. She still believes that shareholders would benefit from a combination of both companies' platforms and is pushing for consolidation within the dry bulk carrier sector. (Reporting and editing by Diane Craft; Svea Herbst Bayliss)
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Asia spot prices increase as cold weather forecasts boost demand
The price of Asia spot liquefied gas increased this week due to a forecast for colder weather, which boosted demand. Prices reached their highest level in six weeks. The average LNG price in March for delivery to Northeast Asia The price of a million British thermal unit (mmBtu) was estimated at $10.10, up 6% on the $9.50/mmBtu in the previous week. This is its highest level since December 5. Kesher Sumeet is a senior LNG analyst with Energy Aspects. He said that the weather forecast across Northeast Asia has become colder each week, tightening up market fundamentals, and driving a rise in spot LNG price. He said that Asian spot tenders have increased this week. Japan's Kansai Electric and Tohoku Electric are each seeking to deliver one cargo for the months of February and March, ahead of an expected cold snap in Northeast Asia at the end this month. He said that the weather forecast showed Northeast Asia's?heating degrees days (HDDs), which peaked at 26.8% over normal on January 23rd, were exceeding the 10-year-average from January 21. This cold snap in early January could push the average HDDs for January in Northeast Asia above the benchmark of 10 years, as opposed to November and December when HDDs fell below average. HDDs estimate the demand for heating homes and businesses based on how many degrees below 65 degrees Fahrenheit or 18 degrees Celsius a day’s average temperature is. S&P Global Energy's daily Northwest Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in February, on an ex ship (DES) basis, was $10.73/mmBtu as of January 15. This is a $0.585/mmBtu reduction from the price at TTF, due to colder weather returning across Europe and a faster pace of storage withdrawals pushing prices higher over the past week. Spark Commodities estimated it at $10.694/mmBtu while Argus calculated the price for March at $10.745/mmBtu. Martin Senior, Argus' head of LNG price analysis, said: "European delivered -prices rose sharply in the first week of this quarter due to forecasts of colder weather towards the end of the European month." The market is focusing on the near-full depletion in underground stocks of some countries in northwest Europe due to?the colder climate, which has driven prices higher relative Asia." Seb Kennedy, an independent gas analyst, noted that hedge funds increased their long positions in TTF futures as a result of rapid withdrawals from storage and plummeting temperatures. Meanwhile, commercial operators shifted 'into new short position" after suppliers and storage operators adjusted hedges to a tightening gas market. Qasim Afghanistan, an analyst at Spark Commodities, stated that in LNG freight, Atlantic rates dropped for the?seventh consecutive week to $26,250/day while Pacific rates dropped to $41,250/day. Afghan said that the U.S. front month arbitrage to Northeast Asia via Cape of Good Hope has closed further this week. This was driven by the recent fall in JKM-TTF, as the JKM does not match the recent TTF rally.
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United and American vie for dominance at Chicago's O'Hare Airport
Chicago O'Hare International Airport has been a major hub for air travel in the United States and is now at the forefront of a heated competition between United Airlines, American Airlines, and other airlines. What started as a 'post-pandemic rebuilding' of flight schedules – with United restoring its capacity faster and American ramping it up more recently – has now evolved into a competition over gates, routes and premium offerings, and even a battle for?marketshare at one of the most connected airports in the world. Analysts believe that the results could have long-term effects, since better gate access, and more convenient schedules, can help airlines attract corporate travelers who are known to pay higher rates. American has rebuilt at O'Hare following its post-pandemic flight levels that remained below 2019. It points to Chicago roots dating back to the first scheduled flight it made in 1926. O'Hare is the airline's third-largest hub. United Airlines, with its headquarters in Chicago, is focusing on defending and expanding its lead at the hub that's closest to home. American announced its largest spring schedule ever at O'Hare in late December. It added about 100 peak-day flight and served more than 75 destinations. The increase would bring spring flights above 500 daily departures -- about 30% more than the previous year -- and expand seasonal transatlantic service from Paris to Dublin. United is pushing its advantage. It plans to fly nearly 650 flights daily from O'Hare this summer, a reflection of its expanded gate footprint and greater range of connections. The carrier has said it has hired thousands of local workers and plans to hire thousands more by the year 2027. These investments seem to be paying off. United reported canceling about 1% scheduled flights at O'Hare in the past year, which is the lowest rate ever recorded at this airport. The airline said that it has a nearly 20-point advantage in local passenger share compared to American. It attributed this gap to its sustained investments, faster growth, and more reliable operations. United's CEO Scott Kirby has used this statement to question the sustainability of American's return. American CEO Robert Isom says that Chicago can support at least two major hubs. This rivalry is unlike anything else in U.S. aviation, said Joseph Schwieterman. A professor at DePaul University whose analysis revealed that O'Hare grew more than any other U.S. hub in terms of passenger numbers, flight departures, and gate usage last year. The PECKING ORDER This battle highlights an important shift in the airline industry: control of gates and schedules is increasingly determining winners, particularly among business travelers. In most major U.S. hubs the hierarchy is established -- Delta Air Lines dominates Atlanta; United Houston and American Dallas. Chicago is the only airport where two legacy carriers compete on a scale. This head-to-head now takes place in real-time. United Airlines responded to American's announcement of new routes in late 2017 within a single day. In some cases, they increased frequencies. Michael McMurray of the Chicago Department of Aviation called the rivalry as a sign of Chicago’s strength. He said that congestion can be managed with eight runways, an $8.5 billion expansion of the terminal, and more gates in the next decade. Why Chicago Matters O'Hare was a hub that shared services for decades. In recent years, a shift in focus was accelerated by pandemic. American concentrated on Sun Belt hubs like Dallas/Fort Worth, Charlotte, North Carolina, and Phoenix while United expanded and rebuilt Chicago faster. Analysts claim that divergence is becoming more costly as the competition for gates has increased. Chicago's central position allows airlines to efficiently connect East Coast and West Coast cities?while also serving as a portal to Europe and Asia. The corporate base in the region fuels demand for premium lounges, cabins and reliable operation. Both airlines invest in high-end products. United has increased premium seating, lounges and is deploying high-speed Starlink WiFi. American, which relies on premium offerings to boost margins, now offers premium seats on every O’Hare departure after fleet upgrades. The Boeing 787-9 is also a core aircraft for its Chicago-London route - a key market for business travelers. American Airlines said that loyalty enrollments in Chicago rose by 20% during the third quarter 2025. This is more than twice its network-wide rate. Schwieterman stated that there is a lot of money to make in Chicago. Both airlines need O’Hare. Cirium data show that United operates about half of the scheduled flights at O'Hare compared to roughly a third by American. In late 2025, the gap increased after United gained five gate and American lost four as a result of a city-led reorganization that American failed to challenge in court. Steve Johnson, American's Chief Strategy Officer, said that the airline would benefit from its expanding schedule in future allocations. American Airlines has taken steps to compensate for the loss of capacity. Last month, it purchased two gates from Spirit Airlines, which cost $30 million. The airline claims that this deal recovers about half the capacity lost. Robert Mann, an ex-airline executive and consultant, warned that the rivalry is fraught with danger. American's rapid growth could put a strain on operations if it does not have the same gate access as United. In the short-term, customers may be able to expect more flights and lower fares. The fares may rise if the contest ends. Mann stated that "Travelers tend benefit from hubs that are contested; hubs that are dominated extract premiums." (Reporting and editing by Joe Brock, Matthew Lewis and Rajesh Kumar Singh from Chicago)
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After a train accident, Greece ordered safety improvements by Italian-owned rail
Hellenic Train, an Italian-owned railway company, is required to invest 420 millions euros ($487.41) in new trains and maintenance nearly three years after Greece's worst rail disaster. The amendments to the '2017' state contract with Hellenic Train, approved late Thursday by the parliament, contain these requirements. "For the very first time the contract contains a clause that allows for a termination. The statement stated that if the trains aren't delivered and in service by 2027 the state may terminate the contract. On February 28, 2023 a passenger train from Athens collided with a freight train from Thessaloniki, near the town Larissa. 57 people, mostly students, were killed. Safety deficiencies have been highlighted by experts hired by families of victims and Greek investigators. Hellenic 'Train announced a part of this new agreement in December - an investment of 308 million euros in new 'electric trains by Alstom. They called it "a decisive move toward a safer and more modern railway that is more focused on passengers". Hellenic Train announced that the trains would be equipped with a remote control system to allow drivers and traffic controllers to communicate and brakes of a train from a distance. In 2014, a project to install the system,?co-funded with the European Union was launched. However it was repeatedly delayed. EU prosecutors have accused a number of Greek officials of malpractice in relation to that contract. Hellenic Train has invested 100 million euros in maintenance infrastructure, depots, and digital systems. A trial for the train accident is expected to begin?in march, following a judicial inquiry. Hellenic Train stated last year that it had supplied all the required data and would continue to cooperate fully with the investigation. Alexandra Kassimi was a Hellenic Train spokesperson who responded to a comment request on Friday by saying, "We are confident that the legal proceedings will begin later this year."
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Data shows that Russia's seaborne exports of oil products rose 17% in December, despite higher fuel production.
Data from industry sources showed that Russia's seaborne petroleum products exports were up 17% in December compared to November, at 9.069 millions metric tons. This was due to a higher fuel output and seasonal decreases in domestic demand. According to data, the oil product exports from Russian Baltic Ports -- Primorsk Vysotsk St. Petersburg Ust-Luga -- grew 8.2% on a month-over-month basis, reaching 5.253 millions tons. Market sources reported that the rise in prices was due to higher diesel shipments from Primorsk. Data shows that the oil exports from Black Sea and Azov Sea port grew 42.6%, to 3.038 millions tons. This was because refineries were able to restore fuel production following unplanned outages due drone attacks. The data showed that Novorossyisk exports were up 18.5% compared to November while Tuapse increased loadings by 153%. The Rosneft controlled Tuapse refinery, that exports the majority of its oil products, resumed oil product exports on November 21, after a 2-week suspension following an attack by a Ukrainian drone. This increased December export volumes. Exports of oil products from the Arctic ports of Murmansk?and Arkhangelsk fell 83.5% to?9800 tons in December, down from 57.400 tons the month before. Data from industry sources revealed that fuel export loadings in Russia's Far East ports increased by 9.6% between November and 0.768 millions tons. According to calculations and market sources, Russia's seaborne oil product exports in 2025 will be down 5.6% compared to 2024, to 107.166 million tons, as drone attacks have disrupted refinery operations at home and damaged port infrastructure. Reporting by Elaine Hardcastle; Editing by Elaine Hardcastle
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Azerbaijan begins natural gas supply to Germany and Austria
SOCAR, Azerbaijan’s state-owned energy company, announced on Friday that it has begun sending natural gas from Azerbaijan to Germany and Austria. The company is increasing the number of European countries it supplies. Azerbaijani gas is in high demand as Europe tries to reduce its dependence on Russian gas after the invasion of Ukraine. Its ability to increase exports is dependent on the expansion of pipeline capacity and investments in production. Gas exports to Europe dropped to 12.8 bcm from 12.9 bcm last year. The energy ministry reported that the total volume of gas exported was unchanged at 25 billion cubic meters. SOCAR announced on Friday that it has begun sending gas via the Trans Adriatic Pipeline to markets in Southern and Central Europe. This is the European segment of?Southern Gas Corridor. SOCAR signed a 10-year agreement with Germany's SEFE in June to supply 1.5 billion cubic metres of gas annually. The deliveries via Italy, to Austria and Germany further?expand geographical reach for Azerbaijani Gas in Europe. The number of countries that import Azerbaijani Gas has increased to 16 with these new markets," SOCAR stated in a press release. TAP increased its capacity to 1.2 bcm starting this year. SOCAR sources said that up to 1 billion cubic meters per year would be delivered to Austria. (Reporting and writing by Nailia Bagirova, Lucy Papachristou and Vladimir Soldatkin, Editing by Christian Schmollinger & Barbara Lewis).
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Thailand suspends construction for Italian-Thai firm after fatal accidents
Thailand's Transport Ministry announced on Friday it has ordered a 15 day construction halt?on 14 contracts that involve Italian-Thai Development PCL, as well as other large-scale?projects overseen by the ministry. Two drivers died after their cars were crushed near Bangkok the day before, both caused by the collapse of cranes on Italian-Thai Development projects. The company has stated that it would compensate the affected. Chirapong Theppithuck said that the stoppage of Italian-Thai projects would allow for expert teams to carry out?detailed checks to ensure safety standards are being met. According to a press release, he also ordered that other major construction projects funded by the Transport Ministry halt their construction for a period of up to 15 working days to allow for similar inspections. It said that the results would be sent to the Ministry and?legal or regulatory action' would be taken, if necessary. The crane collapses this week were the latest in a series of deadly accidents on construction sites in Thailand. Several involved?Italian?Thais, including the fall last year of a partially built Bangkok tower following a 7.7 magnitude earthquake?in Myanmar. At least 89 people died and 23 people faced charges of negligence. Thailand is Southeast Asia's largest economy and it is currently in the midst of an infrastructure boom. It has been building high-speed rail and highways across the country, and has expanded its elevated rail network within Bangkok. Reporting by Orathai Sirring and Panarat thepgumpanat, Writing by Martin Petty, Editing by David Stanway
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Indra signs a $1.1 billion contract to manage London's transport ticketing and controls systems
Indra, a Spanish technology company, has been awarded a contract by Transport 'for London (TfL), to manage the 'ticketing and control system across the citys public transit network. The deal is worth up to $975 million ($1.1 billion). The agreement, which runs to 2034, includes options that could extend to 2039. It covers the systems used in the British capital and its metropolitan area, including the Underground, trams and buses. Indra will maintain and operate thousands of gates, ticket machines, and validators, as well as portable inspection devices, central back-office systems and payment systems including cybersecurity. The London network records over 8.6 million trips a day, for a total of?3.6 billion in a year. Indra has said that there will be a 'transition period of almost two years. After which, it will become the exclusive provider?of the ticketing system for the network. It said that it would work with TfL to upgrade the Oyster Card. This card has been used since 2003.
Air India and Singapore Airlines will deepen their ties through a 'cooperations framework'
Air India and Singapore Airlines announced on Friday an agreement to "improve cooperation" between the two 'flag carriers. This is a step toward offering more routes, aligning schedules, and expanding the scope of the collaboration outside their home markets.
The agreement, described as a "commercial framework agreement" by the two airlines, comes as Air India is facing a financial blow from an airspace ban imposed by Pakistan. This has forced the airline to stop some routes from India to the U.S.
According to the airlines, this agreement could expand 'both carriers' corporate travel programs. This is a major source of high-yield revenues for airlines.
The airlines added that the pact was subject to "regulatory approvals" and the signing of definitive agreements.
Air India has already signed a code-sharing agreement with Singapore Airlines. Singapore Airlines owns 25% of the company. Tata Group holds the remaining 25%. Reporting by Abhijith Ganahapavaram. (Editing by Jane Merriman.)
(source: Reuters)