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Honeywell expects record business jet deliveries over next decade
Honeywell, an aerospace supplier, said Monday that it expects to deliver record numbers of new business aircraft over the next ten years. This is the latest indication that the demand for private air travel has not waned, despite the COVID-19 Pandemic. Private flying recovered earlier than commercial airline's business in 2020 thanks to wealthy travelers who avoided scheduled flights. However, there was doubt about whether they would continue with private air travel after the COVID-19 pandemic ended. According to a report from the U.S. manufacturer of avionics, business jet engines and a variety of other products, private plane deliveries will be higher than they were before the pandemic. This is despite the U.S. led trade war, and geopolitical tensions. Honeywell projects global deliveries of 8,500 business jets valued at $283 billion over the next decade - the highest value in the 34-year-history of the report. The report is released ahead of the largest business jet event in the world, which begins on Tuesday. Ben Driggs of Honeywell Aerospace, Chief Commercial and Strategy Officer, said in an interview that more people were flying business aviation now than before COVID. "Those hours continue to increase at a higher level than 2019 so it appears that people are staying with business aircraft." Bombardier shares have risen on demand as the Canadian company prepares to begin deliveries of its Global 8000 Business Jet, while its U.S. competitor Gulfstream Aerospace is launching a replacement for its super-midsized G280. New business jet deliveries will grow by 5% and 91% of operators plan to fly more this year.
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US and China will implement tit-for -tat fees at ports, threatening further turmoil in the sea
On Tuesday, the United States and China will start charging port fees to ocean shipping companies that transport everything from holiday toys or crude oil. The high seas are now a major front in the global trade war between two of the largest economies. The Trump administration announced early this year that it would levy fees on ships linked to China to weaken the country's hold on the global shipping industry and boost U.S. shipbuilding. A report conducted during the administration of former president Joe Biden concluded that China used unfair policies and practices in order to dominate the global shipping, logistics, and shipbuilding industries. This led to the imposition of these penalties. On October 14, the U.S. will begin collecting these fees. Analysts predict that China's container carrier COSCO will be the most affected by these fees, as it is expected to shoulder nearly half of this segment's $3.2 billion in costs from 2026. China responded last week by announcing that it would also begin imposing its own port charges on vessels linked to the United States, starting Tuesday. Omar Nokta, a Jefferies analyst, noted that 13% crude tankers and 10% of container ships would be affected. In a research report, Xclusiv Shipbrokers Inc. in Athens said that "this tit-fortat symmetry locks two economies into a spiraling maritime taxation which risks distorting the global freight flow." Trump threatened on Friday to impose additional 100% tariffs against China for limiting the export of vital minerals and to put in place new export controls by November 1 on "any critical software". Hours later, administration officials warned that countries who voted in favor of a UN plan to reduce greenhouse gas emissions by ocean shipping, as part of the International Maritime Organization, could face sanctions, bans on ports, or punitive charges for vessels. China has publicly backed the IMO plan. "The weaponisation both of trade and environmental policies signals that shipping is moving from being a non-partisan conduit of global commerce into a direct tool of statecraft," Xclusiv stated. (Reporting and editing by Stephen Coates in Los Angeles, Lisa Baertlein from Los Angeles)
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China charges port fees to US-built ships but exempts Chinese-built vessels
China officially began collecting special port charges from U.S. owned, operated, flagged, or built vessels on Tuesday, but state broadcaster CCTV said that Chinese-built vessels would be exempted. CCTV published details that clarified the exemptions. These included ships constructed by China, ships which are empty and enter Chinese shipyards to be repaired, as well as other ships deemed exempt from payment. China's Transport Ministry announced last week it would begin charging new port fees to ships with ties to China on the same date as the U.S. After the announcement, U.S. president Donald Trump announced that he would raise tariffs on Chinese products to 100% on November 1, and implement export controls on software critical in retaliation for China increasing its export limits of rare earth minerals. CCTV announced that special port fees would be collected either at the first port entry of a single journey or the first five voyages in a year. The annual billing cycle begins on April 17th. State media warned that failure to pay the fees would result in the ship's import and export processes being halted. (Reporting and editing by Liz Lee, Beijing newsroom and Tom Hogue.
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Officials claim that the Russian attack on Kharkiv, Ukraine has cut power to 30,000 people.
Local officials reported that Russian forces had attacked Kharkiv on Monday with guided bombs, knocking out electricity to 30,000 people in three districts. In a Telegram message, Regional Governor Oleh Syniehubov wrote that Russian forces had used guided bombs against the Nemyshlianskyi, Slobidskyi, and Shevchenkivskyi districts to the south and north of the city. Interviewed on local TV, Mayor Ihorterekhov said that the three bombs had damaged a hospital as well as power transmission lines. Nearly 30,000 people were affected by power outages. Four people were injured by glass that was flying, he said. Some patients had to be transferred from one ward to another. "Unfortunately, there were many patients in the hospital. Terekhov reported that four people suffered injuries of varying degrees, and 200 windows had been smashed. "The attacks are usually on energy targets, such as generation transmission and the power network. The goal is to stop the power transmission system from working. As winter nears in the war that has lasted more than three-and-a-half years, Russian forces have focused their attacks on targets related to Ukraine's gas and electricity industry. Last week, a massive attack on Kyiv as well as other cities left over a million homes and businesses in the entire country without electricity. The water supply was also interrupted. The head of Kostiantynivka's military administration confirmed that a Russian drone killed two people on Monday in their car. Kostiantynivka is one of the main targets of Russia's slow march through the region. The Russian Defence Ministry announced on Monday that its forces had taken two new villages during their offensive through eastern Ukraine. One was in Donetsk and the second near Kupiansk, which has been under siege for months. The first corps of the Ukrainian National Guard has said that it has repelled another attempt by Russian forces near Dobropillia, in the Donetsk Region. The Ukrainian president Volodymyr Zelenskiy, along with other officials, have reported military successes around Dobropillia near Pokrovsk. (Reporting and editing by Mark Porter, David Gregorio and Oleksandr Kozoukhar)
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DHT claims its fleet is not linked to the US after China's new port fees move
DHT Holdings, the operator of oil tankers in China, said that their fleet is not subject to China's special port fees aimed at vessels with ties to the United States. China has begun charging fees to U.S. vessels that visit its port, starting October 14. This is a response to the U.S. fees charged by China-linked vessels. China has targeted U.S. flagged, built and operated ships as well as companies where 25% or more of the shares or board positions are held by U.S. investment funds. DHT stated that "each vessel is owned directly by a foreign entity, built in a country outside the United States, doesn't fly the U.S. Flag, and is managed from management companies located in Monaco, Norway Singapore and India." The company also stated that U.S. citizens only make up 20% of its board. DHT also stated that it is not aware of any U.S. shareholders, reporting groups or voting rights that exceed 25% of DHT's shares. The company warned that it could not accurately verify each shareholder's ownership. (Reporting and editing by Shash Kuber in Bengaluru, with Sumit Saha reporting from Bengaluru)
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Safran CEO: Company on "good path" to catch up with engine delays
Safran's chief executive said that the French engine manufacturer is "on the right track" to catch up with Airbus on the engine delivery delays by the end this month. Olivier Andries replied that Airbus had announced a good Q3 of deliveries and that we had a good performance with engine deliveries to Airbus during the quarter. Andries, in a telephone conversation about separate plans to build a new engine plant in Morocco noted that Airbus reported a decrease in the number planes waiting for their engines in September. This naturally strengthens our confidence. "I have always said we wanted to make up for the delays by October's end and I believe we are on the right track," Andries said. Airbus said Last week It had delivered 507 aircraft in the first nine-month period, and 313 more are needed in the fourth quarter in order to meet the full-year goal of 820. The European planemaker stated that the number of gliders or other fully assembled aircraft waiting to be powered up had dropped from the peak announced earlier this summer of 60. However, it did not provide a new estimate. (Reporting and editing by Richard Chang; Tim Hepher)
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Safran CEO: Company on "good path" to catch up with engine delays
Safran's chief executive said that the French engine manufacturer is "on the right track" to catch up with Airbus on the engine delay by the end this month. Olivier Andries, when asked after a Moroccan plant event whether CFM, owned jointly by Safran Aerospace and GE Aerospace would be able to deliver enough engines for Airbus to reach its 2025 targets, said: "Airbus announced that they had a good quarter in Q3, and we had a good performance in engine delivery to Airbus during the quarter." "Airbus has also stated that the number of aircraft without engines is down: this reinforces our confidence. "I have always said we wanted to make up for the delays before the end of October, and I believe we are on the right track," he said.
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Safran opens new Airbus engine assembly plant in Morocco
Officials from the French aerospace group Safran confirmed that they signed agreements with Morocco on January 29th to establish a new assembly line for Airbus Jets, and a maintenance and repair facility near Casablanca. Morocco has been encouraging investment from aerospace suppliers over the past few years in order to replicate its success in automobile manufacturing. This is done by creating hubs that will shorten supply chain and share expertise. Ross McInnes, chair of Safran, said that the company will invest 120 millions euros in the construction of an assembly line which will provide 25% or 350 LEAP-1A engine output annually. McInnes, after the signing ceremony presided by King Mohammed VI, said: "This will Safran's sole assembly line outside France. It will be finished in 2028." Safran and GE Aerospace jointly produce LEAP engines through CFM International. The LEAP-1A is a competitor with Pratt & Whitney for the Airbus A32neo while the LEAP-1B powers the Boeing 737 MAX. China's COMAC uses a third variant of the LEAP-1C for its C919. (Reporting and additional reporting by Tim Hepher, editing by Lisa Shumaker; Reporting by Ahmed El Jechtimi)
Brazil's Gol will be privatized under a new restructuring plan
Brazilian airline Gol Linhas Aereas Inteligentes SA announced Monday plans to become private as part a corporate restructuring process.
In a regulatory filing, the company, which emerged earlier this year from bankruptcy proceedings in the United States, stated that it intended to delist its shares from Brazilian stock exchange B3, although approvals from other shareholders are still required. In the restructuring, Gol Investment Brasil SA and the company will merge to form Gol Linhas Aereas. This company does not plan to list its shares.
The incorporation is intended to reorganize operations, reduce costs, and seek synergies. Gol made its first public offering of shares (IPO) in Brazil, in 2004.
A public tender will be held as part of an approved board process for the listed shares of Gol. The airline reserves the right to withdraw the offer should its value exceed 47.25 millions reais.
Gol's financial restructuring during Chapter 11 significantly reduced the airline's free-float, which was less than 1% in the case of non-common stock, minimising the impact on its stock exchange exit.
Gol filed Chapter 11 bankruptcy in 2024. The airline industry was facing significant challenges including debt, lower passengers during the COVID-19 Pandemic and delays with aircraft deliveries. Azul, Gol's Brazilian competitor, filed for Chapter 11 bankruptcy in May of this year. (Reporting and editing by Natalia Siniawski, Luciana Magnalhaes, Andre Romani)
(source: Reuters)