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Murmansk, a Russian Arctic port, will start shipping grain using fertiliser equipment
The Black Sea route is still closed because of Ukrainian drone attacks, so Russia's Arctic Port Murmansk uses equipment that is typically used to load fertiliser. It could ship its first grain to the Black Sea as soon as next month. Murmansk, which is much farther away from Ukraine than Russia’s Baltic ports, can only be reached by neutral waters. Reports on Monday stated that Russian companies are repurposing terminals for fertiliser, coal, and other cargo at Baltic and Arctic port, Murmansk included, to handle grain exports. Murmansk Commercial Port, located 2,700 km (1 677 miles) away from Novorossiysk - Russia's major grain export 'gateway' - announced on Tuesday that it will use a system of direct transfer, which moves cargo directly from railcars into the'ships' hold, a method usually used for potash imports. The port said it had also adapted its conveyor systems in order to handle higher grain volumes. Modern grain terminals like those in Novorossiysk use storage elevators to give operators more flexibility. The dependence on direct transfers in repurposed terminals underscores the urgent need to restore export flows. In a recent statement, Andrei Riznichenko, director of Murmansk Port Operations said that it was important for the country's economy that Russian producers had several reliable options when it came to export logistics. Murmansk is Russia's 4th largest port. It has a?handling capability of up to 24 million tons per year, but it has never handled grain before. Analysts predict that Russian grain exports will halve between July and September due to the closure of Black Sea ports and the Sea of Azov. The?disruption of exports has led to a?decrease in domestic?grain?prices and a?build-up of unsold stock. The Kremlin announced on Tuesday that Russia is looking for alternative routes to export grain.
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Maguire: Rapid EV adoption in the US fuel market has caused a split.
Electric vehicles are on the rise across the US, creating a two-tiered market for fuel. This divides motorists into those whose prices are dictated by international oil markets and those whose bills depend on local electricity rates. Geographical factors are becoming increasingly important in determining transportation costs, and who reaps the benefits of energy transition. A COUNTRY WITH TWO FUEL MARKERS The cost of EVs is measured in kilowatt hours, while the price of gasoline per gallon is expressed in US dollars. Orennia, an energy intelligence platform, has published a list by US state that shows the cost of charging an EV in dollars per gallon. Orennia estimates that the average cost of charging an EV in the United States is around $1.56 per gallon. The American Automobile Association reports that the current price to refuel a gasoline vehicle is $4.43 per gallon. Orennia converts the cost of electricity at home overnight, since most US EVs charge their cars at home. It compares two similar-sized cars, the 2025 Hyundai ioniq 6 and the 2025 Hyundai elantra. The cost of recharging is different from the cost of gasoline. This can have a significant impact on the cost of living. One group is still exposed to OPEC, refinery shutdowns, geopolitical shocks, and local fuel inventories. One of the two depends on electricity generation mix, utility rates and state policies. WIDE DIVIDE Orennia data show that Hawaii is the most expensive for EV charging. The average cost there is $3.45 per gallon. Wyoming is the cheapest for EV charging, with an average price of around $1.14 per gallon. The $2.30 difference between the most expensive and the cheapest charging states for EVs highlights the vast differences in charging costs across the nation. The average national cost to charge an EV is about $1.56 per gallon. In 40 states, the average charging costs are less than $2 per gallon. According to the latest AAA data, California is the top state in the nation for gasoline prices. The average cost per gallon is $6.08. Indiana has the lowest average gas prices, at around $3.92 per gallon. Gasoline prices in 44 states are currently above $4.00 per gallon. The difference between the most and least expensive states is approximately $2.17. The average national gasoline price is around $4.43 per gallon. This is 18% more expensive than the average cost of charging a mid-sized electric vehicle. Global Ties The smaller price difference between the most affordable and the least expensive gasoline markets, compared with the range in EV charging cost, highlights the greater exposure of US gasoline consumers to global markets. There are certain regional trends on the US fuel market. The West Coast is among the most costly, while the Gulf Coast is one of the least expensive, aided by the proximity of refineries and energy production. While there are differences at the state level, gas prices tend to move in a similar direction because they all share the same oil market. When there are crude rallies, drivers from Arizona to Wisconsin feel the effects. The gasoline market is still largely domestic and becoming increasingly global. ELECTRICITY IS LOCAL Electricity prices are clustered around regional utility structures, rather than a national pattern. Hawaii is the most expensive for charging an electric vehicle, with a cost of approximately $3.45 equivalent to a gallon. California is close behind. Hawaii's grid is isolated, making it more expensive to generate electricity than in the continental United States. California, on the other hand, has a stretched infrastructure and has implemented wildfire mitigation policies, which have led to higher utility costs. New England's Connecticut, Massachusetts and Maine are also among the most expensive states. Louisiana, Idaho Washington, Utah, and some Plains states are at the opposite end of the spectrum, where EV fuel costs are below or close to $1.10 equivalent per gallon. Depending on where you are, these differences can be huge and change the appeal of EVs. Fuel costs for a driver charging an EV in Hawaii are more than three-times higher than those of a driver in Louisiana. Few consumers are aware that the cost to operate the same vehicle in different countries can be so vastly different. But EVs are currently cheaper to refuel than gasoline everywhere. Even in Hawaii where electricity is most expensive, driving an electric vehicle costs less than regular gasoline. Californian drivers pay among the highest prices in the nation for both electricity and gasoline. Even then, EV owners still enjoy a significant advantage in terms of operating costs. Future Control Charges for fuel are lower than they were in the past, but this has implications that go beyond household bills. Transportation costs in the US have been largely determined by factors that are beyond the control most consumers and state governments. Crude oil, refinery capacity and fuel inventories, as well as geopolitical events, were the main factors that determined what drivers paid to fill up. In addition to utilities, power producers and state regulators, transportation costs are also increasing as EV adoption increases. The amount drivers will pay per mile is likely to be influenced by residential electricity rates, plans for time-of-use pricing and investments in the power infrastructure. Transport costs are now linked to both global and local energy markets. This shift will result in new regional winners as well as losers. Electric vehicles could offer a cost advantage to drivers in states that have abundant, low-cost electricity. Residents of states with high power prices will likely see less economic benefit from the switch. In this?sense the switch from gasoline to electric power is not just about changing the fuel type that powers the cars of the nation. The price of mobility is changing as well. The geographic factor will become more important as the number of Americans switching to electric vehicles increases. These are the opinions of the columnist, an author for. You like this column? Check out Open Interest, your new essential source for 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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Study finds that global biofuel production will increase by nearly 70% in 2030 as a result of the Gulf energy crisis
A study released on Tuesday revealed that global biofuels production is expected to increase by nearly 70% from its 2025 level by '2030 as major producing countries continue to 'raise blending mandates to respond to the energy crisis caused by the Iran War. The Forest Stewardship Council and London-based think-tank Chatham House, both non-profit certification groups, co-authored the study. Biofuels, such as ethanol, can be made from a variety of organic feedstocks. However they are usually produced from food crops and animal feed. These biofuels are often blended with diesel or gasoline and have become more cost-effective as fossil fuel prices increase. Fuels have been the subject of heated debates over their contribution to climate change, or whether they contribute to food inflation and deforestation. The authors of the study warned that the recent surge in demand could worsen the deforestation. They said that by prioritizing energy security, they may be sacrificing food insecurity over the medium term (and) an additional shock like extreme weather could have a severe impact on food prices. Since the Iran War, countries such as Brazil, China and India, Indonesia, the US and the European Union have all proposed or adopted higher mandates for biofuel blends. If all mandates proposed are fully implemented, according to the authors, land required for biofuel feedstocks will more than double in 2030 from?2023 levels. This would require 36 million additional hectares - an area about the size of Germany. The authors stated that "the speed at which mandates for biofuels are increasing creates significant risk" as the demand for feedstocks could rise faster than environmental protections, certification systems and land-use planning, or enforcement mechanisms, can be implemented. Biofuels of the first generation or conventional biofuels are not usually able to restore or reduce land degradation. The first-generation biofuels come from feedstocks and food crops like corn and sugarcane. The second-generation biofuels, also known as advanced biofuels, are made from waste materials and organic residues, such as cooking oil. The authors stated that "Production of feedstocks for first generation biofuels tends have net negative consequences for land degradation and food security, as well as water use." Since the Iran War began late in February, crude oil prices are up nearly 40%. Meanwhile, sugar and corn have increased by about 20%.
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Saudi Arabia restarts East West oil pipeline, according to sources
Three sources informed on the issue said that Saudi Arabia had restarted operations at its East-West Pipeline. Exports could resume?from the Red Sea port of Yanbu later today. Saudi Arabia was forced to close its East-West Pipeline after drone attacks on September 13 halted crude loading at the Yanbu port in the kingdom. Traders said that the resumption in supplies on Tuesday fueled selling on global oil markets. Brent crude futures dropped by over $2 per barrel to their lowest level since September 8. OPEC’s largest oil exporter, since disruption of oil flows through the Strait of Hormuz after the U.S. and Israeli war against Iran has used the pipeline?to reroute approximately 4 million barrels a day -- around 4% - of global supply -- to Yanbu. Two sources confirmed that the pipeline had a slow pumping rate following its restart. One of the sources said that Saudi Aramco, the state oil company, was aiming to pump 4 million barrels a day. Saudi Aramco didn't immediately respond to our request for comment. One?of?the?sources? said that the pipeline would resume crude supply to Aramco refineries on the Red Sea Coast. They also added that one cargo is scheduled to be loaded at Yanbu on Tuesday evening. One?source said it was bound for China. Two other?trading sources reported that traders were preparing for Saudi oil loads by moving tankers from?Egypt’s Mediterranean Port Said to Sidi Kerir for ship-to -ship transfers.
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Saudi Defence Fund accelerates maritime sector drive following Houthi Advance
MASNA Ventures is Saudi Arabia's first venture capital fund devoted to defence. It aims to invest more in local manufacturing of US defence?technology and that of its allies, as the Gulf conflict exposes the region’s military gaps. Lucien Zeigler, the General Partner of the fund, said that it was anchored by an important Saudi family office, and is sharia compliant. The Capital Markets Authority has been asked to increase its capacity from $100 million to $150 million. Zeigler declined to comment further on the amounts or investors citing regulations. He said: "This is a wager on Saudi sovereignty and we want Saudis that believe in this sector to share in the gains." Zeigler stated that the firm was accelerating its collaboration with "prime original equipment manufacturers" and startup unicorns, "whose connected and autonomous platforms were designed for what is happening in Gulf and Red Sea". He refused to identify the companies citing non-disclosure contracts. The term Prime Manufacturers refers to large defence companies such as Lockheed Martin or Boeing. 'MARITIME IS a Priority' MASNA's main focus is on autonomous systems, including unmanned aerial vehicles and surface and underwater vehicles. Zeigler stated that "Maritime is a top priority... We are actively accelerating this domain right now." PitchBook reports that venture capital firms invested in defense tech worldwide $19.4 billion this year, which is double the amount they did last year. Saudi Arabia will record VC deals of about $200 million by 2026, according to the data platform. Zeigler spent the majority of his 15-year career in Saudi Arabia, working with Saudi business and US businesses, as well as venture capital, defense, and investment. He was previously the head of Middle East and North Africa Operations at Silicon Valley’s Pilatus venture capital. MASNA has partnered up with SR2 Defence Systems - a local manufacturer founded by Zeigler - to develop advanced defence technologies on Saudi soil. The fund aims to invest in three joint ventures for operational purposes and six capital investments by 2026. Zeigler stated that MASNA has led a funding round which is?three-times oversubscribed. It has already backed a venture between SR2 & US drone maker Vector Defense, which is "ramping now up." Zeigler said that the firm plans to support another joint venture which will produce?anti-drones systems built on "world-leading US technology for hard-kill." Drones played a key role in the Houthi war in Yemen, and in the wider Gulf conflict that involved Iran, the United States and their allies. Saudi Arabia 'was attacked by Iran-backed groups who threatened its oil exports in recent weeks. A new Houthi presence at the Bab el-Mandeb strait could further disrupt Red Sea shipping routes. Zeigler stated that drones and air defence are the most important things at this time. The events of the past week have highlighted these needs.
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Iran is ready to reopen Strait of Hormuz, if US lifts the blockade and eases its military pressure
A senior Iranian official said on Tuesday that Iran could reopen the Strait?of?Hormuz in seven days, if the United States eases their military pressure and lifts the 'blockade' of Iranian ports. Iran's central military command announced on Sunday that it had been informed by the US that they were preparing to resume military operations, with the help of countries in the region. They warned this could lead to Tehran retaliating "without limits?and without considerations". The senior Iranian official stated that the US should announce its desire to resolve this?issue diplomatically. It must make it official and agree on a timetable for the process to move forward. The official said that Masoud Pezeshkian of Iran, who arrived in New York from Tehran on Tuesday, would not be meeting Donald Trump, President of the United States, at the UN headquarters. Tehran's proposal to?end hostilities? with the US was delivered to Washington via mediators in September 16, according to an?Iranian government official. The official said that the UN General Assembly was a great opportunity for Washington to "return to diplomacy". He added that Tehran would welcome the revival of diplomacy, if Washington took concrete steps.
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Sinograin to hold second soybean auction in September ahead of Trump-Xi Summit
Sinograin, China's state-owned stockpiler, announced its second large auction of imported soybeans for September just days ahead _of a Washington summit between US President Donald Trump & Chinese President Xi Jinping. National Grain Trade Centre announced in a notice that the auction will take place at 1:30 pm CST (0530 GMT), next Monday. It will include?514,000 tons of soybeans grown between 2022 and?2024. Mysteel, a consultancy, said that Sinograin sold 62.4% (543,000 tons) of the imported soybeans offered at an auction held on Tuesday. This was its first large-scale sales since late August. Sinograin held five auctions between July and August. Each auction offered more than 200,000 tonnes of imported soybeans. The sales were said to be aimed at releasing storage space for the expected arrival of US soybeans. China has now reached the half-way mark in 'fulfilling' its commitment to purchase 25 million tons US soybeans. The White House claimed that this deal was signed last October. The traders hope that the leaders' meeting this week will provide greater clarity about China's future demand for US soybeans.
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Private equity, foreign investors fuel Aussie M&A activity in 2026
Private equity firms and foreign investors have shown a lot of interest in Australian companies so far in 2026. However, only a few of these approaches have progressed beyond the initial stages. This list includes some Australian companies which have been approached by takeover bidders this year. Atlas Arteria: Atlas Arteria, an Australian company, received a takeover bid from the IFM Global Infrastructure Fund in April. The fund valued the former at A$6.89billion ($4.91billion) for the shares it did not hold at the time. Diamond Infraco 1 offered a sweetener to shareholders at the time. It said the price of shares would increase to A$5.10 if the fund secured a stake of 45% or more in the company. BlueScope steel: Early January, BlueScope Steel in Australia received a takeover offer of A$13.15billion ($9.37billion) from an investor consortium that included billionaire Kerry Stokes' SGH and US-based Steel Dynamics. The steel producer rejected the offer in late February. They said that the price was too low for them to recommend an arrangement scheme. However, they left the door wide open for future discussions. Cleanaway Waste Management: Cleanaway Waste Management in Australia received a?A$9.4 billion ($6.70billion) takeover bid from EQT Infrastructure mid-August, and the company granted it exclusive due diligence. EQT Infrastructure, a Swedish investment company, is responsible for managing EQT Infrastructure. FleetPartners: FleetPartners, based in Australia, said that it had received revised 'takeover bids' from SG Fleet and ORIX, a Japanese company, as well as a Sumitomo-led consortium, mid-September. The revised offers valued the firm up to A$982.1m ($701.22m). The vehicle leasing company added that its board decided to give?SG Fleet and ORIX, as well as the Sumitomo Consortium, access to a second phase of due diligence. IDP Education IDP Education in Australia said that it rejected a takeover offer from Blackstone worth A$694.7 million ($492.89 millions), saying that the proposal "substantially underestimated" the company. Blackstone Singapore offered A$2.50 in cash per share on September 9, representing a premium to the closing price of the stock on September 8. IDP stated that the board deemed the proposal as "highly opportunistic", considering current industry challenges, and its multi-year transformation program. Ingenia Communities: Ingenia Communities, a private equity firm based in the US, rejected an offer of A$1.94bn ($1.39bn) from Warburg Pincus early this month. The bid was deemed to be undervalued by the Australian company. Warburg Pincus also stipulated that Peet, the developer of master-planned communities, must terminate the $711 million acquisition deal. Lynas Rare Earths: Early this year, Lynas rare Earths, the world's biggest producer of rare earths outside China, was in takeover discussions. However, these were highly uncertain, and they did not progress, according to a spokesperson in early September. Perpetual: Perpetual, a Swedish buyout company, was granted limited access to due diligence by Perpetual in order to consider a potential 'improved' offer. In August, the company announced that it had signed a nondisclosure contract with Windflower Pte (an entity believed to be controlled indirectly by Sweden's EQT AB) to see if a better proposal could be formulated. Reliance Worldwide Reliance Worldwide has agreed to a $2.9 billion purchase mid-September by global investment firm Brookfield. This is a respite for the Australian Plumbing Supplies company, which is facing the impact of US Tariffs and economic uncertainty. Steadfast: Steadfast, an Australian company, accepted a $5.50 billion A$7.7-billion ($7.7-billion) bid from a consortium backed by KKR in late August. Amwins Group, a distributor of specialty insurance, and Dragoneer Investment Group, a broker, will each take control of their respective underwriting and broking businesses. Suncorp: The Financial Times reported in?late August that Japanese insurer Tokio has identified Australia's Suncorp after reviewing various potential takeover targets, citing sources familiar with the issue. Reports said that sources had warned of ongoing discussions and the fact that there was no guarantee a deal would be reached. Suncorp refused to comment on this report.
Sources say that traders are pushing for lower prices for Venezuelan crude oil, as shipping costs have risen.
Five sources said that global?oil traders Vitol and Trafigura want to offer steeper discounts for Venezuelan crude oil, as the rising freight rates are reducing their margins.
The two merchants houses are?among?the biggest winners in the race to control Venezuelan crude flows, since the US seized then-President Nicolas Maduro and began to push to reactivate Venezuela's oil industry in January.
The US has imposed severe sanctions on Venezuela's energy sector until recently, but the current negotiations for lower prices show the difficulties of operating in this volatile sector.
The sale prices of the Merey heavy grade, the country's most popular crude oil, have steadily recovered this year after being slashed by sanctions up until 2025.
As more traders and buyers enter the market, punishment clauses such as charging extra to load tanks in countries with high security risks have disappeared from contracts. The return of large vessel owners has also helped 'bring prices in line with market standards.
The recovery of the oil industry is under threat as the cost of transporting oil by tankers has reached record levels in recent weeks, following the largest wave?of attacks against shipping since the US/Iran war began late February.
One source said that the state oil company PDVSA recently agreed on prices between $12 and $13 per barrel below Brent, with joint venture partners. These partners were then forced to sell the crude at a discount of $16 to the benchmark due to market conditions.
In an effort to increase cash flow and profits, the state-owned company recently attempted to sell more crude oil directly to refineries.
Sources say that Trafigura, Vitol, and other companies are bidding 18 to 20 dollars below Brent on cargoes headed for the US and Europe. They claim to be doing this to cover the rising costs of freight, and to put further pressure on PDVSA.
Venezuela informed OPEC that the formula price of Merey (or maximum price it could fetch if market conditions were met) increased from $67.36 a barrel to $76.82 a barrel in August, up from $67.36. This was about $14 less than Brent.
PDVSA Vitol, and Trafigura didn't immediately respond to our requests for comment.
SURGE FREIGHT
According to Signal Maritime, chartering an Aframax 'tanker that can transport about?700? barrels of crude oil from the Venezuelan Port of Jose to US Gulf Coast costs around $3.5 million or $5 per barrel. This is up from $1.35million or $1.90 barrel at the beginning of the year.
"Freight is an issue of great importance." A trading source stated that refining companies don't want to pay the high price.
Venezuela's oil output remained virtually unchanged at 1,17 million barrels of crude per day in August as its terminals struggled with larger volumes.
Vitol and Trafigura?managed?to keep their export volume stable?at around?597,000bpd?, compared with 604,000bpd?in July.
The?number and average waiting time of the tankers that are lining up for loading have remained the highest since January, posing a possible roadblock to the US plan to boost quickly the South American nation's oil exports.
(source: Reuters)