Latest news with #fleetExpansion
Forbes
3 hours ago
- Business
- Forbes
Indian Billionaire Rahul Bhatia's IndiGo Steps Up Fleet Expansion Amid Travel Boom
IndiGo—India's biggest airline by revenue controlled by billionaire Rahul Bhatia—is stepping up fleet expansion plans to meet the booming travel demand in domestic and international destinations. To support expansion plans, the budget carrier has exercised an option to buy an additional 30 A350 planes from Airbus, boosting its fleet of widebody aircraft to be deployed in international routes, Bloomberg reported over the weekend. That's on top of the 30 A350 planes it ordered last year and the six Boeing 787-9 Dreamliners set for delivery next year. The company aims to expand its fleet by 50% to more than 600 aircraft by 2030, IndiGo said a statement released late last week. 'We are focused on our holistic growth to be able to offer affordable, convenient, on-time travel experience to our customers on a growing domestic and international route network,' Pieter Elbers, CEO of IndiGo said in the statement. IndiGo plans to start services on 10 new international routes this year, expanding its network to over 50 destinations. It will start direct flights to Manchester and Amsterdam from Mumbai, next month. IndiGo also plans to add flights to Athens as well as Southeast Asian destinations such as Siem Reap, Bali, Ho Chi Minh City, and Hanoi, along with central Asian cities Almaty and Tashkent. To support its fleet expansion, IndiGo has signed an agreement with Bangalore International Airport to build a 12.5-hectare maintenance and repair facility. This will add to its existing facilities in Delhi and Bengaluru. 'A dedicated MRO facility will give a significant advantage in terms of aircraft availability, greater cost efficiencies and quicker turnaround benefitting the airline,' IndiGo said. With an estimated real-time net worth of $8.5 billion, Bhatia is among the wealthiest in India. He cofounded the airline with fellow billionaire Rakesh Gangwal in 2006. Following a public falling out with Bhatia, Gangwal resigned from the company's board in 2022, vowing to sell off his IndiGo shares. Last month, Gangwal reportedly sold 115.6 billion rupees ($1.4 billion) of his shares in IndiGo.
Yahoo
24-05-2025
- Business
- Yahoo
Imperial Petroleum Inc (IMPP) Q1 2025 Earnings Call Highlights: Strong Profitability Amid ...
Release Date: May 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Imperial Petroleum Inc (NASDAQ:IMPP) reported a profitable Q1 2025 with a net income of $11.3 million, continuing its streak of profitability since Q4 2021. The company achieved a significant improvement in financial performance compared to Q4 2024, with revenue increasing by 22.5% and net income rising by 190%. Imperial Petroleum Inc (NASDAQ:IMPP) remains debt-free, with a strong cash base of approximately $227 million, which is about three times higher than its current market cap. The company is expanding its fleet significantly, with plans to add seven new ships by Q3 2025, increasing its fleet size by 60%. The company has strategically increased its time charter coverage, with 7 out of 13 ships under time charter employment, providing stable revenue streams. Q1 2025 revenues of $32.1 million marked a 22% decline compared to the same period in 2024, primarily due to lower market rates. The tanker market faced volatility due to geopolitical factors and trade disruptions, impacting day rates and market conditions. The clean product tanker market remained weak, with only short-lasting spikes in spot rates, and potential negative impacts from geopolitical developments. Voyage costs decreased due to increased time charter activity, but running costs increased by $1.1 million due to fleet expansion. The market for dry bulk vessels is currently soft, although still above break-even levels, indicating potential challenges in maintaining profitability. Warning! GuruFocus has detected 3 Warning Sign with IMPP. Q: Can you elaborate on the impact of geopolitical events on Imperial Petroleum's performance in Q1 2025? A: Harry Vafias, CEO, explained that geopolitical factors such as US tariffs, sanctions on tankers involved in Russian oil, and USD port fees on Chinese-built vessels created volatility in tanker rates. Despite a soft start to the year, the market picked up by March, allowing Imperial Petroleum to achieve profitability. The company has maintained ongoing quarterly profitability since Q4 2021. Q: How did Imperial Petroleum's financial performance in Q1 2025 compare to the previous quarter? A: Fenia Sakellari, Interim CFO, noted that Q1 2025 saw a significant improvement over Q4 2024, with revenue increasing by 22.5% to $32.1 million and net income rising by 190% to $11.3 million. This was attributed to improved performance from product tankers and strategic fleet additions. Q: What is the current status of Imperial Petroleum's fleet and its future plans? A: Harry Vafias highlighted that the company is expanding its fleet, with plans to add seven ships by early Q3 2025, increasing the fleet size by 60%. The fleet will consist of 19 ships, including 10 bulk carriers and 9 tankers, enhancing diversification and reducing market volatility exposure. Q: How does Imperial Petroleum plan to utilize its strong cash position? A: Fenia Sakellari stated that the company enjoys a robust cash base of approximately $227 million and remains debt-free. The cash will be used to support fleet expansion and strategic investments, ensuring continued profitability and liquidity. Q: What are the expectations for the tanker market in the short to medium term? A: Harry Vafias expressed optimism for the tanker market, driven by OPEC's increased output and sanctions on Russian oil. The company expects positive developments for dirty tankers, while the clean product market may face challenges if geopolitical tensions ease. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Zawya
16-05-2025
- Business
- Zawya
Kuwait Airways takes delivery of first Airbus A321neo aircraft
KUWAIT -- The national carrier, Kuwait Airways, on Thursday took delivery of its first Airbus A321neo, named Al-Mutlaa, at the Kuwait International Airport. In statement to KUNA and Kuwait TV, Kuwait Airways Chairman Captain Abdulmohsen Alfagaan pointed out that Al Mutlaa is one of nine A321neo aircraft on order with the European plane-maker for Kuwait Airways. He described the delivery as a milestone in the company's fleet expansion efforts. Alfagaan noted that Kuwait Airways' A321neo features a spacious and modern cabin with 166 seats across two classes - 16 full-flat business class seats offering premium comfort and 150 economy class seats designed for enhanced passenger space. It is also equipped with modern amenities like in-flight entertainment featuring 4K screens, he added. He shed lights on the new aircraft's economic advantages, particularly in maintenance and fuel efficiency, as it consumes less fuel by 20 percent. Captain Alfagaan stated that the aircraft is expected to enter service shortly, and the remaining aircraft from the order are anticipated to be delivered soon. Additionally, senior officials from Rolls-Royce PLC convened in Derby, England, to discuss engine system development and support for Kuwait Airways. The Chairman attributed this achievement to the unwavering support of Kuwait's political leadership, and the collaborative efforts of various national entities. British Ambassador to Kuwait, Belinda Lewis, recently visited the Rolls-Royce production facility in Derby, known for manufacturing engines for wide-body Airbus models, and the Airbus facility in Toulouse, France. She admired the advanced European aviation technology that fosters the creation of environmentally friendly and comfortable aircraft. Kuwait Airways, established in 1953 as Kuwait National Airways Limited, began its inaugural flights in March 1954 and was fully acquired by the Kuwaiti government in 1962. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
