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Sources say that the CPPIB in Canada and Czech EPH are potential buyers of Uniper.
Four people with knowledge of the matter have said that Canada's CPPIB, and Czech EPH, are expected to formally express?interest in Uniper by next week. The sale could be worth over EUR10 billion ($11.65billion) for the German energy group. Uniper's sale is the largest reshuffle of Germany's utility industry since Berlin bailed out 'it' along with SEFE in 2022 during Europe's energy crisis for nearly EUR20 billion. UBS and JPMorgan will accept letters of interest until the 12th of June. Brookfield, Norway’s Equinor, and France’s TotalEnergies will also likely indicate interest in the parts or the entire 74.12% share of Uniper Berlin listed for sale last month. Sources said that the initial non-binding letters of interest would not contain a purchase amount but rather general information about the parties involved, their ownership structure and how the deal might be funded. The people added that a second round of indicative bids is planned for the summer. A deal could also be reached in the fall. Berlin may also decide to sell an initial stake to an investor, and then divest additional shares later. Fortum Finland, which was once the majority owner of Uniper, but had to sell it as part of the bailout package, is expected express interest in Uniper’s Swedish activities. These include hydroelectric and nuclear power plants. Three people said that RWE, Germany’s largest power producer, and Uniper competitor, may also be involved at some stage. They added that some potential buyers might team up later in the sale process. Fortum has confirmed that it is interested in purchasing Uniper's Swedish nuclear and hydro assets, should they become available. Uniper and the German finance ministry, who oversees Berlin’s stake in the company, both declined to comment. Uniper, CPPIB and EPH declined to comment, as did RWE, TotalEnergies, RWE, CPPIB and Brookfield. According to current sector multiples Uniper's value could range from EUR8.8 billion up to EUR11.4 billion. However, this figure may be further inflated due its EUR4.4 billion net cash position. Berlin will oppose strategic buyers who want to consolidate Uniper or only buy certain assets. Berlin wants to retain a 25% blocking minority plus one share (down from 99.12% at present). Tibor Fedke is a partner in the German law firm,?Noerr. Three people confirmed that SEFE, who was also bailed by?Berlin in the past, is running a parallel sales auction. Some buyers may choose to participate.
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UN warns that funding cuts may worsen Rohingya crisis
The U.N. Refugee Agency warned on Tuesday that declining funding for humanitarian aid could significantly worsen the conditions of around 1.2 millions Rohingya refugee?in Bangladesh nearly nine years after their departure from Myanmar as aid -groups struggle to maintain?essential?services. The United Nations and their partners are struggling to support one of the largest refugee populations in the world as global crises multiply, donor budgets get tighter and the number of refugees increases. UNHCR reported that the pressure on Myanmar has increased with the arrival of more than 150,000 Rohingya Muslims in early 2024. They fled renewed violence there. In recent years, both the U.S. as well as some European countries have reduced funding for international assistance. Last month, UN and Bangladesh launched an appeal for $710.5 millions to "fund food, housing, healthcare, education, and protection services." The appeal, which is 26% less than last year, remains about 60% funded, underscoring the mounting financial pressure. The funding drive comes before the?ninth Anniversary of the August 2017 military crackdown on Myanmar's Rakhine State that forced 750,000 Rohingya refugees to flee into muslim-majority Bangladesh. UNHCR: "Rohingya refugees have been displaced from their homes for decades in Myanmar's Rakhine State. Bangladesh has provided protection to successive refugee movements." The Rohingya camps in Bangladesh remain bleak despite years of aid. The settlements are overcrowded, fragile and constantly threatened by extreme weather conditions, disease, and insecurity. Limited access to basic services only makes things worse. Refugees are largely dependent on aid due to their limited education and employment opportunities. Recent food ration reductions have made the situation worse. Vulnerable groups, such as women, children and elderly people, face the greatest risk. The conflict in Myanmar continues, and prospects for a safe return are slim. Meanwhile, growing desperation has pushed some Rohingya into perilous sea voyages to Malaysia or Indonesia -- with nearly 1,000 reported missing or dead in 2025. UNHCR warned that conditions could worsen without continued international support, and urged donors to continue their support of Rohingya refugee until they can return safely and in dignity. (Reporting and editing by RumaPaul)
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MSC confirms crew is safe after vessel was hit by projectiles on Monday in Iraq's Umm Qasr Port
MSC, the world's largest shipping company, announced on Tuesday that its Sariska V vessel was struck by two projectiles in Iraq's Umm Qasr Port on Monday. All crew members were uninjured and safe. The company claimed that the Iranian Revolutionary Guard had taken responsibility. MSC said the incident was an unprovoked attack against a neutral commercial airline?with no affiliation with the United States or Israel. In a press release, the group stated that it was "deeply concerned" by the unprovoked attacks. It also expressed concern about the danger they pose to innocent seafarers in the region and maritime trade. Iran's Revolutionary?Guards claimed they targeted?the?MSC Sariska V with a cruise-missile, according to?state media.?Declaring the strike as a retaliation against what Tehran claimed?was a previous?attack on a?Iranian ship. (Reporting and editing by Gavin Jones, Elwely Elwelly in Rome)
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Space investing booms as Impulse Space raises $500 Million at a valuation of $4.26 Billion
The startup Impulse Space has announced that it raised $500 million as part of a Series D round of funding. According to a source familiar with the situation, the funding round values SpaceX at $4.26 Billion. Tom Mueller was SpaceX's very first employee. He led the development of rocket engines which helped Elon Musk turn his company into "the world's leading launch provider". Impulse reported that the round was led by 137 Ventures, a venture capital firm, and Banner VC, a venture capital firm. The total capital raised by Redondo Beach-based Impulse is now more than $1 billion. JUST ABOVE LAUNCH ROCKES The fundraising shows a strong investor appetite for companies that are building infrastructure to support the commercial space industry beyond rocket launches. Launch costs are falling and satellite deployments are accelerating. Demand is increasing for vehicles capable of repositioning spacecraft, delivering payloads further into'space, and servicing satellites in orbit. "Launch is pretty much solved." Mueller, CEO of Impulse Space and also CEO at Impulse Space, said that the challenge is to get beyond low Earth orbit. Impulse designs and develops orbital transfer vehicles, propulsion systems and satellite movement vehicles to help move satellites faster once they're already in space. Impulse has said that it has completed three missions and has secured contracts worth hundreds of millions of dollars. Its products include Mira - a maneuvering satellite that is already in orbit - and Helios – a larger space transfer vehicle scheduled for its first flight by 2027. Helios allows commercial customers to launch with a Falcon 9 rocket and reach their final orbit in six, eight, or ten months. "Our pitch is 'launch Helios, and we'll have you there in the same day'," said President and Chief Operation Officer Eric 'Romo. SPACEX IPO EFFECT Investor interest in the space sector soared after SpaceX filed for the largest IPO ever. The filing detailed ambitious expansion plans, including Starlink satellite internet service, artificial intelligence infrastructure and reusable Starship Rockets. Investors are more interested in a new 'wave' of startups that were founded by former SpaceX executives, engineers and managers who built satellite, spacecraft or orbital logistics businesses. The company also announced that Founders Fund and Lux Capital were additional investors in the Impulse funding round. (Reporting and editing by Matthew Lewis in New York City, with Akash Sriram reporting from New York City)
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DHL Express believes that aviation fuel is secure for the summer despite Iran War
DHL Express Europe believes that its aviation fuel supply is secure for the summer, despite the uncertainty caused by Iran's war. This was made possible by diversifying its sources and easing market pressures, according to Chief Executive Mike Parra. The jet fuel market has loosened over the past few weeks, as the demand for the product has weakened and the imports of it into Europe from the United States have increased. DHL Express is the largest division within German logistics and post services group DHL. It employs approximately 120,000 people around the world. DHL Express operates a fleet consisting of 295 aircraft. In an interview, the European head of premium delivery service said that there had not yet been any fuel shortages. The U.S. and Israeli war against Iran, which began on February 28, has severely restricted oil and LNG flow. DYNAMIC NETWORKS Parra said that the company’s global network, contingency plans and ability to respond locally would enable it to deal with any potential shortages. The company can adjust flight routes and fuel aircraft at alternate locations if needed. Cargo can also be rerouted via road transport or different hubs. Parra stated that "if things got really bad and beyond normal, we had a dynamic aviation network with network planning." He said that the client?behaviour?has not changed since the company switched to weekly fuel surcharge updates rather than monthly in order to better reflect energy?fluctuations. The surcharge for international express shipments was 48.75% as of last week. FedEx and UPS, who are competitors, also charge a surcharge to cover additional costs. Parra stated that the second-quarter results would be similar to those of the first. DHL Express Europe reported revenues of EUR2.87 billion ($3.34billion) in that quarter. He added that the fuel surcharge was only used to cover costs. "It is not intended to be a profit center."
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ADNOC's trading chief identifies August as a tipping point in oil prices
A senior executive of the Abu Dhabi state oil firm said that August could be a 'tipping point' for higher oil prices, if the demand increases and a supply crisis persists due to the Iran War. According to Philippe Khoury of ADNOC, executive vice president of sales and trading at the Middle East Petroleum and Gas Conference, London, transit through the Strait of Hormuz is likely to remain limited and below the pre-war level as long as peace uncertainty persists. Khoury added that it would take months to fully restore the supply chain, while others may only require a few weeks. A full return to prewar conditions could possibly not occur until mid-2027. EXEC STATES IT IS NOT CLEAR how much further demand can shrink. The Strait of Hormuz is a narrow waterway that connects Iran with Oman. It carried a fifth of the world's supply of oil before it was effectively closed by Tehran after the U.S. and Israeli war began on February 28. The crisis caused the largest energy supply shock ever, sending prices soaring and fueling fears of a recession. ADNOC CEO Sultan Al Jaber stated last month that the full return of 'Hormuz flows will not be until the first or second quarter of 2027. Khoury stated that if economies continue to shrink demand, the price could remain around $100 per barrel. If demand improves and the crisis continues, August may be the turning point in prices. He said it was unclear how much more demand could shrink. He said that it was difficult to predict the future of prices, given how things are seen today. He said that the crisis had also affected supplies of chemicals, fertilisers, sulphur, and liquefied petroleum gas. He said that the Middle East supplies between 40 and 45% of European jet-fuel, but these flows are being strangled. He said that this is the first instance that companies who hedged jet prices will struggle to operate flights due to a lack supply and not because of the cost of the supply. CHINESE DEMAND IS BELOW EXPECTATIONS, BUT IS STARTING TO INCREASE Khoury stated that the Chinese demand was below expectations, but is starting to improve as independent "teapot refineries" show appetite. India has continued to buy throughout the crisis, and remains one of the largest spot buyers. He said that China initially purchased large volumes of Iranian oil before the "double blockage", i.e., the U.S. counterblockade against Iranian ports and the Iranian strait being closed by Iran. ADNOC has managed to bring back "a lot" of production and has a pipe that can move output outside the Strait, he stated. Abu?Dhabi said last month that ADNOC is building a second pipe to?double their crude export capacity outside of the Strait by 2027. The current pipeline can transport up to 1.8 millions barrels of crude per day. ADNOC stated in May 2024 that its production capacity reached 4.85m bpd. It produced approximately 3.4m bpd prior to the war. (Reporting and writing by Robert Harvey, Yousef Saba; editing by Sharon Singleton, Jan Harvey).
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DHL Express believes that aviation fuel is secure for the summer despite Iran War
DHL Express Europe's CEO, Mike Parra, said that despite the uncertainty caused by a looming war in Iran, it is confident about its aviation fuel supplies for the summer. This is due to easing market pressures and diversifying its sources. In an interview with Parra on Tuesday, he said: "At this time, we do not have any risk" in major hubs, gateways or?major cities. No disruptions are anticipated. In recent weeks, the jet fuel market has loosened as the demand for it has slowed and imports from the United States of America, Nigeria, and South Korea have increased. The head of the European branch of premium delivery service said that there had been no shortages. Parra said that the firm’s global network, contingency plans and localised shortages would allow it to?handle potential localised shortages. The company can also reroute cargo via road transport, or change the fueling location. "If things started to get really ugly and beyond the norm, we have an aviation?network that is very dynamic and network planning," said he, adding that he was monitoring the situation as usual. $1 = 0.8590 euro (Reporting and Writing by Miranda Murray; Editing by Kirsti Knolle).
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Oil products shipments exit Hormuz, LNG tanker loads at UAE
Shipping data revealed that two tankers loaded with oil products left the Strait of Hormuz in the last week while a liquefied natural gas carrier loaded cargo?in the United Arab Emirates. These are 'rare' movements as the traffic through this chokepoint is still limited. The U.S. and Israeli war against Iran began on February 28, but oil and gas flows remain severely restricted. Around a fifth of the world's oil and LNG supplies normally pass through the Strait of Hormuz. The Aframax Cy Victorious tanker, which was carrying more than 508,000 barrels of straight-run high-sulfur fuel oil and at least 80,000 metric tonne (over 80,000 metric tonne) of the fuel, left the strait May 30 according to ship tracking data from Kpler & LSEG. The vessel is expected to arrive in Malaysia by the second half June. Kpler data shows that another?Long Range 2 tanker Sti Elysees loaded with clean Kuwaiti products in late February left the Strait of Hormuz on May 29. The tanker's destination is unclear. FLUCTUATING HOPES The Marigold LNG tanker managed by Abu Dhabi National Oil Company, (ADNOC), reportedly loaded a cargo on Das Island in the?UAE between May 24-25. In a report published on Monday, Vortexa reported that "the vessel halted AIS transmittals on 3 May prior to a 'dark inbound transit of Strait of Hormuz". AIS (Automatic Identification System) is used to track the location of ships. Some vessels turn off AIS when they are trying to cross the strait. It is the last of four steam carriers controlled by ADNOC, who all turned off AIS, to cross Hormuz in the west, for reloading. "The other three – Mraweh Al Hamra, and Umm Al Astan – have already made their subsequent dark outbound transits," Vortexa stated. Kpler data indicated that the Marigold had been last seen on the east side of the strait, on May 1. However, it was loaded on Das Island on 25 May. ADNOC?did not immediately respond? to a request for a comment. According to Vortexa data, LSEG and?Kpler, four ballast LNG tanks have moved recently towards the eastern entry of the strait. They are now occupying positions in that area. Ashley?Sherman senior LNG analyst, Vortexa, stated that the vessels reached their current position on May 30 and 31. He said that while such movements were not new, they reflected fluctuating hopes of a reopening the strait as well as a wider peace deal. Al Hamra returned to?the Strait last week after delivering cargo from Das Island?to India. Around May 25-27, Al Areesh Al Khuwair Al Marrouna (all controlled by QatarEnergy) began moving towards the strait from waters near India and Sri Lanka. QatarEnergy didn't immediately respond to an inquiry for comment. Reporting by Emily Chow and Florence Tan. Mark Potter edited the article.
There are some flights to the Middle East that have resumed but there is still disruption.
As regional carriers rebuild their schedules following war-related disruptions, some airlines are slowly restoring flights to the Middle East. However, the conflict continues disrupting wider traffic flows.
Middle Eastern airlines increased capacity following severe disruptions linked to the Iran War, but many carriers outside the Gulf still divert Europe-Asia flight to avoid the area.
The latest flight information is listed below alphabetically:
AEGEAN AIRLINES
Thessaloniki-Tel Aviv flights are cancelled until June 26 by Greece's largest airline. Dubai flights are cancelled until August 31. Erbil and Baghdad flights will be cancelled until July 2.
AIRBALTIC
AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are canceled until October 24.
AIR CANADA
The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7.
AIR EUROPA
Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June.
AIR FRANCE-KLM
Air France has suspended Tel Aviv flights through June 14. Air France suspended its flights to Beirut, Dubai and Riyadh from June 2 to June 17.
KLM has suspended flights from Dubai to Riyadh until August 2, and until July 12 to Dammam and Riyadh.
CATHAY PACIFIC
Hong Kong Airlines has suspended its flights to Dubai and Riyadh through August 31.
The U.S. carrier extended the suspension of service for the Atlanta-Tel Aviv routes through December 18, and plans to resume New York JFK-Tel Aviv flights starting September 6. The airline said that the launch of its Boston to Tel Aviv route was 'delayed until further notification.
FINNAIR
It has also cancelled all flights to Doha until October 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will only resume Dubai flights in October.
British Airways, owned by IAG, has delayed the resumption of flights to Dubai, Doha, and Tel Aviv until August 1, and plans to reduce Middle East flights when services resume.
The airline also plans to reduce the number of flights to Dubai, Doha and Tel Aviv.
JAPAN AIRLINES
Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 1 and until July 31.
Polish Airlines has canceled flights to Riyadh and Beirut between March 31 and June 27. LOT will operate its winter route from Dubai to Riyadh in October.
LUFTHANSA GROUP
SWISS, ITA Airways, and Lufthansa plan to resume flights by July. Brussels Airlines suspended its operations until October 24, 2018.
ITA Airways, SWISS, and Lufthansa will continue to suspend their flights to Dubai through September 13.
Airline companies including Lufthansa SWISS Austrian Airlines and Bruxelles have suspended flights until October 24 to Abu Dhabi, Amman Beirut Dammam Riyadh Erbil Muscat Tehran
Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil to June 22, and Dubai to Abu Dhabi and Amman to October 24.
ITA Airways has also extended its suspension of flights to Riyadh through June 30.
MALAYSIA AIRLINES
From July 2, the Malaysian airline will resume limited service to Doha.
NORWEGIAN AIR
The low-cost airline has delayed the launch of its Tel Aviv, Beirut and Beirut services until June 15.
QANTAS
Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is to increase to five weekly return flights from three, and the Perth to Singapore service will go from daily to ten a week. A 'updated schedule' will be implemented gradually for flights starting in mid-April until late July.
ROYAL MAROC
Moroccan airline announced that flights to Doha have been cancelled until 30 June.
SINGAPORE Airlines
In response to increased demand, the carrier has extended its Singapore-Dubai suspension until?August 2 and added services on the Singapore London Gatwick route until?October 24.
TURKISH AIRLINES
SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights until June 30, including to Dubai, Bahrain and Erbil.
WIZZ AIR
Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until the middle of September. All flights to Medina have been suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Matt Scuffham and Alexander Smith edited by Milla Nissi, Susan Fenton, Jonathan Ananda, Milla Nissi-Prussak, and Jonathan Ananda.
(source: Reuters)