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FedEx Freight targets a 12% increase in operating profits ahead of the spin-off
FedEx Freight said on Wednesday that it expected average core profit growth in the range of 10% to 12% over the long term. This comes ahead of its first investor day, as the trucking giant nears the much-anticipated separation from its parent. FedEx's freight trucking division is on track to separate from the delivery firm?on 1 June into a publicly listed company. FedEx announced the move in December of 2024. Analysts claim that FedEx Freight assets were not fully appreciated by FedEx, and that it will expand if it is a separate public entity. The inaugural Investor Day is expected to be attended by FedEx Freight’s new CEO John Smith, and Marshall Witt, the finance chief. FedEx Freight is the leading provider of less-than-truckload services in the U.S. and sees its average revenue increasing between 4% to 6% over the next few years. LTL is the practice of 'carrying multiple shipments from different clients on a single truck. They are then routed through a network service centers, where they get transferred to trucks with similar destinations. FedEx Freight targets are set as U.S. diesel prices rise, delaying a long-awaited turnaround in the trucking industry and squeezing cash flow and profits of independent big-rig operators.
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Bousso: The energy market is in a twilight area because of the ceasefire between Iran and ROI
The Iran war ceasefire will bring much-needed relief to the economies that have been hit by the worst energy crisis in history. But hopes of a quick return to normal oil and natural gas flow from the Middle East are most likely misplaced. U.S. president Donald Trump agreed on Tuesday to a ceasefire for two weeks, provided that Iran halted its blockade of gas and oil shipments through 'Strait of Hormuz', the narrow waterway which typically handles?one fifth of the global oil trade. Abbas Araqchi, Iran's Foreign Minister, said Tehran would "halt counter-attacks" and ensure safe passage of vessels traversing the strait. Uncertain is the exact time frame in which the ceasefire will be fully implemented. Iran continued to attack Israel and Gulf states shortly after Trump announced the deal, highlighting its fragility. In its sixth week of fighting, the war has already claimed over 5,000 lives in nearly a dozen different countries. It has also severely damaged regional infrastructure including oil and gas installations. The financial markets welcomed the news. The Nikkei index in Japan rose 5%, reaching a new high. Brent crude fell 13%, to $95 per barrel, by 0300 GMT. Traders priced in an easing of the supply risk. QUICK RELIEF VAULT The temporary ceasefire and reopening the Hormuz Strait would allow Middle Eastern exporters of oil to move significant volumes that have been trapped in the Gulf since hostilities started, providing immediate relief to global energy markets. Kpler, a firm that provides analytics services, estimates that around 200 tankers are presently containing 130 million barrels crude oil and 46 millions barrels refined fuels in the region. Another 1.3 millions tonnes of liquefied gas is also stuck on vessels waiting for safe passage. The disruption was particularly severe for Asia, where 60% of its gas and 80% of its oil imports come from the Middle East. Following the abrupt cuts in fuel deliveries, several countries were forced to reduce industrial production and ration supplies. These trapped volumes could therefore be released to ease the greatest pressure on Asian economies and energy systems. The problem is not just clearing up the backlog. It is one thing to get tankers out of Gulf, but it's another to convince shipowners and chartered vessels to return. The unprecedented blockade on Hormuz caused a severe disruption to global shipping markets, as it reduced tanker availability and pushed freight rates up to record levels. Shipowners will likely be extremely cautious when reentering the area during what, at best is a shaky, time-limited ceasefire. They fear that their vessels and crews may once again get trapped if hostilities return. This caution will also constrain any attempts to restore normal export flows. OIL PRODUCTION IN LAG Kpler reports that Middle East oil exports via Hormuz fell by 13 million barrels a day (bpd), which is equivalent to 13% of the global demand. Saudi Arabia and the United Arab Emirates were able to divert some shipments via alternative routes. However, regional producers had to close down an estimated 7.5 millions bpd production in March. This included 2.8 million bpd for Iraq and 1.9million bpd for Saudi Arabia. As things stand, it is unlikely that much of this production will return quickly. It can take several weeks to restart oilfields in the Middle East. Saudi Aramco, the UAE's Adnoc and other national oil companies may hesitate to restore production until they have more clarity about the duration of the ceasefire. Repairs to refineries, fields, and export terminals that have been damaged by drone and missile strikes could take months or even years. A shortage of skilled workers and specialised equipment could also slow down restoration efforts in the region. It is important that producers do not restart refineries and fields if they are unsure of the availability of tankers to transport crude oil, diesel, and jet fuel. If Washington and Tehran agreed to a permanent cessation in hostilities, which led to a full reopening the Strait of Hormuz and oil and gas trade could return to normal operations. Even in this more optimistic scenario, however, the war will likely leave lasting scars to global supply. According to Saul Kavonic of MST Marquee, who is the head of energy analysis, in the medium-term, oil markets could be 3 to 5 millions bpd tighter than pre-war expectations over the next several years due to damage done to export infrastructure, and the need to "rebuild depleted inventory", The two-week-old ceasefire that is now in place risks becoming a temporary fix to what has become a global energy crisis of unprecedented proportions unless the warring sides reach a more firm peace agreement. The opinions expressed are those of Ron Bousso a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
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Sources and LSEG data show that Russia's Baltic Ust-Luga Port resumes oil exports
Three sources familiar with this matter have confirmed that the Ust-Luga Port has resumed oil exports, despite ongoing drone strikes. LSEG data?showed. According to LSEG and sources, the vessel 'Jewel' left Ust-Luga with 700,000 barrels on board. Loadings had been halted for almost two weeks. The Baltic port is capable of loading up to 700,000 barrels a day. Ust-Luga oil loadings were halted on 25 March after a heavy?drone attack from Ukraine?damaged the port. The attacks have continued during the suspension. Sources said that the Jewel began loading oil at the weekend, but it did not depart immediately due to drone attacks. The?sources reported that at least?one oil tanker was loaded on the Ust-Luga terminal on Wednesday. They added that drone strikes are likely to cause further delays in the operations. The Ukrainian military announced that it had struck Russia's Ust-Luga?oil?terminal? in the Leningrad area on Tuesday. This week, the Russian Sheskharis terminal in the Black Sea port of Novorossiysk was also closed after a drone strike. David Goodman is responsible for reporting and editing.
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As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected. Many people are unable to fly to their destinations as planned after the Iran War forced the closures of major Middle Eastern hubs including Dubai, Doha, and Abu Dhabi. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece has cancelled flights from Tel Aviv to Beirut and Tel Aviv to Amman. Flights to Riyadh were also cancelled until June 27. The airline has cancelled flights to Erbil, Baghdad and Dubai until June 29. AIRBALTIC AirBaltic, a Latvian airline, says that flights to Tel Aviv are canceled until May 31. Dubai flights are cancelled up until October 24. AIR CANADA The Canadian carrier has cancelled flights until September 7 to Tel Aviv, Dubai and Abu Dhabi. AIR EUROPA Spanish Airlines has canceled flights to Tel Aviv from May 3 until now. AIR FRANCE-KLM Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until May 3. KLM has suspended its flights to Tel Aviv and Riyadh until May 17. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until May 31. In April, the airline will increase passenger flights from London, Paris, and Zurich to Europe to meet the surge in demand. The U.S. carrier cancelled flights between New York and Tel Aviv, and has delayed the start of its Atlanta to Tel Aviv route till September 5. The launch of its Boston-Tel Aviv flight, originally scheduled for late October, was delayed. EL AL ISRAEL AIRLINES Customers who had planned to leave Israel by April 18 will have their flights, including return flights, cancelled. The airline is only operating a small number of flights. EMIRATES After a partial opening of the regional airspace, Emirates Airlines has announced a reduced schedule. ETIHAD AERWAYS The UAE carrier said that it operates a commercial flight schedule between Abu Dhabi, and about 80 destinations. FINNAIR The airline has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October. FLYNAS Saudi Budget Airlines has suspended flights until April 15 to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria. British Airways, owned by IAG, has extended cancellations of flights to Amman and Bahrain until May 31, and Doha until April 30. They have also added flights to Bangkok, Singapore, and Maldives. In May, a 'third daily flight will operate between London and Mumbai. Abu Dhabi flights will remain suspended until the end of this year. Iberia Express is IAG's low cost airline. All flights between Tel Aviv and Tel Aviv have been cancelled until May 31. JAPAN AIRLINES Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until May 10. Japan Airlines has also announced that it will be adding extra flights between Tokyo, London and Doha until May 11. KUWAIT AIRWAYS Starting April 5, the airline will resume its flights from Dammam to India. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30 to Beirut and Riyadh. The airline will operate its winter route from Dubai to October. LUFTHANSA GROUP Lufthansa and Swiss Airlines suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31. Amman, Beirut and Dammam to Riyadh. Erbil to Muscat. Lufthansa Cargo will be the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost airline, plans to suspend its flights to Tel Aviv and Beirut through April 30. Flights to Dubai, Abu Dhabi, and Amman will be suspended through October 24. MALAYSIA AIRLINE Malaysian Airlines has suspended all flights to Doha through June 14. NORWEGIAN AIR Low-cost carrier has delayed the planned launch of Tel Aviv and Beirut service to June 15, The airline cancelled all Dubai flights until April 8 for the rest of the winter. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until May 1. ROYAL MAROC Moroccan airline cancels flights to Doha until June 30, and Dubai until May 31. QANTAS Australia's flag-carrier is adding flights to Rome, Paris and London to meet a surge in demand for European routes. The number of flights to Paris will rise from three to five weekly return flights, and the Perth to Singapore service will go from daily to ten flights per week. A new schedule will be implemented gradually for flights starting in mid-April. It will run through to late July. QATAR AIRWAYS The airline said that it will gradually increase flights to Doha to more than 120 destinations by mid-May. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of Singapore-Dubai flights until May 31. TURKISH AIRLINES SunExpress, a joint venture between Turkish Airlines and Lufthansa that operates flights to Dubai, has cancelled all flights until 30 April. WIZZ AIR Low-cost airlines have suspended flights from Europe to Israel, Dubai, Abu Dhabi and Amman until the middle of September. All flights to Medina are suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Olesnska, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani, and Bernadette Hogg. Sumana Nady, Joe Bavier, and Mark Potter edited the book.
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Turkish shares rise after Iran ceasefire deal, lira set for rare daily gain
The lira and airline stocks led the rise of more than 4% in 'Turkish shares on Wednesday, while the two-week Middle East ceasefire ignited a rally on global markets. The BIST 100 index of Turkey was up 5% at 1057 GMT. Meanwhile, the banking index was up by 9%. BIST 100 index fell 1.45% on Tuesday. Turkish Airlines shares rose 8%, while airline Pegasus's shares grew 7%. Following overnight drops in oil prices, shares in Turkish petrochemical firms Tupras & Petkim fell by 5% and 6% respectively. In a post posted on X, Pakistani Prime Minister Shehbaz sharif announced that he had invited Iranians and Americans to meet at a meeting in 'Islamabad this Friday. The lira was trading at 44.5125 per dollar, up from the close on Tuesday of 44.6065. According to S&P Global Market Intelligence, Turkey's 5-year credit default swaps, a measure for risk, dropped 31 basis points since the previous close, to a low of 254 basis points, which is a month-low. Since the U.S. and Israeli strikes against Iran began in late February, the currency has lost about 1.5% of its value. The lira is gaining real value with a 3.6% yearly?loss and an inflation rate of 10% in the first three months of the year. Prior to the two-week ceasefire, economists expected the central bank to tighten the main policy rate by a total of 300 basis points via the liquidity measures. The current main policy rate is 37%. The markets are now watching to see if the two-week ceasefire becomes a permanent arrangement, which may reshape the expectations of policy tightening during the next meeting of the monetary policy committee on April 22, 2019. (Reporting and Writing by Nevzat devranoglu; Editing by Daren Butler)
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Russia claims that some EU members are aiding rivals to Orban's election in Hungary
Russia claimed on Wednesday that certain political forces in the European Union are opposed to the reelection bid for?Hungarian Premier Viktor Orban and are trying to assist?his opponents. The Kremlin intervened a day after U.S. vice president JD Vance accused the EU in Budapest of "disgraceful interference" in the April 12, election. Many opinion polls indicate that this could put an end to Orban’s 16-year hold on power. When asked about the leaked transcript of a conversation between Orban and Russian president Vladimir Putin, Dmitry Peskov, Kremlin spokesperson, said: "Many forces, both in Europe and in Brussels, do not want Orban to win again." Peskov, a reporter, said: "This is well known, it's obvious and, of course they're playing in the hands of those forces that are politically opposed to Orban and think that publishing such material could harm him." He did not provide any proof that EU officials were involved in the leak. A spokesperson for the European Commission said: "Elections is the sole decision of citizens." Donald Trump, the U.S. president, has personally endorsed Orban’s bid for reelection. This was a position reiterated by Vance on Tuesday in Budapest. Orban is a nationalist who has maintained warm relations with Putin, despite the Ukraine War and efforts by the EU, of which Hungary belongs, to 'isolate and weakened Russia with waves economic sanctions. Hungary is heavily dependent on?Russian gas and oil. Orban cited a dispute between Kyiv and Orban over an oil pipeline damaged by war as the reason for blocking the implementation of a?loan from EU to Ukraine that was agreed on in December. Bloomberg published a transcript in which Orban claimed to be at Putin's side and cited an Hungarian tale where a mouse helped a lion. Peskov said that Orban was shown in a 'pragmatic light' by the remarks, which he did not deny were genuine. Peskov stated that "he is a very efficient politician... a person who defends the interests of his country." (Reporting and writing by Dmitry Antonov, Alessandra Prrentice, Mark Trevelyan, Gareth Jones).
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US and Iran agree on truce but demands of enemies remain unresolved
The United States, Iran and Pakistan agreed to a ceasefire for two weeks, mediated by Pakistan. This ended a six-week war which has claimed thousands of lives, spread throughout the Middle East, and disrupted?the energy supply around the world in a way that was unprecedented. The streets were filled with relief and the world's financial markets were elated when President Donald Trump announced his agreement late Tuesday night, just two hours before the deadline he had set for Iran to reopen the Strait of Hormuz or face destruction of their "whole civilization". Both sides declared victory. Their main disputes remain unresolved. Washington and Tehran continue to make competing demands in order to reach a possible peace deal which could have a lasting impact on the Middle East. Shehbaz sharif, the Pakistani prime minister, said that he invited Iranian and U.S. delegations to meet at Islamabad this Friday for the first official talks on peace since the beginning of the war. The president of Iran confirmed his attendance. JD Vance of the United States, who is seen as a potential leader of an American delegation said that Trump had instructed negotiators in order to reach an accord, but did not confirm a time or location for talks. IRAN'S RULE ESTABLISHMENT SUVIVES Trump said that the ceasefire was contingent on Iran agreeing to pause their blockade against oil and gas flowing through the strait. Abbas Araqchi said that although ships had not yet begun crossing the waterway by Wednesday afternoon. Iran's foreign minister would stop counter-attacks, and allow safe passage, if attacks on it stopped. The Strait is responsible for about one fifth of all global oil and LNG shipments. The news of the deal and the prospect that this worst disruption to global energy markets could finally be over caused oil prices to plummet and share markets all around the world surge. Overnight, Iranians celebrated by waving Iranian and American flags while burning Israeli and US flags. There was also apprehension that the deal might not be successful. "Israel won't allow diplomacy work, and Trump could change his mind tomorrow." Alireza, a 29-year-old government employee from Tehran, said by phone that we could sleep without any strikes. The ceasefire suspends a war that was launched by?Trump on February 28, along with Israeli Prime Minister Benjamin Netanyahu. They had stated their intention to stop Iran from projecting its force beyond its border, to end its nuclear program, and to create conditions for Iranians topple their leaders. Trump told the French agency?AFP the ceasefire was a "total victory". He also said on Truth Social the U.S. achieved its military goals. The war has not yet deprived Iran of its near-weapon-grade, highly enriched uranium stockpile or its ability of hitting its neighbours using missiles and drones. The clerical leaders, who faced a mass revolt months ago, have resisted the superpower's onslaught without any sign of internal opposition. The power dynamics in the Gulf could be reshaped for years by Tehran's ability to cut off Gulf oil supplies, despite decades of U.S. military buildup across the region. In a recent statement, Iran's Supreme National Security Council stated that the enemy had suffered a historic, crushing and undeniable defeat in its illegal, unjust and criminal war on the Iranian people. Netanyahu's office stated that Israel supported the decision of suspending strikes against Iran for a period of two weeks. The agreement will likely be seen by many as a setback for Netanyahu, who has repeatedly stated that he wants Iran's leaders to fall. "There's never been a worse diplomatic disaster in our history," said Yair Lapid, an opposition politician. Former Israeli military deputy chief Yair Golan called the result a "complete fail that threatened Israel's safety". The nuclear program was not destroyed. The ballistic threat is still there. He wrote that the regime was still intact, and even emerged stronger from 'this war. ISRAEL CONTINUES TO ATTACK LEBANON Shipping companies said that they needed more assurances about safety before setting sail. Maersk, a container shipper, said that any decision to transit through the Strait of Hormuz would be based on "continuous risk assessment, close monitoring of security conditions, and available advice from relevant authorities and partner." The agreement didn't stop Israel's parallel war in Lebanon. It invaded the country in March to pursue Hezbollah, a militia that is aligned with Iran. NNA, the state-run news agency in Lebanon, reported on continued Israeli attacks across southern Lebanon. This included artillery bombardment and an air strike at dawn that targeted a building near a medical facility. Four people were killed. Israel's military warned residents repeatedly that they planned to attack Tyre, a city in southern Lebanon. Senior Lebanese officials said that Lebanon did not know if it was included in the ceasefire and was not involved in discussions. Peace talks will start in Islamabad on Friday as announced. The main demands of both sides are still unresolved. Washington's demands are outlined in a 15 point plan. Iran has responded with its own 10-point plan. In a tweet posted overnight, Trump acknowledged that he had received the Iranian plan. He called it "a good basis for negotiations" and Iran's security council said this amounted?to accepting its terms on principle. These include lifting all sanctions and compensating Iran for damages, as well as allowing it to control the Strait. A senior Trump administration official told an Israeli official that the Trump administration had promised to insist on the previous conditions. These included the removal of Iran’s nuclear material, the halting of enrichment, and the elimination or ballistic missiles. Hossein Shariatmadari is the editor-in chief of Kayhan, the newspaper associated with the late Ayatollah Ayatollah Khamenei. In an editorial he said that "compromise, negotiation and gifting the enemy are gifts".
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Ukraine continues to attack Russian energy sites. What has been struck?
In recent weeks, Ukraine has intensified its attacks on Russian energy installations as peace talks failed to make progress. Here is a brief summary of the recent attacks and their impact. NORSI NORSI is Russia's fourth largest oil refinery and owned by Lukoil. It suspended operations after a drone attack in Ukraine on April 5, according to two industry sources. NORSI is Russia's second-largest gasoline producer. It can process up to 16 million metric tons of oil each year or 320,000 barrels of fuel per day. Sources say that KIRISHI Russia’s?Kirishi refinery could partially restart in a month after processing was halted at the end March due to Ukrainian drone attacks which caused fires. Sources say that three of the four main units, which make up around 60% of the refinery’s nominal capacity, are expected to resume operations. Kirishi produced 2.1 million tons last year of gasoline, 7.7 million tons diesel, 6.1 millions tons of fuel oil, and 600,000 tonnes of bitumen. UST-LUGA PLANT - The Russian energy company Novatek suspended the processing of gas condensate and exporting naphtha from its Ust-Luga Complex after drone attacks caused an fire, according to three sources in the market. Three processing units at the Ust-Luga Complex, each with 3 million ton capacity, are used to refine stable gas condensate and turn it into jet fuel, heavy naphtha and gasoil. According to company data, in 2025 the complex will have processed 8.0 millions tons of gas condensate. UFA Ukraine’s military stated that it struck Russia's Bashneft Novoil oil refinery last week, more than 1,400 km (870 mile) from the Ukrainian borders. The plant can process up to 7 million tonnes of oil a year. SARATOV REFINERY According to sources, the Saratov refinery controlled by Rosneft was attacked on March 21, allegedly by a drone. The crude distillation unit of the refinery has since been shut down. The refinery will process?5,8 million metric tonnes of oil in 2024, which is 2.2% of all Russian oil refining. ILSKY REFINERY On February 17, a fire broke out in the Ilsky oil refining plant, located in southern Russia. The cause was drone attacks. According to officials in the region, the fire was completely extinguished on February 18. Exports are the main focus of Ilsky's refinery. It has a processing capacity of 6 million tons of crude oil per year. VOLGOGRAD RIFINERY According to sources, drone attacks caused the Volgograd refinery owned by Lukoil to be completely shut down as of February 11, 2016. Drones targeted, amongst other facilities, CDU-1, the refinery’s primary oil processing unit, whose daily capacity is 18,600 tons. The Volgograd refinery will process 13.7 million tonnes of oil in 2024. UKHTA RIFINERY According to officials in the region, a drone attack led to an explosion at the Lukoil-owned Ukhta Refinery on 12 February. Sources claim that the CDU-1 primary oil processing unit caught fire. The unit's capacity is approximately 6,000 tons per a day or one third of the refinery. The Ukhta Refinery in northern Russia will process around 3 million tons of oil by 2025. AFIPISKY REFINERY According to officials in the region, drone attacks caused a fire at the Afipsky Refinery located in southern Russia on 21 January. Exports are the main focus of the refinery. In 2024, it will process 7.2 million metric tons (144,000 barrels) of crude oil. PORTS AND TTANKERS The Russian defence ministry announced on Monday that Ukraine had?attacked facilities at the maritime transit complex in the Port of Novorossiysk over night, causing damage to a mooring for the Caspian Pipeline Consortium as well as causing fires in four oil reservoirs. After Russia's report, Kazakhstan reported that CPC oil exports via the Black Sea were stable. ?U.S. The oil major Chevron announced on Tuesday that crude oil exports had continued uninterrupted from the vast Tengiz oil field. On Monday, Ukrainian drones started a fire in the Sheskharis Oil Terminal located in Russia. Alexander Drozdenko, the local governor, said that a drone attack from Ukraine damaged a portion of a pipeline in Russia's Baltic Sea Port of Primorsk. In a drone attack last month, Primorsk lost 40% of its storage capacity, despite being one of Russia's biggest export gateways. Primorsk can handle up to 1 million barrels of oil per day. Reporting by:
Russian drone damages infrastructure in Ukraine's largest Danube Port
Ukraine's regional development ministry reported on Telegram that a 'Russian drone attack' overnight on Ukraine's largest Danube River port, Izmail, had damaged a port facility.
The ministry stated that "the enemy continues to target port infrastructure and logistics."
The 'Telegram Post' reported that fires had broken out in warehouses, but were put out by emergency services. No one was injured.
Izmail is located on the Danube, at the southernmost?tip? of Ukraine. It faces the territory of Romania on the other river bank. It is a key and often-hit logistical node in wartime Ukraine.
In 2022, after Russia blocked Ukraine's Black Sea port in the Odesa region, river ports along the Danube, in particular Izmail, became the only waterway available for Ukrainian imports.
After the lifting of the port blockade, in 2023?the Danube ports?will play a smaller role. Ukraine still receives shipborne shipments of explosives and fuel exclusively through the Danube terminals. (Reporting and editing by Christian Schmollinger, Sharon Singleton and Max Hunder)
(source: Reuters)