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Singapore Airlines profits slump masks strong operational performance
Singapore Airlines reported a 69% drop in its third-quarter profit, which was distorted by a gain of a single dollar a year ago and losses at Air India. However, strong passenger demand helped to boost operating revenue. Singapore Airlines owns a 25,1% stake in Air India. The airline began to account for Air India's earnings after December 2024, when the joint venture Vistara of Singapore Airlines was integrated into Air India. Singapore Airlines reported a net loss of $398.6m (S$505m) during the period October-December, down from S$1.63bn a year ago. This was boosted by an?S$1.1bn gain from the Air India/Vistara merger. The carrier's decline in profit masks a strong operational performance. It posted a record quarterly revenue of S$5,51 billion, and a 26% increase in operating profit, to S$792 millions, on the back of strong passenger demand, increased yields, and improved passenger loads. Higher operating costs have partly offset improvements in operational performance due to the record-breaking?global travel demands that keep older aircraft in service, and drive up fuel and maintenance expenses. Total expenditures for the airline rose by 2.7%, to S$4.71billion, due primarily to capacity expansion, increased fuel prices, and higher uplift volumes. Singapore Airlines' growth was driven by its passenger operations. Scoot and Singapore Airlines carried 10.9 million passengers in the third quarter, an increase of 6.3% on a year-on-year basis. The group's average passenger yields (the price that a passenger pays for a kilometer of flying) rose by 1.9%, to 10.9 Singapore Cents per revenue passenger-kilometre. This reflects an improved pricing power. The group's cargo division saw a 5.4% decline in revenue to S$581m, as yields dropped 6.2%. The cargo load factor of the group, which is a measure of how crowded cargo holds are, fell to 56.3%, as capacity growth outpaced demand growth. Tabitha Foo is an equity research analyst with DBS Group Research. She said: "Sustained growth in passenger travel should offset the softness of cargo, and the share price will react positively due to the impressive operating performance beat. We remain vigilant on Air India." Singapore Airlines said that the demand for air travel will remain "healthy" into the last quarter of FY2025/26 due to seasonal travel. From June, the carrier will expand its network by adding new routes, including Riyadh in Saudi Arabia. Lorraine Tan, Morningstar's director, said: "We expected competition to increase as capacity in Asia returned to levels prior to the pandemic, but some carriers have been able to maintain higher yields for longer." ($1 = 1.2663 Singapore dollars)
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New sanctions against Russia's Transneft on Ukraine War Anniversary target Transneft
The United Kingdom sanctioned the oil pipeline operator Transneft as part of its package of almost 300 measures on Tuesday. It announced its "largest" set of sanctions to coincide with 'the fourth anniversary of Russia invading Ukraine. The Russian government claimed that Transneft was a major pipeline company in the world and transported more than 80% the crude oil exported by Russia. The goal was to cut further into Moscow's revenues from energy. The West has imposed thousands of sanctions against Russia, including on its oil sector. However, this has not resulted in a significant reduction of Russian oil exports. China, India, and Turkey continue to buy Russian oil. "The UK has today taken decisive action" "The UK?has today taken decisive action to? Disrupt the vital?financing?, military equipment?and revenues streams that sustain Russia’s aggression," Foreign Minister Yvette Cooper stated in a statement. UK'S LARGEST SANCTIONS PACKAGE With the new measures, more than 3,000 people, companies and vessels are now sanctioned as part of Britain's Russia sanctions. The package of measures announced on Tuesday included?48 oil tanks identified as part efforts to curb Russia's'shadow fleet'. The latest sanctions package was the largest Britain has imposed since Russia invaded Ukraine in 2022. It included subsidiaries of Rosatom, Russia's state-owned nuclear agency, for their role in supporting Moscow's export of nuclear energy. Rosatom declined comment. Britain also designated Gazprom SPG Portovaya LLC which they said was involved with Russia's liquid natural gas shipments and a group of Russian banks. Gazprom's sanctions were imposed in January 2025, in coordination with the United States. Sanctions have also been imposed on two Georgian television channels that the British government has accused of deliberately spreading false information about the conflict. Both channels' representatives criticised the sanctions. MOSCOW REVENUES ARE SQUEEZED London claimed that its sanctions increased pressure on Russian president Vladimir Putin. Some British lawmakers, however, say that it's unclear if sanctions will lead to tighter controls over re-exports or other forms of circumvention. Analysts and traders expect Russian oil to start declining this year, after the U.S. imposed new sanctions against top Russian oil firms Lukoil and Rosneft as well as multiple tankers. However, data has not yet shown a decline. The Centre for Research on Energy and Clean Air, a nonprofit organization, found that Russia had earned 193 billion euros ($227billion) in oil, coal, and refined product exports during the year ending February 24, 2026. This is a 27% decrease from the period prior to the invasion. Russia's oil exports are not affected by sanctions, but its gas exports have declined since 2022. They have instead?pushed Moscow to lower the price of crude oil. Russia has also diverted crude to China and India, using a shadow fleet of uninsured, old tankers. Western governments have targeted these tankers, and Britain has said that "deterring and disrupting them" remains a priority. In the package of sanctions imposed by the British government on Tuesday against what it called Russia's dark web oil networks, sanctions have been imposed on the?175 Dubai-based 2Rivers Group, which is said to be one of the largest shadow fleet operators in the world and a major Russian crude trader. 2Rivers didn't immediately respond to an?ask for comment. U.S. president Donald Trump pushed India to?shift away from Russian crude in order to secure a trade deal. The EU is also debating an broader ban of business that supports Russia's seaborne oil trade. A dispute over oil supply led to the EU failing to agree on a new package of sanctions against Russia as well as a massive loan for Ukraine on Monday. (Reporting from Sam Tabahriti in London and Sarah Young, with additional reporting from Lucy Papachristou at the Tbilisi bureau and Moscow bureau. Editing by Kate Holton & Sharon Singleton.)
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Ukraine continues to import electricity despite Slovakia's emergency supply stopping
Ukraine's power plants, which have been severely damaged by Russian airstrikes, continue to import electricity from other countries, said the transmission system operator, Ukrainenergo, on Tuesday after Slovakia halted emergency supplies. Robert Fico, the Prime Minister of Slovakia, said on Monday that it would not accept any emergency requests from Ukraine until the Druzhba oil pipeline is restored. This runs through Ukraine and Russia to central Europe. Slovakia and Hungary are no longer able to access Russian crude oil through Druzhba due to damage caused by Ukraine last month. Ukrenergo announced on Telegram that "electricity is being imported by all EU countries bordering Ukraine and Moldova in accordance with auction results for the distribution of?available interconnection capacity." UKRAINE SAYS CONTRACTS FOR COMMERCIAL USE ARE NOT AFFECTED The data from the Slovak operator system also indicated that flows into Ukraine continued. Ukrenergo stated on Monday that any refusal by Slovakia to extend emergency electricity supply on demand will have no practical impact. Ukraine's last request for emergency supplies was more than a week ago and it came in small quantities. Ukraine can purchase electricity from EU countries through commercial agreements or emergency assistance. Analysts at ExPro consulting say that commercial supplies from Slovakia & Hungary account for 70% of Ukraine’s total energy imports. SLOVAKIA and Hungary Await?DRUZHBA RESTART Slovakia announced that its measure prohibiting emergency supplies will be cancelled once oil transit resumes. Since January 27, when Kyiv claimed that a Russian drone struck pipeline equipment in western Ukraine, the flow of Russian crude oil has been stopped to?Hungary? and?Slovakia? Slovakia says it lacks information about the extent of damage. Slovak Economy minister?said Monday that Transpetrol, the operator of Druzhba pipeline system, had been told, without any further explanation, that oil delivery via Druzhba will resume on February 25,
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Trump's tariff pivot can benefit Brazil's Embraer and US airlines, as well as the aerospace industry
The Trump administration's revised tariff regime, which was implemented on Tuesday by the Trump Administration, will benefit Brazilian planemaker Embraer as well as U.S. Airlines and the commercial aerospace industry. Aviation attorneys and industry executives warned that the White House's policy was still changing, creating uncertainty. According to the annex of President Donald Trump's Executive Order authorizing the tariff, commercial?aircraft, engines, and aerospace parts will be exempted from a?temporary? 10% global import duty. He later announced that the levy would increase to 15%. It was announced as a replacement for tariffs which were struck down by the U.S. Supreme Court on Friday. The global exemption for aerospace is more generous than the tariff concessions already granted to the largest exporters of the U.S. industry under previous trade agreements, such as the European Union (EU), Britain, Japan and Canada. Trump levied a 50% tariff last July on the majority of Brazilian goods, to combat what he called a witch hunt against the former president Jair Bolsonaro. However, he spared aircrafts from the most severe penalties. Even so, U.S. Importers of Embraer regional and business jets faced a 10% tariff. Embraer gets a boost from the exemption of aircraft under Trump's new tariffs. It also helps it to overcome a competitive disadvantage against private jets made by Bombardier, Canada, and Dassault, France, that had previously been allowed into the U.S. duty-free. Katie DeLuca of Harper Meyer in Florida, an attorney specializing in private aviation, said during a webinar on Monday organized by the National Business Aviation Association, "It is actually quite encouraging and good news for our sector." Two sources with knowledge of the situation said that the timing is perfect as the Brazilian planemaker?is about to announce on Tuesday a new variant for its Praetor Business Jets. Embraer declined to comment but had previously called the 10% tariff "manageable" but "harmful". Alaska Airlines announced in July last year that two regional jets E175 had been delivered after a brief delay. The carrier announced on Monday that the next E175 deliveries were scheduled for this summer, "so we can understand how tariffs settle." SkyWest Airlines and American Airlines have not responded to immediate requests for comments. Both airlines ordered Embraer E175 regional aircraft. The TARIFF CONCERN STILL LOOMS Dave Hernandez, an attorney and U.S. business-aviation specialist with Vedder who represents Embraer in the United States, said the new tariffs were a win for Embraer but warned that the Trump administration is conducting separate investigations on Brazil's commercial aviation and trade practices. The cost of aviation is also increasing due to the?U.S. Tariffs on materials that are used in aircraft parts. Hernandez stated that while it's wonderful that aircraft, parts, and engines are exempted from Section 122 tariffs there is still a concern that steel and aluminum tariffs will increase the final costs of aircraft, parts, and engines. Experts say that the 'change' creates an opportunity for certain aircraft, previously subject to tariffs, like pre-owned business planes, which are now duty-free, to be imported into the?largest private aviation market in the world. Sources in the industry said that U.S. Airlines could also use the new exemption to accelerate the import of Embraer Regional Jets. Tobias Kleitman is the president of TVPX in the U.S., which offers trustee and customs service. The question is, how long will this window last? Kleitman said in the NBAA webinar that "it's a shocking change". The Commerce Department, under Section 232 investigation, is examining the risks imported goods pose to U.S. security. This could lead to tariffs being imposed on planes, engines, and parts imported. Alex?Krutz is the managing director of U.S. aerospace & defense consultancy Patriot Industrial Partners. He said that he didn't expect the 232 inquiry to result in blanket duties on aerospace due to its exclusion and prior exemptions in trade agreements for aircraft and parts. Krutz, former assistant secretary of manufacturing for the U.S. Commerce Department, said: "I believe it is recognized that aerospace is an exporter." Reporting by Allison Lampert, in Montreal; David Shepardson, in Washington; and Gabriel Araujo, in Sao Paulo. Editing by Joe Brock & Jamie Freed.
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German union announces nationwide local transport strike on Feb. 27, 28
Verdi, a German public sector union, has called for local transport workers to strike on the 27th and 28th of February to increase pressure on wage and working conditions negotiations. The talks on a collective pay agreement will affect around 150 bus, tram, and local train companies with approximately 100,000 employees across Germany. This includes the cities of Berlin and Hamburg. Negotiations include working conditions, such as working hours, shift work and allowances for weekend and night work. The exact demands differ from one state to another. Christine Behle, the union's deputy chair said: "The negotiations are barely making any progress despite the?four round process in certain areas." She said: "It appears that employers don't understand that public transport services cannot function on the long-term if we don’t make a?decisive improvement." Reporting by Klaus Lauer; writing by Madeline Chambers; editing by Linda Pasquini, Thomas Seythal and Thomas Seythal
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Middle East oil exports drive tanker costs up to 6-year high amid threat of US/Iran war
Industry sources claim that the cost of shipping crude oil has risen?to its highest level in six years. This is due to a surge of crude exports out of the Middle East, as traders rush to book charters before a possible conflict between the U.S. The cost to hire a very 'large 'crude carrier to transport up to 2,000,000 barrels of crude oil from the Middle East into China has tripled since the beginning of the year, reaching over $170,000 a daily on Tuesday. This is the highest price ever recorded, according to LSEG. Data from shipping analytics company Kpler revealed that Middle East crude oil exports in February surpassed 19 million barrels a day, which is the highest level since April 2020. Saudi Arabia, United Arab Emirates, and Iran led the way, while India's need for crude oil increased after India cut Russian imports. "VLCC rates are a result of many positive fundamental factors,?starting from Venezuela barrels being transported on legitimate freight vs a darker fleet previously, increased OPEC+ output and healthy crude oil demand, especially from India which has switched from Russian 'to Middle Eastern barrels," stated June Goh, a Senior Analyst at Sparta Commodities. She said that the dirty freight market would soon be affected by the Suezmax and Aframax tanker markets. These smaller tankers are used to transport crude oil and fuel oil. WAR-RISK INSURANCE PREMIUMS IN FOCUS If Washington strikes Iran and Tehran responds by disrupting the Strait of Hormuz - a major chokepoint in Gulf oil exports - shipping costs could increase. In a note, broker Clarksons stated that "for crude tankers the key point is VLCC spot... (rates) do not need barrels to disappear in order to move." Charterers can book further in advance to avoid schedule uncertainty. Owners may also demand compensation for calling the region. Dryad Global, a maritime risk management company, said that the ongoing Iranian military exercise in the Gulf of Oman, Strait of Hormuz and Gulf of Oman is directly responsible for an increased risk of GPS jamming, spoofing of AIS tracking and GPS jamming. As a result, the global tanker fleet is also smaller, as hundreds of older vessels are sold to a shadow fleet that has no insurance and transports sanctioned oil out of Iran and Russia. Market sources claim that oil majors won't use these vessels and will tighten vessel availability until the fleet is replenished over the next 3 years. SOUTH KOREAN'S SINOKOR is the world's top VLCC operator Sources said that the South Korean shipping company Sinokor, has recently "emerged" as a major purchaser of VLCCs. This will reduce the supply of these ships on the open market, and allow owners to increase the 'rates' for 30-day charters. Sinokor didn't immediately respond to an inquiry for comment. Three brokers and shipping officials estimated that the company controls around 78 VLCCs on the daily active spot market. They said that this number is expected to increase?to 88 vessels in the current quarter. This would mean the fleet may eventually exceed 100 vessels, possibly reaching 120-130 ships. The sources declined to comment because the matter was so sensitive. Sinokor, with 88 vessels, is now the largest VLCC operator, and accounts for 24% of spot-trading, and approximately 12% of the global VLCC fleet. This is an unprecedented concentration of commercial entities in this market, according to a recent note by shipping analytics firm, Signal Group. Market sources stated that the overall VLCC industry is expected to be strong and will allow operators to charge higher rates. Sparta's Goh stated: "At a certain point, high freight costs will impact refining profits and could trigger a reduction in demand for the fleet."
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Olympics-LA28 CEO shows strong support to embattled Chair Wasserman
Reynold Hoover, CEO of Los Angeles 2028, gave his?full support to Casey Wasserman on Monday. He said his support is unwavering despite the increased scrutiny after the recent release by U.S.?Justice Department documents related to Jeffrey Epstein. Hoover made his first comments on the issue since Wasserman was mentioned in the documents released late last month. They were also the first remarks since Mayor Los Angeles asked him to resign. The documents contained flirty emails between Wasserman and Ghislaine Maxiwell, a convicted sex-trafficker who is a close Epstein affiliate. Hoover, retired three-star U.S. Army Lieutenant General, said, "The board took their position. They support him, and I support them." He was speaking after the conclusion of the Milano Cortina Winter Olympics. The LA28 board reaffirmed their support for Wasserman earlier this month after an independent review concluded that his association with Maxwell, and the late convicted sexual offender Epstein, did not exceed what was already publicly documented. Hoover cited?the organization’s commercial performance, including record domestic sponsoring revenue and strong interest in early tickets as evidence of its stability under current leadership. He said, "We have a fantastic leadership team at LA28." "Look at the results." No Sponsor Concerns Over Wasserman Hoover stated that the privately-funded Games had exceeded $2 billion in sponsorship revenue. This puts LA28 at 80% of its goal of $2.5 million with two years left until the opening ceremonies. He added that the public has shown a strong interest in volunteering for the Games. Hoover stated, "We have exceeded all expectations and we've broken every?Olympic record by any measure." If that doesn't inspire confidence in people, I don’t know what else will. Hoover stated that despite the controversy surrounding Wasserman, there was no talk of finding a replacement. There has also been no disruption in day-today business and no sponsors or potential sponsors have expressed concerns. "I was at a meeting in Dallas with a potential sponsor - hopefully we'll get them signed up - and it wasn't even raised," he said, adding that LA28 will soon announce another top-level sponsor to join a list that includes Delta Air Lines, Honda, Google, Starbucks, Comcast , Intuit and management-consulting firm Korn Ferry. No one asks about it. These sponsors have not responded to our request for comment on whether or not they still support Wasserman. Focus on 2028 Olympics is a priority for HOOVER Hoover, who has been with LA28 for nearly two years, says he is "very close" to L.A. mayor Karen Bass. He said that he was surprised when she suggested last week that Wasserman step down as chair. "Look, it's her opinion. She also stated that the LA28 Board has taken a stance and supports Casey. "There's really nothing else to say about it," he said. Hoover is the first LA28 official to make a public statement since Wasserman released a press release late last month in which he apologized for his correspondence with Maxwell. He said that it took place "long, before her horrific crimes were revealed." Wasserman claimed that he had no personal or professional relationship with Epstein. Monica Rodriguez, a Los Angeles City Council Member, has criticized the LA28 Board for supporting Wasserman. She recently presented a resolution at City Hall that "reaffirms Los Angeles' commitment" to the core values in the Olympic Movement, such as excellence, respect, and integrity. The offices of 'Bass and Rodriguez' did not respond immediately to requests for comment on Hoover’s new remarks in support of Wasserman. Wasserman has been working for more than a decade to bring the Games to Southern California. Hoover, meanwhile, said that they were focused on delivering the biggest and best Summer Games ever. He said, "Milan has ended, and now we will show the world how we can bring people together around sport in a way that no other place on earth is able to do."
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Sources say that BlackRock, Brookfield and EIG are interested in a $7 billion pipeline deal with Kuwait's KPC.
Kuwait Petroleum Corporation, the national oil company, has begun early talks with potential investors about a $7 billion stake in its crude oil pipelines. This follows similar actions by Gulf neighbors Saudi Arabia and United Arab Emirates. Sources said that BlackRock, Brookfield Asset Management and EIG Partners, as well as buyout group KKR, have all shown an interest. Sources said that Chinese state-owned enterprises China Silk Road Fund, China Merchants Capital as well as I Squared Capital, Macquarie Infrastructure Partners and Macquarie Infrastructure Partners are also showing interest. Three sources confirmed that the?transaction was structured so that around $1.5 billion of equity is financed and the rest by debt. Sheikh Nawaf Sabah Al-Sabah is the deputy chairman and CEO of the KPC. He leads a steering group that oversees the entire process. According to sources, the committee meets every few weeks for a close-up, hands-on review. Al-Sabah, a reporter at the time, said: "We are examining the possibility of leasing (oil pipelines) in the country." The pipelines are KPC assets and do not produce direct financial returns. "Welcome to the opportunity for additional funding through these assets," he said. BlackRock, Brookfield Macquarie, KKR EIG and I Squared refused to comment. KPC, China Silk Road Fund, and China Merchants Capital declined to comment. Two sources confirmed that KPC is currently in talks with other banks about joining HSBC to underwrite the debt portion of this deal. Two sources have said that, as was reported last month, the formal launch of the oil pipeline stake?sale may begin as early as this month. Sources say that the concession will last 25 years. It is a challenging situation. Sources said that crude oil prices hovering at $71 per barrel are affecting projected volumes and returns. Geopolitical tensions within the Gulf region also add to the complexity. This move is similar to recent deals made by Saudi Aramco and Abu Dhabi National Oil Company, as well as?Bahrain’s Bapco Energies in order to raise money from their pipeline infrastructure networks. These deals offer upfront cash in exchange for tariff payments made over time. Kuwait Petroleum Corp announced in late 2023 that it would spend $410 billion between 2023 and 2040 to implement a strategic plan to increase production to 4 million barrels per day. Kuwait's official news agency reported in September that BlackRock, who last year signed an?additional deal for Aramco Jafurah Gas Project Processing Facilities in Saudi Arabia will open a Kuwait office and Ali AlQadhi has been appointed to lead operations in Kuwait.
Russia's oil revenues continue to flow despite the war.
According to the data released Tuesday, the fourth anniversary of the full-scale invasion by Moscow of Ukraine, the money Russia earned through oil and gas exports?decreased over the past 12 months, while the volume of oil exports increased.
WHY IS IT IMPORTANT?
Russia heavily relies on energy revenues to fund its war in Ukraine. This link has led Western nations to impose more and stricter sanctions on Russian fuel to try to weaken their military efforts.
The Centre for Research on Clean 'Air and Energy, a non-profit organization, published an analysis that found Russia's revenue from oil, coal, and gas exports was 193 billion euros in the 12 months ending February 24, 2026. This is a 27% decrease from the period before the invasion.
By the Numbers
Although Russia's gas has been falling since 2022 sanctions have not affected Russia's oil export volumes, but have forced Moscow to lower oil prices.
CREA reported that Russia's revenue from "crude exports" in the last 12 months had decreased 18% year-on-year. Crude export volumes, which were 215 million tonnes, remained at 6% higher than pre-invasion.
CONTEXT
As a response to Western sanctions on oil, Moscow has diverted most of its crude oil to China, India, and Turkey. It relies often on an "shadow fleet" consisting of old, uninsured tanks to circumvent Western sanctions.
The Russian fuel exports could be hit harder by tougher restrictions this year.
U.S. president Donald Trump made the diversification of crude oil away from Russian a "condition" for a trade agreement with India.
The European Union has discussed a "sweeping"?ban against any business supporting Russia's crude oil exports by sea, which is far more than previous sanctions. Hungary's veto prevented the bloc from passing?those measures on Monday due to a dispute over a damaged Ukrainian pipeline.
Over a third (33%) of Russia's oil is exported in Western tankers, with the help of Western shipping companies. The EU ban will end this?practice that mostly supplies India, China and other G7 countries. It would also render obsolete the price cap that G7 nations have attempted to enforce on Russian oil purchases. (Reporting and additional reporting by Julia Payne, Editing by Nia William)
(source: Reuters)