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Orlen's net profit for the first quarter of Poland's year increases on upstream gains
Orlen, a Polish energy company, posted a 54% increase in its first-quarter profit on Thursday. Strong upstream performance offset lower sales and refinery margins. Analysts polled predicted that the company would earn 4.67 billion zlotys for the third quarter, but the actual result was 4.28 billion. Last year, the upstream segment was hit with a 7.7 billion zloty one-off write-down after the Polish government implemented a windfall to fund energy prices freezes for selected consumers. Orlen's core profits rose by 33%, to 10.17 billion Zlotys. This is a significant increase compared to analysts' expectations of 10.74 billion Zlotys. Operating profit increased by around 60% over the past year, to 6.82 billion Zlotys. This was below expectations for 7.08 billion Zlotys. Orlen stated that segments responsible for hydrocarbons distribution and extraction, as well energy, where strategic development projects were being carried out, accounted for 80 percent of the operating profits. The performance of the Downstream segment was impacted by lower margins for key products, weaker margins for petrochemicals and currency exchange effects. Energy also benefited from improved contract prices, better distribution services, and higher margins for electricity sales. Orlen noted that the Consumers & Products division also saw positive effects due to higher margins for natural gas sales to regulated customers, and on electricity sales. $1 = 3.7445 Zlotys (Reporting and editing by Milla Nissi-Prussak, Rafal Nowak, Marek Strzelecki)
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US-China Trade truce could ease Komatsu's Tariff Pain by $140 Million, CEO says
The CEO of Komatsu said that the U.S. trade truce with China last week should have a positive impact on the bottom line, reducing the impact by nearly 20 billion yen (140 million dollars) from the U.S. Tariffs. This suggests that the company's outlook for lower profits is not as bad as it was feared. The impact of the tariffs on profit would be disproportionately large, as more than a quarter of Komatsu’s sales come from North America. Takuya Imaoshi, head of the second largest construction and mining equipment maker in the world, didn't say that it was officially revising last month's forecast of a 27% decline in profit for the current year as a result U.S. president Donald Trump's new tariffs. He said that the 90-day suspension of additional U.S. Tariffs on Chinese Imports could have a positive impact on Komatsu. The company buys Chinese Steel for its American-made Machines. He said that the impact of retaliatory trade on his performance was not as bad as he had feared. The company predicted operating profit to be 478 billion yen in the year up to March 2026 due the tariffs and a stronger yen. This is a much more conservative forecast than the consensus estimate of analysts compiled by LSEG, which was for an operating profit of 597.5 million yen. Imayoshi was cautious about Komatsu's future, stating that "if tariff rates with countries are adjusted, the impact is likely to settle within the previous made estimate." Even though the Chinese tariffs have been lowered, around half of Komatsu's products sold in the U.S. were manufactured abroad and imported. This includes construction machines from Japan and Brazil, as well as Thailand and Thailand. These machines are still subject to higher taxes. SHIFTS OF SUPPLY Imayoshi stated that Komatsu was considering shiftings, such as bypassing U.S. Warehouses when exporting parts to Canada and Latin America. It would also consider shifting the production of U.S. bound items from China to Thailand, in the event of higher U.S. Tariff rates on China after the 90-day truce. He said that it was "never the case" that tariffs could make U.S. manufacturing cost-competitive, and that they would drive Komatsu's U.S. production to increase. U.S. Steel prices are more than twice as high as those in China. He said that tariffs would have little effect on the competition between Caterpillar and other heavy equipment makers, because they share similar global supply chain structures. Komatsu, however, will be watching how other companies pass along tariff costs. Caterpillar estimated that additional tariff-related expenses would cost between $250 and $350 millions in the quarter April-June. Caterpillar's shares have fallen 4.8% in the past year, while Komatsu's has risen 1.5%. CHINESE RIVALS Imayoshi said that the competition between Chinese construction equipment makers and Caterpillar is getting as intense as ever. Imayoshi stated that Komatsu is still ahead in terms of durability and reliability but has caught up with them in terms of offering good performance at lower costs. In electrification they are even in front. He said that Electrification, solutions for software defined and autonomous vehicles, and other technologies are needed from outside Komatsu. This is a field which could be considered for acquisitions after the 2023 purchase by Komatsu of Detroit-based ABS, a battery startup. Since Joy Global, a U.S. mining machinery manufacturer purchased for $2.9 billion by the company in 2017, it hasn't made any major acquisitions. Komatsu announced a new mid-term plan last month that included a target for free cash flow of 1 trillion yen over the next three year. Imayoshi stated that the money would be spent while maintaining a balance between investment and shareholder returns. It could also be used to make acquisitions, if such opportunities are available. We have a lot of flexibility in terms of financial structure." ($1 = 143,3000 yen). (Reporting and editing by Christian Schmollinger; Kantaro Kommiya & Miho Uranaka)
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Oil prices remain unchanged as US inventories surprise us and increase cap gains
Oil prices were little altered on Thursday, as investors remained cautious and focused on the renewed Iran-U.S. Nuclear Talks, even though unexpected increases in U.S. crude oil and fuel inventories raised concern about demand. Brent futures rose 4 cents a barrel to $64.95 by 0456 GMT. U.S. West Texas intermediate crude climbed 10 cents a barrel to $61.67. The Energy Information Administration reported on Wednesday that both benchmarks had fallen earlier in the day after U.S. crude inventories and fuel stocks posted unexpected stock builds last weekend. Crude imports reached a six-week peak and gasoline and distillate demands declined. The EIA reported that crude inventories increased by 1.3 millions barrels, to 443.2million barrels for the week ending May 16. In a survey, analysts had predicted a drop of 1.3 million barrels. Emril Jamil is a senior analyst with LSEG Oil Research. He said that the EIA reported stock builds would have a negative impact on WTI. He said this could encourage more U.S. oil exports to Europe. Hiroyuki Kukukawa, Chief Strategist of Nissan Securities Investment (a unit of Nissan Securities), said: "While the rising U.S. inventory levels have caused concern, some investors believe that the summer driving season, which begins after Memorial Day Weekend, will bring down stocks and limit further downside." The benchmarks both fell 0.7% after Oman's Foreign Minister announced that the fifth round nuclear talks between Iran & the United States would take place in Rome on Friday. Prices rose earlier on Wednesday after a CNN report claiming that U.S. Intelligence suggests Israel is planning to strike Iranian nuclear installations. However, it was unclear whether Israeli leaders had made a decision. An attack by Israel could disrupt the supply of oil from Iran, the third largest producer in the Organization of Petroleum Exporting Countries. Kikukawa said, "Traders are cautious and avoid large positions while they evaluate conflicting signals regarding U.S. - Iran nuclear talks as well as a media report about potential Israeli strikes against Iranian nuclear facilities." Priyanka Sackdeva, Senior Market Analyst at Phillip Nova said: "Additionally Ukraine indicated that it would seek tougher sanctions against Russia from the EU which could further disrupt flow of Russian oil barrels into global markets." According to a recent white paper, Ukraine will be asking the EU to take new measures to isolate Moscow. These include seizing Russian assets, and imposing sanctions on some Russian oil buyers. (Reporting and editing by Sonali Freed and Jamie Freed; Editing and reporting by Yuka Pek and Michele Pek)
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Iron ore prices rise on China's steady demand; increased shipments cap gains
Iron ore futures prices rose on Thursday, boosted by the resilient demand in China for this steelmaking ingredient, but the momentum was tempered by the rising shipments of the leading producers Australia, and Brazil. As of 0300 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was up 0.28% to 728 yuan (US$101.10) per metric ton. The benchmark June Iron Ore at the Singapore Exchange fell 0.36% to $99.45 per ton. Galaxy Futures, a broker, said in a recent note that the end-user demand is resilient, especially in the manufacturing industry, which continues driving high growth in steel consumption. Hexun Futures said that the capacity utilisation of 104 electric kilns increased by 1.2% on a week-to-week basis to 40.4%. The daily consumption of scrap metal also grew by 3.1%, reaching 245,400 tonnes. Everbright Futures, an iron ore broker, reported that hot metal production, which is typically used as a gauge of demand, was high at 2,4477 million tonnes this week. Hexun said that the total stock of imported iron ore at 47 Chinese ports is 146.28 millions tons, a decrease of 1.74% from week to week. According to consultancy Mysteel, on the supply side the volume of iron ore shipped from mining companies in Australia and Brazil increased by 11.7% over the past week, reaching 27.1 million tonnes. Coking coal and coke, both of which are around 0.5% lower than the DCE, were also down. Mysteel, in a separate report, citing GACC data on May 20, said that China exported 447.800 tons of stainless in April, which represents a 14.1% increase year-over-year. The benchmark steel prices on the Shanghai Futures Exchange have gained ground. Rebar gained 0.2%, while hot-rolled coil grew by 0.34%. Wire rod also increased 0.03%, and stainless steel gained 0.08%. ($1 = 7,2008 Chinese Yuan) (Reporting and editing by Sherry Jacobi-Phillips; Sherry Pek)
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Subsea7 Secures Subsea Job for FPSO off West Africa
Subsea 7 has secured of a subsea contract in West Africa, worth up to $150 million.Subsea7 will be responsible for transporting and installing flexible pipelines, umbilicals, and associated subsea components for the connection of a floating production, storage and offloading (FPSO) vessel as well as the pre-laying activities for an upcoming drilling campaign.Project management and engineering work will begin immediately at Subsea7’s offices in Sutton, UK and Suresnes, France, and offshore activity is expected to start in 2026.The contract has been deemed sizeable by Subsea7, meaning its value is between $50 million and $150 million “Our close and agile collaboration with our clients allows us to make possible cost-effective and reliable offshore solutions for their needs. We are pleased to be able to support this client in executing such a strategically important project in West Africa,” said Jerome Perrin, Vice President Africa, Middle East, and Türkiye for Subsea7.
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New Transfer Boat Set for Hornsea 2 Offshore Wind Service
ESVAGT, OSK Design, and Hvide Sande Shipyard have joined forces to raise the bar in offshore wind logistics with the development of a next-generation transfer boat, which has been designed to carry more technicians and cargo.ESVAGT and its partners OSK Design and Hvide Sande Shipyard are taking the next step with the Safe Transfer Boats (STB B15) - a larger boat capable of transferring more technicians and cargo.In addition to traditional boat landings, it also supports the GUS system, which hoists technicians directly onto the turbine platform.According to ESVAGT, technicians were ‘very satisfied’ after testing in March 2025.ESVAGT has entrusted Hvide Sande Shipyard with the construction of the new boat, who also build the predecessor STB12.The STB15 is designed for use at the Hornsea offshore wind farms to transfer technician, move cargo and spare parts and transport supplies and personnel to shore.Crucially it will be able to transfer cargo and technicians in rougher seas than before, which will expand the potential of using the boat even more.STB15 offers increased capacity for both personnel and cargo compared to the STB12.Technicians will spend more time onboard, so the boat is equipped for more difficult weather conditions without causing seasickness. That’s why it features a stabilizer and interceptor system to reduce motion both at rest and underway, improving the comfort on board the boat.“Our SOV concept together with transfer boats has proven its potential and created a demand for handling even more tasks with STBs,” said Søren Westphal, Senior Project Manager at ESVAGT and head of boat development in ESVAGT.“We’re pleased to build on our strong and trusted relationship with ESVAGT in developing the next generation of STBs for the wind industry. ESVAGT is deeply committed to incorporating the experiences from the seafarers in the vessel design, which makes the project especially rewarding for us,” added Carl Erik Kristensen, CEO of Hvide Sande Shipyard.
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London copper prices rise on a weaker dollar but tariff concerns limit gains
The copper price in London rose on Thursday due to a weaker dollar. However, gains were modest because of the uncertainty that remains over the economic growth caused by high U.S. Tariffs. As of 0317 GMT, the benchmark copper price on London Metal Exchange was up by 0.2% to $9,555 per metric tonne. Dollar fell against a wide range of currencies Wednesday due to concerns about the Trump administration's plans for tax cuts and spending. The dollar's weakness makes commodities priced in greenbacks less expensive for buyers of other currencies. Last week the U.S. agreed with China to reduce tit for tat tariffs, and implement a 90 day pause in actions. However, there is still some uncertainty about what will happen after this temporary truce. BigMint, a consultancy, said that the copper market is facing a split path due to looming U.S. import tariffs of 25%. This creates stark regional imbalances. Global prices (LME $9,500/ton), however, are stuck between rising U.S. stocks and tightening supply elsewhere. Other London metals included aluminium, which was up 0.6% to $2486 per ton. Zinc was down by 0.1% at $2690. Lead was down by 0.4% to 1,965.5. Nickel was down 0.04% at $15,595. Tin fell 0.3% to $22,750. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper eased by 0.08%, to 78.030 yuan per ton ($10,831.33). SHFE aluminium rose 0.4% to 20,250 yuan per ton. Zinc eased 0.5% at 22,465 Yuan. Lead was down 0.7% at 16,765 Yuan. Nickel edged up by 0.05%, to 123420 Yuan. Tin fell 0.6%, to 265,430 Yuan. ($1 = 7,2041 yuan) (Reporting and editing by Sherry Jacobi-Phillips).
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Gold reaches two-week high amid US debt concerns
Gold prices reached a two week high on Thursday, as investors gravitated towards the safe haven asset amid growing concerns about the U.S. Government's increasing debt. The demand for Treasury bonds with a 20-year maturity was also soft. This reflected waning appetite for U.S. Assets. Gold spot gained 0.8%, to $3,340.53 per ounce, as of 0300 GMT after reaching its highest level since the 9th. U.S. Gold Futures increased 0.9% to $3341.90. Dollars are hovering around a two-week-low hit during the previous session. This makes gold priced in greenbacks cheaper for holders who hold foreign currency. Kelvin Wong is a senior analyst at OANDA. He said that the weaker dollar and the stagflation risk in the U.S. economic system are supporting gold's bullish reversal. The Republican-controlled U.S. House of Representatives Rules Committee on Wednesday voted to advance President Donald Trump's sweeping tax-cut and spending bill, setting the stage for a vote on the House floor in the coming hours. The U.S. Treasury Department reported a lackluster demand for its $16 billion sale on 20-year bonds, which has weighed down not only the dollar, but Wall Street, as traders are already nervous after Moody's lowered the U.S. triple A credit rating last weekend. Gold is a good investment in times of economic and geopolitical uncertainty. It thrives when rates are low. Oman's Foreign Minister said that the fifth round in the geopolitical context of the nuclear talks between Iran, and the United States, will be held on May 23, 2013 in Rome. Spot silver increased 0.5%, to $33.54 per ounce. Platinum gained 0.1%, to $1077.33, and palladium fell 0.6%, to $1031.46.
Jim Irsay, owner of the Indianapolis Colts and NFL, has died at age 65
The Indianapolis Colts announced that Jim Irsay died at 65 years old on Wednesday. He was the youngest owner of a club in the National Football League when he inherited it from his father.
Irsay has been with the Colts for a long time. He became the youngest GM in the franchise's history in 1984, after his father Robert Irsay moved the team from Baltimore to Indianapolis.
The team said that Jim's passion and dedication for the Indianapolis Colts, as well as his generosity and commitment to the community and, most importantly, love for his wife and children, was unsurpassed.
Irsay, according to the statement released, died peacefully on Wednesday in his sleep, less than one month before his birthday. The circumstances surrounding his death have not been revealed.
In 2007, the Colts won their first Super Bowl for Indianapolis when they defeated the Chicago Bears by a score of 29-17.
In 2010, they returned to the Super Bowl but lost to New Orleans Saints.
The Irsay NFL Dynasty began in 1972, when Robert Irsay, who had made his fortune working as a heating, air conditioning, and refrigeration contractor, bought the Los Angeles Rams from Carroll Rosenbloom, then traded them for $12 million.
The younger Irsay was raised around the Colts, and he worked his way through the organization as a ball boy on the field and a ticket office clerk before becoming general manager after his father moved the team to Indianapolis.
He was the youngest owner of a franchise in NFL history when he became the chairman and CEO at the age of 37.
In the following year, the Colts selected quarterback Peyton Manning as the top pick in the NFL draft of 1998. They went on to be one of the most dominant teams in the league during the 2000s.
Manning said on social media that he was "a generous and passionate owner" and owed him a debt of gratitude for helping to launch his career in the NFL.
His love for the Colts, and Indy in general, was unmatched. "His impact on those who played under him will never be forgotten."
Irsay, an avid rock 'n' roll fan, amassed a collection of sports and music memorabilia worth millions of dollars, including Kurt Cobain’s 1969 Fender Mustang guitar for which he spent nearly $5 million and a Jackie Robinson bat used to hit home runs.
In his final message to the fans, he expressed support for the Indiana Pacers' NBA rivals, the New York Knicks, who faced the New York Knicks in Wednesday's Game 1 of Eastern Conference Finals.
"Go PACERS. "Good luck to Herb and the @Pacers team, as well as our city!" Irsay posted a message on X just hours before the news of his death. Steve Gorman reported from Portland, Oregon; Amy Tennery added reporting in New York, and Peter Rutherford edited the story.
(source: Reuters)