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Hyundai faces challenge replacing lost Middle East sales, CEO says
Hyundai's CEO said that it will be difficult for the automaker, due to manufacturing constraints, to quickly reallocate sales to other regions, and thus make up lost sales. The CEO of Hyundai, Jose Munoz, revealed the?new?Ioniq3 EV at the Milan Design Week, in Italy. He said that the Middle East is the market with the highest margins for the South Korean carmaker, even though it does not bring "massive" profits. Hyundai's Spanish CEO stated that the conflict in the Middle East was having an impact on the company because cars produced for this region cannot be easily redirected to other regions. "You can't just derive cars?that are meant to be sold in one region and then sell them in another," he added, citing also different specifications and regulations?across the regions. Hyundai is trying its best to compensate for the lost Middle East volume by reallocating vehicles to other markets. However, capacity constraints limit what it can do short-term. He said, "I can tell you that many people are trying to get these cars." North America is one of the regions which can accommodate. There are also other regions. Before the crisis, the world's third largest automaker was steadily expanding in the region with plans to increase sales in Gulf Countries as well as certain parts of North Africa. Munoz says that disruptions to logistics have compounded demand's impact, and recovery is dependent on the length of the conflict. It takes a while to accomplish that. He said that it's not so immediate to reroute ships from one place to another. Hyundai has been rolling new hybrid and electric models around the world. It is also investing heavily in manufacturing and supply chain infrastructures in Europe and America. Hyundai's Middle East strategy includes the construction of a manufacturing plant in Saudi Arabia. This was originally planned to open during the fourth quarter this year. "Hopefully we will be able still to open," Munoz added, adding that the timeline now depends on developments in this region. Reporting by Giulio Piolovaccari. (Editing by Jane Merriman.)
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Sources: Seized Iranian ship may have equipment that is dual-use, according to the US
Sources in maritime security said that the seized container ship Touska under Iranian flag, was likely to have dual-use items on board, according to Washington. According to the Marine Traffic platform, the small container ship was boarded Sunday, off the coast of Iran’s Chabahar Port in the Gulf of Oman. It last reported its location at 1308 GMT. The U.S. Central Command stated that Touska's staff failed to comply with multiple warnings issued over a period of six hours, and the vessel was in violation of an U.S. Blockade. Security sources who refused to be named said that their initial assessment was the vessel would likely be carrying dual-use items following a journey from Asia. One of the sources claimed that the vessel had transported items previously deemed to be dual-use. Sources did not provide any details on the items. U.S. Central Command listed metals and pipes, as well as electronic components and other items that could be used for military or industrial purposes and captured. The Iranian Foreign Ministry?didn't immediately respond to an inquiry for comment. According to Iranian state media, the military claimed that the ship was traveling from China and accused U.S. of "armed piracy". They said they were prepared to confront U.S. troops over the "blatant aggressive" but were restrained by the presence crew member's families on board. Washington imposed sanctions against IRISL at the end of 2019, calling it "the preferred shipping route for Iranian proliferationists and procurement agents", including transporting items for Iran's missile programme. One source said that the Touska's crew included an Iranian captain, as well as Iranian crew members. However, it wasn't clear whether the crew was made up of all Iranians. Two other sources confirmed that IRISL ships were under the control of "the Revolutionary Guards" and their crews are usually made up of Iranians, but sometimes they also employ Pakistani seafarers. According to data analysts SynMax, the vessel was detected at China's Taicang Port, north of Shanghai on March 25, and arrived at China’s southern Gaolan ports on March 29-30. According to SynMax, the vessel first loaded containers in Gaolan and then stopped at Port Klang in Malaysia between April 11-12. It loaded more containers. When the vessel?reached gulf of Oman Sunday, it was loaded with containers. A Chinese spokesperson for the foreign ministry said that China expressed its concern about the "forced interception" of the Iranian flagged?cargo vessel by the U.S., and urged all parties to adhere to the ceasefire agreement responsibly. Donald Trump, the U.S. president, said on Sunday in a post to?the Truth Social platform that the 'Touska' was under U.S. sanction due to "prior illegal?activity". He added that U.S. troops were "seeing" what was on board. In an advisory issued on Thursday, the U.S. Navy said that it had expanded its blockade of Iran's shipping to include contraband cargoes. Any vessels suspected of attempting to enter Iranian territory would be subject to "belligerent rights to visit and search". Weapons and ammunition are included in the contraband. Reporting by Jonathan Saul, Editing by Andrew Heavens
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Hungary's Magyar urges Ukraine to restart Druzhba immediately
Peter Magyar, the Hungarian winner of the election on Monday, called on Ukrainian President Volodymyr Zelenskiy to reopen damaged Druzhba Pipeline as soon as it becomes functional and for Russia to resume oil shipments via it. Hungary's outgoing Prime Minister Viktor Orban and Slovakia are in dispute with Ukraine regarding the suspension of Russian Oil Supplies over Ukrainian Territory through the Soviet-era Pipeline. Kyiv claims that the pipeline was closed due to an attack by Russia in late January. Magyar said at a press conference after the first meeting of the parliamentary group that if the Druzhba oil pipeline was ready on the Ukrainian side, they should open it. "We expect Russia to start feeding oil into the pipeline in accordance with the contracts because this won't work without both." Magyar said that the expansion of PAKS nuclear power station was an important project. However, the new government will have to examine the conditions of a loan for construction and determine if a refinancing or restructuring is possible. The project Paks-2, worth 12.5 billion euros, was awarded to Rosatom, without any competitive bidding, and is often cited as an example of the close relationship between Orban and President Vladimir Putin. Magyar said: "We need to look at whether loan conditions can be changed, and whether this important investment can be funded?with better terms." We also need to determine whether the market is open and if the process can be speeded up. (Reporting and writing by Gergely Sakacs, Editing by Peter Graff.)
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Sources: Seized Iranian ship may have carried equipment that is dual-use to the US.
Sources in maritime security said that the Iranian-flagged vessel Touska, which was boarded by U.S. troops on Sunday and seized, likely had dual-use items onboard. These items could be used for military purposes, according to Washington. According to the Marine Traffic platform, the small container'ship', which is part of Islamic Republic of Iran Shipping Lines, (IRISL), that was hit by U.S. Sanctions, was boarded Sunday, off the coast of Iran, Chabahar Port in the Gulf of Oman. It last reported its location at 1308 GMT. The U.S. Central Command stated that Touska's staff failed to comply with multiple warnings given over a period of six hours, and the vessel was in violation of a U.S. Blockade. Security sources who refused to be named said that their initial assessment was the vessel would likely be carrying dual-use items after a journey from Asia. They didn't go into detail on the items. U.S. Central Command listed metals and pipes, electronic components and other?goods which could have both a military and industrial use. The Iranian Foreign Ministry did not respond immediately to a comment request. According to the state media, Iran's military claimed that the ship was a Chinese vessel and accused the U.S. government of "armed piratery". The Iranian military said that they were "ready" to confront U.S. troops over the "blatant aggression", but the presence of the crew member's families onboard prevented them from doing so. Washington imposed sanctions against IRISL at the end of 2019, calling it "the preferred shipping route for Iranian proliferationists and procurement agents" which included transporting items for Iran's missile programme. One source said that the Touska's crew included an Iranian captain, as well as Iranian crew members. However, it wasn't clear if all the crew was Iranian. Two other sources confirmed that IRISL ships were under the control and command of the Revolutionary Guards. Their crews are usually made up of Iranians, but sometimes they also employ Pakistani seafarers. According to data analytics experts SynMax, the vessel was detected at China's Taicang Port, north of Shanghai on March 25, and arrived in China's Gaolan Port on?March 30-30. According to SynMax, the vessel loaded more containers in Gaolan before making a stop at Port Klang in Malaysia between April 11 and 12. When the vessel reached the Gulf of Oman, it was loaded with containers. A Chinese spokesperson for the foreign ministry said that China expressed its concern about the "forced interception" of the Iranian flagged cargo ship by the U.S., and urged all parties to adhere to the ceasefire agreement responsibly. In a Sunday post on Truth Social, Donald Trump stated that the Touska is under U.S. sanctions due to its "prior history of illegal activity". U.S. President Donald Trump said in a post on the Truth Social?platform on Sunday that the Touska was under?U.S. The forces are "seeing" what's aboard. In an advisory issued on Thursday, the U.S. Navy said that it had expanded its blockade of Iran's shipping to include contraband cargoes. Any vessels suspected of trying reach Iranian territory would be subject to "belligerent rights to visit and to search". Weapons and ammunition are included in the contraband. Reporting by Jonathan Saul, Editing by Andrew Heavens
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Nigerian police rescue 18 abducted passengers including exam-bound students
Police in central Benue state, Nigeria, said that they had rescued 18 passengers from a bus, including 8 students traveling for university entrance exams, and arrested 7 suspects. On April 15, gunmen took?travellers' from a bus on the Makurdi - Otukpo road in southern Benue. Udeme Edward, a spokesperson for the Benue Police Department, said that all 18 abducted passengers were now safe and in stable condition following medical checks. Edet, a Benue police spokesperson, said that all 18 abducted passengers are now safe and stable following medical examinations. Benue Governor Hyacinth?Alia called on academic authorities to reschedule?exams? for students who were?among?the?victims. Nigeria has suffered from abductions for many years, both by militants and criminals who demand ransom. Benue's case had attracted a lot of attention because many of the victims were school students. (Reporting and writing by Elisha Gbogbo; Elisha Eboh)
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Heathrow Airport expansion to be allowed by UK aviation regulator
Heathrow Airport's expansion plans are moving forward, and the aviation regulator in Britain has proposed that Heathrow Airport be allowed to recover up to 320 million pounds ($432.83 million) of early costs. The proposal is part of a broader initiative by 'Britain to improve aviation infrastructure, address long-standing capacity issues at Europe's busiest Airport and ensure consumer protections are maintained during the costly planning phase. The Civil Aviation Authority (CAA), said that the plan to allow Heathrow Airport a recoupment of costs incurred in 2025 and 2026 will help it fund the planning and design work to expand its airport. Heathrow Airport forecast last week a 'uncertain few months' as capacity constraints 'crimp on its ability to benefit from an shift in global aviation patterns, as a result of the iran war. The west London hub said its growth was lagging behind European competitors, as -its runway slots remain full. ($1 = 0.7393 pounds) (Reporting by Prerna Bedi and Yamini Kalia in Bengaluru; Editing by Shinjini Ganguli)
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Chamber of Commerce: Trucker strike at Argentina grain port continues after $450 Million hit
The Argentinean 'ports' chamber said that a'small group' of truckers continue to halt grain exports out of 'Quequen' port, despite the fact that most of the sector has accepted new rates following a strike lasting more than a week, which halted at least $450m in shipments. Key Context * On April?7 truckers went on strike, blocking the access to Bahia?blanca and Quequen ports, demanding rate hikes after fuel prices rose by nearly 30% this year because of the Middle East conflict. The ports chamber reported that more than 30 ships were waiting for grain between 700,000 to 1.5 million tons, which was held back for two weeks. Between April 15-17, most national trucker chambers agreed to "reference rates" to compensate for cost increases. The chamber reported that * the operations in Bahia Blanca were normalized by the security forces, but that a few truckers from Quequen remained on the blockade. * The port of Rosario, which handles more than 80% the country's exports of grain, was not affected. (Reporting by Aida Pelaez-Fernandez; editing by Cassandra Garrison)
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Airline cancels flights due to Middle East conflict
The global air travel industry is still severely affected by the Iran War. Many people are unable to reach their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Riyadh, Amman and Tel Aviv until June 27 and to Beirut and Beirut till June 26. The airline cancelled flights to Erbil, Baghdad and Dubai until June 29, and also to Erbil, Baghdad and Baghdad. AIRBALTIC AirBaltic, a Latvian airline, says that flights to Tel Aviv are cancelled until May 31, 2019. Flights to Dubai have been cancelled until 24 October. AIR CANADA The Canadian carrier has canceled?flights? to Tel Aviv and Dubai up until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv till May 31. AIR FRANCE-KLM Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until May 3. KLM suspends flights to Riyadh, Dammam and Dubai until May 17, and until June 14. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai, Riyadh and cargo freighter service to Dubai and Riyadh up until June 30, and until May 31, respectively. In April, the airline will add extra flights to London and Paris, as well as Zurich, to meet the increased demand for travel to Europe. It intends to continue operating all scheduled flights after June. The U.S. carrier cancelled flights between New York and Tel Aviv, and delayed the start of its Atlanta-Tel Aviv routes until September 5. The launch of the Boston-Tel Aviv flight, originally scheduled for late October, was delayed. EL AL ISRAEL AIRLINES The Israeli airline said that it will?continue to gradually expand its operations and, from April 27, will operate flights to around 40 active gateways. EMIRATES The UAE airline announced that it will be operating a reduced schedule and flying to over 100 destinations. ETIHAD AERWAYS The UAE carrier said that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has cancelled all flights to Doha until July 2 and continues to avoid the airspace over Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October. British Airways, owned by IAG, will reduce flights to?the Middle East? when services resume. Jeddah, as a destination for good, will be permanently dropped. From?July,? it plans to reduce the number of flights to Dubai, Doha, and Tel Aviv from two to one per day. Riyadh will be reduced from two daily flights to one starting in mid-May. The changes will be in effect until the end of the summer season on October 24. One Dubai service will restart on October 16. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until May 10. Japan Airlines has also announced additional flights between Tokyo, London and Doha on April 25. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30 to Beirut and Riyadh. The airline will operate its winter route from Dubai to October. LUFTHANSA GROUP Lufthansa and Swiss Airlines suspended flights from Dubai and Tel Aviv to October 24, and Amman, Abu Dhabi, Beirut, Dammam and Riyadh to October 24. Lufthansa Cargo will remain the same except for Tel Aviv, which is suspended until April 30. ITA Airways has extended its suspension of flights from and to Tel Aviv and Riyadh till May 10. Flights from and to Dubai have been suspended until May 31. Eurowings, a low-cost airline, plans to suspend flights to Tel Aviv and Beirut through April 30, and to Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha till?June 14 NORWEGIAN AIR The low-cost carrier has delayed the launch of its Tel Aviv, Beirut and Beirut services until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until June 1. ROYAL MAROC Moroccan airline cancels flights to Doha until June 30, and those to Dubai till May 31. QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is to increase to five return flights a week, up from three. Perth-Singapore will also go from daily service to 10 flights. A new schedule for flights will be implemented gradually from mid-April until late July. QATAR AIRWAYS From June 16, the carrier will expand its international flight network to include more than 150 destinations. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of its Singapore-Dubai flights until May 31. It also added services on Singapore-London Gatwick?and Singapore -Melbourne routes between late March and October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights from Dubai to April 30. WIZZ AIR Low-cost carrier suspends flights from Europe to Amman, Dubai and Abu Dhabi until mid-September. All flights to Medina are suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Editing by Sumana Nady, Joe Bavier Mark Potter and Milla Nussi-Prussak
Phillips 66 and Kinder Morgan advance with new US West Coast Fuel pipeline
Phillips 66 & Kinder Morgan said on Monday that they had secured 'enough long-term shipper committments to move forward with a proposed project to'supply fuel to Arizona & California.
Western Gateway Pipeline is a project that comes at a time when companies are racing to build a new major fuel pipeline on the U.S. West Coast in anticipation of refinery closures planned?in California. California has a relatively small fuel market, with few pipeline links to major refining centers, making it susceptible to price spikes and supply disruptions.
Phillips 66 & Kinder Morgan started seeking initial shipper committments in 'October for the proposed pipe system?that will carry fuel from a Texas refinery hub to Arizona & California.
The cost of the project has not been disclosed by the companies.
The refined products pipeline system will connect Midwest and Gulf Coast refinery supply to Phoenix, Arizona and California markets with connections to Las Vegas via Kinder Morgan's CalNEV Pipeline.
The project involves a new pipeline from Borger, Texas, to Phoenix as well as a reversal to Kinder Morgan's existing pipe?between Colton in California and Phoenix. This will allow east-to west flows into California. Phillips 66 Gold Pipeline will also be reversed to supply the system. It currently runs 'from Borger, Texas, to St. Louis.
The project is scheduled to start service by mid-2029. (Reporting by Dharna Bafna in Bengaluru; Editing by Sahal Muhammed)
(source: Reuters)