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CEO of lessor SMBC Air travel says almost every airplane being delayed
Almost every aircraft being provided by Boeing and Plane is delayed, the head of airplane leasing huge SMBC Aviation Capital stated on Monday, later including that enginemakers had made small enhancements in addressing their problems. The aviation industry has been hampered by ongoing supply chain difficulties decreasing shipments from plane manufacturers and engine makers, many of which are set to last for the years to come. Frankly, every plane has actually been basically delayed, some by a little, and some by a lot, and we've specified, I. believe that we're adjusting, SMBC CEO Peter Barrett told the. Airline company Economics conference in Dublin. Ideally the makers are being open and. transparent, he said. Airline CEOs have also complained about the absence of engine. deliveries and repairs, with AirBaltic CEO Martin Gauss informing. the Dublin conference the sluggish shipment of RTX-owned Pratt &&. Whitney engines was hindering the provider's development. There have actually been enhancements there, but there's a method. to go on the engine makers, Barrett informed Reuters.
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India halts trade with US-sanctioned Russian business and tankers, government source states
Indian refiners have stopped dealing with U.S.sanctioned oil tankers and entities however the nation does not expect disturbance to Russian crude materials throughout a twomonth winddown duration, a government source stated on Monday. The U.S. Treasury on Friday enforced sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz and insurance providers Ingosstrakh and Alfastrakhovanie Group, targeting profits Moscow has actually used to fund its war with Ukraine. Washington also approved 183 vessels utilized for transporting Russian oil while permitting an unwinding of some energy related transactions by March 12. India will permit Russian oil cargoes reserved before Jan. 10 to discharge at ports in line with sanctions parameters, the main told press reporters on condition of anonymity. In the next 2 months we do not expect major issues because the ships that remain in transit will come through. Going forward, it's early days yet to anticipate the effect, how discount rates form up, if someone is willing to sell below the $60. cost cap, he said. The authorities said Russia might offer much deeper discount rates to. India to meet the $60 a barrel rate cap enforced by Group of. 7 countries in 2022 to be able to use western tankers and. insurance. If we get Russian crude from a non-sanctioned entity which. is listed below the rate cap, I make sure we will more than happy to look at. it, the Indian federal government official said, including that Indian. banks will look for certificates of origin for Russian crude to. guarantee transactions do not involve sanctioned entities. We are the third-largest consumer. Russia will find methods to. reach us, the authorities included. The Kremlin stated on Monday that the latest U.S. sanctions on. Russia's energy sector ran the risk of destabilising global markets and. Moscow would do whatever possible to reduce their impact. Global Brent crude futures extended gains on Monday,. climbing up above $81 to touch their highest since August. Many Indian refiners are working out annual agreements with. significant producers for 2025/26 and might look for higher volumes from. major Middle Eastern manufacturers. Manufacturers in the United States, Canada, Brazil, Guyana and. members of the OPEC group of oil manufacturers will boost output to. meet demand to balance out Russian supply lacks, the Indian. official said. He included that India was likewise taking a look at the effect of the brand-new. U.S. sanctions on Russia's Vostok oil task, in which Indian. companies have a stake.
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Aena will reach a record number of 309 million passengers in 2024.
Aena’s Spanish airports surpassed 300 million passengers in 2018, marking a record for the second year running. The airport operator also announced that they had surpassed the target. Aena reported that the number of passengers using its Spanish airports increased by 9,2% between 2023 and 309,3 million. This is a year ahead of what Aena had expected. Aena has reaped the rewards of a robust tourism sector, which contributed to a robust Spanish economic expansion in 2024. This is in contrast with other large euro zone economies like France and Germany. Adolfo Suarez Barajas Airport in Madrid was the busiest, followed by Josep Tarradellas Barcelona El Prat and Palma de Mallorca. Aena has already begun planning investments for 2027-2031 to ensure that infrastructure can meet future demands, according to the company. The year 2018 was a record-breaking year for cargo, with Spanish airports moving about 1.3 millions metric tons. This is an increase of 18.6% compared to 2023. IATA, the global airline body, forecasted a record-breaking 5.2 billion passengers in 2025. Aena has not provided an updated outlook for this year. Reporting by Javi Larranaga, Editing by Inti and David Goodauro
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Venture Global, a US-based LNG exporter, is seeking a valuation of up to $10 billion in its IPO.
Venture Global said it aims to achieve a valuation of up to $110.38bn in its U.S. Initial Public Offering, which will be the first major stock market floatation by 2025. The Arlington, Virginia based company seeks to raise as much as $2.30 billion through the sale of 50 million shares at a price between $40 and $46, each. Exclusively reported on Saturday, Venture Global is set to officially pitch the highly anticipated IPO in front of investors this week. The IPO coincides with a growing global LNG market as countries look for cleaner alternatives to coal and oil and the world moves towards renewable energy. Due to its vast natural gas reserves, and the construction of LNG terminals on the Gulf Coast, the United States has become the largest exporter in the world of super-cooled gas. It is expected that the incoming Trump administration will end the pause in LNG export approvals put in place by Biden's administration. Venture Global has five LNG projects at various stages of development in Louisiana, near the Gulf of Mexico. As of September 30, the company had raised approximately $54 billion for its projects, and derived about $19.6 Billion in gross proceeds through LNG sales. METEORIC RISE Venture Global was established in 2013 by Michael Sabel, a former investment banker and Robert Pender, a financial lawyer. Venture Global, a U.S.-based LNG exporter, has grown rapidly since then. It now competes with companies like Cheniere Energy and Freeport LNG. In 2022, the company started to generate profits when it began producing supercooled gas at its first facility in Calcasieu Pass. Plaquemines (its second facility) began producing superchilled natural gas last month. It is the first new U.S. Liquefied Natural Gas plant to begin operations since 2022. Goldman Sachs J.P. Morgan, and BofA Securities were the main underwriters. Venture Global will be listed on the New York Stock Exchange with the symbol "VG".
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Russia's Gazprom plans to cut personnel at headquarters
Russian energy giant Gazprom plans to cut personnel numbers at its central office in St. Petersburg, a company spokesperson said on Monday, as the company faces serious headwinds from the loss of its markets in Europe. State news firm TASS cited a media outlet called 47news as saying that Gazprom's head Alexei Miller was alerted in a letter about strategies to cut the central office workforce by around 40%, to 2,500 from 4,100. Approached , the company spokesperson validated the report. Gazprom's overall headcount stands at 498,000. It sustained an annual loss of practically $7 billion in 2023, its very first given that 1999, as it lost the majority of its profitable European market after the start of the war in Ukraine. Its European sales were slashed even more when Russian gas exports through Soviet-era pipelines crossing Ukraine came to a halt on New Year's Day after Kyiv declined to renew a transit offer. Coming on top of the closure of previous paths, it marked the end of decades of Russian dominance over Europe's energy markets.
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Trump's likely first proceed US energy policy
Presidentelect Donald Trump has guaranteed to optimize U.S. oil and gas production already at record highs in part by clearing away what he considers as unneeded policy and bureaucracy. Here are a few of the energy-related executive orders Trump might reveal during his first days in office, as he looks for to follow through on that promise. ENVIRONMENT WITHDRAWAL Trump might order the U.S. to withdraw from the 2015 Paris Agreement, a global pact to combat climate change and restrict the increase in global temperatures by slashing fossil fuel-related emissions. Trump withdrew the U.S. throughout his first term, and transition sources have said he wants to do it again. A withdrawal from the accord is significant due to the fact that the United States is the world's biggest historic greenhouse gas emitter and an essential motorist of international climate aspiration. GAS EXPORT ENHANCE Trump has made clear he means to quickly raise a moratorium on brand-new melted gas export permits imposed by President Joe Biden's administration - something his consultants state might happen within hours of his inauguration on Jan. 20. Biden imposed the freeze in early 2024 to carry out a study on the environmental and economic effects of rising U.S. gas exports, which have actually expanded since Russia's invasion of Ukraine drove European federal governments to cut Russian gas imports. The research study advised caution in providing new authorizations. Trump, nevertheless, could wait up until after the research study's comment period ends on Feb. 18 to protect any permit approvals from lawsuit. ENERGY EMERGENCY SITUATION Trump might declare a national emergency for U.S. energy, enabling him to fast-track permits for new power infrastructure and other energy jobs. The move, which Trump promised on the campaign path, would fit into his more comprehensive program to broaden energy production as the power grid has a hard time to get ready for a. predicted surge in demand from data centers. Gas would. likely be a big focus, though other sectors like renewables,. pipeline operators, and the nuclear market could also benefit. The declaration could be susceptible to legal difficulties, if his. administration can not securely establish the existence of a genuine. emergency validating a shortcut around environmental and other. allowing treatments. DRILL, BABY, DRILL. Trump is most likely to purchase his administration to vastly broaden oil. and gas drilling on federal lands and waters, reversing. Biden-era relocates to decrease nonrenewable fuel source development on U.S. acreage. It will be mostly up to the discretion of his Interior. Department to choose how typically, and at what scale, to offer. acreage for auction to drillers. About a quarter of the country's. oil comes from federal leases. A huge difficulty, nevertheless, will be. broadening auctions to brand-new regions offshore, after Biden utilized the. Lands Act this month to secure huge swathes of the Atlantic,. Pacific, and in other places from oil development. TILTING AT WINDMILLS. Trump has stated he intends to put an end to brand-new offshore wind. power advancements, arguing the market is expensive, injures. whales, and triggers a land fill issue when old turbines are. decommissioned. That's a switch from his first term, when his. administration supported offshore wind. Trump might follow. through on his promise by buying his Interior Department to. stop, or limit, new lease auctions for offshore wind in federal. waters. The overseas wind market, currently facing significant. challenges around rising costs and supply chain concerns, has actually said. it expects existing approved tasks in the U.S. to continue in. the meantime. TARIFFS Trump's guarantee to enforce sweeping tariffs on U.S. imports. from just about all over - including Canadian petroleum and. improved fuel, and solar and electric automobile battery parts -. might have repercussions on worldwide trade. The devil will remain in. the details.
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AirBaltic IPO might be pressed back to early 2026, CEO says
AirBaltic's preliminary public offering (IPO) could be pressed back to early 2026, the Latvian airline's president stated on Monday, including that ongoing concerns with engine shipments were hindering the airline company's. growth potential customers. The airline company, whose IPO was at first planned for in 2015,. stated this month that it would have to cancel a variety of summertime. flight routes as an outcome of delays on engine shipments. They just actually don't get it, CEO Martin Gauss informed. Reuters on the sidelines of an air travel financing conference in. Dublin, describing RTX-owned engine producer Pratt. and Whitney. Pratt and Whitney did not instantly respond to a Reuters. request for comment. Gauss included that, with hold-ups set to continue for a minimum of. three years to come, talks with the engine maker were ongoing to. address settlement to the airline for the delays. He stated pressure from bodies like trade group IATA on the. engine makers was assisting to show that there is an. industry-wide issue, adding that there was a higher requirement for. transparency provided the ongoing obstacles. Gauss stated the airline was still trying to find a pre-IPO. strategic investor. Currently, we're speaking to one pre-IPO financier, however we. have the ability to open it in the future to other investors, Gauss. stated. Reuters reported in 2015 that Lufthansa was interested in. a tactical stake in AirBaltic.
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China, India seek brand-new materials as United States sanctions tighten up grip on Russian oil
Chinese and Indian refiners are looking for alternative materials of crude as new U.S. sanctions on Russian manufacturers and tankers are set to be the most effective yet in suppressing shipments to Moscow's biggest consumers, many traders stated on Monday. The U.S. Treasury on Friday enforced sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as on 183 vessels that have delivered Russian oil, as it targets the revenues Moscow has utilized to fund its war with Ukraine. Much of the tankers have actually been utilized to deliver oil to India and China as Western sanctions and a cost cap enforced by the Group of 7 nations in 2022 moved sell Russian oil from Europe to Asia. In addition, some tankers have actually delivered oil from Iran, which is also under sanctions. On Monday, China reiterated its opposition to unilateral U.S. sanctions. Whereas Chinese and Indian refiners have actually adjusted to previous sanctions, the intensity of the new measures has driven them back to sellers of oil that is not limited, suppressing supply and driving up area premiums for crude produced in the Middle East to Africa and Brazil. Worldwide Brent crude futures have also risen. On Monday they climbed above $81 a barrel to their greatest since August. In an early illustration of the impact on shipping activity, five tankers under sanctions have actually been anchored off Shandong province since Friday, shipping data on LSEG Work space showed. Another is on the method. Traders stated the ships are not enabled to discharge oil after Shandong Port Group prohibited tankers under U.S. sanctions from calling at its ports. Over the weekend, brand-new Chinese refiner Yulong Petrochemical bought 4 million barrels of Abu Dhabi's Upper Zakum crude loading in February and March from Totsa, the trading arm of French energy major TotalEnergies, traders stated. The freights are for its 400,000 barrel per day (bpd). refining complex in Yantai, eastern Shandong province, which. started trial runs in September. Yulong, which has actually previously bought Russian ESPO Blend. crude, has actually purchased Angolan and Brazilian crude in recent. weeks, traders said, and remains in talk with buy more oil from West. Africa in addition to Canada. The refiner purchased 2 million barrels of Angolan Girassol. and Nemba crude and also 2 million barrels of Brazilian Buzios. and Tupi crude, they said. The numerous sources Reuters spoke to declined to be named. as they were not authorised to talk to media. Yulong and Totsa. generally do not comment on industrial offers. Indian refiners, which bought spot Middle East crude last. week before the sanctions were revealed, are searching for more. cargoes, traders said. India's Bharat Petroleum Corp Ltd bought 2 million. barrels of February-loading Oman crude from Totsa through a tender. last week, two individuals knowledgeable about the matter said. India will enable Russian oil cargoes scheduled before Jan. 10. to release at ports, the source informed reporters, including that. supply will continue to stream during a sanctions waiver in location. till March. The source stated Russia may deepen discount rates for crude. exports to India to abide by the $60 a barrel cost cap,. allowing them to continue. The strong need is assisting Totsa to minimize an overhang of. Middle East crude materials after it generated cargoes via the S&P. Worldwide Platts' trading platform over the last four months,. traders stated. Area premiums for Middle East benchmark grades leapt more. than 70% to about $3 a barrel on Monday, traders stated, reaching. their highest because October 2023. The premiums for sweet grades have likewise increased, with. Brazilian crude for March delivery transacting at premiums of. more than $3 a barrel to outdated Brent recently, up about $2 from. levels seen in early December, one of the traders said. A trading executive involved in the Russian oil company. said the greatest interruption would be to shipping, which. problems could occur if a ship is owned or managed by. business associated with running tankers under sanctions. With time, the market is likely to see a growing number of. middlemen marketing oil from Gazprom Neft and Surgutneftegaz,. and there will be more payments in Chinese yuan via China's. Cross-border Interbank Payment System (CIPS), the executive. said. Likewise consisted of on Friday's sanction document were two Chinese. oil logistics companies - Shandong United Energy Pipeline. Transportation Co Ltd and Guangrao Lianhe Energy Pipeline. Conveyor Co - both based in eastern China's Shandong province, a. refining center and China's primary destination for oil under. sanctions. As these companies mostly carry oil from storage tanks. to domestic refiners with payments in Chinese yuan, there would. be little impact from the sanctions, the trading executive. added.
Russian president satisfies Slovak PM as Ukraine gas transit agreement nears expiry
Russian President Vladimir Putin satisfied Slovak Prime Minister Robert Fico in the Kremlin on Sunday, Russian television speaker Pavel Zarubin said, as a contract allowing for Russian gas to transit through Ukraine nears its expiry date.
Slovakia depends on gas going through Ukraine, and Fico has actually criticised Ukrainian President Volodymyr Zelenskiy for refusing to extend the contract, which expires at the end of the year.
Kremlin spokesperson Dmitry Peskov later on informed the TASS news company that the talks had actually ended. He said the two leaders would not issue a joint declaration.
Peskov, shown in a video posted earlier on Zarubin's. account on the Telegram messaging app, said the conversations were. sure to concentrate on gas transit and the existing global. scenario. He stated the Kremlin meeting had actually been set up a few. days earlier.
Russian tv revealed the two leaders shaking hands. at the start of their talks.
The Slovak federal government workplace might not be instantly. grabbed remark and did not immediately respond to emailed. questions.
The pro-Russian Fico is just the 3rd European leader. to go to Putin at the Kremlin since Russia got into Ukraine in. February 2022. He follows Austrian Chancellor Karl Nehammer, who. visited in April 2022, and Hungarian Prime Minister Viktor. Orban, who went to Moscow last July.
Ukraine has repeatedly stated it will not extend the. transit deal with Russia almost 34 months into a war between the. neighbours.
GAS TRANSIT
Slovakia, which has a long-term contract with Russian. huge Gazprom, has actually been attempting to keep getting gas. through Ukraine, saying buying elsewhere would cost it 220. million euros ($ 229 million) more in transit expenses.
Fico pushed the topic on Thursday at a European Union. top in Brussels, which was likewise attended by Zelenskiy, who. repeated that his country would not continue the transit of. Russian gas.
The Slovak prime minister has likewise spoken of solutions. under which Ukraine would not transit Russian-owned gas, however. rather gas owned by somebody else.
Fico has looked for to keep ties with Moscow. Because taking. power in 2015, he has actually stopped state military help to Kyiv, has. stated the war with Russia does not have a military option and. has criticised sanctions versus Moscow.
Hungary will continue to receive Russian gas from the. south, via the TurkStream pipeline on the bed of the Black Sea,. although it had actually been eager to keep the Ukrainian route as well.
Ex-Soviet Moldova has actually also depended on gas transiting. Ukraine to provide its needs and those of its separatist. Transdniestria enclave, consisting of a thermal plant which offers. the majority of the electrical power for parts of Moldova under government. control.
The acting head of Moldovagaz, the country's gas. operator, Vadim Ceban, said it might supply gas for. Transdniestria obtained from other sources. However the pro-Russian. area would need to pay higher costs connected with those. materials. Transdniestria has for many years paid nothing for. Russian gas.
Ceban stated Moldovgaz had actually made numerous appeals to Gazprom. to send gas to Moldova through Turkstream and Bulgaria and. Romania.
(source: Reuters)