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Chinese cruise ships avoid Japan amid diplomatic dispute
Sources and cruise schedules reviewed indicate that Chinese cruise operators are scrambling in order to avoid Japanese ports, as Beijing and Tokyo are engaged in a diplomatic conflict. This is expected to boost demand for tourism to South Korea. The tensions sparked by the recent events have been cited by tour and port agents. You can also read our blog posts. Japan's new premier could lead to Chinese tourists being redirected from Japan to South Korea. Sanae Takaichi, Japan's new prime minister, told Japanese legislators earlier this month that a Chinese attack against Taiwan could lead to a military response. Adora Magic City is a Chinese cruise liner that visits the touristy island of Jeju in South Korea as well as Japan. According to an announcement posted on the website of South Korea’s Jeju Province, the ship has altered its December schedule to avoid the Japanese ports Fukuoka Sasebo, and Nagasaki, as originally planned. The notice stated that the cruise ship would spend between 31 and 57 hours at Jeju instead of its usual nine-hour schedule. Unofficially, a Jeju official said that the cruise operator asked for a schedule change without giving any reason. The official declined to identify himself as he wasn't authorised to talk to the media. It seems that they are working on a Plan B. Adora Cruises has not responded to a comment request. Japan is counting the costs of the diplomatic conflict. Tokyo-based East Japan International Travel Service said this week that it had lost 80% its bookings for remainder of year. Lee Yong Gun, CEO of South Korean port agent Eastern Shipping told reporters that other Chinese cruise ships were also in discussions to reroute. Lee stated that "if the China-Japan relations further deteriorate and China excludes Japan’s products, culture, and tourism, then I expect Korea to benefit from this." He said that the operator of the "Dream", which departs the Chinese city Tianjin wanted to avoid Japan by rerouting to a South Korean Port in Incheon, or Busan, over the next two weeks, but there wasn't enough time to do so, citing an earlier discussion with the operator. Tianjin Orient International Cruise Line which operates the ship did not reply to a comment request. There have been no previous reports on cruise ships skipping Japan to stay longer in Korea, or even considering it due to the diplomatic disputes. According to Qunar, an online travel agency, South Korea was the most popular destination among Chinese tourists in terms of bookings of international flights over the weekend between November 15-16. Many Chinese airlines are offering refunds for routes to Japan. This is expected to increase air travel in South Korea. Jeju Air's executive said that the South Korean budget airline is expecting an increase in Chinese tourism, even though there has been no immediate impact. The chief executive of the South Korean tour agency that caters to Chinese tourists said on Wednesday he just received a request from a Chinese client who asked if an event originally scheduled for Japan in early next year could be relocated to South Korea. He said that "South Korea is clearly going to benefit from this dispute." He said that for the moment, they were in a waiting-and-seeing mode. South Korea welcomed more than half as many Chinese tourists in 2013 due to the territorial dispute between Beijing, Japan and some islands. The Chinese advisory against traveling to Japan has caused South Korean shares in travel-related companies this week to soar. Travel agency Yellow Balloon Tour has seen a 24% increase, and Shinsegae, a department store operator, has seen a 6% gain on the hope that Chinese tourists will switch to South Korea. Travel industry experts said that it may take some time for Chinese tourists to increase in South Korea. Kim Seol Yeong, a tour operator based in Jeju for Chinese cruise tourists, said that the diplomatic dispute had only occurred a few days earlier. It might take some time before we see a rise in Chinese tourists visiting Korea. Luna Wang, 34, from Hangzhou, China, had considered returning to Japan this year, but she may opt for South Korea now. "It seems that Japan is no longer safe for Chinese to travel." She said, "I guess the only option that is good for me to travel to Korea is to go to Japan." The founder of Moment Travel, a Chinese company in Chengdu, noted a dramatic shift in perceptions regarding travel to Japan. Su Shu, the founder of Moment Travel in Chengdu, said that there is now a feeling that anyone who travels to Japan is a traitor. Reporting by Ju-Min Park in Seoul; Casey Hall in Shanghai; and Sophie Yu, in Beijing. Editing by Anne Marie Roantree, Thomas Derpinghaus, and Anne Marie Roantree.
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Singapore GasCo will seek LNG bids in Q1 of 2026 to supply LNG from 2028
GasCo, Singapore's state-owned gas buyer, will be seeking offers for the supply of liquefied gas for delivery in 2028 in order to fill a supply gap expected in the country. This company was established earlier this year in order to centralise Singapore’s gas supply and procurement after LNG prices spiked due to the Ukraine-Russian war. Alan Heng, in an interview with The Straits Times on Thursday, said that existing contracts will cover Singapore’s demand for the next two-years, but the gap in supply is expected to reach around 3 million metric tonnes in 2028-2029 and about 6 million in 2035. He said that he expected the increase to be quite significant by 2028-2029, taking into account imports of gas and electricity from neighbouring nations. Gas is used to generate 95% the electricity in the city-state. Heng stated that buyers will continue to manage the existing contracts. He said that deals for gas piped will mostly end by 2028, and LNG between 2028-2032. GasCo will evaluate new offers based on price and reliability of supply, as well contractual flexibility. "It could be that you refuse cargoes. You can also ask for more cargoes. "But having the ability to divert cargoes can also be helpful for us." Heng said that GasCo will almost double its current headcount of 25 employees by the end of next year. NEW DEALS Heng announced last month that GasCo had been in contact with LNG suppliers to establish long-term agreements, and it expected U.S. supplies to be included in its portfolio. GasCo, Heng said, will seek to purchase Brent-linked supplies, as used by Singapore’s power companies. Heng acknowledges that the volume of gas Singapore imports will decline over time as Malaysia and Indonesia increase their production to meet domestic demand. If there is a pipelined gas supply, LNG will be complemented by it. "But if there is no piped gas, LNG will become the predominant supply," said he. Singapore has already seen a rise in the volume of LNG imported. Heng says that a wave of new LNG supply, which analysts predict will come online by the end of this decade, will benefit buyers. We think now is a great time to sign a contract because there will be a lot of LNG heading our way.
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Maguire: US LNG export dominance will be tested as sellers look past Europe to Europe.
The U.S. has risen to the top in the global LNG exporter rankings thanks to a potent combination of American innovation and full-throated support from the political establishment. This narrative suggests that "freedom gas' shipments will continue to climb to all markets over the next few years. The U.S. is expected to export a third of its liquefied gas in 2025, compared with the second largest exporter. However, due to the high proportion of LNG sales going to Europe, American LNG suppliers are at risk of experiencing rapid volume drops as European consumers reduce gas consumption. Further, the U.S. shares of LNG exports to the region with the highest imports, Asia, are far lower than those from rivals Qatar and Australia. These countries enjoy much more affordable shipping times for key markets like Japan, China, and India. Exports will have to increase sharply on key markets outside Europe, where countries like Australia, Malaysia, and Russia already dominate. The increased competition will test the U.S.'s ability to remain as the world's top LNG supplier. It will result in higher transit costs and lower profit margins for U.S. sellers as they compete to get deals. EURO CENTRIC The European countries accounted for more than two-thirds (67%) of U.S. LNG exported this year. This is the largest concentration of U.S. LNG flows to one continent since 2022 when Europe's LNG demand spiked after Russia's invasion in Ukraine. Kpler data show that while Europe's total LNG needs in 2025 have increased by only 2%, despite the fact that Europe's LNG volumes have increased by 25% since last year. This is because Europe's power sector has shifted away from fossil fuels. As Europe's utilities continue to accelerate the deployment of renewables and batteries, regional gas consumption is expected to decrease from 2030s onwards. This will result in a shrinking LNG market. The International Energy Agency (IEA), in its latest outlook, forecasts that the total European Union's gas demand will decline by just under 10% by 2035, due to a greater use of heat pumps and electric, as well as higher energy efficiency, and more output from renewables. FAR-FLUNG HEEADWINDS In order to offset the shrinking volume into Europe, U.S. LNG suppliers will need to look further afield and compete with other major LNG sellers in Asia to gain market share. Asia is currently the largest LNG-importing region. To sustainably increase volumes in cost-sensitive markets like China and India, U.S. Exporters may have to undercut their rivals' prices while incurring higher delivery costs. In 2025, U.S. LNG exports are only 8% of total LNG imports. Other exporters, such as Australia and Qatar, hold much higher Asian market share. For U.S. Liquefied Natural Gas to grow its share, it will have to be more affordable than other suppliers. The challenge will be to lower the sale price, as shipping LNG from Europe to Asia is more than twice the cost of shipping LNG from Europe to Asia. According to LSEG, the journey time of an LNG vessel between Sabine Pass (U.S.) and Rotterdam (Netherlands) is approximately 15 days. The journey from Sabine Pass in Louisiana to Dahej in India takes over 30 days. This is a double in travel time, as well as a greater amount of LNG leaking during the trip, which will reduce cargo revenue. The combination of lower sales prices and higher transit costs can not only erode profits, but also affect exporter creditworthiness. Longer journeys may require short-term credit because they will tie up cash flow for longer. The overall risk of LNG exporters will increase if they shift from servicing only cash-rich European customers to soliciting the demand of firms with weaker credit ratings in emerging markets. This may also result in a rise in the cost for credit lines. TRADE TENSIONS The aggressive moves of U.S. LNG producers to increase market share in Asia may also cause trade tensions with Qatar. Qatar is heavily dependent on gas exports to earn its national income and plans to dramatically boost its LNG export volume. Qatar has pledged to invest heavily in the U.S. in the next decade, including in facilities which export LNG from the U.S. Gulf Coast. It could therefore renege on these commitments if U.S. LNG expansions are considered too disruptive. Canada, Russia Australia, Mozambique, and Mexico also have plans to increase LNG export volumes over the next few years. They will therefore be competing for the same markets as U.S. Exporters. In general, increased supplies from other suppliers and higher delivery costs for new markets could slow U.S. LNG growth in the future, forcing LNG exporters over time to accept a smaller share of global LNG exports. These are the opinions of a columnist who writes for. You like this article? 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FAA wants to overhaul air traffic control system with new data system
Federal Aviation Administration announced on Thursday that it is looking to implement a new, comprehensive system for air traffic controllers to receive flight data. Congress approved in July a plan worth $12.5 billion to upgrade the nation's outdated air traffic control system and increase controller hiring, following years of complaints about airport congestion and delays. Sean Duffy, Transportation Secretary, has stated that he would like an additional $19 million from Congress to reform air traffic control. Duffy said that the FAA was forced to use eBay at times in order to obtain spare parts, and technical problems have repeatedly slowed traffic this summer. In a government report published last year, 51 out of 138 air traffic controls telecommunications system were unsustainable. The FAA wants proposals for a new platform that would replace both the existing en route systems and the terminal systems. This platform, called the Common Automation Platform, is a state-of-the art system of air traffic control. To track and control airplanes, the FAA uses two systems – En Route Automation Modernization System (ERAM) & Standard Terminal Automation Replacement System(STARS). ERAM provides data to aircraft for navigation between airports. STARS tracks flight near airports using Terminal Radar Approach control, or TRACON facilities, and air traffic towers. STARS is used to sequence planes, issue conflict alerts and provide weather updates for arriving or departing aircraft. The FAA is looking to combine the platforms to create a modern, single system. It has also sought feedback on a new system of runway safety lighting to modernize air traffic flow. The FAA announced in September that it had two candidates competing to be the project manager for the multibillion dollar air traffic control overhaul known as "prime integrator." Peraton, owned by Veritas Capital and a company in the national security market, as well as Parsons, an IT provider for national security markets and global infrastructure, which is partnered with IBM, both bid on the position. Duffy said that he and FAA Administrator Bryan Bedford must meet President Donald Trump within the next few weeks before any selection can be made. (Reporting and editing by Chris Reese, Jamie Freed and David Shepardson)
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BP's 400 mile Olympic Pipeline system is still closed after a leak near Everett in Washington
BP announced that its Olympic Pipeline remained closed on Thursday, following a leak in the pipeline earlier this month near Everett Washington. "Response Crews have started 24-hour excavation operations, and are continuing with excavation of pipelines for visual inspection," BP stated in an emailed message. The company has not provided a timetable for restarting its pipeline, and the amount of recovered and released product is still being evaluated. Washington Governor Bob Ferguson declared an emergency on Wednesday as a result a shutdown of the Olympic Pipeline, which disrupted jet-fuel supply to Seattle Tacoma International Airport. The Olympic Pipeline System, a 400-mile (644-km) long pipeline that runs from Washington state to Oregon, transports fuel. The pipeline transports refined petroleum, including jet fuel, gasoline and diesel. The first report of the fuel leak occurred on 11 November. On Monday, the company reopened one of two pipelines that were shut down to investigate the source of a product discharge east of Everett in Washington. Shortly after the restored line, it was shut down once again to stop product deliveries.
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China's REITs provide new financing options for real estate firms
China's private REIT market, which is still in its infancy, has emerged as an oasis of hope for developers who are strapped for cash. This year, the pipeline for fundraising reached a record $12 billion, driven by investor demand for higher returns. The private REIT market has experienced rapid growth since its launch in 2023. This market is restricted to professionals only. Developers are attracted to the faster and more relaxed approval processes compared to public REITs, and its potential for revitalising income generating assets in spite of the property sector's slump. Analysts said that while public REITs tend to focus on properties with high consumption, such as shopping malls, the scope of private REITs has expanded to include hotels and office towers. This is attracting investors and issuers alike. Currently, standalone offices and hotels cannot be included in public REITs that are listed on exchanges. The private REIT market offers an alternative to public capital markets for developers. It helps commercial asset owners unlock their value and reduce liquidity pressures. John Lam, UBS's head of Greater China Property Research, said that private REITs can reshape the business models and valuations of property companies. The new platform is a "game changer" for real estate companies, said Lam. Analysts say that it will be difficult to restore the financial health to distressed homebuilders. Many of them do not possess high-quality assets which can generate a stable cash flow. In China, the property market has been experiencing a severe liquidity crunch since 2021. This has led to numerous defaults by developers and a dramatic drop in housing demand. China's private REITs, classified as asset-backed Securities backed by income-generating property, are sold to institutional investors through non-public channels. These vehicles bundle commercial assets like industrial parks, data centres and retail malls to offer periodic rental income. Private Reits Gain Momentum Shanghai Stock Exchange (the main bourse in China for these listings) has approved 17 private REITs, raising an estimated total of $5.9 billion. This is a dramatic increase from the three approvals last year. The number of applications has also increased, with more than 40 filed so far this fiscal year, which could raise approximately 105 billion Yuan. In 2024, there were only seven applications, totaling 13 billion Yuan. Market participants say that fundraising via private REITs is expected to pick up pace. Some potential issuers are preparing roadshow plans, while others are exploring the possibility of tapping into the platform. If you sell now directly, the prices are too low and there are few buyers. John Lim, cofounder of ARA Asset Management, Singapore, said REITs can solve this problem. Private REITs are also seen in China as a smart method to monetise your assets. UBS's Lam estimates that private REITs offer an average yield of 5% in China, compared to 3%-4% for publicly listed ones. This compensates investors for the lower liquidity and the longer lock-in periods. Seazen Group, an independent private developer, became the first to be approved for a private REIT in August. The REIT was backed by Wuyue Plaza - a shopping center on Shanghai's outer suburbs. It raised 1.06 billion yuan (149 million dollars). According to sources familiar with the deal, the REIT's implied return is higher than 6%. This yield exceeds the 2.1% on 30-year government bond yields. Morgan Stanley upgraded Seazen's stock to overweight status in November citing the potential for multiple REIT led divestments that could unlock value from Seazen’s large mall portfolio. The private REIT list is not yet populated with distressed developers, but companies like CapitaLand in Singapore and Gaw Capital in Hong Kong have submitted applications this year. UBS's Lam stated that some private developers are turned away from the REITs public market due to strict regulatory requirements regarding asset quality and restrictions in use of proceeds. In spite of these headwinds insurers and Chinese brokerage assets management units are major investors in REITs. They are attracted by the stable income and yields that come with a low interest rate environment. STABLISHED CASH FLOW Xiao'ou Chen of Shanghai's Fields of Gold Capital said that private REITs could be approved in a matter of months as opposed to at least a full year for public REITs. The focus has now shifted from building new homes to revitalising the existing stock, which is a source of income and long-term value. China's REITs are private, and complement the public REITs. The value of these REITs has risen to over 200 billion yuan a year in only four years. Analysts believe the private market has a lot of potential, influenced by mature economies. UBS data shows that the U.S. REIT ratio is 1.25:1 based on the gross asset value. In the U.S., REITs account for about 90% of the total market capitalisation of the Australian and U.S. property sectors. Morgan Stanley analysts stated in a report that REITs only account for 1.4% of the total market capitalisation in China. Access to income-producing assets of high quality remains a challenge, despite the growth prospects for the market. "Prime offices and logistic assets are facing high vacancies in their Tier-One cities, with landlords being pressured to reduce rents to maintain occupancy," said Sigrid ZIALCITA, CEO of Asia Pacific Real Assets Association. The demand-supply imbalance will not be reversed before 2027. $1 = 7.1159 Chinese Yuan (Reporting and editing by Sumeet Chaterjee, Jacquee Wong, and Li Gu, in Shanghai; Clare Jim, in Hong Kong and Yantoultra, in Singapore)
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Joby Aviation suedes Archer for trade secrets
According to a public complaint filed on Thursday, electric air-taxi firm Joby Aviation sued Archer Aviation for allegedly stealing their trade secrets. Joby claimed in a lawsuit filed Wednesday in Santa Cruz state court that Archer had hired a Joby worker who gave Archer confidential information about Joby's business strategies, partnership conditions and aircraft specifications. Archer's spokespeople and George Kivork the employee did not respond immediately to comments. Joby's spokesperson refused to provide any additional information beyond the complaint. Joby and Archer, two electric vertical takeoff and land aircraft manufacturers, are racing to get their vehicles on the market to meet the demand for more efficient and sustainable urban transportation. Santa Cruz-based Joby, backed by Toyota, announced in September it planned to add helicopter and seaplane service to Uber's ridesharing app next year. Joby's lawsuit claimed that Kivork, the leader of its State and Local Policy Team, left for San Jose-based Archer, after his last day at work in July. Joby claimed that Archer had misused the company's trade secrets to undermine Joby’s contract with an estate developer in August. According to the complaint, the developer informed Joby that Archer was aware of confidential details about the contract and that Kivork had shared them with Kivork's new employer. Joby said he learned through a forensic analysis that Kivork sent Joby's documents to a personal account and altered security permissions on hundreds more so he could still access them even after he had left. Joby sought an unspecified monetary amount and a court injunction to prevent Archer from misusing their trade secrets. Archer settled with Boeing's Wisk Air-Taxi subsidiary separate claims of trade secrets in 2023. (Blake Brittain, Washington; Bill Berkrot, editing)
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BETA Technologies uses Near Earth to accelerate the development of autonomous aircraft
BETA Technologies, a maker of electric aircraft, announced on Thursday that it has partnered with Near Earth Autonomy in order to develop unmanned aircraft for the military. Flight testing is expected to start during the first half 2026. BETA CEO Kyle Clark said that the development and full demonstration could take up to one year, and it would be possible to deploy in 18 to 36 month. He said that the process of defense procurement could alter this. BETA, a company that designs and manufactures electric airplanes and propulsion systems said Near Earth brings expertise and experience in autonomous systems. Near Earth has developed these systems for the U.S. Military and major aerospace companies. Companies in the industry are exploring defense and logistic markets to diversify their revenue streams. This is pushing developers to improve autonomous capabilities to gain a competitive edge. Clark stated that there is a demand for "hundreds" of aircrafts per year, but only at the lower end. Clark said that the ongoing Russian war in Ukraine shows how important aerial logistics is. Vermont-based company, Near Earth, plans to use the work it has done with military users and commercial carriers such as its current partners UPS and Bristow to expand their products. The company has been developing its own autonomy systems since several years, and raised $1 billion through an IPO at the New York Stock Exchange in early October. Shawn Hall said that recent signals from U.S. Defense and Transportation agencies indicate a faster deployment of autonomous aircraft. BETA's collaboration with Near Earth complements the work it has done with GE Aerospace on a turbo-generator, as well as its own expertise in developing electric aircraft. Clark stated that its propulsion work with GE would give it vehicles a greater range, payload and speed. "And then you add the autonomy to that, you get an aircraft which further increases its capabilities, removes the weight of the system and the pilot, so that the payload goes higher," and can operate in contested space, reducing the risk for people. He said, "We have all the pieces to meet a very important need of the United States Military." Reporting by Shivansh Tiwary and Dan Catchpole, Seattle; editing by Vijay Kishore
German Ministry says Snam and ADIA have decided to cancel their planned OGE stake acquisition.
The German economy ministry reported that the Italian Snam, State Grid and ADIA had all decided to cancel a planned purchase of a stake in German gas transmission network Open Grid Europe.
Snam agreed in April to purchase a 24.99% share in Open Grid Europe’s OGE, Vier Gas Holding, from a division Abu Dhabi’s ADIA. The deal was scrapped last week after a lengthy review by Berlin.
According to sources, Germany was worried about China's participation as owner of Snam indirect shareholder State Grid in a possible deal that could have involved a critical part of Germany's energy infrastructure.
The German economy ministry announced on Friday that foreign trade law permits the review of non-EU investments.
In this case, the only indirect investment that was considered was the one by the Chinese State Grid Corporation of China. This group has a direct stake in Snam. (Reporting and editing by Miranda Murray, with Christoph Steitz)
(source: Reuters)