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Panama claims it cancelled the flag of a US-seized oil tanker over a year ago
Panama's maritime authority announced on Thursday that it had cancelled the flag in January of last year for the M Sophia. This was a Venezuela-linked oil tanker, which the U.S. military seized this week. The U.S. The Southern Command of the U.S. military said on Wednesday that it intercepted M Sophia just before dawn and called it a "stateless dark fleet motor-tanker." The Panamanian authorities canceled this supertanker’s flag on the 23rd of January 2025. The maritime authority said that the Bella-1 is a Russian flagged tanker, which the U.S. The Bella-1, a Russian-flagged tanker that the?U.S. The?flag of a ship determines its authority. The U.S. claims that when a flag has been 'canceled, it becomes stateless and is no longer protected by international law. It can be boarded or seized. Panama's maritime authority didn't immediately respond to an inquiry for more information about why the ships weren’t still flying the Panamanian flag. Bella-1 was the first vessel to be seized by the U.S. Military under Russian flag in recent history. The United States captured Venezuelan President Nicolas Maduro during a dawn raid in Caracas and demanded that the authorities there "open oil to U.S. firms or risk further military intervention." Venezuelan officials accuse the U.S., of trying to steal their vast oil reserves. These are estimated to be the world's largest. But Trump announced earlier this week that he reached an agreement with Maduro’s successor regarding crude exports. Reporting by Elida Morland, Marianna Pararaga, and Sarah Morland. Editing by Daina B. Solomon and Alistair Bell.
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Arkia, a flight connection company in Israel, has signed a deal with JetBlue to provide flights between the US and Israel
Arkia Airlines, Israel's low-cost carrier, announced on Thursday that it had signed a?deal with JetBlue Airways. This deal would allow Arkia Airlines customers to connect?on?JetBlue flights?in the United States as well as to Latin America and Caribbean. Arkia, a privately held company, flies mainly domestically and in Europe. However, it has launched flights from Tel Aviv (Israel) to New York since last year to compete with El Al Israel Airlines. JetBlue will link up Arkia’s non-stop flight schedule to JFK Airport, which includes seven flights per week. Arkia CEO Oz Berlowitz said: "This agreement strengthens Arkia’s long-haul operation and expands the range of service for customers?traveling to North America." Dave Jehn is a vice-president of JetBlue, sixth largest airline in the u.s., and said that the new partnership between JetBlue and Arkia allows them to "expand their 'global reach' and provide customers with a broader range of destinations as well as seamless connections." El?Al has also an interline deal with JetBlue, but the codeshare agreement between the two airlines ended in October. (Reporting and editing by Susan Fenton; Steven Scheer)
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Turkish Airlines invests $2.3 billion in new projects
Turkish Airlines announced that it held a groundbreaking ceremony on Thursday at eight locations. The total investment value is more than 100 billion lira (2.32 billion dollars). It said that the projects included investments in Europe's biggest wide-body aircraft engine maintenance facility, world's biggest aircraft catering facility, second phase of SmartIST, which will be the 'largest cargo facility' in the world, additional aircraft maintenance hangars and an ecommerce complex. When all phases are completed, these investments will create over 36,000 jobs. Turkish Airlines Chairman Ahmet Bolat stated that while our company's contribution is currently $65 Billion, it will reach $144 Billion when we reach our target peak in 2033.
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Aluminium prices in the US reach record levels due to tariffs and low stock
Aluminum consumers in the United States pay record prices. These are significantly higher than the import levies, transport costs, and other factors would suggest. This is because tight supplies globally exacerbate the impact of the tariffs, and the low U.S. inventory. Aluminium is needed by industries like automotive, aerospace and packaging. Aluminum prices can have a knock-on effect on the economy, as they increase manufacturing costs, squeeze margins, and eventually drive inflation. In June, President Donald Trump increased tariffs on U.S. aluminum imports from 25% to 50% to encourage local production. Aluminium?costs have increased by 40% for U.S. customers since then, to over $5,200 per metric ton. Aside from the disruption caused by U.S. Tariffs, aluminium traders have also been monitoring other supply shortages. Prices on the London Metal Exchange have risen by more than 20% in the last year, the highest level since April 2022. This was a few months after Russia invaded Ukraine. Consumers began to shun Russian aluminium. US ALUMINIUM STOCKS SHRINK On the physical market in the U.S., buyers typically pay a premium plus the LME aluminium price. This premium covers costs like freight, handling and insurance. The tax component of premium increases as the LME price goes up, because the tariff is calculated in percentage. The duty on aluminium shipments into the United States will be $1.550 at $3,100 per ton. This is up from $1.300 in June. The Midwest aluminium premium hit a record of 96c per lb, or $2,116 per ton this week, up by 65% since June. The premium is much higher than the costs justify. The market expects the LME to continue trending higher, said Jorge Vazquez at Harbor Aluminium, who added that the premium for a pound should be around 86c. Last year, exporters of aluminium from the United States diverted their aluminum to Europe because the premiums did not reflect the tariffs fully. Local stocks therefore shrank. Vazquez, Gregory Wittbecker and Wittsend Commodity Advisors estimate that U.S. aluminum stocks have fallen below 300,000 tonnes from 750,000 at the start of 2025. "Canadian suppliers halted discretionary shipments because they were losing cash, which resulted in a decline in U.S. Wittbecker stated. The price of the shortage in physical aluminum is rising, but I am unsure how much it can rise. Trade Data Monitor reports that the United States will import nearly four million tonnes of aluminum in 2024, with Canada accounting 70% of those shipments. (Reporting and editing by Barbara Lewis; Pratima Deai)
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US Energy chief: US and China can play equal roles in Venezuela
U.S. Energy Sec. Chris Wright stated that there is room to balance the roles of the United States and China in Venezuela, to allow for commerce. However, Washington will not let Beijing have a major influence over the Latin American nation. Wright said in an interview with Fox Business Network that he expects to?see Chevron rapidly grow its operations in Venezuela, while ConocoPhillips and Exxon Mobil will also be looking to play a positive role. "I think you'll see China playing a long-term role in Venezuela. The United States will control oil flow as long as the United States is dominant in Venezuela, and the rule of law. He told FBN's Mornings with Maria program that it would be fine. Is it possible to achieve a balance with China? "I think so." Can there be trade with China in a framework where Venezuela's principal partner is the United States? Sure. Will we allow Venezuela to be a?client state of China'? "Absolutely not," he said. Wright said that he had been 'talking to executives of top U.S. Oil Companies since Saturday. He also stated that many companies are 'disappointed they weren't invited to the industry meeting on Friday at the White House. (Reporting and editing by Andrew Heavens, Chizu Nomiyama, and Susan Heavey)
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Aluminium prices in the US reach record levels due to tariffs and low stock
Aluminum?consumers are paying record prices in the United States, far above what import levies and transportation costs would justify, due to tight supplies worldwide and the 'impact' of tariffs on low U.S. stocks. Aluminium is needed by industries like automotive, aerospace and packaging. Aluminum prices can have a knock-on effect on the economy, as they increase manufacturing costs, squeeze margins, and eventually drive inflation. In June, President Donald Trump increased tariffs on U.S. aluminum imports by 50% to encourage local production. Aluminium costs have risen since then for consumers in the U.S. Consumers have seen a 40% increase to $5,200 per metric ton. Aluminium traders are also monitoring other supply shortages. Prices on the London Metal Exchange have risen by over?20% in the last year, the highest level since April 2022. This was a few months after Russia invaded Ukraine. Consumers started to avoid?Russian aluminum. US ALUMINIUM STOCK DROP Buyers of aluminium on the physical market in the U.S. typically pay a premium to cover?costs like freight, handling and insurance. The tax component of premium increases as the LME price goes up, because the tariff is calculated in percentage. The duty on aluminium shipments into the United States will be $1.550 at $3,100 per ton. This is up from $1.300 in June. The Midwest aluminium premium hit a record-high of 96 cents per lb, or $2,116 per ton this week, an increase of 65% from?June. The premium is much higher than the costs justify. The market expects the LME to continue trending higher, said Jorge Vazquez at Harbor Aluminum. He added that the premium should be around 85 cents per lb. Last year, exporters of aluminium from the United States diverted it to Europe because the premium was not enough to reflect the tariff. Local stocks therefore shrank. Vazquez, Gregory Wittbecker and Wittsend Commodity Advisors estimate that U.S. aluminum stocks have fallen below 300,000 tonnes from 750,000 at the start of 2025. "Canadian suppliers halted discretionary shipments because they were losing cash, leading to a decline in U.S. inventory," said?Wittbecker. "The U.S. shortage of aluminium is being priced but I doubt how high the premium will go." Trade Data Monitor reports that the United States will import nearly four million tonnes of aluminum in 2024, with Canada accounting 70% of those shipments. (Reporting and editing by Barbara Lewis; Pratima Deai)
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Frontier Airlines parent company appoints new CEO
James G. Dempsey was appointed Chief Executive Officer of the 'Frontier Group', parent company to 'Frontier Airlines, on Thursday. The company announced last month that longtime CEO Barry Biffle was leaving and appointed an insider,?Dempsey, as interim leader. Frontier said that it now expects its adjusted earnings per share to be at the upper?end of their previous?forecast, which was between 4 cents and $20 cents. This is due to the strong revenue performance throughout the quarter while also overcoming the effects of the shutdown. Before the bell, shares of the Denver-based company rose 2.5%. Dempsey - who has been Frontier's president for the last 10 years - was responsible for its commercial operations, customer service, operations research and planning. He ?joined Frontier as CFO in 2014, prior to ?which he held senior management roles at Ryanair Holdings and various management roles at PricewaterhouseCoopers.
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Sources say that a drone struck a Russian-bound tanker in the Black Sea.
According to an alert from Lloyd's List Intelligence on Thursday and another maritime security source, a Russia-bound oil ship suffered a drone strike in the Black Sea. This prompted them to ask for Turkish coastguard help and divert their course. Lloyd's List Intelligence, a maritime data specialist, said that the Elbus, a Palau-flagged vessel, "experienced a unmanned marine vehicle and drone attack on Wednesday targeting its engine room." No injuries or pollution were reported by the 25 crew members. A security source based their assessment on a drone attack. The incident was not clear. Late November, insurance rates for shipping rose after Ukrainian?drones? hit two Russia bound tankers?in the Black Sea. The incidents prompted Moscow and Ankara, respectively, to issue threats of retaliation, while Ankara urged calm. In early December, a vessel flying the Russian flag claimed that it was also attacked at sea. However, Kyiv denied that they were involved. When asked about Elbus, the Security Service of Ukraine didn't respond. The Turkish Transport Ministry was not available for comment. The Russian Embassy in Ankara did not respond to a request for comment. The Black Sea is crucial for shipping grain, oil, and oil products and its waters are shared with?Turkey. Russia. Ukraine. Bulgaria. Georgia. The Lloyd's notice stated that the vessel would be heading to Novorossiysk, Russia on Wednesday from Singapore. Marinetraffic data revealed that the Elbus sat down a few kilometers off the northern Turkish town of Inebolu, on Thursday. It had diverted its course from an earlier one to the east across the Black Sea. Lloyd's reported that the ship dropped anchor on its own at Inebolu Anchorage. The Inebolu Harbour Master did not answer calls.
Union Pacific begins regulatory review of $85 billion coast to coast rail merger
Union Pacific and Norfolk Southern filed a nearly 7,500-page merger request with the U.S. Department of Justice on Friday. Surface Transportation Board (STB) will now have 30 days to review the plan and request more information. It can also propose some initial remedies. The filing opens up a formal response window for all stakeholders, including shippers and labor unions as well as rival railroads and consumer advocates, to comment on the $85 billion deal.
In July, analysts and executives in the industry were surprised by the merger agreement between Union Pacific and Norfolk Southern. The analysts said that a merger proposal like this, which was publicly supported by President Donald Trump, could have been subject to 'tougher antitrust scrutiny in previous administrations.
Public disclosures reveal that Union Pacific was one of the companies who contributed to Trump's White House Ballroom Project. Both sides confirm that UP Chief executive Jim Vena met Trump in the Oval Office to discuss the merger in September. Vena and Trump said that creating a single East West railroad aligns with President Trump's vision to "make America Great Again."
Todd Dubner from KPMG, the consulting firm, said: "This is an innovative deal that could reshape how goods are transported in the U.S. from coast-to-coast if it can pass regulatory hurdles."
Plan Draws Opposition From Competitors
This proposal has been met with strong opposition by competitors in a consolidated industry. The?U.S. market is dominated by four Class I freight railroads. Four Class I freight railroads dominate the?U.S.
UP and NS claim that a single-line service would remove the East-West barrier, especially the expensive and time-consuming Chicago interchanges. This would, they say, reduce the number of handoffs and improve transit times. It would also help rail compete better with long-haul trucks.
Vena, from Union Pacific, said that he was confident of the approval.
We will be left behind if we do not move. That's not for me. Vena stated that the benefits of this deal are indisputable.
BNSF is owned by Warren Buffett and Berkshire Hathaway. The company said that the merger would reduce shipper choice and increase rates. BNSF CEO Katie Farmer stated that the company was still reviewing the filing, and would have more information soon. However, she added that it "doesn't change BNSF’s opposition to proposed?merger."
She said that the transaction posed a serious threat to the U.S. consumer and economy because of its long-term harms.
Canadian Pacific Kansas City, (CPKC), has also criticized this deal in the past. Its CEO said that the company is not interested in any further consolidation.
Anthony Hatch, a independent analyst, says that the future of rail consolidation is still uncertain. CSX, BNSF, and Canadian Pacific may eventually join forces to respond to the UP-NS offer, depending on the concessions made by the STB, such as market access, or operational advantages. He said that if these railroads gain enough market access via the STB process they might decide to remain independent. If not, they could be outmatched and forced to merge unless they merged. It is still too early to tell.
CSX will review the STB filing and participate in the STB to ensure that it is well positioned for competition, the company stated.
Hatch stated that the UP-NS merger is the first major merger of railroads reviewed under the STB framework, adopted in 2001. This requires railroads prove a merger enhances competition, not just preserves it, and shows clear public interest benefits. Sabrina Valle reported from New York, and Nick Zieminski edited the story.
(source: Reuters)