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US Navy advisory: mine threat in some parts of Hormuz is not fully understood
A U.S. Navy advisory issued on Friday said that the threat posed by mines in certain parts of the Strait of Hormuz is not fully understood and ships should avoid the area. The threat posed by TSS mines is still not well understood. Avoid the area," stated the advisory sent by the US Navy's US NCAGS to?mariners. TSS is the acronym for the Traffic Separation Scheme (TSS), which was created in 1968 by the U.N. shipping agency with the agreement of the countries in the region. It divided the sailing corridors between Iranian and Omani waters in the Strait. It wasn't immediately clear if?the alert was sent before or after Iranian Foreign Ministry Abbas Araqchi said the Strait of Hormuz was open following the agreement of the ceasefire in Lebanon. Reporting by Jonathan Saul, Editing by Alison Williams
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Transportation Secretary says US received 6 000 applications for air traffic controller roles
Sean Duffy, Secretary of Transportation for the United States, said that the Federal Aviation Administration (FAA) received 6,000 applications in just 12 hours. Duffy, speaking at the Semafor World Economy meeting in Washington, said that the FAA had opened applications for air-traffic controller positions over night. It is a stretched system. The U.S. air traffic control system in the?U.S. The FAA's "air traffic control" training academy is struggling to retain students as many controllers work six-day weekends and mandatory overtime. Air traffic controllers are also facing an increasing workload. According to the U.S. Government's auditor, the Government Accountability Office (GAO), between 2015 and 2024 the total number of flights that use the air traffic control system will increase by 10%, to 30.8 millions. Duffy stated that the 'Trump administration' is focusing on recruiting video game players for air traffic control positions. Duffy said that he and his team had surveyed current air traffic controllers to find out that the majority of them play video games. This led the department, he said, to hire from this "community." (Reporting by Courtney Rozen; Editing by Chizu Nomiyama)
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Andy Home: The fallout from the war in Iran spreads to copper, nickel and other metals
The Iran war caused turmoil on the global aluminum market, but the impact is now spreading to the copper and nickel supply chain. The conduit is sulfur - a byproduct of the Gulf oil and gas industry that has been trapped since the Strait of Hormuz shut on February 28. According to the U.S. Geological Survey, this region is responsible for a quarter or more of global oil and gas production. Sulfuric acid is a key input for ?copper miners using solvent-extraction technology on oxide ores and for nickel production from high-pressure-acid-leach (HPAL) ?plants. Unfortunately, sulfur is used in fertilizers. This sector accounts for two-thirds or more of the global demand, and it's one that governments prioritize over all else. China, which is the largest producer of sulfuric acid in the world, will begin to ban exports next month. According to Argus media, Turkey has already banned exports, and India may do the same. As a result, the sulfur shortage is intensifying and prices are rising to new records. A MULTI-DIMENSIONAL COPER THREAT According to the International Copper Study Group, around a fifth (25%) of primary refined copper is produced by solvent extraction and electrowinning operations. These use sulfuric acid, a leaching agent, as a leaching reagent. The Democratic Republic of Congo has a?specially high level of exposure. The SX-EW process accounts for about half of the copper produced in the second largest producer of the world. This country imports most of its sulfur from the Gulf. As import prices rise, some shipments have been cancelled. Miners are already reducing consumption in order to conserve?chemical stock. China's ban on exports could cause similar problems for Chilean producers. Morgan Stanley reports that Chile produces around 1.125 metric tons copper using the SX-EW method and depends on China for about 20% of its sulfuric acid needs. Leaching is a slow process, so there will be some time before production rates are affected. Chile produces its own sulfuric acids as a result of copper smelting. This provides some protection against disruptions in imports. This?cushion', however, could be a problem in China. Copper smelters in the country are increasingly dependent on sulfuric acids as a source of revenue. The treatment charges for converting concentrate into refined metal are at historical lows, and even trading at negative figures. This has thrown conventional smelter economics to the wind. The export ban will likely stall, or even reverse, the rise in sulfur prices domestically. This is good news for the agricultural sector, but bad news for copper smelters. Some of them are expected to reduce production or undergo maintenance in the coming weeks and months. INDONESIAN Nickel Producers Indonesia, which is the largest nickel producer in the world, imports around 75% its sulfur requirements from the Middle East. The country also imports sulfuric acids from China. Morgan Stanley estimates that the HPAL production requires 25-30 tons of acid (equivalent to 10 tons sulfur) to produce one ton mixed hydroxide precipitate (MHP), a product intermediate containing nickel and cobalt. Macquarie estimates that MHP production was at around?450,000 tonnes last year, and is expected to increase by another 100,000 tons in 2019 as new projects ramp-up. Nickel production will be affected faster by the sulfur-squeeze than the copper market. Indonesian producers are reducing production rates because stocks are already low. COST IMPACT The impact of the sulfur squeeze on nickel and copper production is yet to be seen. The impact on production costs, however, is more certain. Macquarie estimates the increase in sulfur prices since the beginning of the year added $4,000 to the Indonesian HPAL nickel costs. The cost curve has risen to $14,500 to 18,000 per tonne. This is what explains the sharp increase in nickel prices on the London Metal Exchange, which reached an 11-week peak of $18,655 a ton this week. Natixis calculates, on the other hand, that sulfur costs Congo's SXEW copper producers 20% of their cash production costs. According to the bank, every $100 increase in sulfur price is equivalent to a 4% increase in cash costs. These numbers have now helped feed into copper's bull story, lifting the LME 3-month price above $13,000 per ton for the first time since a month. It is clear that much depends now on whether or not the just-announced ceasefire of 10 days leads to a lasting deal of peace and the full reopening of Strait of Hormuz. Copper and nickel producers would still be in competition with agriculture for sulfur. In this particular race, there's only one winner. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. 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EU urges Iran to abandon transit fees in the Hormuz Strait
Kaja Kallas, EU's foreign policy chief, said on Friday that Iran should abandon all plans to charge a?transit fee in the Strait of Hormuz? and?keep all transit? open. Kallas stated in a post at X that "International law requires transit through waterways such as the Strait of Hormuz to remain open and free of charge." "Any scheme that charges for passage will set a dangerous precedent on global maritime routes." "Iran must abandon any plan to charge transit fees." Kallas stated that Europe would play a role in restoring free trade and energy once the ceasefire is established in?the area. In a separate 'post' on X, EU Commission president Ursula von der Leyen'said that the EU -could?help?by sharing satellite data?and by bolstering a naval mission called Aspides?that is currently operating in the Red Sea. Reporting by Lili Bayer and writing by Bart Meijer
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Quotations-Reactions from industry leaders and businessmen to Iran's statement that Hormuz was open
Iran's Foreign Minister said that the Strait of Hormuz was now open to all commercial vessels after a ceasefire agreement in Lebanon. The shipping industry and other world leaders have weighed in on the Iranian Declaration. SHIPPING INDUSTRIES: KNUT ARILD HARIDE, CEO of the Norwegian Shipowners' Association "If this is a step in the right direction, then it is a positive development. The situation is still unresolved. There are many outstanding questions, such as those related to sea mines and the Iranian conditions. Before any transit can take place, these aspects must be clarified. SPOKESPERSON OF HAPAG-LLOYD SHIPMENT COMPANY "We're now starting to assess the new situations and risks involved." "For the moment, we will not be passing through the Strait." Later, a spokesperson said: "We will probably pass soon," adding that it is too early to confirm. World Leaders: U.S. President DONALD TRUMP Trump posted on Truth Social that "the Strait of Hormuz was completely open,?ready for full business, and full passage. But the naval blockade would remain in full effect, as it relates to Iran only, until our 'transaction with Iran is 100% completed." FRENCH PREMIER EMMANUEL MACON Macron said that the move was "in a good direction." We all oppose any restrictions or agreements that, in essence, would amount to a privatization of the Strait, and, of course, toll systems. FINNISH PRESIDENT ALEXANDER STUB Stubb stated on X that Finland is ready to work towards a solution which brings stability to the area and respects international laws. (Reporting from bureaus; compiled by Toby Chopra).
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Slovakia will file a lawsuit against EU's Russian Gas Ban, says PM
Robert Fico, the Prime Minister, said that Slovakia would file a lawsuit against the European Union in "the coming days" to challenge its decision to ban Russian Gas Imports. The EU's decision was adopted by a?"qualified?majority". Fico, who criticized the way in which the regulation was adopted, said that the suit would be filed at the EU Court of Justice. A majority of countries voted to ban Russian 'gas imports by the end of 2027. This allowed the EU to override the opposition from Slovakia and Hungary earlier this year when they voted to approve the measure. Fico stated that "according to the Slovak Government, this is a violation of all principles upon which the EU Treaties are based", adding that 'decisions about sanctions and issues relating to foreign policy should be made unanimously. Hungary has already filed a lawsuit to challenge the ban and Slovakia had previously said it would. Fico announced that the government will?submit their lawsuit by a?April 27 deadline. Both countries continue to receive Russian gas despite EU efforts to reduce the bloc's dependence on Russian energy and cut funding towards Moscow's Ukraine war. Reporting by Jason Hovet, Prague. Mark Potter (Editing)
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Authorities say eight people were killed in a helicopter crash in West Kalimantan in Indonesia.
Authorities?said?that all eight people aboard a helicopter died?when it crashed?in Indonesia's West Kalimantan province?as they tried to recover the bodies and wreckage. Mohammad Syafii said that the Airbus H130 helicopter had lost contact five minutes after it took off from a plantation in Melawi. The location of the crash, or the loss of contact, is in an area of dense?forested terrain with steep hills," Syafii stated. He added that'rescuers found debris believed to be the tail from the helicopter about 3 km (2 miles), west of the point where contact was lost. The cause of the crash is still unknown. The spokesperson for the local rescue agency confirmed that six passengers and two crew members had died in the crash. On Friday, rescuers including military and police personnel were trying to reach the crash site via land routes. Syafii stated that the plantation area belonged?to an Indonesian palm oil company, Citra Mahkota and the helicopter to Matthew Air Nusantara.
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Panama Canal downplays $4 million payment for 'line-jumping" auction amid increased traffic
The Panama Canal Authority downplayed on Thursday a report that an LPG ship paid $4 million in order to 'jump the queue.' They said the result was due to temporary market conditions and not a fee set by the canal, as the Iran War drove more traffic through the canal. The authority said in a press release that the recent result of an auction for an LPG ship reflects temporary changes in the market and not a rate set up by the Panama Canal. It did not confirm how much money was paid in the auction. The auction value is influenced by many factors, including the urgency of customers, their commercial priorities, freight costs, bunker prices, and global supply-and demand conditions. The authority said that auctions were only one of many mechanisms available to customers who wanted a last-minute guarantee. Bloomberg News reported on Thursday that a vessel paid $4 million at a recent auction in order to gain faster passage, as the congestion along the waterway worsened. The Iran war has disrupted trade and forced buyers to look for alternative supplies. This has led to an increase in shipments from Asia to the United States. The Canal Authority stated that it continues to operate reliably in spite of?volatility and geopolitical tensions. The authority said that its data on 'waiting time' can also 'overstate actual delays, because it counts ships arriving before their reserved transit window even if they arrive early as waiting. On Thursday, 102 vessels were waiting to transit the Canal, but 25 remained without a reservation. The authority reported that in the first half fiscal 2026 the canal recorded 6,288 oceangoing vessels transits. This is an increase of 3.7% from a year ago. In January, the average daily transits were 34 vessels and in March they reached 37. Peak days saw more than 40 transits. (Reporting and editing by Kyry Madry; Elida Moreno)
Egypt's Mostakbal Misr makes major Russian wheat purchase
Egypt's state grain purchaser, Mostakbal Misr, has made a considerable purchase of Russian wheat, set for shipment this month, three sources familiar with the matter informed Reuters.
The shipment, obtained through Russia's OZK Group, will be loaded onto 4 vessels sailing under the Egyptian flag.
The sources did not divulge the total volume or rate of the transaction, however the vessels, presently en route to Russia's. Novorossiysk port, have a combined carrying capacity going beyond. 250,000 metric heaps.
Egypt, one of the world's largest wheat importers, has actually faced. difficulties in keeping its grain reserves in current months.
In 2024, logistical and monetary hurdles interfered with the. government's routine import operations, triggering stocks to dip. below the government's six-month target.
The Cabinet recently specified that Egypt's strategic wheat. reserves suffice for 4 months of regional consumption.
The Russian shipment follows Mostakbal Misr's announcement. last week of new supply agreements with European grain. producers.
These offers, described as efforts to protect beneficial. rates and diversify wheat sources, include barter arrangements. leveraging Egypt's relative advantages in other sectors.
Specific information, including volumes, prices, and provider. nations, stay undisclosed.
Russia has been a crucial provider of wheat to Egypt, controling. both state and private-sector imports.
Trade information seen reveals that in 2024 Egypt imported. around 14.7 million tons of wheat, with 74.3% sourced. from Russia.
Mostakbal Misr, developed in 2022 by governmental decree,. succeeded the decades-old General Authority for Supply. Commodities (GASC) as the country's main grains purchaser.
Formerly serving as the development arm of the Egyptian. Flying force, the organisation's unexpected relocate to this function marked a. considerable shift in Egypt's wheat procurement method,. surprising global markets.
(source: Reuters)