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Kyiv reports that Russia has hit port export facilities in the Odesa region of Ukraine.
Overnight, Russia has attacked Ukraine's port infrastructure as well as a border crossing to Romania in the southern Black Sea region of Odesa. The Ukrainian president Volodymyr Zelenskiy stated that the strike "deliberately destroyed a border crossing on the border with Romania as well as export equipment." Ukraine's emergency services said that the attack also targeted energy infrastructure and caused a fire in a residential building where one person was injured, without giving any further details. Russia has increased the number of drone strikes and the intensity of those strikes in recent months on the export infrastructure of the Odesa Region, which is home to Ukraine's main Black Sea ports, as well as major Danube River ports Reni?and Izmail?. The Russians have blocked 90% of Ukraine's seaports. Kyiv has been forced to divert cargo to Danube River ports that are less capable and railway crossings along the western border. The Ukrainian border service announced?on? Tuesday that during the overnight strike Russia attacked and damaged an Orlivka checkpoint for ferry services on the border with Romania. The service issued a statement saying that "processing of vehicles and citizens through this checkpoint has temporarily been suspended." According to a monitoring agency, the Odesa area experienced more than 300 "air-raid" alerts during August. These alerts lasted for a total of 238 hours. Rail officials claim that constant air raid alerts and attacks against facilities are "significantly complicating" their operations. Ukrzaliznytsia, the Ukrainian railway operator, said that it had increased grain delivery to the Danube ports in preparation for future exports.
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Deep-sea search team helps in Cyprus ferry disaster
A team of specialists equipped to search in deep waters is due to arrive on Tuesday from Turkey as emergency crews continue their efforts to locate 20 people who are missing after a ferry capsized near northern Cyprus. Eight people were killed when the double-hulled ship began taking in water, and flipped over shortly after it left the port of Kyrenia with 267 passengers on board. Boats in the area picked up survivors who clung to a part of the overturned hull. However, some reports suggest that passengers could have been trapped in compartments as the boat flipped. Missing children are included in the list. The wreck is located at a depth of 500 meters (1,640 feet) below the surface of the ocean. This is beyond the local resources' reach. Tufan Erhurman, leader of the Turkish Cypriot community in Cyprus, said that the team will bring specialist equipment to explore the wreckage and surrounding seabed. Erhurman, a?reporter on Monday, said that "Intervening in the seabed was not possible at this time with our resources. But from tomorrow it will be possible." The situation is still unclear. It's not clear if any of the missing are trapped in the boat. On social media, it appeared that people were still trapped in one of the compartments while others waited for help perched on the tip of boat. Turkish Cypriot officials said that the vessel was in possession of a valid certificate for seaworthiness. The ferry was described as a catamaran with a wide body that was violently lurching before it?crash back into the water. Nine people involved in the operation of the vessel were remanded in custody by a court on Monday for three days, to help police with their investigations.
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Sasol's earnings increase 9% due to higher oil prices and fuel sales volume
The South African petrochemical company Sasol reported on Tuesday that its annual profit had increased by 9%, boosted?by a rise in crude oil prices and a higher volume of?fuel sales. Sasol's headline earning per share, a measure of profit, was 38.31 rand (2.38 dollars) for the year ending June 30 compared with 35.13 rand in the previous year. The company that uses coal and gas to make synthetic fuels?and chemicals said a 7% rise in the Brent crude oil price average helped boost its income. Brent crude prices soared in February after Israel and the U.S. launched attacks against Iran. The price of oil has remained high and volatile due to the ongoing conflict in the Strait of Hormuz and disruptions caused by it. Sasol skipped a dividend payment once again as its net debt of $3.3 billion remained over the policy limit of $3 billion. Sasol, one of the most carbon-intensive companies in the world, and its Secunda coal to liquids facility is considered as one of the biggest single-site sources for greenhouse gas emissions worldwide. The company intends to decarbonise its industrial processes by using lower-carbon feedstocks such as green hydrogen and natural gas. Sasol's goal is to reach 2,000 megawatts of renewable energy capacity by 2030. This will be based mainly on long-term agreements for power purchase with independent suppliers. The company has said that it has so-far?contracted 1,370MW of the?renewable power supply?, with 510MW?of this already operational. This could save them up to 550 million rand per year.
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The oil boom in the Americas will last longer than the Iran conflict
Oil producers in the Americas, from Canada to Argentina have enjoyed a windfall by capturing market shares lost by Middle Eastern exporters during the Iran War. This renewed focus on global energy security could transform this crisis response into a long-lasting structural change. Since the Iran War and the closing of the Strait of Hormuz six months ago, which affected?roughly one fifth of global oil supply?, the production of oil in the Americas is now a viable option to the Middle East. This is a 'one of the most dramatic changes to the global energy scene in decades. The closure of Hormuz?immediately triggered?a scramble?to replace lost Middle Eastern barrels. America emerged as the main beneficiary. According to Kpler, crude exports in the region, which stretches from Canada to Argentina, are at a record high of 11,7 million barrels a day (bpd). This is up from 10,3 million bpd a year ago and almost double what they were a decade earlier. Brazil is second with 2.5 million bpd, while the U.S. exports average 4.4 million bpd. Asia has taken in most of the extra crude oil from the Americas. Imports from the Western Hemisphere into the continent have risen since the Iran War began. They are expected to reach a new record of 5.4 million barrels per day in August. This compares with an average 4 million barrels per day in 2025. The diversification of the economy was not planned, but rather a result of necessity. The shock has revealed the dangers of an over-dependence on Middle Eastern supply. The lesson of Asia's past wars may last a long time. Even if Gulf Exports recover eventually, Asian?importers may want to avoid becoming overly reliant on any one region. This is especially true for a region with high conflict risk and vulnerable maritime chokepoints. It is more costly to source more crude from the Western Hemisphere because Gulf crude has a geographical advantage. This cost is often viewed as a premium for avoiding future geopolitical turmoil. AMERICAS ASCENTANT The remarkable increase in oil and natural gas production in the Americas during the last decade has made this shift possible. The U.S. Shale Revolution, which transformed the global oil market and made the U.S. world's biggest producer in 2018, surpassing Saudi Arabian and Russian production, was the primary driver of the expansion. U.S. oil production is expected to reach an all-time record of 21 million barrels per day (bpd) in 2025. This will account for about one fifth of global output. Other countries have also seen a significant increase in production. According to the IEA Brazil will reach a record 4.3m bpd by 2026. This is an increase of 480,000 bpd over last year. Canada, meanwhile, continues to increase its oil-sands production capacity. Guyana has become one of the fastest growing producers in the world, while Argentina continues to increase output from its Vaca Muerta shale, which is one of the biggest unconventional resources outside North America. In 2027, the combined North American and Latin American oil production will average 30.5 millions bpd, while Latin American oil output is projected at 9.3 million. According to IEA figures, this would be a 50% increase for the region in the last decade. North America has spent many years developing production capacities, export terminals and pipelines. The Middle East oil crisis couldn't have happened at a more opportune time for its producers. The MATCH IS MADE IN HORMUZ Hormuz has provided a unique opportunity for these suppliers. Asia is largely responsible for this shift. The Americas account for 30% of the global seaborne crude oil exports. The Americas won't replace Middle Eastern suppliers entirely in Asia. But they could continue to erode Gulf's market share. Since decades, Asia has imported Middle Eastern oil because of its proximity. Tankers sailing from Brazil or Japan could spend up to 60 days at the sea, which is about three times as long as the Gulf transit time. These longer journeys tie up fleets and increase freight demand and shipping cost. Tanker rates have risen as crude oil has taken the long way to Asia. According to LSEG, rates for a VLCC carrying 2,000,000 barrels reached a record of $640,000 per day. This is more than triple the pre-war level. Asian refiners are willing to accept higher transport costs for increased energy security. In a volatile world, reliability may matter just as much as the distance. Few producing regions can compete with the Americas in terms of a variety of crude grades. You can find them. These barrels are available. You can get them. These are becoming more abundant. The Americas can't replace the Middle East because it has much larger reserves and lower production costs. What began as a temporary reaction to the Iran War is now looking more like a permanent realignment in global oil trade, one that may last long after missiles have stopped flying over the Gulf. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
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New Zealand and the US fund Cook Islands port upgrades
New Zealand and the U.S. are jointly funding a major upgrade to a World War Two-era port on an atoll in the Cook Islands, said the three governments on Tuesday. This is a new sign of Western efforts in the Pacific region, which is being increasingly influenced by China. Washington will contribute $50 million, and New Zealand NZ$17.5million ($10 million), to the project. Wellington will implement the project in coordination with Cook Islands and U.S. According to the statement, the upgrade at Omoka, also called Tongareva on Penrhyn is designed to improve ship?landings, increase access to services, and strengthen the transport and economic connections for the northern Cook Islands. According to Christopher Landau, the U.S. deputy secretary of state, Penrhyn’s airstrip and port were built by American personnel more than 80 years ago. The airfield was used for moving personnel, supplies and supporting aircraft that were?passing through the region during World War Two. Landau said in a statement that "through transformational infrastructure projects such as this one, we make the United States and our partners safer, stronger and more prosperous." He said that the project was built on the critical-minerals agreement signed with the Cook Islands earlier this year. Mark Brown, Prime Minister of the Cook Islands said that the port project demonstrates economic resilience, as it will facilitate emerging industries such as potential seabed mining or enhanced fishing capabilities. Brown stated that "this project will play an important role as the northernmost port of our country." The U.S. is investing in order to counter Beijing's growing diplomatic, economic, and security footprint in Pacific. Small island states are becoming more important as they compete for strategic influence. China has increased its engagement in the region through?agreements on infrastructure, trade, and security. In February 2025 the Cook Islands signed a comprehensive partnership with China, which included "cooperation on maritime issues, infrastructure and seabed minerals". This agreement led to a bitter dispute with New Zealand with whom the Cook Islands has a free-association. Cook Islanders are New Zealand citizens, but they consult with New Zealand on matters of foreign affairs. Wellington claimed it was not adequately consulted about the agreement, and halted NZ$18.2 millions in development funding. The Cook Islands and New Zealand signed a Defence and Security Declaration that clarified the?methods of consultation between the two parties on?defence- and security-related matters. Winston Peters, New Zealand's Foreign Minister, said that the relationship between these cousins was now on its strongest footing. Peters, in response to a query about whether China planned to upgrade the Penrhyn Airfield, said this was not going to happen due to New Zealand's special relationship to the Cook Islands.
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New Zealand and the US fund Cook Islands port upgrades
New Zealand and the U.S. are jointly funding a major upgrade to a World War Two-era port on an atoll in Cook Islands, according to a statement released by all three governments on Tuesday. This is a new sign of Western efforts to strengthen ties with a Pacific region?that's?increasingly? being influenced?by China. Washington plans to contribute $50 millions and New Zealand NZ$17.5million ($10 million) to the project. Wellington will implement the project in coordination with Cook Islands and U.S. according to a statement issued during the Pacific Islands Forum held in Palau. According to the statement, the upgrade at Omoka, also known as Tongareva on Penrhyn is designed to improve ship landings, access to services, and strengthen the?transportation and economic links of the northern Cook Islands. According to Christopher Landau, the U.S. deputy secretary of state, Penrhyn’s airstrip and port were built by American personnel more than 80 years ago. The airfield served to'move personnel and supplies as well as support aircraft transiting through the region during World?Two. Landau stated in a statement that "through transformational infrastructure projects such as this, we make the United States and its partners safer, stronger and more prosperous." Landau said that the project was built on the framework for critical minerals signed with the Cook Islands earlier this year. The U.S. is investing to counter Beijing’s growing diplomatic, economic and security footprint in the Pacific. Small island states are becoming more important as they compete for strategic influence. China has increased its engagement in the region through agreements on infrastructure, trade, and security. In February 2025, the Cook Islands signed an extensive?strategic partner? with?China, which included collaboration on maritime issues, seabed minerals, and infrastructure. This agreement led to a bitter dispute with New Zealand, which is a Free Association partner of the Cook Islands. Cook Islanders are New Zealand citizens, but they consult with New Zealand on matters of foreign affairs. Wellington claimed it was not adequately consulted about the agreement and halted funding for development worth NZ$18,2 million. The Cook Islands and New Zealand signed a Defence and Security Declaration that clarified the way the two countries would consult about defence and safety issues.
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Trump administration asks US appellate court to lift order banning mail-in voting
The administration of President Donald Trump asked on Monday a 'U.S. The Trump administration asked a?U.S. appeals court on Monday to lift an order by a judge blocking a new rule that would tighten the requirements for mail-in votes ahead of November's congressional elections. The U.S. Department of Justice requested that the 1st U.S. Circuit Court of Appeals in Boston put on hold a temporary restraining order that prevented the U.S. The U.S. Department of Justice asked the 1st U.S. Circuit Court of Appeals in Boston to suspend a temporary restraining order that prevented U.S. Postal Service to enforce its new rule. The order was issued by a lower court judge on Thursday, at the request of Democratic-led States and voting rights organizations. The Administration asked the Appeals Court to intervene on Monday after U.S. district judge Indira Talwani in Boston refused to pause her restraining orders. The restraining order will remain in effect for 14 days until the hearing on Thursday, when she decides whether or not to issue a more-term injunction. Talwani, a?appointee by Democratic President Barack Obama in the issuing of the restraining orders, had concluded that USPS rule could disenfranchise voters, was likely illegal and adopted in violation?of the U.S. Constitution which gives states authority to administer elections. Justice Department lawyers informed the 1st Circuit that Talwani’s ruling was “gravely wrong” and that the lawsuit appeared to be based on the unfounded assumption that USPS intended to seize the administration of federal election. The Justice Department claimed that "the rule's improvements, and modernizations to USPS infrastructure in order to support this sensitive category of mail is fully consistent with USPS statutory and constitution authority." Should the 1st Circuit decline to halt Talwani's order, the administration could try to seek the intervention of the 6-3 conservative-majority Supreme Court, ?which last week lifted an earlier injunction the judge had issued that had blocked USPS from moving forward with the rule. USPS released the rule in order to implement the executive order that the Republican President?signed in march after years of Trump calling tighter rules for voting by mail - and pushing the false claims?that his defeat to Democrat Joe Biden during the 2020 presidential election was the result widespread voter fraud. All outbound and returned ballot envelopes are required to have unique barcodes. According to the rule, the USPS may refuse to deliver any ballots that don't meet the new standards, or are linked with voters who don't appear on the list. All 50 states allow some form of mail in voting.?29 allow voters to request to cast their ballots this way without giving a reason, and eight conduct their elections exclusively by mail. North Carolina will be the first state in the country to mail ballots to voters for the November elections.
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Motiva: Exxon prepares East Texas refineries to weather storm, say sources
People familiar with the plant operations reported that Motiva Enterprises and Exxon Mobil Corp were preparing their East Texas refineries to withstand high winds and flooding in anticipation of a tropical storm approaching 'the U.S. Gulf Coast. Sources said that Exxon and Motiva have not cut production at their refineries in Port Arthur, Texas, and Beaumont, Texas, respectively. However, they have secured loose equipment and items which can be blown away by high winds, or drifted by flood waters, should the storm develop and make landfall Tuesday. Exxon spokesperson Kelly Davila stated on Monday that the company was closely monitoring the storm and both Beaumont, Texas and Baytown, Texas refineries were operating normally. A spokesperson for Motiva did not respond to a comment request. Freeport LNG and Cheniere Energy said that they were closely monitoring the storm. Cheniere said that it would modify its operations if needed, but so far there has been no impact to production. Cheniere operates two liquefied gas plants in Texas, one at Sabine Pass near the Texas-Louisiana boundary and another at Corpus Christi. Freeport LNG is located in Freeport, Texas. The U.S. National Hurricane Center predicts that Tropical Depression 5 will become Tropical Storm Edouard by Tuesday, when it reaches Port Arthur. According to the Hurricane Center, Edouard is not expected to reach hurricane-like strength. It will produce winds of no more than 58 mph (93 kph). Sources claim that Exxon activated their?Incident Command System" on Monday afternoon. Valero Energy Corp has ?not modified operations at its 235,000-barrel-per-day (bpd) Port Arthur refinery, sources at the refinery said. Motiva Port Arthur is the largest refinery in the United States with a capacity to process crude oil of 656 400 bpd. Exxon Beaumont can take in 612,000 barrels per day, while Baytown, located on the east side Houston, has a capacity of 564,000.
Kenyan aviation workers end strike disrupting flights, officials claim
Kenyan aviation?workers have called off a strike which disrupted flights in the country's main international airport and other airports. Transport Minister Davis Chirchir, and Aviation Workers Union head Moss Ndiema announced this on Tuesday.
The strike by air traffic controllers, mainly on Sunday and Monday, caused several delays at the main Jomo Kenyatta International Airport.
In a joint statement, they stated that the?union, airport and civil aviation authorities and low-cost carrier Jambojet had signed a?return to work agreement to end the strikes while negotiations continue on all outstanding issues.
Chirchir stated on Tuesday that "we have examined various?issues...with very clear guidelines...on how we will deal with the three CBAs" (collective bargaining agreements) which had been suspended since 2015.
The Kenya Aviation Workers' Union had stated that their strike was a result of long-standing grievances with the Kenya Civil Aviation Authority and airport operator Kenya Airports Authority.
Ndiema said at a press briefing that "we are calling off our strike and pleading with members to begin the normalisation operations, restoring service."
"We are asking those on duty to start clearing flights."
KAWU Secretary-General Ndiema said previously that the union wanted a court-backed intervention. He cited the lack of collective bargaining agreements at the Civil Aviation Authority and delayed salary reviews.
The Nairobi main airport was experiencing a disruption that lasted into the second day of Monday. Passengers reported waiting hours for updates.
Due to the Nairobi disruption, airlines operating routes to and from Rwanda, Burundi Tanzania, Uganda, Somalia, and Mauritius had to cancel or reschedule their flights.
(source: Reuters)