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Ukraine exports to Baltic ports, just like Russia
Ukraine is looking at using Baltic Sea ports for grain exports. The agriculture ministry announced a similar move on Wednesday. Both sides are seeking alternatives to the Black Sea routes that were disrupted by their war. Sources have told us that Russian companies are repurposing terminals for fertiliser, coal and other cargo at their Baltic and Arctic ports in order to export grain after Ukrainian drones attacked the Black Sea and disrupted the shipments. After Russian attacks, 90% of Ukraine's exports, including grain, were redirected to the three Danube River ports. This adds around $50 per metric tonne?in logistic costs, making Ukrainian grains uncompetitive and creating bottlenecks. HIGH COST AND DIFFICULT TRANSPORTATION Ukraine's Agriculture Ministry?stated in a press release after a meeting between Estonian and Ukrainian agriculture ministers that Baltic ports could handle up to 20 millions tons of grain. The ministry stated that transport via the Baltic would increase export costs by about $100 per ton. It added that Ukraine could need international assistance of up to $2 billion. The ministry failed to identify any potential sources of funding or explain how the grain would be transported to Baltic ports. Ukraine is not near the Baltic States, so transiting through Poland would be the most likely route. In the early stages of the war, Ukraine transported grain through Poland between 2022 and 2023. Polish farmers protested the route, claiming that Ukrainian grain was cheaper and threatened their domestic production. Ukraine continues to export grain via its eastern European neighbours but volumes are still relatively low. According to Ukrzaliznytsia, only 340,000 tons of grain were transported through these routes in the first half September. By the middle of September, only 65 grain wagons per week were bound for Poland. Ukraine exports grain through Poland, Hungary and Romania.
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Germany plans to phase out fossil fuels and promote EVs and heat pumps
Germany's Cabinet approved on Wednesday a roadmap to phase out coal by 2045. The plan reaffirmed a climate strategy that focused on electrification, despite the minister's call for more flexibility in regards to cars, heating, and carbon pricing. A spokesperson for the Environment Ministry said that the plan will be presented to the United Nations General Assembly later this Wednesday in New York. The spokesperson added that Germany will be the third nation?after France?and the Netherlands?to adopt a national road map?as part of an international effort?to move away from fossil-fuels? Spiegel reported earlier that Wednesday, "under the plan, Germany will examine whether a deadline agreed to to end coal-fired electricity generation by 2038 could be brought forward to 2020." Spiegel reported that the plan envisages that by 2035 all new passenger cars will be battery-electric. This?contrasts to demands by some conservatives including Economy Minister?Katherina?Reiche, that a greater role be given to combustion-engine vehicles using alternate fuels. According to Spiegel, heat pumps will be the dominant heating system for buildings in Germany within the next few years. Oil?and gas boilers, which use a growing % of climate-neutral fuels, are only mentioned as a part of the transition. Politico has also covered the issue earlier.
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Germany's Uniper signss offtake agreement for synthetic green jetfuels
The companies announced on Wednesday that German state-owned utility Uniper had signed a contract to?purchase synthetic sustainable jet fuel from US-based eFuels. Uniper will 'buy 40,000 metric tonnes?of fuel?annually?"for more than ten years. This fuel is supplied by Arcadia eFuels Endor project in Denmark. The companies said in a joint statement that this was one of their largest eSAF-offtake agreements. Green fuels that emit less carbon dioxide than jet fuel are the only option to reduce air pollution. Uniper CEO, Michael Lewis, said that the key challenge is now to take sustainable aviation fuels beyond 'promising projects' to an industrial scale. "For Uniper it's?also a step towards building a position of strength in a market that has significant growth potential," said Lewis. The companies say that supplies are expected to start in the early 2030s. They will cover the fuel equivalent for around 1,000 Boeing 787-9 flights each year from Duesseldorf, Germany, where Uniper has its headquarters, to Abu Dhabi. Amy Hebert, CEO of Arcadia eFuels said: "eSAF fuel isn't just a fuel for the future - today's agreement is a 'present-day solution to the aviation industry's need to diversify supply. This brings us'significantly closer' to expanding production in the EU." In 2025, the EU requires that 2% of all fuel available at regional airports be SAF. This will rise to 6% in 2030. eSAF is required to account for 1.2% from 2030 and increase to 5% by 2035.
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Oil nears two-week lows as supply worries ease
The oil prices were near their lowest level in over two weeks on Tuesday, thanks to improved Gulf crude supplies and growing hope for a diplomatic solution to the US-Israeli conflict against Iran. Brent crude futures increased 16 cents or 0.16% to $99.41 per barrel at 0809 GMT, while West Texas Intermediate Futures dropped 50 cents or 0.55% to $90.02. Brent hit its lowest level since September 8 at $97.36 in the previous session. WTI hit its lowest level since September 1 on Wednesday. US President Donald Trump said on Tuesday that his envoys held productive discussions with Iranian mediators to end the conflict. OIL PRICE VOLATILITY RETAINS Nitesh Shah, a commodity strategist at WisdomTree, said that Trump is trying to send out a strong message of good talk. "But, I would caution that the price movements could suddenly change to positive." Three sources familiar with the situation said that Saudi Arabia resumed its East-West Pipeline operations to the Red Sea Tuesday. Saudi Arabia blamed Iraqi militia for drone attacks that forced it to stop crude loadings in Yanbu port on September 11. Since the Middle East conflict has disrupted oil supplies from Saudi Arabia?and their Gulf neighbours?through the Strait?of Hormuz. Riyadh is using the pipeline to reroute approximately 4 million barrels a day to Yanbu. This represents roughly 4% global supply. Saudi Arabia offered to lift more barrels from outside the Strait of Hormuz for Asian refiners on Tuesday. Iraq's oil minister announced on Tuesday that the country is also increasing its oil exports. He said that the country exports more than 3,000,000 bpd and plans to increase exports through Turkey to over 600,000 Bpd. SUPPORT FOR A BETTER OUTLOOK ON SUPPLY A senior Iranian official, who supports the 'improved supply outlook,' said that the Strait of Hormuz would reopen in seven days, if the United States eased military pressure and lifted its blockade of Iranian ports. Industry data revealed that US crude stocks rose by 1.8m barrels during the week ending September 18. This added downward pressure on oil prices. The analysts polled by?by expected a drop. The US Energy Information Administration will release its official weekly inventory numbers at 10:10 a.m. ET (1430 GMT). "A little more crude is making its way to the market, and the East-West Pipeline returning gives everyone some breathing room. The products issue hasn't gone away. Diesel is tight. Jet fuel is scarce. Matt Stanley, director of market engagement for?Kpler, said that the end-user will increasingly feel this. Trump said Tuesday that he supported the idea of a diesel import ban to help lower prices, which have reached record levels due to a global shortage. Analysts and market watchers say that such a ban would not do much to lower energy prices, and could even worsen economic and supply disruptions across the globe.
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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.
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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.
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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.
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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.
Turkish Airlines will purchase up to 150 Boeing 737 MAX jets
Turkish Airlines announced Wednesday that it has placed firm orders for '100 Boeing 737-8 Max jets with options to purchase another 50. The agreement allows Turkish Airlines to switch its orders from the smaller 737-10.
The jetliners will be delivered between 2033-2037.
Turkish Airlines has concluded discussions that began 2025, but were held up due to a dispute about engine maintenance terms.
Turkish Airlines?had threatened last year to pull out of the deal over a?dispute with engine manufacturer CFM. CFM is owned by GE Aerospace, France's Safran and Turkish Airlines. First reported last week, the deal was close to being finalised.
GE Aerospace did not respond immediately to a request for comment on behalf of CFM.
This agreement is a significant step towards the expansion of our fleet. The new Boeing 737 MAX will provide greater 'efficiency and flexibility' to our operations. This will support the extensive network that we serve out of our hub in Istanbul," said Murat?Seker, Turkish Airlines Chairman of the board.
The United Nations General Assembly held a signing ceremony with Seker, Turkish president Recep Tayyip Erdoan and Stephanie Pope.
Last year, during a meeting with US President Donald Trump and Turkish President Recep Erdogan, the agreement was announced, as were orders for 75 Dreamliners.
Turkish Airlines operates approximately 400 Boeing and Airbus jets.
(source: Reuters)