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Ukrainian Railways Expects Freight Tariff Increase Soon
A senior official at Ukraine's State Rail Company said that the company anticipates that the government will increase freight transport rates soon, despite resistance from farmers and steelmakers. Ukrzaliznytsia announced last year that it would raise freight rates by 37% in order to cover significant increases in fuel, electricity, and equipment repair costs as it attempts to deal with the effects caused by Russian attacks. The agricultural producers, however, said that the move could cause some farmers to go bankrupt as it would increase their transport costs from $3 to $6 per ton. Rail.insider, a specialist media outlet, quoted Valeriy Tkachev as the deputy head of Ukrzaliznytsia's commercial department. "I believe there will be indexation regardless." Tkachev stated that the Ministry of Development, Ukrzaliznytsia’s regulator will decide the size of indexation. He said that the tariff could increase by 20 to 40 percent. Tkachev said that the logistics costs would increase by $4 per ton, and "wouldn't have a negative impact on the agriculture sector". The Ukraine is one of the world's largest producers and exporters of agricultural and metal products. These are transported via rail to seaports before being exported. (Reporting and Editing by Mark Potter.)
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Union Pacific misses its quarterly forecast due to weak auto shipments
The shares of railroad operator Union Pacific fell 3.5% on Thursday in premarket trading after missing Wall Street expectations for the first-quarter revenue and profit. This was due to weak automotive shipments as well as a lower fuel surcharge. Omaha, Nebraska based company stated that its volumes were being pressured by economic insecurity and a weaker demand for coal. Union Pacific is struggling with a lower demand for coal as customers switch to natural gas, which is cheaper. This trend is expected change, however, after U.S. president Donald Trump signed an executive order last month to increase coal production. Norfolk Southern also joined the company. Reaffirmation Its annual target. Union Pacific's operating ratio, which is a key metric of profitability, was 60.7%. This is the same as a year earlier. The quarterly revenue for intermodal shipment (which involves the transport of goods using two or more modes of transportation) increased 10% to $1.19billion. According to LSEG, Union Pacific's adjusted earnings per share were $2.70 in the first quarter compared to the $2.75 average analyst estimate. The revenue for the quarter ending March 31 was $6.03 billion compared to estimates of $6.08billion. (Reporting and editing by Shinjini Ganuli and Maju Sam in Bengaluru)
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China's demand for refined Copper depletes stock, risks short squeeze
Six traders and analysts have said that China's copper users are turning more to refined copper due to the shortage of scrap, and they are burning through their stocks quickly, raising concern about a market shortfall as prices increase. Short positions are bets made on lower prices, or hedges taken by producers. Short squeezes occur when the parties who hold such positions are forced either to sell them at a loss, or to deliver actual copper in order to close out their position. Scrap metal is often used by some copper manufacturers to make rods and wire pipes. A tight scrap market is forcing some manufacturers to choose more expensive refined copper due to a shrinking U.S. exports as a result of an escalating U.S. trade war. According to Mysteel analyst, the shift is driving a rapid drop in inventories of refined copper at the Shanghai Futures Exchange. LSEG data revealed that SHFE inventories fell by 36% between 7 March and 18 April, to 171,611 metric tonnes. This was the largest decline since March 20,23. SHFE copper stock rose by 25% over the same time period last year. Three traders, who asked to remain anonymous, said that the pace of inventory reduction is creating concern about a possible short squeeze. "Drawdown is high, and we're worried about a squeeze," said a trader. The Trump administration's threat to impose tariffs on copper imports has led to a rise in the price of copper on COMEX. Copper is increasingly being diverted towards the United States. The premium on the SHFE for the front month May copper contract compared to the October contract is 1.2%, as opposed to 0.75% late in March. Yan Gu, the Head of CITIC Metal's Electrolytic Copper Department, said at a conference held in Nanchang, East China, on Wednesday that stock drawdowns would likely cause the premium to increase. Customs data revealed that U.S. scrap imported, which was the largest source of scrap last year, fell 16% on an annual basis to 93 215 tons during the first quarter. The shortage of copper concentrate is forcing smelters to seek alternative feedstocks. $1 = 7.2930 Chinese Yuan Renminbi (Reporting and editing by Pratima Dasai and Rachna uppal; Reporting by Violet Li and Lewis Jackson, Nanchang)
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Maguire: Europe is on course to break solar energy output records in 2025.
The solar electricity production in Europe in the first quarter 2025 increased by more than 30% compared to the same period in 2024. This sets the stage for a record-breaking performance in the full year from the region's farms. Ember data shows that the total solar electricity generated from January to March was almost 68 terawatt-hours (TWh), which is 32% higher than the same time period last year. Solar assets provided 8.2% of Europe’s utility-supplied electricty in March. This is up from 6% a year earlier. This shows that solar power has become a major source of electricity for regional utilities, even during winter. The peak period for solar production in Europe occurs during summertime in the northern hemisphere. This means that the total output of solar energy and the share of solar electricity will continue to grow over the next few months. CLEAN DRIVE The increase in European solar production forms part of an overall push to reduce dependency on fossil fuels, and increase electricity production through clean energy sources. Clean energy sources accounted for record-breaking 61.3% in Europe's electricity by 2024. In the first quarter 2025, Europe’s clean share of the production fell to 57% because of low wind speeds. This caused a 15% decrease in wind power generation from the same quarter 2024. In order to meet system demands, utilities have had to increase output of gas and coal plants this year. Wind farms are Europe's largest source of clean energy (after nuclear plants or hydro dams). As solar farms reach peak production, the share of clean energy in the total generation mix will increase as fossil fuel plants' output drops due to lower heating demand and as they reduce their output. WIDE SPREAD Germany and Spain were responsible for more than 80% of the solar power generation in Europe up until 2010. Several other countries have increased their solar power in the last decade due to cost reductions and improvements in system efficiency. Solar farms in Europe are now widely spread across the continent. In recent years, multiple countries have seen double-digit growth. In the first quarter 2025, several nations saw their solar output increase more than the average for the region. These included Turkey (+54%) the Netherlands (+63%) Poland (+44%) and Switzerland (+43%). Germany, Greece and the Netherlands all registered solar electricity share of over 10% in the first quarter of this year. This highlights the growing importance of solar power within Europe's energy mix. These share levels are likely to more than double in the next few months, as solar radiation levels increase and daylight hours extend over the summer. Greece, Germany and the Netherlands will likely produce over 25% of the total electricity they use during the months of June, July, and August. This should boost the European average to 14% for these months. Italy, Bulgaria and Croatia will likely also register double-digit solar electricity share this summer. This will ensure that almost every major regional economy records a record deployment of solar power for electricity by 2025. These are the opinions of a market analyst at.
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Sources say that three more Russian insurers are seeking India's approval to cover oil tankers.
Two sources familiar with the matter confirmed that three more Russian insurers - including a subsidiary Sberbank - have requested India's approval to provide marine coverage for oil shipments to Indian ports. Moscow is looking to maintain delivery despite Western sanctions. India has approved five Russian insurers. Russia does not have any insurance companies in the International Group of P&I Clubs which covers liability for personal injury claims or environmental cleanups for most of the world’s tankers. Moscow is finding it more difficult to export oil as Washington and the European Union are increasing their scrutiny of the oil supply chain in Russia. This includes compliance with the G7 price cap for using Western ships and insurance. In 2024-25, Russia will be India's top oil supplier for the third consecutive year. New Delhi has benefited from cheap supplies after Western nations implemented sanctions against Moscow and reduced their energy purchases as a response to Russia’s invasion of Ukraine. Sources said that India's Shipping Ministry is evaluating Sberbank Insurance Group, Ugoria Insurance Group, and ASTK Insurance Company's request to provide protection and indemnity coverage (P&I). One source said that the three firms meet the criteria of India for getting an authorisation. The ministry must give final approval for the firms' accreditation. Sberbank Insurance, owned by the state-controlled Sberbank, declined to comment. Sberbank Insurance and ASTK declined to comment. Source: India may consider Sberbank Insurance sanctioned by the United States, as it follows UN sanctions only and does not follow unilateral sanctions by any country. Oil cargoes, which are at risk of spills and require the highest standards of safety due to their high value, need insurance. Indian refiners purchase Russian oil delivered, with the sellers providing vessels and coverage. After granting a license to Soglasie Insurance Co Ltd. in January, India will now have eight Russian insurance providers that are approved by it. Washington has imposed sanctions on Alfastrakhovanie Insurance Co., Sogaz Insurance Co., and Ingosstrakh, while the UK has imposed sanctions on VSK Insurance. India's Oil Secretary said in February it only wants to purchase Russian oil from companies and vessels that are not subject to US sanctions. Sources familiar with the situation said that Indian port authorities refused entry to an old tanker loaded up with Russian crude last month due to insufficient documentation.
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Maguire: Europe's electricity costs fall as the gas heating season ends
Europe's businesses and households are beginning to enjoy a break from high energy costs as regional electricity prices have fallen sharply since their peak in 2025. The wholesale spot power price across continental Europe has more than halved from its two-year peak in early 2025. This is due to the sharp decline in regional natural gas prices, which have fallen by a third in just one year. The expansion of regional clean energy sources, particularly solar farms, has also helped to push down power costs. This should cushion Europe's utilities after a costly start to the year. GASSED OFF Due to a sharply reduced output from wind farms, European utilities will be forced to increase gas-fired electricity production in January and March 2025 by the highest level in three years. Ember data shows that the cumulative output of wind farms in the first quarter 2025 was 15% lower than the same period in 2024 because the wind speed at the turbine level was below normal. In Europe, wind power typically accounts for 15% of the total electricity supply. Regional utilities were forced to compensate this drop in clean energy by increasing output from natural-gas plants. The total gas-fired electric supply from January to March was 332 Terawatt Hours (TWh). This was 7% higher than the same period in 2024, and was the highest level since 2022. In the first quarter of 2025, natural gas will account for nearly 26% of Europe's electricity production mix. This is up from 24% in the previous quarter. The higher dependence on gas during Europe's peak winter heating season also helped to push regional natural gas prices up by about 20%, reaching two-year highs in the first eight weeks of 2025. Gas was the main source of energy for European utilities in that time period. Power suppliers had to pay for gas and then pass some of those costs on to the consumers through higher energy bills. The higher electricity bills put additional strain on European households and businesses, who were already struggling with a weak economy and the renewed tariff turmoil from President Donald Trump's new administration. BRIGHTER OUTLOOK The European gas-fired utility power production will drop sharply now that winter is over. Gas-fired electricity production in Europe has dropped by 25% over the last three years between March and Juni, as heating demand slowed and solar farm output peaked. The regional gas price could be further reduced by 2025 if the same reduction is made in gas production. This would also help to reduce the costs for power producers in this region. Gas-fired power generation will drop to its lowest levels this year, but utilities and storage operators should replenish their stockpiles in advance of winter. The total volume of purchases of gas is expected to be significantly lower than what was seen in the first quarter of this year. This will help to keep regional power prices on the decline and limit any upward momentum in gas prices. Low Points According to LSEG, the average wholesale peak electricity price in Germany - Europe’s largest economy and energy consumer - has been around 72 euros per Megawatt Hour so far in April. This is a significant reduction from the peak of 144 euros that was reached in February. In the Netherlands and Poland, power costs have fallen by similar amounts. In Spain, they are now more than 80% lower than their peak in February. Italy's power costs, which are often the highest in Europe, have dropped by a third since their peak in 2025. Over the next month, we can expect to see some additional weakness in power prices as solar power production reaches its annual peak. This will flood regional power grids and power plants with excess electricity. The month of May 2024 marked the lowest wholesale power prices for France, Germany, the Netherlands and Poland. Prices will likely reach their lowest point around this time again in 2019. If power prices were to drop to their lows from last May, the price in Germany could fall by an additional 20%. The current average power price is below the 2024 average. This suggests that there may not be much room for further declines, especially if firms have to incur extra costs in this year due to gas stock rebuilding or grid upgrades. The fact that energy costs are now significantly below their peak in early 2025 should give consumers some relief from the high bills seen this winter. These are the opinions of the author who is a market analyst at.
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Bangladesh and World Bank Sign $850 Million Deal to Boost Jobs, Trade
The Washington-based lender announced that Bangladesh and the World Bank signed two financing deals worth $850m on Wednesday to improve the South Asian nation's trade capability, create jobs and modernise the social protection system. The majority of the funding (650 million dollars) will be used to support the Bay Terminal Marine Infrastructure Development Project. This project aims to modernise and expand port facilities in Chittagong's southeastern district. The project includes the construction of a 6-km-long (3.7-mile-long) breakwater and access channel that is climate-resilient, which will allow the port to handle larger vessels. The project is expected to reduce turnaround times and lower transportation costs. It will also boost Bangladesh's competitiveness in exports. Officials estimate that improvements to the economy could save around $1,000,000 per day. Bay Terminal will handle approximately 36% of all container traffic in the country, allowing more than a million people to benefit from improved access to regional markets and transport. The project will encourage women to participate in port operations, and help women-led companies explore trade opportunities. Gayle Martin's statement, interim country director of the World Bank for Bangladesh said that in order to remain on a path for sustainable growth, Bangladesh needs to create quality jobs, especially for the 2 million young people who enter the workforce every year. The $200 million remaining will be used to fund the Strengthening social protection for improved resilience, inclusion, and targeting project. This will provide cash and livelihood services for 4.5 million people who are vulnerable. The project will focus on youth, women and persons with disabilities as well as workers in climate-affected regions. The project will create a national database to improve service delivery and targeting. The project will provide micro-credits, entrepreneurship mentoring, and skills training. The World Bank's International Development Association has provided more than 45 billion dollars to Bangladesh since 1971. Reporting by RumaPaul; Editing and proofreading by SonaliPaul
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Chevron's tankers that were chartered to transport Venezuelan crude oil are looking for other work
Sources say that some tankers Chevron chartered this month to transport crude oil from Venezuela to the U.S. are now being sold for spot contracts in other countries after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty associated with sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources familiar with this matter confirmed it. Sources confirmed that Chevron's Andromeda was the vessel marketing Andromeda which discharged Venezuelan Hamaca crude earlier this month at Port Arthur. Six more tankers that Chevron chartered in order to transport Venezuelan crude oil to the U.S. as part of winding down its U.S. licence through May 27, are stranded in the Caribbean Sea awaiting directions. Last week, PDVSA ordered the return of two cargoes and cancelled loading permits for others. According to sources and ship tracking data, the Chevron chartered tanker Dubai Attraction was still waiting for customs paperwork in order to return its cargo as of Wednesday. The tanker had loaded some 300,000 barrels Venezuelan Boscan oil early in April. LSEG shipping data revealed that Carina Voyager was near Aruba last week after returning its 500,000 barrel cargo to PDVSA. According to a PDVSA document, the loading window for Sea Jaguar at Venezuela's Jose Terminal, originally scheduled for late April, has been canceled. According to tracking data, the ship hovered around Aruba on Wednesday. Chevron and PDVSA didn't respond to requests for comments. Venezuela Oil Minister Delcy Rodriguez stated in a post on social media that PDVSA maintains its commitments to Chevron, but Chevron has been "victimized" by U.S. sanctions. The data and documents show that other tankers chartered through Vitol are loading and unloading normally in Venezuelan ports. Meanwhile, vessels chartered for India and Maurel & Prom to deliver to Europe have left on time, before the deadline of May 27 to wind up cargoes. Reporting by Arathy S. Somasekhar, Houston. Editing by Franklin Paul & David Gregorio.
Kremlin denies that Russia has held gas talks with Europe or US
The Kremlin announced on Thursday that Russia does not hold talks with Europe or America about Russian gas supplied via Ukraine.
Since the beginning of the conflict in Ukraine, in February 2022, and the explosions at the Nord Stream subsea pipelines in the summer of 2016, Russian gas supplies have been cut off to Europe.
The gas exports from Russia to Europe via Ukraine have also fallen since the beginning of this year, when the transit agreement expired and Ukraine refused a renewal due to the conflict in Ukraine.
Sources with knowledge of the issue told this magazine that as part of peace talks, the U.S. demanded the International Development Finance Corporation of the U.S. take control of the natural gas pipeline that runs from the Russian energy giant Gazprom through Ukraine and into Europe.
TurkStream, the only remaining Russian gas pipeline to Europe, runs via the Black Sea and Turkey to southern and central Europe.
Dmitry Peskov, the Kremlin's spokesperson, said that there had been no discussions with the U.S. or Europe regarding more Russian gas.
"No, (talks )... This is a commercial issue. He said that there is a gas supplier and potential gas buyers on a daily press conference.
"If there is interest from the buyers, and if the route of transit works, then the seller would be willing to discuss this." No one denies or rejects any information."
In an interview published in the French magazine Le Point on Wednesday, Peskov stated that Gazprom is ready to resume its supplies.
"Gazprom is sure to debate it." We are willing to exchange our gas, and we are aware that certain European countries want to continue buying it from us. "Everything will be settled on a commercial basis," he said. (Reporting Anastasia Lyrchikova, Writing by Vladimir Soldatkin, Editing by Andrew Osborn & David Goodman)
(source: Reuters)