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Ivory Coast arrests cocoa union leaders for stock-building claims
The sector regulator said on Tuesday that the arrest of the leaders of the two cocoa farmer's unions in Ivory Coast was a result of false claims made about the unsold stocks of cocoa. Cocoa prices fell to their lowest levels in two years last month, as concerns about the demand for beans increased. Yves Brahima Kone is the head of the Coffee and Cocoa Council. He said that the claims made by union leaders, that farmers held the beans they had not sold were "completely untrue and impossible". Kone claimed that unidentified actors were attempting to weaken this sector by "using and manipulating" the union leaders, but did no elaborate. He said that the CCC has filed a legal complaint calling for an investigation of what he called "sabotage", aimed at destabilizing the cocoa sector, which accounted?for around 40% of the country’s export earnings. Both union leaders detained have denied the allegations. Hermann Coulibaly is the lawyer of the two men. He said, "My clients are in gendarme custody after a complaint was filed by the CCC's Managing Director for defamation and slander, as well as the dissemination of false information regarding the cocoa industry." My clients have provided their own versions of the events in relation to these allegations. 'COMPLETELY IMPOSSIBLE' Kone stated that the main harvest of Ivory Coast from October to March is expected to reach 1.4 million tonnes, with around 300,000 ton remaining to be delivered in January and February. He denied claims that 700,000 tonnes of beans remained unsold. Kone said: "I confirm that I filed a formal complaint against the two officials arrested and detained for giving false information regarding the presence of 700 000?tons cocoa in the bush." This is impossible... By December, 1.1 millions tons of cargo had already arrived at the ports." Exporters say the statements of the union leaders shocked the market, raising concerns that the cocoa production in Ivory Coast could be much higher than expected. This 'claim' implied that the output was very abundant, when in fact over a thousand tons of grain had already been delivered at the ports. One executive of a European exporter of cocoa said that the claims had destabilised markets during the critical harvest period. (Reporting and editing by Bate Felix, Jan Harvey and Ange Aboa)
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China warns Panama that it will pay a hefty price after the CK Hutchison deal was quashed
China warned Panama that it would pay "heavy" prices if a court decision in Panama annulled the contract of Hong Kong's CK Hutchison to operate?two port at the Panama Canal. China's Hong Kong & Macau?Affairs Office branded the ruling of Panama's Supreme Court as "absurd", "shameful, and pathetic" and vowed that it would defend the interests Chinese firms. The Panamanian authorities didn't immediately respond to our request for comment. The court's ruling last week invalidated a contract held by Panama Ports Company (a CK Hutchison subordinate) since the 1990s to operate container terminals on the Pacific and Atlantic entrances of the canal. The decision was viewed as a victory for Washington, given the intensifying rivalry between China and the United States over?the control over global trade routes. The decision threatens to disrupt a proposed $23 billion sale by the Hong Kong conglomerate of 43 ports across 23 countries. This includes the two Panama Canal ports, to a consortium headed by BlackRock and the Mediterranean Shipping Company. The Hong Kong and Macau Affairs Office posted on social media that the ruling "ignored the facts, breached confidence, and severely damaged the legitimate rights of enterprises in Hong Kong, China." The office stated that "China has the necessary tools and means, as well as sufficient strength and capability to defend an international economic and trading order that is fair and just." If the Panamanian authorities "insist that they have their way"... heavy political and economic costs will be paid! It added. Authorities in the United States welcomed the court's decision. John Moolenaar of the U.S. House Select Committee on China called it a?win?for America. The Chinese office did not name the U.S., but said that "some country" had used "bullying tactics" to force other countries to obey their will and that Panama "willingly submitted" to hegemonic power. Donald Trump, the U.S. president, who had initially praised the proposed $23 billion ports sale, now wants the U.S. "to take back" the canal in response to Chinese influence. CK Hutchison subsidiary said last week that the ruling was in conflict with the legal framework which had allowed them to operate the port. (Reporting and editing by Louise Heavens; Andrew Heavens; Nick Zieminski; Elida Moreno, Panama City).
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EU plans to boost local shipbuilding through new "Made in EU" plan
According to a draft document that was seen on Tuesday, the European Commission will propose measures to ensure more goods and services for the European Union's shipping industry are made in the EU. Next week, the "Made in EU", proposals will be made. This is a week before EU executive makes a wider?push for local products. A plan that has divided EU countries. The draft document states that the Commission will encourage public authorities purchasing ships or equipment to select suppliers based on?non-price factors like sustainability and whether the item is made in EU. The document said that this could lead to increased EU production of ferries and research vessels as well as tugs, icebreakers, and tugboats. The European Investment Bank (EIB) could play a key role in encouraging the demand for EU-manufactured ships by providing ship owners easier access to finance. On February 10, the EU executive will present a series of proposals to improve the shipbuilding and shipping sectors, as well as the security and sustainability in its ports. This is part of a broader strategy to increase competitiveness. Reporting by Kate Abnett and Philip Blenkinsop. Mark Potter edited the article.
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Sources maritime say that Iranian boats approached a US-flagged oil tanker in the Strait of Hormuz.
On Tuesday, maritime sources and a?security consulting firm reported that a group of Iranian gunboats approached a U.S. flagged tanker in the Strait?of Hormuz to the north of Oman. Vanguard, a maritime risk management company, said that the Iranian ships ordered the tanker Stena Imperative to stop its engine before continuing its journey and to prepare for being boarded. The maritime risk management group reported that the vessel did not enter Iranian territorial waters, and was escorted a U.S. warship. A U.S. official confirmed that it was "U.S." flagged. United Kingdom Maritime Trade Operations had earlier stated that a group armed boats tried to?intercept a vessel 30 km north of 'Oman at 16 nautical miles, without identifying either the vessel or 'the boats. The agency confirmed that it is investigating the incident which occurred in the Strait of Hormuz inbound Traffic Separation System. Unnamed Iranian officials were quoted by Iran's semiofficial Fars News Agency as saying that unnamed Iranian officials said later on Tuesday, that a vessel entered Iranian territorial waters without the required legal permits. The vessel was warned and then left the area. The strait connects the Persian Gulf with the Gulf of Oman, and beyond to the Arabian Sea. OPEC member Saudi Arabia, Iran and the United Arab Emirates export the majority of their crude oil via the Strait. This is mainly for Asia. Iran seized three vessels in 2023, two in 2024 and one in 2023, near or in the Strait. Some of these seizures were in response to U.S. seizure of Iranian tankers. Reporting by Jonathan Saul and Tala RAMADAN, Idrees ALi and Elwely Elwelly; Writing by Jaidaa Taha, Tala RAMADAN and Bernadette BAUCH.
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Maersk and Hapag-Lloyd resume certain Red Sea transits, with naval escorts
Maersk announced on Tuesday that Hapag-Lloyd, Maersk and their shared services network will resume some transit routes along the Red Sea and Suez Canal in the coming month. Shipping companies are considering a return to Asia-Europe's crucial trade corridor, after vessels were rerouted to Africa in late 2023?following the attacks in the Red Sea that Yemen's Houthis claimed were in solidarity with Palestinians in Gaza. Maersk's and Hapag-Lloyd's ME11 joint service, which connects India and the Middle East with the Mediterranean, will resume its route through the Red Sea, the Suez Canal, and the Suez Canal starting in mid-February, Maersk announced. Ships travelling under naval escort. Maersk's spokesperson refused to comment on the type of assistance or who would be providing it. TESTING TRANSITS STARTED IN DECEMBER Although fighting hasn't stopped completely, the ceasefire that has been in place in Gaza since October has given hope for normalization of Red Sea traffic. However, both sides have accused one another of violating the terms of the deal. Maersk stated that "the highest security precautions are being taken, as the safety and well-being of the crews, vessels and customers' cargo remains the top priority for both carriers." Maersk said that it will consider rerouting two other?services - the AE12 & AE15 - through the same area in the future. Hapag-Lloyd & Maersk created 'the Gemini network' last year to reduce?their shipping cost and improve schedule reliability. Maersk Sebarok, a vessel owned by Maersk, navigated this route in December for the first time in nearly two years. Clarksons Research estimates that the Suez Canal was the fastest way to connect Europe and Asia. Up until the Houthi attack, the Suez Canal accounted for 10% of the global seaborne commerce.
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Siemens Energy invests $1 billion on 'hot' US Power Market
Siemens Energy will invest $1 billion in the U.S. to expand power grid production and to produce?gas turbine components as it builds data centres to power AI technology. The biggest technology companies in the world are pouring hundreds billions of dollars into U.S. Data Centres that will require more power than can be provided by an aging electrical system. Government reports say that data centres could account for 12% of the U.S. grid's capacity in just two years. This is nearly three times as much as 2024. Siemens Energy CEO Christian Bruch said that the U.S. was the largest market for orders last year. Big Tech's demands have prompted a flurry of power deals to quickly build and connect new?electricity sources. However, supply chain bottlenecks, lengthy permitting processes, and other obstacles are challenging these plans. Siemens Energy, as part of its 6 billion euro (7 billion dollar) investment push, is building a new facility in Mississippi for the production of power grid equipment. Bruch stated that this would be the largest such factory worldwide. The new factory should be finished by 2028. Bruch stated that the expansion of Siemens Energy in the United States - where the company has 22% of its sales and employs around 12% of their staff - would add a fifth of the global production capacity of large turbines. Data centres are driving demand. Only in the U.S., we have around 20 gigawatts of?generation power for data centers. Bruch explained that this includes both orders and "reservation agreements". Bruch stated that the expansion would allow their turbine factory in Berlin to serve more European and Middle East customers, instead of exporting to America. (1 euro = 0.8467 dollars) (Reporting and editing by Christoph Steitz, Laila Kearney, and Alexander Smith).
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Malaysia releases suspected tankers of illegally moving crude oil worth $130 million
The Malaysian Maritime Enforcement Agency announced on Tuesday that two tankers, detained last week off Malaysia's Penang Island for allegedly transferring crude oil illegally from ship to ship, have been released with their cargo. MMEA Penang Director Muhammad Suffi Mohd Ramli said that the authorities had arrested 53 crew on January 29, following a complaint about the ships' activity. KNOWN LOCATION OF SHIP-TOSHIP TRANSFERS The waters around Malaysia are known as a frequent site for illegal ship to ship transfers. Oil is transferred between tankers in the sea, either to conceal their origin or avoid sanctions. Malaysian authorities promised last year to crackdown on the practice. Muhammad Suffi’s office responded to questions by identifying the vessels as Nora and Rcelebra. They also said that the tankers are managed by agents in Penang, appointed by their owners. The ships were released on a bond worth 300,000 Ringgit ($76400) but they remained under investigation because of their ship-to-ship activity without permission. Muhammad Suffi’s office stated that "the case... is waiting for further instructions from Deputy Public Prosecutor (for court proceedings)". The agency failed to identify the source of the oil or tankers. According to LSEG data and public records, the unique IMO numbers 'of the Nora' and 'Rcelebra" matched those of vessels sanctioned in the West. In 2020, the U.S. Treasury added the Nora (formerly known as Longbow Lake) to its sanctions list for its ties to the National Iranian Oil Company. Since last year, European Union sanctions have been placed on the Rcelebra for suspected transportation of crude oil and petroleum product from Venezuela, Iran, and Russia. The Nora last was seen heading towards Sri Lanka while the Rcelebra headed towards the Eastern Outside Port Limit near Singapore. This area is a hub for dark fleet tanks, according to LSEG data.
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Russia and India oil ties are strengthened as US trade deal targets crude imported
On Monday, U.S. president Donald Trump announced that he had reached a deal with Indian prime minister Narendra Modi. The agreement included a stop to the purchase of Russian oil by India. The U.S. is trying to limit Russia's oil revenues to make it more difficult for Moscow to finance the?war? in Ukraine. Here are some important facts about the oil trade between Russia and India. OIL PURCHASES After the outbreak of the Ukraine war in February 2022, India became the largest buyer of Russian oil by sea. After some Indian refiners halted imports in November under pressure from sanctions, Moscow wants India maintain higher purchases. Data from trade sources shows that India's Russian oil imports in December fell to the lowest level in two years, while OPEC share of Indian 'imports' rose to an 11 month high. The United States and European Union have tightened sanctions on Russia, causing the oil to flow to India to drop by 22% in December to 1,38 million barrels a day. The data revealed that Russia's 'overall' share fell to 27,4%, its lowest level since January 2023. Meanwhile, OPEC's share increased to 53,2%. In spite of the decline, Russia was the largest supplier of oil for India in December, and also during the first nine-months of the current fiscal year, which runs until March 31, 2026. Iraq and Saudi Arabia were the next two suppliers. After other suppliers pulled out, the Russian-backed Indian'refiner Nayara Energy is now exclusively running on Russian oil. Russia is looking to India for support in boosting?Nayara Energy's fuel sales and capacity usage. UPSTREAM ASSETS India's Oil and Natural Gas Corp wants to retain its 20% share in Russia's Sakhalin-1 Oil and Gas Project in its Far East. Oil India Ltd.,?Indian Oil Corp. and Bharat PetroleumResources own a 23.9% stake in JSC 'Vankorneft, and a 29,9% stake in Taas Yuryakh Neftegazodobycha. Both are oil-producing subsidiary of Rosneft. ONGC Videsh is the overseas investment arm of ONGC. It also owns a 26% share in JSC Vankorneft. In Russian banks, millions of dollars in dividends due to Indian companies from the assets are still stuck. Oil India holds a 50% share in the Russian oil block License No. 61.
India's Adani Ports increases its annual earnings forecast and expects Australia terminal to boost
India's Adani Ports and Special Economic Zone raised its ?annual core earnings forecast on Tuesday, driven by a higher-than-anticipated growth ?and the acquisition of an export terminal in Australia. This and?U.S. The stock of the company soared by up to 9.54% after President Donald Trump announced a reduction in tariffs on Indian products, boosting the markets.
The company, which is part of the billionaire Gautam adani-led group has raised its upper limit of core?earnings for the fiscal year that ends March 2026 to 228 billion Indian rupees (US$2.53 billion). Ankita Shah said that the revenue growth was in line with their estimates and the strong growth across the portfolio of businesses confirmed the ability to reach all the long-term goals for the company. Adani Ports is India's biggest private port operator by volume. Its consolidated?net profits rose by nearly 21%, to 30.54 billion rupees (US$338.02 millions) for the quarter ending December 31. This was due to strong volume growth.
Ashwani Gupta, the CEO of the company, said that the "sustained" momentum across the four business units and the consolidation of Australia's North Queensland Export Terminal NQXT enabled the firm to increase its EBITDA projection for fiscal year 2026.
Adani completed its acquisition of NQXT in December. This is a multi-user natural deepwater export terminal that has a capacity of 50,000,000 tons per year.
Sreedhar Krishna Menon, a group insider, was also appointed as its new Chief Financial Officer. The company announced that he replaces D. Muthukumaran who has held this role since 2022.
Revenue from operations increased by nearly 22% on an annual basis to 97.05 trillion rupees. This was largely due to an increase of 9% in cargo volume.
JSW Infrastructure, a smaller competitor, also reported a 14% increase in its third-quarter profits last month. Adani Enterprises, the parent company of Adani, also announced a higher profit for its third quarter on Tuesday. Gains in its renewable energy and airport businesses were offset by weak demand in Adani's core coal trading segment.
(source: Reuters)