Latest News
-
Air China to resume weekly flights between Beijing and Pyongyang: tour operator's founder
Air China will resume weekly flight services from Beijing to Pyongyang, the capital of North Korea, from 'March 30th onwards. When the COVID-19 outbreak broke out in 2020, cross-border flights and trains between China and North Korea had to be halted. Rowan Beard of Young Pioneer Tours, which has done business in North Korea, said that the return of Air China and the Beijing-Pyongyang International Train is a sign that tourism will be returning sooner than expected. He cited his company's communications with the airliner. Air China didn't immediately respond to an?request for a comment outside of?business hours. Young Pioneer Tours, a specialist tour operator, is one of only a few operators who are allowed to organize group tours from Beijing for Western tourists visiting North Korea. North Korea does not allow independent tourism. China and North Korea resumed two-way passenger trains between the two countries on Thursday, with the first train departing Beijing for Pyongyang arriving at North Korea's capital?on Friday afternoon. Beijing-Pyongyang is operated four times per week, while a shorter route between the northeastern Chinese city Dandong and Pyongyang runs daily in both directions. Travel agencies organising trips in the country say that North Korea is mostly closed to foreign tourism. There are a few exceptions - mainly for Russian tour groups with restricted arrangements. Beijing considers the two countries as "friendly neighbours", and the revival of the train link will facilitate people-to-people interactions, trade and economic collaboration between them. Reporting by Beijing Newsroom; Editing by Louise Heavens
-
Kenyan meat exporters hit by Middle East conflict as Ramadan shipments slump
Kenyan meat exports to the Middle East have been reduced by a massive increase in air freight prices, which has caused shipments to be halted. Nicholas Ngahu is the chief executive of Kenya Meat and Livestock Exporters Industry Council. He said that the Middle East was Kenya's primary market for meat exports. The United Arab Emirates account for 40-60% of all shipments. Exports of fresh chilled meat, such as beef, lamb, mutton, and goat, are only allowed to reach Abu Dhabi and Dubai in limited quantities. Ngahu stated that "we are doing below 15 percent of our normal exports and now, with Ramadan approaching, we are doing much less than 5 percent of what we should be doing." AIR FREIGHT CHARGES SURGE Kenya sends approximately $2.3 million worth meat and animal products every week to the Middle East. Dennis Muraya (Director of Konza Clearing Agency) said that most airlines in the region have cut back on operations. This has forced exporters to use expensive cargo charters for flights into the UAE. Muraya explained that "we usually pay $1.50 to $1.50 per kilogram." "At the moment, we are paying as much as $3.50 to $3.50 for a kilo." He said that airlines had linked the increase in prices to increased insurance costs related to the conflict. Ngahu stated that the industry normally shipped around 200 metric tonnes of?meat per day during the holy months, but the volume had dropped to approximately 5 to 15 tons each day. Ngahu stated that exports were expected to reach a total of?amillion kilograms since Sunday, March 8. "We haven't done even 50,000." Muraya reported that a consignment of 20 tons, on its way to Sharjah, was sent back to Konza after the airspace was closed. Konza had to pay $5,000 for handling, cold room and storage charges. RIPPLE EFFECT Exporters say the ripple effect is felt throughout the supply chain - from freight forwarders to?slaughterhouses, and even farmers and livestock traders. Due to delayed shipments, slaughterhouses cannot clear meat fast enough to make space for new stock. Some exporters are forced to divert their meat to the local market at lower prices. Ngahu reported that some?abattoirs have cut casual labor by up to 80%. Muraya warned that if the conflict continues beyond Ramadan demand may weaken even further, causing freight costs to become unsustainable. He said, "If this conflict continues, we will not be in business." (Reporting and editing by Ammu Kanampilly and Kirsten Donovan; reporting by Vincent Mumo Nzilani)
-
Trump is considering loosening Jones Act rules for shipping
U.S. President Donald Trump told Fox News that he is 'looking into'?loosening the?shipping regulations under the Jones Act. He said in an interview aired Friday that he will 'look at it, but he did not give any...other details. Trump stated in an interview with Fox News Radio’s "The Brian Kilmeade show" recorded on Thursday evening, "We'll look, we'll look at everything and it's going to work out." Trump talked about military plans for 45 minutes, claiming that the U.S. The military has not yet targeted Iran's infrastructure, or its uranium stockpile. When asked about U.S. plans to take Iran's Kharg Island, Trump replied that it was not a priority but he might change his mind. (Reporting and writing by Susan Heavey, Caitlin Malone, Caitlin Webber)
-
Before sanctions eased, Russian oil exports were slowed by thick ice and drone attacks in Ukraine.
Data released on Friday showed that a barrage of Ukrainian drone strikes against Russia's Black Sea oil export facilities as well as severe storms and ice conditions in Baltic Sea affected Russian oil exports. The United States issued a waiver on Thursday for countries to purchase sanctioned Russian crude oil and petroleum products that were stranded in the sea. This was done to stabilize global energy markets, which had been roiled by war with Iran. The easing of U.S. sanctions may not have a major impact on Russia's oil production due to the drone attacks and the bad weather. The Russian oil supply through the Druzhba pipe via Ukraine, to Hungary and Slovakia remains halted after what Kyiv claims was an attack on the pipeline by Moscow?on January 27, According to LSEG's?ship-tracking?data, Russia's total crude oil exports between March 1-12 decreased by 14% compared to the same period last year to 3.6 millions barrels per day. The data revealed that exports from Russia’s Far East increased by a quarter over the period, to around 770,000 bpd. According to three sources, the Black Sea port Novorossiysk was running 10 days behind schedule due to persistent'storms' and a 'drone attack. One of these attacks forced a suspension in loadings at the beginning of this month. After a drone attack on the Sheskharis Terminal on March 2, Novorossiysk re-started oil transshipment on?tankers. The pace of loading is slow, however, because the port is often forced to stop operations and move the tankers from the berths, due to the threat drone attacks. (Reporting and editing by Susan Fenton; reporting by Nerijus Adomiaitis)
-
Saudi Arabia reduces oil production by 20% to 8,000,000 bpd amid Iran War, sources claim
Two sources have told 'that the top oil exporter Saudi Arabia cut its oil production by 2 million barrels a day, to 8 million bpd. This was after it reduced output from two major offshore fields in response to the 'Iran -war. Middle East Gulf oil companies have been forced to stop large volumes of production because of the blockage of the Strait of Hormuz - a narrow waterway that connects Iran with Oman - since U.S. airstrikes against Iran began on February 28. Iran said that the world must prepare for oil price?at $200 per barrel. One source, who declined to be identified, said that Saudi Arabia was routing more oil towards Yanbu, on the coast of the Red Sea, to avoid the Strait. However, the production has dropped to 8 million bpd since the offshore fields Safaniya and Zuluf were closed. One source reported that Saudi Arabia's production had dropped to less than 8 million bpd. The two offshore fields produce more than 2 million bpd, mainly of heavy and medium-heavy crudes. Meanwhile, the pipeline to Yanbu takes mainly light crude. Saudi Aramco, the state oil company, declined to comment. Saudi Arabia's production has dropped from 10.882 to 8.8 million barrels per day, a significant drop compared to February when it produced 10.882 and supplied?10.111 to the market. The February production boost was a contingency measure in case a U.S. attack on Iran disrupted Middle East supply, sources said at the time. In a report published on Thursday, the International Energy Agency said that Middle East Gulf nations including Iraq, Qatar and Kuwait, as well as the United Arab Emirates (UAE)?and Saudi Arabia had cut?total production of oil by at least 10 million bpd. It added that these losses would continue to grow if shipping flow was not quickly restarted.
-
As Asia scrambles to supply, the Russian ESPO switches to Brent premium
Russian ESPO blend crude loaded from Kozmino in April and 'early May' has surged at a premium to Brent in Chinese and Indian port, traders reported on Friday. This is due to supply shortages caused mainly by the Iran -war and a softerening of america sanctions. The easing of?U.S. sanctions and the supply'shortages caused by the Iran -war' have fueled demand. After the United States allowed Indians, who were affected by a reduced Middle East oil supply, to buy Russian crude, prices for Russian crude jumped in comparison to Brent. Four sources said that the 30-day waiver granted to Indian buyers was then followed by a more sweeping exemption allowing all buyers to import Russian oil loaded on March 12 for a month. ESPO blend cargoes?loading between April and May have been sold at a premium of $2-3 per barrelle to ICE Brent, according to sources. This is a drastic change from the discounts of $7-10 per barrelle for cargoes loaded in March. ESPO blend, a?light?sweet crude?exported via Russia's Far East Kozmino Port, is a key feedstock? for Chinese refiners because of its?short shipping distance and?high quality. Traders said that Indian refiners who seldom purchase ESPO have increased their purchases this month in order to compensate for the low stocks of feedstock. One source said that ESPO’s direct route to Asia avoided the Strait of Hormuz and offered cheaper and more reliable cargo. One source said that the cost of a one-way Aframax tanker voyage from Kozmino, Russia to China is around $3 million and $6 million for India. Freight rates for Russian oil shipments from western Russian ports to Asia have risen to "record levels". Two sources reported that in India, ESPO blend was sold for $5 a barrel more than Brent date, despite its superior quality. One source said, "Quality doesn't matter if there isn't a feedstock." According to a source, exports of ESPO blend from Kozmino 'in March were near 1 million?barrels a day, almost matching February volumes, and the port capacity. Reporting by Siyi Liu, Chen Aizhu, Nidhh Verma, and Louise Heavens in New Delhi.
-
Data shows that China has received its eighth LNG cargo this year from Russia's Arctic LNG 2 sanctioned project.
LSEG data revealed on Friday that Russia's Arctic LNG 2 plant had?delivered their eighth cargo to China this year. This was a few days after a liquefied natural -gas carrier from the project caught fire in the Mediterranean and drifted. Data shows that the gas carrier Iris delivered a cargo via the Suez Canal on Friday, February 8, from the floating storage unit Saam FSU located near the Russian Arctic Port of 'Murmansk. The Arctic Metagaz tanker caught fire last week. It was carrying a cargo of Russian LNG, which had been sanctioned. The Libyan authorities initially claimed that the vessel had sunk. However, it is still afloat in waters between Italy & Malta. Moscow described the incident in terms of an attack by Ukrainian drones launched from the Libyan coastline. Ukraine has not responded. Last year, 23 cargoes worth 1.3 million metric tons were shipped to China by Arctic LNG 2, including shipments from storage sites near Murmansk in Russia and the far eastern Kamchatka Peninsula. Arctic LNG 2, owned 60% by Russia's Novatek and aiming to produce 19.8 million tons of LNG per year, had a bright future, but Western sanctions have sullied its prospects. (Reporting and Editing by Ros Russel)
-
As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran war, which forced the closure of key Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This left tens or thousands of passengers stranded. The following is a list of the latest flights in alphabetical order. AEGEAN AIRLINES Flights to Tel Aviv and Baghdad have been cancelled until March 29. Flights to Dubai have been cancelled until the 28th of March and flights to Riyadh are suspended until the 14th. AIR BALTIC AirBaltic, a Latvian airline, said that all flights to Tel Aviv were cancelled until the 28th of March. All flights to Dubai are cancelled until March 30. AIR CANADA The Canadian airline cancelled all flights from Tel Aviv to Dubai and all flights from Dubai to Tel Aviv between May 2nd and March 28th. AIR EUROPA All flights from Spain to Tel Aviv have been cancelled until March 20. AIR FRANCE KLM Air France has canceled flights to Tel Aviv, Beirut and Dubai until March 15, and to Riyadh and Dubai until March 14. KLM has suspended flights to Riyadh and Dubai until 28 March, and flights to Tel Aviv for the rest of winter. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights from and to Dubai, and from and to Riyadh up until March 31. U.S. airline has cancelled flights between New York and Tel Aviv up until March 31, and Tel Aviv-New York until April 1, Atlanta-Tel?Aviv flights have been delayed. Flights to Tel Aviv will now be paused till August 4 and flights back from Tel Aviv until August 5. EL AL ISRAEL AIRLINES El?AL has cancelled all regular flights until March 19th. EMIRATES The UAE airline announced that it was operating a reduced schedule. ETIHAD AERWAYS The UAE carrier announced that it has resumed limited commercial flights between Abu Dhabi, and a few key destinations. FINNAIR The 'Finnish airline has cancelled Doha flights and Dubai flights up until March 29. It is also avoiding the airspaces of Iraq, Iran and Syria. British Airways, owned by IAG, has cancelled all flights from Abu Dhabi to Amman until the end of this year, and all flights from Doha to Dubai, Doha to Amman and Tel Aviv to later in March. ITA AIRWAYS ITA Airways has extended the cancellation of flights to Dubai until March 28 and suspended flights from Tel Aviv till April 2. JAPAN AIRLINES Japan Airlines has suspended all flights between Tokyo and Doha scheduled to run from 28 February until 21 March, as well as Doha-Tokyo flights up to 22 March. The Polish airline announced that all flights to Dubai and Tel Aviv were cancelled until the end of March. LOT has also cancelled flights from March 31 until April 30 to Beirut and to Riyadh. LUFTHANSA GROUP Lufthansa and its partners, Austrian Airlines and Swiss Airlines, have suspended flights from Tel Aviv to Beirut until April 2 and Dubai to March 28. Flights from Tel Aviv to Beirut, Dubai, and Amman were suspended until April 30, and flights to Amman, Erbil and Dammam up to March 15. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights from Doha to March 20. NORWEGIAN AIR The Nordic airline will begin flying to Tel Aviv from June 15 instead of April 1, and Beirut, respectively. PEGASUS Pegasus Airlines has cancelled all flights to Iran, Iraq, Amman Beirut Kuwait, Bahrain Doha Dammam Dubai Abu Dhabi and Sharjah until 31 March. Riyadh flights are cancelled up until March 23. QATAR AIRWAYS The airline operates a limited schedule of flights to and from Doha. It plans to start operating some flights on March 9 following a temporary authorization from the Qatar Civil Aviation Authority. SAUDIA AIRLINES Saudia suspended flights to Amman, Kuwait and Abu Dhabi until March 12 with some exceptional flights, and Moscow, Peshawar and Doha flights until?March 15 TURKISH AIRLINES Turkish Airlines has cancelled flights from Doha to Doha, Dubai to Abu Dhabi, Kuwait to Bahrain, Dammam, and Doha to Doha until March 19. Flights to Iran have been cancelled until March 20, according to the Turkish Transport Ministry. WIZZ AIR The low-cost carrier suspended flights from Europe to Israel and other destinations in the Middle East until September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham, Milla Nissi, and Romolo tosiani)
Sources: China relaxes BHP iron-ore ban for one weeks
Sources said that China will lift a ban on BHP's Jimblebar Fines, an Iron Ore?product until the next week, only a day after Beijing increased restrictions against its third largest supplier.
China Mineral Resources Group (the state-run buyer of iron ore) told domestic steelmills they could take delivery of Jimblebar fins already in ports for about a week. Three sources familiar with the situation, who spoke on condition of anonymity because the issue was sensitive, confirmed this.
Steelmakers are the only ones who will be affected by this exception, and not traders.
CMRG banned steelmakers and traders from buying Jimblebar fins in September. It has gradually expanded these restrictions, including this week as it negotiates BHP's supply contract for 2026.
Iron ore prices reached a two-month high on Friday as traders feared further bans could limit the iron ore supply at ports.
The temporary reprieve highlights CMRG's?challenge? in its mission to reduce prices, when its primary tool?to date is to remove supply from the market.
One of the sources said that "the move is to reinin iron ore price rally."
CMRG and BHPB did not respond immediately to requests for comments outside of normal working hours. Louise Heavens, News (Reporting)
(source: Reuters)