Latest News
-
India is seeking passage for other vessels that are stranded in the Strait of Hormuz area after a few have sailed through
A spokesperson for the Indian Foreign Affairs Ministry said that India had'sought safe passage' for 22 of its vessels, which were stranded in the Strait of Hormuz west of Iran. This was after Iran permitted a few Indian ships, as a rare exception, to sail through. Randhir Jaiswal said at a press briefing that India had stayed in contact with all the major players in the Middle East, including Iran, the U.S., and Israel, to communicate its priorities. Mohammad Fathali, Tehran's ambassador to India, confirmed Iran had allowed certain Indian vessels to pass through the Strait of Hormuz. He was speaking at the India Today conclave, New Delhi. Since the United States launched an air campaign against Iran, Tehran has stopped traffic in the Strait of Hormuz, which runs along its coast. Around 20% of the world's oil and liquefied gas are transported through this strait. India has experienced its worst gas shortage in decades as a result of the blockade. The government cut supplies to industries and households to protect them from any shortages. Rajesh Kumar Sinha, the special secretary of the Indian shipping ministry, said that the stranded vessels include four crude oil ships, six liquefied?gas carriers, and one liquefied?natural gas vessel. Sinha stated that two Indian vessels chartered by the Indian Oil Corp., Shivalik, and Nanda Devi, had safely navigated the strait. They would be reaching the western Indian port of Mundra, and Kandla, on March 16 and 17. He said that the vessels carry together more than 92,000 metric tons of liquefied gas. Jaiswal stated that India was also working to achieve consensus among BRICS countries on a 'position' regarding the Middle East - conflict. India is the current?chairman of the BRICS countries, which originally consisted of Brazil, Russia India China and South Africa. The group has now expanded to include Iran. (Reporting and editing by Toby Chopra, Emelia Sithole Matarise and Shivangi Acharya)
-
The Paris Mayoral race tests the support for green transformation
Marion Soulet cycles to Paris City Hall on a road that was once clogged with cars. It is now a bikeway, a symbol for the French capital’s urban green transformation. This transformation will be tested in Sunday’s mayoral elections. Soulet is pleased that leftist Mayor Anne Hidalgo has built about 1,000 km of cycle lanes over the past decade. She says this means that nearly half of Parisians ride their bicycles at least once per week. Soulet told a reporter after stopping her bike on the Rue de Rivoli that the more the city changes to accommodate cycling, the more it increases. People like it because is easy, cheap, and quick. Hidalgo, and her predecessors who were leftists in City Hall for a decade, have been working to turn Paris into a "15 minute-city" with bike lanes and more trees. The ecological legacy will be tested in the Sunday election. Hidalgo is not running, and his right-wing opponents are hoping to capitalize on voter fatigue due to the city's increasingly car-free status, disruptions caused by roadworks, and mounting debt. According to opinion polls, the winner is either Socialist Emmanuel Gregoire who wants a double-down on the green agenda or former conservative minister Rachida Datti who claims that the classic allure of Paris has been?disrupted. Sarah Knafo is a 32-year-old far right nationalist who has been rising in the polls. She could complicate the situation for Dati, if she makes it to the second round of voting on the 22nd March. Knafo is polling above the 10% threshold required to enter a run-off. Gregoire, 48 years old, polls at about 33%. Dati is 60 and on around 30%. Dati said, while greeting shoppers in northern Paris: "We are not fighting an ideological war on mobility issues." "We want everything to be organized." URBAN -TRANSFORMATION WINNS PRAISE, BUT ALSO FACE CRITICISM. Under Hidalgo's leadership, the city authorities sought to adapt Paris, France to the climate change, and make it more livable for 2 million of its residents within a larger metropolitan population. The City Hall has removed thousands of parking spaces on the streets and planted 130,000 new trees. The highways along the Seine River have been pedestrianised. According to data from the city hall, car traffic has dropped by more than 60% since 2002. The use of bicycles has also increased. The air pollution is better. Patrick Le Gales is an urbanist from the?Sciences-Po University in Paris. He said that there was criticism of the city's cleanliness and debt, which has increased by 42% in just two years. Pierre Chasseray of the 40 Million Motorists lobby group said that Hidalgo has built a Berlin Wall between wealthy residents in the centre of Paris, and those who rely on cars from poorer suburbs. He said: "We have a caricatured picture of the capital, with motorists on the one side and cyclists?on the opposite -- the good guys against the bad guys." Hidalgo is also facing viral social media posts that use the hashtag #saccageParis to highlight social blight – everything from chronic roadworks, to trash-strewn walkways. Gregoire attributed this to Hidalgo's "overambition". He said, "We did too much at once." "I would've chosen a different schedule, above all for reasons of quality implementation." DATI IS OUTFLANKED TO HER RIGHT? Dati is a lawyer with North African roots who has toned down her criticism of cycle lanes in order to condemn dirty streets. She released a video showing herself wearing a fluorescent jacket and joining garbage crews as they went about their work. She said, "The city has become increasingly dirty -- this is not a secret." Dati’s increasing moderate stance towards transportation issues - as well as the fact that she is facing a trial in September on corruption charges which she denies -- has created an opening for Knafo. Knafo unveiled an Artificial Intelligence-generated plan to return cars along the Seine's banks and to stage interviews while driving through Paris. Soulet thinks Knafo is appealing to "a small group of Parisians...who want to turn back the clock."
-
Trump threatens to strike Iran’s Kharg Island oil networks if shipping routes remain blocked
Donald Trump, the U.S. president, threatened to?order attacks on the petroleum infrastructure of Iran’s Kharg Island oil center unless Tehran stopped targeting vessels in the Strait of?Hormuz. This warning could further roil the markets that are already dealing with a historic supply disruption. Trump's ultimatum was accompanied by a post on social media claiming that the United States "totally destroyed" military targets on the island. The island is the export terminal of 90% of Iran's oil, and lies approximately 300 miles (483 kilometers) northwest from the Strait. Trump wrote that U.S. strikes did not target Kharg’s oil infrastructure. However, "should Iran or anyone else interfere with the Free and Safe Passage of Ships Through the Strait of Hormuz I will immediately revisit this decision." The president said that Iran was unable to defend itself against U.S. attack. The president added that the Iranian military, as well as all those involved in this terrorist regime, would do well to lay down their weapons and save whatever is left of their country. He posted it on Truth Social. Iranian media reported that Iran's armed force responded to any attack on its oil and energy infrastructure on Saturday, saying any strikes would result in strikes on oil companies cooperating closely with the United States of America in the region. According to Iran's semiofficial Fars News Agency, which cited sources, more than 15 blasts were heard during the U.S. attack on Kharg Island. Sources said that the U.S. attacks were aimed at air defenses, airport facilities, a navy base and an airport. However, no damage was done to oil infrastructure. The markets were looking for any sign that the U.S. strike had affected the intricate network of storage tanks, terminals, and pipelines on the island. Even minor disruptions can add pressure to a volatile market. Iran's Tasnim reported that the Revolutionary Guard of Iran had carried out 'additional attacks' on Israel in conjunction with Lebanon's Hezbollah. The Israeli military announced on Friday that its air force had hit more than 200 targets, including missile launchers, air defence systems, and weapons production facilities, in central and western Iran during the last day. U.S. troops have suffered "casualties". The U.S. Military confirmed on Friday that all six crew aboard a refuelling plane that crashed in west Iraq were dead. The Wall Street Journal reported that five U.S. Air Force tanks at a Saudi Arabian base had been damaged by an Iranian missile attack and were currently being repaired. GULF AND LEBANON ARE FLASHPOINTS The oil prices have swung dramatically on Trump's shifting comments about the duration of the conflict, which began February 28th with massive U.S.-Israeli bombardments against Iran. It quickly spread to a regional war with wide implications for the global energy and stock markets. The war in Lebanon escalated as Israel's army and Hezbollah forces exchanged strikes around Beirut. Iran's Islamic Revolutionary Guard Corps, in addition to its missile and drone attacks against Israel and Gulf State allies of the U.S. has also sought to disrupt shipping along the Strait of Hormuz. This is a route for 20% of fossil energy supply around the world. Trump told reporters Friday that the U.S. Navy would "soon start" escorting oil tankers along the waterway. Trump, who has said that the war will last only a few weeks in the past, did not publicly announce an end date on Friday. He told reporters, "I cannot tell you this." "I have my own ideas, but to what end? It will be for as long as necessary." Iran continued to sell crude oil, while other Gulf producers halted their exports for fear of Iranian attacks. According to TankerTrackers.com, satellite images reviewed on Wednesday showed that multiple very large crude oil tanks were loading at Kharg. Iran exported between 1.5 million bpd and 1.1 million bpd?from February 28th to Wednesday. Bob McNally, President?of Rapidan Energy Group said Trump's Friday comments "will focus the mind of the market on ways that this energy disruption could grow and last even longer." Some industry experts expressed doubts about the safety of Kharg's oil installations. Josh Young, Chief Investment Officer at Bison interests said: "Bombing the Kharg island but not the oil pipeline is like going to McDonald's and getting a hamburger without meat." "What's your point?" The Middle East is now at war with Iran. Mojtaba Khmenei, Iran's supreme leader in his first public remarks on Thursday, vowed that the Strait of Hormuz would remain closed and urged other countries to close U.S. military bases on their soil or face being attacked. French officials say that European powers have been trying to figure out how they can defend their interests. France has consulted with European, Asian and Gulf Arab countries over the last week in order to come up with a plan to eventually escort oil tankers through the Strait. After nearly two weeks of conflict, 2,000 have died, the majority in Iran but also in Lebanon, and an increasing number in the Gulf. This is the first time that the Gulf has been on the front lines of Middle East conflict in decades. More than a million people are displaced. Beirut's suburbs were bombarded by Israeli warplanes, and Lebanon's Interior Minister said that authorities could not accommodate the hundreds of thousand people who sought refuge in Beirut.
-
Sable Offshore is directed by the Trump administration to restore Santa Ynez Oil Unit
The 'U.S. Department of Energy said that the Trump administration directed 'Sable Offshore on Friday to restore oil drilling activities off the southern California coast. Energy Department ?said. The move is aimed at restarting oil production on a cluster offshore platforms, as fuel prices are continuing to rise following the war against Iran. The President Donald Trump signed an executive directive on Friday to allow the Secretary of Energy to take action under the Defense Production Act. U.S. Secretary of Energy Chris Wright has instructed Sable to resume work on the 'Santa Ynez Unit and Santa Ynez Pipeline "to address the supply disruption risks that are caused by California policies which have left the region and U.S. Military Forces dependent?on?foreign oil", the Energy -Department stated in a press release. Sable Offshore didn't immediately respond to our request for a comment. Santa Ynez and the Santa Ynez Pipeline System have been a source of controversy in California. Santa Ynez's offshore platforms were closed in?2015 due to an oil spill. However, the company has now restarted production on one of these platforms. Last year, a state judge ruled against the Houston-based company’s request to lift a cease and desist on repairs that it had made on an onshore pipe system. In 'January, the California Attorney General announced that the state was suing Trump for asserting federal power over two pipelines in the state and allowing?Sable?to restart oil pumping through them. The Energy Department stated that?Sable’s facility could produce around 50,000 barrels per day. Reporting by Ismail Shakil; Writing by Christian Martinez, Editing by Chris Reese and Sergio Non, Diane Craft
-
Spirit Airlines will shrink its fleet to a third of the size it was before bankruptcy
Spirit Aviation Holdings, the parent of Spirit Airlines, announced on Friday that it planned to "shrink" its fleet by about one-third, according to court documents. After filing for bankruptcy two times in a single year, the?low-cost airline, which has been selling aircraft and contacting potential buyers, is pursuing a major restructuring to cut costs and stabilize its finances. Spirit Airlines entered Chapter 11 protection with 214 aircraft in August of last year. In October, they cut about 100 aircraft through lease refusals and retirements. A bankruptcy judge in the United States approved Spirit's request earlier this week to "launch an auction for approximately 20 additional aircraft from the 114 that the airline currently operates." The announcement on Friday furthers its fleet-cutting plan. In a press release, Dave Davis, the president and CEO of Spirit, said, "We are pleased to have achieved another milestone, which reflects our lenders' and noteholders' confidence in our future. Our plan will better position Spirit to continue delivering value to American customers." Spirit announced on Friday that it plans to reduce its fleet by 76-80 aircraft, mostly Airbus A320 or A321ceo jets. Spirit's debt obligations and lease obligations are expected to drop to $2 billion, down from $7.4 before the filing. On Wednesday, the carrier said that fuel price volatility linked to war with Iran had complicated negotiations for its exit from Chapter 11 The airline filed with the U.S. Bankruptcy Court of the Southern District of New York a restructuring agreement and a proposed plan of reorganization. The U.S. Bankruptcy Court Judge Sean Lane approved Spirit's bid-procedure on Wednesday. CSDS Asset Management will be a "stalking horse" bidder. A floor price of $530 million has been set, and other potential buyers can submit higher offers until April 20. Marshall Huebner, Spirit's attorney, of Davis Polk & Wardwell said during the hearing that negotiations took longer than expected, in part, because fuel costs - a major expense to airlines -?have been harder to forecast due to geopolitical uncertainties linked to the Iran War. This volatility, said Huebner, has led creditors to question Spirit's cash-flow and liquidity assumptions. Judge Lane stated that these concerns are?understandable', pointing out that airlines are especially vulnerable to fluctuations in fuel prices caused by global events. Lane stated that "global uncertainty?regarding the fuel price is a reality for any airline." Spirit will confirm a Chapter 11 bankruptcy by the end May or possibly June, Huebner stated. The airline stated that it will focus on its best routes and markets including Fort Lauderdale, Orlando, Detroit, and the New York City Area. Spirit said that it also expects to increase its aircraft fleet between 2027 and 3030, based on profitable growth opportunities. It plans to expand the Spirit First and Premium Economy product lines, as well as continue to roll out premium economy seats across its entire fleet. (Reporting and editing by Parth Chandna, Sahal Muhammed, and Alistair Bell).
-
Chemical smell causes DC airports to stop flights
The U.S. Federal Aviation Administration announced that it halted?traffic? at the?three main Washington-area airports, on Friday. Air traffic controllers in a Virginia facility were forced to stop work due to a?strong chemical smell. The FAA stated that the problem 'disrupted the operations at Potomac Consolidated Terminal Radar Approach Control, which controls the airspace of numerous airports within the Washington -region. This forced the 'agency to stop traffic at Reagan Washington National Airport Washington Dulles International Airport, and Baltimore-Washington International Airport. Airlines informed the FAA that they were relocating Potomac Controllers to a training facility, and some planes would be diverted 'because of congestion. As the ground'stops' are lifted, controllers will have a?reduced? radar scope. This means that there are more delays. FlightAware, an online flight tracking site, reported that about 30% of flights were delayed at Reagan. (Reporting and editing by Scott Malone, Rosalba o'Brien and Scott Malone in Washington.
-
Early findings indicate that the US-owned tanker near Iraq was attacked by unmanned vessels
Two explosive-laden unmanned boats rammed a Safesea 'Vishnu' tanker in an Iraqi port on Wednesday. The explosion engulfed vessel's portside in flames, and the crew had only seconds to respond, according to a preliminary assessment by the vessel’s U.S. operator and owner. The?Safesea Group, based in New Jersey, said that after speaking with the crew members who survived the attack, it appeared to be deliberate and calculated. At least 16 vessels, including tankers and other vessels, have been attacked in the?Gulf as a result of the U.S./Israeli war against Iran. The threat by Tehran to attack vessels in or near the Strait of Hormuz - which transports roughly one fifth of the world's crude oil - has led to hundreds of ships dropping anchor. Safesea Vishnu, a Marshall Islands flagged vessel, was anchored in the Iraqi port Khor Al Zubair at the time of the attack and engaged in ship to ship loading of 53,000 metric tons of naphtha. Without time to deploy the lifeboats, the vessel's 28 members of crew jumped into water to escape from the burning vessel. Safesea reported that one crew member died, but the other 27 are still alive and are receiving help from the Embassy of India. Safesea said that the tanker was reported to be 'listing in the water. A salvage team has now been dispatched to stabilize the ship and ensure the safety of the marine environment. Safesea stated that the attack should serve as a warning to governments, maritime authorities and the international community. It said that "Commercial shipping lanes cannot be turned into battle zones." Zefyros, a ship flying the Malta flag, was the second vessel?involved with the transfer. The manager of the ship's Greece-based base said that a projectile hit this vessel during Wednesday night's assault. The Zefyros' 23 crew members were all safely evacuated. According to the World Shipping Council, 20,000 seafarers on vessels operating in this region are facing "a dangerous and highly uncertain security situation." Donald Trump, the U.S. president, has stated that the United States will escort oil tankers through the Strait of Hormuz if necessary. However, the U.S. Navy, which is in charge of military escorts, has refused to do so almost daily since the beginning of the war against Iran. They say the risks of attack are too high. (Reporting and editing by David Gaffen; Lisa Baertlein)
-
Refiner MOL files complaint with EU regarding Croatian pipeline charges
Hungarian refiner MOL announced on Friday that it and its subsidiary Slovnaft filed a complaint to the European Commission over a Croatian pipeline operator JANAF's price policy. This follows a complaint MOL made last week to the EU's Competition Watchdog about JANAF refusing to deliver Russian crude oil to MOL and its Slovak subsidiary. A January outage on the Druzhba oil pipeline that delivers Russian oil via Ukraine left Hungary and Slovakia, which are landlocked countries, reliant on JANAF for oil supplies. MOL's latest complaint stated that "JANAF consistently applied abusive pricing practices" and added that its orders had increased one-and-a-half times by volume, while JANAF fees had almost doubled. The fee increases that JANAF imposes are excessive in comparison to the costs of its operations and cannot objectively be justified. Janaf didn't immediately respond to a comment request. Hungary and Slovakia are exempt from EU restrictions on Russian crude imports. MOL can source 'Russian seaborne oil' if the Druzhba pipeline is not operational, according to the company. Croatia has expressed its willingness to?supply?crude, but has balked at sending Russian oil via JANAF's pipe. (Reporting and writing by Anita Komuves, Anna WlodarczakSemczuk and Jason Neely).
Why is the port of Fujairah important to the oil industry?
After a Saturday drone attack and fire, some oil-loading activities have been suspended at the United Arab Emirates’?Fujairah Port, a global hub for refuelling vessels?aswell as crude fuel and exports.
Why Does FUJAIRAH Matter Globally?
According to Kpler, Fujairah exported a total of 1.7 million barrels of crude oil per day and refined fuels in average during the past year. This volume is equivalent to 1.7% of world daily demand.
Fujairah is situated on the Gulf of Oman and is approximately 70 nautical mile from the Strait of Hormuz which is currently closed because of the Iran conflict. This increases the importance of Fujairah to the global market.
In 2025, it will sell 7.4 million cubic metres (roughly 7.33 million tons) of marine diesel fuels, ranking fourth in the world behind Singapore, Rotterdam, and China's Zhoushan.
Why is it important to the UAE?
The UAE operates a pipeline capable of transporting 1.5 million barrels per day (bpd) of crude oil to bypass the Strait of Hormuz.
The Abu Dhabi Crude Oil Pipeline, also known as Habshan-Fujairah Pipeline transports oil from Abu Dhabi to Fujairah. The UAE crude grade Murban is loaded at the port and sold mainly to Asian buyers.
Fujairah, OPEC's largest?crude producer, would be forced to cut production if there were significant disruptions in Hormuz.
Why is it important to the Crude and Fuel Markets?
The port has an 18 million cubic metre storage capacity, making it a top hub in the world for storing fuels and crude oil as well as for blending operations.
Blending is the process by which different petroleum components are mixed to produce finished products, such as gasoline and bunker fuels, that meet specific standards.
VTTI Vitol ADNOC Vopak and other global storage companies are present at the port.
Fujairah Oil Industry Zone has the largest commercial storage capacity in the Middle East for refined products.
(source: Reuters)