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The Black Sea grain trade between Russia and Ukraine has virtually ceased
The attacks on shipping have closed more than 97% Russia and Ukraine's grain export capacities in the Azov and Black Sea Basin, cutting off "a major source of low cost supplies" and driving up global prices. In the last month, the two largest grain exporters intensified their attacks on ports, shipping, and other infrastructure. This forced importers from the Middle East and Africa to look for grain in more expensive suppliers, such as Australia or the United States. According to calculations based off official data and estimates by analysts, Russia and Ukraine exported together an average of 7.2 million metric tonnes of grain per month last season from terminals in the Azov region and Black Sea. The Black Sea terminals in Ukraine are not currently shipping anything. Officials and trade sources report that the only grain terminal in Russia not shut down is a small facility located in Tuapse, with a capacity of about 160,000 tons a month. Calculations show that the shutdowns result in a loss of 97% of grain-export capacity from last season. Shutdowns drive up prices "Civilian shipping in the Black Sea is virtually at a standstill," said Yevgeny Karabanov, the head of the analytical committee of the Grain Union of Kazakhstan. The Grain Union of Kazakhstan also ships grain via Russian ports. The global wheat price has risen by about 6.5% in the last month, and is now approximately 30% higher than it was a year earlier. Despite the fact that there is no sign of a de-escalation, traders are under pressure to ensure supplies. Sources said that drones allegedly 'hit' several carriers this week as they loaded or prepared to load grain in Russian ports. Analysts from Rusagrotrans (part of Demetra Holding) estimate that Russia's wheat exports in August were 1.8 million tonnes, the lowest monthly level since 2010. According to trade sources, major?Russian grains terminals, such as NZT and NKHP in Novorossiysk were closed after a Ukrainian drone attack. KSK, Russia’s largest grain terminal, has suspended grain deliveries and exports. The Taman grain terminal also had its operations halted. Ukrainian seaports at the Odesa hub port hub ceased to operate effectively by the end of July. Taras Vysotskyi, Agriculture Minister, said last week that no new ships had called at the port hub in Odesa as of mid-August. Ukraine exports grain via rail to ports in Eastern Europe and the Danube River, which account for about 45% each of the shipments. The remaining 10% is transported by road. Vysotskyi stated that if the ports remain closed, we expect to be able to reach half of our potential exports. The Russian Federation can divert some exports to the Baltic, Caspian, and Far Eastern ports. However, longer distances and higher costs are likely. Reporting by Pavel Polityuk, Olga Popova and Gleb Stolyarov Additional reporting by Gus Trompiz and Nigel Hunt in Moscow. Editing and writing by David Goodman.
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Police say that at least 23 people have died in a collision between a bus and a truck in Parana, Brazil.
The Federal Highway Police reported that at least '23 people were killed in a head-on crash between a bus, and a truck in Brazil's state of Parana early on Wednesday morning. The police said that five others were injured when the vehicles collided around 3 a.m. (0600 GMT) The majority of the victims were in the bus and 'the truck driver died as well,' according to a police statement. The report added that early evidence suggested that the truck had crossed the opposite lane. Police said that the bus involved in the accident was owned by the Imbituva Municipal Health Department and was en route to hospitals in Curitiba in Parana, approximately?180km (110 miles) from the city. Imbituva declared two days mourning after the accident. Via Araucaria, a road?operator on X.com, said that the highway remained 'closed' with no estimated time of reopening. Reporting by Rodrigo Viga Gaier, Isabel Teles and Andrew Heavens. Editing by Aida Pelaez-Fernandez.
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Rail accident investigators say that they have found evidence of track irregularities at the site of a UK train derailment.
Investigators of rail accidents said that on Wednesday, a track 'irregularity' was visible in?CCTV pictures taken just before a passenger train derailment that occurred last week in England that resulted in two serious injuries. Rail Accident Investigation Branch stated that "a track geometry irregularity was present on the immediate approach to the derailment point, before the accident occurred." There was evidence of previous track maintenance in this area. The accident near Lewes, in southern England, occurred during a sustained period of high temperatures in Britain. The investigation will include factors such as the effectiveness of hot weather mitigation, and the condition and track of the train. In a statement released on Wednesday, the embankment was constructed from material that is'sensitive' to changes in water levels. It added that "Although at this time, there is no evidence to suggest a significant slippage occurred before the accident there 'is evidence of some previous?movement." Once the investigation has been completed, a full report will appear. (Reporting and editing by Paul Sandle, William James)
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Oil exports to western Russia are 15% lower than planned, traders claim
Due to disruptions in the Black Sea port Novorossiysk, oil shipments from Russia’s western ports fell by 15% during the first half of August. The drop in oil exports reflects the increased difficulty Moscow faces to maintain its oil exports, as Ukraine targets Russian energy infrastructure which is crucial for supplies and budget revenues. In August, it was initially estimated that exports from the Baltic port of 'Primorsk' and 'Ust-Luga along with the Black Sea Port of Novorossiysk would be approximately 2.7 million barrels a day. The traders reported that oil exports, including Russian 'Urals oil' and Kazakh?grade KEBCO, had declined to around 0.4 million barrels per day (bpd) compared to the 0.8-1million bpd of June and July. They added that loadings were more than two-weeks behind schedule, since?cargoes for export scheduled in late July only recently sailed. The?risk of attack on Russian cargoes in the Black Sea has increased, so Russia has moved Kazakhstan's crude exports to Novorossiysk from the Baltic port of Ust-Luga. Kazakh oil transit shipments should be safe in the Black Sea, given Ukraine's promise not to target non Russian cargoes. Barbara Lewis (Reporting; Editing)
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The little reactors who could? Maguire: How SMRs have become nuclear's best option.
Each energy transition has a favorite underdog. Small modular reactors (SMRs), which are being used more and more in the U.S. to produce clean, reliable power, have a growing role. There are still significant obstacles to overcome and the technology is not commercially proven. A combination of increasing power demand, supportive policies, regulatory reform, and growing investor interests has transformed the SMR from a "speculative" concept to what could be nuclear power's greatest growth opportunity. Power Pinch The shift to?SMRs is a result of the increasing demand for electricity, mainly from artificial intelligence data centres, industrial reshoring and electrification, as well as new manufacturing investments. The U.S. Department of Energy cited the growing demand for electricity as a major reason to accelerate nuclear deployment. This creates new opportunities for technologies that can deliver?round-the-clock energy?without emitting carbon. The wind and solar power generation continues to grow, but utilities, policymakers and industrial customers are looking for more reliable sources of energy that aren't dependent on the weather. Why modular matters more than small The term "small modular reactors" can be misleading. It is not the size of the reactors that makes them so attractive. Smaller reactors do sacrifice some economies of scale, which have historically been favored by large nuclear plants. The word "modular" holds the promise. Nuclear plants are some of the most complex projects to build anywhere in the world. The plants are constructed largely on-site, require thousands to work and often face long delays which drive up the cost. The industry's financial troubles are largely due to difficult construction. SMRs are designed to change this model. Instead of building huge facilities from scratch, developers hope that they can manufacture major reactor components, ship them to the site, and assemble them with standardized designs. This approach, if successful, could reduce construction risks, reduce timelines, and ultimately lower costs. The vision is simple: transform nuclear power from construction into a manufacturing business. A POWERFUL BACKING Political climate has also become more favorable. The ADVANCE Act is a bipartisan law that will be signed into law by the Nuclear Regulatory Commission in 2024. It directs them to streamline licensing, reduce certain regulatory costs and create more efficient deployment pathways. The program also supports regulatory approaches that are tailored to advanced nuclear technologies and encourages the development of former fossil fuel sites. This may seem like regulatory housekeeping. Investors, however, often place equal importance on predictability and innovation. Financing a reactor that is subject to years of uncertainty in its reviews can be difficult. A reactor that operates within a more defined regulatory framework is easier to finance. Fuel is another bottleneck that the federal government is trying to resolve. Many advanced reactor designs are based on HALEU, which is high-assay-low-enriched uranium. The United States did not have a domestic fuel supply chain until recently. The Department of Energy has undertaken a number of initiatives to develop the fuel and enrichment infrastructure needed for commercial deployment. In an effort to promote advances in the entire reactor spectrum, the Department of Energy also supports?the development of sodium-cooled and gas-cooled reactors as well as molten-salt and so-called "microreactors". Washington no longer supports only reactor developers. It is building the ecosystem that they will need to be successful. REACH REGULATORY The advanced reactor industry has long complained about trying to fit 21st century technologies into 20th century regulatory frameworks. Many reactors proposed use fuels, coolants, and operating concepts that are different from the conventional light water reactors which dominate the fleet. Licensing these reactors often involved navigating through a maze exemptions and reviews. The NRC’s new Part-53 framework is intended to create a licensing path that is more risk-informed and technology inclusive. Regulators are trying to accommodate a wide range of reactor designs while maintaining safety standards, rather than forcing all designs through the same licensing process. These changes, while they may seem technical, address a major problem in the industry. Scalable regulation is required for a scalable industry. MOVE INTO THE?BUILDING PHASE The optimism has also increased because advanced reactors have finally moved beyond concept studies and investors presentations. TerraPower's Natrium Project in Wyoming has reached major construction and permitting milestones. This is one of the most clear examples of a commercially deployable advanced reactor. The project, which is near an aging coal power plant in the area, illustrates how advanced nuclear can potentially replace fossil fuel generation by reusing grid infrastructure and existing workforce expertise. In an industry that often seems stuck in the future, progress is important. Investors are more likely to trust construction sites rather than PowerPoint promises. TOUGH TESTS Ahead This does not guarantee success. SMRs face formidable challenges. Supply chains need to be created. The manufacturing capacity must be expanded. Utilities should commit to unique projects. Developers must also prove that deployment costs are falling. In fact, today's industry faces a new challenge. It is not primarily scientific. It's industrial. Can reactor modules at large scale be produced? Can projects be duplicated rather than reinvented? Costs can be reduced by repetition, just as they have in industries from aerospace to automobile manufacturing? Can a reactor be a product instead of a project, and what is the most important thing to consider? History of technological progress teaches a simple lesson. Innovations are rarely able to transform economies at the time they are created. They transform economies once someone figures out how they can be manufactured repeatedly, inexpensively, and in large quantities. The SMR industry may now be approaching this point. The future of advanced nuclear no longer depends primarily on the ability to prove that new reactor concepts are viable. It is more important to prove that the reactors can be constructed predictably, affordably financed, and repeatedly deployed. SMRs are the best choice for nuclear power. Their promise no longer relies on a major breakthrough in reactor design. The foundation of the project is a more pragmatic, but potentially more consequential, breakthrough - teaching the nuclear industry to build reactors in the same way that successful industries build their products. It is not necessary that the little reactors which could succeed in the end, because they have reinvented nuclear physics. They reinvented the nuclear construction. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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IndiGo website downtime prevents some customers booking tickets
IndiGo, India's largest airline, did not allow some customers to book tickets on Wednesday. Instead they received a message saying "No data available". The airline that controls over 65% of India’s domestic aviation market?didn't immediately respond to an?ask for comment. IndiGo's website was unable to process bookings for journalists in three Indian cities. Another travel booking website said that "the airline's systems are experiencing a problem at the moment". When booking a ticket, the website said "Please try again shortly". Several people?on the social media platform X complained that they 'were unable' to?book flights?or?complete?online check in. In December, the airline was under intense scrutiny 'after poor roster planning forced it to cancel 4,500 flights. This left tens of thousands of passengers stranded and caused travel disruptions across India. Reporting by Abhijith Gaapavaram and Shilpa jamkhandikar, Editing by Mark Potter & YP Rajesh
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Overnight, Granada in Spain is shaken by aftershocks
Authorities said that at least 10 earthquakes hit Granada, in southern 'Spain, overnight. This is a continuation of seismic activity which began in the area five 'days ago. It has caused light -injuries -and damage to building. As a precaution, the local government closed offices and many shops. Local media reported some residents fleeing to the coast, while others chose to remain?outdoors' for fear of collapsed structures. According to the National Geographic Institute (IGN), the strongest quake in the'sequence' was 3.4 magnitude at 10.35 p.m. Tuesday. Its epicenter is located 7 km (4miles) south of Granada. Nine tremors of 1.5 to 2.5 magnitude followed, as well as dozens of smaller aftershocks. More than 500 emergency calls were made by people seeking help. Health services reported that they had treated 14 cases, mostly anxiety or panic attacks. Antonio Sanz, an Andalusian official, told reporters that around 600 people were evacuated when apartment blocks required inspection. Sanz stated that there was no immediate danger to the public and it was still impossible to determine the extent of damage. However, preliminary assessments indicated the damage was confined to the facades and cornices, and not structural issues. Paqui Valero of Albolote, on the outskirts of Granada, told local paper Ideal?that her and her partner 'abandoned their work in order to drive south - with their two children - on a jammed road. She said, "I felt a great deal of panic."
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German prosecutors say that a second suspect in the Nord Stream case has been arrested in Croatia
German prosecutors announced Wednesday that a second suspect?accused? of participating in the '2022 Nord Stream blasts?has been arrested in Croatia & will be 'extradited?to Germany. The federal prosecutor's office in its statement identified the Ukrainian as Vladimir Z. and added that local police officers who were acting on an European arrest warrant arrested him at the Croatian seaside city of Pula. In July, prosecutors had filed criminal charges against a second Ukrainian, Serhii, who was a former army officer, for his involvement in the explosions. They accused him of acting on behalf of Ukrainian government entities. Prosecutors alleged in their?statement of Wednesday that trained scuba divers Vladimir Z. and Serhii k. were part of a group which planted explosives along the Nord Stream 1 & Nord Stream 2 pipelines near the Danish Island?of Bornholm. The West and Russia have called the explosions of September 2022, which occurred after Moscow's full scale invasion of Ukraine in that same year, sabotage. The explosions?damaged?the?Nord Stream 1 pipe, a crucial route for Russian gas to Europe.?As well as Nord Stream 2 'branch which was yet to be put into service. The alleged attack occurred at a time when Moscow had just recently stopped?gas supplies via Nord Stream 1. It blamed Western sanctions and technical problems, while Europe accused Moscow of weaponising its energy supply.
Trainline, Virgin Atlantic and others are being investigated by the UK over pricing
In an effort to ease the rising cost of living, UK's?competition commissioner?has launched a probe into how British airline Virgin Atlantic and rail and coach ticketing company Trainline show their total prices when customers book tickets.
The Competition and Markets Authority announced on Wednesday that it would be launching an investigation into three firms, including one called RED Driving School. This was due to concerns about customers not being shown the full price when purchasing train or coach tickets, holiday packages, or driving lessons.
Trainline stated that it has been working with the CMA to improve the transparency of fees for several months.
Virgin Atlantic and RED were unable to be reached immediately for comment. (Reporting by Prerna Bedi in Bengaluru; Editing by Mrigank Dhaniwala)
(source: Reuters)