Western Europe

Fraport, a German airport operator, said that it expected a "significant" decline in its net earnings by 2026. It said that this was due to a higher depreciation amounting to approximately 140 million euros ($164 millions) as well as higher interest expenses of about 90 million euros. It expects to have a positive free cash flow in 2026 and will pay a dividend of 1 euro per share. This would be the first dividend paid by the company after the outbreak of the COVID-19 Pandemic. In November, It would most likely meet its?requirements, including ending cash outflows from investments in...

The federal government of Brazil plans to auction off the massive Tecon '10 container terminal at Santos Port in the first half of March, said Minister of Ports and airports Silvio Costa Filho on Friday. He said that more than 10 bidders have expressed interest in the auction, including the Philippines-based ICTSI, JBS, JSL and unnamed 'Arab investors. The Minister said that the minimum bid price will be below?6.4 billion (about $1.19 billion), the amount of money the winning bidder must invest to build and run the terminal. Roberto Lopes confirmed that the Rio Brasil Terminal, controlled by ICTSI will...

Heathrow Airport in London appointed Philip 'Jansen, WPP Chairman and former BT Group CEO as its new chairperson on Thursday to guide?the _airport? through a critical period of growth. Media reports said that Jansen was widely expected to become the next chairman of 'Europe's busiest Airport. Heathrow will 'undergo a expansion worth 49 billion pounds ($64 billion), which includes the addition of a third runway. The UK government chose to support this project to boost the UK's economic growth and to end the uncertainty surrounding the future of the airport. Jansen stated in a press release that he was "fully...

The Russian Urals crude differentials remained unchanged on Wednesday. Kazakhstan, however, diverted some oil from the Caspian pipeline consortium?pipeline?in December due to a decrease in the route’s capacity. Kaztransoil, the oil pipeline operator in Kazakhstan, announced on Wednesday that the country would divert certain volumes of oil from the Caspian Pipeline Consortium network damaged to other routes such as China. Kazakhstan will increase its oil supplies to Russia and the Baku, Tbilisi, Ceyhan pipeline by 58,000 tonnes this month as compared to initial plans. A source in the industry said that a drone strike by Ukraine on a Black Sea...

A Ukrainian official reported that Ukrainian drones disabled a tanker trading Russian oil on Wednesday as it sailed through Ukraine’s exclusive economic zone (EEZ) in the Black Sea towards the Russian port of Novorossiysk. This is the third drone attack in two weeks against vessels of Russia's "shadow fleet", which Kyiv claims are unregulated ships that help Moscow export large amounts of oil to fund its war?in Ukraine, despite Western sanctions. As the conflict in Ukraine spills over into sea lanes, insurers are reviewing policies daily. An official with the Security Service of Ukraine stated that the Dashan tanker had...

The EU antitrust regulators warned that the BlackRock-MSC bid to buy CK 'Hutchison terminal in Barcelona port may lead to "higher prices" or a reduction in 'quality' of container terminal services. They opened a full investigation on Wednesday. The EU could force the two countries to make concessions in order to address "regulatory concerns". Terminal Investment Limited Holding, a subsidiary of MSC Mediterranean Shipping Company based in Switzerland, and BlackRock, will acquire joint control over Hutchison’s terminal at Barcelona Port. The port is the main deep-sea gateway to and from Barcelona, as well as connecting with traffic from and to...

The government of Lithuania announced that on Tuesday, a?state of emergency was declared due to the threat to public safety posed by smuggled s?balloons from Belarus. Lithuania accuses Belarus of allowing smugglers use weather balloons for contraband cigarettes to be transported across the border. This has repeatedly forced Vilnius Airport to stop operations and disrupt air traffic. Vladislav Kondratovic, Interior Minister at a live-streamed government meeting, said: "The state of Emergency is declared not only because of civil aviation disruptions, but also due to national security interests." Kondratovic said that the declaration gives increased operational freedom to military forces, allowing...

The Brazilian Federal Audit Court (TCU), voting six to three, recommended that operators of existing container terminals in the Santos Port be banned from participating 'in the first stage of bidding for the planned mega terminal. This decision is a blow for companies like Danish shipping group Maersk and MSC, which already operate container terminals at the largest port in Latin America. These companies can only enter the second phase of auction if they do not receive any?valid bids. The two-phased model proposed by Antaq, the port regulator, and challenged in court by Maersk, could be beneficial to 'new entrants...

The Brazilian Federal Audit Court (TCU), on Monday, recommended that operators of other mega container terminals in Santos be banned from bidding for the first phase of the auction, citing possible concentration of the market. This decision is a blow for companies like Danish shipping group Maersk and MSC that operate container terminals at Latin America's biggest port. These companies can only enter the second phase of bidding if the first one does not receive valid bids. Maersk challenged the two-phase model proposed by port regulator Antaq in court. It could be beneficial to new entrants in Asia, or companies...

Argentina, a global food supplier, is planning to boost its grain and mineral exports through privatization, and a modernization program of its railway network. Industry leaders claim that this will reduce freight costs in regions located far from ports by half. The first tender will be for the Belgrano Cargas, which runs the three biggest freight train lines in the country. The initiative, which will be launched in early 2019, could increase production of global commodities like soybeans and corn. It also includes copper and lithium. The project could also help transport sand from Vaca Muerta in Argentina's Southwest. The...

Four sources with knowledge of the matter have confirmed that commodity trader Mercuria plans to remove significant quantities of copper from London Metal Exchange storage facilities in Asia. Prices are rising on account of expectations of a shortage. LME copper prices reached a record of $11,540 per metric ton Wednesday, partly because of anticipated shortages in the coming year due to disruptions to mine supplies including accidents and incidents in Indonesia and Chile. Mercuria, a Swiss company, has cancelled or designated for delivery over 40,000 tonnes of copper stored in LME facilities in South Korea. Taiwan Sources familiar with the...

Sources said that the differential between Russian Urals crude and Brent dated was stable on Wednesday. Kazakhstan also rerouted some oil exports to other destinations than the Caspian Pipeline Consortium (CPC), which had been attacked by a drone over the weekend. Five industry sources have confirmed that Kazakhstan will divert additional crude oil through the Baku, Tbilisi, and Ceyhan pipelines in December, after the CPC, its main export route suffered damage following a drone attack by Ukraine. According to a source, Kazakh producers could add up to 140,000 tons KEBCO crude oil in December. Ukraine has struck the Druzhba pipeline...

A senior EU legislator?said? on Friday that the European Commission would move to scrap plans for an effective prohibition on new combustion engine vehicles from 2035. This would be a significant victory for Germany, which has been pushing to protect its automakers. In an earlier statement, Manfred Weber suggested that there would be a different proposal to reduce CO2 emissions by 90% for the fleet targets of automakers starting in 2035. The EU had planned to ban the sale of all electric cars in Europe as part of its strategy for decarbonisation. But Brussels has been subjected to intense lobbying...

A Volvo executive told reporters on Friday that he hopes the European Commission will resist pressures to lift the effective ban on the sale of combustion engine cars, and said the Swedish automaker is "ready to go" when it comes to electric alternatives. Germany, Italy, and their manufacturers are lobbying Brussels for at least a watering down of plans for a ban by 2035. They argue that they need help in order to compete with China. The European Commission is expected to remove the ban on automakers fleets next week, according to a?leading German EU legislator. He also suggested that...

Boersen-Zeitung, a German newspaper, reported that the German government was in early discussions to 'acquire' a majority stake of?TenneT Germany power grid operations after agreeing in principle to take 25.1%. The financial paper cited sources that said 'Berlin was considering building a consortium with financial investors like Apollo, Blackstone, or Brookfield. Companies and the German Economy Ministry did not respond immediately to a request for comment. Boersen-Zeitung cited sources who said that the German government has also agreed to buy in principle a 25,1% stake in grid company's Dutch parent. Last month, a document from the Ministry of Economy stated...

Industry sources reported on Thursday that premiums for Azeri BTC crude oil compared to Brent dated fell by 12% between November and October. According to the schedule, Azeri BTC crude exports to Turkey from Ceyhan have been set to 16.2 million barrels, down from 17.0 in December. The traders stated that the lower supply of grade "supported" the differentials. CPC, which is responsible for around 80% of Kazakhstan’s oil exports, suffered a drone attack on November 29th, causing severe damage to one of its three main exporting units. Sources said that exports fell last month from 1.52 million barrels a...

A cyclone extratropical that swept across Sao Paulo on Thursday knocked out electricity to 1.5 million homes and business. The storm also damaged power lines, disrupted flights and water supply and destroyed trees. In 2023 and 2024 there were also massive power outages caused by wind storms, which brought Enel to public attention. Enel reported gusts up to 98km/h (61mph) battered a region of 11 million people during a 12-hour gale Wednesday. The impacts of the storm continued into Thursday. Enel announced in an early Thursday morning statement that about 2 million customers in the region lost power during the...

Gascade, a German gas grid operator, announced on Thursday that it had converted a 400-km (249-mile) high-pressure pipe to transport low carbon hydrogen southwards as part of an 'European core network' to ship alternative fuels. The Ukraine conflict has also heightened the importance of energy security and the replacement of Russian gas in the EU. The pipeline can transport locally produced hydrogen from Mecklenburg-Vorpommern state ?via Brandenburg to Saxony-Anhalt initially, with a view to reaching the industry in southern Germany by ?2029, and branching out to Poland, the Czech ?Republic and Austria later. Gascade's managing director Ulrich Benterbusch said: "Converting...

Two industry sources reported on Thursday that oil exports by the Caspian Pipeline Consortium, which ships 'oil from Kazakhstan through a pipeline and then to a Russian Black Sea terminal, had declined 12% from October. CPC, the company that handles around 80% Kazakhstan's oil exports, was severely damaged by a Ukrainian drone in November. Since then, SPM-2 has been?damaged, and SPM-3 is under maintenance. Sources said that exports fell last month from 1.52 millions barrels per day to 5.088 metric tons or 1.34million barrels per day. CPC exports increased by 15% between January and November to 66.541 millions tons. CPC...

PCK, Germany's PCK, said Thursday that it was operating normally. It also stated that they were drawing from "internal stock" a day following a crude spillage in a pipeline feeding the re-finery via the port of Rostock. PCK reported that the incident occurred at a valve-station near Gramzow. There were no injuries or dangers for residents in the area. There are no immediate effects on the refinery's operations. PCK has enough stocks to cover short-term interruptions in supply," said a PCK spokesperson. According to the current information, "there is no damage in the pipeline." A restart can therefore be planned...

Shell is looking to dissolve its joint venture with Rosneft in Russia, which allows the London-listed company to hold a part of its stake in Caspian Pipeline Consortium. A source who has direct knowledge about the matter confirmed this on Wednesday. In October, the United States imposed sanctions against?Rosneft over Russia's involvement in the?Ukraine war. On 'Monday, Russian President Vladimir Putin released a decree clearing potential deals with Rosneft's and Shell’s joint-venture stakes in CPC which exports oil mostly from Kazakhstan. Shell owns a total of 7.4% of the?CPC through three entities. One of these is the Rosneft/Shell Caspian Ventures...

The German energy regulator has proposed new regulations that would allow power grid operators to earn at least 1.4% extra from 2029 when the next five-year regulation period begins. Bundesnetzagentur announced ahead of a press conference that in exchange for the stronger incentives, around 900 companies qualifying will be subject to tougher efficiency goals. "Investments in?German electric grids are becoming increasingly attractive." "We are also ensuring grid operators run their operations more efficiently," said Bundesnetzagentur President Klaus Mueller. He was referring to an upcoming draft which includes provisions for gas grid companies from 2028. The regulator is responsible for the...

Statnett, Norway's transmission systems operator, is requesting regulatory approval to evaluate a split in the northernmost power price zone of the country to allow for an 'improved flow' of electricity. The Norwegian power market is divided into five 'bidding areas', which reflect the local supply and demand as well as internal grid bottlenecks. Statnett stated that these have been unchanged for the past 15 years. However, with changes in production, consumption and grid capacity, it may be advantageous to change them. It added that the northernmost NO4 zone covers a large geographical area with dispersed energy generation and consumption. Transmission...

After a drone attack by Ukraine on the Caspian Pipeline Consortium’s Baltic Sea terminal, the Kazakhstani energy ministry announced on Wednesday that it will redirect some oil from its giant Kashagan field to China. Two sources had told? This week, it was reported that Kazakhstan planned to deliver 50,000 metric tonnes of crude oil?to China from Kashagan in December for the first time since the Ukrainian attack damaged the CPC terminal?last month. CPC, which is a company with a Russian, Kazakh, and U.S. shareholder base, had to cut back on exports after an attack damaged a 'key' part of their...