Los Angeles, California – August, 2023 – Surf Air Mobility Inc. (SAM), a regional platform aiming to sustainably connect the world’s communities, announced that the it has completed the acquisition of Southern Airways (“Southern”) immediately prior to its listing on the New York Stock Exchange under the ticker symbol SRFM on July 27, 2023. The combination of Surf Air Mobility and Southern will provide the basis for SAM’s anticipated expanded, nationwide regional air mobility platform. Following the close of the transaction on July 27, 2023, Surf Air Mobility has 69,742,981 basic shares and 71,603,186 fully diluted shares outstanding.
Surf Air Mobility intends to accelerate the adoption of green flying by developing, together with its commercial partners, hybrid-electric and fully-electric powertrain technology to upgrade existing fleets. By creating a financing and services infrastructure to enable this transition at an industry-wide level, Surf Air Mobility believes it can bring electrified aircraft to market at scale and substantially reduce the cost and environmental impact of regional flying. Surf Air Mobility believes such cost and environmental impact reductions are achievable by the end of the decade, and that operating as a publicly-traded company and having efficient access to growth capital will enable and accelerate the implementation of its strategic plan.
Surf Air Mobility also announced that it will release its financial results for the second quarter of 2023 and provide outlook for the full year 2023 the week of August 14, 2023.
Tokyo, Japan – Mitsubishi Heavy Industries (OTC: MHVYF) announced that order intake rose 75.1% year over year to 1.6 billion Yen in the quarter ended June 30, 2023. Revenue rose 12.9%, resulting in profit from business activities (business profit) of 51.9 billion Yen, a 248.1% increase from the previous fiscal year, which represents a profit margin of 5.3%. Profit attributable to owners of parent (net income) was 53.1 billion Yen, an increase of 177.1% year-over-year, with a profit margin of 5.4%. EBITDA was 85.1 billion Yen, an 80.3% increase from Q1 FY2022, with an EBITDA margin of 8.7%, up 3.3 percentage points year-over-year.
Large orders growth in Energy Systems was driven by Gas Turbine Combined Cycle (GTCC), which continues to see strong demand for both new builds and after-sales services. Business profit in the segment increased by 27.0 billion Yen due to a reduction in one-time charges in the Thermal Power businesses as well as revenue growth and improved project margins.
In Plants & Infrastructure Systems, revenue increased by 33.8 billion Yen due to contributions from Metals Machinery and Engineering, while business profit improved by 5.0 billion resulting from increased revenue in Metals Machinery as well as positive developments in Engineering and Machinery Systems’ project mix.
In Logistics, Thermal & Drive Systems, successful passthrough of cost inflation to sales prices mainly in Logistics Systems and Heating, Ventilation & Air Conditioning (HVAC) led to 14.3% increases in order intake and revenue, respectively. Cost passthroughs in these businesses also helped to raise the segment’s business profit by 15.3 billion Yen.
Most notable this quarter is the striking growth in Aircraft, Defense & Space order intake, specifically in Defense & Space, which saw orders rise by 584.1 billion Yen. This is due to large orders for missile defense systems from Japan’s Ministry of Defense as the country seeks to improve its capabilities in this area.
Hapag-Lloyd (OTC: HPGLY) today successfully completed its 100 % acquisition of SM SAAM’s terminal business and related logistics services, which is based on an agreement announced in October 2022. The transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process.
Investing in terminal infrastructure is a key element of Hapag-Lloyd’s strategic agenda, and Latin America is one of its key markets. The transaction includes interests in terminals in Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (United States / Florida), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and Caldera (Costa Rica) as well as related logistics services. The acquisition will further strengthen Hapag-Lloyd’s core liner shipping business and help the carrier to build up a robust and attractive terminal portfolio.
The new entity will be led by its CEO, Mauricio Carrasco, who has been Managing Director for the Terminals Division within the SAAM Group since 2020. Mauricio Carrasco is an experienced senior executive with long-standing experience in Latin America and globally. He has served as Senior Vice President of Development at CSAV and as Senior Director at Hapag-Lloyd, with responsibilities in the Americas, China, Dubai, and India. Rodolfo Díaz, former Senior Director Business Administration Region Latin America at Hapag-Lloyd, will join him as CFO.
Hapag-Lloyd has continuously expanded its involvement in the terminal sector and holds stakes in the Container Terminal Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, the Italy-based Spinelli Group, the India-based J M Baxi Ports & Logistics Limited, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction.
As compared to more conventional forms of travel, AT has greater per capita consumption and economic impact for regional development, and is becoming increasingly popular in Europe, the U.S., and elsewhere, globally. AT is especially popular amongst wealthy individuals who value the importance of contributing to the local communities through travel. While demand for AT in Japan has been growing in line with increases in inbound travel, there remains a shortage of skilled guides and appropriate infrastructure conducive to welcoming international visitors.
Kammui and Japan Airlines (OTC: JAPSY) has entered a strategic alliance involving various initiatives to enhance AT in Japan with the goal of developing the market for premium tourism, with a focus on inbound travelers. Kammui and JAL will leverage their respective strengths to create premium content encouraging travelers to reconnect to nature in innovative ways and inspire more people to experiences Japan’s nature.
In cooperation with the Japan Adventure Tourism Association (JATO), where JAL belongs as one of the regular members, and the Adventure Travel Trade Association (ATTA), the largest industry organization in the AT field, JAL and Kammui will work together to develop human resources capable of promoting AT, with the goal of promoting world-class AT in Japan. The partnership will focus on developing individuals with the ability to act as leaders in their respective regions and build and promote networks in each region to enhance AT within Japan.
JAL will start offering Kammui experiences through JAL Dynamic Package, a travel product allowing customers to combine airline tickets, accommodation, activities, transportation, and other travel products. JAL will start by offering 8 AT experiences from within Kammui’s selection of more than 300 unique experiences covering a wide variety of regions of Japan. Kammui and JAL are aiming to offer new value for travelers to Japan allowing them to enjoy authentic once-in-a-lifetime experiences combining nature and culture.
FORT WORTH, Texas – American Airlines (NASDAQ: AAL), in partnership with the Port Authority of New York and New Jersey and Unibail-Rodamco-Westfield (URW) Airports, today announced a $125 million commercial redevelopment program for Terminal 8 at John F. Kennedy International Airport (JFK). The project will feature a new Great Hall and is expected to bring more than 60 new shopping and restaurant offerings to the terminal. With an emphasis on locally owned and diverse businesses that will create economic opportunities for the community, the new program will showcase New York’s world-renowned culinary scene and establish a unique sense of place for travelers.
Following the recent completion of a $400 million expansion of Terminal 8, the commercial redevelopment will further enhance the customer experience at the terminal with a complete redesign and expansion of the concessions program, including dining, retail, duty-free shopping, performance space and new digitally enabled experiences for American’s customers.
Terminal 8 has also become a world-renowned gateway for American’s oneworld partners. Within the past year, British Airways, Iberia and Japan Airlines relocated operations and Qantas returned service to Terminal 8.
American selected JFK T8 Innovation Partners, a joint venture led by URW, to lead the redevelopment. URW is an owner, developer and operator of sustainable, high-quality real estate assets across Europe and the U.S. Also joining the T8 Partners team, with a 30 percent equity stake, is Phoenix Infrastructure Group, a minority-owned, Minority Business Enterprise (MBE)-certified investment firm focused on critical infrastructure projects; and Holt Construction, one of New York’s premier construction management firms with experience in more than 100 aviation projects at airports across the country, including the expansion of Terminal 8, where Holt exceeded its 30 percent Minority and Women-Owned Business Enterprise (MWBE) participation goal.
July 10, 2023 – Alstom (OTC: ALSMY), global leader in smart and sustainable mobility, has completed the delivery of the first train of the Tren Maya project to the Federal Government and Fondo Nacional de Fomento al Turismo (FONATUR). The cars are a depiction of Mexico’s art culture, reflecting the varied colours and textures of the region’s art. These first 4 cars will form the first of the 31 Xiinbal type of trains that Alstom will deliver to the project in different configurations, featuring large panoramic windows to allow passengers to enjoy scenic views.
The first cars departed Alstom’s manufacturing facility in Ciudad Sahagún, Hidalgo, on July 3rd. The four cars were wrapped and transported on special platforms, travelling 1,943 kilometres over five days until they reached the workshop and depot in Cancún. A team of experts has already started the meticulous unloading of the cars, after which they will assemble the cars to form the first train. Once assembled, the trains will undergo exhaustive testing to validate the functionality and safety of the different train components, prior to integration and testing with the rail infrastructure.
The Tren Maya project stands out not only for the latest mobility technologies included in the project but also for its representation of the history and culture of Mexico through the three different train designs. Each car is equipped with air conditioning, ergonomic and reclining seats, video surveillance systems and passenger information screens, with dedicated spaces for luggage storage. Since the floor is flat throughout, passengers with reduced mobility will have full liberty of movement. With these design features, combined with an ability to operate at a maximum speed of 160 km/h, the trains will deliver an efficient means of transport and excellent passenger experience.
These first cars also feature advanced digital technologies such as an automatic train control system (ERTMS) to provide optimal efficiency and high levels of safety and security, Further, Alstom will deploy HealthHub and TrainScanner, its digital solutions for condition-based and predictive maintenance, enabling continuous health and condition monitoring of different train components, signalling and infrastructure to guarantee the maximum reliability and availability of the trains, while optimising the lifecycle costs of each train.
Alstom is expected to complete the full deliver of all 42 X’trapolis trains (219 cars) in the last quarter of 2024.
CALGARY, Alberta & KANSAS CITY, Mo.–(BUSINESS WIRE)– Canadian Pacific Railway Limited (NYSE: CP) and Kansas City Southern (NYSE: KSU) have announced they have jointly filed a railroad control application with the Surface Transportation Board (“STB”) regarding the proposed transaction to create Canadian Pacific Kansas City (“CPKC”), the only single-line railroad linking the United States, Mexico and Canada.
The comprehensive control application provides an overview of the proposed operational integration of the CP and KCS rail networks, the impact of that consolidation on the companies’ finances and labour needs, and the anticipated competitive and other benefits that will flow from providing shippers with new and better transportation alternatives. Information in the filing outlines the public and customer benefits a CP-KCS combination would bring, including more efficient north-south trade arteries to support the interconnected supply chains of the United States, Mexico and Canada.
In addition to the central foundation of the transaction to invigorate transportation competition and support economic growth across North America, the CP-KCS combination will generate many other public benefits, including:
The creation of more than 1,000 direct new jobs system-wide, including approximately 760 in the United States, over the next three years brought about by expanded rail operations across the combined network.
Capital investments in new infrastructure of more than USD$275 million1 over the next three years to improve rail safety and capacity of the core north-south CPKC main line between Louisiana and the Upper Midwest.
Avoidance of more than 1.5 million tons of greenhouse gas (GHG) emissions within five years due to the improved efficiency of CPKC versus current operations.
Diverting 64,000 long-haul truck shipments to rail annually with new CPKC intermodal services, eliminating another 1.3 million tons of GHG emissions over the next two decades, saving $750 million in highway maintenance costs.
Rail customers will not experience a reduction in independent railroad choices as a result of the CP-KCS combination. The joint control application reiterates the applicants’ commitment to keep all existing freight rail gateways open on commercially reasonable terms, including the Laredo gateway between the United States and Mexico, and shows how customers will not lose competitive routings because no new regulatory “bottlenecks” are being created. It also describes how the combined company will compete aggressively to attract traffic to its network via new single-line lanes between Canada, the Upper Midwest and the Gulf Coast, Texas, and Mexico.
More than 960 stakeholders, including more than 440 shippers, 186 smaller railroads, dozens of public officials, eight major ports, railroad labor unions representing both CP and KCS employees and 289 rail industry suppliers have written letters to the STB supporting CP’s proposed combination with KCS.
CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately $31 billion, which includes the assumption of $3.8 billion of outstanding KCS debt. The transaction, which has the unanimous support of both boards of directors, values KCS at $300 per share, representing a 34 percent premium, based on the CP closing price on Aug. 9, 2021, the date prior to which CP submitted a revised offer to acquire KCS, and KCS’ unaffected closing price on March 19, 2021.2
The transaction is subject to approval by shareholders of each company along with satisfaction of customary closing conditions, including Mexican regulatory approvals. Shareholders are expected to vote on the transaction later this year.
CP’s ultimate acquisition of control of KCS’ U.S. railways is subject to the approval of the STB. In April 2021, the STB determined it would review the CP-KCS combination under the merger rules in existence prior to 2001 and the waiver granted to KCS in 2001 to exempt it from the 2001 merger rules. In August 2021, the STB reaffirmed that the pre-2001 rules would govern its review of the CP-KCS transaction. On Sept. 30, 2021, the STB confirmed that it has approved the use of a voting trust for the CP-KCS combination.
The STB review of CP’s proposed control of KCS is expected to be completed in the second half of 2022. Upon obtaining control approval, the two companies will be integrated fully over the ensuing three years, unlocking the benefits of the combination.
While remaining the smallest of six U.S. Class 1 railroads by revenue, the combined company would have a much larger and more competitive network, operating approximately 20,000 miles of rail, employing close to 20,000 people, and generating total revenues of approximately $8.7 billion based on 2020 actual revenues.
For more information about the benefits of the CP-KCS combination, visit futureforfreight.com
The agreement calls for a phased introduction of Saab (OTC: SAABF) Digital Towers for up to six airports and three centres in Belgium. The framework agreement has a fixed part and a conditional part for a total value of just over 48 million Euro, spread over 18 years. The first phase will cover the airports of Liege and Charleroi and a centre in Namur. Delivery to skeyes will start in 2022, with initial operations to be started in 2024. Aviation is an integrated part of the infrastructure in Belgium, and the Digital Tower programme is a forward looking and innovative way of providing a sustainable service for many years to come, as well as a potential role model for Europe.
SDATS’s digital air traffic control solution is a breakthrough in air traffic control and was introduced during 2015 in Sweden, and has been followed up by others including at Cranfield, London City Airport, in Stockholm with a new Digital Tower centre, and later in 2022 by a Digital Tower centre at Schiphol.
skeyes is a leading and an innovating Air Navigation Service Provider. Saab Digital Air Traffic Solutions AB was formed 2016 as a joint venture between Saab and the Swedish Air Navigation Service Provider (LFV). By combining LFV’s unique operational experience with Saab’s world-class technical solutions, Saab Digital Air Traffic Solutions can manage the entire process from planning and implementation to the administration of air traffic control services. As a provider of both the technology and air traffic control services, the company offers new and sophisticated digital services to airports in Sweden and abroad.
Santo Domingo, August 23, 2021– Alstom will manufacture, supply and commission eight (8) new three-car Metropolis trainsets for Line 1 of the Santo Domingo Metro serving the capital of the Dominican Republic. The international public tender, managed by the Oficina Para el Reordenamiento del Transporte (OPRET), and financed by the Agence française de développement, is a priority project for infrastructure development in Santo Domingo and to increase the transportation capacity of the country’s capital city.
Line 1 of the Santo Domingo metro, conceived to improve mobility in the north-centre-south city corridor, serves 16 stations across 14.5 kilometres. The new trains that Alstom is supplying will be able to operate in multiple units, coupled with each other or with the trains of the fleet previously acquired by OPRET, allowing capacity to be adapted to demand: 6-car configurations at peak times and 3-car configurations at off-peak times.
The new trains will have the same features, functionalities and characteristics of the Metropolis trains that currently operate in the Santo Domingo Metro, such as wide doors, wide corridors and a low floor for an optimal flow of passengers. In addition, the new trainsets will have additional features and technological improvements to enhance the passenger experience and optimize operations and availability, including LED lighting in the passenger area, Wi-Fi connection for the uploading of multimedia files and data transmission to the control unit, as well as improvements in the passenger information and alert system, train control and self-diagnosis systems.
The new trains will be manufactured at Alstom’s plant in Santa Perpetua, Barcelona, Spain, and the first two trains will arrive at the port of Santo Domingo approximately 18 months from the signing of the contract. These new trains will join the 25 Metropolis trains that Alstom previously supplied to Santo Domingo Metro for Line 1 and the 21 Metropolis trains supplied for Line2, since 2009, for a total of 138 cars.
Globally, more than 6,000 Metropolis cars have been sold across the globe, including to cities such as Barcelona, Amsterdam, Mumbai, Chennai, Montreal, Singapore, Buenos Aires, Lima and Santiago de Chile.
Japan Airlines (JAL) has requested for approval from Japan`s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) to set the level of fuel surcharge on international passenger tickets purchased in Japan between October 1 and November 30, 2021.
JAL sets fuel surcharge levels bimonthly based on the two-month average price of Singapore kerosene-type jet fuel. The price of Singapore kerosene-type jet fuel during the two-month period of June and July 2021 averaged USD76.67 per barrel, which accounted for JPY8,449 in the average exchange rate of JPY/USD 110.19 during the same period.
As a result, with reference to the fuel surcharge benchmark list for FY2021, this corresponds to Zone C. From October 1 to November 30, 2021, the fuel surcharge will range from JPY600 on a Japan-Korea ticket to JPY11,600 on a Japan-USA ticket per person per sector flown, for travel originating in Japan.
Fuel Surcharge for the period: October 1 ~ November 30, 2021
(*1) Russia -> Irkutsk (*2) Russia -> Novosibirsk – For full details about JAL’s fuel surcharge policy, please refer to http://www.jal.co.jp/en/inter/if.html – The surcharge applies to flights operated by Japan Airlines as well as code-share flights operated by other airlines. – The planned level of fuel surcharge is subject to government approval.
