Latest News
-
CMA CGM Container Ship Hit in Strait of Hormuz injures crew
French shipping group CMA CGM announced on Wednesday that the San Antonio was the 'target of an attack' while transiting the Strait of Hormuz. The incident resulted in injuries to crew members as well as damage to the vessel. CMA CGM reported that the incident occurred on Tuesday. It is the latest disruption to the vital shipping route during the Middle East conflict. The Middle East conflict has caused hundreds of vessels to be blocked and 20% of the global oil trade virtually halted. Donald Trump, the U.S. president, announced on Tuesday that he will temporarily halt an?operation? to help escort vessels through the Strait?of Hormuz. He cited "great progress?"?towards a comprehensive deal with Iran. CMA CGM confirmed that injured crew members of the San Antonio were evacuated and receiving medical treatment. It declined to make any further comments on the incident. CMA CGM reported last month that warning shots were fired in the strait at one of their vessels, but no crew members were injured. French company, 'the 'third-largest container shipper in the world,' has revealed that 14 of their vessels were stranded at the Gulf when a U.S./Israeli war began with Iran. CMA CGM Kribi was the only ship to leave the Strait of Hormuz in April. According to shipping data, the destination of the Maltese flagged?San Antonio is Mundra in India.
-
South Africa reports two cases of hantavirus that spreads from person to person linked to a ship
South Africa identified the Andes strain hantavirus which is a virus that spreads from person to person, in two people who?came?off of a cruise ship affected by an outbreak. The Spanish government granted permission to the MV Hondius to dock at the Canary Islands on Wednesday. According to the presentation, tests performed by South Africa's NICD (National Institute for Communicable Diseases) showed that an Andes strain caused infection in a Dutchwoman who died in Johannesburg and a British Man who is still hospitalized. Both became ill while on board the ship. It said that "this is the only strain known to cause transmission from human to human, but such transmission is extremely rare, and, as stated earlier, it only occurs due to very close contact." The most common way to transmit hantavirus is through contact with infected rodents, their urine, saliva or droppings. Reporting by Sfundo parakozov, Writing by Nellie peyton, Editing by Tim Cocks & Andrew Heavens
-
Coast guard rescues crew after cargo ship sinks near Greece
A Greek coast guard official confirmed that Greece has rescued the nine crew members of a cargo ship, eight Turkish and one Azerbaijani. The ship hit rocks early Wednesday morning and sank near Andros. Officials from the Coast Guard said that the Vanuatu flagged freighter was headed for Ukraine with hundreds of tons of soda aboard when it sank near Andros. Marine Traffic's ship tracker did not reveal what caused the cargo vessel to run aground. Unnamed Greek officials from the shipping ministry said that there are no visible signs of contamination, but two vessels carrying anti-pollution gear and two others with coast guards will deploy a sea barrier. The coast guard official confirmed that two crew members had been rescued from the sea, and seven others from a rocky area of Andros. He added that all were taken to the island clinic "in good health". Official: The captain of the?ship said that all crew members were accounted for. (Reporting and editing by Kate Mayberry, Alexander Smith and Kate Mayberry; Additional reporting by Yannis Souiotis)
-
All crew members safe after cargo ship sinks near Greece, says coast guard
The Greek coast guard reported that all nine crew members were rescued from a cargo vessel which sank and ran aground early Wednesday morning off the island of Andros. A Greek coastguard official told? The official spoke on condition of anonymity because they weren't authorised to speak with the media. The official said that two crew members had been rescued from the water and seven others from a rocky area of Andros. The cause of the accident was not immediately apparent. The?official reported that the captain of the ship confirmed there were no other crew members missing. The coast guard said that there were no visible signs indicating pollution by the ship, but they would 'deploy an anti-pollution sea barrier as a precaution. (Reporting and editing by Kate Mayberry; Angeliki Koutantou)
-
Maguire: Europe's solar surplus hurls the power system into a new, difficult transition phase
Solar power has been a major success story in Europe. Even the most ardent clean energy advocates now recognize that there is a limit to what can be good. Solar power capacity in Europe has grown faster than any other source of power in the past decade. It has risen by 115% in just a few years, and has triggered a doubled supply of solar-powered electricity flowing through regional grids. The rapid growth has had a number of?complicated side effects. Solar power is not only replacing fossil fuels, but also increasing steadily. It's changing the way electricity prices in Europe behave and how power markets work. In order to deal with this disruptive solar flood, Europe’s power companies must now shift their focus from adding capacity to integrating the networks, building storage capacities and operating complex markets in order to ensure that the overall system is fit for purpose for Europe’s energy consumers. SATURATION OF SYSTEMS? According to LSEG's data, solar assets in Germany – Europe's largest economy and biggest solar producer – generated a quarter of all utility-supplied electricity in April. This is a record high percentage of that month’s utility mix. Solar's share in Germany's electricity markets will continue to grow, as the peak solar radiation season still lies ahead. This will place increasing pressure on network managers, who must adjust output from other power sources to balance systems needs. The power firms can reduce the output of fossil fuel plants to accommodate solar energy, saving money and reducing emissions. The upswell of solar power during the sunniest times of the day is so extreme that it can make it impossible to maintain system stability by reducing the alternate sources, especially where the baseload generation is slow to adapt. The market is also distorted by subsidy structures which encourage renewables to remain online regardless of the price. Negative power prices can be triggered, which may temporarily benefit some consumers of power but can have a negative impact on the balance sheets of almost all power producers. The tendency of power prices to fall during sunny periods is a fundamental change in the economics of the power market: instead of being paid to generate power, generators must pay the market for it. DEEP RESISTANCE DAMAGE These negative price periods are not just a temporary inconvenience. The long periods of very low or negative prices reduce the earnings of all electricity generators and also increase costs for those who operate dispatchable power stations powered by coal or gas. Climate watchdogs had previously "celebrated" the regular shut-downs of coal-fired power plants during periods when renewable energy supplies were high, on the basis that less fossil fuel production equals lower emissions in the power sector. The frequent ramping up of coal plants, often on short notice as in the case of solar output dropping during cloudy periods, can lead to lower efficiency and more emissions per unit power produced compared with plants that are kept running at a constant level. The operators' costs are also increased by frequent and expensive plant maintenance due to the regular fluctuations in output. The combination of lower revenue and higher costs makes it difficult for power companies to meet debt service agreements, or obtain additional credit for grid upgrades or expansions. Price volatility and increased system stress are also a result of the wear and tear that occurs on generation systems due to frantic fluctuations in clean fuel and fossil fuel production. This makes them more vulnerable to power outages and cost increases. COMPLICATED FIX It will take many years to integrate the flexibility and resilience necessary into Europe's electricity networks, so they can cope with the ebbs of renewable energy. Battery capacity must be increased massively to store the excess solar energy generated in the middle of the afternoon. According to Solar Power Europe, the capacity of Europe's utility scale batteries has grown exponentially in recent years. By 2025, it is estimated that 15 gigawatt-hours will be added. Battery capacity will need to be increased across a range of time scales, from those able to dispatch power in milliseconds up to those able to plug supply shortages for days. It will be necessary to upgrade grid equipment across the entire electricity supply chain. Tens of thousands of inverters, and other components are needed to increase grid-forming strength and to manage frequency and voltage. To stitch together a modern grid, utilities and planners will also need to coordinate in unprecedented ways to ensure that the new transformers and transmission lines are installed on time. Add to that software upgrades that allow power flows to be changed in milliseconds, and market incentives which drive real-time changes in power usage by key consumers. You have one of the most difficult power system upgrades undertaken. Massive and extensive upgrades will be needed if Europe wants to successfully transition from an outdated power system heavily dependent on imported fossil fuels to one that is cleaner and more independent. If done successfully, these upgrades will position the region to enter a new phase in economic growth. This will be underpinned by an increasingly reliable and clean grid powered by renewable energy sources that are cheap and easy to produce. These include the solar and wind farms located within the region. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
-
Lufthansa Q1 loss narrows, keeps 2026 outlook despite fuel hit
Lufthansa announced better than expected 'first quarter results' on Wednesday. Strategic hedging allowed the airline to avoid the impact of increasing jet fuel prices. The group reported a adjusted?operating?loss of 612 millions euros ($717 million) for the period January-March, compared with a projected loss of $659 million by an?Lufthansa analyst poll. This is an improvement from the 722 million euro adjusted operating loss in the same time period last year. Lufthansa has said that the Middle East crisis is driving up the price of kerosene, but also increasing demand as travellers reroute via their hubs. The company maintained that it would earn a significantly higher adjusted operating income in '2026 than the 1,96?billion euro profit earned 'in 2025, despite the increased uncertainty. ($1 = $0.8534 euros)
-
Lufthansa Q1 loss narrows, keeps 2026 outlook despite $2 billion fuel hit
Lufthansa reported ?better-than-expected first-quarter results on Wednesday and maintained ?its outlook for the year as strategic hedging helped the ?airline sidestep the ?impact of a war-driven ?rise ?in jet fuel prices, while labour disruptions were kept largely under control. The group said that the spiking prices of jet fuel would add an extra 1.7 billion euro ($1.99 billion), to its fuel bill. However, it added that they were in a position to minimize this negative impact. The Middle East crisis is causing a surge in demand for Lufthansa hubs as travelers reroute to them. Carsten Spohr, Chief Executive of Lufthansa, said in a statement that "we are resilient in our capacity to absorb these effects." European airlines will be shielded from the initial impact of a jet fuel price shock caused by the U.S./Israeli war against Iran in the first three months of this year. However, many, including Air France-KLM have revised their forecasts for the rest of the year, as jet fuel is expected to remain high. Lufthansa has reported an adjusted operating loss in the period January-March of 612 millions euros ($717) compared to a loss projected by a poll of analysts compiled by the company of 659 million euros. This is a?improvement over the?adjusted loss of 722 millions euros for the same period in last year. It maintained that despite the increased uncertainty, it expected a higher operating profit in 2026 than its 2025 figure of 1.96 billion euro. The Group said it would offset the additional financial burden in the next quarters by increasing revenue from ticket sales and implementing a better network plan, as well as taking further cost-savings measures. Reporting by Joanna Plucinska, Editing by Kirstiknolle and Muralikumar Aantharaman
-
South Korea's HMM claims that the ship which was set on fire in the Strait of Hormuz will be towed from Dubai
HMM, a South Korean shipper, said that it had secured a vessel capable of towing a bulk carrier operated by it to a port located in Dubai after an?explosion? and a fire damaged the ship. The U.S. president Donald Trump blamed it on an Iranian attack. Meanwhile, the South Korean Foreign Ministry stated that the cause of fire could only be confirmed after the vessel is towed to port and examined. HMM?said that in a text, the vessel would?arrive at Dubai either on Friday morning or Thursday evening Seoul time. The Panamanian flagged ship HMM 'Namu' suffered an explosion on Monday evening and caught fire. According to the company, all 24 crew members were still on board when the fire was extinguished. In a social media post, Trump claimed that Iran had fired shots on a Korean-operated vessel and other targets when the U.S. launched its operation to reopen the strait. He encouraged South Korea to get involved. In normal times, about a fifth (or more) of the world's oil or liquefied natural gas passes through this waterway. South Korea is wary of becoming directly involved in the Middle East conflict. However, the Blue House announced on Tuesday that it was reviewing Trump’s suggestion to have Seoul take part in the plan to open up the navigation. Later, Trump said that he would "briefly" halt the operation in order to help escort vessels through the strategic waterway. He cited "great progress" towards a comprehensive deal with Iran. (Reporting and editing by Heejin kim)
Australian shares fall over 2% after hot GDP data reignites rate-hike speculation
Australian shares continued to fall on Wednesday. This was largely due to a sell-off in most sectors. The surprising?brisk growth of the economy rekindled bets for interest rate hikes. Meanwhile, the escalating Middle East conflict increased inflation concerns.
If current losses continue, the S&P/ASX 200 will have its worst session since February 6, if it falls below 8,881.90.
This week the benchmark index has dropped more than 3%, putting it on track for its largest weekly decline since April of last year.
Data released earlier today showed that Australia's economy expanded at the fastest pace in almost three years in the December quarter. This sparked inflation fears and reinforced the belief that rates would need to be raised to "cool down" the momentum.
The markets currently expect a rate increase of one quarter point at the 17th meeting. This is compared to 28% on the previous day.
The escalating Middle East conflict has also dimmed the outlook for equity markets, which could lead to a global inflation wave. Even though Australia is an energy exporter net, the sustained rise in oil prices acts as a tax to consumers and businesses.
Tony Sycamore is an analyst with IG. He said, "The Reserve Bank of Australia board will remain laser-focused on the Middle East conflict and its risks in terms of a supply scare feeding into higher inflation."
Financials in Sydney fell 1.8%, marking the?fifth consecutive session of declines. Commonwealth Bank of Australia, Australia's largest lender, fell 1.5%. The remaining "big four" Australian banks declined between 1.3% to 2.7%.
Investors weighed the rising freight costs due to the escalating conflict in Iran as they weighed down on iron ore price fluctuations.
BHP, Rio Tinto and Fortescue all dropped between 0.8% to 3.3%.
Virgin Australia's stock dropped as much as 3.7%, to a "one-month low". Larger rival Qantas fell 1.6%.
The benchmark S&P/NZX 50 fell 0.9% in New Zealand to 13,491.97, and was on course for its third consecutive session of losses. (Reporting from Nichiket Tanishk and Kumar Tanishk, Bengaluru. Editing by Rashmi aich and Subhranshu sahu.)
(source: Reuters)