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EasyJet's bids are threatened by EU review of airline ownership rules
An EU official revealed that the European Union was preparing to review airline ownership rules in order to prevent foreign investors gaining control over carriers. This could complicate US bids for easyJet, a low-cost airline. Officials said that the EU review was not previously reported and would "protect strategic independence" in order to keep control of regional carriers within the EU. The announcement comes as two U.S. investment firms compete for control of the major European budget airline easyJet. This is expected to test the limits of EU rules which require 51% local ownership. The official, who asked not to be identified due to the sensitive nature of the issue, said: "This is so that foreign investors do not have complete control." "We need to ensure that we have enough headroom in terms of control." EasyJet backed an offer of PS5.7 billion ($7.65billion) by Apollo Global Management earlier this month, beating out a previous PS5.5 billion offer from Castlelake. However, it did not elaborate on how they plan to meet EU requirements for majority ownership, a major hurdle in any non-EU acquisition. If the deal goes through, it could set a precedent for European Airlines, opening the doors to private equity buyouts. Takeovers are usually done by another airline, with the backing of the government. Officials said the review would likely take place in 'the autumn' and will look to clarify what types of corporate structures are allowed, particularly around control, ownership, and ownership. Officials said that Apollo, Castlelake, and EasyJet had not discussed the details of the proposed deals with European regulators. EasyJet declined to comment. Castlelake didn't immediately respond to our request for comment. "The industry has a wrong perception that we are not enforcing the rules as strictly. The wrong perception will lead people down the wrong path," said the official.
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Trump: US will target Iranian power plant, bridge for each ship that targets Hormuz
Donald Trump reiterated his threat to attack 'Iranian Infrastructure' on Wednesday. He said that the U.S. will attack a bridge, or power plant every time Tehran targets a vessel in the Strait of Hormuz. Trump wrote on Truth Social that "every time the Islamic Republic of Iran fires a missile, rocket, drone, or other weapon at a ship in the Strait of Hormuz the United States will destroy one bridge or power plant, even if it is located in or near the capital city of Tehran." U.S.-Iran attacks have intensified as an interim ceasefire signed last month unraveled?and the struggle for control of 'Strait of Hormuz' has deepened. This raises the risk of returning to a resumption of hostilities. Under Experts in international law and world leaders have condemned Trump's threats against?Iranian power plants and bridges?as being illegal under a?international law which prohibits attacks on civil targets. Reporting by Susan Heavey, Bhargavacharya and Doina Ciacu.
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Data shows that more ships are changing course in the Red Sea following Houthi threats
Ship-tracking data showed that four tankers changed their course in the Red Sea Wednesday. Two of them indicated the Suez Canal, after Yemen's Houthi militia warned ships to avoid sailing into Saudi Arabian ports. The Houthis, who are aligned with Iran, declared a naval blocade on Saudi Arabia Monday. This opened a new front in the war between the United States and Iran. It also raised the risk of global energy and trade outside the Gulf. The threat of Houthi hostile action against Saudi Arabia has started to have a general effect on the tanker industry, according to a ship broker's note. There are reports that several tankers have shifted their course to the Suez Canal after loading in Saudi Arabia's Yanbu Port in the Red Sea. Others are waiting for further instructions. RISK OF ATTACKS IS RISKIER In an advisory published by Aspides, the European Union naval force, ships with ties to Israel, Saudi Arabia, or the United States are more likely to be attacked by the Houthis. They are therefore advised to avoid travel through the Red Sea and Gulf of Aden, until the threat levels decrease. The advisory stated that any vessel that has recently visited,?loaded or discharged cargo in Saudi ports should reduce its electronic footprint. This includes reducing AIS (ship tracking) transmissions as well as limiting publicly accessible digital data that could facilitate targeting. According to LSEG, MarineTraffic, and Vanguard's analysis of ship tracking data, the four tankers shifted direction. Two of them signaled their destination as open water in the Red Sea. Shipping data revealed that a fifth vessel, a vehicle transporter named Liu Jiang Kou, appeared to have turned back in the Gulf of Aden Wednesday after it had indicated the Saudi Red Sea Port of Jeddah for its next destination. The manager of the vessel, China's COSCO Shipping Group, did not immediately respond to a comment request. On Tuesday, three oil tankers carrying Saudi crude for China and India turned around in the Red Sea to head towards the Suez Canal instead of the Yemeni coastline. Three oil tankers, including the Xin Long Yang managed by COSCO, made a U-turn in the Red Sea on Tuesday. They headed towards Suez Canal instead of facing Yemeni coast. Alternative to the Strait of Hormuz Saudi Arabia would lose a vital alternative to the Strait of Hormuz if the southern Red Sea gateway were closed. This could also increase fears of shortages. In a separate statement, Braemar, a ship broker in Saudi Arabia said that the Houthi embargo raised "serious" questions about the viability eastbound routes out of Yanbu port. Yanbu is the outlet for the east-west pipeline. Ship-tracking data revealed that a number of tanks were still visible Wednesday near Yanbu's Anchorage. Since the Houthi's began their attacks on Yemen's coast in November 2023, the Red Sea hasn't fully recovered. The group claimed that they were doing this in solidarity with Palestinians fighting in Gaza. Gaza's ceasefire in October last year was the only thing that brought an end to the group's attacks against merchant ships. The Houthis warned shipping companies to avoid loading or discharging cargo at Saudi Arabian ports, or else they could be targeted. Sources in maritime security said that they have received audio recordings of Houthi warnings sent to ships on the Red Sea. One shipping source, who received updates from a ship on the Red Sea, said: "They warn all ships intending to proceed into Saudi ports that they are open targets." (Reporting and editing by Jonathan Saul and Renee Maltezou. Reporting by Yannis Souliotis, Ahmad Ghaddar, and Renee Maltezou.
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As fighting continues, the EU Aviation Agency adds Jordan to its no-fly list
The European Union Aviation Safety Agency (EASA)?on?Wednesday asked airlines to avoid the airspace of Jordan following the recent conflict between Iran and the United States. Last week, the agency re-issued and strengthened its warning for airlines in the Middle East to avoid the airspace of Bahrain Kuwait Qatar the United Arab Emirates, and the Gulf of Oman due to the renewed U.S. – Iran war. EASA reported that the advisory for Jordan was also extended until August 31. Iran's army claimed to have used drones in an attack on U.S. military bases in Kuwait, Jordan, and Bahrain early Wednesday morning. The army claimed to have used Arash suicide drones to strike accommodation buildings and storage facilities at Al Azraq Air Base, Jordan. They also attacked equipment warehouses and aircraft hangars in Sheikh Isa Air Base, Bahrain. I was unable immediately to?verify the details of the attack. In the past few days, four U.S. soldiers have been killed by Iranian attacks against U.S. military base in Jordan and?Iraq. EASA stated in a statement that "since the middle of July 2026, security has rapidly deteriorated, with an increase in kinetic activity affecting Jordanian Airspace." EASA warned of the increased risks posed by recurrent Iranian air attacks, as well as Jordan's activation of its air defence system. This includes the possibility of misidentification civil aircraft. Last week, EASA extended its separate advisory to airlines asking them not to fly in the airspace of Iran and Iraq. It is valid until August 31. Reporting by Shubham Kalya in Bengaluru. Editing by Louise Heavens & Hugh Lawson.
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Glencore is planning large withdrawals of LME lead after stock surges, sources claim
Two industry sources reported that commodity trader Glencore will withdraw 30,000 metric tonnes of 'lead' from London Metal Exchange storage warehouses after inventories of the battery metal soared to records. One source and two others familiar with the situation said that Hartree Partners, a fellow trader, also marked metals for delivery from a warehouse by cancelling the lead stocks. The sources did not specify how much lead Hartree cancelled. These withdrawals can create the impression that there is a 'physical demand' for lead when in fact it may be simply being moved between traders or warehouses, rather than actually reaching end users. This is important for a market which relies on LME data to gauge the market. Since last Thursday, a total of 65,225 tonnes worth of LME lead warrants, which are title documents that confer ownership, have been cancelled. Or 14% of the total stock. All but 1,725 tonnes of the cancelled stocks are in Singapore. The sources didn't?know why London listed Glencore and U.S. based?Hartree cancelled the warrants but said that they could supply lead to actual customers or move it to another warehouse to make lucrative "rent deals". Hartree and Glencore did not reply to comments. These cancellations came after Trafigura, a rival trading house, delivered over 160,000 tons (or a total of 1.6 million pounds) of lead to Singapore in two days for a rental deal earlier this month. According to records, LME lead stocks were at their highest level since 1970. Trafigura has declined to comment. Two sources said that it would be rare for Glencore and Hartree to become involved in rent deals. Companies that deliver metal for rent do not need to own the metal. Instead, they receive a portion of the rent paid by the new owner for the duration of time the metal remains in the warehouse. Rent deals in Singapore are attractive partly because of the high costs associated with cancelling warrants, loading the metal, and shipping it to consumers. This can discourage withdrawals. In Singapore, the daily LME rental for lead is 51c per ton. Storing 30,000 tonnes there would earn you $15,300 per day or over $5 million per year.
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Equinor CEO: Europe is unlikely to achieve 80% of gas storage goal
Gas volumes at European?storage sites are significantly lower than the five-year average and at their?second-lowest level in 15 years, Equinor chief Anders Opedal said on Wednesday after the?company reported its highest quarterly profit since early 2023. This is due to tightening market conditions that have increased competition from Asian buyers. Anders Opedal, Equinor's chief executive officer, said that gas volumes in European storage sites were significantly below the 5-year average. They are also at their second-lowest levels in 15 years. "We don't think Europe will be able to fill its stocks up to more than 80% this fall," Opedal said. He added that due to the lower storage levels of gas, currently at 54% in Europe, this winter will see more price fluctuations than previous winters. The U.S. - Iran war has effectively halted the shipping through the Strait of?Hormuz. This includes about a quarter of the world's liquefied gas, which is typically delivered to Asian clients. The war in Ukraine has prevented Europe from relying on Russian gas pipelines. Equinor reports that Europe relies upon LNG to meet?30% its import needs. However, supply is now missing. "The gas from Qatar that was to be sent to Asia was actually going to Europe, so the?LNG which earlier this year was shipped to Europe now goes to Asia," Opedal explained, referring to increased competition in global supply. (Reporting and editing by Terje Solsvik, David Goodman and Nora Buli)
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Shares of freight group DSV fall 13% on cash flow decline and disappointing earnings
DSV reported a "sharp decline" in its second-quarter cashflow on Wednesday. The disappointment about the company's profit growth and earnings caused shares to fall by 13%. DSV acquired Schenker, a German freight forwarder, last year to become the largest in the world. While planned cost reductions are on track, the deals to sell excess property have not been completed. DSV reported that adjusted free 'cash flow' fell to 786 millions Danish crowns ($120million) from 3.98billion crowns a a year earlier?due a temporary increase in working capital due to higher activity, increasing freight rates and soaring fuel and bunker prices. It also said that the group receivables increased by 1.8 billion crowns during the quarter due to the sale of Schenker property for which payment was still "pending" at the end of the quarter. DSV's operating profits before special items rose from 4.73 billion Danish crowns to 6.26 billion crowns during the second quarter, compared with the 6.05 billion crowns averaged by analysts in a survey provided by the company. Analysts at Jefferies stated that DSV's operating profits were 1% below consensus expectations, excluding a gain of 250 million crowns from the sale of properties in the road division. DSV expects to earn between 23.5 and 25.5 billion crowns in operating profit for 2026, up from the 23 billion to 25 billion crowns previously forecast. DSV shares fell 13.3% by 1043 GMT and were at the bottom of the pan-European STOXX 600 Index. Haider Anjum, Jyske Bank's analyst, wrote to clients that the?drop in price was "a strong reaction",?even though investors might have expected an even bigger increase in earnings guidance.
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After attacks, Greece urges its fleet to increase security in the Black Sea
Greece has advised Greek flagged commercial ships to upgrade their security measures while'sailing in the Black Sea' following a series of.attacks on tankers over the past few days. Greek-operated tankers are among the largest in the world and play a pivotal role for trade along the Black Sea, where Bulgaria, 'Georgia', Romania, and Turkey share the waters with Russia, Ukraine and other warring nations. Ukraine and Russia have intensified their attacks in recent weeks on ships and other facilities located near the Black Sea or the Sea of Azov to try and undermine each other's military efforts. A Russian missile struck a ship with corn near the southern Ukrainian port of Odesa on?Sunday and killed 10 people. On Sunday, two Greek-operated oil tankers were also targeted with sea drones at the Caspian Pipeline Consortium – a 1,510 km (1,440 mile) oil pipeline connecting Kazakhstan's Caspian Sea to Russia's Black Sea Port of Novorossiysk. CPC is responsible for 80% of Kazakhstan's oil. During loading operations, the crude oil tankers ASIA (which is'managed' by Dynacom) and NISSOS IO, which belongs to Kyklades Maritime Corp., were both attacked. The advisory for July 21 stated that a third Greek-operated ship was also?attacked. The advisory stated that "Greek ships operating in the region should increase their security measures due to the increased tensions observed following attacks on 'commercial ships. (Reporting and writing by Yannis Soulieotis, Editing by Joe Bavier).
BermudAir purchases 10 Airbus A220 aircraft as part of its expansion plan
BermudAir has ordered 10 Airbus A220 aircrafts to expand its routes into 'Bermuda and Anguilla as well as Belize, Turks and Caicos, Turks & Caicos, Turks & Caicos', the startup airline announced on Wednesday.
Adam Scott, BermudAir's CEO and founder, said that the A220 has the performance characteristics to help us expand our footprint and open more markets. The airline plans to double its 11 routes currently in operation by the end of the year.
The A220-300 order was signed during the Farnborough Airshow. The Bermuda carrier has been operating since 2023. BermudAir plans to add up to 20 A220 planes by 2030, and eventually replace its fleet of Embraer-190 aircraft.
BermudAir is competing with U.S. carriers JetBlue, American, and United for New York flights. However, some new routes are not heavily competitive.
Scott stated that the carrier's focus is on improving customer experience.
"We are winning these customers because we do something very different," said Scott.
The new routes include six to Turks and ?Caicos, with ?service from Newark, Boston, Baltimore-Washington, Raleigh-Durham, Fort Lauderdale and St Petersburg/Tampa, and five new routes to Belize. The airline will also be expanding its seasonal service to Anguilla.
The airline is planning to install wifi on its planes, as they currently do not.
"It's not easy to start a?airline," he said. "You have to be very determined." Scott said, "You have to be dedicated to it." It's always best to be steady. (Reporting and editing by Joe Bavier, Andrew Heavens, and David Shepardson)
(source: Reuters)