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EU Naval Mission says LPG-laden Tanker is on Fire Off Yemen
In a press release, Aspides, the European Union naval force, said that the LPG-laden vessel MV Falcon, was on fire off the coasts of Yemen on Saturday after its crew reported an explosion which forced them to abandon ship. Aspides stated that the cause of explosion was not clear but it most likely an accident based on initial indications. Aspides said that at least 15 percent of the Cameroon flagged vessel was on fire. Aspides warned vessels to maintain a safe distance because the tanker, which was loaded with liquefied gas, could explode. Aspides stated in a press release that "the fire onboard is growing." "MV Falcon is a navigational danger." "Everyone in the area should exercise caution." The 26 crewmembers were being rescued by an operation. Two merchant ships sailing in the area have recovered 24 seafarers so far. Two merchant vessels, one of which was the MV Veda took the seafarers rescued from the ship to Djibouti escorted a Greek frigate. Aspides reported that two crew members have been reported missing. Ambrey, a British security company, said that the MV Falcon was traveling from Oman's Sohar Port towards Djibouti. The explosion happened as the ship was sailing 113 miles south of Aden, Yemen. According to maritime security sources, neither unmanned aerial vehicles nor missiles had been detected. Ambrey stated that the tanker did not match the profile of the Houthi militants in Yemen who are Iran-aligned. According to the Houthi news agency Saba, an official in the Houthi Defence Ministry said that the group has no connection with the incident. Since 2023, Houthi militants claim to have carried out numerous attacks against vessels in the Red Sea in solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Alashray and Muhammad Al Gebaly; Editing by Jan Harvey, Barbara Lewis and Renee Maltezou
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At least 15 people are killed in a bus crash that occurred in the northeastern region of Brazil
In a statement, the Brazilian Federal Highway Police reported that a bus accident occurred in Pernambuco in northeastern Brazil on Friday evening. The driver of the bus lost control and caused the crash. Accident occurred just before 8 pm. The driver lost control, went into the opposite lane and hit rocks along the side of highway. He then crashed with a sand embankment, overturned, and collided. According to the Federal Highway Police, the Federal Highway Police is investigating the causes of the accident. According to the police list, there were 30 passengers aboard. So far, half have been confirmed as dead, 11 women and 4 men. Total number of injuries has not been revealed. The driver suffered minor injuries. According to the statement, he underwent a test of breathalyzer, and received a normal result. The police said that there were indications some passengers might not have worn seat belts during the accident. (Reporting by Rodrigo Viga Gaier. (Writing by Luciana Magnalhaes Editing Marguerita Choy.
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Fire at Dhaka Airport cargo terminal causes flight delays and diversions
Officials said that flights out of Bangladesh’s main airport on Saturday were either delayed or diverted after a large fire broke out at the cargo terminal. Talha Bin Zassim, an officer with the Fire Service and Civil Defence Media Cell said that 36 firefighting units were working to put out the flames. Airport official Masudul Hasan informed reporters that operations at Dhaka’s Hazrat Shahjalal International Airport have been suspended. He added that all aircraft were safe. The cause of the fire was not immediately known. The problem affects both domestic and international flights. Air Arabia from Sharjah, United Arab Emirates, diverted a flight from Delhi bound for Dhaka to Chittagong and IndiGo from Delhi bound for Dhaka to Kolkata. Officials said that a Cathay Pacific plane from Hong Kong circled in the air after it failed to land at Dhaka Airport. The fire service, army, navy and air force all worked together to put out the fire. This is the third fire in Bangladesh reported this week. The fire that broke out at a Bangladeshi garment factory and adjacent chemical storage facility on Tuesday killed four people. At least 16 people Others were injured. Another fire destroyed a building of a Chittagong export processing zone garment factory on Thursday.
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Security firm reports that a tanker with a Cameroon flag issued a distress call to Ahwar in Yemen.
Ambrey, a British maritime security company, said that a tanker flying the flag of Cameroon issued a distress signal on Saturday following an explosion aboard as it passed around 60 nautical miles south-southeast of Ahwar in Yemen. The cause of explosion is unclear. Ambrey confirmed that it had received radio communications from the crew indicating their intention to abandon ship. A search and rescue effort was in progress. Ambrey said that the vessel was traveling from Oman's Sohar Port, to Djibouti. The tanker is not thought to have been linked to the Houthis, Yemen's Iran aligned militia. Since 2023 they have attacked numerous vessels in the Red Sea, targeting vessels they believe are linked to Israel as a show of solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Gebaly and Muhammad Al Gebaly, Editing by Jan Harvey & Barbara Lewis
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Sky News reports that Heathrow is considering WPP boss Jansen to be chairman.
Sky News reported that Philip Jansen, former CEO of BT Group and now chairman of marketing services group WPP is in advanced discussions with Heathrow’s board of directors and shareholders about becoming the chairman of the airport. The report cited sources to say that Jansen was the clear frontrunner of the shortlisted candidates. An announcement could be made within weeks, if discussions are successful. Could not verify the report immediately. Heathrow Airport didn't immediately respond to an inquiry for comment. Sky News reported in July that the British aviation hub had been working with headhunter Russell Reynolds Associates on recruiting a successor for Paul Deighton who assumed the position in 2016. Deighton’s term as chairman would have ended on April 30th, 2025 after nine years. Due to recent board changes, and the relatively new appointments of leadership, Deighton was asked to extend his tenure. Deighton stated in the annual report of the company that "I have... accepted to extend my role for a limited time as Chair to ensure continuity and security on the HAHL Board throughout this period transition". Sky News reported that Jansen’s experience as CEO of BT Group – a regulated company – from early 2019 until the end of 2024 was a key factor in his selection as he preferred candidate. According to his WPP profile, the executive began his career with Procter & Gamble and has held leadership positions at Sodexo Group and Telewest. He also worked at MyTravel, Travis Perkins and Sodexo Group. Rhea rose Abraham, Bengaluru reporter; Jan Harvey, editor
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China Eastern Airlines resumes flights as China and India restore air connections
China Eastern Airlines, a state-owned airline, will resume Shanghai to Delhi flights on November 9, according to the website of the airline. This comes as China and India resume their direct air links after a five year diplomatic freeze. According to the airline's ticketing platform, flights will be operated three times per week, on Wednesdays. Saturdays and Sundays. China Eastern Airlines didn't immediately respond to a request for comment sent via email. The Indian Foreign Ministry announced earlier this month the resumption of commercial flights between India and its neighbours after a 5-year-long freeze. The announcement came after Indian Prime Minister Narendra Modi visited China for the first time in seven years to attend a regional security summit of the Shanghai Cooperation Organisation. Both sides discussed how to improve their trade relations, and Modi expressed concern about India's growing bilateral trade deficit. The Indian and Chinese foreign ministers did not respond immediately to requests for comments on the Shanghai-Delhi flight. IndiGo, India's largest airline, announced previously that it would begin daily non-stop flight between Kolkata and Guangzhou. Guangzhou Baiyun International Airport, a state-backed airport, said that when IndiGo announced its plans to expand direct flights between Guangzhou (China) and Delhi (India), it would encourage airlines like IndiGo to offer more routes. After deadly clashes on their Himalayan border, the two countries suspended direct flights in 2020. This led to a long-lasting military standoff. (Reporting and editing by Tom Hogue; Amy Lv and Colleen howe)
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Ship tracking data shows Sinopec diverts supertanker away from US-sanctioned ports
According to Chinese consultants and ship tracking data, the latest U.S. sanction on a major Chinese crude terminal has forced Sinopec to divert one supertanker from its route and to ask certain plants to reduce crude processing rates. LSEG data revealed that a supertanker transporting oil to the Chinese Port of Rizhao, in Shandong Province, changed its destination at the weekend after U.S. sanctions were imposed on Friday on an import terminal located there. JLC Consultancy estimated that Sinopec’s October runs could drop by 3.36% compared to earlier plans, and may be around 5.16 million barrels a day. Sinopec has not responded to comments immediately. LSEG data revealed that the supertanker New Vista chartered by Sinopec’s trading arm Unipec, originally scheduled to discharge in Rizhao, on Sunday, has changed its destination to Ningbo or Zhoushan, for arrival on 15 October. New Vista is capable of carrying 2 million barrels and currently carries Abu Dhabi's Upper Zakum crude. The U.S. Treasury listed the Rizhao Shihua crude oil terminal, which is half owned by a Sinopec logistic unit, in a series of sanctions, including ships that transport Iranian crude and liquefied petrol gas. The U.S. announced that the terminal in Lanshan, in Shandong Province, a major Chinese oil refinery hub, had been sanctioned because it received Iranian oil aboard vessels sanctioned by the U.S. According to analysts and industry executives, one-fifth (or a fifth) of Sinopec’s crude oil imports passes through the Rizhao Terminal.
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Aeromexico, backed by Apollo, seeks a valuation of up to $2.9 Billion in US IPO
Grupo Aeromexico announced on Friday that it was aiming for a valuation up to $2.92billion in its U.S. Initial Public Offering, as the Mexican airline looks to go back public after more than two years. Aeromexico, based in Mexico City, and its existing shareholders seek up to $234.5 millions by offering 11,7 million American depositary shares priced between $18 and 20 each. After a successful bankruptcy reorganization, mature companies are often looking to return to the public markets. Aeromexico filed Chapter 11 bankruptcy in 2020, with $2 billion of debt. The pandemic had a major impact on travel demand. Aeromexico, which emerged from bankruptcy in 2022, is now backed by the alternative asset manager Apollo Global as well as U.S. carrier Delta. PAR Investment Partners, a private investment fund, intends to buy $25 million worth of Aeromexico stock in a simultaneous private placement. The price per share will be 95% of the IPO. Aeromexico was one of the first names to be used in the United States. IPO pipeline Publicly File paperwork In May 2024, LATAM Airlines, based in Chile Return to the Homepage After a $456,000,000 IPO, the New York Stock Exchange will be open in July 2024. PUBLIC MARKETS RETURN The legacy airline, founded in 1934 under the name Aeronaves was nationalized in 1959 by the Mexican Government. In 1971, it began operating under the name "Aeromexico". Aeromexico had been owned by the state for many decades, until 2007 when an investor group led by Citigroup bought it for $250 million. Bidding war Saba Family - The full-service carrier first went public in 2011, and traded on the Mexican Stock Exchange until 2022. Delisted As part of its bankruptcy restructuring. Aeromexico is a low-cost carrier that competes with Volaris, a low-cost airline focused on leisure and business passengers. Barclays, Morgan Stanley J.P. Morgan, and Evercore are all joint book-running managers. Aeromexico intends to list at the New York Stock Exchange using the symbol "AERO." (Reporting and editing by Anuj T. in Bengaluru, Arasu Kanagi Basil; Shrey Biswas).
Boeing names Kelly Ortberg CEO to guide turnaround as cash burn rises
Boeing on Wednesday called aerospace market veteran Kelly Ortberg as its CEO to turn around the planemaker beset by legal and regulative problems after a quarter in which it lost more than $1 billion.
Ortberg will start on Aug. 8 with the monumental job of rebuilding trust with regulators, the industry and the general public throughout a quality crisis, and as the company's finance chief alerted it would continue to burn money.
Boeing has actually been mired in a reputational and security crisis after a Jan. 5 mid-air cabin panel blowout on an Alaska Airlines - operated MAX 9 jet carrying 171 guests.
The planemaker published a loss of $1.4 billion on earnings of $ 16.9 billion, short of the agreement among analysts for $17.2. billion, according to LSEG data. It lost $2.90 a share, worse. than of expectations for a loss of $1.97 a share.
Boeing CFO Brian West informed experts on a teleconference he. anticipates cash usage in 2024 to be larger than formerly thought. and anticipates cash burn throughout the third quarter. The business's. second-quarter totally free capital usage was $4.33 billion.
Boeing shares closed 2% higher at $190.60 on Wednesday,. assisted by the CEO announcement, and regardless of the battles throughout. its services, consisting of in defense and area.
The company's crisis led to an executive reshuffle in which. CEO Dave Calhoun decided to step down by the end of the year and. board chair Larry Kellner said he would not stand for. reelection.
Calhoun told analysts he did not think Ortberg's arrival. would cause a big leadership overhaul at Boeing. Stephanie. Pope, the head of Boeing Commercial Airplanes, was seen as a. possible prospect to prosper Calhoun.
My guess is he's going to put his arms around Stephanie and. the rest of the group in a big way and simply try to support their. work, Calhoun informed analysts.
Calhoun will be an unique advisor to the board till March. 2025, Boeing Chair Steve Mollenkopf stated on Wednesday.
Shortly after the January accident, the U.S. Federal. Air travel Administration disallowed Boeing from raising the. production of its cash-cow 737 MAX family of jets above 38 a. month, without estimating how long the restriction will last.
West stated Boeing had been making airplane far listed below that. level during some weeks to plug quality spaces, validating a. Reuters report. Ortberg will now have to help restore production of the 737. jets from about 25 in June and July to 38 by year's end.
WALL STREET CHEERS VISIT
A mechanical engineer, Ortberg, 64, has more than 30 years'. experience in aerospace and defense, consisting of various. executive functions.
There is much work to be done, and I'm eagerly anticipating. starting, Ortberg said in a declaration as Boeing waived. its compulsory retirement age of 65 years for him.
Ortberg will get a long-term incentive award targeted at. $ 17.5 million, according to a filing. He will get an annual base. income of $1.5 million, an annual incentive award target of $3. million and a $1.25 million cash payment in December.
His strategies to be based in Seattle, near Boeing's 737 MAX and. 777 factories is a step in the right direction, stated Jon. Holden, union local president for more than 30,000 Boeing. workers who are working out a brand-new contract.
Holden said in a declaration that Boeing's incoming CEO needs. the assistance of the International Association of Machinists and. Aerospace Workers union more than ever.
After 5 years leading Rockwell Collins, Ortberg steered. the company's integration with United Technologies and RTX. until his retirement from RTX in 2021.
This is a strong and safe pick. We can appreciate Ortberg's. age may be greater than some investors would have liked to see. However, our company believe Ortberg's track record at Rockwell Collins and. United Technologies/RTX is strong, RBC Capital Markets expert. Ken Herbert stated in a note.
Ortberg's experience in integrating acquisitions such as. steering Collins through an $8.3 billion deal to acquire BE. Aerospace in 2016 will deal with a fresh test at Boeing.
The planemaker is working to integrate Spirit AeroSystems. into its fold after clinching a deal previously this year. to redeem the fuselage maker.
His consultation likewise attends to an industry push for employing. an outsider to steer Boeing out of its problems. He was picked. over Patrick Shanahan, a previous Boeing executive and present CEO. of Spirit Aero who was seen as a preferred to be successful Calhoun by. some experts and financiers.
DEFENSE BUSINESS STRUGGLES
During the 2nd quarter, Boeing provided an overall of 92. aircraft, down 32% from in 2015. It published a loss of $2.33 a. share, as its distressed defense and space business intensified. the financial pressure on the company.
The Defense, Space and Security unit, among Boeing's 3. main services, lost billions of dollars in 2022 and 2023,. which executives attributed to cost overruns on fixed-price. contracts.
Such agreements have high margins but leave defense. contractors susceptible to inflationary pressures that have. dinged up U.S. business revenues in the last couple of years.
(source: Reuters)