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Sources say that despite the attacks, Russian oil exports were steady in April, but may increase in May.
According to industry sources, Russia managed to maintain crude oil loadings in its western ports at the same level as March despite 'ongoing drone attacks. Drone attacks on ports and pipelines in the Baltic Sea and Black Sea ports in late March or early April slowed down crude oil loadings, but not overall. The estimated exports and transit shipments in April of Urals, Siberian Light, and KEBCO crudes from?the port of Primorsk?, Ust-Luga?, and Novorossiysk?, including carryovers from the initial schedule for March?and top-ups?, is around 2.2 millions barrels per day. The data from the market showed that this figure is in line with the revised March number. Crude exports were suspended from Ust-Luga on 'March 25 due to a series attacks. They resumed on 'April 7th. The traders reported that the loadings at the port were the lowest in the beginning of the month. After a four-day suspension due to a drone strike, Novorossiysk resumed part of the crude and oil products trans-shipment process on April 9. Market participants anticipate that Russia will be able increase its loadings by May due to seasonal improvements in the weather at ports, an accumulated crude oil surplus, and improved weather conditions. Source: "There's a lot oil in the system. Everyone is interested in exports." New drone attacks on 'ports and pipelines could disrupt plans for increasing exports. The resumption in crude oil supplies to Slovakia and Hungary through the southern 'leg' of the Druzhba pipe could also ease the pressure on Russia’s ports, as deliveries to these two countries may total up to 200,000 barrels of crude oil per day. Even so, the halting of Kazakhstan's crude transit into Germany will result in an increase in transit volumes from Kazakh producers arriving at Russian ports. Russia announced that it would divert oil supplies originally intended for Germany through the Druzhba Pipeline to other routes. (Reporting and editing by PhilippaFletcher).
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Russia adds four LNG tanks to its fleet ahead of Europe's import ban
LSEG ship tracking data and the Russian'ship register' showed on Wednesday that Russia added four liquefied gas carriers to its fleet. This could help increase the country?s?marketshare ahead of a ban by the EU on Russian gas imports. In January, the European Union gave final approval to an import ban on Russian natural gas by 2027. In response to Russia's "war on Ukraine", the bloc also imposed sanctions. The sanctions have restricted Russia's ability to access the vessels that it needs to increase its share of the global market for LNG. The Russian Register?on?Wednesday showed four LNG tanks: the Orion, the Luch, Mercury and Cagri LNG. The vessels were all built between 2005 and 2006. The Equasis vessel data system showed that in February of this year, the owners of the tankers had changed. The Kosmos, Luch, and Mercury were transferred to Mighty Ocean Shipping Ltd., registered in Hong Kong. Celtic Maritime & Trading SA., registered Turkey, now owns the Orion and Mercury. All vessels have been renamed and re-flagged in Russia. The tankers used to be?owned? by an Omani company. LSEG data indicated that all four oil tankers were headed north in the Atlantic Ocean. The LNG carrier Luch's destination is Murmansk. This is near the Saam LNG floating Storage Unit. The facility is used to?transship LNG from the Arctic LNG-2 project. Near the port, ship-to-ship LNG transshipment operations for the Yamal LNG Project are being carried out. The cargoes are transferred from ice class tankers to conventional gas carrier. Barbara Lewis, Barbara Lewis (Reporting)
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Airport Authority Hong Kong offers $2.4 billion in bonds
AAHK (Airport Authority Hong Kong) has priced a HK$19billion ($2.4billion) three-tranche Senior Bond?offering in order to restructure debt and fund capital spending. AAHK said that the government-owned operator, Hong Kong International Airport, priced HK$10 Billion of bonds for three years at 2.90%; HK$6.5 Billion of bonds for five years at 2.97%; and HK$2.5 Billion of bonds for 10 year at 3.38%. According to a report on Tuesday, citing a 'term sheet,' AAHK is launching the bond sales as passenger traffic?has risen?and the airport has increased?use?of its three-runway system. AAHK stated in a statement released on Wednesday that the offering attracted peak orders totaling more than HK$55billion, or 2.9x the size of issue, from corporations, banks, and insurance companies. Vivian Cheung, Chief executive officer of AAHK, said: "The successful HKD Bond issuance amid market uncertainties highlights Airport Authority's credit standing." According to the statement, it is expected that bonds will be listed in Hong Kong on 6 May. S&P Global Ratings stated?on Monday that the notes proposed by the authority are rated the same as our issuer rating of AAHK (AA+/Stable /--), because its capital structure is minimally subordinated.
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El Nino will continue to test global energy markets: Maguire
The majority of major meteorological services predict that a strong El Nino pattern will set in by next month. This weather pattern is expected to impact global temperatures, rainfall trends, and lead to shifts?in coal consumption and natural gas usage across key regions. El Nino, which could occur this summer and further stress the major power sectors due to the disruption of global energy flows caused by the Strait of Hormuz closure as well as damage?to the energy infrastructure in the Middle East. This article will explain how El Nino can affect temperature and rainfall patterns in certain regions. It also explains how a strong pattern could exacerbate the stress on power systems that are already being affected by the fallout of the war with Iran. SEA SURFACE -TEMPERATURE SHIFT El Nino, a climate pattern, causes a rise in sea temperatures across the Pacific Ocean. It can also cause heatwaves to rage through Asia as well as floods and colder temperatures elsewhere. According to the World Meteorological Organization, the rapid rise in water temperatures has already been observed around the equatorial region of the Pacific this month. In a recent WMO statement, the chief of climate predictions said that "climate models are now strongly synchronized, and there is a high level of confidence in the onset El Nino followed by further intensification months later." The National Oceanic and Atmospheric Administration recently recorded a temperature of 21 degrees Celsius, which is the highest ever reading since the beginning of the 1980s. The steep rise in sea temperatures from the start of the year, compared with the long-term norm for this time of the year, indicates an intensifying El Nino. ASIA'S COAL INDUSTRY IMPACT El Nino has historically caused temperatures to be above normal in much of Asia and Oceania. It can also trigger long-lasting and intense heatwaves in South Asia due to its depressive effects on the monsoon rainfall. According to Ember, a think-tank for energy, the demand for cooling systems in the power sector is expected to increase this summer throughout Asia. This region accounts for 53% of all global electricity consumption. Asia's power system is heavily dependent on coal to generate electricity. Around 70% of India's electricity comes from coal-fired plants, and around 55% of China and Asia as a whole. The coal exporters will benefit from the higher power consumption in Asia in this year, particularly Indonesia. Indonesian coal exports are down 7% so far in 2026 compared to the same period of 2025. This is due to increased power production from clean energy sources, and lower energy consumption by key industries like cement producers. As El Nino spreads, the demand for coal and its imports will increase. Liquefied Natural Gas in Flux Due to the fact that Asia is also a major consumer of "liquefied natural gases", LNG exporters could also expect a rise in Asian orders with rising temperatures. Nevertheless, LNG is used more in industrial sectors than power generation in Asia. Therefore, LNG exporters might not see the same reaction as coal exporters to an increase in air conditioner usage. LSEG data also shows that Asian LNG prices are up from $550/metric ton before the Iran War to $868/ton now, due to the reduction in LNG supplies from Qatar, and the damage to Qatari LNG facilities. These prices are comparable to the benchmark coal export price of Indonesia, which is around $104 per ton. The coal exported by Australia costs around $126 per ton. This means that power companies will view LNG as being too expensive compared to coal. During times of tight power supply, European power companies tend to be more price-sensitive than their Asian counterparts. In El Nino years large swaths, including Spain and Italy, are susceptible to severe heat waves. This can cause a spike in the demand for power from air conditioners. This can put strain on grids and raise regional electricity prices. If heat stress persists this year, it will probably lead to a surge in LNG imports. This is especially true for Italy, where almost half of the electricity produced remains gas-fired. AMERICAS AFRICA & MIDDLE EARTH El Nino is known to cause warmer temperatures in Asia. However, historically it has caused?below average temperatures over the summer across North America. As summer is usually when North America's demand for electricity is at its highest, lower temperatures could lead to a reduction in overall electricity consumption and gas power generation. Gas inventories in Europe and other regions are increasing due to the need for more gas, so a lower North American gas consumption could free up gas for the LNG export sector. The U.S. could see higher coal exports this summer if power generation is below normal in the U.S., particularly if demand for coal in South Asia and certain parts of Africa continues to be strong. El Nino's impact on rainfall patterns in Latin America and Africa can lead to a reduction of hydro dam output, which is a significant part of the total power generation in these two regions. Power firms in Latin America and Africa are increasingly turning to other sources of generation, such as renewables and gas-fired plants, to make up for hydro shortages. El Nino's higher temperatures in the Middle East tend to increase gas-fired electricity demand through the summer. This may reduce the region's ability to resume exports this year, once a deal to end the conflict with Iran is signed. While Asian nations will be most affected by an El Nino intensity this year, any sustained shifts in global weather patterns could affect all major power markets. El Nino could bring back the same heatwaves, and the power usage spikes from previous years. These are the opinions of a columnist who writes for. You like this column? Open Interest (ROI) is your new essential source of 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.
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GKN Aerospace's Melrose owner sees a jump in quarterly revenue; warns of freight-cost inflation
Melrose Industries, the owner of GKN Aerospace, reported a 11% increase in revenue for its first quarter on Wednesday. This was largely due to?the strong performance by wide-body aircraft, engines and?its repair and military businesses. The company, which provides?engine?and?airframe components to civil & defence customers, has said that it is experiencing some inflationary pressure due to higher freight costs. It does not have any operations in the Middle East, and it only has a minimal exposure directly through its supply chain. Since the?U.S. Airstrikes by Israel and the United States on Iran started late in February. Iran also closed down or nearly closed off the Strait of Hormuz - a major chokepoint for energy supplies. Melrose, a supplier of parts to Boeing and Airbus aircraft, warned about the 'potential impact on civil flying hours due to reduced jet fuel supply and higher prices. Analysts expect the conflict in the Middle East to be the main driver of the aerospace supplier's stock price. Since the Iran conflict began, its stock price has dropped 16%. The efforts to end the Iran conflict reached a'stalemate' on Tuesday as U.S. president Donald Trump was unhappy with Tehran’s latest proposal. The company confirmed its outlook for 2026. It expects revenue between $3.75 billion and $3.95 billion, with an adjusted operating profit between 700 million to 750 million pounds. Brokerage - RBC Europe stated that it continues to see "an attractive structural growth story despite near term worries about the Middle East."
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Germany seeks alternative sources of oil as it reassures about its supply
Brandenburg said that up to 80% of crude supplies for 'Germany's PCK Schwedt refining plant are guaranteed in May. Germany is seeking alternatives to replace lost supplies following Russia's announcement to stop deliveries via the Druzhba pipeline on May 1. Dietmar W. Woidke, the state premier, said on Wednesday that "PCK's capability utilisation is stable. Crude oil supplies are secured up to 80% by May.?And jobs are protected." Woidke said that the situation allowed him to be optimistic about the future. He added that German officials worked with partners to find a solution for the refinery which supplies parts of Poland and northeastern Germany. Frank Wetzel (state secretary of Germany's Economy and Energy Ministry) said after the meeting that "the German government is working closely with PCK in order to replace lost crude oils supplies through alternative sources." He said that he would discuss how to quickly secure additional supplies via Gdansk, the Polish port city located on the Baltic Sea. The 'Polish energy ministry' said Tuesday that it has the technical capability to handle these deliveries. Any potential increase in volume depends on operational, logistical, and market factors. Last year, Kazakhstan exported a total of?2.146 metric tons of oil to Germany through the Russian pipeline, which is a 44% increase from 2024. This figure will rise to 730,000 tons by the first quarter 2026. (Reporting and editing by Thomas Seythal, Madeline Chambers)
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Amadeus will buy French biometrics company Idemia for €1.2 billion
Amadeus, a Spanish travel technology company, announced on Wednesday that it would acquire the French biometrics firm Idemia Public Security. The company is owned by private equity Advent International and will be acquired for 1.2 billion euro ($1.40 billion), in an all cash deal. Amadeus operates the largest travel booking system in the world. The company described the acquisition of the firm as an immediate earnings-adding move, expecting it to increase its growth at airports and border checkpoints, while also enhancing Amadeus' global presence. It said that the combination of Amadeus and the two businesses would increase Amadeus total revenue opportunity to 50 billion Euros from '41 billion. The deal will be closed in mid-2027, and it could include a bonus of up to EUR 150 million. Amadeus anticipated that the acquisition would result in a high-single-digit revenue increase with expanding operating margins and provide annual cost synergies up to 50 million euros over the medium term. IPS has around 3,300 employees worldwide, and it serves?more? than 600 customers in the public and private sectors. IPS also works in other regulated environments, such as government-grade biometric identifiers and data solutions.
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Jet2 UK warns that summer bookings will be slower due to the Middle East conflict.
Jet2, a British 'travel company,' warned Wednesday that the 'uncertainty about the war is limiting their outlook for seat occupancy during the peak summer travel season. Bookings have slowed down from February levels. Summer bookings are up 7.7% compared to a year ago, according to the company. This is less than the 8% increase in bookings reported in February. Due to the Middle East conflict, the?aviation industry and leisure travel has been under pressure. Jet fuel shortages have resulted from the Strait of Hormuz blockade and cancellations of customers are on the rise. Jet2, UK's third largest?airline said that customers have been booking their vacations earlier since the beginning of the conflict. The company stated that the Q1 combined average load factor (April, may, and June) is on par with last year. However, the current geopolitical uncertainties are limiting the visibility of the summer peak season. The company said that it hedged 87% of the summer jet fuel requirement due to the 'jet fuel crisis' and expects an annual operating profit in line with the market expectations by March 31, 2026. JPMorgan analyst Harry Gowers noted that Jet2's prices could be weaker than prior trends in the summer as the company stated it is committed to "attractive pricing". Shares of the holiday package provider fell by as much as 8,41%, to 980 pence before recovering and rising 0.5%. (Reporting and editing by Rashmi aich in Bengaluru, Simone Lobo is Bengaluru)
Amadeus will buy French biometrics company Idemia Public Security (Idemia Public Security) for $1.4 billion
Spanish travel technology company Amadeus announced on Wednesday that it would acquire French biometrics firm Idemia Public Security, owned by Advent International. The deal will be done in cash and is worth 1.2 billion euro ($1.40 billion).
Amadeus operates the largest travel booking system in the world. The company described the acquisition of the border checkpoints and airports as an immediate earnings-accretive move. They expect it to boost the firm's growth at both the border checkpoints and airports, while also enhancing its global presence.
It said that the combination of "the two businesses" should increase Amadeus total addressable market or revenue opportunity to 50 billion Euros from 41 billion.
Bernstein analysts wrote in a note to investors that this acquisition is "potentially a great deal and fits well with Amadeus portfolio". They also added that it will reduce the likelihood of share buybacks during the second half year.
Amadeus shares fell 0.65% to 48.9 Euros in the morning trade on Wednesday.
The deal is expected to close in mid-2027, and includes an additional potential earning of up 150 million euro on top of the purchase price.
Amadeus anticipated that the acquisition would?result?in high single-digit revenue increases with expanding operating margins and provide annual cost savings of 50 mln euros over the medium term.
IPS has a global workforce of?around 3300 employees and services more than 600 customers in the public and private sectors. IPS is not only involved in passenger processing but also works with other regulated environments, such as government-grade biometric data and identification solutions and access control.
(source: Reuters)