Asia

Industry sources claim that the cost of shipping crude oil has risen?to its highest level in six years. This is due to a surge of crude exports out of the Middle East, as traders rush to book charters before a possible conflict between the U.S. The cost to hire a very 'large 'crude carrier to transport up to 2,000,000 barrels of crude oil from the Middle East into China has tripled since the beginning of the year, reaching over $170,000 a daily on Tuesday. This is the highest price ever recorded, according to LSEG. Data from shipping analytics company Kpler...

Reynold Hoover, CEO of Los Angeles 2028, gave his?full support to Casey Wasserman on Monday. He said his support is unwavering despite the increased scrutiny after the recent release by U.S.?Justice Department documents related to Jeffrey Epstein. Hoover made his first comments on the issue since Wasserman was mentioned in the documents released late last month. They were also the first remarks since Mayor Los Angeles asked him to resign. The documents contained flirty emails between Wasserman and Ghislaine Maxiwell, a convicted sex-trafficker who is a close Epstein affiliate. Hoover, retired three-star U.S. Army Lieutenant General, said, "The board took...

A company document shows that technical incidents, such as fuel and engine oil leaks, on Air?India flights, reached their highest rate for at least 14 month in January. This highlights the growing pressures placed on the carrier to revamp its operations. Since a fatal crash in which 260 people were killed, India's second-largest carrier has been under the scrutiny of India's safety regulator. Since then, it has reported many safety lapses, and admitted in December that there is a need for "urgent improvements in process discipline and communication as well as compliance culture". Air India reported 1,09 incidents technical per...

Etihad Airways announced a nearly 50% increase in 'net profit' to $698m last year. The 'carrier' said this on Tuesday. Increased capacity supported strong demand throughout markets and lifted the load factor. "We have invested a lot in our product and customer satisfaction. We've grown a lot and added capacity, ?...So, I'd say that it's the combination of all our efforts," CEO Antonoaldo Neves said. The Abu Dhabi airline reported that passenger numbers would increase by 21%, to 22.4 millions in 2025. Its fleet will grow to 127 aircraft, after 29 new jets have been added to the fleet during...

A company document shows that technical incidents, such as fuel and engine oil leaks, on Air India flights, reached the highest rate for at least 14 consecutive months in January. This highlights the growing pressures placed on the carrier to revamp its operations. Since a fatal crash in which 260 people were killed last year, India's second largest?airline is under the scrutiny of India's safety regulator. Since then, it has reported many safety lapses, and admitted in December that there is a need for "urgent improvements in process discipline and communication as well as compliance culture". Air India reported 1,09...

Reynold Hoover, CEO of Los Angeles 2028, gave his full support to?Casey Wasserman on Monday. He said his support is unwavering in spite of increased scrutiny after the recent release by the U.S. Justice Department documents?related? to Jeffrey Epstein. Hoover made his 'first' comments on the issue since Wasserman was named in the documents published late last month and since Los Angeles Mayor Antonio Villaraigosa called for him to resign. The documents contained flirty emails from over two decades ago, between Wasserman and Ghislaine Maxiwell, a convicted sex-trafficker who is a close Epstein affiliate. Hoover, retired U.S. Army Lieutenant General,...

Israel's Competition Authority may sanction El Al Israel Airlines, the country's flag carrier, for "breaching its obligations as a monopoly", for aircraft maintenance. This is after El Al Israel Airlines allegedly refused Arkia access to their hangars. El Al could face a fine of up to 110 million shekels (about $35.24 million). Two senior executives may be fined 449,900 shekels each. Anti-trust agency stated that El Al violated a "long-standing" agreement with Arkia, which allowed Arkia to lease El 'Al hangars for aircraft maintenance. This was a vital input for Arkia operations. According to the authority, El Al has consistently...

Two industry sources have confirmed that DAE Capital, a Dubai-based aircraft lessor, is "closing" in on a deal to buy Macquarie AirFinance's leasing platform. Two firms declined to comment on a request. DAE, along with Saudi Arabia's AviLease and Qatar’s Lesha Bank, was reported to be a final contender for the Macquarie aircraft lease?assets in?January. The sale of aircraft follows a round of competitive bidding, as the demand for planes soars. Commercial planesmakers Boeing & Airbus are unable to meet demand. This has created a 'great opportunity for lessors who can sell their aircraft at premium multiples. In 2017, ?Dubai...

The Russian emergency ministry reported that seven bodies were 'found' in Lake Baikal, a frozen lake in southeastern Siberia. A tour bus with eight Chinese tourists was thrown into the water after the ice cracked as they crossed it on Friday. Igor Kobzev, the regional governor of Irkutsk, said on Telegram that one of the Chinese tourists had escaped. The prosecutors' office in the region also confirmed the opening a criminal investigation. Rescuers used an underwater camera to inspect the scene, and diving operations are planned. In a?statement, it said: "The depth of the accident site is 18 metres (59...

Three Vietnamese airlines have signed deals with U.S. aircraft manufacturer Boeing to purchase a total 90 aircraft as the United States and Vietnam continue their negotiating on a new trade agreement. To Lam, the leader of Vietnam's Communist Party visited the United States to attend the first meeting of the Board for?Peace. This initiative was launched by U.S. president Donald Trump in order to address "global conflicts". Vietnam Airlines announced in a press release that it had signed an agreement worth $8.1 billion with Boeing for the purchase of 50 narrow-body 737-8 jets. It said in a press release that...

Vietjet, a Vietnamese budget 'airline', has announced that it has signed a $965-million financing agreement with Griffin Global Asset Management. This is for the purchase of six Boeing 737-8 planes. Vietjet stated in a press release that the agreement was a'significant step' in their strategy to diversify international funding sources. To Lam, head of Vietnam’s Communist Party, signed the deal during his visit to the U.S. to attend the Board of Peace's inaugural meeting, an initiative started by U.S. president Donald Trump to tackle?global conflict. Vietjet announced on Thursday that it had signed an agreement with RTX subsidiary Pratt &...

Cuba's Varadero Peninsula is the postcard image of a tropical paradise: turquoise water, powder-white sandy beaches and palm trees. Cuba's announcement on February 8, that it had run out of jet-fuel, caused the beaches to empty. They may not return anytime soon. In a survey of airline workers, hotel and travel industry employees, and island tourism industry workers it was found that 'virtually all sectors were suddenly crippled due to the fuel shortage. This could be a death sentence for an industry that is already hampered and vital to the shattered economy of Cuba. Air Canada, WestJet, and Transat, Canada's...

Kuwait Petroleum Corporation, the national oil company, has begun early talks with potential investors about a $7 billion stake in its crude oil pipelines. This follows similar actions by Gulf neighbors Saudi Arabia and United Arab Emirates. Sources said that BlackRock, Brookfield Asset Management and EIG Partners, as well as buyout group KKR, have all shown an interest. Sources said that Chinese state-owned enterprises China Silk Road Fund, China Merchants Capital as well as I Squared Capital, Macquarie Infrastructure Partners and Macquarie Infrastructure Partners are also showing interest. Three sources confirmed that the?transaction was structured so that around $1.5 billion...

According to the data released Tuesday, the fourth anniversary of the full-scale invasion by Moscow of Ukraine, the money Russia earned through oil and gas exports?decreased over the past 12 months, while the volume of oil exports increased. WHY IS IT IMPORTANT? Russia heavily relies on energy revenues to fund its war in Ukraine. This link has led Western nations to impose more and stricter sanctions on Russian fuel to try to weaken their military efforts. The Centre for Research on Clean 'Air and Energy, a non-profit organization, published an analysis that found Russia's revenue from oil, coal, and gas...

Ukraine's national electricity company stated on 'Monday' that any refusal from 'Slovakia' to extend emergency supplies of electricity to 'Ukraine would have no effect on the country's electrical system. Ukrenergo issued a statement saying that the likely stoppage of emergency electricity supplies from Slovakia would not affect Ukraine's unified?power?system. Robert Fico, the Slovak prime minister, said that his country's operator of its power grid would not supply any emergency electricity to Ukraine until oil flows resumed via the Druzhba pipe which runs from Russia through Ukraine and into Central Europe. Ukrenergo stated that Ukraine last requested emergency supplies from Slovakia...

A dispute over oil supplies led to Hungary's veto of new?EU sanction on Russia as well as a massive loan for Ukraine on Monday. This was a major blow to the pro-Ukrainian consensus in Europe on the eve the fourth anniversary of the 'war. In Ukraine, Kyiv has claimed a rare "frontline" advance. However, Moscow continues to target Ukrainian cities and two people were killed in 'drone' strikes in the south. The diplomatic spotlight was in Brussels, where European Foreign Ministers failed to convince Budapest to not punish Ukraine for the delays in restarting the flow Russian oil into Hungary...

The emergency crews restored power to most areas?affected?by the cuts?after a major Ukrainian assault on energy infrastructure?, said the Russia-installed Governor of the part of Zaporizhzhia?region controlled?by Moscow. Yevgeny Balatsky wrote on Telegram that power had been restored to all households except for 12,000 in a single district. He said that emergency crews were working to complete the task. Balitsky said earlier that two power outages occurred in the area in southeast Ukraine. Workers have already restored power in 50% of the region, and generators are supporting critical infrastructure. According to Leonid Pasechnik the?leader of Russia-controlled Luhansk, in Ukraine's north,...

The foreign minister of Hungary said that Hungary would block the next set of EU sanctions against Russia. This is the latest move to get Ukraine to resume a pipeline that supplies Hungarian refineries with Russian oil. Since January 27, Ukraine has said that a Russian drone attack on pipeline equipment in Western Ukraine was responsible for the interruption of shipments?of Russian crude oil to Hungary, Slovakia and other countries via the Druzhba Pipeline. Slovakia and Hungary blame Ukraine for the extended outage. The EU is preparing the 20th package of sanctions against Russia for?the conflict in Ukraine. Many member...

Robert Fico, Slovakia's prime minister, threatened to cut off electricity to Ukraine if Kyiv did not act within two days and resume the re-supply of Russian oil through Ukraine to Slovakia. This supply had been cut off for a little over a month. Slovakia and Hungary are the only two EU nations that still depend on large amounts of Russian crude oil transported via the Soviet Druzhba pipe over Ukraine. Both countries have leaders who have maintained close ties with Moscow bucking the largely pro Ukrainian European?consensus. Since January 27, the flow of Russian oil through Druzhba has been halted....

The data shows that the Russian Urals oil differentials were unchanged on Thursday compared to Brent, while the grade's price remained above the new EU price cap so far this month. LSEG data indicates that the Urals FOB prices at Primorsk Port have been higher than the new EU price cap since February 1. The cap allows European companies to provide shipping, insurance and?other?services in exchange for Russian cargoes as long as the oil is sold below the cap. Calculations showed that the Russian state's oil and gas revenues are expected to almost halve in February 2025 to 410 billion...

The chairman of India's largest power distributor said that Maharashtra is using local energy sources to power farms, despite the fact that transmission projects are delayed, and it is also racing to boost clean-energy production. As transmission lines are delayed, utilities are reluctant to sign long-term agreements. This is causing a huge backlog in the renewable energy sector of Asia. In order to avoid the bottleneck, Maharashtra State Electricity Distribution Co Ltd (which supplies electricity in one of India’s richest states) is moving?about 30 percent of farm consumption from 2 megawatts to 20 megawatts solar plants, located near rural power...

A rig that drills wells in shallow water completed its long journey from China to Venezuela’s oil-producing Lake Maracaibo region. Residents and workers were excited to see the passage of a big old rig called Alula, which passed just inches below a bridge that connects Maracaibo with the oilfields on the eastern shore of Lake Maracaibo. This was due to U.S. sanctioned. The rig struck an oil pipeline while it was passing through the lake, and also over the metallic spaghetti that was 20,000 kilometers worth of pipes below the water. The oil leaked out for several months before repairs...

Officials said that the MOL group of Hungary has ordered tankers to deliver?Saudi oil, Norwegian oil, Kazakh, Libyan, and Russian to its?Hungarian refineries. It also halted diesel deliveries to Ukraine in an effort to fix a Druzhba pipe outage. MOL's refineries have been struggling since the supply halt, which Ukraine claims was caused by a Russian attack on the pipeline infrastructure that occurred on January 27, 2013. The Slovak Government approved a loan for 250,000 tons of oil on Wednesday. Both countries blame Ukraine for the delay in resuming the flow of funds for political reasons. Hungary and Ukraine are...

India has eased its restrictions on purchasing Chinese equipment?after a deadly border clash in 2020,?allowing state-run coal and power?companies?to begin limited imports?as shortages and project delay mount. Two government officials have confirmed this. It is the first time in five years that curbs have been significantly loosened. These restrictions had largely kept Chinese firms from India's $700-$750 billion market for government contracts. In January, it was reported that India is looking at broader relaxations of the rules for Chinese bidders to win government contracts. New Delhi requires Chinese bidders, since the 2020 clash with India, to register at a government...