2025-09-09 05:12

SINGAPORE, Sept 9 (Reuters) - The use of alternative fuels in shipping will accelerate after 2030 as tighter emissions standards come into effect, in contrast to the stop-start transition for now, shipping executives told the APPEC conference in Singapore on Tuesday. The take-off in this decade is expected to be gradual as shipping companies grapple with factors such as trade volatility and geopolitical uncertainty, but gains are expected in the following 10 years. Sign up here. "Between 2030 and 2040, I think this is where we're going to see the real kind of volume shift to low carbon fuels," said Emma Mazhari, CEO at Maersk Oil Trading (MAERSKb.CO) , opens new tab. Regulations including the European emissions trading scheme and maritime fuel standards are driving the shift, Mazhari said. "We can already see now when we bunker in Europe, there is increased supply of low carbon fuel ... so there's definitely a lot of change coming," she said. Because of the expected shift, Maersk is no longer investing in single-fuel ships. "If we invest in new assets now, they have to be dual-fuel, so that we have the optionality also to make sure that we can recoup the investments on a long-term scale," Mazhari said. Takeshi Hashimoto, CEO of Japan's second-largest shipping company Mitsui O.S.K. Lines (MOL) (9104.T) , opens new tab told the conference that over the next five to 10 years, shipping companies will focus first on reducing emissions through "proven products" like LNG and methanol. MOL is also aggressively exploring the use of wind power to assist ship propulsion systems, he said. Hashimoto added that shipping decarbonisation has been going through a "stop and go" currently, though the development of low-carbon marine fuels like green ammonia, green methanol and biomethane will be an imperative for the industry over the longer term. The shipping industry has been exploring lower-carbon alternative fuels to reduce its reliance on oil as it tries to meet carbon emission reduction targets set out by the U.N.'s International Maritime Organization. An executive from Tata NYK Shipping said regardless of geopolitical volatility, decarbonisation needs to be a priority. "Decarbonisation as a necessity and a strategy for shipowners will be there despite whatever we are hearing from the White House," said Amitabh Panda, managing director at Tata NYK Shipping, a joint venture between India's Tata Steel (TISC.NS) , opens new tab and Japan's NYK Line (9101.T) , opens new tab. But he acknowledged that the shifting geopolitical landscape complicates corporate decision making. "We are not very sure when and how much to invest, so the capital allocation becomes an issue." https://www.reuters.com/sustainability/climate-energy/alternative-marine-fuels-uptake-will-speed-up-after-2030-shipping-executives-say-2025-09-09/

2025-09-09 04:46

SINGAPORE, Sept 9 (Reuters) - Japan's second-largest shipping company Mitsui O.S.K. Lines (9104.T) , opens new tab wants to tie up with Indian companies to build tankers in India, aiding the South Asian nation's effort to boost local manufacturing, its chief executive, Takeshi Hashimoto said. New Delhi is modernising its maritime laws to allow foreign participation in the sector, including ship-building, ports and shipyards, to reduce freight outgoings to foreign firms by at least a third by 2047. Sign up here. "The Indian government has a strong preference to see the new vessels constructed in India. If possible, we want to be involved in the project," Hashimoto told reporters at the APPEC conference in Singapore on Tuesday. India's shipping fleet has not kept pace with its surge in trade, including the import of energy and the export of refined oil products. "We definitely need to work with the local partners and together with strong cooperation with Indian shipyards," Hashimoto said. India will set up a 250 billion rupees ($2.84 billion) maritime development fund for the long-term financing of the country's shipbuilding and repair industry, the government said in its budget in February. Shipbuilding is among the industries the government is looking to promote in a multibillion-dollar effort to turn India into a world-class manufacturing nation. ($1 = 87.9800 Indian rupees) https://www.reuters.com/world/india/japans-mitsui-osk-eyes-shipbuilding-partnerships-india-2025-09-09/

2025-09-09 04:33

A look at the day ahead in European and global markets from Rae Wee The political noise just keeps coming. Sign up here. Over the span of a few days, British Deputy Prime Minister Angela Rayner and Japanese Prime Minister Shigeru Ishiba have resigned, French lawmakers voted to oust Prime Minister Francois Bayrou, Argentine President Javier Milei's party suffered a heavy defeat and Indonesia abruptly replaced its long-standing finance minister. Investors in Europe will now look out for whom President Emmanuel Macron appoints as France's fifth prime minister in less than two years. Macron has so far resisted the idea of calling a snap election and appears set on proposing a new prime minister, possibly turning to the centre-left. There are no rules governing whom Macron must choose, or how quickly, but his office said he would appoint one in the next few days. The euro has thus far held steady, while French bond futures barely budged in Asia. Clearly, political volatility sometimes has next to no impact on markets. Sometimes, though, it's huge. Over in Indonesia, the rupiah slid more than 1% and the yield on the 10-year government bond jumped on Tuesday after the shock removal of influential finance minister Sri Mulyani Indrawati, as investors fear hard-fought fiscal credibility could be eroded by populist spending plans under President Prabowo Subianto. The Argentine peso lost as much as 5.6% to the dollar on Monday following Milei's election drubbing. But in the broader market, investor sentiment remained buoyant on the prospect of an interest rate cut by the U.S. Federal Reserve next week. With markets already pricing in a 25 basis-point cut, the question now is whether the Fed could deliver an outsized 50 bp move. Clues may lie in the U.S. Labor Department's preliminary revision estimate to employment for the year through March later on Tuesday, ahead of readings on consumer and producer price inflation later this week. A downside surprise in any of those figures could see traders price in a greater chance of a 50 bp cut, which currently stands at just above 11%, the CME FedWatch tool showed. Key developments that could influence markets on Tuesday: https://www.reuters.com/world/china/global-markets-view-europe-2025-09-09/

2025-09-09 00:54

Sept 8 (Reuters) - Anglo American (AAL.L) , opens new tab is nearing a deal to acquire Canadian miner Teck Resources (TECKb.TO) , opens new tab that could value it at about $20 billion, Financial Times reported on Monday, citing people familiar with the matter. The London-listed global miner is considering paying mostly in stock, with an announcement potentially expected as early as this week, the report added. Sign up here. However, the timing and terms of the deal remain uncertain, and talks could still collapse without an agreement, according to Bloomberg News, which first reported on the potential deal. Teck Resources holds a market valuation of approximately C$23.69 billion (about $17.17 billion), while Anglo American is valued at around 26.82 billion pounds (roughly $36.35 billion), as per LSEG data. Both Anglo American and Teck have drawn interest from larger rivals in recent years. Anglo fended off a $49 billion takeover proposal from BHP Group last year, while Teck rejected a full buyout offer from Glencore in 2023 for $22.5 billion. Glencore, which later bought Teck's steelmaking coal business for $6.93 billion, has repeatedly said it remains interested in the Canadian miner, raising the prospect of a bidding battle if Anglo were to make an approach. Reuters could not immediately verify the report. Teck, Anglo American and Glencore did not immediately respond to Reuters' requests for comment. Anglo and Teck companies have also been streamlining their portfolios. Anglo has exited platinum mining and is seeking buyers for its coal mines and De Beers diamond unit. Last Wednesday, Teck said it is carrying out a company-wide review and would deferred approvals for major growth projects until its flagship Quebrada Blanca (QB) copper mine in Chile stabilizes output. The mine has been hit by tailings issues expected to weigh on production into 2026. Teck owns 60% of the QB mine, which sits near Anglo's Collahuasi mine, operated jointly with Glencore and a Japanese consortium. On an analyst call last week, Teck CEO Jonathan Price said the company was exploring possible synergies between QB and Collahuasi to boost efficiency and production. ($1 = 1.3797 Canadian dollars) ($1 = 0.7378 pounds) https://www.reuters.com/markets/deals/anglo-american-nears-deal-acquire-teck-resources-20-billion-ft-reports-2025-09-08/

2025-09-09 00:43

Investors worry fiscal discipline could erode Analysts say rupiah could be vulnerable Spotlight will be on new finance minister's policies SINGAPORE, Sept 9 (Reuters) - The abrupt removal of Indonesia's influential finance minister Sri Mulyani Indrawati has stunned markets, as investors fear the hard-fought fiscal credibility could be eroded by the populist spending plans under President Prabowo Subianto. Global investors have viewed Sri Mulyani, one of Indonesia's longest-serving finance ministers in three different stints, as crucial to their bets in Southeast Asia's biggest economy and her previous departures sent markets tumbling. Sign up here. The late news of Sri Mulyani's removal on Monday sent Indonesia stocks (.JKSE) , opens new tab down 1% while Indonesia's international bonds fell. The rupiah was set for a lower open on Tuesday. "Mulyani was the safeguard of prudent fiscal policy," said Hasnain Malik, EM equity and geopolitics strategist at Tellimer. "Her departure will stir up fears of widening deficits under an unconstrained and, after the protests, under-pressure Prabowo." The move to replace Sri Mulyani with Purbaya Yudhi Sadewa, an economist who has promised accelerated growth, comes at a delicate time for Indonesia as it grapples with widespread protests and unrest that have raged for two weeks. Calls for a fairer taxation system have erupted as Prabowo faces the biggest challenge of his presidency so far while his flagship free meals programme that seeks to provide meals to over 80 million Indonesians has struggled in its first year. "The key question for markets is whether Prabowo can have his cake and eat it too," said Trinh Nguyen, senior economist for emerging Asia at Natixis. "To afford the lunch program, she (Mulyani) had to make the difficult decision of cutting expenditure very aggressively to maintain fiscal sustainability." Sri Mulyani has won plaudits for reforming the taxation system and is widely considered the lynchpin behind improving Indonesia's fiscal performance and winning investor approval. "The issue is how is the new FM going to afford the 1.5% of GDP lunch program and raise spending for sectors such as defense without punching a larger hole in the deficit. For investors, that will be a key concern," Nguyen said. Purbaya told reporters the president's target of 8% economic growth was "not impossible" and that he would find ways to quickly boost the economy and push for more involvement of both the private sector and the government. The immediate market reaction is likely to be in the rupiah , which could lead Bank Indonesia to aggressively defend the currency. The rupiah closed at 16,300 per U.S. dollar on Monday but could be set for a much weaker open. Indonesia's foreign exchange reserves were at $150.7 billion at the end of August, down from the $152 billion a month earlier, data from the central bank showed on Monday. "IDR may have to bear the brunt ... until greater confidence about what the cabinet reshuffle entails for any prospective shifts in budgetary outlays and funding sources," said Aninda Mitra, head of Asia macro strategy at BNY Investment Institute. "Market participants will want certainty about policy settings and a steady hand at the fiscal till." https://www.reuters.com/world/asia-pacific/indonesian-finance-ministers-removal-unnerves-investors-bumpy-road-ahead-2025-09-09/

2025-09-09 00:40

Sept 9 (Reuters) - Oil prices gained on Tuesday after OPEC+ decided to increase production by less than what market participants had anticipated, while concerns over tighter supply due to potential new sanctions on Russia continued to lend support. Brent crude gained 22 cents, or 0.33%, to $66.24 a barrel by 0005 GMT, while U.S. West Texas Intermediate crude climbed 24 cents, or 0.39%, to $62.50 a barrel. Sign up here. Eight members of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, agreed on Sunday to raise production from October by 137,000 barrels per day. That is much lower than the monthly increases of about 555,000 bpd for September and August, and 411,000 bpd in July and June. It is also less than some analysts had expected. The October move "marks the reversal of cuts that were set to remain in place until the end of 2026, following the rapid return of the previous tranche of idled barrels over recent months," said Daniel Hynes, senior commodity strategist at ANZ, in a client note on Tuesday. Prices were also supported by speculation of more sanctions on Russia after the country's biggest air attack on Ukraine set fire to a government building in Kyiv. U.S. President Donald Trump said he was ready to move to a second phase of restrictions. The European Union's top sanctions official was in Washington with a team of experts to discuss what would be the first coordinated transatlantic measures against Russia since Trump returned to office. Further sanctions on Russia would diminish its oil supply to global markets, which could support higher oil prices. The U.S. Federal Reserve's Federal Open Market Committee meets next week, and traders see an 89.4% chance of a quarter-point interest rate cut. Lower rates reduce consumer borrowing costs and can boost economic growth and demand for oil. https://www.reuters.com/business/energy/oil-rises-modest-opec-output-hike-decision-russia-supply-woe-2025-09-09/