Latest News
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Second voyage of the year for LNG ship through Red Sea Passage
Unloaded LNG tanker sailing through Red Sea en route to Yemen and Gulf of Aden. This is the second LNG vessel of this type to make the journey so far in the year. Since November 2023, Houthi militants based in Yemen have been attacking vessels to support Gaza Palestinian militants who are fighting Israel. Ship tracking data from LSEG & Kpler revealed that the Liberian-flagged Trader III vessel travelled through the Suez Canal in February and is now approaching the Bab Al-Mandab strait on Tuesday. The vessel is the only one to have sailed the route since 2024. On February 14, the Salalah LNG vessel transported a cargo of LNG from Qalhat in Oman to the Marmara Erglisi terminal in Turkey. Asya Energy's vessel, which sank its second vessel in June last year, sailed the Red Sea the same week as Houthi militants. The Suez Canal connects the Red Sea with the Mediterranean Sea, creating the shortest route between Europe, Asia and Africa. It is also connected to the Gulf of Aden via the Bab al-Mandab Strait, which runs between Yemen and Djibouti. Both Kpler data and LSEG do not specify the destination of Trader III. The tanker's last cargo was loaded at Brazil's Sergipe on January 29, for delivery to Izmir in Turkey.
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Brent oil prices drop after Caspian pump-station attack
Brent crude oil prices were flat in early trading Tuesday, after rising in the previous session. This was due to a drone attack in Russia on an oil pipeline pumping stations that reduced oil flows from Kazakhstan. Brent crude futures fell 7 cents or 0.09% to $75.15 per barrel at 0137 GMT. The price of U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas and Texas Intermediate crudes, rose by 47 cents to reach $71.21 per barrel. Due to Presidents' Day, the WTI contract didn't settle on Monday at its usual time. Caspian Pipeline Consortium, which operates the pipeline, said that the drone strike at Kropotkinskaya in southern Krasnodar reduced shipments of western firms such as Exxon Mobil and Chevron from Kazakhstan. Two sources familiar with the plan said that it would not change for February. Weak fundamentals kept prices muted as well. BMI analysts stated in a report that they expect Brent prices to average $76 per barrel in 2025. This is a 5% decrease from the average of 2024, due to market oversupply and tariffs. According to a Russian report, OPEC+ producers do not plan to delay a series monthly increases in oil supply that are scheduled to start in April. Due to a weak demand and increased supply outside of the group, OPEC pushed back its plan to increase output until April.
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White House official: Boeing's Air Force One project could be delayed to 2029 or later
A senior administration official has said that the Air Force One project may be further pushed back until 2029, or even years later. He cited supply chain problems and changing requirements after the White House announced the project had failed to deliver a replacement plane by the deadline over the weekend. Officials told that Boeing had problems obtaining parts because some manufacturers were no longer in business. Officials said that some requirements for aircraft have also changed due to evolving threats. Boeing referred any questions regarding the schedule for the program known as VC-25B to the U.S. Air Force, which was not available for immediate comment. Boeing CEO Kelly Ortberg said in January that the president wanted the plane earlier. Boeing has delayed the delivery of its first aircraft until 2027 or 2028, which is towards the end Trump's second tenure in office. Breaking Defense, a digital magazine published in December, reported that new delays could be added to the Presidential aircraft program that would push the delivery date of the first jet until 2029. When asked about the report, an official from the administration acknowledged that the new delays could extend "years beyond 2029". Since his presidential campaign in 2016, Donald Trump has been heavily involved with the program. He extracted a commitment from Dennis Muilenburg, then CEO of Boeing, to cap the cost at $4 billion. Boeing has spent over $2 billion on these fixed-price contracts, which were questioned at the time by analysts and finally finalized in 2018. Analysts said that Trump's renewed commitment could indicate further problems for Boeing. The company's current Ortberg stated the company would be meeting with Trump's billionaire cost cutting ally Elon Musk to update the plane faster. Ortberg, speaking to CNBC on January 28, said: "The President wants the planes sooner. We're working with Elon in order to bring up the schedule for those programs." Boeing's leaders said that the production was slowed down by issues with the supply chain, high costs and complexity of the planes intended to be a flying White House. Trump returned to the topic on Saturday, when he visited a 12-year old 747-8 aircraft near his Florida vacation house at Palm Beach International Airport to better understand the configuration of two new presidential transport planes, according to White House. The 747-8 Trump toured used to be owned by Qatar, but it has been rebuilt since then and is now operated as a charter. "He saw everything configured." The official added that the Air Force One aircraft was relatively small. Officials said that the new aircraft would be able to accommodate more people including media. (Reporting and editing by Nick Zieminski, Aurora Ellis and Nick Zieminski; Additional reporting by Allison Lampert; David Shepardson and Allison Lampert)
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Senior official: Boeing's Air Force One project could be delayed to 2029 or later.
A senior administration official has said that the Air Force One project may be further delayed, possibly until 2029, or even years later. He cited supply chain issues and changes in requirements after the White House highlighted the delays of the project at the weekend. Official said that while the delays were frustrating, there was not much that could be done to accelerate delivery. Boeing had problems getting parts because some manufacturers went out of business. The official stated that some requirements for the aircraft have also changed due to evolving threats. Boeing did not immediately comment on the VC-25B program. Boeing delayed the delivery of the first aircraft, originally scheduled for December 2024. The delivery date has now been pushed back to 2027-2028. This is towards Trump's end-of-term. Breaking Defense reported in December that the Presidential aircraft program was facing new delays, which could push the delivery of the first plane to 2029 or even later. When asked about the report, an official from the administration acknowledged that there were new delays. The delay could extend "years" beyond 2029. Since his presidential campaign in 2016, Donald Trump has been heavily involved with the program. He induced then-Boeing CEO Dennis Muilenburg, to promise a $4 billion cap on the program. Boeing has spent over $2 billion on these fixed-price contracts, which were questioned at the time by analysts and finally finalized in 2018. Analysts said that Trump's renewed commitment could indicate further problems for Boeing. The company's current CEO Kelly Ortberg stated the company would be meeting with Trump's billionaire cost cutting ally Elon Mota to update the plane faster. Ortberg, speaking to CNBC on January 28, said: "The President wants the planes sooner. We're working with Elon in order to bring up the schedule for those programs." Boeing's leaders said that the production was slowed down by issues with the supply chain, high costs, and the complexity of planes intended to be a White House in the air. Trump returned to the topic on Saturday, when he visited the Palm Beach International Airport near his Florida vacation house, and toured an old 747-8 aircraft that was 12 years old. He wanted to better understand the configuration of two new presidential transport planes. The 747-8 Trump toured used to be owned by Qatar, but it has been rebuilt since then and is now operated as a charter. "He saw everything configured." The official added that the Air Force One aircraft was relatively small. Officials said that the new aircraft would be able to accommodate more people including media. (Reporting and editing by Nick Zieminski; Additional reporting by Allison Lampert, with additional reporting by Andrea Shalal)
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Black Sea CPC blend oil loading plan for Febuary unchanged despite Monday's drone attack, say sources
Two sources familiar with the plan said that after Monday's drone attack, the Black Sea CPC blend oil loading plan will not change for February. The drone attack hit a pumping facility on an oil pipeline that runs through Russia. This reduced the flow of oil from Kazakhstan into world markets, which is pumped by western firms such as Exxon Mobil and Chevron. Two sources familiar with the situation said that the plan to ship crude oil via CPC remained the same on Monday, at 1.4-1.5 million barrels a day or 5.1 million tons. The Caspian Pipeline Consortium, which controls the pipeline system that ships CPC Blend oil and controls the schedule for this month, has declined to comment. Sources in the industry claim that CPC has not restricted its intake as of Monday. The CPC announced earlier today that drones struck Kropotkinskaya Station in southern Krasnodar Region, where the work was stopped to investigate the damages. The CPC is Kazakhstan's main oil export route, and it supplies around 1% of world oil. Shell, Eni of Italy and the Russian government are all shareholders. Reporting by
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Sources say that oil exports from Russia’s Novorossiisk were revised up by 12 percent for February.
Two people familiar with this matter reported that oil exports from Russia’s Black Sea port, Novorossiisk, were revised upwards by 0.24 million metric tonnes for February. This amounts to approximately 590,000. barrels per day. Calculations showed that the daily oil loadings at the Black Sea port will increase by 12% compared to the previous plan. Sources said that the revision was made after the addition of two additional cargoes, each of 100,000 and 144,000 tons, for loading on February 14-15, 25-26 and respectively. Novorossiisk is the port from which three oil grades are loaded: Russian Urals, Siberian Light, and Kazakhstan's KEBCO. Calculations showed that the overall oil loading plan for western Russian ports will now rise to 1,98 million barrels per day (bpd) in February, after revising the Novorossiisk loads from 1,88 millions bpd under the previous version. Calculations showed that the overall oil loading plan from Russian western ports is now set to rise to nearly 1,98 million bpd in February after the revision of Novorossiisk loadings, which were previously at 1,88 million bpd.
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Eni signss deal to bring Cypriot gas to Europe via Egypt
Italian energy group Eni has signed an agreement to export offshore gas from Cyprus via Egypt. It hails it as "milestone" in creating a gas hub for the eastern Mediterranean. Eni announced that the deal, which includes TotalEnergies, will see gas from Cronos Block 6 processed in Egypt's Zohr facility before it is liquefied and shipped to Europe at the Damietta plant for liquefied gas. Eni and TotalEnergies both own 50% of Cronos Block 6. Cronos gas is estimated to be more than 3 trillion cubic foot (TCF) and was discovered in 2022. It will then be appraised in the year 2024. Eni also said that Block 6 contains additional potential resources currently under exploration and appraisal. Claudio Descalzi, CEO of Eni, said: "This agreement will help bring Cyprus gas to market quickly and contribute to energy security as well as competitiveness in the energy supply." He added that "this project leverages Egypt’s existing infrastructure including export facilities which are key enablers for development in the region." Egypt was planning to become a major exporter of gas after Eni found the Zohr offshore gas field in 2015. However, Egypt's production of gas has fallen since 2021 and reached a six-year minimum in 2024. Eni now wants to increase production. Eni owns 50% of Damietta LNG Plant. (Reporting and editing by Alvise Armellini, Susan Fenton and Cristina Carlevaro)
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Minister: Greece will build an escape port on Santorini if the earthquakes continue.
A Greek minister announced on Monday that Greece would soon establish an evacuation port in Santorini, to allow people to safely escape if a larger earthquake were ever felt at the popular tourist destination. Santorini is a volcanic island located in the Aegean sea. Since late January, it has experienced tens and thousands of minor tremors, which have forced thousands to flee and led authorities to shut down schools, close nearby islands, and ban construction activities. Scientists haven't ruled out larger tremors, but they have stated that the seismic activity is unprecedented in a country prone to earthquakes like Greece. The main ferry port, located at the bottom of a steep slope in Santorini, and other locations on the island have been identified as weak points. However, they haven't said that they can't be used during an emergency. Vassilis Klikilias, the Civil Protection Minister of Greece, said that Greece would build an emergency port to dock passenger ferries safely until new port infrastructure was in place. In an interview with Greek ANT1 TV, he explained that a new port is being built in Santorini and a port of escape was also decided to be set up on a part of the island for passenger ferries to dock in case of an emergency. The tremors have decreased over the weekend. However, the local authorities on Sunday extended the emergency measures to a third consecutive week and urged people to avoid coastal areas and steep hillsides that are prone to land slides. Costas Papazachos is a professor of seismology and a spokesperson on the Santorini quakes. He told ERT that "this story isn't over." Both authorities and residents should be prepared to live with a somewhat unpleasant situation for a while, this could take another two or three months. Santorini's current form was formed by one of the biggest volcanic eruptions ever recorded, which took place around 1600 BC. According to seismologists, recent seismic activity caused by moving tectonic plate and magma has moved subsurface layers upwards on the island. (Reporting and editing by Ed Osmond, Angeliki Koutantou)
Risky ships must be determined to safeguard undersea cable televisions, EU's Virkkunen says
Recognizing suspect ships and limiting their activities is the most effective method to protect important undersea facilities, European Commission Vice President Henna Virkkunen informed Reuters on Monday.
Baltic Sea nations are on high alert after a string of power cable, telecom link and gas pipeline blackouts in the wake of Russia's invasion of Ukraine in February 2022.
The NATO military alliance, of which Finland is now a. member, has stated it will improve its presence in the region.
Virkkunen, who will participate in a Baltic Sea NATO members. conference in Helsinki on Tuesday, is the EU Commission's brand-new. executive vice-president in charge of security.
She said countries bordering the Baltic Sea must better. get ready for infrastructure damage and step in when stressing. ships' motions are discovered.
The most effective method would be to intervene ahead of time in. the traffic and motion of these ships, Virkkunen stated in a. telephone interview, referring to risky ships, a term she did. not elaborate on.
We require to see what brand-new innovations can be utilized and how we. can share this joint situation image more effectively and more. rapidly so that we can fight these threats, she stated.
Finnish police last month took a tanker bring Russian. oil and stated they presumed the vessel had actually harmed the. Finnish-Estonian Estlink 2 power line and four telecoms cables. by dragging its anchor across the seabed.
An attorney representing the owner of the Cook. Islands-registered Eagle S tanker, Caravella LLC FZ, earlier. informed Reuters that obstructing a ship outside a nation's. local waters was essentially a hijacking.
The Cook Islands maritime authority stated in a statement it. was examining the Eagle S case with the help of the. Finnish government.
Finland's custom-mades service has said it believes the Eagle S. becomes part of a so-called shadow fleet of tankers Russia utilizes to. circumvent sanctions on its oil.
Moscow has stated Finland's seizure of the ship is not a. matter for Russia.
(source: Reuters)