Latest News
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Sources say that Riyadh Air is looking at ordering 25-30 Boeing 787s as well as more Airbus.
Industry sources say that Riyadh Air is looking at acquiring between 25 and 30 additional Boeing 787 Dreamliners, by utilizing its contractual rights with the U.S. aircraft manufacturer. It may also increase its Airbus order list. The airline, which last week conducted 'its first commercial revenue flight', has ordered up to 72 Boeing Dreamliners by 2023. This includes 39 definitive orders and options for another 33. Sources said that Riyadh Air could announce its intention to convert the majority of these options into outright purchase as soon as next week at the Farnborough Airshow. However, they warned that details are still being discussed. Riyadh Air and Boeing declined to comment. Riyadh Air has also placed an order for?25 Airbus A350 - 1000 long-haul 'jets, with options to purchase another 25. Industry sources claim that some of those?orders may also be turned into firm orders. Airbus declined comment. (Reporting and editing by Louise Heavens, Tim Hepher)
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Hapag-Lloyd's outlook for the year is raised on the back of strong demand and freight rates
Hapag-Lloyd, the German'shipping company', raised its financial -year outlook on Monday. It cited strong market -demand and positive freight rate developments. Hapag-Lloyd now expects its earnings before interest tax, depreciation, and amortisation for the full fiscal year to range from $2.7 billion to $3.7 billion. This is up from the previous forecast of between $1.1 billion to $3.1 billion. The company has also increased its group's?earnings prior to interest and taxes (EBIT), for the year, to a range of $100 million to $1 billion. The forecast was subject to high uncertainty due to the volatility of freight rates, as well as major geopolitical issues. Hapag-Lloyd & Maersk will resume some sailings through the Suez Canal. This Asia-Europe trade route was abandoned by most shippers after Yemeni Houthi rebels destroyed vessels in 'the Red Sea. Shippers were forced to use the much longer route around Africa's Cape of Good Hope. However, firms are considering returning to the Red Sea Route. Shipping rates increased as a result of the longer trips?around Africa.
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US lawmakers debate whether to end twice-yearly clock switching
The U.S. House of Representatives will vote this week on a measure to extend daylight saving time year-round. Another group of legislators wants standard 'time to be permanent. The House Rules Committee will meet at 4:00 p.m. Monday, the House Rules Committee will meet to determine if any amendments are needed before the House takes up the measure this week. The House Energy and Commerce Committee approved the Sunshine Protection Act 48-1 on May 1. In March 2022, the U.S. Senate voted to permanently extend?daylight savings time but the House did not take up the issue due to opposition. Hawaii and Arizona don't observe daylight saving time. The supporters of the measure claim that the time change causes sleep disruptions, increased workplace injuries and car crashes. They believe that brighter evenings will also spur more economic activity in winter. Since the 1960s, daylight saving time has been implemented in the United States. This involves moving the clocks one hour forward during the summer months. Two lawmakers introduced the Sunshine for Our Kids Act last week. The act makes standard time the default time for all states, but allows them to opt in for daylight saving time if that is what they prefer. Reps Pat Harrigan, Mary Gay Scanlon and others argue that standard time is better for mornings to be in sync with the natural light?and circadian rhythms. Donald Trump has been aggressive in his push to end the?bi-annual clock-?switching. The U.S. Senate will need to decide again if it wants to consider the measure, which is opposed by U.S. Senator Tom Cotton of Arkansas, a Republican, and others. Cotton said that it would lead to absurdly late winter dawns and force many children to attend school in darkness. In World War II, the United States implemented a year-round daylight savings time. They did it again in 1975 to reduce energy consumption. It was unpopular, and Congress repealed the law later that same year. (Reporting and editing by Nick Zieminski.)
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Canada's Oil Sands Alliance signs agreement to advance Pathways Carbon Capture and Storage Project
The Oil Sands Alliance, the Alberta government and the federal government of Canada announced on Monday that they had reached an agreement for the 'Pathways carbon capture and storage 'Project. This was a condition set by the government to'move forward with the new West Coast oil pipe. The Oil Sands Alliance said that the Pathways Project, when operational, will be able to transport and safely store approximately 6 million metric tonnes of CO2 per year by the mid-2030s. Early July, Canada announced plans to build a pipeline from Alberta to the Pacific Coast. This would allow the fourth largest oil producer in the world to have greater export capacity to Asia. It would also reduce its dependence on the United States. Mark Carney has tried to strike a balance between Alberta's goal of increasing oil production and?environmental concerns. He has said repeatedly that federal support for the new crude pipeline in Canada depends on oil sands producers in Canada implementing a large-scale project to capture and store carbon emissions. This would reduce emissions from Canada's most polluting sector. The biggest Canadian oil sands companies -- Suncor Energy and Canadian Natural Resources, Cenovus Energy Imperial Oil, ConocoPhillips Canada, ConocoPhillips Canada, Cenovus Energy -- proposed the Pathways Project in 2022 but refused to assume?the cost of its construction. The initial estimate was C$16.5 billion. However, the companies and the government have agreed to scale down the project and build it in phases. The government-owned Trans Mountain ?Corp will build a new 1-million-barrel-per-day pipeline in coordination with Pembina Pipeline Corp PPL.TO. Pembina will have a 10% stake during construction and the opportunity to increase that up to 10% after the project is operational. The government of Premier Danielle Smith has stated that construction could begin as soon as September 2027.
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First time in Brazil, container ship is refueled with ethanol
The container carrier, operated by CMA CGM, refuelled?with the ethanol during a port stop in Santos, Brazil. This is the first time this type of fuel has been used to move the engines of deep-sea vessels in Brazil. CMA CGM IRON received 650,000 liters anhydrous alcohol from Brazilian ethanol and Sugar merchant Copersucar in a refueling service provided by Danish marine services group Bunker One. The CMA vessel, one of the 12 vessels operated by the group, is equipped with a trifuel engine. This engine can run on any combination of bunker fuels or methanol. The CMA vessel is a tiny part of the 700-vessel fleet, but it's used to test lower-carbon fuels. "We view bioethanol as an additional solution to reduce greenhouse gas emissions. The Santos test facility shows that bioethanol can be used in a safe and efficient manner under real commercial conditions, said Christine Cabau Woehrel. "We want to demonstrate with this operation that the ethanol is already available as a solution to decarbonize maritime industry", said Copersucar?Chief executive Tomas Manzano. Copersucar manages the Evolua Etanol distributor, which is owned by dozens of sugar and ethanol producers in Brazil. The company estimates that ethanol reduces carbon emissions from a vessel by 70% compared to bunker fuel derived from oil. However, they said that the price was higher. The companies believe this could be offset by creating and selling carbon credits. Marine?transportation is one of those sectors that are harder to reduce carbon emissions. The International Maritime Organization has a?net-zero carbon goal for 2050. The IMO has not yet reached an agreement with companies on legally binding measures. This makes any initiative like CMA's a voluntary one. Reporting by Marcelo Téixeira, Editing by Chizu Nômiyama
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UN shipping agency opposes any fees in the straits after Trump plans Hormuz fee
The?U.N. The 'U.N. Trump stated in a post on Truth Social that the process would start immediately. He did not elaborate. A spokesperson for the United Nations said, "We're aware of this post and are awaiting more details." International Maritime Organization. "We've always maintained a consistent stance against fees - IMO is opposed to charging fees for the passage through straits that are used for international navigation." There is "no legal basis" to introduce tolls for transiting through a strait. Officials from the shipping industry expressed their concern at?the newest development. They added that, in their opinion, such a move would violate international law. "How will this make it safer for people to travel through the water and what guarantees will this provide?" One official who declined to be named said about Trump's position. (Reporting and editing by Sharon Singleton, Susan Fenton, and Jonathan Saul)
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Residents say that gunmen have killed at least 18 people, in the state of Benue, Nigeria.
Residents and local officials reported that gunmen had killed at least 18 people in Nigeria's northern state of?Benue in a weekend assault. This prompted a protest march by angry locals, who blocked the roads to protest against the violence. Benue is a frequent site of conflict between farming communities, cattle?herders and armed groups. These conflicts are often fueled by competition for land and resources. Udeme Edet, Benue Police spokesperson, gave a lower toll of deaths for the attack that took place in the early hours of Sunday morning. He said: "Eight people were killed and five others wounded." Residents in Otukpo Nobi, a community within the Otukpo Local Government Area said that armed men who were suspected by the?locals as Fulani herders opened fire between 3:30 and 4:30 a.m. Maxwell Ogiri, the local government chair, 'linked the violence to the murder of the head of the herders association two weeks ago. The attack was not immediately claimed by any group. Women and youths protested in 'the town of Otukpo. Reporting by Ahmed Kingimi and Hamza Ibrahim; Writing by Chijioke Ahuocha; Editing Helen Popper
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Italian judge rejects INWIT's bid to stop Telecom Italia from exiting tower contract
The company confirmed that an Italian judge rejected INWIT's urgent request to suspend Telecom Italia from withdrawing from a lease agreement. INWIT is Italy's largest tower operator and it has been embroiled in a dispute with two of its main customers, TIM &?Fastweb. Both have begun legal proceedings to terminate the contracts of their respective clients as part of an effort?to renegotiate these on more favourable conditions. INWIT's two main anchor tenants, TIM and Fastweb, account for almost 85% of the EUR1 billion in revenue. INWIT is not happy with the judge's decision, according to a spokesperson. The company also reserved the right?to challenge the ruling?and would fight to defend its stance when the case was finally heard in full. The suspension request was made as part of an expedited procedure. TIM declined comment. INWIT shares reversed gains made earlier and went negative following the news. At 1305 GMT, they were down by 1.63%. According to two sources who are familiar with the case, the court denied the request to halt the withdrawal process because it found that there was no imminent danger of irreparable damage to the company. Sources familiar with the matter said that a court decision on INWIT's separate request to stop Fastweb from terminating?its tower contract? is still pending. INWIT had previously stated that the?contract, following a change in control due to a shareholder reshuffle, was extended up until 2038 without a break option. Fastweb has disputed this interpretation. Fastweb believes that the current contracts could expire in 2028. This would give the company the option to?issue a withdrawal notification two years earlier. TIM stated that the termination would 'take effect' in 2030 when the contract expires, or 2028 if a judge upholds Fastweb’s interpretation.
Houthis alert shipowners in brand-new stage of Red Sea project: Prepare to be assaulted
On a warm spring night in Athens, soon before midnight, a senior executive at a. Greek shipping business noticed an uncommon e-mail had actually landed in. his personal inbox.
The message, which was also sent out to the supervisor's company. email address, warned that one of the business's vessels. traveling through the Red Sea was at danger of being assaulted by. Yemen's Iranian-backed Houthi militia.
The Greek-managed ship had actually breached a Houthi-imposed transit. ban by docking at an Israeli port and would be straight. targeted by the Yemeni Army in any area they deem. proper, checked out the message, composed in English and examined. .
You bear the obligation and consequences of consisting of. the vessel in the restriction list, said the e-mail, signed by the. Yemen-based Humanitarian Operations Coordination Center (HOCC),. a body established in February to liaise in between Houthi forces and. commercial shipping operators.
The Houthis have carried out nearly 100 attacks on ships. crossing the Red Sea considering that November, acting in solidarity with. Palestinians in Israel's year-long war in Gaza. They have sunk. two vessels, seized another and eliminated a minimum of four seafarers.
The e-mail, got at the end of May, alerted of. sanctions for the entire business's fleet if the vessel. continued to violate the ban criteria and go into the ports of. the taking over Israeli entity.
The executive and the business decreased to be named for. security factors.
The caution message was the first of more than a lots. significantly menacing emails sent out to a minimum of 6 Greek shipping. companies given that May amid increasing geopolitical stress in the. Middle East, according to 6 market sources with direct. knowledge of the emails and 2 with indirect knowledge.
Because last year, the Houthis have been firing missiles,. sending armed drones and launching boats packed with explosives. at business ships with ties to Israeli, U.S. and UK entities.
The e-mail campaign, which has not been formerly reported,. suggests that Houthi rebels are casting their net larger and. targeting Greek merchant ships with little or no connection to. Israel.
The dangers were also, for the first time in current months,. directed at entire fleets, increasing the threats for those. vessels still trying to cross the Red Sea.
Your ships breached the choice of Yemen Armed Forces,. read a separate e-mail sent out in June from a Yemeni federal government web. domain to the very first business weeks later on and to another Greek. shipping company, which also decreased to be called. For that reason,. penalties will be imposed on all vessels of your business ... Best Regards, Yemen Navy.
Yemen, which lies at the entryway to the Red Sea, has been. embroiled in years of civil war. In 2014, the Houthis took. control of the capital, Sanaa, and ousted the internationally. acknowledged government. In January, the United States put the. Houthis back on its list of terrorist groups.
Gotten in touch with , Houthi officials declined to confirm. they had sent out the emails or provide any extra comment,. saying that was classified military details.
Reuters might not figure out whether the e-mails had actually been. likewise sent to other foreign shipping companies.
Greek-owned ships, which represent among the biggest. fleets in the world, consist of nearly 30% of the attacks brought. out by Houthi forces to early September, according to Lloyd's. List Intelligence information that did not define whether those ships. had any ties with Israel.
In August, the Houthi militia - which is part of Iran's Axis. of Resistance alliance of anti-Israel irregular armed groups -. assaulted the Sounion tanker leaving it on fire for weeks before. it might be towed to a much safer area.
The strikes have actually prompted lots of cargoes to take a much longer. route around Africa. Traffic through the Suez Canal has fallen. from around 2,000 transits each month before November 2023 to. around 800 in August, Lloyd's List Intelligence information revealed.
Stress in the Middle East reached a new peak on Tuesday as. Iran hit Israel with more than 180 missiles in retaliation for. the killing of militant leaders in Lebanon, including Hezbollah. leader Sayyed Hassan Nasrallah on Friday.
BRAND-NEW PHASE
The European Union's naval force Aspides, which has helped. more than 200 ships to sail securely through the Red Sea,. validated the evolution of Houthis' tactics in a closed door. meeting with shipping business in early September, according to. a file evaluated .
In the file, shown shipping business, Aspides. said the Houthis' decision to extend warnings to entire fleets. marked the beginning of the fourth stage of their military. campaign in the Red Sea.
Aspides likewise urged ship owners to turn off their Automatic. Identification System (AIS) transponders, which reveals a vessel's. position and acts as a navigational aid to nearby ships, stating. they needed to shut it off or be shot.
Aspides said the Houthis' rocket strikes had 75% accuracy. when aimed at vessels running with the AIS tracking system on. However 96% of attacks missed out on when AIS was off, according to the. exact same instruction.
Aspides did not right away respond to a Reuters request for. comment.
The Houthis' e-mail project began in February with messages. sent out to shipowners, insurer and the main seafarers. union from HOCC.
These preliminary e-mails, two of which were seen ,. signaled the market the Houthis had actually enforced a Red Sea travel. restriction on certain vessels, although they did not explicitly caution. companies of an imminent attack.
The messages sent after May were more enormous.
At least 2 Greek-operated shipping companies that. gotten e-mail hazards have actually chosen to end such journeys via the. Red Sea, 2 sources with direct understanding informed Reuters,. declining to recognize the business for security factors.
An executive at a third shipping company, which has also. received a letter, said they decided to end service with Israel. in order to be able to continue to utilize the Red Sea path.
If safe transit through the Red Sea can not be. ensured, business have a responsibility to act-- even if that indicates. postponing their shipment windows, stated Stephen Cotton, General. Secretary of the International Transport Workers' Federation,. the leading union organisation for seafarers, which received an. email from HOCC in February. The lives of the seafarers depend. on it.
The e-mail campaign has actually increased alarm among shipping. business. Insurance coverage costs for Western ship owners' have already. jumped because of the Houthi's attacks, with some insurance companies. suspending cover completely, the sources informed Reuters.
Greece-based Conbulk Shipmanagement Corporation stopped Red. Sea voyages after its vessel MV Groton was assaulted twice in. August.
No (Conbulk) vessel is selling the Red Sea. It. generally pertains to the team security. As soon as the team is in. danger, all the discussion stops, Conbulk Shipmanagement CEO. Dimitris Dalakouras told a Capital Link shipping conference in. London on Sept. 10.
Torben Kolln, managing director of German-based container. delivering group Leonhardt & & Blumberg, stated the Red Sea and broader. Gulf of Aden was a no go area for their fleet.
Gotten in touch with , the companies did not respond to a. ask for discuss whether they had been targeted by the. Houthi email project.
Some business continue to cross the Red Sea due to binding. long-lasting contracts with charterers or due to the fact that they need to. transfer goods because particular area.
The Red Sea stays the fastest way to bring products to. customers in Europe and Asia.
The Houthis have not stopped all traffic and most of. Chinese and Russian-owned ships - which they do not view as. associated with Israel - are able to cruise through unhindered. with lower insurance expenses.
We are re-assuring the ships belonging to business that. have no connection with the Israeli opponent that they are safe and. have freedom (of movement) and (to) keep the AIS devices going. on all the time, according to an audio recording of a Houthi. message broadcast to ships in the Red Sea in September shared. with Reuters.
Thank you for your cooperation. Out..
(source: Reuters)