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Syria signs 30-year agreement with French shipping giant CMA CGM
A company official confirmed that Syria signed a deal on Thursday with French shipping and logistic group CMA CGM for a 30-year partnership. The agreement includes the construction of a new berth in the Latakia Port and an investment of 230 million Euros ($260 million). Latakia is Syria's principal maritime gateway. CMA CGM took over Latakia’s container terminal from Bashar al Assad, the now deposed Syrian leader in 2009. Most recently, the contract was renewed for another 30 years in October 2024 under Assad. After the rebels overthrew Assad in December, the new authorities started talks about an amended agreement. The deal was signed by representatives of the port authority and the company on Thursday. CMA CGM signed a 30-year concession contract for the port of Latakia today. Joe Dakkak is the general manager of CMA CGM LEVANT. He said, "We are committed to modernizing the terminal and expanding it to meet the growing demand in the region and strengthen supply chains." Dakkak, a local broadcaster, told Syria TV that this agreement includes a 230 million euro investment as well as the construction of a new, deep berth in Latakia to increase the activity at the Port. According to a person who is familiar with the agreement, CMA CGM will invest 30 million euro in the first and rest of the money in the next four years. The berth will be 17 meters wide and 1.5 kilometers long (0.9 miles), with advanced infrastructure. CMA CGM, a French-Lebanese company, is owned by Rodolphe Saade (a billionaire franco-lebanese with roots in Syria) and members of his family. Sources familiar with the negotiations in Syria had told earlier that the Syrian authorities hoped to negotiate an increased share of revenues than the previous agreement as well as shorter lease terms for the terminal.
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Ukraine's farm exports fell 23% month-on-month in April, according to lobby.
The Ukrainian agricultural lobby UCAB reported on Thursday that Ukraine's exports of agricultural products fell 23.4% from a year earlier, to 4.1 millions metric tons. This was after a nearly 10% increase in March. Ukraine is one of the world's largest grain and oilseeds exporters. "Almost all product categories show a decrease in exports... The only exception is the vegetable oil which is on the increase," UCAB stated on Facebook. This decline in exports has been typical of this season. The majority of crops have been exported and only a small amount is left to export," the report added. UCAB reported that exports of grain fell by 33% and oilseeds by 3%. Shipments of vegetable oil increased by 6%. As of April 30, the data from the agriculture ministry showed that Ukraine had exported 35.1 million tonnes of grain in total during 2024/25's July-June period. (Reporting and editing by Susan Fenton; Reporting by Pavel Polityuk)
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Adani Ports in India beats its quarterly profit forecast on the back of higher cargo growth
Adani Ports and Special Economic Zone in India reported a profit for the fourth quarter that was above expectations on Thursday. The growth of cargo volumes increased during a strong construction season. According to data compiled by LSEG, the country's largest private port operator posted a consolidated profit of 30,14 billion rupees (US$356 million) in the third quarter that ended on March 31. This was higher than analysts' estimates of 25,71 billion rupees. Adani Ports, a private port operator, and its smaller rival JSW Infrastructure, have benefited from the steady movement of cargo across Indian borders. This is especially true during the fourth quarter when construction activity increases due to favorable weather conditions. Adani Ports cargo volumes increased 8%, to 118 millions metric tons in the quarter reported. The revenue grew by nearly 24% to 84.88 trillion rupees. This was higher than analysts' estimates of a 16.5% increase. The erratic policies of U.S. president Trump have the potential to disrupt trade, and add additional risks to India's already slowing economy. ($1 = 84.6740 Indian Rupees) (Reporting and editing by Sonia Cheema in Bengaluru)
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Cargill and LDC among the winners of Brazil's port auction
Cargill and BTG Pactual Commodities, as well as a consortium consisting of Louis Dreyfus, Brazilian grain trader Amaggi and the Louis Dreyfus Group have been awarded rights to operate 3 terminals in Paranagua Port on Wednesday. The competitive auction that involved multiple bidders highlights the importance to improve Brazilian logistics within the context of the global trader's war. The companies bid a total of 855 million reais (about 151 million dollars) at an auction held by the Sao Paulo Stock Exchange for the right to operate three different Paranagua zones for 35 years. Global grain traders are preparing to meet the increased demand for Brazilian agricultural products from countries such as China, which is in a war of trade with the United States. The Port's Press Office said that after the auction the company is expected to increase its volume of vegetable bulk shipments from Paranagua by 4.8 millions tons per year, which represents a 47% growth. Cargill won the auction with a bid for the PAR 15 Terminal of 411,000,000 reais, the highest bid at the time. Paulo Sousa said that Cargill's president in Brazil is happy to have been awarded the rights to operate this terminal for 35 more years. Paranagua's strategic location allows it to receive soymeal produced by Cargill in its first soy processing plant in Brazil. This unit is located in Ponta Grossa, just 214 km (133 miles) from the port. The ALDC consortium consisting of Louis Dreyfus Company, Amaggi and Amaggi won the PAR25 Port Area. Amaggi and Dreyfus stated in a joint statement that they were committed to boosting shipments via Paranagua. This is one of Brazil's main grain export hubs, along with Santos Port. According to the Brazilian federal government, the total investment in the three terminals is expected to be 2.4 billion Brazilian reais (423 million dollars). (1 dollar = 5.6781 reals) (Reporting and editing by Marguerita choy)
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Google funds electrician training as AI power crunch increases
Google announced on Wednesday that it would fund the training of up to tens-of-thousands of new U.S. electrical workers as Big Tech continues its push into the power industry in the United States, searching for the huge amounts of electricity required for its AI expansion. Lack of power supply is the main problem facing giant technology companies that are racing to develop artificial Intelligence in energy-intensive Data Centers, which is driving up U.S. Electricity Demand after nearly 20 years stagnation. Donald Trump declared a national emergency to speed up the approval process for transmission and generation projects. Google's funding includes a grant of $10 million for electrical worker non-profits. This is the latest move by technology giants to reduce the backlog in power projects and the electricity shortages in the United States. Microsoft, for example, announced last year it would partner up with Constellation in order to restart the reactor at the Three Mile Island Nuclear Power Plant in Pennsylvania. This plant was the site of the worst nuclear incident to ever occur on American soil. The reactor will be used to power its data centers. According to a study backed by the Department of Energy, data centers in the U.S. could triple their electricity use over the next three year to account for 12% of all the country's consumption. In order to meet demand, the nation will need additional power plants, transmission systems, and workforces. According to the Bureau of Labor Statistics, the market for electricians will grow by 6% per year in the next seven. The Google grant is being used to fund electrician apprenticeship programs, and training of current workforce, through organizations such as the Electrical Training Alliance International Brotherhood of Electrical Workers, and the National Electrical Contractors Association. The company claimed that it could increase the pipeline for electrical workers by 70 percent by the end decade. Kenneth Cooper (international president of IBEW) said, "This initiative will bring in more than 100,000 electricians to the trade who are desperately needed for the AI-driven surge of data centers and power production." Google announced earlier this month that it would be partnering with PJM Interconnection, the largest regional U.S. electric grid, to use artificial intelligence technology in order to connect new power lines and electricity supplies faster. It has signed the first corporate agreement to buy energy from small nuclear reactors as well as advanced geothermal power for its data centres. On Wednesday, the company will release a paper on how to accelerate the expansion of grid. This white paper is the first report to include policy recommendations for supporting new energy technologies such as small modular reactors or advanced geothermal. Among the proposals are cost-overruns protections for advanced reactors via the Department of Energy Loan Program Office; accelerating permits at the Nuclear Regulatory Commission; and bolstering a nuclear fuel supply in the United States. The paper recommends that Congress also take action in order to speed up certain permits for carbon capture and the building of transmission lines, as well as to support technologies which increase the efficiency of the existing grid.
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Indian port operator JSW Infra is looking inwards to ease tariff-hit trade woes
India's JSW Infrastructure stated on Wednesday that it expects cargo volumes to grow in fiscal year 2026 due to the resilience of domestic sectors, and minimized concerns about U.S. trade uncertainty. In a call following earnings, Rinkesh Roy, the Chief Executive of the port operator, said that he expects volumes to grow by 10%, up from 9% in fiscal 2025. This is despite signs that Asia's third largest economy has slowed down. Roy stated that "we are not affected by the current trade uncertainty (caused by tariffs)... We (primarily) cater to the steel and energy sector, which is more domestic in nature." Private port operators including Adani Ports, which is a rival, benefitted from steady cargo movements in India, until U.S. Tariff policies disrupted the global markets and added risks to a slowing economic. Analysts at Jefferies noted, however, that JSW's focus, on bulk cargo, such as iron ore, coal and other domestically-oriented commodities, gives it greater protection from rising global trade risk than Adani Ports, with its container-heavy business model. JSW Infra announced a 54% increase in profit for the fourth quarter on Wednesday. The growth was boosted by a volume increase in coal. However, the decline in iron ore volumes limited any gains. Roy said that the steel market can expect to "do very well" with the recent introduction of safeguard duties. JSW Infra increased its overall cargo volume by 5% on an annual basis, while increasing revenue in the fourth quarter by 17%. Elara Securities had predicted a growth of 8%, but this was lower than last year. $1 = 84.5580 Indian Rupees (Reporting and editing by Eileen Soreng, Vijay Kishore).
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Russian ESPO Blend oil shipping rates are at their lowest level since January, traders report
Three traders reported that the freight rates for ESPO blend crude shipped from Russia's port of Kozmino into China in April fell to their lowest level since mid-January due to increased availability of tankers. The lower rates will mean that Russian exporters spend less money on freight and get more oil for their money. The freight rates for the route are now around $2-3 million per cargo for April loadings, down from $4-5 million in February and March. This is because more non-sanctioned tanks have entered the ESPO marketplace. Calculations based on data from three trading sources revealed that the price of Russia's ESPO blend oil fell below $60 per barrel for the first ever time in early April, as Brent crude benchmark dropped to its lowest levels in many years. Traders said that the price of oil has fluctuated since then but is still around $60 per barrel. "ESPO blend hovers around 60 (per barrel). The combination of higher oil prices and lower shipping rates could push the price of ESPO Blend back over the cap, complicating the search for a vessel. After U.S. sanctions on vessels involved with Russian oil shipments were placed on January 10 as many vessels working in Kozmino Port were targeted, the cost of transporting ESPO blend to China jumped from $6 million to $7 million. The U.S. sanctions against Russia's oil sector targeted the major oil companies Surgutneftegaz, and Gazprom Nepta as well as over 180 vessels. Shipping oil from Kozmino, Russia to northern Chinese ports used to be less than $1.5M. The traders said that if there are no new restrictions on Russian oil transport, those levels could be reached again this year. Reporting by journalists in Moscow and Aizhu chen in Singapore, with editing by Jan Harvey
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South Korea's FLC purchases about 60,000 metric tonnes of feed wheat, traders claim
The Feed Leaders Committee of South Korea (FLC) purchased around 60,000 tons of animal feed grain from anywhere in the world, without holding an international tender. The wheat was bought at a price of $253.99 per ton, c&f. Plus a surcharge of $1.50 per ton for port unloading. The seller was thought to be ADM, a trading house. The arrival of wheat in South Korea around October 10 was the target. If the Black Sea region is as traders suspect, then shipment will be between August 5 and 9. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. South Korean importers purchased corn and feed wheat in a number of deals on Wednesday. Traders said that low prices generated interest among buyers. FLC bought corn as part of a private deal Wednesday. Michael Hogan reports.
Turkey maintains its commitment to the contested "Kanal Istanbul" project
A government minister announced on Thursday that Turkey will build a canal to relieve the pressure on the Bosphorus Strait once funding is secured. This is despite widespread criticism about its potential environmental impact.
The President Tayyip Erdoan laid the foundation for the canal in 2021. Its goal is to connect the Black Sea, north of Istanbul, to the Marmara Sea in the south. This will also prevent accidents on the Bosphorus.
It was estimated that the initiative, which Erdogan called his "crazy" project when he announced it over a decade earlier, would cost around 75 billion liras ($1.9 billion)
Critics question the viability and safety of a 45-km (28-mile) waterway that runs through marshland, farms and the western edge to Istanbul. They say the waterway will cause environmental damage, destroy an ecosystem marine and threaten some of the city's fresh water supplies.
In recent years, the plan has been shelved largely because of economic turmoil, lack financing and public opposition.
"We haven't abandoned the Kanal Istanbul Project. "It is not something we are doing today but, when the time comes and the funding is available, we will do it," said Transport and Infrastructure Minister Abdulkadir Uraloglu.
He spoke a day after Environment and Urbanisation minister Murat Kurum stated that the project had not been on the agenda of the government for some time.
Uraloglu's remarks come amid an intensifying legal crackdown against opposition members of Istanbul's municipal government, including senior officials who the Republican People's Party's (CHP), the main opposition party, claims were responsible for issues such as the environment. The CHP is in charge of the municipality.
As part of the crackdown that lasted for months, an Istanbul court in March imprisoned CHP Mayor Ekrem Ismaoglu. Erdogan sees the mayor as his main political rival, and he leads in some polls.
Imamoglu denies all the charges brought against him. The CHP, as well as other opposition parties, and Western powers, have claimed that his arrest is a politically motivated move in order to eliminate any potential electoral threat for Erdogan, who has been running the country since more than 20 years.
The government has denied any influence on the judiciary. His arrest has caused mass protests, economic turmoil and social unrest. ($1 = 38.4461 liras)
(source: Reuters)