Latest News
-
Officials alter Danube entry procedure to address Ukrainian shipping queue
Shippers announced on Wednesday that authorities will clear?vessels bound to Danube ports through the Sulina Canal, while they are still in Black Sea, instead of processing them inside the canal. This is a?effort?to eliminate a two week queue. After Russian attacks, Ukraine's Black Sea port, which handled 90% of its exports, was effectively blocked. Benefits: More vessels can enter Sulina Canal during the day. Vessels are no longer dependent on berths at Sulina. There is less waiting time and less unnecessary maneuvering," said Katerina Kononenko. Due to bureaucratic procedures and the high volume of traffic, there are dozens of vessels waiting in line for the Sulina Canal. The wait times have exceeded two weeks. Ukraine is the largest grain exporter in the world. This month, shippers reported that the long waits and congestion to enter the Danube or return to the Black Sea extended the grain delivery time from Ukraine to Egypt, a major buyer, from 12 days to over a month, which threatened profitability. Consultancy ASAP Agri stated this week that coaster freight rates on grain shipments to Egypt from Ukraine's Danube ports had stabilized at about $100 per ton. On September 11, shipping costs were $105 per ton, compared to $30 on July 11 when Ukraine's Black Sea port was still operational. Ukrainian authorities said that the Danube port could export at least 500,000 tons per month. Official data shows that Ukraine exported?930,000 tonnes of grain in September, compared to 1.78 million tonnes in September 2025.
-
Ethiopian Airlines suspends flight to Tigray after taking over Mekelle Airport
Local sources claim that Ethiopian Airlines halted flights to the northern Tigray region of Ethiopia on Wednesday, after Tigrayan troops seized the airport at Mekelle's regional capital from the federal police. State-owned carrier announced on social media the suspension of flights to Mekelle, Shire and Axum "due to current conditions in the Tigray Region," without providing any further information. Two local sources reported that Tigrayan fighters, who fought against the federal government during a civil war in 2020-2022 that resulted hundreds of thousands deaths, had seized control of the Mekelle Airport from federal police over night. Requests for comment from the Prime Minister?Abiy Ahmad, the federal government 'and the Tigray People's Liberation Front' (TPLF), a political party in Tigray that governs the country, were not immediately answered. The TPLF announced Sunday that it formed an alliance across?Ethiopia with six other armed group aiming to overthrow Abiy's Government. This move came after months of deteriorating relationships between the TPLF government and the federal government. Both sides signed a peace agreement in November 2022, to end the war. However, each side has accused the other of breaking the agreement. In May, the TPLF seized the control of the'region's government by the interim administration set up under the peace agreement. According to data from the Armed conflict?Location and Event Data project, the?Ethiopian army has conducted several drone attacks against Tigrayan troops in recent months. The federal government has not yet commented on the reported attacks, but last week the military announced that almost 300 Tigrayan combatants had surrendered.
-
Denmark's central banks expects a 4% growth in GDP by 2026, driven by the pharmaceutical industry
The central bank of Denmark has raised its GDP forecasts for both this year and 2027 from 1.8% to 2.3%. Nationalbanken stated in a press release that "Growth was driven by an unprecedented increase in the pharmaceutical industries' output abroad during the first half of the year." Novo Nordisk has been an engine of the Danish economy since its peak in 2024. However, shares have dropped sharply ever since. The Danish government attributed the higher than expected growth in the Danish economy in August to the launch of Novo’s weight-loss Wegovy pills in the United States earlier this year. In a statement, Governor Christian Kettel Thomsen stated that the Danish economy has been able to withstand global turmoil so far. "We expect strong growth in GDP this year. But there are no signs that wage or price pressure will increase. This is because a significant part of the growth comes from overseas production, which only uses Danish labour and capital in a limited way. Denmark is home to global companies like Maersk Shipping, Carlsberg Brewery, Lego, and Vestas, among others.
-
Wall Street Journal, September 23,
These are the most popular stories from?the Wall Street Journal. These stories have not been verified and?has no way of vouching for?their accuracy. - JPMorgan Chase has recently looked at a plan to help ease an old point of contention between credit-card partners like airlines and retailers. This plan would allow private?credits to obtain a new consumer debt. Volodymyr Zelensky, the Ukrainian president, said that he asked President Trump for a 'winter package' of new military equipment and believes that the US will pursue an agreement to stop attacks on energy infrastructure. Qantas Airways will launch a service that is nonstop between Sydney and New York by 2028. This will reduce the journey time from more than three hours. The activist hedge fund Jana Partners is urging Six Flags Entertainment, a theme park operator, to consider a possible sale. Since August, traders?on the Kalshi prediction market have traded almost one million times in the same?market. This unusual activity has attracted the attention of both federal regulators as well as traders.
-
New York Times Business News - September 23,
These are the top stories from the business pages of the New York Times. ? The?reports have not been?verified and the?reports are not guaranteed to be accurate. Anthropic has launched Claude Opus 5.5. It is a new AI that it claims to be its'safest ever.' This means it will be less likely to take actions which cannot undo or act outside of the limits given. As part of Project Sunrise, Qantas Airways plans to launch the first nonstop commercial flight from New York to Sydney by mid-2028. Texas Governor Greg Abbott has halted the state's permits for data centres until an audit can be performed to assess the impact of the projects on the water and power grid. The federal judge dismissed Michigan's antitrust lawsuit against four major oil firms, rejecting the claims that they?increased costs for residents by suppressing...the development of renewable energies and information regarding global warming risks.
-
After the Iran conflict, crude oil imports to Asia hit a high in September but remain weak
Even with the increase, imports of crude oils in Asia were still 13% lower than pre-conflict. According to data compiled and analyzed by commodity analysts,?Kpler, the world's largest oil-consuming region, is on course to import 23,96 million barrels of crude oil per day in September. This represents an increase from August's 23.38 millions bpd, which was also the highest since February. Kpler has recorded a trend of increasing crude imports in Asia since April, when they were at their lowest level in over 10 years. The average oil imports for the three-month period ended in February was 27,55 million barrels per day. On February 28, the United States and Israel began an aerial bombardment and missile campaign against Iran, resulting in Tehran's threat to shipping through the Strait of Hormuz. This narrow waterway carried around 20% of the global crude and refined product prior to the beginning of the war. The strait is still contested, with Iran striking vessels from time to time and the US Navy trying to ensure the safe passage of tankers coming from Gulf exporters like Saudi Arabia, United Arab Emirates?and Iraq. There has been some disagreement over the exact volume of oil that leaves the Strait of Hormuz, and Saudi Arabia's Yanbu Port on the Red Sea. US Energy Secretary Chris Wright claimed on several occasions that up to 15 million barrels per day (bpd) were leaving the Middle East. However, tanker tracking services reported lower levels. The crude oil imports from the Middle East are primarily destined for?Asia, with smaller amounts going to Africa, Europe, and North America. If Wright's claims are true, and 15 million barrels per day have left the Middle East, as he claimed in early August, this oil should have reached ports throughout Asia by the end of September. According to Kpler's data, Asia's Middle East imports were 12,56 million bpd during September. This is up from 11,66 million in August, and over 5 million bpd higher than the low post-conflict of 7,12 million in April. The September estimate, however, is still 3.53 million bpd less than the average of 16.09 million for the three months preceding the conflict. While there are some facts that support Wright's claim, it is important to note that Asia still receives significantly less crude oil from the Middle East than before US President Donald Trump launched his war against Iran. Wright claimed that 15 million barrels per day of oil were exported. However, even with this estimate, the exports are still 3 million barrels a day below pre-war levels. The situation, in other words, is worse now than before the beginning of the conflict, despite all the efforts of US Navy to keep the Strait of Hormuz opened and the risks taken by oil companies and shippers, traders and crews to cross the Strait. Saudi Arabia's East-West Oil Pipeline was closed recently after an alleged strike from Iraq. This will result in lower Middle East imports for October. However, they could recover by November once the pipeline is repaired and operating again. The crude oil?flows to Asia, which are still restricted, continue to be reflected in the flows of refined products. Like crude oil, Asia's imports for light and middle distillates also showed a slight recovery in September, but are still well below their pre-conflict level. Kpler data shows that a total of 5.84 millions bpd light and middle distillates is expected to arrive in Asian ports by September. This is up from 5.25million bpd last month, but it's still over 1 million below the 7.06million bpd produced in the three-month period leading up to conflict. Due to the weakness of refined fuel imports, diesel, jet fuel and gasoil prices remain near record highs compared with global crude benchmarks like Brent futures. On 'Wednesday', the front-month contract traded around $99 per barrel in Asia, while Singapore gasoil – a building block of diesel – was $173.84 per barrel, and gasoline was $139.60. Prior to the Iran War, the price premium of these fuels was typically between $10 and 20 per barrel. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
-
Ninepoint ignores political rhetoric and launches ETF focused on the energy interdependence between US and Canada
Ninepoint Capital, a Canadian asset manager, is challenging the economic nationalism of both the United States and Canada as well as the trade war that has been escalating between them by launching an exchange-traded funds on Tuesday. The fund will highlight the interdependence in energy between the two countries. Ninepoint North American Energy Independence ETF, the Toronto-based firm's first ETF to be listed in America, is designed to provide cross-border exposure for an investment theme Ninepoint coCEO John Wilson stated pre-dated any individual politician and will outlast them. Wilson said it would be "naive" to believe that headlines will disappear in the next couple of years. He added that it would be shortsighted to ignore the degree to which energy industries are already intertwined in both countries, especially at a moment when AI is driving demand for more and reliable sources of electricity. This translates to a heightened demand for natural gas, uranium and strategic minerals such as nickel that are used in the battery industry. According to the Canada Energy Regulator (CER), more than 90% Canadian crude oil exports are bound for US markets. Many US refineries are heavily dependent on Canadian heavy crude. CER reported that approximately 85% of Canadian energy production is exported. Canada is also working to diversify energy exports, both through a growing LNG sector that targets Asian customers and through the Trans Mountain pipeline which transports Canadian heavy oil from the west coast of British Columbia for export overseas. Wilson points out that this will not have a dramatic impact on the level of integration in the near future. Conflict with Iran has highlighted the need for "friendly" crude oil sources. The resultant near-total closure of Strait of Hormuz shipping lanes is a major factor. Data centers, which are required by AI hyperscalers, will require more electricity, most of it generated from natural gas. Wilson continued, "A lot of these technologies would not exist to invest in without the?supply of Canadian raw materials." The ETF's investment will be in 50 or more stocks in the US, Canada, and Mexico. The exact balance is determined by the opportunities. Wilson calculates that two-thirds (or about 67%) of the oil and natural gas producers it will invest in are based in the US. Canadian pipeline companies, mining enterprises, and companies producing uranium and copper, which are needed to electrify North America's economy, will also make up the majority of these?assets. Ninepoint offers several other Canadian ETFs that offer simple?equity-based portfolios as well as options-based products. Ninepoint's other funds, including private credit offerings, have been struggling with funding shortages in recent years. This forced Ninepoint to suspend redemptions. Wilson stated that Ninepoint has replaced cash distributions by additional units in order to provide liquidity and value to investors. To date, these funds have paid about $225,000,000 in redemptions.
-
Sources say that Iraq has suspended Iranian flights from Baghdad due to US sanctions threats
Two sources said that Iraq had ordered its civil aviation authority to suspend Iranian flights to Baghdad Airport starting on Wednesday. This was after the United States threatened to sanction any airport which services Iranian carriers. US Treasury Secretary Scott Bessent announced on Monday that secondary sanctions against air?services companies would shut down all Iranian airlines on September 23, seven months after the start of the war between Iran and the United States. Two sources with knowledge of the situation said that the Iraqi government was considering diverting Iranian Airways flights from Baghdad airport to Najaf. Two sources familiar with the matter said they spoke on condition of anonymity due to the sensitive nature of the issue. The suspension of flights will start at midnight on Wednesday. Iranian news agency Tasnim reported earlier, citing Iranian Civil Aviation Organization that flights between Tehran and Baghdad, Muscat, and other international destinations will be canceled beginning Wednesday. All?remaining flights, including Istanbul, will continue to operate as scheduled. A spokesperson for Iran’s Civil Aviation Organization said that Iranian travelers were not being admitted at the Oman airport. Consultations are ongoing regarding this matter. Bessent said to CNBC that if Iranian?airlines land in an airport "you can't provide them with fuel or landing services. You also can't sell them tickets. Or you will be kicked out of the Dollar system."
Airline pilots are faced with increasing stress as the war continues to spread. They must contend with drones and missiles.
In recent years, airline pilots have been faced with a growing number of risks. From drone incursions to conflict-induced flight paths, the dangers are increasing. The U.S. and Israeli attacks on Iran have made the skies more dangerous, increasing the pressure for those who fly through them.
As a result of the 'outbreak of war' in the Middle East, hundreds of ballistic rockets and attack drones have been launched above some of the busiest airports around the globe. Tehran has retaliated against the U.S., and its allies by hitting airports. Scores of flights were grounded from Dubai to Abu Dhabi. A small number of rescue flights have been able to reach thousands of passengers.
Eight pilots and more than half a dozen aviation and security experts said that the accumulation of conflicts, from Ukraine to Afghanistan to Israel has increased the burden for pilots. They are forced to manage a shrinking airspace as well as the use of military drones away from active war zones. This has increased the stress on pilots who are desperate to ensure the safety of themselves and their passengers.
"We aren't military pilots." Tanja Harter is a Middle East-experienced pilot and the president of the European Cockpit Association.
She said that the current crisis was the latest of a series of security threats to the aviation sector over the years. This could cause pilots "fear and worry." She said that airlines have peer-to-peer programs, and as a pilot, she would not want "to share airspace with missiles."
Industry experts say that airspace safety has deteriorated over the past two and a half years due to an increase in conflicts. This is due to a combination GPS spoofing, which involves intentionally tricking planes as their location, and increased drones and missiles.
Air France's flight from the United Arab Emirates to return stranded French nationals was forced to turn back on Thursday due to missiles. On Friday, a Lufthansa flight diverted to Cairo from Riyadh due to regional security concerns.
FLYING HIGHER IS THE BEST WAY TO AVOID MISSILES
The head of Lebanon's Civil Aviation said that pilots trained in the Middle East have grown accustomed to emergency situations. The escalating war put these skills to the ultimate test. On March 5, video footage showed smoke rising from buildings in Beirut as planes took off.
"Lebanon's Civil Aviation Authority Director General, Captain Mohammed Aziz said that Middle East pilots are always facing crises. We trained them from the beginning on how to handle contingencies, emergency situations and other things."
No one can guarantee they won't or won't bomb an airport.
One Middle East Airlines pilot with over a decade's experience says routes to Beirut are more complicated. He said that shoulder-fired missiles used by the Lebanese army had a maximum range of 15,000. Pilots therefore increased their altitude in order to avoid being hit. They also carried extra fuel to be prepared in case of a forced divert.
Most missile strikes are still far enough away to not be a threat, and most pilots are too busy to even think about them.
He said, "You are so busy on the plane making sure that you have permission to land and everything is in order that you don't even have time to think about what's going on outside the plane."
DRONES DISRUPT EUROPEAN AERIALPORTS
Risques are not limited to the Middle East. Drones have been a major weapon for both sides since the 2022 Russian invasion of Ukraine. Drone disruptions have been reported in airports from Stockholm to Munich - though the cause has not yet been confirmed.
Airline Captain Christian von D'Ahe is concerned by this 'emerging' threat. He has been a commercial pilot for over 15 years, and is the head of the Danish Air Line Pilots Association.
Von D'Ahe stated that drones were not easy to detect. We can see them flying in the sky, and they are very small. "So sooner or later something will happen."
Drones that damage an aircraft's wings or engines can cause a total loss of power.
Drones, on the other hand, do not emit any signal. This leaves pilots in a 'dark place. Airport radars are unable to detect drones. There are specialised radars, but they are usually operated by the military or law enforcement.
Dedrone, which produces counterdrone technologies, reported that there will be over 1.2 millions drone?violations? in the U.S. by 2025.
There's not much you can do
Airports can counter drones using radar, frequency sensors, and jamming devices, while other systems can "spoof them off their course". Airports are not allowed to shoot down drones due to safety concerns.
Tim Friebe is an air traffic controller based in Germany, and vice president of the Air Traffic Controllers European Unions Coordination. He said that drones are a growing threat to airports.
We have reports from pilots or controllers who spot drones. He said that there is not much one can do other than shutting down an airport.
According to a half dozen industry officials, drones caused the closure of some of the biggest airports in the world, from Munich to London Gatwick, last year. This prompted operators to upgrade their foreign object detection and drone detection systems.
Moritz Burger is a German commercial pilot who recalled seeing an object which looked like a ballon with a structure beneath it as he was about to arrive at a European Airport.
I was looking out of the window when an object passed just below our plane. He said that he could only see it for a maximum of two seconds. It was a startling sight and he had no time to react.
When you come across a near miss or a passing object, the time is too short to react. It is therefore unrealistic to think that pilots can fly around an object of this size. "There's not much we can do."
(source: Reuters)