Latest News
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IFM will not extend its offer for Atlas Arteria past June 30
IFM Global Infrastructure announced on Wednesday that its offer to purchase Australia's Atlas Arteria (valued at A$7.40 billion) ($5.23billion), which values the toll road operator a A$7.40 billion ($5.23billion), would not be extended past June 25. Diamond Infraco 1 of IFM added that it was not certain that the company would purchase any additional?shares after the closing date. The toll road operator, on Monday, called for its shareholders to reject IFM’s "best and final" offer after the company raised it to A$5.10 from A$4.75. It said that the 'bid is still below value. The revised offer represented a 17.8% increase over Atlas's closing prices as of 24 April. IFM's initial A$4.75 offer per share made days later valued the company at A$6.89 Billion. Atlas, however, rejected the offer back in May. They said that the "highly-conditional" offer was significantly undervaluing it. As of 0350 GMT, the?company shares?were down by 0.1% to A$5.105. The benchmark index rose 0.5%. Atlas 'Arteria' is a global operator, owner and developer of tollroads, with a portfolio of five assets in France, Germany and the United States.
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Qantas announces first route for ultra long-haul Project Sunrise flights
Qantas Airways will announce the first destination on Wednesday for the longest non-stop flight in the world?from east Australia to London or New York. This is a major breakthrough after years of delays. Since 2017, "Project Sunrise", a plan to offer direct flights on modified Airbus long haul jets to London hubs in the Middle East and Asia, has been under development. It is expected to be operational by the end next year. It is hoped to reduce the five-day journey on the "Kangaroo Route", which used to take place from Sydney to London, to a maximum of 22 hours depending on wind and route. The journey now takes between 24 and 25 hours via Singapore. The airline has not yet announced which destination will be first. Qantas currently flies to New York from Sydney via Auckland. The project is considered a "major bet" by the Australian airline, who has spent billions of dollars on changing fleets, cabins, and researching the health effects associated with a single round-the-world flight. It must convince passengers to pay extra to avoid long layovers while minimizing the discomfort of long flights. John Strickland, aviation analyst, said: "What they're selling is time. They need to charge a premium for all cabins, especially premium economy and business class." Qantas' Project Sunrise is named after its double sunrise endurance flight during World War Two. The airline stayed airborne long enough to witness two sunrises. The airline has estimated that the project will add A$400,000,000 ($282,68 million) to its earnings every year. Qantas CEO Vanessa Hudson stated in February that the project was based on an assumption that non-stop flights would attract ticket prices 20% higher than alternatives with one-stop stops in premium cabins. Analysts say that high energy prices due to the Gulf conflict has raised the bar on breaking even. 'POSITIVE MARKET' In a note published in April, Jefferies analysts stated that passengers will continue to prefer direct flights to Europe via Perth. They also said they would switch from Middle Eastern hubs to Asian hubs until 2027. They said: "We expect Project Sunrise flights from London to have a good market." Gulf carriers, like Emirates, who redrew aviation maps around their hubs have said they will defend their markets. The Australian government lifted its "do-not-travel" warning against Gulf hubs on Wednesday, which had been in place for months and had invalidated most travel insurance policies. Qantas will present the economics behind the new direct flights and its customized cabins at an event on Wednesday in Toulouse. Airbus won Project Sunrise after an intense competition with Boeing's new 777X aircraft in 2019. It conducted the first test flight of one of twelve?modified A350 1000ULR aircraft ordered by Qantas earlier this month. The planes with 238 seats have an additional rear-centre tank that helps increase the range from 1,852 km to 10,000 nautical mile. Flights are so long that much fuel is used to carry the weight. The first plane is expected to arrive in April 2027. This is five years after the original date due to issues with the aerospace supply chain and COVID-19. This month, it was reported that Qantas has been in discussions to purchase 20 additional wide-body aircraft. The smaller A350-900 and more Boeing 787s are being considered. $1 = 1.4150 Australian Dollars (Reporting and editing by Jamie Freed; Tim Hepher)
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Washington Airport will be closed for the majority of the Fourth of July
Ronald Reagan 'Washington National Airport is closing on July 4 at noon EST (1600 GMT), due to 250th U.S. Anniversary events in the Capital Region, including a flyover by the military. This was announced Tuesday by the Metropolitan Washington Airports Authority. The airport in Virginia, near Washington, D.C., is also scheduled to close for several hours for rehearsals on the 3rd of July. The closures will result in hundreds of cancelled flights. Airport?is anticipated to reopen?early?on?July 5. United Airlines has said that it "planned for this and has scheduled accordingly to ensure there is no customer impact." Washington Airport faced temporary flight restrictions during the weekend of the 250th Anniversary of the U.S. Founding, including the Ultimate Fighting Championship bouts held at the White House. The MWAA has said that the airport may be affected by a downtown flyover or other aerial displays, such as parachute or fireworks jumps, on other dates as well. These include 'June 24 to '25, June 28 and July 10, as well as August 22 to 23.
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Container imports at the busiest US port soar in May as buyers attempt to avoid rising fuel prices
Imports into the 'busiest U.S. port for containers in Los Angeles?hit the second-highest levels in history in May as retailers rushed to get products such as plastic school supplies in before July 1, when cargo ship owners will start recovering higher fuel costs due to the Iran War. The Iran War has caused shipping to be snarled in the Middle East, and crude oil and derivatives are less available. This is affecting the production of plastics and other goods. Marine fuel prices have increased and many?retailers, manufacturers and other businesses are concerned that certain raw materials or factory goods may become too scarce to ship. Gene Seroka, Port of Los Angeles' Executive Director, said that companies are considering energy costs, tariffs and geopolitical risk when making sourcing and shipping choices. Seroka stated that "when they find a window for stability, many move quickly to take full advantage of it, speeding up cargo through the supply chains while conditions permit." In May, the?Port Los Angeles handled an estimated 840.165 20-foot equal units (TEUs). This included 449.370 TEUs of imports. Data showed that this was a 26% rise from the previous year, when tariffs were lowered on U.S. imported goods and caused shippers' brakes to be slammed. A TEU is the standard volume measurement for ocean cargo. The standard shipping container measures 40 feet. Seroka said that June and July volumes will be higher than May. He added that it would take several months to normalize supply chains after the Iran War hostilities end and the Strait of Hormuz, a vital shipping chokepoint, reopens. Fuel prices are rising. The price of bunker fuel in 20 ports around the world nearly doubled to $1,053 by March compared to the price just before the U.S.-Israeli attack on Iran. However, the price then dropped back down on the prospect of a ceasefire agreement. Starting July '1, vessel operators will begin to claw back the higher fuel costs through contracts covering most of the cargo moving. The 10% global Section 122 Tariffs may expire by the end of July, and Trump's administration has proposed new import tariffs up to 12.5% for 60 countries based on allegations of forced labour. The Port of Los Angeles reported its results on Tuesday after the supply chain technology company Descartes Systems Group announced that total?U.S. Container import volumes increased 11.5% from a year ago in May. According to Descartes Datamyne, imports of plastic products that fall under the globally recognized Harmonized System Code 39, which is a standardized code, increased by 26%, to 251,706 TEUS. This included an 87% rise in the imports of office supplies or school supplies, and a 57% rise in plastic tableware. (Reporting and editing by Jamie Freed; Lisa Baertlein)
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Cheniere Energy CFO: Developing countries won't fully entrust their energy security to US
Zach Davis, Chief Financial Officer of Cheniere Energy, stated on Tuesday that the company does not believe developing countries will rely solely on America for their energy needs. Davis said that he did not expect many countries in the developing world to rely on the U.S. for their energy security, particularly at this time. His comments came at a time when details were emerging about an interim agreement to 'end the U.S. - Iran war and reopen Strait of Hormuz. This key waterway 'carried around 20% of the global oil and natural gas supply before it was closed off by the conflict earlier this year. Qatar's LNG imports have been seriously disrupted by the conflict, as they flow through the Strait of Hormuz. Davis stated that 'diversification in liquefied gas supply is crucial for emerging economies. It helps to ensure affordability and reduce risks of supply. He said that Qatar played an important role on the global LNG market and Cheniere would be happy to see it return in full, since this would increase supply diversity. Qatar's LNG, which is usually priced in relation to Brent crude prices, offers buyers more options than U.S. cargoes, which are tied to Henry Hub gas?prices. He added that Cheniere, which is the U.S.'s largest LNG exporter and the second-largest LNG producer in the world, prioritizes long-term growth of demand over the short-term benefits from a?increased LNG price. Davis stated that "creating demand is more critical than capturing margins, given the current price environment." He said that the company is still pursuing a disciplined expansion strategy and focuses on shareholder value rather than size. Cheniere, which has the financial capability to fund a $20-billion expansion, has chosen a smaller, approximately $6-billion?expansion for its Sabine Pass facility. Davis stated, "We are focused on creating value and not on chasing after the title of world's biggest LNG company." Reporting by Curtis Williams, Houston; Editing and production by Chizu Nomiyama, Nathan Crooks, and Aurora Ellis
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Tropical Cyclone One could form off the Texas coast and cause dangerous flash floods
The United States has announced that a 'potential tropical cyclone one' has formed near the Texas coast. In a Tuesday warning, the National Hurricane Center warned of dangerous flash floods and heavy rain along the energy corridor which includes offshore drilling and refinery assets. If it becomes stronger and the first named hurricane of the 2026 Atlantic Hurricane Season, the potential tropical cyclone Arthur -- located about 65 miles (105 kilometers) southwest of Corpus Christi - would be given the name Arthur. The maximum sustained wind speed is 30 miles per hour. Tropical storm watches have been issued along the northwestern Gulf Coast, from Sargent, Texas to Morgan City in Louisiana. The NHC stated that the disturbance would move off the Texas coast either tonight or Wednesday morning, then move along the upper Texas coast later in the day. It will then move inland to extreme eastern Texas and southwestern Louisiana by late Wednesday or early early Thursday. The storm system is expected to produce 4 to 8 inches in rainfall, with some isolated totals of up to 12 inches. This will occur along the Texas coastline through Louisiana and beyond. The NHC warned that a dangerous storm surge might 'flood areas normally dry. On Monday, Governor Greg Abbott declared a state of disaster in 101 counties. Heavy?rains may dampen the excitement surrounding the upcoming?FIFA World Cup game between Portugal and DR Congo, which will be played on Houston's streets on Wednesday. They could also have an impact on energy assets in the region. Earth Science Associates COO Tony Dupont said that so far the storm "doesn’t look too powerful." Andrew Polk, weather risk manager for data consultancy DTN said that major oil production sites in the Gulf are outside the forecast track of tropical storm force wind. He said that there may be disruptions due to the impact of helicopter operations, which could disrupt and delay the crew change due to winds and thunderstorms caused by Potential Tropical Cyclone One. He continued by saying that "the wave impacts will primarily disrupt operations on the water with lift boats or scuba diving operations", adding that the main focus of the system would be the total rainfall amount expected along the Texas coast and Louisiana coastline. In March, the federal offshore area of the U.S. Gulf of America produced approximately 2?million crude barrels per day. This accounted for 14% of U.S. total crude production. Shell, BP and Chevron are the biggest deepwater operators. Around half of the total U.S. refinery capacity of 18,4?million barrels a day is located in the Gulf Coast region, which runs from Corpus Christi up to Mississippi River. The Motiva Enterprises Port Arthur, Texas plant owned by Saudi Aramco has a daily throughput of?730,000 barrels. The other major Gulf Coast refineries are Marathon Petroleum's Galveston Bay facility, ExxonMobil Beaumont, Baytown and ExxonMobil Baton Rouge. Cheniere, Venture Global and other LNG giants have large liquefaction plants along the coast. Reporting by Ashitha Shivprasad from Bengaluru, and Sheila Dang from Houston; Writing and editing by Chizu Nomiyama & Aurora Ellis.
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BYD, a Chinese battery manufacturer, increases production in Brazil
BYD, the Chinese electric carmaker, is increasing battery production in Brazil. A senior executive said that BYD was investing about $100 million into energy storage systems for Brazil's national grid. In a recent interview, Alexandre Baldy said that the expansion was part of a larger push to reach a 50% domestic content for its Brazilian-made vehicles by 2027. Baldy stated that "we are localizing" so we can become a Brazilian producer. Battery is another item that's important. In order to meet government demands and reduce its tax burden, BYD has increased local sourcing in its Bahia plant. The company aims to become the top-selling auto brand in Brazil by 2030. BYD already ranks among the top five car brands in Brazil. The launch of the passenger car battery production is part of a plan to invest $1.08 billion in its flagship factory in Camacari in Bahia. BYD will invest between 50 and 60 millions reais in order to expand the line that produces bus batteries. The company is also planning to invest up to 500 million reais (98 million dollars) in a production line for its Battery Energy Storage System, which stores electricity for the grid. This will be done in advance of the December auction for industrial-scale batteries. BYD's BESS units are seen as a key solution to the crisis that has been affecting solar and wind generators in Brazil. These companies have suffered heavy losses and stopped investments due to the fact that the national grid could not absorb their output during peak hours. Baldy stated that "this truly opens up a new segment for batteries." BYD must decide within 90 days whether to use its?BESS investment for a new production line in Manaus, which is currently focused on bus battery production, or build a facility somewhere else. The Chinese automaker, which has purchased mineral rights in a lithium rich?part?of Brazil, has no immediate plans to develop these areas, due to the low cost of the'mineral used in battery production. He said: "It's not on our agenda, and it isn't a topic of discussion within the company." "We're concentrating on consolidating BYD's passenger car factory and expanding our electric bus production capacity."
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Dutch transportation minister defends Tesla FSD approval
The Netherlands' transport minister denied on Tuesday that the influential 'RDW' authority had used statistics provided by Tesla to approve the "Full Self Driving" software of the company for use on Dutch highways. RDW approved Tesla's software on 10 April, a European-first. It said it thought it would contribute to safety. The agency has requested that the European Union approve FSD for use in the entire 27-nation block. This led to preliminary approvals being granted to Belgium, Denmark and Estonia. Minister Vincent Karremans who oversees infrastructure faced questions in parliament after a report that claimed Tesla had misled the RDW and European agencies about safety data. Karremans stated that it is possible to doubt the statistics presented by Tesla, but they have not been the basis for the RDW's acceptance. "We asked RDW about this, and they said that it was not true," he added, adding that RDW approval is based on "independently verifiable testing". MINISTER SAYS THERE HAVE BEEN NO INCIDENTS SO FAR Tesla's FSD, or driver assistance system, can steer, brake and accelerate a vehicle. Drivers should keep their eyes on road and be ready to take control. Karremans stated that Teslas fitted with the system have driven 24 million miles in Dutch roads so far "without any notable incident". This is in line with a 'Tesla Europe's statement on X from June 9, which stated that cars fitted with the software have driven in the Netherlands 23.6?million km (15 million miles), with no highway accidents and?three on smaller roads. Tesla's statement covered a period from April 10 to June 5. RDW was unable to confirm Tesla's statement immediately. It stated that it did not rely on data provided by Tesla in its assessment. In an email response to questions, the RDW said that it "takes note of any information provided by manufacturers" but bases its decision solely on a comprehensive independent assessment in compliance with European regulations. (Reporting and editing by Barbara Lewis; Toby Sterling)
Australia relaxes travel advice for the Gulf to boost Middle Eastern airlines
Australia relaxed its travel advice on Wednesday for a number of?Middle?Eastern nations, allowing Australians the freedom to transit and travel through the largest Gulf air hubs while being insured.
Penny Wong, Foreign Minister, said that the "do-not-travel" warning for the United Arab Emirates (UAE), Qatar, Bahrain and Israel, had been removed after the U.S. reached an interim agreement with Iran to end the war.
She stated that the advisory has moved to "reconsider the need to travel" in these countries as the security situation can still rapidly deteriorate with little notice.
Gulf airlines will benefit from the removal of "do no travel" advice. Cirium, a data-driven aviation firm, says that Gulf airlines carried more than half the passengers who flew from Europe to Australia and New Zealand, as well as Pacific Islands, before the war broke out in late February.
Australians who are concerned about missiles and drones as well as schedule disruptions and lack of insurance have chosen to fly on carriers such Qantas Airways and Singapore Airlines, or Hong Kong's Cathay Pacific Airways which transited through Asia. This has led to higher airfares.
Flight Centre Travel Group reported on Wednesday that many travellers who had booked forward to Europe via the Middle East, but cancelled or changed their plans because of the government's warnings that Australians were deprived of insurance coverage.
Emirates announced last week that it will offer incentives to win back travelers worried about the prolonged Iran war. The airline is focusing more on customer service and reliability than on lower fares due to the high oil prices.
After the start of the Iran war, jet fuel prices have more than doubled, leading to many airlines increasing ticket prices, cutting capacity, and adding fuel surcharges.
The price increases have now retreated as the prospects of a peace agreement improved. Singapore jet fuel
Oil prices fell?more? than 2% on Tuesday to a new three-month 'low, after falling?nearly 5% the day before following news of the U.S. Iran deal. Industry officials, however, say that it will take several months for Middle East oil and natural gas production to recover fully. Reporting by Renju José in Sydney and Julie Zhu, Hong Kong. Editing by Anne Marie Roantree & Jamie Freed.
(source: Reuters)