Latest News
-
CK Hutchison’s halted Panama port operation weighs on earnings
?CK Hutchison said that its cargo traffic and 'port earnings were?affected by a halt in operations in Panama. It also added that there had been little progress on a sale of the majority of its ports businesses for $23 billion. Li Ka-shing's conglomerate, owned by Hong Kong’s richest man, Li Ka, is embroiled in a diplomatic dispute since U.S. president Donald Trump objected to Chinese control of ports on the Panama Canal. This was followed by the cancellation by Panama of the concessions it had in the country. CK Hutchison’s ports division reported a 1% decline?in throughput. However, earnings before interest tax, depreciation, and amortization (EBITDA), despite the HK$496?million hit from Panama, rose?4%. Panama Ports Company's (PPC) is seeking more than $2 billion from Panama in damages through arbitration, after being removed from operations at two ports near the Panama Canal for nearly 30 years. The legal battle has complicated the plan of the group to sell dozens ports around the world, including the Panamanian Terminals, to a consortium that includes BlackRock, Mediterranean Shipping Company, and another strategic investor, which sources identified as China's COSCO. Frank Sixt, Group Finance Director at a earnings conference, said that there was "absolutely" nothing to report in terms of the transaction. CK Hutchison's retail business helped to boost the group's underlying profits by 6.7% in the first six months of the year.
-
One person killed in blast at Rotterdam Port Energy Facility
Officials said that a blast occurred at a storage area for 'petroleum' products in the?Port of Rotterdam,?the Netherlands, on Thursday. One person was killed and several others were injured. The cause is unknown. Gunvor, a major trading company in energy commodities, said that an "incident occurred"?during the maintenance of a storage tank. Police spokesperson said that no immediate signs of sabotage were present and?that the investigation was looking at all possibilities. Rotterdam, Europe's biggest port, is home to?oil refining facilities?,?liquefied gas terminals? and?multiple chemical plants? Shell, Exxon 'Mobil, BP, and Gunvor Energy, among others, are energy giants that operate at the port. Around 11:30 am (0930 GMT), the explosion took place. Gunvor has said that it is cooperating with the local authorities. Shell stated that the explosion had no impact on its operations at the port. The spokesperson for Rotterdam Port said that the LNG terminals were not affected. Exxonmobil has shut down all of its 191,000 barrels/day Rotterdam Refinery units due to an outage in power, according to a Wood Mackenzie alert sent to customers. Exxonmobil didn't immediately respond to an inquiry for comment. Rotterdam Port said that there was no "connection" between the explosion and the power outage. Reporting by Charlotte Van Campenhout, Inti Ladnauro and Richard Lough. Writing by Richard Lough. Editing by Toby Chopra, Hugh Lawson and Toby Chopra.
-
Petronet India says it is unclear about September LNG deliveries from Qatar
Petronet LNG, India's largest gas importer, does not have a definitive liquefied gas supply plan with its main supplier Qatar. This was revealed by its CEO on Thursday as the Middle Eastern producer reviewed force majeure from month to month. In March, Qatar declared force majeure for LNG exports after Iran hit two of Qatar's fourteen production trains. The U.S. - Iran conflict has also 'disrupted fuel shipments via the Strait of Hormuz. This route carries around a fifth of global oil consumption, as well as large quantities of LNG. After Petronet's earnings for the June quarter, A K Singh said to the media: "They haven't given any definite plans for supply of LNG in September." "Everything is tied to the Strait of Hormuz, and their initial?plans." Singh stated that Indian companies import LNG from Oman and the United States, Nigeria, Angola and Nigeria to make up for the shortage of LNG supplies from Qatar. PETRONET STATES FORCE MAJEURE HAS IMPACTED 56 CARGOES TO DATE He said that Qatar declared force majeure for supplies in August. The measure has affected 56 of the company’s Qatari LNG shipments. He said that the Qatar deal allows the delivery of delayed cargoes until April 2028 when the existing long-term agreement ends. Petronet received Qatari LNG cargo last month on the tanker Tembak. Another cargo is due to arrive this month. According to LSEG's trade flows, Petronet's Dahej Terminal is expected to receive a LNG cargo from a vessel Al Gattara loaded with a cargo from Ras Laffan on Sunday. Singh stated that the company has suspended its operations on?its three tankers Disha, Raahi and Aseem which were chartered to?import LNG from Qatar. He said that Petronet would be receiving 600,000 tons of LNG this year from the Australian Gorgon project under its 1.2 million ton per year supply agreement with ExxonMobil. Petronet imports 1,42 million tonnes of LNG per year from the Gorgon Project, where ExxonMobil is a shareholder, as part of a separate, long-term agreement with the U.S. energy giant. (Reporting and editing by Nidhi verma)
-
German police confirm that investigation of suspected explosive device found on rail tracks is underway
German police confirmed on Thursday that they were evacuating nearby buildings to allow the explosive item, found on rail tracks in 'the 'Bavarian town Treuchtlingen, to be safely moved. Bavarian police announced on X they were clearing buildings in the area as a precaution. A spokesperson?added two to three homes are being evacuated in order for the object to be moved. The object was discovered in the southern area of 'the Bavarian City. Police also stated on X that experts are analyzing X-rays of the object. The robot is lifting the object to allow for further examinations, it stated. Bild magazine described the object as an elongated metallic object. However, they did not give a source. German authorities have been on high alert for over a week because of an attempted drone attack at Leipzig airport, in eastern Germany. An unmanned aerial device with explosives near the runway was discovered. Treuchtlingen is a city of 12,000 residents located 150 km (93 miles), northwest of Munich.
-
Iran and the US claim competing control of Strait of Hormuz
The Strait of Hormuz, the newly appointed head of Iran’s Basij paramilitary group said on Thursday. This was a day after U.S. president Donald Trump claimed that the United States held "total" control of the strategic waterway. Hossein Taeb claimed that the U.S. tried to undermine what he called the Islamic Republic's popular in the region by launching a war in the Strait of Hormuz. However, they were defeated once again despite their claim that Iran had neither an air force or a navy. Taeb told the semi-official Fars News that "Today, you can see that the Strait of Hormuz has been placed under the?management and control of Islamic Republic," adding that Iran is continuing its 'course in total security. The strait was effectively closed after the beginning of the war which began on February 28 with the U.S. and Israeli strikes against Iran. This strait used to be the route through which one fifth of all oil and LNG in the world were shipped. The U.S. then imposed a blockade against Iranian ports and shipping, claiming it would ensure freedom of navigation by vessels traveling to and from non Iranian ports. The two countries signed an interim agreement in June declaring a ceasefire permanent and calling for the return of freedom of navigation to the Gulf. After a few months, the deal collapsed after Iran resumed limited attacks against vessels it claimed were violating the 'agreement'. Washington then re-started strikes in Iran's south provinces to weaken Tehran's capability to target vessels in the Gulf. Rasoul Sanaei Rad, a senior military official, said that Iran wouldn't reopen Strait until the other side met its obligations under the interim agreement. According to Fars News, he added that the U.S. couldn't achieve the reopening unilaterally. Sanaei-Rad warned that Iran will respond more aggressively in a future conflict. He said: "In the event of a future war, Iran will be more aggressive and firmly stand our ground." (Reporting and editing by Dubai Newsroom, Toby Chopra & Sharon Singleton).
-
Maguire: The boom in renewables in Europe is causing a fall-off of gas demand.
In recent years, the question that has defined Europe's energy history has been whether there is enough gas in the region. This question is becoming outdated. After the Russian invasion of Ukraine, traders, policymakers and utilities became obsessed with storage levels, LNG cargo arrivals, and winter weather forecasts. Gas inventories were the main measure of Europe's security in terms of energy. A new trend is emerging in the power system of the continent, suggesting that Europe may be increasingly asking the wrong questions. It is not a question of whether Europe will be able to secure sufficient gas. The question is not whether Europe can secure enough gas supplies. The combined electricity generated by Europe's solar and wind farms will surpass the output of gas-fired plants in 2026 for the first time ever. This may seem like another milestone in the clean energy industry. It could be a sign of a major structural change in the European gas market. RENEWABLES ARE NOW THE CENTRE OF ATTENTION Gas used to generate more electricity than the combined output of Europe's wind- and solar-powered fleet. Data from the energy think tank Ember?shows that in 2016, solar and wind combined monthly output generally hovered around 30 to 45 terawatt-hours (TWh), whereas gas-fired production often exceeded 100 TWh. Today, the gap is gone. Solar and wind combined output has increased to 80-110 Terawatt Hours per month, while gas-fired power generation has been steadily losing ground. Renewable generation has been able to match or exceed?gas production for long periods of time in 2025 and 2026. This is not just the result of good weather. Gas-fired power generation in Europe has increased modestly from 250 gigawatts (GW) to 400 GW over the last quarter century. Over the same time period, wind and solar power capacity has risen from 20 GW up to 750 GW. In Europe, wind and solar power is now installed at nearly double the rate of gas-fired power. That distinction matters. Weather can explain temporary shifts in generation. Changes in the footprint of generation fleets drive structural shifts. Europe has been steadily building a power system based on renewable resources, rather than fossil fuels, for the past two decades. After installing sufficient renewable capacity, the decline in fossil?generation is no longer a policy goal but a mathematical result. The data suggests that Europe has crossed this threshold. Fewer months of gas burning Even more interesting are seasonal generation statistics. Gas has historically been the mainstay of Europe's energy system. Demand peaks in winter, but falls in spring and summer. Now wind and solar are increasingly dominating the April-through-October period. By 2026, the renewable energy sector will have reached new highs and coal and gas production will be at multi-year lows. As renewables provide a greater share of electricity, the traditional gas-burning season is getting shorter. This could be a game changer for the gas market. Each month, the use of renewable energy reduces gas consumption and lowers imports of gas. This is a major source of gas demand in Europe. HIDDEN STORAGE STORY Gas inventories may have the most significant impact. Storage has been a crucial insurance policy in Europe since 2022 against disruptions of supply and seasonal demand spikes. If the power sector gas demand continues to shrink, Europe might not need as much gas in storage during summer or as little gas withdrawn during winter. Storage is essential for cold snaps and times of low renewable production. As wind and solar power continue to replace gas, the continent may find that its need for gas inventory is gradually decreasing. The debate is now "How much gas does Europe actually need?" This shifts the debate from "Does Europe have enough gas?" to "How much does Europe really need?" BRIDGE FUEL NOT MORE? The trend is reinforced by the broader historical context. Natural gas has been the main replacement fuel in Europe for power generation and industry since the 1990s. Renewables now pose a similar threat to gas. Years ago, policymakers referred to gas as a fuel that bridged the gap between coal and "renewables". The power system in Europe is increasingly looking like it's approaching the other side of this bridge. Europe does not just produce cleaner electricity with each new wind farm or solar park. It is reducing the amount it has to import, store and burn. For a continent who spent years worrying about whether they would have enough fuel to make it through the winter, the ability to use less gas in the first instance may be the most significant energy development. 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.
-
Air India now tests all pilots for drugs after a captain's positive test for marijuana
According to an internal memo, Air 'India will start mandatory substance testing for all pilots starting Thursday. The tests will go beyond the'regulatory requirements'. The tests are to screen for substances or medications that are prohibited by aviation regulations. They will be conducted in conjunction with training sessions at Gurugram Academy, at offices and briefing centres, and after flights at designated locations. The test will also be conducted on the pilots of Air India Express, a budget airline. Air India didn't immediately respond to an email seeking comment. Airline rules currently require that at least 10% their flight crew be tested for psychoactive drugs each year. Air India stated in a memo that "we feel it is now important to go even further." The initiative was meant to maintain?safety and reassurance for passengers and other stakeholders. Authorities are investigating an incident that occurred on August 4, involving an Air?India Airbus A320neo, which was flying from Phuket to?Delhi and suddenly lost 300 feet (91 meters) of altitude while?cruising. A source familiar with this matter said that the captain of the flight tested positive for marijuana during a confirmatory drug testing. Reporting by Abhijith Ganahapavaram. (Editing by Emelia S. Sithole-Matarise, Mark Potter.
-
Heron Power to invest $100 million in new factory for advanced grid equipment
Heron Power, a'startup' run by a former executive at EV maker Tesla said it planned to build a factory in California for $100 million to produce advanced transformers to be used on the U.S. electrical grid. Heron will convert an old 286,000-square-foot distribution warehouse, 30 minutes south-southeast of San Jose, into a factory to produce Heron Link - a 5-megawatt mid-voltage power-conversion system for large-scale energy projects and data centers. In February, the company announced that it had raised $140m in a Series B round of funding. Investors Andreessen Hoowitz and Breakthrough Energy Ventures were included. Drew Baglino is the CEO of Heron, and he spent 18 years working at Tesla. He believes that software-controlled chip-based converters can compete against conventional transformers filled with?steel and oil. SHORTAGE of CRITICAL Components Baglino wants to take advantage of the rapid transformation of the U.S. grid as the demand for data centers, heat pumps, and electric vehicles grows. The infrastructure of transmission and generation is not prepared for the electrification. U.S. Energy Department officials pointed out during a meeting in March that much of the U.S. grid is still based on infrastructure and engineering from the 1960s and 1970s. The country is now facing a shortage of critical components that are needed to maintain it. Baglino stated that "there's definitely a challenge in supplying new equipment." He said that it could take up to four-years to receive a standard transformer, as the majority of grid components are imported. The power industry will spend an estimated $1 trillion in the next decade on new power plants, solar power, battery charging stations, and high-voltage transmission cables. Heron plans to "start mass production" of its equipment in late 2027. Baglino refused to name any customers but stated that he had received strong interest from data center developers and electric utilities. Baglino stated that "any grid which is rapidly changing requires this type of electronic." (Reporting and editing by David Holmes; Tim McLaughlin)
Sources say that Novatek, a Russian company, offers deep discounts on LNG sanctioned to Chinese buyers.
Sources familiar with the matter say that Novatek, a Russian producer of liquefied natural gases, has reduced the price of its cargoes between 30% and 40% since August in order to encourage Chinese buyers to buy sanctioned gas produced by its Arctic LNG 2 Project.
The purchase has ended the commercial limbo of the $21 billion project that is subject to the most severe sanctions the U.S., Europe and Russia have imposed against Russia.
Washington wants to stop the flow of oil revenue into Kremlin bank accounts as U.S. president Donald Trump increases pressure on Moscow to end their war in Ukraine. The White House also threatens to take action against countries who continue to purchase Russian energy exports.
But China, which has been a close ally to Russian President Vladimir Putin for many years, is opposed to Western sanctions.
It could be difficult to crack down on Chinese companies that violate them. Washington struck a delicate ceasefire in its trade dispute with Beijing only last month. A senior industry source stated that enforcing these measures could undermine U.S. plans to do its own LNG deals.
DEEP DISCOUNTS DRAW CHINESE BUYERS TO PUTIN'S LINKED PROJECT
Novatek, a company co-owned with some of Putin's closest ally, began producing LNG in the plant as early as December 2023. It failed to sell any cargos until August of this year when it cut prices for Chinese buyers.
According to a source familiar with the transaction, the gas producer sold the first cargo delivered on 28 August at a discount between $3 and $4 from the Asian LNG benchmark price of $11 per mmBtu.
A second source familiarized with the deals stated that Chinese buyers continue to receive steep discounts between 30% and 40% for subsequent deliveries.
This means that cargoes sell for $28 to $32 millions, which is well below the market value of $44 million.
Prices of the cargoes were not previously disclosed. The names of the Chinese firms that purchased them have not been revealed.
Novatek has not responded to a comment request.
WASHINGTON IS NOT ENFORCING THE SANCTIONS IT HAS IMPLIED
Many of the oil and gas produced by Moscow are not directly affected by Western sanctions. China is Moscow's largest buyer of energy exports.
Joe Biden's predecessor, Trump, had imposed sanctions against Arctic LNG 2 and related entities, as well as vessels, shortly after the company began operating in December 2023.
TotalEnergies, the French partner, subsequently pulled out of the project. However, two of China's biggest energy companies - China National Petroleum Corp. and China National Offshore Oil Corporation each retained a 10% stake.
The sanctions have also stymied Russian hopes to acquire a fleet Arc7 ice class tankers for year-round deliveries.
According to traders, until August, Novatek spent millions of dollars on storage units and floating cargoes.
Trump has made the end of the conflict in Ukraine his top foreign policy priority. To pressure Moscow into negotiations, Trump has increased U.S. sanctions against Russian energy. He also urged allies to do so. And he threatened countries that buy Russian exports such as India with steep tariffs.
Washington has so far not taken any action to punish Chinese companies involved in Arctic LNG 2 purchases.
They are pressing their allies not to import Russian LNG or gas. They are not implementing sanctions on Arctic LNG 2," Anne-Sophie Corbeau said, a researcher with Columbia University's Center on Global Energy Policy.
The White House didn't respond to an inquiry asking whether the administration was worried about the LNG purchases, and if any efforts were being made to discourage or stop the transactions.
The two senior sources in the industry said that the Chinese government had approved the purchase. The Chinese business registration portal shows that the Beihai LNG Terminal, in southern China, where the cargoes will be delivered, is operated by the state-owned energy infrastructure giant PipeChina.
The office of the spokesperson for the Foreign Ministry did not comment directly when asked if China gave any guidance on the imports, or if they were concerned that Washington could impose sanctions against PipeChina, who runs the majority of the country's infrastructure in oil and gas. However, they reiterated China’s opposition to unilateral sanction and "long arm jurisdiction".
The spokesperson's office stated that "energy cooperation between China and Russia" is a normal economic and commercial cooperation benefiting both countries.
BEIHAI BECOMES CHINA’S DEDICATED RUSSIAN IMPORT TERMINAL
Beihai was a mid-sized gas terminal that had previously been used to import LNG from various companies and sources, including eight cargoes of U.S. Liquefied Natural Gas in 2024.
A third Chinese source with direct knowledge on the issue said that since August, PipeChina refused to allow other companies to access Beihai. This has effectively turned into a dedicated entry for Russian gas.
In October, the UK government imposed sanctions against Beihai.
PipeChina has not responded to any requests for comment.
Trump has also expressed his desire to sell LNG to China. He has done this repeatedly, integrating American energy exports in trade agreements with partners who are seeking to lower U.S. tariffs.
Western energy executives who sell gas to China said that the United States would have a hard time sanctioning PipeChina because it would also block U.S. sales.
Due to the tariffs that were imposed in the trade war between two of the largest economies, China hasn't imported any U.S. LNG from February.
(source: Reuters)