Latest News
-
Satellite images reveal oil spillage from a shadow fleet tanker off Oman
According to satellite images and shipping experts, a sanctions-hit oil tanker has been leaking oil near the coast of Oman. The spill has increased in recent days and is increasing concern about possible environmental damage. Ship tracking data indicates that the Caroline Bezengi stowed Russian oil at its Black Sea port, Novorossiysk, before departing for its latest voyage. Two maritime security sources confirmed that the ship first reported problems on June 8, off the southern Yemeni Port of Mukalla. They added that preliminary assessments suggested that an explosion had occurred on board. Satellite image taken on July 28 shows that there is a "dark slick" in the water around the vessel, and lighter patches to the north of al-Qibliyyah Island. This island lies near Oman's coastline?and forms part of a marine protected area. After reviewing the images, Wim Zwijnenburg a remote sensing?specialist at the Dutch peace advocacy organization?Pax said that the darker oil slicks indicated that the hull of the crude storage ship?seems to have been breached and the ship was leaking crude. Zwijnenburg said that the area's monsoon, which peaks between July and August, could bring severe weather conditions, which would spread crude oil quickly. Satellite Images Show Vessels Could Be Listed The deck structure and paint of the Caroline Bezengi, as shown on recent satellite images, match archive imagery. This vessel is under sanctions from the European Union and the UK for its alleged involvement with Russian fuels. Rentoor Shipmanagement of Shanghai, the owner listed in shipping databases, was not available to comment. The Ministry of Transport, Communications and IT in Oman did not reply to a comment request. A 'oil tanker expert' who reviewed satellite images stated that the vessel is likely to be sagging. Other maritime sources warned it could break apart at some point. At this time, the vessel has not been broken up. The International Maritime Organization's (IMO) spokesperson said that authorities were currently discussing how to address safety and environmental concerns. Russia uses aging and often poorly maintained oil tankers in its shadow fleet to avoid Western sanctions on its oil exports. It is unclear whether the explosion damage to the vessel was caused either by an attack by Ukraine on Russian tankers or by the conflict in the Middle East. (Reporting and editing by Helen Popper, Catherine Cartier, Jonathan Saul)
-
Two sources confirm that Tengizchevroil, a Kazakhstani company, resumes exports to Georgian Batumi.
Two sources said on Friday that Tengizchevroil has resumed oil exports through the Georgian port of Batumi for the first time since March. Caspian Pipeline Consortium is responsible for more than 80% (of Kazakhstan's oil exports), with the majority of the oil coming from the Caspian field of?Tengiz and Karachaganak. Drone attacks and adverse weather conditions have forced the suspension of CPC. This has forced TCO to use alternative routes, which are more expensive. The consortium reported that the CPC halted crude oil deliveries on Thursday at its Black Sea terminal near Novorossiysk after a drone attacked tankers. According to one source, approximately 20,000 tons of oil have been shipped from Tengiz to the port of Batumi. The sources refused to be identified 'because they weren't authorised to speak in public. In recent weeks, the restrictions on oil exports through CPC has led to a dramatic drop in crude oil production in Kazakhstan. Chevron is the primary shareholder in TCO, with a 50% stake. Other investors include ExxonMobil (25%) KazMunayGas (20%) and Lukoil (5%) KazTransOil is the owner of the Batumi Oil?Terminal, Kazakhstan's oil pipeline company. Felix Light, Emelia Sithole Matarise, Barbara Lewis and Felix Light are responsible for reporting; Felix Light is also the writer.
-
Amadeus CEO: Iran war has improved bookings and the worst is over.
The CEO of 'Amadeus' said that bookings for air travel were improving on Friday, after the Iran war had impacted the company's second quarter results. He added that the worst effects are likely to be over. Amadeus reported earlier that the turmoil in the Middle East led to an increase in cancellations and air traffic disruptions. This resulted in a 7.6% drop in its quarterly bookings. "Our 'feeling' is that the worst already happened with all these cancellations, adjustments of routes and adjustment of capacity of the airlines," said CEO Luis Maroto in a conference call with analysts. He cited a gradual improvement of bookings from June. Maroto said that the U.S. and Israeli war against Iran affected bookings on some domestic markets including the United States as airlines rearranged their capacity and raised prices. He warned that it is yet to be seen if the recent improvement is a result of people who delayed bookings in a "wait and see" attitude, or if it's a new trend. According to LSEG, Amadeus' adjusted?second quarter core earnings were EUR672.8 mln ($774.2 mln), which?beat analysts expectations. Reporting by Javi Larranaga in Gdansk and Gemma Guasch, with editing by Milla Nissi-Prussak
-
Saudi Aramco, Sonatrach and Sonatrach increase LPG prices in August
Saudi Arabian state oil producer Saudi Aramco raised its official prices for liquefied petroleum gas by between 6% and 7% in August, traders reported on Friday. This was due to a higher demand for the product on global markets. Algeria's Sonatrach raised LPG prices between 19% and 23 % for August, according to traders. Saudi Aramco’s August OSPs have increased by $40 per metric tonne to $620. For propane, the price has increased by $40 per ton up to $640. Butane is a good alternative. LPG comes in two types: Propane (also known as butane) and propane. Both have different boiling points. LPG is used primarily as fuel for vehicles, for heating and?as feedstock for other chemicals. Sonatrach has increased the price of its August?OSP propane by $100 per ton, to $540 And?for?butane, by $90 per ton to $570 . Saudi Aramco’s OSPs serve as a reference for contracts to supply LPG originating in the Middle East?to the Asia-Pacific area. Sonatrach’s?OSPs? are used as benchmarks in the Mediterranean and Black Sea regions, including Turkey. (Editing by Emelia Matarise Sithole)
-
UAE Stocks Rise as Earnings Boost Sentiment
The stock markets of the United Arab Emirates closed higher on Friday. Abu Dhabi led the gains, as a strong corporate earnings boosted investor confidence. Abu Dhabi's benchmark index? jumped 0.4% in the second session of gains. Alpha Dhabi Holding rose 1.5% before its earnings announcement later that day. Adnoc Drilling gained 1.2% after it reported a 2% increase in net profit for Q2 to $359 Million, surpassing analyst estimates. Joseph Dahrieh said that despite external pressures the UAE stock market could continue to be resilient. Dubai's main index rose?0.1%, thanks to a rise of 1% in the Salik Company, a toll-gate operator. Commercial Bank of Dubai also saw a jump of 5.9%. Gains were limited due to a 0.7% drop in the top lender Emirates NBD Bank and a 0.5% decline in blue-chip developer Emaar Properties. Dubai Financial Market fell 1.4% following a?report by the exchange operator that its second-quarter profits had declined more than 60% to 229.8 millions dirhams (62.57million dollars). The price of oil, which is a major driver in the Gulf's financial markets, increased on Friday, as regional tensions and shipping restrictions fueled supply concerns. Brent crude rose 1.4% to $90.31 per barrel by 1146 GMT. Abu Dhabi's index rose by 0.9% for the week, while Dubai gained 0.2%. This ended a losing streak of three weeks.
-
Market sources report that Russia imports gasoline from Morocco
Two industry sources have told? Two industry sources told? After repeated Ukrainian drone strikes on oil refineries caused shortages and price spikes, Moscow has introduced a "range" of measures to support its domestic fuel market. The measures include rail imports from Belarus and Kazakhstan of gasoline?and an export ban. Sources claim that a tanker flying the Panama flag loaded the cargo in Morocco's port Tangier at the end of July and is now dumping it at Russia's Arctic Port of Murmansk. Sources added that Lukoil was the supplier. The St. Petersburg International Mercantile Exchange (SPIMEX), which is a part of the Murmansk Port, has data that shows AI-92 gasoline being offered by rail from Kola Station. Lukoil didn't immediately respond to an inquiry for comment. Alexander Novak, Deputy Prime Minister of Russia, said in mid-July the country would import oil products to stabilize the domestic market amid fuel shortages due to refinery failures and increasing?demand. Sources had previously reported that Russia was also importing fuel from India via the sea. In early July, Russia’s gasoline production had fallen to 65% of the average summer consumption due to outages at major refineries after drone attacks that have increased in recent months. Gasoline sales were restricted in several Russian regions due to the drop in production. Reporting by In Moscow. Mark Potter is the editor.
-
ADNOC purchases tankers amid Red Sea and Hormuz crises that reshape the oil trade
Three sources with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), has purchased 'five very large crude carrier (VLCC)s for $590 million. The company is expanding its fleet in response to the conflicting demands of the Strait of Hormuz and the Red Sea. The UAE producer is attempting to gain more control over its supply chain. This will allow it to deliver crude oil to customers despite geopolitical tensions that disrupt two of world's most important maritime routes. Sources claim that ADNOC Logistics and Services, (ADNOC L&S), recently purchased five VLCCs from Frontline Plc. Sources said that two vessels built in 2012 were bought for $115 million each and three vessels constructed in 2015 for $120 million. We do not comment on market speculation or rumours. ADNOC L&S constantly reviews its fleet requirements, strategic growth opportunities and company statements. "As an?issue of policy, any announcements made relating to?potential transactions' are done in accordance with?the?company?s internal governance processes and applicable disclosure obligations." Frontline has declined to comment. The United Arab Emirates, a former member of OPEC, has sold millions barrels directly to refiners and through spot auctions. ADNOC also purchased three very large gas carrier (VLGCs), each for about $115,000,000, according to a source. This source stated that ADNOC L&S also ordered 25-30 new vessels from different shipyards. These include crude tankers and LNG carriers as well as?LPG carriers. ADNOC L&S has more than 900 vessels, including seven VLGCs. After months of disruption, the investment in new vessels follows months of disruption for shipping through the Strait of Hormuz and the Red Sea. Source: After the crisis in the region escalated, the company expanded its own fleet and chartered 25 crude tankers with South Korea's Sinokor. Source: About 15 shuttle tankers were used to transport crude oil from storage terminals located in Fujairah, Oman and the Strait of Hormuz, while the rest of the vessels provided direct customer service. Sinokor has not responded to our request for comment. Reporting by Nidhi verma, Jonathan Saul, and Ahmad Ghaddar. Editing by Raju gopalakrishnan.
-
Amadeus trims revenue forecasts for 2026 after beating profit expectations
Amadeus surpassed second-quarter profit estimates?on Friday. However, the 'travel technology company' lowered its revenue forecast for?2026 after the conflict in Middle East affected bookings and disrupted the air traffic. Amadeus expects a mid-to-high single-digit revenue increase in 2026. Previously, it had expected a high-single digit growth. According to LSEG, the company's?second quarter adjusted core profit was EUR672.8 millions ($774.2million) and exceeded analysts' average estimate of EUR657million. Amadeus reported that the turmoil in 'Middle East' caused an increase in cancellations of bookings and disruptions in air traffic, resulting in a 7.6% drop in bookings for the quarter. At the opening, shares?fell by as much as?3.5% before turning around and trading 1.6% higher at 0756 GMT. Amadeus, the world's biggest travel booking system, faces increased pressure due to an uncertain travel climate. The global airline association,?IATA, lowered its passenger demand forecast for 2026, from 4,9% to 2,1%, last month, because of?the U.S. and Israeli war with Iran. Amadeus reported that almost all regions experienced a'slower growth rate than the first quarter due to airline capacity adjustments and reduced air traffic. The company's hospitality and?Air IT businesses grew revenue the most, while traditional travel distribution slowed down as geopolitical tensions affected travel demand. The stock is still down 14% from the start of the year, despite Friday's gains.
Enbridge's Mainline volume increases helped it beat second-quarter profit expectations
Enbridge beat expectations for the second-quarter adjusted profits?on Friday as the Canadian pipeline operator benefitted from higher volumes of liquids transported through its Mainline system.
Enbridge has been able to maintain steady growth despite geopolitical tensions, commodity price volatility and increased demand for utility infrastructure, natural gas and power for data centers.
Its Mainline System, which moves almost half of the crude oil in the United States?reported a second-quarter core adjusted profit of C$1,57 billion ($1.12billion), an increase from C$1.5billion a year ago.
The largest pipeline system in North America transports light and heavy crude oil, natural gases liquids, and refined products to markets in Canada and U.S. Midwest.
Enbridge's gas transmission unit reported a core adjusted profit of C$1.42 Billion, up from C$1.38 Billion a year ago. This was due to the increased revenue from East Tennessee settlement rates and an approved rate increase for Texas Eastern.
The Line 5 Relocation?project in Wisconsin sanctioned this quarter added over C$1billion to the secured growth backlog. This brings the total to approximately C$41billion.
Enbridge anticipates that the project will cost $1 billion, and it is expected to enter service by early 2027.
CEO Greg Ebel stated that the company is well-positioned to take advantage of a "favorable" growth environment. He also said he would continue to give more visibility to its 5% growth forecast and extend it into the future.
Peer TC Energy, which also topped the quarterly profit estimates Thursday, approved natural gas pipeline extension projects in North America worth approximately C$700 millions.
According to LSEG, the company reported an adjusted profit per share of 63 'Canadian cents' for the quarter ended June 30. This was higher than analysts' expectations of 59 Canadian dollars. Reporting by Pooja menon in Bengaluru, Editing by Shreya biswas and Tasimzahid
(source: Reuters)