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European stocks rise as oil prices fall, AI hype lifts tech
European stocks rose on Wednesday, as oil prices dropped for the sixth consecutive session. Meanwhile, a new wave of AI optimism boosted tech stocks worldwide. Saudi Arabia has reportedly resumed operations on its East-West Pipeline. It may have also re-started exports through the Red Sea port of Yanbu. US President Donald Trump said that talks with Iran had progressed in New York, but threatened to "annihilate the country" if an agreement was not reached. Brock Weimer is an analyst at Edward Jones. He specializes in investment strategy. The markets are watching reports that he may hold discussions with Trump. The global interest rate outlook will be impacted by a sustained return of oil flows through the Strait of Hormuz. But caution is still necessary as past optimism has deteriorated quickly. Cole Smead is the CEO and portfolio manager of Smead Capital Management. Brent crude futures dropped 0.40% to $98,83 per barrel, while the pan-European STOXX 600 rose?0.17%. Futures for the S&P 500 benchmark and the tech-heavy Nasdaq 100 were both up 0.10% apiece on Wall Street. After four days of gains, the MSCI index of global stocks was stable. ASIA RIDE AI WAVE As consumer demand for AI-based apps continues to drive tech stocks, Asian stocks are on the rise. The renewed buzz around AI has helped South Korean shares?gain 0.9%. Samsung is up almost 1%. Taiwan's benchmark rose 0.8%, to reach near all-time highs. Data hardware has seen a boost from the strong consumer uptake of Meta's Muse Agent, which has topped US App Download Charts in the last two weeks. Analysts now want to know how CC, a product similar from Alphabet Labs and Google, will perform with consumers. Xi Jinping, the Chinese president, arrives in Washington in the afternoon amid speculations that a trading truce will be extended between the two nations and that there may be collaboration on AI. The Japanese markets were closed due to a holiday, but Nikkei Futures traded at 66 775, about 1,760 above the Nikkei cash close on Friday. "We expect strong reopenings in Japan tomorrow with another move down in crude and calm conditions in Treasuries and rates, as well as the Nasdaq Cash and Futures markets printing new highs," said Chris Weston. Semis have also had a strong session, recording a sixth day of gains. SoftBank's debt deal of $10 billion and above has also attracted interest of more than $20 billion, according to reports. This would be one of the biggest junk bond deals in history. The drop in oil has helped Treasury futures to move higher, keeping 10-year bond yields below the pain threshold of 5.0%. Both Tom Barkin, President of the Richmond Fed and Susan Collins, president of the Boston Fed, expressed support on Tuesday for the recent increase in interest rates due to inflation concerns. The dollar's technical background improved as the prospect of higher interest rates helped it to eke out multiple-week highs against the Euro, Sterling and Canadian Dollar. The euro was pinned at $1.1414 - a two-month low. Analysts pointed out that a Trump call to ban US exports of diesel could be bad news for European inflation, since the region relies heavily on US fuel shipments. The dollar held firm against the yen, at 157.76. Speculators were wary of provoking more Japanese intervention if it rose above 160.00.
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Copper and industrial metals are falling as the dollar strengthens
Copper fell on Wednesday as a result of?gains made by the US dollar. This also impacted?other industrial materials. By 7:00 AM GMT, the benchmark three-month copper price on the London Metal Exchange was down 0.66% to $14,651 per metric tonne. The Shanghai Futures Exchange's most traded copper contract fell 0.21% to 110,990 Yuan ($16.549.37) per ton. Investors now expect further tightening by central banks. The US dollar has hit a high of two months on the prospect of interest rate increases in the near future. The?expensiveness of the dollar can make dollar-denominated products such as copper more expensive for buyers who use other currencies. The red metal in China has not been as popular. The Yangshan Premium The price of a ton of copper in China fell to $117 on Tuesday but was still higher by 62.5% than it was at the beginning of the month. The Chinese demand was boosted because of the purchases made before the smelters shut down for their public holidays. The next holidays in China are from September 25-27 and October 1-07. The US has been importing a lot of copper in recent months, which helped to support the price. However, the demand for the metal weakened when it was reported that US officials are worried that tariffs could increase the costs for manufacturers. Analysts from the Chinese broker Jinrui Futures said in a report that "US weekly imports are down." SHFE nickel, meanwhile, was up by 0.97%. Prices on the LME rose late Tuesday, after PT Indonesia Morowali Industrial Park said that a water shortage had forced some smelters in Indonesia to reduce their nickel pig iron output. Aluminium lost 0.78% on the LME, while?zinc, lead, and nickel all lost 0.59%. Tin was only up 0.04%. Aluminium fell 0.14% on the SHFE. Zinc dropped 0.64%. Lead lost 0.61%. Tin dropped 0.09%.
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Portugal claims that China's State Grid will not be affected by the entry of REN into grid operator REN
Portugal's government has said that its purchase of a'stake' in the power and gas grid operator 'REN' will not have any impact on China's State Grid's 25% stake, which it wants to'remain' a 'key shareholder'. The Chinese state-owned utility acquired a 25% stake in REN during this period, and became its largest shareholder. The Portuguese government intends to increase its stake to up to 20%. In a late-night statement, the?Finance Ministry stated that Lisbon informed Beijing?that State Grid's 25 percent stake in REN would not be affected by the entry of the state into REN capital. It said: "On?the?other hand, it's in the interest of the Portuguese government for State?Grid?to remain a reference shareholder? in REN." The Ministry of Energy said that the growing geopolitical insecurity and the strategic importance of energy infrastructure justifies its investment in REN. It argues that electricity and natural gas networks are crucial to energy security, energy transition, industrial growth and attracting investments. The report said that the move was "part of a global movement towards greater government participation in strategic sectors". It noted that Portugal was the only European Union member without a stake in its national electricity grid operator. According to the ministry, most EU countries still retain significant state shares or state ownership in their national electricity grid operators. The investment will give REN's strategy a long-term alignment with national priorities and allow the state to have greater control over a strategic asset. The decision was also justified by the 'geopolitical changes and the increasing importance of electricity, in particular, in the drive to electrify and modernize the economy, as well as attract investment into artificial intelligence and data centers.
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South Korea: Trump welcomes progress on US strategic investment projects
Seoul's Presidential Office said that during a 30-minute discussion on the sidelines of the UN General Assembly on Wednesday, South Korean President Lee Jae Myung welcomed "significant progress" on strategic investment projects. The meeting took place after the South Korean Industry Ministry briefed legislators on Tuesday about implementation plans under countries' $350-billion investment package. A Texas gas-fired project was identified as a possible first investment as well as potential investments in nuclear energy, and an Alaskan Liquefied Natural Gas project. National Security Advisor Wi Sung Lac told a press briefing that "the two leaders appreciated the significant progress in discussions between the two countries on strategic investment project." Wi reported that based on the Joint Fact Sheet released after their November summit, Lee and Trump agreed to continue and deepen discussions and cooperation on nuclear fuel enrichment, reprocessing and reprocessing. They also agreed to discuss nuclear-powered subs, shipbuilding, and the transfer of Wartime Operational Control (OPCON) by the US to South Korea. Wi reported that Trump reaffirmed his willingness for dialogue with North Korea. The two leaders agreed to stay in close contact in pursuit of peace. According to Wi, Lee said that the US-China Summit scheduled for Thursday will be important for regional development, including South Korea's relations with China. The White House didn't immediately comment on Trump-Lee's meeting. The State Department reported that US Secretary of State Marco Rubio called on Friday for the quick execution?of South Korean investments commitments?during a meeting?with?South Korean foreign Minister Cho Hyun. In a blog post, Lee stated that he and Trump had a detailed discussion on the progress of investment projects. They also reaffirmed the commitment to strengthening the alliance. GOLF DISCUSSED NORTH KOREA Lee had earlier told the UN General Assembly on Wednesday that Seoul would work to create a lasting peace framework and support efforts for reviving dialogue with North Korea. He also sought broader international support for these efforts. Separately, a senior official of the South Korean government told media that Lee told Trump that he hoped that Trump would advance engagement with North Korea. Trump responded that he was willing to do so. Media reports stated that Trump had also stated he has a good relationship Kim Jong Un. However, there is no indication of any contact taking place at the moment. According to the official, Trump and Lee also spent a lot of time discussing OPCON transfers. Trump reportedly gained a better understanding about Seoul's stance. The US side emphasized the need to complete the process and meet the requirements as quickly as possible. Officials said that the South Korean side expressed a desire to speed up talks about developing nuclear submarines and outlined plans for increased defence spending. Officials were quoted saying that progress in discussions on investment in US projects had helped pave way for the summit. Initially, it was not expected to happen. Officials said that the two leaders were briefed about the 'negotiations' and they welcomed the progress. However, discussions are still ongoing on the specifics of the package, and the manner in which it will be announced. The official quoted by the media said, "The larger framework is almost completed." Lee said later on X, that Trump reminded him about their plan to golf together that was first discussed in France, in June. He hoped that they could continue the discussion at the G20 Summit in Miami, later this year.
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Asia stocks rise on tech wave, but oil prices continue to fall
On Wednesday, Asian shares aimed for a sixth consecutive session of gains as the consumer appetite for AI apps continued boosting tech stocks. Meanwhile, oil prices dropped further due to'reports about increased supply from the Middle East. Saudi Arabia has reportedly resumed exports through the Red Sea port Yanbu and may already have done so, according to sources. US President Donald Trump claimed that talks with Iran had progressed in New York, but threatened to "annihilate the country" if no deal was reached. The markets are agog at reports that he could hold talks with Trump. Brent futures fell 0.9% to $98.37 per barrel, while US crude fell 1.3% to $89.32 per barrel. Xi Jinping, the Chinese president, arrives in Washington at the end of the day amid speculation that a trade truce will be extended between the two nations and that there may be some cooperation on AI. The renewed buzz about AI has helped South Korean shares?gain 0.5%. Samsung is up more than 2%. Taiwanese stocks have firmed by 0.7%, nearing all-time highs. MSCI's broadest Asia-Pacific share index outside Japan rose 0.3%. It has now been rising for six days in a row. Chinese blue?chips fell 0.5%. The Japanese market was closed due to a holiday. However, Nikkei Futures traded at 66.735, nearly 1,700 points higher than the Nikkei Cash close on Friday. "We expect strong reopenings in Japan tomorrow with another'move lower' in crude and calm conditions for rates and Treasuries. The Nasdaq Cash and Futures markets will also print all-time highs," Chris Weston said, the head of research at broker Pepperstone. "Memory stock has taken the 'leadership baton. Backed by another strong session, semis have recorded their sixth consecutive day gains." CONSUMERS FALL FOR AGENTS OF AI Data hardware has seen a boost from the strong consumer adoption of Meta's Muse Agent, which topped US app charts for downloads in the last two weeks. Analysts now want to know how CC, a product similar from Google Labs, will perform with consumers. SoftBank's debt deal of $10 billion and above has also attracted interest of more than $20 billion, according to reports. This would be one of the biggest?junk bonds deals ever. S&P 500 and Nasdaq Futures on Wall Street were both slightly firmer. In Europe, EUROSTOXX Futures, DAX Futures and FTSE Futures all rose by almost 0.4%. Oil prices dropped, which helped Treasury futures to rise and keep 10-year yields under the?5 % pain barrier. Investors priced in the possibility of further tightening by the Federal Reserve, and the yields on two-year bonds reached their highest level since mid-2024. Both Tom Barkin, President of the Richmond Fed and Susan Collins, president of the Boston Fed, expressed support on Tuesday for the recent increase in interest rates due to concerns over inflation. The futures market indicates that 54% of the time, the Fed will raise interest rates again in October. By year-end, 33 basis points tightening is priced into the markets. The prospect of higher interest rates has helped the dollar to reach multi-week highs against the Euro, Sterling and Canadian Dollar, improving its technical backdrop. The euro is stuck at $1.1430, near its two-month low. Analysts pointed out that a Trump call to 'ban U.S. Diesel exports' could be bad news for European inflation, since the region relies heavily on U.S. fuel shipments. Europe is already facing a natural gas shortage that could drive energy prices up into the winter. Dollar was slightly firmer against the yen, at 157.60. Speculators were wary about drawing Japanese intervention if it went beyond 160.00. Gold fell 0.3% on the commodity market to $4,341 per ounce, and copper has risen 18% this year.
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Andy Home: Indonesia's nickel production limits are not convincing the market.
Indonesia has learned that gaining a dominant position on the nickel market is easy. It is much more difficult to use its influence on supply to control the prices. Southeast Asia now accounts for more than 60% of the global production of a metal that is used both by stainless steel manufacturers and battery makers of electric vehicles (EVs). Indonesia's dramatic rise to become a?nickel power? is due to a 2020 ban on exports, which forced operators into building domestic processing capacity. The country has become a'model for other developing nations, especially those in resource-rich Africa. It's also worth noting how difficult it can be to match demand with supply when you are the largest producer in the world. TAMING THE TIGER Jakarta has cut mining quotas this year, tightened environmental controls and lowered ore prices to curb its nickel industry. The London Metal Exchange nickel prices reached a high of $20,000 per tonne in May after a commitment to reduce mining quotas to between 250 million and 260 million tons from the 379 million metric tonnage last year. As the market has lost confidence in Jakarta's ability to tame this nickel tiger, the price has dropped back to $16,500. The dilemma for policymakers has been how to reduce nickel output without affecting their nickel processors. Some of them have only just begun ramping up their production this year. The mid-year review has led to higher allocations for specific operators. French mining group Eramet has restarted operations at Weda Bay after having been forced to suspend its work in May due to exceeding its 2026 quota. It is hard to determine the full extent of this upward trend, since neither?Jakarta or its nickel operators reveal details. It's also clear that some operators have adapted to lower mining rates in the country by importing, primarily from Philippines. According to the World Bureau of Metal Statistics, which gathers data from government sources, Indonesia increased imports of Philippine ore from 15.3 to 11.4 million tonnes last year. Arrivals were also up?67% from January to July. Solomon Islands is also a regular source of smaller imports. According to the Indonesian Nickel Miners Association, if all of Indonesia's nickel-processing plants operated at full capacity, 315 million tonnes of ore would be needed each year. It is still a very difficult task to balance the captive demand and mining rates. Expectations that are tempered At the beginning of this year, the nickel market was hopeful that Jakarta would be able to do enough to stop another year of global surplus supply. In April, the International Nickel Study Group dramatically revised its estimate of expected market balance for 2026 to reflect lower production in Indonesia. The forecast for this year was a modest deficit of 32,000 tons, compared to a 261,000-ton expected surplus at the previous meeting in October 2025. The global stock of refined nickel has been steadily increasing. The combined inventory of the LME and Shanghai Futures Exchange, on and off warrant, is currently 478,000 tonnes, which can supply the global market with enough product for seven weeks. The surplus could be greater than the visible stock. China is stockpiling metal in order to take advantage of the low prices. In the first seven month of 2018, the country imported 170,000 tons (up 28 percent year-on year) of refined nickel, the highest rate since 2016. China's refined nickel output has grown at an accelerated rate, thanks to Indonesian raw material flows. This suggests that some of the imports may be for strategic purposes rather than commercial ones. WAITING FOR DEMAND Jakarta can take heart from the fact that it would have had a much larger surplus this year if it hadn't done anything to limit its production growth. The price of coal is now above $16,000 per tonne, not below as it was in 2025. Even some Indonesian producers are still struggling to break even. More demand is what Indonesia and the nickel markets really need. There are signs of hope. According to Worldstainless, stainless steel production increased by 5% annually in the first half 2026. EV sales are increasing everywhere except the US market. There's still a lot nickel in the exchange storage that can be used to meet any surges in demand. This means Indonesia has a long way to go to control production and price. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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MORNING Bid EUROPE-A$ is a minor player as AI steals show
Wayne?Cole gives us a look at what the markets will be like in Europe and around the world today. It's been a day when the Australian dollar has reached parity with its Canadian cousin, for the first time in eight years. Wall Street futures barely moved and European stock-futures are modestly up. Asian stocks began strong, but have since weakened. This suggests investors are running out of steam following five consecutive sessions of gains. It's still buzzing about Meta's Muse, which shows that consumers are tempted to?take up AI agents in mass. Google's CC Agent is the focus of attention now to?see if it can match this breakout success. Investors have reportedly shown more than $20 billion interest in Softbank's debt deal worth $10 billion. This would be one of the biggest junk bond deals ever and a barometer for lender confidence in AI. The 10-year futures are up 6 ticks today, which is a sign of increased 'competition' for government debt. Brent is still below $100 per barrel, in part because Saudi Arabia has restored flows to its East-West pipeline at a surprising pace. Tehran claims it has engaged with the United States via a Qatari intermediary in New York, to?present their conditions for opening up the Strait of Hormuz. But most of them have already been rejected. Trump claimed at the United Nations that the talks had made progress. He's been saying the same thing for months, and then he sourred the mood with a threat to annihilate Iran. The markets are buzzing with reports that Trump could hold talks with Iranian President Masoud Pezeshkian. Xi Jinping, the Chinese president, arrives in Washington later that day amid speculations of a possible trade truce being extended between the two nations and possibly a collaboration on AI. The following are key developments that could influence the markets on Wednesday. - Flash?PMIs from Europe, UK, and US for September - Speakers include Fed Governor Michael Barr, ECB Supervisory Board member Pedro Machado, ECB Board member Piero Cipollone, ECB chief economist Philip Lane, ECB Vice President Boris Vujcic
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Copper and industrial metals are falling as the dollar strengthens
Copper fell on Wednesday as a result of the rise in the US dollar. By 0300 GMT, the benchmark three-month copper contract on the London Metal Exchange was down 0.66% to $14,651 per metric tonne. The Shanghai Futures Exchange's most traded copper contract fell 0.23% to 110,960 Yuan ($16.550.57) per ton. Overnight, the US dollar climbed in choppy trade as volatile oil prices and geopolitical uncertainties buffeted traders. The price of the dollar increases, and this can make commodities like copper more expensive to buyers who use other currencies. This dampened the continued interest in buying red metals from China. The Yangshan Premium The price of copper, a measure of China's demand for imported copper, fell to $117 per ton on Tuesday but was still 62.5% more expensive than it was at the beginning of the month. The Chinese demand was boosted by the purchase of metals ahead of smelter closures due to public holidays. The next holidays in China are from September 25-27 and October 1-7. The US has been importing a lot of copper in recent months, which helped to support the price. However, the demand for the metal slowed down after reports that US officials are worried that tariffs could increase the cost of manufacturing. Analysts from the Chinese broker Jinrui Futures said in a report that "US weekly imports are down." SHFE nickel, meanwhile, was up 1.16 percent. Prices on the LME rose late Tuesday - after Indonesian nickel hub PT Indonesia Morowali Industrial Park said a water shortage had forced some smelters into reducing nickel pig iron. Aluminium?lost 0.63 %, Zinc?lost 0.68 %, Lead?lost? 0.52% and Nickel?lost? 0.43%. Tin?lost? 0.38%. Aluminium, zinc, lead and tin all rose 0.11% among the SHFE metals.
The U.S. uses an Iranian smuggling technique to sneak oil from the Gulf
US military has conducted a number of secretive oil transfers between ships to maintain Gulf energy exports. They have used aerial and water drones, as well as helicopters, in an operation that guides convoys to waiting tankers. The US military operation near the Strait Of Hormuz uses a technique that Iran has long used to avoid sanctions.
Eleven people with knowledge of the operation identified two specific locations for the oil transfer - one off Fujairah, in the United Arab Emirates, and the other off Sohar's port in Oman.
According to satellite images and shipping data, the transfer began in early May. At least 116 vessels were involved. Satellite imagery shows that as recently as Tuesday morning 12 pairs of ships were seen side by side in the Gulf of Oman. Eight of them off the coast of Sohar, Oman, and four near Fujairah. Images from last week show that on June 11, the activity peaked and 17 pairs of vessels were seen simultaneously transferring oil at both sites. Four sources, including an ex-U.S. official who was aware of the attack, said that the Apache helicopter shot down by Iran on the 9th, which sparked retaliatory U.S. bombings, played a role in the mission. Six pairs of tanker vessels were grouped together on satellite imagery in a small area near the port of Sohar, the day that the Apache helicopter was shot down.
Could not confirm the role of the Apache in the operation. A U.S. Defense official responded to questions by saying that no Central Command forces were involved in the offshore ship-toship oil transfer operations. U.S. officials confirmed that a drone boat rescued both crew members.
Previously, the Apache's involvement in the operation, the extent of the transfers and how they operate, as well as the Apache's role, had not been reported. Centcom was contacted by the White House. The Iranian government has not responded to inquiries about the transfer operation. These two locations, located in the Gulf of Oman, near the exit of Strait of Hormuz are very close to the borders drawn by the Persian Gulf Strait Authority. This is a new Iranian body established to manage the Hormuz Strait. The Islamic Revolutionary Guard Corps may use drones and missiles to attack ships that do not comply with Iran’s orders. Fujairah has experienced repeated Iranian attacks during this U.S. led operation. According to British maritime risk management company Vanguard, a "unknown projectile", which struck a tanker near the coast of Oman, hit 'this past weekend. Vanguard stated in a press release that the crew was safe, and the impact had caused some cargo leakage but not environmental damage. The statement did not say whether the tanker had been involved in a transfer from ship to ship. Iran's response to the U.S./Israeli conflict was to effectively close the Strait of Hormuz. This is where roughly a fifth of the world's oil consumption passes. This caused the largest global energy disruption in history, and sparked inflation all over the world. Ship-to-ship transfers are part of Trump?administration efforts to restore normal oil flow from the Gulf, even though they're risky and inefficient. Donald Trump, the U.S. president, said that Friday would be the reopening of Strait of Hormuz under a framework agreement with Iran announced earlier this week. Details are still vague. It was not possible to determine if the announced agreement had affected oil transfers. An investigation published on May 20 revealed that Iran had established its own system to guide ships through the Strait. This involved island checkpoints and diplomatic deals, as well as sometimes fees.
STAGGERED Departures and Waypoints
Eight sources confirmed that the U.S. Military is in full control of the American transfer operations, including the private security contractor involved with the transfers.
According to satellite imagery and one source, tankers are required to sail to a rendezvous point before reaching the strait. They then stagger their departures to be around 3,000-4,000 meters apart. Four sources claim that their transponders and lights have been dimmed.
One source said that the Americans "are obviously?watching" you at all times.
The oil transfer begins when the tankers pass through the Strait just beyond the zone Iran has designated as its own. Many of the ships are Very Large Crude Carriers (VLCCs). The oil transfers take anywhere between 24 to 40 hours. The VLCCs are then loaded and sail through the Strait.
This ship-to ship operation is possible because a few shippers are willing to navigate their vessels through this strait in order to deliver oil to waiting tankers despite the Iranian ban.
The operation is dangerous. Noam Raydan is a Washington Institute senior fellow who specializes on maritime risk. He reviewed the findings.
Iran has used the ship-to-ship method for years in order to avoid sanctions because it hides the source. Iran usually operates one pair of vessels at a given time to avoid detection, and also because its exports before the war were small. The U.S. led operation, which involves massive transfers, provides Gulf producers with better protection against Iranian retaliatory strikes so that they can move crude oil, condensate, and petroleum products to foreign buyers.
The review included more than 12 satellite images, taken between 2 May and 11 June. These showed ship-to-ship transfers that involved state-owned Gulf oil tanker fleets as well as international vessels receiving the?oil. LSEG and Kpler data on shipping reviewed by revealed that tankers in the region met up repeatedly during the same time period.
Based on imagery up to June 11, it is estimated that 90 million barrels or petroleum products have likely moved through the offshore system since early May.
Based on the tankers carrying capacity, the volumes are still low compared to pre-war levels of approximately 20 million barrels per day that were passed through the Strait.
Michael Froman wrote in a Friday note that "as the old rules are weakening, it is ironic that America now takes a page from the playbook used by China, Russia and North Korea. Their so-called dark fleets pioneered this technique precisely to evade U.S. sanctions and UN sanctions." He was referring the practice of sending vessels through the strait with no transponders. Trump made this comment in his comments on June 10, after the downing the Apache.
Six sources who had direct knowledge of the operations said that the U.S. supported the?participating ships through a combination aerial surveillance, compliance screening, and monitoring instead of naval escort. No evidence was found that U.S. personnel were directly involved with the transfers.
A review of shipping records shows that international tanker operators dominate the receiving side of the operation. Dynacom Tankers, a Greek company, has spoken of its attempts to find innovative ways to ship oil across the strait ever since the conflict began on February 28, 2008.
George Procopiou (founder of Dynacom) told the Capital Link Shipping Conference in Athens on June 1 that "freedom of navigation" is essential. No one can impose any tolls, or other burdens. He said, "We're here to serve and Greece has a tradition of breaking blocksades since ancient times." "I won't go into details, but the hints should be enough for you to get my meaning."
Dynacom has not responded to an immediate request for comment about the U.S. operations.
A maritime source said, however, that the new system poses?its own risk to their industry.
The source for maritime security said that there was a lack of reliable data. Transponders that communicate the location of ships are turned off and companies do not report through the usual reporting centers. This increases the risk of collisions between ships traveling at night without lights at speeds which make maneuvering difficult.
Four sources with knowledge of the arrangements have confirmed that operators seeking to access the system must undergo a compliance assessment process before they are allocated transit window. This process involves submitting information to the U.S. Navy’s Naval Cooperation and Guidance for Shipping Office in Bahrain.
Two preliminary documents of compliance reviewed by? Operators were required to provide geospatial track histories, beneficial ownership disclosures, cargo documentation, and be willing to allow cargo testing.
Upon approval, the participating vessels will be assigned transit windows and remain in touch with the U.S. Military Office in Bahrain during the entire voyage. According to the shipping records examined by, Emirati exports make up a significant portion of the U.S. transfers. According to six of the sources, UAE's national oil company ADNOC was among the most active participants.
Kuwait Oil Tanker Company is also involved in the transfers. TankerTrackers.com reports that 2.3 million barrels were siphoned off one of their ships on the coast of Sohar, June 6, which was one of the busiest transfer days. Five days later, the receiving ship Sea Ruby was seen off India's south-west coast, bound for China where cargo was to be discharged.
Requests for comments from the UAE government, ADNOC, and Kuwait Oil Tanker Company were not answered.
Raydan said, "I do not see a solution permanent to all this." "This is only a temporary fix in these exceptional times."
(source: Reuters)