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Air India Express MD Aloke Singh will step down after five years in March, according to a memo.
According to an internal memo seen by, the managing director of Air India Express - Air India's low cost unit - will step down from his position on March 19, after serving in it for five years. On?Monday. In the memo, MD Aloke said that the carrier had grown into India's third largest narrow-body operator with more than 100 planes and around 8,300 employees. Singh wrote in a memo to employees: "Together we have taken the carrier through a period defining transformation. We navigated an intricate merger,?a complex integration?, created a new brand?, and grew the fleet by four times. This has propelled the airline from being a?sub-scale?, niche operator?to India's third largest narrow-body operator ...,". He didn't name a replacement, but he did say that Captain Hamish, who had previously been an adviser to the MD, would?take on the role of accountable manager. This is a regulatory position responsible for ensuring a?airline’s safety oversight and operational standards. Air India Express has not responded to a request for comment. The carrier expects to report its first operating profit since it was acquired by Tata Group 2022. This will be a result of increased capacity and a higher market share. The airline plans to expand its fleet of more than 200 aircraft, and operates more than 100 Boeing or Airbus narrow body jets. Singh joined the airline as early as 2020, when the COVID-19 virus pandemic was sweeping the world. He then led the integration of the low-cost business with the AirAsia India unit after the Tata Group acquired Air India. Air India, owned by the?Tata Group & Singapore Airlines, is battling to rebuild its international network and reputation, as well as replace its ageing aircraft that have been hampered by supply chain delays. Reporting by Abhijith Gaapavaram and Nishit Navin in New Delhi; editing by Shreya Biwas and Mrigank Dahaniwala
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After US and Israel attack Iran, airlines cancel flights
The global air travel industry was in chaos on Monday, as the war in Iran caused the closure of major Middle Eastern hubs, including Dubai, Doha and Abu Dhabi, for a third consecutive day. This left tens thousands of passengers stranded worldwide, disrupting thousands flights. Global Airlines?had canceled flights across the Middle East following the United States' and Israel's strikes on Iran, plunging this region into a?conflict. The following is a list of the most recent flights by airline, alphabetically: AEGEAN AIRLINES Through March 3, Greece's largest airline suspended flights between Tel Aviv in Israel, Beirut in Lebanon, and Erbil in Iraq. AIR BALTIC AirBaltic, a Latvian airline, said all flights from and to Tel Aviv had been cancelled until March 9. The cancellation of all flights from and to Dubai until March 4 is inclusive. This includes a flight on March 5 from Dubai to Vilnius. AIR EUROPA The Spanish airline has cancelled all flights to Tel Aviv up until March 3, and said that, depending on the outcome of the situation, flights between March 4 and 8 could be affected. AIR FRANCE - KLM Air France has cancelled flights from and to Tel Aviv, Beirut and Dubai until March 3. KLM has suspended flights from and to Tel Aviv and Dubai as well as Riyadh and Dammam. AIR INDIA All flights from and to the United Arab Emirates (UAE), Saudi Arabia, Israel and Qatar were suspended until March 2. The airline also cancelled certain flights from and to Europe on March 2. BRITISH AIRWAYS British Airways, owned by IAG, said that customers who fly between London and Abu Dhabi or Amman or Bahrain or Doha or Dubai or Tel Aviv until March 15 could change their flight dates for free to travel before or on March 29. Travelers up until March 8 can also ask for a refund. CATHAY PACIFIC AIRWAYS Hong Kong Airlines said that it has cancelled all flights from and to Dubai until 5 March and suspended its flights to Riyadh up to 3 March. The U.S. airline said that it has canceled flights between New York-JFK and Tel Aviv (TLV), as well as from TLV to JFK, through March 8. EL AL ISRAEL AIRLINES EL?AL and Sundor flight to and from Israel have been?cancelled? until 2:00 am on March?4 EMIRATES Emirates has suspended all flights from and to Dubai until 11:01 GMT on March 2. ETIHAD AERWAYS The airline said that it has suspended all flights from and to its Abu Dhabi hub up until 10:00 GMT on March 2nd. FINNAIR The Finnish airline announced on Saturday that it would suspend Doha and Dubai flights through March 6 and will temporarily avoid the airspaces of Iraq, Iran and Syria. FLYDUBAI The UAE airline has announced that it will temporarily suspend all flights from and to Dubai until 15:30 (UAE time), March 3, 2019. INDIGO IndiGo, India’s largest airline, announced that it has suspended all flights using Middle Eastern airspace at least until March 2. ITA AIRWAYS ITA Airways suspended its flights to and out of Tel Aviv, and will not use the airspace in Israel, Lebanon Jordan, Iraq, and Iran until 8 March. It has also extended its Dubai halt through to 4 March. Flights from and to Riyadh have also been halted between March 2 and 4. JAPAN AIRLINES Japan Airlines has suspended all Tokyo-Doha flights. It said that the suspension affected approximately 1,000 passengers on six flights scheduled between February 28 and March 3. LOT POLISH AERLINES LOT Polish Airlines has announced that all flights from and to Tel Aviv have been cancelled until March 15. LUFTHANSA The German airline has suspended flights from and to Tel Aviv, Beirut and Amman until 8 March, and flights from and to Dubai until 4 March. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights from and to Doha, Jeddah and Madinah, until March 4. NORWEGIAN AIR A spokesperson for the Nordic airline confirmed that all flights from and to Dubai were suspended until March 4. He added that the carrier had not suspended flights to Tel Aviv, Israel, or Beirut, Lebanon because these destinations were only active during summer. PEGASUS Turkish Airlines has announced that they have cancelled all flights to Iran, Iraq, Jordan and Lebanon until 12 March and their flights to Iran up to 6 March. Pegasus has cancelled all flights to Egypt until March 2 except for those departing from Cairo Airport. SINGAPORE Airlines Singapore Airlines announced that it has cancelled all flights from and to Dubai until March 7. Scoot, its low-cost airline, cancelled flights from and to Jeddah through March 7. QATAR AIRWAYS The airline has temporarily suspended flights from and to Doha because of the closure of Qatari aviation. TURKISH AIRLINES Some flights to and from Bahrain and Dammam were cancelled. WIZZ AIR The airline suspended flights to and from Israel until March 7. (Compiled by Josephine Mason and Jamie Freed; reporting by bureaus. Editing by Barbara Lewis and Louise Heavens. Christian Schmollinger, Matt Scuffham, and Matt Scuffham.
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Data shows that Russia's LNG imports increased by 5.8% between January and February.
LSEG preliminary data released on Monday showed that Russia's liquefied gas exports grew 5.8% from a year earlier, to 5.5 million metric tons. U.S. sanctions against Ukraine have slowed down Russian LNG exports, particularly at the Arctic LNG 2 facility, where the plant's operations?have been hindered by the difficulty in finding buyers?for its production. Arctic LNG 2 supplied?to 510,000 tonnes in January and February. Total LNG exports from Russia fell 7.3% in February compared to January, down to 2.67 million tons. Data also revealed that Russian LNG exports into Europe during the first two month of the year increased 7% on an annual basis to 3,000,000 tons. In January, European Union nations?approved their final approval of a ban on Russian gas imports until late 2027. Novatek's Yamal LNG plant decreased total exports from January to February by 3% year-on-year, or 3.1 million tonnes. According to preliminary information, all the tankers have been dispatched from the plant to Europe this year. Sakhalin-2 in Asia, controlled by Gazprom, has exported 1.8 millions tons of goods during the first two months of this year. This is on par with 2025. (Reporting and editing by Andrei Khalip).
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Air India Express MD Aloke Singh will step down after five-year tenure, shows memo
According to an internal memo seen by?on Monday, the managing director of Air India Express'?low-cost division will step down after five years on March 19, 2019. MD?Aloke?Singh said in the memorandum that the carrier had grown to become India’s third largest narrow-body operator with more than 100 planes and around 8,300 employees. Singh did not announce a successor, but said that Captain Hamish Maxiwell, who previously served as an advisor to him, would take over?as Accountable manager, a regulatory position responsible for ensuring safety oversight and operational standards. Air India Express has not responded to the request for comment immediately. The carrier will'report an operating profit during the second half of this fiscal year, its first ever since it was acquired by Tata Group 2022. This is due to an increase in market share and capacity. The airline plans to expand its fleet from 100 aircraft to 200 in the next 4-5 years. Singh joined the airline as early as 2020, when the COVID-19 pandemic shook up global aviation. He later led the low cost unit in its integration with 'AirAsia India' following the Tata Group takeover of 'Air India. Air India is owned by Tata Group, Singapore Airlines and has struggled to rebuild its international network and reputation. It has also been hampered by delays in the supply chain. Reporting by Abhijith Gaapavaram, New Delhi; and Nishit Navin, Bengaluru. Editing by Shrey Biswas.
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Europe prepares for economic impact of Iran conflict
The U.S. and Israeli military attack on Iran could push inflation up, and stifle the already weak economic growth in Europe. The attacks disrupted the commercial shipping in Gulf, which is a major source of fuels and petroleum products to Europe. The interruption of energy supplies immediately increased the price on financial markets. Fuel prices will likely rise and the Bank of England and European Central Bank's outlook may be clouded, causing them to delay any rate cuts until they clear the fog of war. What you need to know about the economic impact on Europe of the Iran Conflict: CHOKE POINT FOR OIL GAS AND OTHER OTHER PRODUCTS The Strait of Hormuz is located between Oman, Iran and the United Arab Emirates. It's a major gateway for Gulf exports, including oil, gas, and chemicals. Hormuz is the route through which 20% of all oil produced in the world, including that from Saudi Arabia, United Arab Emirates (UAE), Iraq, Kuwait, and Iran, as well as large quantities of LNG from Qatar, travels. After the invasion of Ukraine by Russia, Europe has shifted its energy imports to the Gulf region. According to the U.S. Energy Information Administration, Britain, Italy and Belgium are among the European countries that depend the most on LNG imports via the Strait of Hormuz. According to broker Kpler, the Gulf is a major producer of propane, butane, and ethane which are used in heating, agriculture, and as fuel. EUROPEANS PAYING HIGHER FUEL PRICES? Shipping data indicates that more than 200 vessels, including oil and gas tankers, have dropped anchor in the Strait of Hormuz as a result of conflict with Iran. The oil and gas price has increased immediately. Brent futures rose nearly 8%, to $78 per barrel. Natural gas prices on the Dutch market were up 19%, at 38 euros a megawatt-hour. In its December projection, the ECB assumed a natural-gas price of 29,6 euros/MWh this year and a crude oil price of $62.5. The ECB will publish its new macroeconomic forecasts on the 19th of March. A cut-off date has been set for energy prices and other market indicators, which is three weeks before that -- this Wednesday. This would mean an upgrade in its projections for energy inflation. The ECB could, however, decide to create several scenarios. This is what it did when Russia invaded Ukraine in 2022. UniCredit said on Monday that oil prices are likely to remain at around $80 due to the abundance of oil. A major escalation would be required, such as damage to Saudi oil infrastructure to push the price up to $100. What else is affected beyond energy supplies? Suez Canal has been the conduit for a vast amount of trade between Europe and Asia. In late 2023, many vessels on this route were re-routed to Africa following attacks by Yemeni Houthi rebels in the Red Sea. However, before the Iran conflict broke out, shipping companies were considering increased use of Asia-Europe's vital trade corridor. Shipping companies began to reroute vessels away from the Suez Canal on Sunday, potentially increasing freight rates and raising the cost of imported goods. What is the impact on growth and inflation? According to the ECB, the impact on inflation of the recent oil price increase is much greater than its impact on growth. In its sensitivity analysis, published in December, it argues that an increase of 14% in oil and gas prices would only lower the growth rate by 0.1% and increase inflation to 0.5%. Next year, these impacts will be similar in magnitude and then begin to fade. According to polls, the euro zone and UK economy are expected to grow at 1,2% and 1%, respectively, this year and then 1.4% next year. This pace is modest compared to the United States where output is expected to increase by 2.5% in 2026 and 2.0% in 2020-27. The impact would be minimal compared to 2022 when Russia's aggression against Ukraine will cause energy prices to rise. According to a study by the European Commission, this lowered growth by 1% and increased inflation by 2%. Energy is priced in dollars, so a relatively strong euro could also help to reduce the impact. In a separate report, the ECB argued that the growth impact is likely to be temporary, as the economy will adjust. How will the central banks react? Investors have lowered their bets that the Bank of England will cut its Bank Rate benchmark by a quarter of percentage point this month. Pricing suggests a 69% likelihood, down from a 78% probability on Friday. The ECB has already shown that it will not be taking any immediate action. It is expected to keep its rates unchanged for the rest of the year. The central bank of the eurozone does not react to volatility in the short term and ignores temporary energy price spikes. Any reaction will be determined by how long and how wide the conflict is. Donald Trump, the U.S. president, said that Sunday that the Iran operation might last for four weeks. Commerzbank economists saw no impact on the economy if war only lasted a few short weeks. If it continued for several months, they estimated that inflation in the Euro zone would likely rise by at least 1 percentage point. Economic growth would also be lower by a few tenths. A modest increase in inflation would not affect the target. The ECB is usually concerned if a single inflation shock begins to impact longer-term expectations of prices and spreads through to broader wage and pricing trends, via what are called second-round impacts. The ECB will say for the moment that they are monitoring temporary volatility, but remain alert to any developments. The market's expectations of longer-term inflation remain largely unchanged, which likely reinforces the bank’s message to wait and see. The markets are all on the same page. This year, no interest rate changes are priced. Reporting by Francesco Canepa, Balazs Coranyi and Topra Chopra.
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Court rules that ex-Yukos investors in the UK can enforce arbitration awards against Russia worth $65 billion
London's High Court has ruled that former Yukos investors can enforce arbitration awards against Russia worth $65 billion over the seizure and sale of the defunct oil company. In 2014, an arbitral tribunal in The Hague awarded Hulley Enterprises and Yukos Universal, along with Veteran Petroleum, just over $50 billion. The tribunal found that Russia had expropriated Yukos following the imprisonment of its former owner Mikhail Khodorkovsky. Since then, they have fought legal battles over the award - which with interest has grown to $65 billion in Britain, America and the Netherlands, where the Dutch Supreme Court rejected Russia's appeal last year to overturn it. In London, Russia argued that it did not agree to be subject to the arbitration jurisdiction, an argument that was rejected both in November 2023, and again last February, on appeal. After a hearing held in January, The High Court decided that the arbitral award should be "recognised" and that investors could "seek to enforce the award in England". Russia had argued against the recognition or enforcement of the awards, partly because of an alleged fraud by Yukos' former ultimate owners. In his Monday ruling, Judge Robert Bright stated: "The moral failures that the Russian Federation have alleged... are simply incapable to afford any defence." The Russian Embassy in London didn't?immediately answer a comment request. So far, less than $2 million has been recovered Yukos collapsed after oil tycoon Khodorkovsky had a falling out with Putin. The government demanded 'billions of dollar in alleged back tax, which led to Yukos being eventually seized by the state. The exiled billionaire, who was convicted in Russia of tax fraud and evasion, which he denied, spent 10 years behind bars. He now lives in London. He is not a part of the case. The GML shareholder, which once held a majority share in Yukos via its subsidiaries, had previously stated that it would be forced to enforce the award against Russian state commercial assets, because Russia refused to pay. It is expected that Russia will initially appeal Monday's decision. Former investors have recovered only 1.6 million euro ($1.88m) from the auction of 18 Russian vodka brands including Stolichnaya, Moskovskaya and others. $1 = 0.8516 euro (Reporting and editing by Sarah Young, Emelia Sithole Matarise).
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South Bow plan for Keystone XL revival needs Trump's approval and US oil pipeline connections
The proposal by the Canadian company 'South Bow' to revive portions of the Keystone XL oil pipe, which was cancelled in 2010, could increase Canada’s crude exports into the?U.S. If it is given the green light by U.S. president Donald Trump, and additional links are built to U.S. refinery hubs, then Canada's crude exports could increase by more than 12 percent. The new proposal includes a different route in the U.S. compared to the Keystone XL project, which was cancelled by former U.S. president?Joe?Biden after years of Indigenous opposition and environmental resistance. South Bow, the company set up in 2024 by former Keystone XL promoter TC Energy to take over their oil pipeline business is looking at reviving a portion of line already built in Alberta. It already has all Canadian permits. Canadian Prime Minister Mark Carney raised the revival of the pipeline in a conversation he had with Trump in October. This could give him leverage for upcoming negotiations to renew the U.S. Mexico-Canada (USMCA). Trump, whose tariff wars have caused tensions with Canada and his annexation threat has strained relations between the two countries, has repeatedly called on lower oil prices. Many U.S. refiners depend on Canada's roughly 4.4 millions barrels of exports each day that it sends south of border. Bridger Pipeline is South Bow's possible U.S. partner. They recently submitted a proposal to Montana regulators. The proposal describes the construction of a 645 mile (1,038 km) pipeline capable of transporting 550,000 barrels per day. It would begin near the U.S. Canada border in Phillips County Montana and travel to Guernsey Wyoming. Analysts say that Guernsey does not represent an end-market for crude oil. Therefore, additional links will be needed to transport the oil to refinery hubs like Cushing, Oklahoma, Patoka in Illinois, and U.S. Gulf Coast. Matthew Lewis, the founder of Plainview Energy Analytics, believes that the most plausible configuration is a new pipeline that stretches 425 miles between Guernsey and Steele City in Nebraska. From there, oil could be moved into underutilized pipelines running towards Cushing, Patoka?and Wood River, Illinois. The oil would then be transported to underutilized pipelines that run towards Cushing, Patoka, and Wood River in Illinois. However, it is unclear who would be willing to take the risk of that part of a project. Lewis stated that the biggest challenges in this plan for a Guernsey to Steele City segment are obtaining permits and building a new pipeline, which would likely be subject to environmental litigation that would tie up such a large project in court. South Bow stated that its proposal could connect with downstream pipelines in the U.S., but declined to provide further comment. Bridger Pipeline refused to comment. Leveraging Existing Infrastructure Bridger's application says that it will build the Montana to Guernsey leg at locations near existing pipeline infrastructure. This would make obtaining permits easier. Around 150 km of Keystone XL pipeline has already been built in Alberta and is sitting idle after the project was cancelled. White House spokesperson refused to comment on South Bow-Bridger project, but analysts stated that a presidential permit was required for the segment crossing the U.S. Canada border. Richard?Masson is the former CEO of Alberta Petroleum Marketing Commission. He said that even if the Trump Administration supports the plan, it's not guaranteed that the next U.S. government will. He said that while the proposal is different from Keystone XL it is still a large-scale expansion of the pipeline and will likely 'attract the ire?of environmentalists, landowners, and indigenous communities. Many pipeline projects have been halted or slowed down by litigation in the U.S. Trump and his team tried to speed up permits and cut regulations, but a project that spans multiple administrations would be politically risky. It brings up the same issues. Masson stated that this was the same material for those who wanted Keystone XL to be cancelled. COMPETITIVE EXPORT PIPELELINE EXPANSIONS The proposed project is being developed at the same moment that the company that owns the Trans Mountain Pipeline from Alberta to Canada’s west coast, plans a series enhancements that will increase its capacity by up to 360,000 barrels per day. Enbridge, South Bow's main competitor, has approved expansion projects for its Flanagan & Mainline pipelines. These will add a combined capacity of 250,000 bpd for Canadian heavy oil shipping companies moving crude to the U.S. Midwest & Gulf Coast. Aaron MacNeil, analyst at TD Securities, says that these projects will be less complex and more cost-effective than South Bow’s proposal. He said South Bow would face questions from investors regarding its ability to fund a new project, while maintaining its dividends and avoiding too much debt. (Reporting from Amanda Stephenson, Calgary; Additional reporting by Siddharth Cavale in New York; Valerie Volcovici and Georgina Mcartney in Washington; Editing and proofreading by Caroline Stauffer & Nia Williams).
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Marine insurers cancel war-risk cover; tanker costs will rise as Iran conflict intensifies
Marine insurers have canceled war risk coverage on vessels, and oil shipping rates will'surge further' after the Iran conflict has left at least three tankers damaged. A seafarer was killed, and 150 ships are stranded in the Strait of Hormuz. Iran responded to U.S.-Israeli strikes which began on Saturday by retaliatory actions that have increased the risks for commercial shipping over the last 24 hours. Shipping data revealed on Sunday that at least 150 vessels, including oil tankers and LNG carriers, had dropped anchor in the Strait of Hormuz. Ships carrying oil from Saudi Arabia, United Arab Emirates (UAE), Iraq, Iran and Kuwait, which is equal to one-fifth the global demand, sail through the Strait, along with tankers transporting diesel, jetfuel, gasoline, and other products. On Monday, the disruption caused a 9% increase in oil prices worldwide. INSURERS CANCEL RISK COVERAGE FOR WAR According to an announcement dated March 1, on their websites, companies such as Gard, Skuld and NorthStandard would be cancelling their memberships starting March 5. According to the notices, war?risk coverage will not be available in Iranian waters as well as Gulf and adjacent water. Skuld?added to its notice that?it was working on a?buy-back option for reinstatement of cover. The MS&AD Insurance Group of Japan announced that it had suspended the underwriting of several insurance policies covering risks of war in the water around Iran, Israel and neighboring countries. OIL SHIPPING CHARGES TO SOAR FURTHER Analysts and market sources said that the cost of shipping oil to Asia from the Middle East - which is already at a six-year-high - will continue to increase as the Iran conflict continues to deter shipowners. TD3C, or Spot?shipping Rates from the Middle East towards Asia Shipbrokers expect to see gains continue. The benchmark has almost tripled in value since the beginning of 2026. On Monday, brokers estimated that the rate to hire a very large crude ship on the Middle East-China route was 4% higher on average than it was on Friday. The spot rate is near W225 in the Worldscale Industry measure or at least $12 Million. A RISE IN EXPONENTIAL VALUE Emril Jamil is a senior LSEG Analyst. He said that "TD3C prices were increasing exponentially even before the attacks. They will continue to rise as countries'scramble' to meet their needs for energy. A shipbroker stated that there is still a lot of uncertainty about the final rate for Monday, but that all Middle East loading routes should remain stable. The shipbroker declined to be named because they were not authorized to speak to the media. A source with a shipping firm said that the market would need more ships to transport crude oil from the U.S.A. and West Africa over longer routes. This could help support the freight along those routes.
TUI Cruises cancels Middle East trips due to travel disruptions and stranded passengers
BERLIN, 2nd March - Germany's Dertour and TUI Cruises?have suspended or adjusted trips to the Middle East as a result of U.S. and Israeli attacks?on Iran?"and retaliatory measures?which have led...to airspace closings and significant travel delays, said the companies. Dertour has cancelled all trips through March 5 to the United Arab Emirates (UAE), Saudi Arabia, Qatar and Bahrain, Oman, Jordan Israel and Kuwait. This is due to urgent travel warnings from the German Foreign Office.
Dertour said that the number of customers who remained stranded due to the closed airspace was in the "low-four-digit" range. The tour operator said that crisis response teams were arranging for?extended stay and alternative accommodation. TUI Cruises reported on Sunday that its Mein Schiff 4 and Mein Schiff 5 ships, which are currently in Middle East, are operating as normal?as they can with approximately 5,000 guests being safe and well cared for. The company has cancelled "several cruises" scheduled to start between February 28 and March 5 and is working with authorities and airlines to arrange reliable return arrangements.
Both companies offer affected customers the option to rebook their trips or receive a full refund. Dertour has also reported that passengers transiting through Middle Eastern hubs have been affected. The company is working on alternative flights and refunds if necessary.
(source: Reuters)