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Ukraine and Russia accuse one another of deadly attacks on Odesa port
Ukraine and Russia both accused the other of deadly attacks on Sunday. President Volodymyr Zelenskiy said that Moscow had targeted global food security when it struck Odesa's port. Three people were 'killed and wounded 37 times in the eastern Ukrainian city?Kharkiv?where an apartment block of multiple floors was struck, and authorities in Russias Belgorod reported that five people were killed and twenty-five wounded by a Ukrainian aerial attack. Zelenskiy claimed that a strike had damaged Odesa's port. Local authorities reported that dozens of drones, missiles and other weapons struck the southern seaside town injuring about a dozen people. Zelenskiy stated that "Russians are at war against the food security of the world in this manner." Odesa’s "seaports" are the main artery of Ukraine's agricultural exports. He also said that Russia hit nine other Ukrainian areas on Sunday. Russia bombarded Odesa to try and cut Ukraine off from Black Sea. "Everyone in Odesa knows that the most frequent target is the area around the port," said 67 year old?Ihor. His apartment narrowly avoided destruction. Ukraine has been attacking Russian oil tankers, cargo ships and other vessels in the Black Sea to disrupt Russia’s war-waging revenues. It claimed three more such attacks on Sunday. Both sides have launched an escalating campaign to undermine the logistics of the other. E-commerce warehouses and Ukrainian petrol stations were targeted heavily during the summer. Naftogaz, the state-owned oil and gas company of Ukraine, said that attacks on its facilities have increased in recent days. This includes overnight attacks on oil extraction equipment. Ukraine's Energy Ministry said that Russia had attacked power plants in the Odesa area, causing "significant" loss of electricity for residents of Odesa overnight. The company said that 90,000 customers had already regained power. The Russian Defence Ministry has said that it struck fuel storage facilities in Odesa, and Chornomorsk nearby. Pope Leo renewed his call for an end to the four-and-a half year war in the Vatican on Sunday. The pontiff told worshippers at Sunday's Angelus service that "Tragic incidents are multiplying and causing an increasing number of civilian victims including children." (Reporting and editing by Alexander Smith, Barbara Lewis and Max Hunder at the Kyiv and Moscow Bureau)
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Swiss Re warns of heatwave dangers as some parts of Germany relax trucking restrictions
The authorities failed to understand the'scale of risk' heatwaves pose to human life, according to the CEO of Swiss?Re, quoted on Sunday. This was as some German states relaxed trucking restrictions in order to reduce weather-related pressures on shipping. Europe, the continent that is warming up fastest, has seen thousands of deaths due to a record heatwave. Most of these deaths were people over 65 years old. France and Spain experienced particularly high temperatures over the past few weeks. Heat has also decreased water levels in major?rivers which have hampered shipping. This has prompted some German states to temporarily suspend curbs on truck traffic this weekend. Swiss Re CEO Andreas Berger said to the Swiss newspaper?NZZ am Sonntag that the risk of heatwaves, and their associated deaths, was understated. Berger added: "We must raise awareness about the dangers?arising? from this." Berger said that it is too early to determine the impact of excess mortality on the figures for Swiss Re, which was reported by the company in the first half 2026. Robert Koch Institute of Public Health estimated that there were approximately?11900 heat-related death in Germany in this year, mainly due to extreme temperatures late in June. North Rhine-Westphalia - Germany's largest?state - as well as Lower Saxony and Rhineland-Palatinate - as well as Saarland - lowered trucking curbs to help ease bottlenecks in transport caused by high water levels along rivers, including the Rhine. Low water levels are straining supply chains. That's why we're taking ?action and creating additional transport options by road at short notice," said Rhineland-Palatinate's state secretary for transport, Markus ?Wolf. Authorities said that the looser curbs for truck traffic on Sundays and Holidays will be in effect until August 31 and may remain in place through September in certain states. (Writing and reporting by Dave Graham, with additional reporting from Holger Hansen at Berlin; editing by Alexander Smith).
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Turkish officials claim that the passage of ships into the Black Sea is proceeding smoothly.
Two Turkish officials said on Sunday that ships are moving'smoothly' through the Turkish Straits to?the Black Sea, despite increased safety concerns. Bloomberg News reported on Saturday that Ankara has restricted commercial ship traffic into the Black Sea after attacks against vessels, including Turkish-owned vessels. The Turkish government has repeatedly warned Moscow and Kyiv about the attacks on ships in the Black Sea. It has urged the warring parties to take steps to ensure navigational security in the region. Hakan Fidan, the Turkish Foreign Minister said that Ankara has urged Moscow and Kyiv to declare a moratorium on attacks in the Black Sea. Officials who spoke under anonymity said that Turkey had taken some temporary measures to ensure its security, as it was very uncomfortable with the situation. However, this passage is clear in terms of the?Montreux Convention. The officials did not provide any further details. The Montreux Convention of 1936 on the Regime of the Straits grants Turkey "control" over the Bosphorus, Dardanelles and the right to regulate the transit of naval warships. The agreement also allows civilian ships to pass freely in peacetime, and restricts passage for vessels not from a Black Sea country. Turkey, with NATO's second largest army, has maintained friendly relations with Kyiv and Moscow ever since Russia's full-scale invasion of Ukraine 2022. It has refused to join Western sanction against Russia while also providing military assistance to Ukraine, including using its own stock. (Reporting and editing by Barbara Lewis; Tuvan Gumrukcu)
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Spain checks 200 Italian arrivals at the border after migration row
On the first day that border controls were reintroduced after a dispute with Italy over 'irregular migration,' Spain checked 200 passengers arriving from Italy at six of the largest airports in the country. Spain's Interior Ministry conducted checks on 199 passengers on 12 flights departing from Italy and arriving at airports in Madrid (Barcelona), Seville (Bilbao), Alicante, Valencia, and Alicante, the ministry said late on Saturday. Spain announced on Friday that border controls would continue to be in place for Italian flights and ships until September 7, after Rome implemented its own measures. Rome said the measures were motivated by a mass migration rush of 72,000 people into Spain's North African enclave, Ceuta. Italy suspended Schengen's borderless Schengen agreement with Spain on August 1, and has said that it will maintain border control until at least August 15 Rome stated that the measure will not affect Spanish or other EU nationals travelling to Italy, but instead would involve targeted checks of?non EU nationals arriving by sea or air from Spain. In an interview with the Italian newspaper Corriere della Sera published on Sunday, Foreign Minister Antonio Tajani said: "We hope to be able?to lift the suspension as soon as?there is no longer any risk." Schengen Area allows passport free?travel between 29 European?countries. However, member states may temporarily reinstate border controls for security or public order reasons.
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Russian authorities claim that three people were killed in a drone attack by Ukraine on Belgorod.
Local authorities reported on Sunday that three people were killed and 25 others injured in a drone attack by the Ukrainians overnight against Belgorod. Alexander Shuvayev said that the incident sparked two fires which were later put out by emergency services. He said that a number of residential buildings and non-residential ones were damaged. The Russian Defence Ministry claimed that it had?destroyed?more 150 Ukrainian drones in the European part of Russia, as well as the Black Sea, Crimea and the Sea of Azov. Alexander Kravchenko, the mayor of Novorossiysk - a major Russian port located on 'the Black Sea' - said that drone debris had fallen?onto two?facilities. He did not identify these sites. According to the state-run RIA news agency, local emergency services reported that a 'Ukrainian drone' struck a building in construction and a crane at Ufa. (Reporting and editing by Alexander Smith; Maxim Rodionov)
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Australia investigates the near-miss collision between two planes at Sydney Airport
The Australian 'Transport Safety Bureau' was informed that a Jetstar A320 and a 'Qatar Airways Boeing 777' narrowly avoided colliding on the tarmac of Sydney airport on Sunday. The regulator reported that the Jetstar flight crew was taxiing to take off for Gold Coast in Queensland when they saw an aircraft tug towing a Qatar Airways plane very close by on a cross-taxiway. The Transport Safety Bureau said that "both aircraft were abruptly stopped" in a press release. The regulator reported that a cabin crew member of the Jetstar aircraft was injured and that the connection between the nose gear of the Qatar Airways plane and the aircraft tug had been damaged. Jetstar, Australia's budget airline, also said that it was looking into the incident. In a press release, a Jetstar spokesperson stated that "our?aircraft?was following Air Traffic Control's instructions when the pilots had to?brake strongly after another aircraft approached in close proximity." Qatar Airways didn't immediately respond to an?ask for comment. Airservices Australia, the government agency responsible for Sydney Airport, had implemented "departure spacing" because of a roster problem with air traffic controllers. Airservices Australia didn't immediately respond to our request for a comment.
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German Minister wants to tie bonuses for Deutsche Bahn to targets
The new German transport minister has said he wants to tie bonuses to the struggling national 'rail operator' meeting government targets. In an interview with 'newspaper Bild am Sonntag published on Sunday, Steffen Bielger said: "It would have a tangible impact on bonuses paid to managers at Deutsche Bahn if the government targets are not met." Transport experts believe that the problems of Deutsche Bahn are due to decades of 'underinvestment' in infrastructure despite an increase in rail usage, as well as 'its status as a JSC aiming to make a profit while providing a public service. Bilger, who was appointed last month and is now in charge of the network, has said that he wants to improve punctuality. He said, "The figures so far are totally inadequate." It will take some time. According to the current agreement, the long-distance train punctuality is supposed to reach 70% by 2029. This is up from around 60% during the first half this year. He said, "There won't be 100% in the near future." "I don’t believe it exists in any other country in Europe." (Written by Dave Graham, edited by Andrea Ricci).
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Turkish Minister: NATO Article 5 is the same as NATO Article 4 in Turkey, Pakistan and Saudi Arabia defense pact
Hakan Fidan, Turkish Foreign Ministry, said that the Article 5 Mutual Defence Agreement of NATO is the same as a defence pact between Turkey, Pakistan and Saudi Arabia. The accord does not target Iran, he added. Fidan said that Turkish President Tayyip Erdoan wanted the alliance to expand and that Egypt, among other countries, was a possible candidate for membership. The regional powers have signed the "Mecca Joint Defence Agreement", bringing together Sunni Muslim U.S. Allies who are alarmed by a regional conflagration which has seen Iranian missiles fire on Gulf oil exporters. In a statement released jointly, the parties said that the agreement was intended to increase 'collective deterrence' against any acts of aggression. It also stipulates that any armed attack on any of the three countries would be considered an attack on them all. Fidan told the Anadolu News Agency that the new alliance wasn't aimed at Iran or other countries, but was rather "a general pledge" to support the security of the three allies. Fidan said that in consultations, the allies will decide what level, format, and form of support they want to receive in the event that an attack occurs. However, he added that no country is considered a threat if a member state has not been attacked. The Turkish army is the second largest in NATO. It has stated that it was open to expanding to other countries of the region and not to replace existing alliances. "NATO is an alliance of 32 nations. "We have?started as three countries, and we must take very modest but concrete steps," said he. He added that efforts to finalise this pact have been underway for the past two years and eight months. He said that an alliance would include a similar committee of ministers to NATO, as well as a Saudi Arabia-based general secretariat. However, operational details will be decided at the first meeting of the committee. "Our President's Vision is that we do not remain limited to just three countries. We grow and bring all (regional countries)?under one roof," he added, adding Egypt may join the pact after certain technical issues are resolved. Turkey, Saudi Arabia and Pakistan, as well as?Egypt, have formed a group in recent months to discuss regional issues, including the war against Iran. Turkey said that the group, dubbed R4, aims to strengthen its partnership by using concrete mechanisms. Fidan said that Turkey should also be part of an international coalition in order to protect Red Sea shipping from Houthi attacks, because Ankara's interest is shipping safety. Tuvan Gumrukcu, Susan Fenton, and Topra Chopra edited the article.
Maguire: 'Roi-Hormuz is half-open, but tanker prices are recovering in hope:
Oil tankers behave as if the Strait of Hormuz was reopening, even though the waterway is only partially navigable.
The signals are clear, from ship tracking data to the freight rates: Owners and charterers have moved early to position their vessels for a possible return to Gulf exports.
The gap between expectations and reality is still wide. This leaves the global oil transportation system on a fragile "middle ground" between crisis and recovery.
Signs of Recovery
Real-time vessel movement is the most obvious?evidence? of adjustment.
The number of tanker transits in Hormuz has begun to increase. During the conflict they were reduced to a fraction of their normal levels.
The flow of vessels through the strait was around 90-110 per day before the war started on 28 February. However, the number of vessels dropped by over 90% during the peak disruption.
Recent data show that traffic is picking up again. On some days, dozens of ships are crossing the channel, but levels are still well below pre-crisis standards and subject to sudden reversals.
This stop-start recovery highlights a crucial point: The system is still not functioning normally. Shipowners are testing the system in real-time to see if it's safe and commercially viable.
On the Road Again
Ballast movements - empty ships heading to the Gulf - provide a much clearer indication of future expectations. These signals are very strong.
The data from ship tracking shows that more empty tankers are entering the Gulf. This includes LNG carriers connected to Qatar, which have resumed voyages in Hormuz - for the first time since the conflict began.
Exports of laden goods are also still constrained. Cargo volumes are still half what they were pre-conflict, reflecting operational limitations and persistent security risks.
This divergence can be critical. This divergence shows that the fleet has committed ships ahead of actual demand -- in anticipation of cargoes following.
This positioning effort is compounded with one of the biggest shipping backlogs ever recorded. The Gulf is still clogged with hundreds of vessels, creating a bottleneck which could take several weeks to unwind.
The result is a fleet which is actively reshaping itself as congestion eases and access improves.
RATE MOVEMENTS
The freight rates reinforce this picture in an extremely dramatic way.
According to LSEG, earnings for Very Large Crude Carriers (VLCCs) on key Middle East routes fell to their lowest level since the beginning of the conflict as vessels accumulated before the recovery of actual moveable cargoes.
The daily rate for a VLCC to China from the Middle East is currently around $287,000. This was down from over $500,000 just before the peace agreement was announced.
The rates for smaller tankers, on the other hand, have increased as the Arabian Gulf has a high concentration of vessels.
Fuel tanker rates from Nigeria to Netherlands, for example, have increased from $63,000 per day at the end of June to more than $112,000 today.
The fleet managers also sent refined product tankers to the Middle East, anticipating that regional refineries would need to clear their inventories accumulated during the conflict in order for them restart production.
In essence, the market is pricing a volatile mixture of limited supply, increased risk, and anticipated access.
The partial reopening of the Gulf is starting to change global trade patterns, which were drastically altered by the disruption.
Oil flows around Cape of Good Hope and other longer routes were required due to the severe restrictions on Hormuz traffic. This led to a significant increase in shipping distances, costs, and time.
Shipping analyst reports say that these diversions have pushed up the ton-miles demand, a key indicator of shipping activity. Distances for some trades almost tripled as vessels avoided chokepoints.
Early signs indicate that these patterns from the crisis era may begin to unravel as Gulf exports gradually resume. As of now, however, alternate routes are still being used, reflecting the persistent uncertainty about access through Hormuz.
A CONFIDENCE PLAY
The tanker market faces a constraint that is not purely physical. It's psychological and financial.
The security situation remains fluid as vessels are still subject to route control, regulatory ambiguity, and elevated war-risk costs.
Operators are evaluating not only whether they will be able to transit the Strait but also whether they will do so predictably, safely and profitably.
This caution is the reason why the'recovery of flows' is lagged behind the recovery of fleet positioning - and why the system is so unstable.
The tanker fleet is betting. The tanker fleet has made its bet.
The Strait of Hormuz is not a reopened corridor until ballast flows are converted into sustained cargo movement and transit numbers stabilise.
Oil?markets may be pricing in a return to 'normality. Tanker fleets are still dealing with the possibility that normalcy hasn't yet arrived.
The opinions expressed are those of Gavin Maguire a columnist at. This column is great! Check out Open Interest, your new essential source for 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.
(source: Reuters)