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Pentagon: US forces capture third sanctioned oil-tanker in Indian Ocean
The Pentagon announced?on Tuesday that U.S. forces had intercepted a sanctioned tanker in the Indian Ocean, after tracing it from Caribbean waters. This was the third interception in this region. Washington has stepped up its blockade of vessels going to or from Venezuela, a South American member of OPEC, after capturing 'Venezuelan president Nicolas Maduro during a military savage last month. The U.S. Department of Defense announced in a post to X that its forces had boarded Bertha over night. The crude oil tanker was accused of trying to defy Iran sanctions. According to the Office of Foreign Assets Control of the U.S. Department of Treasury, The Bertha is a Cook Islands-flag ship that's linked to Shanghai Legendary Ship Management Company Limited. Sanctions were imposed on this vessel in January 2020. It was not possible to reach the ship management company for a comment immediately. A TANKER LEFT VENEZUELAN WAVES IN EARLY?JANUARY MarineTraffic's data shows that the vessel last reported its position via AIS tracking on February 24. It was sailing in the Indian Ocean near the Maldives. "Overnight U.S. Forces?conducted a maritime interdiction, right-of visit, and boarding of Bertha without incident within the INDOPACOM region of responsibility. The Pentagon reported that the vessel had violated President Trump's quarantine in the Caribbean, and was trying to evade it. From the Caribbean to Indian Ocean, we tracked and stopped it. The Pentagon said that "three boats fled and all three were captured." It did not provide any other details. The Bertha left Venezuelan waters in early January as part of a fleet that was almost entirely seized by the U.S. According to reports by Venezuelan state-owned company PDVSA, the ship was carrying 1.9 million barrels Merey heavy oil bound for China. In a statement made earlier this month by Defense Secretary Pete Hegseth, he said that the U.S. Military forces boarded Suezmax tanker Aquila II on the Indian Ocean. The Veronica III was seized in the same area on February 15th. The U.S. president Donald Trump ordered that the Defense Department renamed itself as the Department of War. This change will require the approval of Congress. The vessels that were taken in the past were either under U.S. sanction or part of "shadow fleets" of ships which disguised their origins for moving oil from major sanctions producers such as Iran, Russia or Venezuela. Analysis shows that U.S. forces have intercepted ten tankers in the last few months, with the most recent seizure. At least two of these were returned to the Venezuelan government. "International waters are no refuge for sanctioned agents." The Pentagon stated that our forces would find you, and bring justice to your case, whether it was by land, sea or air. (Reporting and editing by Alex Richardson, Jonathan Saul, Marianna Pararaga and Susan Heavey)
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Putin warns his enemies against over-pressuring Moscow by telling the FSB to protect the energy sector.
In response to the Ukrainian 'attacks' that he claimed were carried out with the assistance of Western intelligence, President Vladimir Putin tasked the FSB to increase the protection of Russia’s energy & transport infrastructure. Putin said that Russia's enemies will regret pushing Moscow too far, as he spoke on the fourth anniversary. He told a group of FSB officials that the enemy was relying on individual and mass terror. This includes sabotaging the infrastructure and attempting to assassinate government and military officials. "It is absolutely necessary to defeat Russia. They will try anything. "They will push themselves too far and regret it," said he. In the course of the war, Ukraine repeatedly attacked Russian oil refineries, ports and depots. Moscow accuses Ukraine of a "series" assassinations against senior military figures. In televised remarks Putin suggested that Russian energy "pipelines" under the Black Sea might be targeted. He gave an order "to strengthen the anti-terrorist?protection of energy and transport infrastructure, as well as public gathering places, provide maximum coverage, and if needed, equip these facilities with additional security measures." Reporting by Dmitry Antonov; Writing by Mark Trevelan, Editing by Andrew Osborn
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Turkey signs preliminary agreement for the largest foreign-funded rail project
The Turkish government has signed preliminary agreements with six international lenders for a $6.75 billion project to build a new railway across the Bosphorus. This would be Turkey's largest foreign-financed railway. He said that once the line is completed, it will be able to transport 33 million passengers each year and 30 million tonnes of freight. It would also boost the country's rail capacity between Asia, Europe and the Middle East. The funds will be used to support the Northern Ring Railway Project. This project will run 125 km (78 miles) and carry passengers and freight between?Gebze and Halkali, via the Yavuz Sultan Selim Bridge that connects Istanbul's main airports. The minister stated that preliminary agreements were made with the World Bank and Asian Infrastructure Investment Bank as well as the Asian Development Bank and Islamic Development Bank. Uraloglu stated that "we aim to?complete the tender process and?hand?over the site this year so (construction) works can begin." The Marmaray tunnel is the only way to transport rail freight across the Bosphorus Strait. However, this service is available for a limited number of hours each day. According to the website of the Ministry, only 1.7 million tonnes of cargo was transported through Marmaray from 2020 to October 2025. Reporting by Tuvan Gümrukcu and Can Sezer; editing by Andrei Khalip
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Venezuela prepares larger oil cargoes to export, targets India
Sources and data indicate that trading houses and buyers of Venezuelan oil chartered the very large crude carriers to export from the South American nation since the Caracas-Washington deal was signed. This is expected to increase shipments to India and speed up the process starting in March. Trading firms Vitol & Trafigura export Venezuelan crude oil & fuels since January. This is part of the $2 billion deal that the U.S. & Venezuela signed after the capture of President Nicolas Maduro. According to data on vessel movements, the 'lion's share' of exports has been made by Panamax and Aframax tanks to U.S. refining facilities, while Suezmaxes are being shipped to Caribbean terminals such as Curacao and St. Lucia. Hire supertankers with a capacity of up to two million barrels can speed up deliveries to Venezuela's main oil export terminal Jose. This is run by the state-owned energy firm PDVSA, which handles 70% of all crude shipments. PDVSA and Vitol?did not reply to requests for comment. Trafigura refused to comment. Reporting by Marianna Pararaga, Shariq Khan, Arathy Sommesekhar, and Georgina Mcartney. Julia Symmes Cobb edited the story.
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Singapore Airlines profits slump masks strong operational performance
Singapore Airlines reported a 69% drop in its third-quarter profit, which was distorted by a gain of a single dollar a year ago and losses at Air India. However, strong passenger demand helped to boost operating revenue. Singapore Airlines owns a 25,1% stake in Air India. The airline began to account for Air India's earnings after December 2024, when the joint venture Vistara of Singapore Airlines was integrated into Air India. Singapore Airlines reported a net loss of $398.6m (S$505m) during the period October-December, down from S$1.63bn a year ago. This was boosted by an?S$1.1bn gain from the Air India/Vistara merger. The carrier's decline in profit masks a strong operational performance. It posted a record quarterly revenue of S$5,51 billion, and a 26% increase in operating profit, to S$792 millions, on the back of strong passenger demand, increased yields, and improved passenger loads. Higher operating costs have partly offset improvements in operational performance due to the record-breaking?global travel demands that keep older aircraft in service, and drive up fuel and maintenance expenses. Total expenditures for the airline rose by 2.7%, to S$4.71billion, due primarily to capacity expansion, increased fuel prices, and higher uplift volumes. Singapore Airlines' growth was driven by its passenger operations. Scoot and Singapore Airlines carried 10.9 million passengers in the third quarter, an increase of 6.3% on a year-on-year basis. The group's average passenger yields (the price that a passenger pays for a kilometer of flying) rose by 1.9%, to 10.9 Singapore Cents per revenue passenger-kilometre. This reflects an improved pricing power. The group's cargo division saw a 5.4% decline in revenue to S$581m, as yields dropped 6.2%. The cargo load factor of the group, which is a measure of how crowded cargo holds are, fell to 56.3%, as capacity growth outpaced demand growth. Tabitha Foo is an equity research analyst with DBS Group Research. She said: "Sustained growth in passenger travel should offset the softness of cargo, and the share price will react positively due to the impressive operating performance beat. We remain vigilant on Air India." Singapore Airlines said that the demand for air travel will remain "healthy" into the last quarter of FY2025/26 due to seasonal travel. From June, the carrier will expand its network by adding new routes, including Riyadh in Saudi Arabia. Lorraine Tan, Morningstar's director, said: "We expected competition to increase as capacity in Asia returned to levels prior to the pandemic, but some carriers have been able to maintain higher yields for longer." ($1 = 1.2663 Singapore dollars)
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New sanctions against Russia's Transneft on Ukraine War Anniversary target Transneft
The United Kingdom sanctioned the oil pipeline operator Transneft as part of its package of almost 300 measures on Tuesday. It announced its "largest" set of sanctions to coincide with 'the fourth anniversary of Russia invading Ukraine. The Russian government claimed that Transneft was a major pipeline company in the world and transported more than 80% the crude oil exported by Russia. The goal was to cut further into Moscow's revenues from energy. The West has imposed thousands of sanctions against Russia, including on its oil sector. However, this has not resulted in a significant reduction of Russian oil exports. China, India, and Turkey continue to buy Russian oil. "The UK has today taken decisive action" "The UK?has today taken decisive action to? Disrupt the vital?financing?, military equipment?and revenues streams that sustain Russia’s aggression," Foreign Minister Yvette Cooper stated in a statement. UK'S LARGEST SANCTIONS PACKAGE With the new measures, more than 3,000 people, companies and vessels are now sanctioned as part of Britain's Russia sanctions. The package of measures announced on Tuesday included?48 oil tanks identified as part efforts to curb Russia's'shadow fleet'. The latest sanctions package was the largest Britain has imposed since Russia invaded Ukraine in 2022. It included subsidiaries of Rosatom, Russia's state-owned nuclear agency, for their role in supporting Moscow's export of nuclear energy. Rosatom declined comment. Britain also designated Gazprom SPG Portovaya LLC which they said was involved with Russia's liquid natural gas shipments and a group of Russian banks. Gazprom's sanctions were imposed in January 2025, in coordination with the United States. Sanctions have also been imposed on two Georgian television channels that the British government has accused of deliberately spreading false information about the conflict. Both channels' representatives criticised the sanctions. MOSCOW REVENUES ARE SQUEEZED London claimed that its sanctions increased pressure on Russian president Vladimir Putin. Some British lawmakers, however, say that it's unclear if sanctions will lead to tighter controls over re-exports or other forms of circumvention. Analysts and traders expect Russian oil to start declining this year, after the U.S. imposed new sanctions against top Russian oil firms Lukoil and Rosneft as well as multiple tankers. However, data has not yet shown a decline. The Centre for Research on Energy and Clean Air, a nonprofit organization, found that Russia had earned 193 billion euros ($227billion) in oil, coal, and refined product exports during the year ending February 24, 2026. This is a 27% decrease from the period prior to the invasion. Russia's oil exports are not affected by sanctions, but its gas exports have declined since 2022. They have instead?pushed Moscow to lower the price of crude oil. Russia has also diverted crude to China and India, using a shadow fleet of uninsured, old tankers. Western governments have targeted these tankers, and Britain has said that "deterring and disrupting them" remains a priority. In the package of sanctions imposed by the British government on Tuesday against what it called Russia's dark web oil networks, sanctions have been imposed on the?175 Dubai-based 2Rivers Group, which is said to be one of the largest shadow fleet operators in the world and a major Russian crude trader. 2Rivers didn't immediately respond to an?ask for comment. U.S. president Donald Trump pushed India to?shift away from Russian crude in order to secure a trade deal. The EU is also debating an broader ban of business that supports Russia's seaborne oil trade. A dispute over oil supply led to the EU failing to agree on a new package of sanctions against Russia as well as a massive loan for Ukraine on Monday. (Reporting from Sam Tabahriti in London and Sarah Young, with additional reporting from Lucy Papachristou at the Tbilisi bureau and Moscow bureau. Editing by Kate Holton & Sharon Singleton.)
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Ukraine continues to import electricity despite Slovakia's emergency supply stopping
Ukraine's power plants, which have been severely damaged by Russian airstrikes, continue to import electricity from other countries, said the transmission system operator, Ukrainenergo, on Tuesday after Slovakia halted emergency supplies. Robert Fico, the Prime Minister of Slovakia, said on Monday that it would not accept any emergency requests from Ukraine until the Druzhba oil pipeline is restored. This runs through Ukraine and Russia to central Europe. Slovakia and Hungary are no longer able to access Russian crude oil through Druzhba due to damage caused by Ukraine last month. Ukrenergo announced on Telegram that "electricity is being imported by all EU countries bordering Ukraine and Moldova in accordance with auction results for the distribution of?available interconnection capacity." UKRAINE SAYS CONTRACTS FOR COMMERCIAL USE ARE NOT AFFECTED The data from the Slovak operator system also indicated that flows into Ukraine continued. Ukrenergo stated on Monday that any refusal by Slovakia to extend emergency electricity supply on demand will have no practical impact. Ukraine's last request for emergency supplies was more than a week ago and it came in small quantities. Ukraine can purchase electricity from EU countries through commercial agreements or emergency assistance. Analysts at ExPro consulting say that commercial supplies from Slovakia & Hungary account for 70% of Ukraine’s total energy imports. SLOVAKIA and Hungary Await?DRUZHBA RESTART Slovakia announced that its measure prohibiting emergency supplies will be cancelled once oil transit resumes. Since January 27, when Kyiv claimed that a Russian drone struck pipeline equipment in western Ukraine, the flow of Russian crude oil has been stopped to?Hungary? and?Slovakia? Slovakia says it lacks information about the extent of damage. Slovak Economy minister?said Monday that Transpetrol, the operator of Druzhba pipeline system, had been told, without any further explanation, that oil delivery via Druzhba will resume on February 25,
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Trump's tariff pivot can benefit Brazil's Embraer and US airlines, as well as the aerospace industry
The Trump administration's revised tariff regime, which was implemented on Tuesday by the Trump Administration, will benefit Brazilian planemaker Embraer as well as U.S. Airlines and the commercial aerospace industry. Aviation attorneys and industry executives warned that the White House's policy was still changing, creating uncertainty. According to the annex of President Donald Trump's Executive Order authorizing the tariff, commercial?aircraft, engines, and aerospace parts will be exempted from a?temporary? 10% global import duty. He later announced that the levy would increase to 15%. It was announced as a replacement for tariffs which were struck down by the U.S. Supreme Court on Friday. The global exemption for aerospace is more generous than the tariff concessions already granted to the largest exporters of the U.S. industry under previous trade agreements, such as the European Union (EU), Britain, Japan and Canada. Trump levied a 50% tariff last July on the majority of Brazilian goods, to combat what he called a witch hunt against the former president Jair Bolsonaro. However, he spared aircrafts from the most severe penalties. Even so, U.S. Importers of Embraer regional and business jets faced a 10% tariff. Embraer gets a boost from the exemption of aircraft under Trump's new tariffs. It also helps it to overcome a competitive disadvantage against private jets made by Bombardier, Canada, and Dassault, France, that had previously been allowed into the U.S. duty-free. Katie DeLuca of Harper Meyer in Florida, an attorney specializing in private aviation, said during a webinar on Monday organized by the National Business Aviation Association, "It is actually quite encouraging and good news for our sector." Two sources with knowledge of the situation said that the timing is perfect as the Brazilian planemaker?is about to announce on Tuesday a new variant for its Praetor Business Jets. Embraer declined to comment but had previously called the 10% tariff "manageable" but "harmful". Alaska Airlines announced in July last year that two regional jets E175 had been delivered after a brief delay. The carrier announced on Monday that the next E175 deliveries were scheduled for this summer, "so we can understand how tariffs settle." SkyWest Airlines and American Airlines have not responded to immediate requests for comments. Both airlines ordered Embraer E175 regional aircraft. The TARIFF CONCERN STILL LOOMS Dave Hernandez, an attorney and U.S. business-aviation specialist with Vedder who represents Embraer in the United States, said the new tariffs were a win for Embraer but warned that the Trump administration is conducting separate investigations on Brazil's commercial aviation and trade practices. The cost of aviation is also increasing due to the?U.S. Tariffs on materials that are used in aircraft parts. Hernandez stated that while it's wonderful that aircraft, parts, and engines are exempted from Section 122 tariffs there is still a concern that steel and aluminum tariffs will increase the final costs of aircraft, parts, and engines. Experts say that the 'change' creates an opportunity for certain aircraft, previously subject to tariffs, like pre-owned business planes, which are now duty-free, to be imported into the?largest private aviation market in the world. Sources in the industry said that U.S. Airlines could also use the new exemption to accelerate the import of Embraer Regional Jets. Tobias Kleitman is the president of TVPX in the U.S., which offers trustee and customs service. The question is, how long will this window last? Kleitman said in the NBAA webinar that "it's a shocking change". The Commerce Department, under Section 232 investigation, is examining the risks imported goods pose to U.S. security. This could lead to tariffs being imposed on planes, engines, and parts imported. Alex?Krutz is the managing director of U.S. aerospace & defense consultancy Patriot Industrial Partners. He said that he didn't expect the 232 inquiry to result in blanket duties on aerospace due to its exclusion and prior exemptions in trade agreements for aircraft and parts. Krutz, former assistant secretary of manufacturing for the U.S. Commerce Department, said: "I believe it is recognized that aerospace is an exporter." Reporting by Allison Lampert, in Montreal; David Shepardson, in Washington; and Gabriel Araujo, in Sao Paulo. Editing by Joe Brock & Jamie Freed.
Middle East oil exports drive tanker costs up to 6-year high amid threat of US/Iran war
Industry sources claim that the cost of shipping crude oil has risen?to its highest level in six years. This is due to a surge of crude exports out of the Middle East, as traders rush to book charters before a possible conflict between the U.S.
The cost to hire a very 'large 'crude carrier to transport up to 2,000,000 barrels of crude oil from the Middle East into China has tripled since the beginning of the year, reaching over $170,000 a daily on Tuesday. This is the highest price ever recorded, according to LSEG.
Data from shipping analytics company Kpler revealed that Middle East crude oil exports in February surpassed 19 million barrels a day, which is the highest level since April 2020. Saudi Arabia, United Arab Emirates, and Iran led the way, while India's need for crude oil increased after India cut Russian imports.
"VLCC rates are a result of many positive fundamental factors,?starting from Venezuela barrels being transported on legitimate freight vs a darker fleet previously, increased OPEC+ output and healthy crude oil demand, especially from India which has switched from Russian 'to Middle Eastern barrels," stated June Goh, a Senior Analyst at Sparta Commodities.
She said that the dirty freight market would soon be affected by the Suezmax and Aframax tanker markets. These smaller tankers are used to transport crude oil and fuel oil.
WAR-RISK INSURANCE PREMIUMS IN FOCUS
If Washington strikes Iran and Tehran responds by disrupting the Strait of Hormuz - a major chokepoint in Gulf oil exports - shipping costs could increase.
In a note, broker Clarksons stated that "for crude tankers the key point is VLCC spot... (rates) do not need barrels to disappear in order to move."
Charterers can book further in advance to avoid schedule uncertainty. Owners may also demand compensation for calling the region.
Dryad Global, a maritime risk management company, said that the ongoing Iranian military exercise in the Gulf of Oman, Strait of Hormuz and Gulf of Oman is directly responsible for an increased risk of GPS jamming, spoofing of AIS tracking and GPS jamming.
As a result, the global tanker fleet is also smaller, as hundreds of older vessels are sold to a shadow fleet that has no insurance and transports sanctioned oil out of Iran and Russia.
Market sources claim that oil majors won't use these vessels and will tighten vessel availability until the fleet is replenished over the next 3 years.
SOUTH KOREAN'S SINOKOR is the world's top VLCC operator
Sources said that the South Korean shipping company Sinokor, has recently "emerged" as a major purchaser of VLCCs. This will reduce the supply of these ships on the open market, and allow owners to increase the 'rates' for 30-day charters.
Sinokor didn't immediately respond to an inquiry for comment.
Three brokers and shipping officials estimated that the company controls around 78 VLCCs on the daily active spot market.
They said that this number is expected to increase?to 88 vessels in the current quarter. This would mean the fleet may eventually exceed 100 vessels, possibly reaching 120-130 ships. The sources declined to comment because the matter was so sensitive.
Sinokor, with 88 vessels, is now the largest VLCC operator, and accounts for 24% of spot-trading, and approximately 12% of the global VLCC fleet. This is an unprecedented concentration of commercial entities in this market, according to a recent note by shipping analytics firm, Signal Group.
Market sources stated that the overall VLCC industry is expected to be strong and will allow operators to charge higher rates.
Sparta's Goh stated: "At a certain point, high freight costs will impact refining profits and could trigger a reduction in demand for the fleet."
(source: Reuters)