Latest News
-
Morocco launches $10 billion rail expansion plan
State media reported that Morocco's King Mohammed V gave his approval on Thursday to a rail expansion project worth 96 billion dirhams (10,3 billion dollars), which includes the construction of a fast-track line from Marrakesh (the country's tourist center) by 2030. The extension of high-speed rail, intercity, and urban networks has been a result of Morocco's preparations for co-hosting the World Cup 2030 with Spain and Portugal. The country hopes that the investments will also help to develop its fledgling rail industry. The 53 billion dirhams high-speed rail line will run from Kenitra, on the Atlantic Coast, 430 km south to Marrakesh and serve Rabat and Casablanca. The line, which is designed to travel at 350 km/h, will reduce the time it takes to travel between Marrakesh, Morocco and Tangier to just 2 hours 40 minutes. In February, the Moroccan state-owned ONCF rail operator announced that it had entered into agreements to buy 168 trains in France, Spain and South Korea. The total cost of these deals was 2.9 billion dirhams. Alstom, a French company, will provide ONCF with Avelia Horizon high-speed double-decker trains. These can transport 640 passengers at speeds of up to 320 km/h. Other trains include intercity and city trains. ONCF plans to double its number of cities to 43 by 2040, which will cover 87% of Moroccans. The deals include investments into the rail industry of the country. (Reporting by Ahmed Eljechtimi; Editing by Leslie Adler)
-
Drewry: Global container shipping volume will fall by 1% due to Trump's trade policies
The maritime consultancy Drewry stated on Thursday that they expect the global container port volumes to drop by 1% due to U.S. Trade Policies. This would be the third decline in container shipping demand globally since London-based Drewry started recording this data in 1979. Container volumes dropped 8.4% in 2009 during the global financial crises and 0.9% when the COVID Pandemic was declared in 2020. The new Trump policy includes tariffs blanket of 10% on most goods and 145% on those from China. China and other countries have retaliated with tariffs against U.S. products. The consultancy stated in a presentation that if 2/3 of the current tariffs were to remain in place then U.S. exports to China could drop by 40%. Imports from China of furniture, consumer goods and industrial products dominate U.S. imports. The relocation of Chinese production into countries with lower tariffs may offset some of this decline in shipping demand. Drewry stated that U.S. imports of goods from other countries may increase by as much as 15 percent. Economists warn of the dangers that President Donald Trump’s trade policies pose to the United States' economy. This recession could then spread to other countries around the globe. The International Monetary Fund warned earlier this week that the impact of Trump's tariffs will be felt in the coming months as they begin to take effect. Hapag-Lloyd, the German container carrier, said that on Wednesday customers had canceled 30 percent of their shipments from China to the United States due to the trade war between the two world's largest economies. Walmart and Target are members of the National Retail Federation. They forecasted earlier this month a drop in U.S. containerized cargo imports by at least 20% from year to year during the second half 2025, as companies who source their goods from China paused orders. Los Angeles is the busiest port in the United States. Many containers are arriving from China. The executive director of the company warned that import volumes may start to fall as early as May.
-
Air India is in talks with Boeing about 10 planes that Chinese airlines have rejected.
Air India and Boeing are in discussions to purchase around 10 737 MAX aircraft after Chinese customers began refusing deliveries due to the trade war between the United States and China. Boeing CEO Kelly Ortberg stated on Wednesday that, "due the tariffs many of our Chinese customers have indicated that will not be taking delivery", the company may redirect jets to customers who are in need. Both the United States and China, two of the world's largest economies, imposed tariffs exceeding 100% each on the other. Air India, according to two sources who refused to name themselves because the talks are private, was looking for around 10 narrowbody aircraft from Boeing. Air India Express is a budget airline with a fleet that exceeds 100 aircraft. Air India, Air India Express, and Boeing have not responded to comments immediately. The first person stated that "Air India was very interested... If the deal is completed, the planes will be added to the Fleet by the end of the Year." She also noted that the talks are in the early stages. Air India Express previously acquired white tail aircraft, or jets that were manufactured for one client but purchased by another. According to a third source who is familiar with the talks between Air India, Boeing and Chinese customers, any differences in jet configurations between Air India's fleet and the planes that are coming for Chinese customers could be incorporated into price negotiations. Air India could benefit from the move as its growth has been restricted by a shortage of new aircraft. Air India CEO Campbell Wilson stated last month that the airline is a "victim" of circumstances, referring to the delivery delays that have plagued Boeing and Airbus. (Reporting and editing by Abhijith Ganahapavaram; Aditya Kalra and Aditi Shah)
-
Morgan Stanley Infra Partners is reportedly looking to sell $2 billion worth of Permian Pipelines, according to sources
Morgan Stanley Infrastructure Partners has been exploring the possibility of selling its majority stake in Brazos Midstream II. The deal is expected to be valued at over $2 billion, including the debt, according to three sources familiar with the situation. Brazos transports natural gas, liquid natural gas and oil from wellheads in five Texas counties into larger pipelines located on the Delaware portion of Permian basin. The company owns infrastructure, including natural gas storage and compression capability. The people who spoke to us asked not to be named because they were private discussions. Investment bankers from Jefferies Financial Group have in recent weeks been selling MSIP's controlling interest in Brazos, to potential buyers including midstream companies, investment firms and other financial institutions. They warned that the sale process was ongoing and that a deal may not be reached, nor will it include the price demanded by MSIP. MSIP could also decide to keep its investment. Morgan Stanley, Brazos and Jefferies declined to comment. Morgan Stanley's Infrastructure Investment arm purchased Brazos midstream II for $1.75billion in 2018. Williams Companies struck a deal with Brazos in the same year. Williams provided assets in exchange of a 15% stake. Sources said that Williams will not be bidding on the majority MSIP stake. Williams has not responded to a request for comment. Brazos midstream II is the latest in a long line of private pipeline companies that have been involved in deals in the US shale sector. The majority are bought by infrastructure companies listed on public exchanges looking to increase scale. Energy Transfer purchased WTG Midstream from a group headed by infrastructure fund Stonepeak for $3.25 Billion. ONEOK paid $2.6 billion for Medallion Midstream, which was acquired by Global Infrastructure Partners. Kinetik bought Durango Permian from Morgan Stanley Energy Partners for $765m. (Reporting and editing by Joe Bavier in New York, with David French reporting from New York)
-
Union Pacific misses its quarterly forecast due to weak auto shipments
The shares of railroad operator Union Pacific fell 3.5% on Thursday in premarket trading after missing Wall Street expectations for the first-quarter revenue and profit. This was due to weak automotive shipments as well as a lower fuel surcharge. Omaha, Nebraska based company stated that its volumes were being pressured by economic insecurity and a weaker demand for coal. Union Pacific is struggling with a lower demand for coal as customers switch to natural gas, which is cheaper. This trend is expected change, however, after U.S. president Donald Trump signed an executive order last month to increase coal production. Norfolk Southern also joined the company. Reaffirmation Its annual target. Union Pacific's operating ratio, which is a key metric of profitability, was 60.7%. This is the same as a year earlier. The quarterly revenue for intermodal shipment (which involves the transport of goods using two or more modes of transportation) increased 10% to $1.19billion. According to LSEG, Union Pacific's adjusted earnings per share were $2.70 in the first quarter compared to the $2.75 average analyst estimate. The revenue for the quarter ending March 31 was $6.03 billion compared to estimates of $6.08billion. (Reporting and editing by Shinjini Ganuli and Maju Sam in Bengaluru)
-
China's demand for refined Copper depletes stock, risks short squeeze
Six traders and analysts have said that China's copper users are turning more to refined copper due to the shortage of scrap, and they are burning through their stocks quickly, raising concern about a market shortfall as prices increase. Short positions are bets made on lower prices, or hedges taken by producers. Short squeezes occur when the parties who hold such positions are forced either to sell them at a loss, or to deliver actual copper in order to close out their position. Scrap metal is often used by some copper manufacturers to make rods and wire pipes. A tight scrap market is forcing some manufacturers to choose more expensive refined copper due to a shrinking U.S. exports as a result of an escalating U.S. trade war. According to Mysteel analyst, the shift is driving a rapid drop in inventories of refined copper at the Shanghai Futures Exchange. LSEG data revealed that SHFE inventories fell by 36% between 7 March and 18 April, to 171,611 metric tonnes. This was the largest decline since March 20,23. SHFE copper stock rose by 25% over the same time period last year. Three traders, who asked to remain anonymous, said that the pace of inventory reduction is creating concern about a possible short squeeze. "Drawdown is high, and we're worried about a squeeze," said a trader. The Trump administration's threat to impose tariffs on copper imports has led to a rise in the price of copper on COMEX. Copper is increasingly being diverted towards the United States. The premium on the SHFE for the front month May copper contract compared to the October contract is 1.2%, as opposed to 0.75% late in March. Yan Gu, the Head of CITIC Metal's Electrolytic Copper Department, said at a conference held in Nanchang, East China, on Wednesday that stock drawdowns would likely cause the premium to increase. Customs data revealed that U.S. scrap imported, which was the largest source of scrap last year, fell 16% on an annual basis to 93 215 tons during the first quarter. The shortage of copper concentrate is forcing smelters to seek alternative feedstocks. $1 = 7.2930 Chinese Yuan Renminbi (Reporting and editing by Pratima Dasai and Rachna uppal; Reporting by Violet Li and Lewis Jackson, Nanchang)
-
Maguire: Europe is on course to break solar energy output records in 2025.
The solar electricity production in Europe in the first quarter 2025 increased by more than 30% compared to the same period in 2024. This sets the stage for a record-breaking performance in the full year from the region's farms. Ember data shows that the total solar electricity generated from January to March was almost 68 terawatt-hours (TWh), which is 32% higher than the same time period last year. Solar assets provided 8.2% of Europe’s utility-supplied electricty in March. This is up from 6% a year earlier. This shows that solar power has become a major source of electricity for regional utilities, even during winter. The peak period for solar production in Europe occurs during summertime in the northern hemisphere. This means that the total output of solar energy and the share of solar electricity will continue to grow over the next few months. CLEAN DRIVE The increase in European solar production forms part of an overall push to reduce dependency on fossil fuels, and increase electricity production through clean energy sources. Clean energy sources accounted for record-breaking 61.3% in Europe's electricity by 2024. In the first quarter 2025, Europe’s clean share of the production fell to 57% because of low wind speeds. This caused a 15% decrease in wind power generation from the same quarter 2024. In order to meet system demands, utilities have had to increase output of gas and coal plants this year. Wind farms are Europe's largest source of clean energy (after nuclear plants or hydro dams). As solar farms reach peak production, the share of clean energy in the total generation mix will increase as fossil fuel plants' output drops due to lower heating demand and as they reduce their output. WIDE SPREAD Germany and Spain were responsible for more than 80% of the solar power generation in Europe up until 2010. Several other countries have increased their solar power in the last decade due to cost reductions and improvements in system efficiency. Solar farms in Europe are now widely spread across the continent. In recent years, multiple countries have seen double-digit growth. In the first quarter 2025, several nations saw their solar output increase more than the average for the region. These included Turkey (+54%) the Netherlands (+63%) Poland (+44%) and Switzerland (+43%). Germany, Greece and the Netherlands all registered solar electricity share of over 10% in the first quarter of this year. This highlights the growing importance of solar power within Europe's energy mix. These share levels are likely to more than double in the next few months, as solar radiation levels increase and daylight hours extend over the summer. Greece, Germany and the Netherlands will likely produce over 25% of the total electricity they use during the months of June, July, and August. This should boost the European average to 14% for these months. Italy, Bulgaria and Croatia will likely also register double-digit solar electricity share this summer. This will ensure that almost every major regional economy records a record deployment of solar power for electricity by 2025. These are the opinions of a market analyst at.
-
Kremlin denies that Russia has held gas talks with Europe or US
The Kremlin announced on Thursday that Russia does not hold talks with Europe or America about Russian gas supplied via Ukraine. Since the beginning of the conflict in Ukraine, in February 2022, and the explosions at the Nord Stream subsea pipelines in the summer of 2016, Russian gas supplies have been cut off to Europe. The gas exports from Russia to Europe via Ukraine have also fallen since the beginning of this year, when the transit agreement expired and Ukraine refused a renewal due to the conflict in Ukraine. Sources with knowledge of the issue told this magazine that as part of peace talks, the U.S. demanded the International Development Finance Corporation of the U.S. take control of the natural gas pipeline that runs from the Russian energy giant Gazprom through Ukraine and into Europe. TurkStream, the only remaining Russian gas pipeline to Europe, runs via the Black Sea and Turkey to southern and central Europe. Dmitry Peskov, the Kremlin's spokesperson, said that there had been no discussions with the U.S. or Europe regarding more Russian gas. "No, (talks )... This is a commercial issue. He said that there is a gas supplier and potential gas buyers on a daily press conference. "If there is interest from the buyers, and if the route of transit works, then the seller would be willing to discuss this." No one denies or rejects any information." In an interview published in the French magazine Le Point on Wednesday, Peskov stated that Gazprom is ready to resume its supplies. "Gazprom is sure to debate it." We are willing to exchange our gas, and we are aware that certain European countries want to continue buying it from us. "Everything will be settled on a commercial basis," he said. (Reporting Anastasia Lyrchikova, Writing by Vladimir Soldatkin, Editing by Andrew Osborn & David Goodman)
Ukrainian Railways Expects Freight Tariff Increase Soon
A senior official at Ukraine's State Rail Company said that the company anticipates that the government will increase freight transport rates soon, despite resistance from farmers and steelmakers.
Ukrzaliznytsia announced last year that it would raise freight rates by 37% in order to cover significant increases in fuel, electricity, and equipment repair costs as it attempts to deal with the effects caused by Russian attacks.
The agricultural producers, however, said that the move could cause some farmers to go bankrupt as it would increase their transport costs from $3 to $6 per ton.
Rail.insider, a specialist media outlet, quoted Valeriy Tkachev as the deputy head of Ukrzaliznytsia's commercial department.
"I believe there will be indexation regardless." Tkachev stated that the Ministry of Development, Ukrzaliznytsia’s regulator will decide the size of indexation.
He said that the tariff could increase by 20 to 40 percent.
Tkachev said that the logistics costs would increase by $4 per ton, and "wouldn't have a negative impact on the agriculture sector".
The Ukraine is one of the world's largest producers and exporters of agricultural and metal products. These are transported via rail to seaports before being exported. (Reporting and Editing by Mark Potter.)
(source: Reuters)