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LSEG data shows that Taiwan and India were the top two destinations for Russian naphtha during August.
Data from LSEG and market sources showed that the cheaper barrels were what attracted buyers to Taiwan and India, where Russian naphtha was exported in August. The main destination for Russian naphtha has been the Middle East and Asia since the European Union's embargo against Russian oil products came into force in February 2023. Naphtha, a feedstock used in the petrochemical sector, is used to produce olefins (olefinols) and aromatics. These are then processed into a variety of products such as plastics, synthetic fibres, resins and other chemicals. According to LSEG, the export of naphtha from Russian ports to Taiwan has more than doubled month-on-month in August to 370,000 metric tonnes and will total 1.8 million tons by 2025's first eight months. Taiwan's Economy Minister said that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them to. This was after a group non-governmental organizations criticized the island's continuing business with Russia. Private companies are not restricted from importing Russian oil, as the state-owned firms have been since 2023. Exports of naphtha from Russian ports to India totaled 151,000 metric tonnes in August, down by 28% from the previous month after ample supplies. Shipping data revealed that Russian naphtha has arrived in the ports of Mundra and Hazira in western India. China, Singapore and Malaysia were also among the top destinations of Russian naphtha supplies in August. All shipping data are based on date of departure. (Reporting in Moscow, Editing by Vijay Kishore).
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Flight delays and cancellations are causing air travelers to rethink their plans due to the US government shutdown
The U.S. Travel Industry is suffering from the federal government shutdown, which worsens as Congress remains in a deadlock. The United States lawmakers may take several days or even weeks to find a solution to reopening the government. Until then, travelers are canceling trips and avoiding airports. This means that key workers, such as air traffic controllers or security screeners, will be without pay for a longer period of time. As more workers call in sick, fewer people are available to meet demand. Travel agents are already worried about the upcoming Columbus/Indigenous People's Day weekend. This is the first holiday since the shutdown began on October 1, nine days ago. Geoff Freeman said that the shutdown coincides with the peak of corporate travel season, at a time when industry workers are already struggling to reach their full potential. Freeman, speaking of the Transportation Security Administration, said that if we create concern in the system - concern over delays, cancellations, or the TSA's efficiency - we will encourage people to remain at the office. It's another reason why people stay at home, whether they are Americans or foreigners who avoid the United States. According to US Travel and Oxford Economics, the United States will be the only market where foreign tourists are expected to spend less in 2025. Inbound visits should decrease by 6.3% on an annual basis to 67.9 millions. This year, domestic travel is predicted to grow by 1.9%. Delta Air Lines reported Thursday that recent sales had increased. Travelers who still plan to visit the U.S. are more concerned about the impact of the shutdown on their trip. There is some anxiety about 'What does it mean? Does this mean we can't fly? Can people enter the country without a visa? Peter van Berkel is the president of Travalco - an inbound tour operator. Van Berkel says that some travelers are now reluctant to book a trip abroad. Around 200 flights were cancelled and nearly 12,000 delays were caused by Federal Aviation Administration controllers' absences. This shutdown has seen a rise in air traffic control issues earlier than any other in 2019. The result is unexpected shortages across the country. Sheldon Jacobson is a University of Illinois Professor who worked on the design of TSA PreCheck. He said that if it continues, there will be "erosions of service" for travelers as TSA and air traffic control officers become tired and call off sick due to frustration. "The longest shutdown in history took place during the first term of President Trump, and lasted 35 days. Will we see 35 more days? There's still no sign that it has been resolved and concluded, but things could change quickly. Sonia Bhagwan, a travel agent in Arizona, said that two clients had asked her if they could cancel their Christmas and Thanksgiving vacations to Hawaii. Wayne Milano of Monmouth County in New Jersey said that he cancelled a trip to India for business and won't fly until this situation is resolved. Milano cited bad luck in the form of delays and cancellations as a reason for not flying at this time. "I am at the point where I don't want to risk it for the next two weeks, but let's see what happens." Reporting by Doyinsola Oladipo, New York; editing by Richard Chang
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LSEG data shows that Taiwan and India were the top two destinations for Russian naphtha during August.
Data from market sources and LSEG revealed that Taiwan and India were the two main destinations of Russian seaborne naphtha in August as cheaper barrels attracted buyers. The main destination for Russian naphtha has been the Middle East and Asia since the European Union imposed a full embargo against Russian oil products in February 2023. Naphtha, a feedstock used in the petrochemical sector, is used to produce olefins (and aromatics), which are then processed into a variety of products such as plastics, resins, fibers, and other chemicals. According to LSEG, the export of naphtha from Russian ports to Taiwan has more than doubled month-on-month in August to 370,000 metric tonnes and will total 1.8 million tons by 2025's first eight months. Taiwan's Economy Minister said that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them to. This was after a group non-government organisations criticized the island's continuing business with Russia. Private companies are not restricted from importing Russian oil, as the state-owned firms have been since 2023. Exports of naphtha from Russian ports to India totaled 151,000 metric tonnes in August, a decrease of 28% from the previous month after ample supplies. Shipping data revealed that Russian naphtha has arrived in the ports of Mundra and Hazira in western India. China, Singapore and Malaysia were also among the top destinations of Russian naphtha supplies in August. All shipping data are based on date of departure. (Reporting in Moscow, Editing by Vijay Kishore).
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Maguire charts China's dominance of clean energy exports in seven charts
China's dominance in clean energy manufacturing has translated into a massive export business. Since 2018, close to $1 trillion of batteries, solar panels, electric vehicles, and wind power systems have been shipped worldwide. The following seven charts show the clean energy components that Chinese companies export and their destinations. FULLY CHARGED Battery systems are the most profitable export product of all the clean tech made in China. According to Ember, a think tank for energy, China has exported batteries and battery systems worth $330 billion since 2018. This is the highest export value for China's clean-energy products in that time period. It accounts for just under a third the annual earnings of the country from clean-energy technology shipments. The next-largest export segment for China's clean technology sector is solar panels, inverters, and rack systems, with a total export value of $242 billion since 2018. Since 2018, electric vehicles have generated export revenues of around $195 billion. Heating and cooling systems exported about $105 billion. Grid management equipment exports were around $77 billion. And wind farm components another $27 billion. GLOBAL REACH Since 2018, Europe has been the number one destination for Chinese clean tech exports. The region has purchased nearly $370 billion worth of China-made goods in that time period. The next largest exporter is another Asian nation, followed by North America. China's exports to Europe and North America have slowed down significantly compared to earlier in this decade due to the trade tensions between the United States and Europe. Exports to other parts of Asia, the Middle East and Africa, as well as Oceania, have also reached new heights in this year. This has helped to raise China's global clean technology export revenues to a record. EBBS AND FLOWS The export volume of certain products has fluctuated significantly over the past few years, despite the fact that the total value of China’s clean tech exports have steadily increased since 2018. Solar parts dominated China's clean-energy exports from 2018 to 2022. However, since then, as solar sales have dropped, batteries have taken the top spot. Battery sales have also been affected by trade disputes with Washington, D.C. and Brussels, as well as the fact that battery producers from Europe, America and other regions are eating into China's share of the market. Since 2019, China's EV exports have steadily risen to new records. Ember data indicates that during the first eight month of 2025 China's EV exported generated approximately $52 billion. This represents a 26 percent increase from the same period in 2024, and a 1,600% increase from the total for 2019. China's EV growth rate is likely to be slowed by trade tensions and a slowing of global consumer spending, but aggressive discounts from Chinese EV manufacturers are expected to guarantee EV growth in 2025. Other KEY CLEAN COMPONENTS China's exports in power grid technology and heating and cooling system have also reached record highs in 2025 and are expected to continue growing in the years ahead. As utilities struggle to meet the increasing demand for electricity from households, businesses and transport systems, they are undergoing a multi-year campaign of upgrades and extensions. Climate change leads to more intense and longer heatwaves, which in turn lead to a rise in the demand for cooling systems, particularly in humid and hot areas. This is especially true in South and Southeast Asia as well as the Middle East and Africa. China's dominance of manufacturing in the grid technology and space cooling segments will allow it to continue growing its exports in these areas even if there are other countries competing for market share. China, the world's leading wind turbine manufacturer, has seen its export sales grow by a robust margin in 2025 despite strong anti-wind policies in the United States as well as a slowdown of wind farm installations across Europe. China is well-positioned to continue its robust growth in exports for many years. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Germany's Merz will meet with car bosses, but without a unified position on the EU's 2035 goal
He told journalists that Chancellor Friedrich Merz would meet with executives of top German automakers on Thursday, but without a united government position regarding the European Union plans to stop the sale carbon dioxide-emitting vehicles by 2035. The statement on Thursday reverts to the previous position of the chancellor, who had urged Brussels to lift the ban because his SPD coalition partners are struggling with internal divisions. Merz stated that the government wants to first talk to the auto industry to find out what they need, and then wait to see the results of the European Commission review of the deadline due at the end of the year. "That's why, as we agreed, we didn't reach a final evaluation yesterday evening. We want to engage in dialogue to reach an assessment by dialogue," he stated at a news conference with senior cabinet officials after long-lasting discussions about pensions and benefits. COALITION PARTNER WANTS TECHNOLOGICAL FREEDOM Merz announced that it would also be providing an additional 3 billion Euros ($3.5 billion) of subsidies for electric vehicles purchased by households with middle- and low-incomes. Before the meeting, SPD reaffirmed their commitment to 2035 climate targets but called for more flexibility in the transition up until that time. At a press conference, SPD Finance Minister Lars Klingbeil said: "We need a clear technology freedom rather than rigid ideologic requirements." He said that although there are still different ways to reach the goal, Thursday's meeting would be a big step in the right direction. CAR INDUSTRY WANT MORE TECHNOLOGY OPTIONS The EU set a goal of a reduction of 100% in CO2 emissions for new cars and vans, by 2035. There are also intermediate targets for 2030, which is taken to mean that the internal combustion engines will be phased out for new vehicles. The deadline is unrealistic, say European automakers who are facing stiff competition in China and U.S. Tariffs. They urge Brussels to extend deadlines for compliance and expand the definition of acceptable technology. Hildegard Müller, the head of Germany's VDA automobile association, will be attending the meeting. She said that plug-in hybrids, range extenders, and other vehicles should still be available to consumers. Ola Kaellenius, CEO of Mercedes-Benz, also stated that a certain percentage of combustion engines with high efficiency and electrification should be allowed beyond 2035. In an interview published Thursday, he said: "We still need some side roads."
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Maersk shares fall to a three-month low amid prospects of Gaza deal reopening Red Sea Route
Maersk's shares fell Thursday, as investors hoped that a Gaza ceasefire agreement would allow for the eventual restoration of container shipping routes via the Red Sea and Suez Canal. This would ease a capacity shortage which has been supporting freight rates. Israel and Hamas reached an agreement on Wednesday on the first phase in President Donald Trump's plan to rebuild Gaza. This has raised hopes that the Houthi forces of Yemen, which are aligned with Iran, will stop their attacks against commercial shipping on the Red Sea. Since late 2023, such attacks have forced shippers south of Africa to reroute their shipping. The Houthis are yet to make any comments on the ceasefire agreement or indicate a policy shift. The group has claimed responsibility for the attack on a Dutch-operated ship last week. At 1025 GMT the shares of the Danish shipping company fell 2%, reaching their lowest level since July 8. Analyst Mikkel Emil Jensen of Sydbank said that "Maersk's share price is declining due to expectations of further reductions in freight rates, in conjunction with an increased probability of safe passage across the Red Sea." Analysts warn that shipping companies will likely wait for months to receive assurances of a ceasefire. Maersk's spokesperson confirmed that the group would only consider returning to transit the Red Sea once a viable and long-term security solution was established. It said that there was a "clear link" between the security threats in the Bab al-Mandab Strait, and the conflict in Gaza. However, it is still too early to tell how the progress made in Gaza would affect the Red Sea situation. We hope that this agreement is the first step towards ending the conflict and creating lasting peace. Analysts at Sydbank, ABG Sundal Collier and Sydbank believe that a return to Suez will increase the available shipping capacity, and further pressurize freight rates. These have already dropped from their peaks in early this year. Vera Dvorakova is reporting. Stine Jacobsen & Anna Ringstrom (Writing & Editing)
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GE Aerospace’s Flight Data App expands rapidly in user numbers
FlightPulse is a flight data monitoring application developed by GE Aerospace. It has grown rapidly in the past year, from 40,000 to over 60,000 users. The company expects that number to surpass 70,000 before year's end. The only app of its kind to be used commercially allows pilots evaluate their performance across different metrics and compare it to that of other pilots. They can also learn how to fly more safely and efficiently. The app is available for a fee that has not been disclosed. It also helps to improve the reputation of the engine manufacturer among its airline customers. Qantas captain Mark Cameron used FlightPulse for years to become familiar with the Airbus A321, the jet he has recently begun flying after many years of flying the larger A330 twin aisle jet. He noted that it is easier to land or take off too steeply on the A321, causing the tail of the jet to strike the runway. FlightPulse shows me my attitude on each landing. Qantas relies on FlightPulse to improve the efficiency and safety of its flight operations. Cameron is the executive manager for group safety at the Qantas Group which includes seven airlines. FlightPulse is a key tool for improving our operational efficiency, and providing data to our flight crews. Qantas, which helped GE Aerospace launch this app in 2017, has been using it to improve operations across the airline. For example, they have recommended that pilots use less reversing thrust to slow down when safe, resulting in fuel savings. Andrew Coleman, the head of GE Aerospace’s Software as a Service Division, explained that each airline is only able to access its own data. FlightPulse, used by 42 airlines ranging from 200 pilots up to 15,000, is also used by NetJets (a private business jet operator), Qantas and Delta Air Lines. Coleman aims to exceed 100,000 registered pilots by 2026. He said that pilots must know the data is not used to punish them, but only to improve their performance. Reporting by Dan Catchpole, Seattle Editing Rod Nickel
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Flight delays and cancellations are causing air travelers to rethink their plans due to the US government shutdown
The travel industry in the United States has had a difficult year already. The shutdown of the federal government is only making things worse. The United States lawmakers may take several days or even weeks to find a solution to reopening the government. Until then, travelers are canceling trips and avoiding airports. This means that key workers, such as air traffic controllers or security screeners, will be without pay for a longer period of time. As more workers call in sick, fewer people are available to meet demand. Travel agents are already worried about the upcoming Columbus/Indigenous People's Day weekend. This is the first holiday since the shutdown began on October 1, nine days ago. Geoff Freeman said that the shutdown coincides with the peak of corporate travel season, at a time when industry workers are already struggling to reach their full potential. Freeman, speaking of the Transportation Security Administration, said that if we create concern in the system - concern over delays, cancellations, or the TSA's efficiency - we will encourage people to remain at the office. It's another reason why people stay at home, whether they are Americans or foreigners who avoid the United States." According to US Travel and Oxford Economics, the United States will be the only market where foreign tourists are expected to spend less in 2025. Inbound visits should decrease by 6.3% on an annual basis to 67.9 millions. The domestic travel market is expected to grow by 1.9% in 2018. Travelers who still plan to visit the U.S. are more concerned about the impact of the shutdown on their trip. There is a certain anxiety that comes from the question, "What does it mean?" Does this mean we can't fly? Can people enter the country without a visa? Peter van Berkel is the president of Travalco - an inbound tour operator. Van Berkel says that some travelers are hesitant to make a booking. Around 200 flights were cancelled and nearly 12,000 delays were caused by Federal Aviation Administration controllers' absences. This shutdown has seen a rise in air traffic control issues earlier than any other in 2019. The result is unexpected shortages across the country. Sheldon Jacobson is a University of Illinois Professor who worked on the design of TSA PreCheck. He said that if it continues, there will be "erosion of services" for travelers as TSA and air traffic control officers become tired and call off sick due to frustration. "The longest shutdown in history lasted 35 days during the first term of President Trump. Will we see 35 more days? There's still no sign that it has been resolved and concluded, but things could change quickly. Sonia Bhagwan, a travel agent in Arizona, said that two clients had asked her if they could cancel their Christmas and Thanksgiving vacations to Hawaii. Wayne Milano of Monmouth County in New Jersey said that he cancelled a trip to India for business and won't fly until this situation is resolved. Milano cited bad luck in the form of delays and cancellations as a reason for not flying at this time. "I am at the point where I don't want to risk it for a week or two. Let's see what happens." Reporting by Doyinsola Oladipo, New York; editing by Richard Chang
Azerbaijani oil fund SOFAZ invests $66 million in London's Gatwick Airport
Azerbaijan’s sovereign wealth fund SOFAZ announced on Thursday that it will invest 50 million pounds ($67m) in London’s Gatwick Airport, making this one of its largest infrastructure deals in Europe.
Gatwick Airport is the UK’s second busiest airport. It serves more than 40 millions passengers per year. SOFAZ announced that it had partnered with Global Infrastructure Partners, a U.S.-based part of BlackRock called Global Infrastructure Partners.
This landmark transaction is a signal that we are committed to partnering with institutions of international standing on assets which combine resilience, scale and long-term value, said Israfil Mmmadov.
"Gatwick Airport not only is a vital gateway for Europe, but it's also a solid and sustainable investment that reflects SOFAZ’s global vision."
VINCI Airports purchased a 50% stake in Gatwick in 2019 from GIP.
SOFAZ, founded in 1999, has been expanding its portfolio of European investments over the last few years. In July, it purchased a 49 percent stake in Italian solar power plants owned by U.S. renewables energy company Enfinity Global.
According to official figures, SOFAZ had assets totaling $66.5 billion at the end of June. $1 = 0.7480 pound (reporting and writing by Nailia Bakirova, in Baku. Editing by Guy Faulconbridge).
(source: Reuters)