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Orlen, a Polish company, will supply Ukraine with 3 LNG cargoes as well as fuel
Naftogaz announced on Monday that Orlen, a Polish energy company, will provide Ukraine's state-owned Naftogaz three cargoes worth $500 million of fuel in the first quarter of 2027. The company has not disclosed the exact amount of gas Ukraine is expected to receive during the peak heating season. This could be the most challenging in the nearly five-year war, due to the continued Russian attacks on Ukraine's energy systems. Orlen had sold Naftogaz US LNG in the past. Orlen will also provide motor fuel to Ukrnafta, worth up to $500,000,000, in addition to natural gas. This "will help to further strengthen stability of fuel supplies during a global oil shortage caused by the events in the Middle East". Fuel prices are soaring globally due to the disruption caused by the U.S./Israeli war against Iran. Retail prices in Ukraine have increased 8%-10% since the beginning of the month. This is in line with the rises seen across Europe. Diesel has also dipped close to the psychological level of $2.24 per litre. The Russian missile attack on Ukraine has destroyed its oil refining capability. UKRAINE STILL PRODUCES CRUD OIL Even though Ukraine lost its oil refineries it still produces crude oil. Naftogaz stated that the agreements with Orlen would allow Ukrnafta to refine its oil at refineries outside of the country. Naftogaz stated that the document allows for exploration of the supply of Ukrainian crude oil to be processed at refineries located in Central Europe. Ukraine does not disclose figures about its crude production, but it produced 1.5 million metric tonnes of crude oil and gas condensates in 2021 before Russia invaded in 2022. It operates the southern section of the Soviet-era Druzhba Oil Pipeline, which?transports Russian crude oil to refineries located in Hungary and Slovakia. Kyiv also uses the route for its own oil transport to Eastern Europe. A Russian drone damaged equipment on the pipeline near the Ukrainian town of Brody in?January 2026. This caused oil flow to be halted for several months, prompting protests by Hungary and Slovakia who accused Kyiv deliberately delaying pipeline restart. Kyiv denies that allegation. The pipeline re-opened in April.
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Trafigura launches Volare tanker arm, plans Oslo listing
Trafigura, a trading?house, announced on Monday that it has launched Volare Shipping. Volare Shipping will own and operate 14 supertankers. It also plans to sell shares before listing the company on the Norwegian Stock Exchange next month. Oil tanker prices have reached record levels due to the disruption caused by the conflict in Ukraine and Iran. Some oil and shipping companies are now looking to increase their fleets, including VLCCs and smaller vessels like Suezmaxes. Trafigura announced that it plans to sell Volare in a private placing to raise $500m and then?aims to list the shares on Norway's Euronext Growth Oslo on or around October 5 pending approval from the exchange and a successful?share sale. The Trafigura shipping head Andrea Olivi said, "The goal is to maximize?earnings from these vessels. They will be used accordingly, whether they are carrying internal or external cargoes. Trafigura, for example, chartered oil tankers from independent shipowners in the past to "carry oil", which left them exposed to higher rates on the market. Trafigura said that Volare has six VLCCs in operation and eight newbuild VLCCs are on order to be delivered between 2026-2028. Volare may look to grow into other segments. Olivi added that the company could add smaller vessels. Volare CEO Alexandre Duff said: "The proposed private placement will fund our entire current newbuilding program." Volare is trading under the ticker VLCC on the Euronext Growth Oslo Exchange in Norway, according to the company. Trafigura is one of the largest oil traders in the world. It manages 500 vessels, including 250 oil tankers, across various segments.
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Trafigura launches Volare tanker arm, plans Oslo listing
Trading 'house Trafigura announced on Monday that it had launched Volare Shipping. The company would own and operate 14 supertankers. It also said it planned to sell shares before listing the business on the Norwegian Stock Exchange next month. Oil?tanker prices have reached record levels due to the disruption caused by the conflict in Ukraine and Iran. Some oil and shipping firms are now looking to increase their fleets of VLCCs and smaller vessels like Suezmaxes. Trafigura plans to sell Volare share in a private placement for $500 million, and then to list them on Norway's Euronext Growth Oslo Exchange on or around October 5. This is subject to a successful sale of shares and the approval from the exchange. Trafigura, for example, has historically chartered oil tankers from independent shipowners. This leaves them vulnerable to higher freight costs on the market. Trafigura reported that Volare has six VLCCs in operation and eight newbuild VLCCs are on order to be delivered between 2026-2028. Alexandre Duff, CEO of Volare, said: "The private placement contemplated will fully fund our existing?newbuilding program." Trafigura is one of the largest oil traders in the World. It manages around 500 vessels, including 250 oil tankers.
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Bousso: Shuttles to Hormuz keep oil flowing at high costs
The Middle East oil markets are being reshaped by a new system of shuttling, as producers try to maintain exports despite the escalating conflict in the region. The question is now whether this expensive, complex process is just a temporary measure or is the new norm for the global energy markets. Rows of tankers are anchored several miles off the coast of Oman, south of the Strait of Hormuz. They sit next to each other and are connected by ropes or hoses. This allows them to transfer crude oil from one vessel?to another, forming a floating link between the Middle East’s oilfields?and?the global markets. Transfers from ship to ship (STS), which are now in their seventh month, have been a lifeline for Gulf producers who must adapt?to?the disruptions brought on by the Iran War. After loading, the tanker disengages from its ship and travels to its destination. This is usually a refinery located in Asia. The "mother ship" returns via Hormuz back to the Gulf to reload, and repeat the entire process. The system reduces the distance that any ship must travel and thus the risk of transiting through the strait. This is even though an increasing number tankers are passing through a narrow, protected corridor along Oman’s coast with their navigation systems turned off. Kpler data shows that exports through Hormuz reached 6.5 million barrels a day (bpd), the highest level since the short spike following the ceasefire in June. This operation is proof of the remarkable adaptability of the energy industry to supply shocks. It is also a sign that it's becoming more and more expensive to transport oil from the world's largest exporting region. HORMUZ STANDOFF The Strait of Hormuz was responsible for a fifth of the global oil demand before the US-Israel conflict erupted with Iran in February. Iran's blockade forced producers to cut production and divert traffic where they could. Shipowners were reluctant to send their vessels into an active conflict zone. Those who did take the risk, however, demanded premiums that were unprecedented. Energy industry is a dynamic field that?rarely remains still. ADNOC, the Abu Dhabi National Oil Company, developed STS as a workaround to the shortage of tankers. In April, instead of using the vessels for round-trip trips of several weeks, to buyers in Asia it began to use them as shuttle tankers transporting crude oil from Gulf terminals into the safer waters of?the Gulf of Oman. The cargoes can then be transferred onto larger vessels for the next journey. This strategy allowed for the continuation of some essential exports by maximising the use and cost-effectiveness of a small and expensive fleet. The UAE is expected to export 3.6 million barrels per day (bpd) in September, which is higher than the average for 2025 of 3.4 millions bpd. ARAMCO'S IN TOO What started as an emergency response is now a thriving new industry. Saudi Aramco relies more and more on STS operations, as disruptions in the Red Sea export routes have reduced the effectiveness of its alternative outlet. Yemen's Houthi forces, backed by Iran, have tightened their grip in recent weeks on the Bab el-Mandeb Strait near the southern entrance of the Red Sea. On September 10, Iran-backed militants attacked the East-West oil pipeline in Iraq, cutting off approximately 4% of global supplies of oil that were flowing into international markets through the Red Sea port Yanbu. This confluence pushed Brent crude above $108 per barrel last week, before the Saudis informed buyers that they would continue to ship via STS transfers through the Omani route. STS has been adopted by other regional producers. Kpler estimates that around 2.5 million barrels per day (bpd) of crude will be transferred via STS in the Gulf of Oman alone in September, compared to 1.4 million in August. This is roughly 40% of what currently passes through Hormuz. STS was used very rarely before the war. PARALYSIS IS NOT ADAPTATION This floating?logistics system has prevented a much more severe supply-side shock. However, it comes with a high price. According to LSEG, benchmark freight rates for a VLCC transporting Gulf crude oil to China have risen in recent months, to $30 per barrel. This is the highest rate ever recorded. With crude oil prices at around $105, the freight cost now accounts for over a quarter, compared to just 2% or 3% prior to the war. Each additional transfer adds to the cost of global oil markets. To keep their exports competitive, producers have had to offer steeper discounts on their crude. They also paid a part of the higher transportation costs. Due to the expansion of STS in the Gulf, the number of available tankers has also been limited, which has led to a dramatic increase in global freight rates. Keshav Lakhya, CEO at HiLo Analytics, said: "We're witnessing the largest wealth transfer from oil producers to owners of tankers." Fundamentally, today's global energy market adapts to the increased geopolitical risks rather than being paralysed. The Middle East's oil trade has become increasingly inefficient. It is dependent on a patchwork system of military escorts. temporary transfer hubs. and alternative routes, which were never designed to handle this volume. The more fragile and expensive the global energy system is, the longer the conflict continues and the more routes are threatened. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Meta's Instagram and Facebook recover from brief outage in US
According to Downdetector.com, Meta's social media platforms Facebook and Instagram recovered after a brief outage on Sunday disrupted service for thousands of U.S. users. Around?8.55 p.m. ET, the disruption began. ET peaked with more than 17,000 Facebook outages and 5,000 Instagram reports, according to Downdetector.com, which tracks outages through a collection of status reports from various sources. By 10 p.m., the number of reports of service interruptions had dropped dramatically. ET, which indicates that the services have recovered in large part. Meta did not respond immediately to a request for a comment about the outage. The actual number of users affected may vary since the numbers on Downdetector rely on?reports? submitted by users. Facebook and Instagram both?experienced an outage similar to this one?in July. Downdetector recorded as many as 4,808 reports of issues on Facebook and as much as 2,829 on Instagram.
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Bangladesh increases fuel prices due to Middle East conflict
Bangladesh has increased fuel prices up to 17.4%. This puts pressure on businesses and consumers as the government tries to reduce the mounting losses caused by the surging oil prices in the world and the higher shipping costs associated with the Middle East conflict. The new rates are effective Monday and are expected to increase transportation and production costs in the import-dependent economies, increasing?inflationary forces at a time that industries, such as the key garment export sector of the country, are already struggling with an?acute energy shortage. The Energy Ministry reported that international fuel prices have more than doubled from March 2026. Freight charges, meanwhile, had increased significantly due to regional instability. Diesel prices have increased 17.4% from 115 taka to 135 taka. Prices for 95-octane gas increased from 145 to 165 Taka per litre, petrol to 160 Taka from 140 Taka, and kerosene to 155 Taka from 135 Taka. The government raised fuel prices in April and again in June to offset the rising costs of imports due to higher oil prices. The Ministry of Finance said that state-owned Bangladesh Petroleum Corporation had suffered losses between March and August totaling 228.76 billion Taka ($1.9 billion). It added that the price increase could reduce annual losses by 100 billion Taka, while conserving foreign currency reserves and curbing fuel theft to neighboring countries where prices are higher. The ministry cited also substantial subsidies for liquefied gas. It said that the government had continued to support gas and electricity supplies despite increased import costs resulting from the regional energy crises. Exporters were concerned that higher fuel prices would squeeze manufacturers who are already struggling with energy shortages. The fuel price increase will affect everyone, including businesses and common people. The fuel price hike will increase inflation, production costs and transportation costs, cause job losses, and force some businesses to shrink. He said that the move would add pressure to an economy already suffering from energy shortages and low margins.
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Pepco invests in new Poland hub and long-term freight deals to build logistic resilience
Pepco, a European discount retailer, is relying on 'long-term' freight contracts and a newly opened distribution center in Poland to help it cope with rising shipping costs and supply chain disruptions. Pepco (listed in Warsaw) operates over 4,000 stores across 19 European countries. On Thursday, the company opened a new distribution centre near Gdansk's Baltic port, Poland. The facility is intended to support rapid store expansion and improve the resilience of the supply chain. Global retailers are struggling with increased freight and fuel costs due to the Middle East conflicts. The Red Sea and?Strait of Hormuz have disrupted global shipping routes. "With very long-term contracts... we can mitigate the peak (in costs) at the moment," CEO Stephan Borchert said, adding that the company had secured agreements for container shipments beyond the next summer. Pepco competes against a crowded discount retail market, including rivals like Netherlands-based Action or LPP's budget-brand Sinsay. To maintain its price advantage, efficient logistics are essential. DISRUPTIONS OF SUPPLY CHAIN Martin White, Pepco Logistics Director said: "I have been in supply chain management for 45 years. I've never seen anything like this." He cited the combination of challenges including forced changes to shipping routes and typhoons that left Pepco Freight in Shanghai in august. White said that only 35% of Pepco shipments are delivered on time. Sea-Intelligence, a supply chain advisor, put the global schedule reliability in July at 56.4%. Shanghai was at only?21%. A part of the Gdansk facility will serve as a deconsolidation center, allowing Pepco's to unpack and determine?where goods should be sent after their arrival--decisions made previously while stocks were still in Asia. Borchert stated that the company did not build up an extra buffer of inventory, but instead relied on better tracking and long-term deals for freight to manage the situation. He said Pepco will do all it can to avoid passing on higher costs to its customers. However, if forced to act by the industry as a whole, they would only consider this option "selectively". White and Borchert did not provide specific figures to support the increased shipping costs.
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Swiss stocks: Factors to be on the lookout for September 21
Here are some of the main factors that could affect Swiss stocks on Monday: KUEHNE + ?NAGEL The company announced on Monday that it would be collaborating with Amazon for a long time. In an interview published Sunday, Sergio Ermotti, UBS's Chief Executive warned lawmakers not to impose excessively "strict capital requirements" on the Swiss Bank. COMPANY STATEMENTS ADDEX THERAPEUTICS Results for the first half of the year are due. EX-DIVIDEND Dividends: Logitech – 1.36 CHF/shr ECONOMY Swiss August M3?money supply is at 0700 GMT. SNB sight deposits due at 0800 GMT. (Reporting by Zurich newsroom and Gdansk newsroom) |1|For ?Top News in a multimedia Web format on Eikon ?visit: https://bit.ly/2NDFd6g FOR RELATED PRICES, NEWS ?AND ?OTHER TOPICS, DOUBLE-CLICK ON: Daily Swiss stock market report ?in German All ?SMI constituent stocks DJ STOXX index Top 10 STOXX ?sectors Top 10 EUROSTOXX sectors Swiss ?mid-cap index Swiss ?all-share index Swiss market digest Sector overview All Swiss news Swiss research news All equity news SPEED GUIDES: |1|
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 gradually restoring flights to the Middle East. However, the conflict continues to disrupt larger traffic flows.
Middle Eastern airlines increased capacity following severe disruption caused by the Iran War, while many carriers outside of 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 were cancelled by Greece's biggest carrier until June 26. Dubai flights are cancelled until August 31. Erbil, Baghdad and Erbil flights will be cancelled until July 2.
AIRBALTIC
AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June.
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 suspends Tel Aviv flights through June 21 and Beirut and Dubai flights through June 24.
KLM has suspended flights from Dubai to Riyadh until August 2, and until July 26 to Dammam and Riyadh.
CATHAY PACIFIC
Hong Kong Airlines has suspended its flights to Dubai and Riyadh until August 31.
The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel Aviv flights starting September 6. Meanwhile, the launch of its Boston-Tel Aviv flight, scheduled for late October, was delayed.
FINNAIR
The Finnish airline has cancelled all flights to Doha until October 2 and continues to avoid airspace in Iraq, Iran, Syria, and Israel. It will resume Dubai flights in October, which are only operated during the winter.
British Airways, owned by IAG, delayed the return of its flights from Doha to Riyadh to August 8 and until August 1. Flights from Dubai, Tel Aviv and Bahrain to?Amman will be paused until after the summer and resume on October 25, When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping Jeddah from its list of destinations.
JAPAN AIRLINES
Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 1, as well as Doha-Tokyo until July 31.
Polish Airlines has canceled flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October.
LUFTHANSA GROUP
Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1, whereas ITA Airways confirmed they would begin on July 1. SWISS delayed the return of flights to August, while Brussels Airlines suspended its operations until October 24.
The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th.
Lufthansa has suspended flights to Abu Dhabi, Amman and Beirut. SWISS, Austrian Airlines, and Brussels Airlines have also suspended flights to Riyadh and Riyadh. Erbil, Muscat, and Tehran.
Eurowings, a low-cost airline, has suspended its flights to Tel Aviv and Beirut until July 9, Erbil and Dubai until June 22, and Amman and Abu Dhabi until October 24.
ITA Airways also?extended its suspension of flights to Riyadh till June 30.
MALAYSIA AIRLINES
From July 2, the Malaysian airline will resume limited service to Doha.
NORWEGIAN AIR
Low-cost carrier?has delayed indefinitely the planned launch?of Tel Aviv and Beirut service, and no new dates have been determined.
PEGASUS
Pegasus Airlines, Turkey's national airline, has cancelled all flights scheduled to Amman Baghdad Beirut for June 9.
QANTAS
Australia's national carrier has added flights to Rome, Paris and London to respond to a surge in demand on European routes. The number of flights to Paris will rise from three to five weekly return flights, and the Perth to Singapore service will go from daily to ten a week. A new schedule for flights will be implemented gradually from mid-April until late July.
ROYAL MAROC
Moroccan airline announced that flights to Doha have been cancelled until 30 June.
SINGAPORE Airlines
To meet increased demand, the carrier has extended its Singapore-Dubai flight cancellation until August 2 and added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March to October 24).
TURKISH AIRLINES
SunExpress, Turkish Airlines’ joint venture with Lufthansa has cancelled flights from Dubai to Bahrain, Beirut, and Erbil up until July 14.
WIZZ AIR
Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Milla Nissi - Prussak, Jonathan Ananda, Joe Bavier, Milla Fenton, Susan Fenton.
(source: Reuters)