Canada and China go tit-for-tat: China has revealed plans to launch an anti-dumping investigation into Canadian canola imports and chemical products shortly after the country said it would impose a 100% tariff on EVs and a 25% tariff on steel imports from China, Reuters reports. “Canada's canola exports to China have increased significantly and are suspected of dumping, reaching USD 3.47 bn in 2023, with a 170% y-o-y increase in volume and a continuous decline in price,” a spokesperson for China’s Ministry of Commerce said in a statement.

In numbers: China — the world’s biggest oilseed importer — imports more than half of Canada’s canola output. China’s rapeseed meal futures increased 6% on the Zhengzhou Commodity Exchange to CNY 2,375 (c. USD 333.56) per metric ton following the announcement — its highest since 6 August. China’s rapeseed meal prices dropped 22% in 2024 amid abundant oilseed supply and rising domestic production.

China could look elsewhere: China could potentially turn to Australia and Ukraine for alternative supplies. “We expect China to buy larger volumes from Australia if restrictions on Australian canola are eased,” director at Sydneys’ Ikon Commodities Ole Houe told the newswire.

Russia presses on with dark fleet operations: Palau-flagged LNG carrier Everest Energy is preparing to return to the sanctioned Arctic LNG 2 facility in Russia to take on fresh cargo of super-chilled fuel as Russia moves forward with exports despite US sanctions, Bloomberg reports, citing ship-tracking data and satellite images. Everest Energy is reportedly making its way to the Saam floating storage unit in Russia’s Murmansk region.

REFRESHER- The US slapped restrictions on the Arctic LNG 2 facility last month for being part of Russia’s alleged dark fleet to curb Moscow’s plan for LNG deliveries. The Saam unit was also subjected to sanctions last year.

Russia found a loophole: Although the sanctions have scared away international companies and stopped the delivery of ice-ready carriers, Russia is suspected of resorting to shadow vessels that mask their location to begin exports. Several companies — largely registered in the UAE — with alleged links to Russia have been acquiring dozens of LNG vessels seemingly as part of a plan by Moscow to expand its dark fleet operations.

Hong Kong’s Cathay Pacific Airways is performing maintenance on its Airbus A350 jets after the in-flight failure of an engine component on Monday, according to a statement. The carrier’s engineering team identified 15 aircraft with affected engine components that require replacement, with three having already undergone repairs. Cathay Pacific had suspended 24 return flights until Tuesday as a precautionary measure, Reuters writes. The company says that operations are set to resume on 7 September.

ICYMI- Cathay Pacific announced it was inspecting all the Rolls-Royce-made engines on its Airbus A350 jets after an in-flight engine component failure, causing shares in the British engineer supplier to go down significantly, the newswire writes. The problem reportedly surfaced on a Zurich-bound flight several minutes after take-off from Hong Kong, forcing the plane to turn back and land 75 minutes after departure, according to Flightradar24 tracking data.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Volvo to launch long range electric trucks: Sweden’s Volvo — which is majority owned by China’s Geely — will launch a new long-haul model of its FH Electric truck in 2Q 2025. The company managed to increase battery capacity by combining the motor, gearbox, and axle into one component which makes the truck able to cover 600 kms per charge. (Reuters)
Tags: