South-East Asia

The government announced on Friday that the death toll in the central Vietnam floods has reached 13, and 11 other people are still missing. In the last few days, floods triggered from record rainfall levels have inundated a wide swath of Central Vietnam. The former imperial capital Hue as well as the ancient town Hoi An were the worst affected. Images circulated on state media showing that the floodwaters were still covering much of both locations, with many houses being submerged to their roofs. Vietnam is susceptible to violent storms, which can be deadly. Flooding and storms are also common...

Three sources with knowledge of the matter confirmed that Mercuria was shipping over 30,000 metric tonnes of aluminium to New Orleans from Port Klang, Malaysia. They added that the commodity trading company probably needed the metal because it had customers in the United States. Sources said that the metal was coming from London Metal Exchange-approved warehouses in Port Klang. Aluminium stocks, which stood at 268,325 tons on October 29, were down by 74,700 metric tons or 22 percent since September 22. . Industry sources claim that Mercuria's shipment to the United States of aluminium is part of an overall strategic...

May Mobility announced on Thursday that it had secured a substantial equity investment from Singapore's ride-hailing company Grab as part of its plans to expand into Southeast Asia in the coming year. Grab will integrate the startup's autonomous driving technology into its fleet management, vehicle matching and routing systems. This deal represents a major step towards the global deployment of robotaxis, and creates a blueprint on how self-driving cabs will be managed by existing ride-hailing platforms. May Mobility has declined to reveal any further information about Grab's stake in the startup. May Mobility has now partnered with Uber for its...

Shipbuilders and port operators in the United States are suffering from the fallout of President Donald Trump’s campaign to eliminate the offshore wind industry. They have lost hundreds of millions in government support and seen their vessel orders disappear. Their investments worth billions of dollar's now face an uncertain future. This is an unintended result of Trump's offshore wind policy, which includes stop-work orders for large projects and permit reviews that were sparked by former president Joe Biden’s green investment policies. Trump says offshore wind is an ugly and inefficient technology which harms birds and whales. He is a strong...

Four industry sources have confirmed that Citigroup plans to remove large quantities of lead from London Metal Exchange approved warehouses in Singapore as it seeks other rent-sharing agreements. Citi declined to make a comment. In March of this year, the U.S. Bank placed a large amount of lead in LME's warehouses on warrants - title documents that confer ownership. These were put there for lease deals or agreements which allow warehouses and companies to share their rental income with each other. Metal for Rent companies do not need to own the metal. Instead, they receive a portion of the rent...

Pham Minh Chinh, the Vietnamese prime minister, said that the government will aim for a record-breaking GDP growth of 10 percent in 2026. He added that the Southeast Asian economies have proven to be resilient despite external pressures. Chinh, who spoke at the opening of the parliamentary session, said that the growth this year is estimated to be 8%. He added that the government will stick with its goal of aiming for a growth rate above 8%. The GDP grew by 7.85% annually in the first nine-month period of this year. The World Bank estimates a 6.6% increase in GDP...

LONDON, October 17 - Singapore called on the U.N. Shipping Agency to delay the adoption of a price for carbon on ships to allow time to reach a consensus. This was after the United States, Saudi Arabia and other countries were unable to agree on a deal at the London talks due to strong opposition. Washington and Riyadh - the two world's largest oil producers - have both strongly opposed a price on carbon emissions for shipping in discussions at the International Maritime Organization. The European Union, however, has continued to back the idea. Singapore voted for the carbon tax...

Sources in the industry said that tanker freight rates to ship Urals crude oil from Russia's western port to India increased further at the end of September and in early October. This was in response to a dramatic increase in loadings in August. Indian refiners are continuing to import Russian oil, despite the punitive U.S. duties on Indian goods after India refused to stop importing Russian oil. The increase in crude exports to Russia's west ports of Primorsk (Ust-Luga), Novorossiisk and Ust-Luga from August was 500,000 barrels a day, a record. This is due to unplanned refinery repairs. The sources...

Two sources familiar with the matter said on Tuesday that MMC Port Holdings, a Malaysian company, has decided to delay its planned IPO until next year in order to include its financial results for 2025. The listing is initially scheduled for the fourth quarter 2025. It could raise over $1.5 billion. This would be the largest IPO since IHH Healthcare debuted in 2012 with $2.1 billion. It could also provide a boost to the domestic capital markets. According to sources, the company is reevaluating the timing of its listing in order to provide more detailed financial disclosures including results for...

Vietnam evacuated thousands from areas that could be affected by Typhoon Bualoi on Sunday, as the storm intensified. Days earlier, the Philippines had been hit with widespread flooding and at least 10 fatalities. According to Vietnam's National Weather Forecast Agency, the typhoon is expected to land in central Vietnam on Sunday evening, sooner than forecasts because it is moving fast. This is a storm that moves at nearly twice the speed of average, with a strong intensity and wide area of impact. The storm is capable of triggering several natural disasters at once, including strong winds, heavy rain, flooding, flash-floods,...

Three market sources have confirmed that the Russian energy company Novatek resumed processing gas condensate at its second unit in Ust-Luga, which had been damaged by an August 24 drone attack. The fire caused a complete shutdown, including fuel loading, and is one of many disruptions in Russia's energy sector as Ukraine intensifies drone attacks during the ongoing conflict between neighbours. The company had to cut back on naphtha and restart shipments of stable condensate for international markets after two of the three units were damaged in varying degrees. Sources claim that Novatek re-started processing in the second unit, which...

Officials said that Thai authorities were rushing to stop a sinkhole in central Bangkok, which was disrupting traffic and utilities. The sinkhole was about 900 square meters in size and extended 50 metres deep (164 feet). It stopped traffic. Social media footage showed the road sinking slowly as water poured from a drain pipe and dragged down electrical poles. The hospital said it would not accept any patients during this incident. Anutin Charnvirakul, Prime Minister of Thailand, told reporters that dirt from an underground construction project was slipping in. "Fortunately, there have been no fatalities or injuries." Bangkok Governor Chadchart...

ANE (Cayman), a Chinese-based transport and delivery services company, said Tuesday that a consortium including its largest shareholder Centurium Capital and Temasek, had offered to buy it out. The deal valued the group at HK$14.33bn ($1.84bn). Shareholders can choose between a cash payment of HK$12.18 for each ANE share, an alternative share, or a mix of both. The cash consideration represents a premium to the last closing price of the company on October 24, which was 29.6%. Centurium Capital owns around 24.32% ANE shares. Temasek, True Light and other investors do not hold any ANE shares. ANE had earlier this...

ANE (Cayman), said that it received on Friday a conditional offer from a consortium, including Centurium and Temasek, for a potential take-private transaction which could lead to the delisting of ANE from Hong Kong Stock Exchange. In a filing to the stock exchange, the Chinese transport and delivery company stated that an indicative proposal had been submitted on 17 September. It involved Centurium Capital which owns approximately 24,422% of ANE shares and entities related to Temasek, True Light Capital and other companies. After trading was resumed after the announcement on September 18, shares in ANE fell 12%. According to the...

Two sources familiar with the matter said that JD.Com's property investment arm and two other firms are planning to launch a Singapore based real estate trust (REIT), with assets valued at potentially more than $1 billion. Sources said that JD Property (the unlisted infrastructure investment platform and asset management platform for JD.Com) is creating the REIT in partnership with Partners Group, a Swiss investment firm, and EZA Hill Property which is backed up by Asian investment firm Hillhouse. Sources who refused to name themselves because the matter was private said that the REIT plan could be listed at the Singapore...

Australian data centre operator AirTrunk on Tuesday said it secured an A$16 billion ($10.40 billion) sustainability-linked refinancing for its Asia-Pacific operations. AirTrunk, in a website statement, said that this refinancing includes a S$2,25 billion green loan to build a data center in Singapore. This makes AirTrunk APAC's largest sustainable financier. AirTrunk, a hyperscale data center firm, announced that it had secured the support of 60 banks and financial institutions. This brings its total financing including operations in Japan to more than A$18 billion. The company, which was acquired by a Blackstone-led group for A$24 billion late last year, introduced a...

Five sources with knowledge of the matter claim that Trafigura, a commodity trader, is shipping large quantities of zinc from Singapore to the United States. The zinc was stored in London Metal Exchange-approved warehouses. Trafigura is yet to reveal how much zinc it has taken or will take from the LME warehouses located in Singapore or why they are taking the metal to the United States. Concerns about the LME market's supply have helped to push benchmark zinc prices up 5% this month, to $2,850 per metric ton, while the discount to the cash contract is now near zero. ....

Gupta claimed in a court filing that a letter from Trafigura sent to Prateek Gupta’s company, warning them not to raise suspicions with Citi regarding nickel cargoes, provided evidence that the commodity traders were aware of fraud. In February 2023, Geneva-based Trafigura sued Indian businessman Gupta claiming it was the victim of $600-million nickel cargo fraud. Gupta had previously claimed in his defense that Trafigura employees were responsible for the scheme at the heart of the case. Gupta’s lawyers added the new letter to an amended defence document filed last week, which was released by court. Trafigura is a major...

LME data on Thursday showed that the proportion of aluminium stock of Russian origin registered in warehouses at the London Metal Exchange fell to 66% from 69% in may, but the proportion of Indian origin rose to 34%. The LME has prohibited metal produced in Russia from its warehouse system after April 13, 2024 to comply with U.S., British and European sanctions imposed due to Russia's invasion of Ukraine 2022. Metal made before this date can still trade. Stocks of aluminium with Russian origin, or those on warrant The end of June saw little change, with 221,875 tons. A LME...

Data from the London Metal Exchange showed that the proportion of aluminium with Russian origin registered in the warehouses of the London Metal Exchange fell to 69% from 89% in the month of April. The percentage of Indian origin increased to 30% from 10%. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The number of metric...

Two people with knowledge of the deal said that Shein, an online retailer specialising in fast fashion, is leasing its first warehouse in Vietnam. This could help reduce the company's exposure to the unpredictable trade tensions between the U.S. and China. Shein, a company founded in China that sells items such as $5 bike shorts or $18 sundresses has agreed to lease 15 hectares for an industrial warehouse near Ho Chi Minh City. This is the commercial and trading center of Vietnam, according to the two sources, who declined to identify themselves because the information wasn't public. A tit-fortat China-U.S....

LME data released on Monday showed that the proportion of aluminium with Russian origin registered in warehouses at the London Metal Exchange increased to 89% from 88%, and the proportion of Indian origin decreased to 10% from 11 %. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The end-of-April figure was 223,900 tons, up from 200...

LME data on Thursday showed that the proportion of aluminium with Russian origin registered in warehouses at the London Metal Exchange increased to 88% from 75%, and the percentage of Indian origin decreased to 11%. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The end-of-March figure was 200,700 tons, up from 155125 tons in February. The...

LME data released on Monday showed that the proportion of aluminium with Russian origin registered in warehouses at the London Metal Exchange increased to 75% from 67%, and the share of Indian origin decreased to 24%. According to traders, the majority of the aluminium in LME registered warehouses at Port Klang in Malaysia is of Indian origin. This is what Western consumers are looking for, as many have refused to purchase metal made in Russia ever since Russia invaded Ukraine three years ago. Stocks of aluminium with Russian origin, or those on warrant At the end February, the total metric...