Latest News
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Spirit Airlines receives bankruptcy funding of $100 Million
Spirit Aviation announced on Monday that it had secured $100 million in bankruptcy financing as the struggling?carrier worked on a restructuring plan. Spirit Airlines' parent company filed for bankruptcy a second-time in August after struggling to cope with shrinking cash reserves and mounting losses. Spirit Airlines has been cutting jobs, trimming routes, and reducing operations as part of its broader cost-cutting strategy. The company has already withdrawn from 14 airports and refused leases for over 80 aircraft. The ultra-low cost carrier announced on Monday that all operations, including flights and ticket sales, will continue as normal. Spirit can access $50 million right away, and the rest is subject to restructuring discussions or a possible deal. The?carrier didn't disclose the source of?funding. The Aviation-focused publication, The Air Current, reported on Friday rival airlines are preparing to capitalize on Spirit Airlines' routes if it is forced shut down. (Reporting and editing by Sahal Muhammad in Bengaluru, with Nathan Gomes reporting from Bengaluru)
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Airbus delivered 30 jets during the first half of December, according to sources
Sources and analysts in the industry said that Airbus has delivered 30 aircraft during the first half December. This is a lower-than-average rate for the month, as some airlines are waiting for information on fixes for a recent fuselage issue. Airbus has delivered 657 jets between January and November. "If they have to deliver another 104 planes to reach the revised?guidance around 790 aircraft, it seems to be a very difficult challenge at this stage in the month," said analyst Rob Morris. He noted that Cirium data indicated 29 deliveries by last Friday. Airbus declined to comment on the mid-month figures. Airbus has cut its delivery target for the full year by 4%, to 790 jets instead of 820. This is after CEO Guillaume Faury referred to "weak" deliveries in November following the discovery that some A320 family fuselage panels had a problem. Sources in the industry said that several airlines were reluctant to accept delivery of up to 628 aircraft either in production or already in their fleet until they received more?technical information about inspections to be performed on these planes. They said that some carriers have pressed for better warranty terms and compensation for the disruption. This comes after a software recall. Airbus has declined to comment on any commercial discussion. The company said that the panel defect did not affect safety in?flight. However, the emergency software recall addressed a vulnerability to cosmic radiation revealed by a midair loss of altitude on JetBlue flight. Airbus is ahead of Boeing in terms of deliveries, which helps determine revenue. However, last week, it admitted that it would likely lose the race to win orders for the first time since six years. Tim Hepher is the reporter. (Editing by Tomasz Janowski and Mark Potter.)
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Shipping data shows that tankers have made a U-turn after the US seized Venezuelan oil cargo.
At least four supertankers, due to pick up crude in Venezuela, have made U-turns since the U.S. seize a vessel carrying Venezuelan oil. Last week, the U.S. Coast Guard intercepted and seized a very large crude carriers (VLCCs) that were carrying about 1.85 million barrels of Venezuelan heavy oils sold by PDVSA. This is a sign of increased friction between Venezuela and the U.S. which has increased pressure on President Nicolas Maduro. More than 11 million barrels of oil were left on other vessels in Venezuelan water after the seizure. Some tanker owners have ordered u-turns, to avoid problems. An armada U.S. ships are patrolling the Caribbean Sea. According to LSEG'vessel monitoring data, the Benin-flagged Boltaris tanker, which was carrying 300,000 barrels Russian naphtha bound towards Venezuela, did a u turn late last week, and is now headed for Europe without discharge. Monitoring service 'TankerTrackers.com' said that at least four VLCCs scheduled by PDVSA to load crude oil in Venezuelan ports over the next few weeks also reversed course in recent days. Data showed that the U.S. has been exerting pressure on Venezuela to reduce its oil exports. Only tankers chartered by Chevron are sailing with Venezuelan crude to the U.S., under a Washington-issued authorization. PDVSA announced on?Monday that it was hit by a cyberattack. According to sources, the attack forced the shutdown of Monday's administrative, operational, and oil delivery systems. (Reporting and editing by Julia Symmes Cobb and Jan Harvey; Reporting by Marianna Pararaga)
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Airbus delivered 30 jets during the first half of December, according to sources
Airbus delivered 30 aircraft during the first half of December. This is a lower-than-average rate of delivery for a month, as airlines await details on a fix to a recent problem with fuselages, according to industry sources and analysts. Airbus delivered 657 jets from January to November, so more than 100?jets are still needed to meet the revised?target for 2025 of 790 - a new target. "If they have to deliver another 104 planes to reach the restated guidance around?790 at this point in the month, that seems to be a very steep task," said analyst Rob Morris, noting Cirium data which showed 29 deliveries as of last Friday. Airbus, which has a history of increasing its output during the last days of the calendar year, declined to comment on the mid-month figures. (Reporting and editing by Tomaszjanowski)
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Abu Dhabi Ports signs MoU with Kuwait to develop and operate Shuaiba Container Terminal
Kuwait Ports Authority said that it had signed an agreement with Abu Dhabi Ports Group to operate and develop the container terminal in Kuwait's Shuaiba Port under a concession. Kuwait's oldest harbor, Shuaiba, was established in?1960. According to KPA, it covers a total of 2.2 million sqare metres (543.63 acres), has 20 berths and a container terminal with a storage space of 318,000 sqare meters. The port is located 60 km (37 miles) south of the city and handles commercial cargoes, heavy equipment, raw material, and chemicals essential to many industries. KPA stated in a press release that the MoU is "the first preliminary step" towards concluding a contract of concession, but did not disclose the value.
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Phillips 66 increases its 2026 capital expenditure plan to focus on midstream and refining projects
Phillips 66 approved a $2.4billion capital budget for 2026. This is slightly more than its forecasted amount for 'this year'. The company will be shifting growth expenditures to expand?its midstream Natural Gas Liquids (NGLs) network, and high-return refinery?projects. Mark Lashier, CEO of the U.S. refiner, said that the?spending plans, announced on Monday underscores its focus on shareholder return as it invests into assets to improve margins and cash flows across its integrated business. It is expected that the company's crude processing options will be increased by its acquisition in September of WRB Refining from Cenovus Energy, which operates major refining plants in Illinois and Texas. The capital budget of $1.1 billion for each of the midstream and refinery units compares to estimated expenditures of $975 million and $822 million respectively in 2025. Key investments in its midstream ?segment include the Iron Mesa ?gas processing plant, a 300-million-cubic-feet-per-day facility in the Permian Basin that is expected to start up in the first quarter of 2027. The Coastal Bend NGL Pipeline will also be expanded, increasing its capacity to 350,000 barrels a day by the 'fourth quarter of 2026. Phillips 66 plans to build a new fractionator at Corpus Christi, which would increase the fractionation capacity of NGL by 100,000?barrels a day. The final investment decision will be made in early 2026 with completion targeted by 2028. A fractionator separates NGL mixtures into different products, such as ethane and propane, which can be sold, transported or exported separately. (Reporting by Pooja Menon in Bengaluru; Editing by Vijay Kishore and Shilpa Majumdar) The growth capital plan includes the Humber gasoline quality improvement project, which is expected to begin operations in the second quarter 2027. It also includes more than 100 smaller initiatives aimed at improving crude versatility, feedstock optimization, and clean product yields. (Reporting and editing by Vijay Kishore, Shilpa Majumdar, and Pooja Menon from Bengaluru)
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Venezuela's PDVSA claims cyber attacks have not affected its operations and blames the U.S.
The attack comes amid high tensions between the U.S. government and Venezuelan government, including a large-scale U.S. military buildup in the'southern Caribbean,' U.S. strikes on alleged drug trafficking boats that have killed?80 people, and comments from U.S. President Donald Trump that land operations may begin soon?in Venezuela. The attack occurs amid high tensions in relations between the U.S. government and Venezuelan government. This includes a massive U.S. build-up of military forces in the southern Caribbean, U.S. attacks on suspected drug trafficking vessels that have killed '80 people, and comments by U.S. president Donald Trump that he may soon begin land operations?in Venezuela. The U.S. has captured Venezuelan oil cargo for the first time since sanctions were implemented in 2019. This has led to a dramatic drop in Venezuelan exports. It also hit crisis-hit Cuba which faces daily power outages. PDVSA employees fought back against the "foreign interest in complicity" with domestic entities that were "seeking to destroy Venezuela's sovereign energy development," according to the statement. The statement also said the attack was part U.S. efforts aimed at controlling Venezuela's oil through "force and piratery." The statement did not provide any further details about the attack. Venezuela's government blames "problems" like blackouts on the opposition and foreign entities such as the U.S. Central Intelligence Agency without providing evidence. But sources said effects ?were ongoing. One company source stated that "there's no cargo delivery, all systems are down." Sources said that PDVSA had ordered administrative and operations workers to disconnect themselves from the company systems, and limited access to PDVSA facilities for indirect workers. Reporting by
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Data shows that Azerbaijani oil exports through the BTC pipeline fell 7.1% year-on-year between January and November.
Azerbaijani figures show that Azerbaijani oil exports through the Baku, Tbilisi, and Ceyhan pipelines fell by 7.1% between January and November, as a result of contaminated oil. Azerbaijani crude oil cargoes were found to contain organic chloride in July. This caused several days of delays in loadings at the?BTC Ceyhan Terminal in Turkey. The BTC pipeline that runs through Georgia - to Turkey - is used for?exporting oil from BP's Azeri, Chirag, and Guneshli fields. According to Azerbaijan’s statistics committee, the total amount of oil shipped through the BTC in the first 11 months of this year was 33.4 million tonnes, with 74.6% of that being transported via the BTC. Data showed that the volume of transit oil imported from other countries (such as Kazakhstan, Turkmenistan and others) via the BTC dropped to 3.707 millions tons between January-November, from 4.890 in 2024. (Reporting and editing by Kirovan Donovan. Nailia Bagirova)
Cash-strapped United States farmers switch to generic crop chemicals, in blow to huge makers
U.S. farmers dealing with plunging earnings and depressed grain costs have been switching to less expensive generic pesticides and fungicides as they plan for spring planting next year, which market experts stated could strike the bottom lines of agrichemical companies like Bayer
Indications of these financial impacts are currently emerging. Bayer. shares fell greatly to a 20-year low on Tuesday, after the chemical business warned that weak international farming markets and a slumping U.S. farm economy are likely to pressure profits even more.
Agrichemical competitors Syngenta, Corteva and the agriculture unit of Germany's BASF might likewise deal with difficulties in the sector, experts said.
Nearly one-third of all the pesticides and fungicides that Paul Butler utilizes on his Illinois soybean and corn farm are generic to assist him cut expenses in a tight year, he stated.
Fellow Illinois grain grower Jeff O'Connor is doing the same. It resembles if you grew up eating Fruity Pebbles and now you go to Dollar General and get Fruity Bites, he stated.
Despite the cost savings, farmers state there can be disadvantages to downgrading. Manufacturers of generic chemicals usually do not cover the cost of respraying if the product does not work, stated Caleb Hamer, an Iowa corn and soy farmer.
Still, Midwestern distributors and grain elevators state they have seen customers cutting back their spring pesticide and herbicide spending plans.
Some farmers are moving far from top quality products, said Matt Carstens, chief executive of farm cooperative Landus and agricultural financing business Conduit. Others are buying equipment that targets and treats weeds and pests in their fields - enabling them to purchase less herbicides and pesticides entirely, he stated.
It comes down to this: What does the farmer really need? Do they need a name brand, with defense insurance coverage and grievance policies backing it? Do they need to spend for all of that? Carstens stated.
OFF-PATENT CHEMISTRY
When it comes to chemistry, a farmer's buying decisions often are rooted in the seed.
Farmers generally base their chemical purchases with trait-specific seeds they desire - such as ones that produce a. drought-tolerant crop or can withstand herbicide applications. that kill weeds without damaging the plant.
If there is a generic alternative to brand-name herbicides, and. the seeds that a farmer purchases can endure it, then it can. makes good sense to opt for a less expensive item, said Mac. Marshall, creator of agriculture recommending firm Veranda View. Consulting.
The variety of generics readily available to farmers is growing. The. patent for glyphosate, the active component in Roundup and the. world's most commonly used herbicide, expired in 2000, according. to Rabobank agricultural analysts Owen Wagner and Sam Taylor.
More than two dozen active ingredient patents have actually expired. in the previous five years - stimulating a boom in off-patent usage,. which now represents about 80% of the agrichemical market. share, they stated.
Now, with farmers facing weak margins this spring, they're. more likely to look for cost savings amongst their fertilizer or. crop security chemicals, Taylor stated.
(source: Reuters)