Latest News
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Four oil and gas tanks turn back after vessel attacks from the Hormuz Strait
Ship-tracking data showed that at least four oil and gasoline tankers had turned back from trying to transit the Strait of Hormuz. This was due to renewed attacks against vessels in this critical waterway, which raised safety & security concerns. After reports of Iran firing missiles on ships in the waterway and damaging a Qatari LNG tanker, as well as a Saudi crude oil tanker, the maritime authorities raised the threat level for transiting vessels from "moderate" to "severe." Data from Kpler and LSEG showed that the three LNG tankers – Al Ghariya Duhail Al Ruwais – were all heading west towards the Strait of Hormuz, before they changed course late Tuesday to turn away. The three tankers owned by QatarEnergy are empty and headed to Qatar's Ras Laffan Export Facility in order to load cargoes. LSEG data and Kpler data showed that an Indian flagged tanker carrying 2,000,000 barrels of Kuwaiti oil loaded late last weekend made a U turn off the tip of Oman - at the Strait of Hormuz - on Wednesday. Since the conflict started in late February, at least 16 LNG cargoes have been shipped from Ras Laffan terminal and?10 from ADNOC Das Island terminal?in the United Arab Emirates. This is still only a fraction compared to the 7 million metric tonnes on average that are typically exported from both export hubs every month. Vortexa analysts report that a queue of ballast or unloaded vessels waiting to be loaded at Ras Laffan also grew, and reached more than 10 ships in early July. Vortexa said that over 50 ballast vessels controlled by ADNOC and QatarEnergy are stationed in the Middle East Gulf and India, and some have been'switching their Automatic Identification System signals off for more than ten days'. Two crude oil tankers did manage to leave the Strait. The VLCC Tenjun managed by Nippon Yusen KK, carrying 2,000,000 barrels of Qatari 'crude' loaded in late-February, left the Strait of Hormuz on Tuesday. Shipping data showed that the VLCC Pertamina Pride managed by Indonesian state energy company Pertamina also left the Strait on Tuesday with its transponder turned off. The vessel was loaded with 2 million?barrels (or a little more than 200,000 barrels) of Saudi crude in early March. Nippon Yusen refused to comment on Tenjun. Pertamina didn't immediately respond to an inquiry for comment. (Reporting Emily Chow and Florence Tan, with additional reporting from Yuka Obayashi and Fransiska Nanangoy in Jakarta, and Nidhh Verma in New Delhi.)
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BHP iron ore employees vote to strike at Port Hedland on July 16,
BHP workers in Western Australia's Port Hedland operations gave notice of an eight-hour stoppage on July 16. This is expected to affect daily revenues of A$120,000,000 ($83.16 Million) for iron ore. After six months of unsuccessful negotiations, the unions called for action. A union statement said that employees from the port operations and maintenance staff of the company represented by Combined Ports Unions would participate in the strike. Adam Woodage, Secretary of the Electrical Trades Union WA, said: "This is not everyone's preferred solution, but if it is our one and only option, we will accept it." I hope that this will sharpen the minds of BHP's managers and shareholders on the importance to negotiate for a safe, fair and productive iron ore sector. Workers at BHP's Pilbara operations voted narrowly last week to approve a new labor agreement. BHP released a statement saying that it had "achieved a new enterprise contract at Mining Area C & South Flank which rewards 1,800 employees - without any industrial action". Every Australian benefits from the strength of the iron ore industry. We want to continue negotiating for a fair price while ensuring that?we keep our operations running safely. BHP shares fell 3.3% to A$56.92. This was slightly higher than losses by other miners, and also compared with a decline of?0.9% for Australia's benchmark index. The Labor government passed a law 2022 that gave unions the ability to negotiate wage deals with multiple employers and more flexibility to request. South Flank's agreement, signed last week, included a 16% guaranteed pay increase over a four-year period. It also included increases in site-based allowances as well as a new payment scheme for delayed flights. Port Hedland is used by Fortescue and Hancock and ships iron ore worth around $150 million a day. This highlights the potential for disruption.
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China's Momenta debuts at a low in Hong Kong amid AI listing caution
Momenta Global shares debuted?flat on Hong Kong's Stock Exchange Wednesday after the?Chinese autonomous-driving company raised approximately HK$5,89 billion ($751 millions) in its initial public offer. The stock opened at HK$301 compared to its IPO price, which was HK$295.60. It reached as high as HK$314.80 and then traded at the HK$299 mark. Momenta's debut will be a test for investor demand in Chinese AI and advanced tech companies. Hong Kong is facing a record number of lock-up expirations after a successful first half of new listings. Dickie Woong, executive director for research at Hong Kong's uSMART, said that the cooling of market sentiment was due to July's peak unlocking. Some new listings haven't performed as 'expected'. Investors are more selective about their valuations, particularly in AI and tech. According to the prospectus, cornerstone investors are big investors who have committed to buying shares before listing. These include existing backer Mercedes-Benz and BlackRock funds, as well as China's Boyu Capital. Other cornerstone investors are GIC, Fidelity, Oaktree and Franklin Templeton, as well as ChinaAMC. Gary Ng is a senior economist at Natixis CIB. He said that the lineup of cornerstone investors - and pricing at the highest end of the range - showed a decent level of global investor interest in China's AI story. Ng stated that "the lack of a sudden surge in interest suggests that sentiment is still cautious, with an emphasis on long-term prospects, as opposed to the global AI hype." There can be pressures on the valuation of tech companies. It is important to monitor whether these firms are able to hold up after listing, as this may not have been the case in previous cases. Hong Kong's debutants also experienced a mixed day on Wednesday. Reconova, a visual AI firm, opened 16.9% lower while Eacon, a mining autonomous-driving company started trading at 3.5% higher. BasicSemi, a maker of silicon carbide chips, opened 7.9% higher than Baogai. Momenta, founded in 2016 by Cao Xudong (former Microsoft researcher), sells software for driving assistance to automakers. The systems assist cars to steer, brake and 'change lanes, but the driver must remain alert and prepared to take control. Momenta will use 60% of its IPO proceeds to fund research and development. 20% will go towards robotaxi services. 10% is allocated for the mass-produced vehicle industry. In its prospectus, the company claimed that 680,000 vehicles would be using its software by 2025. Customers and partners of the company include Toyota, Mercedes-Benz SAIC Motor, General Motors BYD, Audi, and SAIC Motor.
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EMBARGO-BHP iron ore employees vote to strike at Port Hedland on July 18,
BHP Port Hedland workers in Western Australia gave notice on Wednesday of an 8-hour work stoppage scheduled for July 16. This is expected to disrupt daily revenue of A$120 million ($83.16 millions) worth of iron ore. After six months of unsuccessful negotiations, the unions called for action. The Combined Ports Unions, which represents workers in all port operations and maintenance staff of the company, will be participating in the strike. Adam Woodage, Secretary of the Electrical Trades Union WA, said: "This is not everyone's preferred option, but if it is the only one we have, then we will do it." "I hope that this will sharpen the minds of BHP managers and shareholders on?the importance to negotiate for a safe, fair and productive iron ore sector." Workers at BHP South Flank and Mining Area C, which produces iron ore, narrowly approved a new agreement last week. The Labor government passed a law in 2022 that gave unions the power to negotiate wage deals with multiple employers. They also have more flexibility to ask for flexible arrangements, and the ability to strike the entire industry. The South Flank agreement last week included an 16% guaranteed pay increase over a four-year period, as well as increases in site-based allowances. Port Hedland - which is also used by Fortescue and Hancock - ships about $150 million worth of iron ore per day, highlighting the potential for disruption.
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Bahrain reports limited power outage in Bahrain; Kuwait restores some power after outages
Kuwait's Ministry of Electricity, Water and Renewable Energy announced on Wednesday that power was restored to a number of affected areas?by electrical outages? after several transmission lines?went out of operation. The ministry stated that emergency teams are continuing to work to restore electricity as soon as possible to all the?affected areas?. Earlier, the ministry said that several power lines were out of service and causing "electricity outages" in various parts of the country. The ministry said that 'teams are working under an approved emergency?plan to identify the cause and restore power supply. Bahrain's Electricity and Water Authority (BNA) reported that it had also monitored a limited outage of power in?several parts of the kingdom. (Reporting and editing by Nia William and Lincoln Feast.
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Telstra outage disrupts Australian train services, taxi payments
Telstra, Australia's largest telecommunications company, suffered a?outage on Wednesday. The issue affected?taxi payments?systems, and certain train services. Due to communication problems, the operator suspended train services between Melbourne, Australia's largest?city, and regional towns. Passengers were advised to postpone travel if possible. Australian media reported that some passengers were unable to pay for their taxis, while drivers lost jobs due to the failure of their payment systems. In a press release, Emergency Management Minister Kristy McCain stated: "We are aware that Telstra is working to resolve the issue and arrangements are currently being made for rail passengers affected." Telstra stated that it was investigating a problem affecting data and mobile calls. Telstra urged customers to "try again" as?it might work if you retry. The company has not confirmed if the issue is related to mobile calls or data, nor when it will be resolved. Telstra stated that they were "on it" and would share an update as soon as the problem was resolved. Reporting by Renju Jose, Sydney; Nikita Maria Jio, Bengaluru. Editing by Jonathan Ananda & Sonali Paul
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Cuba restores its grid, but power shortages persist amid US fuel embargo
Cuba said that it had reconnected the majority of the country with the national grid by late Tuesday night, but millions of people remained without electricity as the island nation struggled to meet even one-third the current demand due to an ongoing U.S. oil blockade. The cause of the nationwide blackout on Monday has not been fully explained by authorities. This is the third blackout in Cuba this year, and it has left a population of almost 10 million people without power overnight. The grid operator of the country, UNE, announced late Tuesday that it had reconnected grids from Pinar del Rio in western Cuba to Holguin in eastern Cuba. Authorities said that Santiago de Cuba, Cuba's second-largest city, was still without power and disconnected. By late Tuesday evening, power had been restored to about?two thirds of Havana's capital. However, another widespread outage occurred around 6 pm ET. Havana residents are accustomed to power outages lasting 30 hours or longer. They have resigned themselves to yet another night of mosquito swatting and little sleep. Amauri Gonzales, a resident of Havana who had just stepped out to get some fresh air, said: "I do not see a solution for this problem." "Our power plants have become obsolete, and there is no fuel." UN DEBATE In an attempt to choke Cuba's communist government, the U.S. cut off its fuel supply and imposed 'fresh sanctions' that led to a mass exodus of businesses from abroad and a near-total collapse of tourism. Cuba and the United Nations have said that President Donald Trump's sanctions are a violation to international law and human rights. Both Cuban and U.S. government officials claim that the talks between the two countries have stagnated. In a meeting held at Havana’s request, the UN General Assembly voted Tuesday overwhelmingly to discuss U.S. Sanctions against Cuba. U.S. Michael Waltz, ambassador to the United Nations, said that Cuba was responsible for the electricity shortages. "Change your ways, and turn on the lights for your people," Waltz said during the U.N. discussion. The majority of countries that spoke at the U.N. debate called for Washington to reverse the sanctions and end the six-month fuel blockade that has crippled the economy on the island. Reporting by Dave Sherwood in Havana and Ayose Naranjo; editing by Andrea Ricci, David Gregorio
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Trans Mountain Pipeline reaches agreement with oil shippers over toll dispute
Trans Mountain announced on Tuesday that it had reached an agreement with oil shippers following 18 months of negotiations. Trans Mountain, owned by the Canadian Government, has said that the deal represents "a substantial majority" of the contracted shipping volume and was submitted to Canada Energy Regulator. Trans Mountain has said that as part of the deal it negotiated, it would seek permission from the regulator for an increase in the percentage of its total capacity contracted, from 80% to 90%. That means the proportion of ?the 890,000-barrels-per-day pipeline that is currently reserved for spot shipments ?will drop to ?10% from 20%, if approved. Trans Mountain is Canada's sole east-west oil pipe, providing direct access to China as well as other Asian markets. This is at a time when Canada is looking to diversify its oil exports and move away from the United States. The Canadian government completed a major expansion of the pipeline in 2024. However,?oil firms have protested against the increased?tolls that Trans?Mountain charges to cover the cost overruns on the C$34 billion project. Trans Mountain - which has proposed to add up to '300,000 BPD of capacity by 2028 through various optimizations projects - announced on Tuesday that it will launch an open'season' on July 13, allowing shippers to bid for 90,000 BPD of this new capacity, expected to be available before the end of the year. (Reporting and Editing by Bill Berkrot.)
Taiwan's migrating Crab population returns thanks to safer road crossings
Bamboo bridges and road?closures helped protect Taiwan's biggest terrestrial crab species when they returned to the sea during breeding season.
Taijiang National Park, located in southern Taiwan's city of Tainan, is home to the largest number of mangrove land crabs on the island.
During the breeding season from July to September, female crabs descend to 'the sea' to release their eggs. However, because their migration route crosses roads, they are vulnerable to being hit by cars.
Taijiang National Park 'Director Chen Junshan said that the road closures, bamboo bridges and other measures have reduced roadkill -and helped increase crab numbers from more than 5,000 per year in earlier years to over 10,000 last.
Chen said: "The mangrove land crab can bring all these nutrients back to the land and allow the coastal forest become more abundant." "If you protect land crabs, then the entire coastal forest belt will be protected."
The 'environment' was given short shrift by the government during Taiwan’s rapid industrialisation in the 1960s and 1980s. A network of national parks and 'protected areas' are now being built across the island to attract tourists.
Tainan's park is home to the black-faced. spoonbill bird, which was nearly extinct but has recovered. (Reporting and writing by Ann Wang, Fabian Hamacher, Ben Blanchard. Editing by Cynthia Osterman.)
(source: Reuters)