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Hapag-Lloyd successfully completes SM SAAM terminal business acquisition

August 1, 2023 / WIL BALDWIN

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.

Amtrak Expands Carry-On Pet Program to Weekday Acela Trains

March 3, 2021 / WIL BALDWIN

WASHINGTON – Amtrak announced today the expansion of its pet program allowing customers to travel with their dogs and cats up to 20 pounds onboard weekday Acela trains for only $26 or 800 Amtrak Guest Rewards points. Previously available for only weekend trips, there will be eight pet spaces for sale per departure (one per customer) and are booked on a first-come, first-served basis.

Pets will be allowed in all cars, except for First Class or Café cars. Pets must remain in a carrier at all times and carriers should remain under their seat. Amtrak continues to welcome service animals on board at no charge. To confirm pet eligibility, all customers must read and sign a Pet Release and Indemnification Agreement for each travel segment.

This new amenity is part of several recent upgrades on the Acela, including the expansion of the Reserved Seating offering for Acela Business Class customers, which allows travelers to view and select their seats before traveling, including those available in the Quiet Car, and provide a snapshot of the overall of the train’s capacity. In addition, Amtrak has continues its enhanced cleaning protocols at stations and on trains and new measures to deliver a New Standard of Travel, including:

Requiring face coverings: Per federal law and Amtrak policy, all customers and employees must wear a face mask or covering that fully covers the entire mouth and nose, fits snugly against the side of the face, and secures under the chin at all times while onboard and in stations.
Air Quality: All of our trains are equipped with onboard filtration systems with a fresh air exchange rate every 4-5 minutes.
Physical distancing: Signage has been displayed at our busiest stations to indicate safe distances in high traffic areas. In addition, protective plastic barriers have been installed at customer counters at our busiest stations.

More than 174,300 pets and their human companions have traveled around the country since the program launched on the Northeast Corridor in October 2015. The program has also generated more than $4.338 million in revenue since its inception. For more information visit Amtrak’s Pet policy

SkyWest Enters Into Secured Loan Facility Under CARES Act

September 29, 2020 / WIL BALDWIN

St. George, Utah, Sept. 29, 2020 /PRNewswire/ — SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today announced that it and its wholly-owned subsidiary SkyWest Airlines, Inc. have entered into a five-year Loan and Guarantee Agreement with the U.S. Treasury Department which provides SkyWest Airlines with a secured term loan facility to borrow up to $573 million under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). On September 29, 2020, upon entry into the Loan Agreement, SkyWest Airlines borrowed $60 million under the facility and has until March 26, 2021 to determine if it will borrow additional amounts in up to two subsequent borrowings.

The interest rate under the secured term loan facility is LIBOR plus 3.0% with no amortization. In consideration for the loan, SkyWest is obligated to issue warrants to the U.S. Treasury Department to purchase shares of common stock based on, and in connection with, amounts drawn under the secured term loan facility. In connection with the initial $60 million draw under the facility, SkyWest issued warrants to purchase 211,416 shares of common stock at an exercise price of $28.38 per share.

The Loan and Guarantee Agreement also includes certain restrictions, including restrictions on the payment of dividends and the repurchase of SkyWest shares. The Secured Loan is collateralized by aircraft engines and aircraft parts.

Alstom’s Prima Electric Locomotive Begins Indian Railways Operation

May 27, 2020 / WIL BALDWIN

The first of the 12000-horsepower, Prima T8 electric locomotives has been put into commercial service by Indian Railways. Built by Alstom and certified by the Ministry of Railways and Commissioner of Railway Safety/RDSO, the electric locomotives – known locally by the designation WAG-12 – are the most powerful locomotives to run on Indian rails. The 2015 contract will see a total of 800 locomotives built for Indian Railways.

Set to revolutionise freight logistics in the country, the e-locos will allow faster and safer movement of heavy freight trains, capable of hauling 6000 tonnes at a top speed of 120 km/h. Planned for deployment on Dedicated Freight Corridors (DFCs), they will increase the average speed of freight trains in India by approximately 25 km/h. Equipped with Insulated Gate Bipolar Transistors (IGBT) propulsion technology, the e-locos will also allow considerable savings in energy consumption thanks to the use of regenerative braking.

“Alstom is very pleased to be delivering these electric locomotives to Indian Railways. The introduction of the Prima locomotives into the IR fleet demonstrates our commitment to the country. This revolutionary product which will be faster, safer and more environmentally friendly, and it will help write a new chapter for India’s sustainable mobility journey. We are immensely proud to be a partner in this,” said Ling Fang, Senior Vice President of Alstom Asia-Pacific.

In line with the Make-in-India mandate, all the 800 Prima locomotives are being manufactured locally. Designed at Alstom’s Engineering Centre in Bengaluru, the Prima T8 WAG-12 are being built in one of India’s largest integrated greenfield manufacturing facilities at Madhepura in Bihar. Spread across 250 acres, with a production capacity of 120 locomotives per year, the Madhepura site is built to international standards of safety and quality. Two ultra-modern maintenance depots in Saharanpur and Nagpur will ensure the high service availability of the locomotives. The Saharanpur depot is already operational and the one in Nagpur is under construction. Equipped with the latest features, these depots will play a critical role in maintaining India’s most advanced freight locomotives at significantly lower costs.

As part of the largest Foreign Direct Investment (FDI) project of Indian Railways, in 2015 the Ministry of Railways and Alstom signed a contract worth €3.5 billion (INR 25,000 crore) and created a joint venture for the project. The contract allowed for the manufacture of 800 double-section, 12000-horsepower electric locomotives for freight service and associated maintenance for a period of 11 years. The scope also included the set-up of a manufacturing plant at Madhepura (Bihar) for building the e-locos and two maintenance depots at Saharanpur (Uttar Pradesh) and Nagpur (Maharashtra). A true embodiment of India’s vision, the project will create more than 10,000 direct and indirect jobs in the country (primarily in the states of Bihar, Uttar Pradesh and Maharashtra).

Airbus Warns Staff on Jobs With its ‘Survival at Stake’

April 27, 2020 / WIL BALDWIN

FILE PHOTO: Airbus CEO Guillaume Faury poses before Airbus’s annual press conference on full-year results

By Tim Hepher

PARIS (Reuters) – European planemaker Airbus issued a bleak assessment of the impact of the coronavirus crisis, telling the company’s 135,000 employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.

In a letter to staff, Chief Executive Guillaume Faury said Airbus was “bleeding cash at an unprecedented speed” and that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.

Airbus said it did not comment on internal communications.

The letter was sent to employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since mid-March.

Airbus has begun implementing government-assisted furlough schemes starting with 3,000 workers in France, “but we may now need to plan for more far-reaching measures,” Faury said.

“The survival of Airbus is in question if we don’t act now,” he added.

Industry sources have said a new restructuring plan similar to its 2007 Power8 which saw 10,000 job cuts could be launched in the summer, but Faury indicated the company was already exploring “all options” while waiting for clarity on demand.

People familiar with the matter say Airbus is also in active discussions with European governments about tapping schemes to assist struggling industries, including state-guaranteed loans.

It has already expanded commercial credit lines with banks, buying what Faury described as “time to adapt and resize”.

Click the link below to read the full story!

https://finance.yahoo.com/news/airbus-warns-staff-jobs-survival-024101490.html

Record $4 Billion Airbus Fine Draws Line Under ‘Pervasive’ Bribery

January 31, 2020 / WIL BALDWIN

FILE PHOTO: FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse

PARIS/LONDON/WASHINGTON (Reuters) – Airbus <EADSY> bribed public officials and hid the payments as part of a pattern of worldwide corruption, prosecutors said on Friday as the European planemaker agreed a record $4 billion settlement with France, Britain and the United States.

The disclosures, made public after a nearly four-year investigation spanning sales to more than a dozen overseas markets, came as courts on both sides of the Atlantic formally approved settlements that lift a legal cloud that has hung over Europe’s largest aerospace group for years.

“It was a pervasive and pernicious bribery scheme in various divisions of Airbus SE that went on for a number of years,” U.S. District Judge Thomas Hogan said.

The deal, effectively a corporate plea bargain, means Airbus has avoided criminal prosecution that would have risked it being barred from public contracts in the United States and European Union – a massive blow for a major defence and space supplier.

Prosecutors said individuals could still face criminal charges, however.

Airbus, whose shares closed down 1%, has been investigated by French and British authorities for alleged corruption over jet sales dating back more than a decade. It has also faced U.S. inquiries over suspected violations of U.S. export controls.

“In reaching this agreement today, we are helping Airbus to turn the page definitively” on corrupt past practices, French prosecutor Jean-Francois Bohnert said.

France’s financial prosecutor said the company had also agreed to three years “light compliance monitoring” by the country’s anti-corruption agency.

The U.S. Department of Justice said the deal was the largest ever foreign bribery settlement.

CODE NAME ‘VAN GOGH’

In a packed hearing at London’s Royal Courts of Justice, an Airbus lawyer said the settlements “draw a clear line under the investigation and under the grave historic practices”.

Outlining detailed findings, the UK’s Serious Fraud Office (SFO) said Airbus had hired the wife of a Sri Lankan Airlines executive as its intermediary and misled Britain’s UKEF export credit agency over her name and gender, while paying $2 million to her company. The airline could not be reached for comment.

Click the link below to read the full story!

https://finance.yahoo.com/news/airbus-pay-4-billion-settle-152542295.html

GM to Revive Hummer Name with Electric Pickups, SUV’s

January 10, 2020 / WIL BALDWIN

Workers leave the General Motors CAMI car assembly plant where the GMC Terrain and Chevrolet Equinox are built in Ingersoll

WASHINGTON (Reuters) – General Motors Co <GM> will revive the Hummer name to sell a new family of electric pickup trucks and sport utility vehicles and will tout the return with a Super Bowl ad featuring NBA star LeBron James, two people briefed on the matter said on Friday.

The vehicles will be sold under the GMC nameplate. Reuters reported in October that GM planned to build a new family of premium electric pickup trucks at its Detroit-Hamtramck plant beginning in late 2021 and was considering reviving the Hummer name, citing several people familiar with the plans.

The Wall Street Journal reported GM’s decision to move forward earlier on Friday. GM declined to comment.

The electric truck and SUV program is the centerpiece of a planned $3 billion investment in the Detroit-Hamtramck plant to make electric trucks and vans, and part of a broader $7.7 billion (5.9 billion pounds) investment in GM’s U.S. plants over the next four years that was part of a new contract signed with the United Auto Workers union last year.

The investment moves the automaker into a part of the EV market that is largely untested and where GM has a higher likelihood of turning a profit, analysts said.

Reuters reported GM plans to first build EV pickups in late 2021 and then an electric SUV in 2023.

Tesla <TSLA> CEO Elon Musk in November unveiled an electric pickup called “Cybertruck” it plans to build starting in late 2021.

Rivian, a start-up electric company backed by Amazon.com <AMZN>, will begin building 100,000 electric delivery vans for Amazon starting in 2021.

Hummers were rugged civilian utility vehicles with low gas mileage that were inspired by military vehicles and were popular with such celebrities as actor Arnold Schwarzenegger but derided by environmentalists as gas-guzzlers. GM shut down its Hummer brand after a deal to sell the SUV-line to an obscure Chinese machinery maker was blocked by Chinese regulators in 2010.

Michael Harley, executive editor for Kelley Blue Book, noted “the original Hummer was ostracized out of showrooms for being heavy and ponderous with an insatiable appetite for gasoline. An all-electric powertrain essentially exonerates the truck on all charges.”

Electric pickups and SUVs – the heart of the U.S. market – could help Ford Motor Co <F> and GM generate significant sales of EVs needed to meet tougher California emission standards and electric vehicle mandates.

The Trump administration is moving to roll back those standards – and eliminate extra credits that automakers receive from EV sales but electric trucks are a hedge if California prevails.

(Reporting by David Shepardson; Editing by Sandra Maler and Alistair Bell)

Explosion at Kansas Aircraft Plant Injures 15 People

December 28, 2019 / WIL BALDWIN

(Reuters) – At least 15 people were injured on Friday after a liquid nitrogen line exploded at a Textron Aviation plant near Wichita, Kansas, potentially setting back the launch of a new aircraft under development, county and company officials said.

Emergency medical services took 11 people to the hospital, one of them suffering potentially serious injuries, Dr. John Gallagher, director of Sedgwick County EMS, told a news conference.

Company officials said two of victims went to the hospital in private cars and two were treated at the scene.

Injuries were limited because only a skeleton crew was on duty during the holidays, said Deputy Chief Daniel Wegner of the Sedgwick County Fire Department.

The explosion in a 3-inch liquid nitrogen gas line also damaged a storage tank, causing nitrogen gas to vent out of the building, Wegner said.

News video from the scene showed what appeared to be a steam cloud billowing out of the damaged building. The gas was not harmful, Wegner said.

A second valve also ruptured, said Kate Flavin, a spokeswoman for Sedgwick County, and emergency crews vented nitrogen gas from the affected tanks before doing another search of the plant.

No others were found injured and control of the facility was returned to Textron shortly after noon, but emergency crews remained on standby at the scene, she said.

Damage was contained to Plant 3, a site for composite manufacturing and experimental aircraft fabrication including that of the SkyCourier, said Stephanie Harder, a spokeswoman for Textron.

The SkyCourier, a utility turboprop under development, is due to enter service in 2020, Textron has previously said. Harder said it was too early to determine what damage the prototype aircraft under production may have suffered.

Textron Aviation, a unit of Textron Inc (TXT), makes Beechcraft and Cessna aircraft.

The Wichita-area economy has long been supported by aircraft manufacturing. Boeing Co (BA) announced in January it would suspend production of its 737 Max jetliner, which has been grounded worldwide after two fatal crashes. That move affected workers at Spirit AeroSystems in Wichita, Boeing’s top supplier, which produces the jet’s fuselages.

Reporting by Daniel Trotta, Additional reporting by Rich McKay; Editing by Daniel Wallis, Bill Tarrant and Richard Chang

Allegiant Travel Company Schedules Q3 2019 Earnings Call

October 8, 2019 / WIL BALDWIN

LAS VEGAS, Oct. 8, 2019 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) has scheduled its third quarter 2019 financial results conference call for Thursday, October 24 at 5:30 p.m. EDT. A live broadcast of the conference call will be available through the company’s Investor Relations website at http://ir.allegiantair.com/. The webcast will also be archived on the “Events & Presentations” section of the site.

Allegiant Travel Company

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with premier leisure experiences – from vacations to hometown family entertainment. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves more than 450 routes across the country, with base airfares less than half the cost of the average domestic roundtrip ticket. Allegiant’s Sunseeker Resorts subsidiary is currently under construction with its inaugural resort property, Sunseeker Resort Charlotte Harbor in Southwest Florida – a unique waterside integrated resort like no other. And a growing group of Allegiant Nonstop family entertainment centers offer state-of-the art indoor games and attractions to thrill seekers of all ages. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.

Allegiant Air Reports August 2019 Traffic

September 10, 2019 / WIL BALDWIN

LAS VEGAS, Sept. 10, 2019 /PRNewswire/ — Allegiant Travel Company (ALGT) today reported preliminary passenger traffic results for August 2019.

Allegiant Travel Company

Las Vegas-based Allegiant is an integrated travel company with an airline at its heart, focused on connecting customers with premier leisure experiences – from vacations to hometown family entertainment. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves more than 450 routes across the country, with base airfares less than half the cost of the average domestic roundtrip ticket. Allegiant’s Sunseeker Resorts subsidiary is currently under construction with its inaugural resort property, Sunseeker Resort Charlotte Harbor in Southwest Florida – a unique waterside integrated resort like no other. And a growing group of Allegiant Nonstop family entertainment centers offer state-of-the art indoor games and attractions to thrill seekers of all ages. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF

ALGT/G

Note: This news release was accurate at the date of issuance. However, information contained in the release may have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility.

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