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Argaam
8 minutes ago
- Argaam
Maersk CEO sees Red Sea disruptions through 2025
Maersk CEO Vincent Clerc said Red Sea disruptions will likely persist through the end of 2025, impacting global supply chains and shipping flows between Asia and Europe. Speaking to CNBC today, Aug. 7, he noted that Q2 2025 global container demand surpassed forecasts, driven by a recovery in China's manufacturing and faster global export growth. He added that spot freight rates jumped 37% in Q2 as capacity utilization approached full levels, reflecting strong momentum in global trade activity. Clerc emphasized China's expanding role in the global economy but said Maersk sees no current need for new ultra-large vessels. Instead, the company is prioritizing a flexible network that reaches smaller, non-traditional ports, he said.


Leaders
38 minutes ago
- Leaders
Trump, Putin May Meet Next Week to Discuss Ukraine Peace
President Donald Trump could meet with Russian President Vladimir Putin as early as next week, according to a White House official, as the US plans to impose secondary sanctions on Russia, aiming to pressure Moscow to end its war in Ukraine. This meeting would mark the first face-to-face encounter between a sitting US president and Putin since Joe Biden's meeting in Geneva in June 2021, eight months before Russia launched its invasion of Ukraine, the largest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and openly express disdain for each other. The New York Times reported that Trump informed European leaders during a call on Wednesday about his intention to meet with Putin. He also plans a trilateral meeting involving Zelenskiy. Moreover, White House press secretary Karoline Leavitt confirmed, 'The Russians expressed their desire to meet with President Trump, and the President is open to meeting with both President Putin and President Zelenskiy.' Progress in Talks A German government spokesperson stated that Trump updated European leaders on the status of talks with Russia during a call with the German chancellor, following a meeting between Putin and US special envoy Steve Witkoff, which Trump described as achieving 'great progress.' However, this development comes just two days before Trump's deadline for Russia to agree to peace in Ukraine or face new sanctions. Trump has expressed frustration with Putin over the lack of progress and threatened heavy tariffs on countries purchasing Russian exports, including oil. Despite positive discussions, the White House official confirmed that secondary sanctions against countries doing business with Russia are still set to be implemented on Friday. Secretary of State Marco Rubio emphasized the need for further efforts to reach an agreement, stating, 'Today was a good day, but we have a lot of work ahead.' Furthermore, Kremlin foreign policy aide Yuri Ushakov noted that both sides exchanged 'signals' regarding Ukraine and discussed potential strategic cooperation but he withheld further details until Witkoff reported back to Trump. Zelenskiy's Optimism Zelenskiy expressed cautious optimism, declaring that pressure on Russia seems to be working, stating, 'It seems that Russia is now more inclined to a ceasefire. The pressure on them works.' He urged that both Ukraine and the US must not be misled by Russia's intentions. On Wednesday, Trump took a significant step toward punitive measures by imposing a 25% tariff on imports from India due to its continued purchases of Russian oil, raising tariffs on some Indian goods to as high as 50%, among the steepest faced by any US trading partner. The Kremlin has condemned these threats as illegal. Consequently, reports suggest that the Kremlin might propose a moratorium on airstrikes by both Russia and Ukraine, a suggestion made by Belarusian President Alexander Lukashenko. While this would not fulfill the full ceasefire sought by Ukraine and the US, it could provide some relief. As tensions continue, the prospect of a Trump-Putin meeting raises hopes for progress in the ongoing conflict. However, skepticism remains regarding the effectiveness of sanctions and the willingness of both leaders to compromise. Short link : Post Views: 6


Al Arabiya
3 hours ago
- Al Arabiya
Fire at Russia's Afipsky oil refinery extinguished after drone attack: Reports
A fire at the Afipsky oil refinery in Russia's Krasnodar region, caused by fallen drone debris, was extinguished, local emergency services said on Thursday. The Russian Defense Ministry said air defense systems had shot down nine Ukrainian drones over the region overnight. It was not immediately clear what the extent of the damage was at the Afipsky refinery, which together with the Krasnodar refinery processed 7.2 million metric tons of crude oil in 2024. Market sources said the disruption at the Afipsky refinery may lead to lower use of crude, potentially adding extra barrels to Russia's exports in August. Ukraine has regularly struck Russian crude refineries, pumping stations, and ports used for oil and gas exports in drone attacks. Russia plans to increase exports from its western ports to nearly two million barrels per day in August, about 200,000 barrels per day more than a previous estimate, after two refineries were left with more crude to export after cutting runs following Ukrainian drone attacks. The Ryazan and Novokuibyshevsk refineries, both operated by the Rosneft oil company, halted operations on several crude distillation units following the drone strikes on August 2.