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EU Naval Mission says LPG-laden Tanker is on Fire Off Yemen
In a press release, Aspides, the European Union naval force, said that the LPG-laden vessel MV Falcon, was on fire off the coasts of Yemen on Saturday after its crew reported an explosion which forced them to abandon ship. Aspides stated that the cause of explosion was not clear but it most likely an accident based on initial indications. Aspides said that at least 15 percent of the Cameroon flagged vessel was on fire. Aspides warned vessels to maintain a safe distance because the tanker, which was loaded with liquefied gas, could explode. Aspides stated in a press release that "the fire onboard is growing." "MV Falcon is a navigational danger." "Everyone in the area should exercise caution." The 26 crewmembers were being rescued by an operation. Two merchant ships sailing in the area have recovered 24 seafarers so far. Two merchant vessels, one of which was the MV Veda took the seafarers rescued from the ship to Djibouti escorted a Greek frigate. Aspides reported that two crew members have been reported missing. Ambrey, a British security company, said that the MV Falcon was traveling from Oman's Sohar Port towards Djibouti. The explosion happened as the ship was sailing 113 miles south of Aden, Yemen. According to maritime security sources, neither unmanned aerial vehicles nor missiles had been detected. Ambrey stated that the tanker did not match the profile of the Houthi militants in Yemen who are Iran-aligned. According to the Houthi news agency Saba, an official in the Houthi Defence Ministry said that the group has no connection with the incident. Since 2023, Houthi militants claim to have carried out numerous attacks against vessels in the Red Sea in solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Alashray and Muhammad Al Gebaly; Editing by Jan Harvey, Barbara Lewis and Renee Maltezou
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At least 15 people are killed in a bus crash that occurred in the northeastern region of Brazil
In a statement, the Brazilian Federal Highway Police reported that a bus accident occurred in Pernambuco in northeastern Brazil on Friday evening. The driver of the bus lost control and caused the crash. Accident occurred just before 8 pm. The driver lost control, went into the opposite lane and hit rocks along the side of highway. He then crashed with a sand embankment, overturned, and collided. According to the Federal Highway Police, the Federal Highway Police is investigating the causes of the accident. According to the police list, there were 30 passengers aboard. So far, half have been confirmed as dead, 11 women and 4 men. Total number of injuries has not been revealed. The driver suffered minor injuries. According to the statement, he underwent a test of breathalyzer, and received a normal result. The police said that there were indications some passengers might not have worn seat belts during the accident. (Reporting by Rodrigo Viga Gaier. (Writing by Luciana Magnalhaes Editing Marguerita Choy.
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Fire at Dhaka Airport cargo terminal causes flight delays and diversions
Officials said that flights out of Bangladesh’s main airport on Saturday were either delayed or diverted after a large fire broke out at the cargo terminal. Talha Bin Zassim, an officer with the Fire Service and Civil Defence Media Cell said that 36 firefighting units were working to put out the flames. Airport official Masudul Hasan informed reporters that operations at Dhaka’s Hazrat Shahjalal International Airport have been suspended. He added that all aircraft were safe. The cause of the fire was not immediately known. The problem affects both domestic and international flights. Air Arabia from Sharjah, United Arab Emirates, diverted a flight from Delhi bound for Dhaka to Chittagong and IndiGo from Delhi bound for Dhaka to Kolkata. Officials said that a Cathay Pacific plane from Hong Kong circled in the air after it failed to land at Dhaka Airport. The fire service, army, navy and air force all worked together to put out the fire. This is the third fire in Bangladesh reported this week. The fire that broke out at a Bangladeshi garment factory and adjacent chemical storage facility on Tuesday killed four people. At least 16 people Others were injured. Another fire destroyed a building of a Chittagong export processing zone garment factory on Thursday.
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Security firm reports that a tanker with a Cameroon flag issued a distress call to Ahwar in Yemen.
Ambrey, a British maritime security company, said that a tanker flying the flag of Cameroon issued a distress signal on Saturday following an explosion aboard as it passed around 60 nautical miles south-southeast of Ahwar in Yemen. The cause of explosion is unclear. Ambrey confirmed that it had received radio communications from the crew indicating their intention to abandon ship. A search and rescue effort was in progress. Ambrey said that the vessel was traveling from Oman's Sohar Port, to Djibouti. The tanker is not thought to have been linked to the Houthis, Yemen's Iran aligned militia. Since 2023 they have attacked numerous vessels in the Red Sea, targeting vessels they believe are linked to Israel as a show of solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Gebaly and Muhammad Al Gebaly, Editing by Jan Harvey & Barbara Lewis
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Sky News reports that Heathrow is considering WPP boss Jansen to be chairman.
Sky News reported that Philip Jansen, former CEO of BT Group and now chairman of marketing services group WPP is in advanced discussions with Heathrow’s board of directors and shareholders about becoming the chairman of the airport. The report cited sources to say that Jansen was the clear frontrunner of the shortlisted candidates. An announcement could be made within weeks, if discussions are successful. Could not verify the report immediately. Heathrow Airport didn't immediately respond to an inquiry for comment. Sky News reported in July that the British aviation hub had been working with headhunter Russell Reynolds Associates on recruiting a successor for Paul Deighton who assumed the position in 2016. Deighton’s term as chairman would have ended on April 30th, 2025 after nine years. Due to recent board changes, and the relatively new appointments of leadership, Deighton was asked to extend his tenure. Deighton stated in the annual report of the company that "I have... accepted to extend my role for a limited time as Chair to ensure continuity and security on the HAHL Board throughout this period transition". Sky News reported that Jansen’s experience as CEO of BT Group – a regulated company – from early 2019 until the end of 2024 was a key factor in his selection as he preferred candidate. According to his WPP profile, the executive began his career with Procter & Gamble and has held leadership positions at Sodexo Group and Telewest. He also worked at MyTravel, Travis Perkins and Sodexo Group. Rhea rose Abraham, Bengaluru reporter; Jan Harvey, editor
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China Eastern Airlines resumes flights as China and India restore air connections
China Eastern Airlines, a state-owned airline, will resume Shanghai to Delhi flights on November 9, according to the website of the airline. This comes as China and India resume their direct air links after a five year diplomatic freeze. According to the airline's ticketing platform, flights will be operated three times per week, on Wednesdays. Saturdays and Sundays. China Eastern Airlines didn't immediately respond to a request for comment sent via email. The Indian Foreign Ministry announced earlier this month the resumption of commercial flights between India and its neighbours after a 5-year-long freeze. The announcement came after Indian Prime Minister Narendra Modi visited China for the first time in seven years to attend a regional security summit of the Shanghai Cooperation Organisation. Both sides discussed how to improve their trade relations, and Modi expressed concern about India's growing bilateral trade deficit. The Indian and Chinese foreign ministers did not respond immediately to requests for comments on the Shanghai-Delhi flight. IndiGo, India's largest airline, announced previously that it would begin daily non-stop flight between Kolkata and Guangzhou. Guangzhou Baiyun International Airport, a state-backed airport, said that when IndiGo announced its plans to expand direct flights between Guangzhou (China) and Delhi (India), it would encourage airlines like IndiGo to offer more routes. After deadly clashes on their Himalayan border, the two countries suspended direct flights in 2020. This led to a long-lasting military standoff. (Reporting and editing by Tom Hogue; Amy Lv and Colleen howe)
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Ship tracking data shows Sinopec diverts supertanker away from US-sanctioned ports
According to Chinese consultants and ship tracking data, the latest U.S. sanction on a major Chinese crude terminal has forced Sinopec to divert one supertanker from its route and to ask certain plants to reduce crude processing rates. LSEG data revealed that a supertanker transporting oil to the Chinese Port of Rizhao, in Shandong Province, changed its destination at the weekend after U.S. sanctions were imposed on Friday on an import terminal located there. JLC Consultancy estimated that Sinopec’s October runs could drop by 3.36% compared to earlier plans, and may be around 5.16 million barrels a day. Sinopec has not responded to comments immediately. LSEG data revealed that the supertanker New Vista chartered by Sinopec’s trading arm Unipec, originally scheduled to discharge in Rizhao, on Sunday, has changed its destination to Ningbo or Zhoushan, for arrival on 15 October. New Vista is capable of carrying 2 million barrels and currently carries Abu Dhabi's Upper Zakum crude. The U.S. Treasury listed the Rizhao Shihua crude oil terminal, which is half owned by a Sinopec logistic unit, in a series of sanctions, including ships that transport Iranian crude and liquefied petrol gas. The U.S. announced that the terminal in Lanshan, in Shandong Province, a major Chinese oil refinery hub, had been sanctioned because it received Iranian oil aboard vessels sanctioned by the U.S. According to analysts and industry executives, one-fifth (or a fifth) of Sinopec’s crude oil imports passes through the Rizhao Terminal.
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Aeromexico, backed by Apollo, seeks a valuation of up to $2.9 Billion in US IPO
Grupo Aeromexico announced on Friday that it was aiming for a valuation up to $2.92billion in its U.S. Initial Public Offering, as the Mexican airline looks to go back public after more than two years. Aeromexico, based in Mexico City, and its existing shareholders seek up to $234.5 millions by offering 11,7 million American depositary shares priced between $18 and 20 each. After a successful bankruptcy reorganization, mature companies are often looking to return to the public markets. Aeromexico filed Chapter 11 bankruptcy in 2020, with $2 billion of debt. The pandemic had a major impact on travel demand. Aeromexico, which emerged from bankruptcy in 2022, is now backed by the alternative asset manager Apollo Global as well as U.S. carrier Delta. PAR Investment Partners, a private investment fund, intends to buy $25 million worth of Aeromexico stock in a simultaneous private placement. The price per share will be 95% of the IPO. Aeromexico was one of the first names to be used in the United States. IPO pipeline Publicly File paperwork In May 2024, LATAM Airlines, based in Chile Return to the Homepage After a $456,000,000 IPO, the New York Stock Exchange will be open in July 2024. PUBLIC MARKETS RETURN The legacy airline, founded in 1934 under the name Aeronaves was nationalized in 1959 by the Mexican Government. In 1971, it began operating under the name "Aeromexico". Aeromexico had been owned by the state for many decades, until 2007 when an investor group led by Citigroup bought it for $250 million. Bidding war Saba Family - The full-service carrier first went public in 2011, and traded on the Mexican Stock Exchange until 2022. Delisted As part of its bankruptcy restructuring. Aeromexico is a low-cost carrier that competes with Volaris, a low-cost airline focused on leisure and business passengers. Barclays, Morgan Stanley J.P. Morgan, and Evercore are all joint book-running managers. Aeromexico intends to list at the New York Stock Exchange using the symbol "AERO." (Reporting and editing by Anuj T. in Bengaluru, Arasu Kanagi Basil; Shrey Biswas).
Asia's yawning renewables lead might only grow from here: Maguire
Asia has expanded its renewable resource capacity lead over all other regions, adding a record 450,000 megawatts (MW) of new eco-friendly capability in 2024, according to data compiled by LSEG.
That capacity addition dwarfs the approximately 109,000 MW included in Europe and the 93,000 MW added in The United States and Canada last year, and cements Asia's position as the main global center for sustainable energy generation.
Asia's total set up renewables generation footprint is now roughly 2,500,000 MW, compared to around 1,000,000 MW in Europe and 700,000 MW in The United States And Canada, and means Asia is now home to simply over half of all renewable generation capacity.
And Asia's capacity lead looks set to widen moving forward as reduced political cohesion in Europe and a swing to a. climate-sceptic administration in the United States possibly. slows the speed of renewables growth in those markets.
Trade spats between China - the world's top manufacturer of. renewable power production components - and Europe and the. United States might also speed up Asia's renewables build-out,. by requiring China to focus more on regional markets for development.
POWER COST IMPACT
Sustained renewables capability development in Asia just as. capacity growths slow in Europe and The United States and Canada could spark. a divergence in power rate patterns between those areas.
If Asian power systems gradually increase the share of. renewables within generation blends, local power prices might be. driven lower by the resulting increases in output from solar and. wind farms that can produce power more cheaply than nonrenewable fuel source. power plants.
At the exact same time, continued high reliance on gas for. power generation in Europe and The United States and Canada could keep power. costs in those markets on a possibly rising trajectory.
This is specifically most likely in Europe, where gas plants that. previously worked on pipelined materials from Russia must now be fed. by imported liquefied gas (LNG), which can cost greatly. more than pipelined gas.
Gas costs in The United States and Canada could likewise trend greater,. especially if the United States ramps up gas exports in the form. of LNG to feed the gas demand in other areas, and tightens up. domestic gas products as a result.
The tradition networks of gas pipelines, power plants and. secondary industries that use gas as a feedstock are likewise. powerful forces within Europe and The United States And Canada, and are. efficient at thwarting policies that might undermine their status.
These industries are also significant regional employers and so could. spur broad societal disruption if they come under hazard.
On the other hand, a number of major economies throughout Asia are. intent on reducing their reliance on imported fossil fuels for. energy production, and are devoted to broadening home-grown. power production that is made it possible for by eco-friendly sources.
CHINA'S SKEW
China accounts for roughly two-thirds of Asia's renewables. capability footprint and looks set to remain the world's fastest. developer of sustainable power generation.
China's massive manufacturing base also looks set to stay. the biggest producer of solar parts and other essential components. tied to renewables generation, which China prepares to export. throughout the world.
Local Asian markets are likely to be willing purchasers of those. China-made parts and items, as several economies in Asia are. experiencing rapid growth in energy intake that can be. provided relatively cheaply and quickly by renewables sources. In contrast, Europe and the United States are responsible to slow. their uptake of China-made energy items due to ongoing trade. disagreements, even if those items are among the most affordable expense. offered and are effective in raising power products.
That discrepancy in hunger for China-made renewable resource. parts and systems might even more speed up the divergence in tidy. power capability trends in between Asia and other regions, and. amplify the resulting power price patterns.
The re-routing of international manufacturing supply chains away. from China - in action to continuous trade disagreements with Beijing. - might likewise serve to accelerate Asia's renewables adoption.
Many of the alternative factory places are likely to be. in affordable Asian countries that have large workforces, while numerous. of the items and parts they put together will stay connected to the. energy shift due to the widespread appeal of clean energy. production systems.
Emerging economies across Asia are likewise keen to wean their. energy systems off high-cost and high-polluting fossil fuels,. therefore are anticipated to carry out major financial investments in structure. out tidy energy generation that helps to produce jobs and spur. economic development.
In sum, these trends may serve to speed up Asia's cumulative. adoption of renewable resource production over the coming years,. simply as Europe and North America are poised to possibly. lower the speed of renewables adoption due to their own. political and industrial priorities.
The viewpoints revealed here are those of the author, a market. analyst .
(source: Reuters)