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Source: Ukraine offers Russia a truce on the Black Sea in response to growing food shortage fears
Source: Ukraine has sent Russia a proposal suggesting that 'both parties' halt their attacks on civilian targets in the Black Sea. The strikes on ships and ports have raised concerns about global food supplies. Source familiar with the issue said that Kyiv had sent the offer of suspension via a third-party, but Ukraine is still waiting for the response. Both Russia and Ukraine, two major players on the world agricultural market, have accused one another of intensifying attacks on vessels used to export. EU WHEAT PARE GAINS AFTER RESULTS Kyiv was forced to find alternative routes for grain exports after many shipowners stopped stopping at ports in southern Odesa, a major hub of grain exports. After a Ukrainian attack on its Black Sea Port of Novorossiysk, Russia was forced to stop operations at the?three terminals and will be cutting?its grain imports. The Kremlin or the Russian Foreign Ministry did not respond immediately to a comment request on a report about Ukraine's offer. Alexander Grushko, the deputy Russian foreign minister, said that Moscow had not received any formal ceasefire proposals in the Black Sea before the report. We have heard many people call for moratoriums or truces in recent months. The ideas are being presented through different channels, but no formal proposals have been received," he told Russia's official news agency TASS. Euronext Wheat pared gains on Thursday in choppy trades to fall off a high of two weeks following the report. UKRAINE GRAIN TUMBLE Russia has tried to stop Ukrainian port operations, and the shipments that are a key part of Kyiv's war-ravaged economic system. After the Russian invasion of 2022, the United Nations and Turkey negotiated a deal that allowed Ukrainian grain exports continue in order to stave off an?imminent food crisis. In 2023, Russia refused the extension of the agreement. Ukraine established a second sea route after that which remained operational up until the most recent round of escalation. Kyiv claims that the options - rail or via the Danube- are very limited. On Sunday, Turkey expressed concerns to Russia and Ukraine about attacks, saying that both should declare a moratorium in attacks on the Black Sea. Ukrainian grain exports have fallen 76% on an annual basis so far this August due to the current de facto Black Sea port blockade. The agricultural sector has warned of the dire consequences of a continued blockade for the Ukrainian economy. Andrew Heavens edited this article.
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Source: Ukraine offers Russia a truce on the Black Sea in response to growing food shortage fears
Sources say that Ukraine sent Russia an offer to both countries asking them to stop attacking civilian targets on the Black Sea. Both countries have been warning about threats to food supplies worldwide after weeks of intense strikes against vessels and ports. Sources familiar with the matter said that Kyiv had sent the offer of suspension via a third-party, but Ukraine is still waiting for their response. Both Russia and Ukraine - major players in the global agriculture market - have accused each of intensifying their targeting of agricultural export vessels. Kyiv was forced to find alternative shipping routes when many shipowners stopped stopping at ports in the southern region of Odesa, which is a major grain exporting area. They were wary of Russian strikes on dozens?foreign flagged ships and port infrastructure. Russia didn't immediately make a public comment. Alexander Grushko, the Deputy Russian Minister of Foreign Affairs, said that Moscow had not received any formal ceasefire proposals in the Black Sea before this report. Recently, we've heard many calls for different kinds of truces and moratoriums. The ideas are being presented through different channels, but no formal proposals have been received," he said, according to Russia’s state news agency TASS. Euronext September Wheat?BL2U6 slid lower after the news about Ukraine's bid. Hakan Fidan, the Turkish Foreign Minister, said on Saturday that both Russia and Ukraine had been asked to declare a moratorium in Black Sea attacks. The de facto blockade by Russia of Ukraine's Black Sea ports in Odesa has caused Ukrainian grain exports to fall 76% in comparison to the same period last year. The agricultural sector warns of dire consequences for the Ukrainian economy if the situation continues. Andrew Heavens edited this article.
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The largest grain terminal in Russia, Novorossiysk KSK, has suspended operations
Delo Group, the owner of Russia's KSK grain terminal in the Black Sea port of Novorossiysk, announced on Thursday that it had suspended operations. The decision was taken to ensure the safety of staff and infrastructure, it stated. Ukraine attacked?Novorossiysk ports in a massive drone attack on Wednesday. Two other major grain terminals were?put out of service. Russian Railways, the monopoly railway company in Russia, announced on Thursday that it had limited the loading of cargoes bound for the port of Novorossiysk. According to a document reviewed by the. Novorossiysk’s 'grain' terminals, with a combined capacity of more than?20 millions tons, are the main route for Russian seaborne grains exports. Last season, they reached a record?52.7million tons. (Reporting and editing by David Goodman, Jan Harvey and Olga Popova)
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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.
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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.
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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)
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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.
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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).
Stalled Alaska LNG pipeline bill sends 'negative signal,' governor says
Alaska Governor Mike Dunleavy expressed his "deep disappointment" at the failure of a bill in the Alaska legislature to move forward with a pipeline to export natural gases to Asia.
Dunleavy wrote in a late Wednesday post on X that the decision of the legislature not to reconvene to vote on a change to tax laws?needed to progress the $50 billion project pipeline and terminal would send a 'negative signal' to potential investors and partners. Local news station KTUU reported that legislators cited insufficient support of the bill.
This project will also improve access to gas for domestic use.
Dunleavy stated that Alaska is running out affordable and reliable natural gas. This is an issue that has been a problem for decades and it's become more urgent after years of inaction. Delaying action increases risks, costs and limits future options.
KTUU reported that Dunleavy was urging the lawmakers to reconvene for voting on August 20.
The Trump administration has promoted Alaska LNG as a means to increase national security and boost trade with allies and partners, including Japan.
Requests for comments were not immediately responded to by the White House or Department of Energy.
Glenfarne did not respond immediately to a comment request. Glenfarne executives stated in March that the war in the Middle East was causing Asia to be more interested in gas produced by Alaska LNG. The company said that it hoped to make the final investment decisions in this year or next and begin shipping "liquefied gas" by 2031.
JERA and Tokyo Gas, Japan's largest LNG importers have signed preliminary agreements to purchase a total of 2 million metric tonnes a year from Alaska LNG.
The project's export terminal and pipeline are awaiting final approvals because Glenfarne is still unable to sign binding contracts for 80% (of the 20 million tonnes of LNG) of its planned?exportation capacity.
Glenfarne executives claimed in March that they had secured commitments to produce 13 million tonnes of coal per year. They said that it needed to secure agreements for 3 million more tons and make all commitments legally binding in order to get financing. Reporting by Curtis Williams, Timothy Gardner and Rod Nickel.
(source: Reuters)