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The US Federal Aviation Administration has grounded over 170 Boeing 737 Max 9s after an Alaska Airlines flight using the aircraft was forced to make an emergency landing due to a panel flying off mid-flight on Friday, CNBC reports. No serious injuries were reported on the flight, and the National Transportation Safety Board is investigating the incident. The airline, followed by United Airlines, has since grounded its entire fleet of Boeing 737 Max 9s. Alaska Airlines notes that its ongoing inspections so far showed no concerning findings on a quarter of its 737 Max 9 fleet, on Saturday, Reuters reports. The Boeing 737 Max aircraft has been scrutinized by the FAA in the past, after two fatal crashes grounded the jet worldwide nearly five years ago. A timeline for when the jetliner will regain permission to operate remains unclear.
FlyDubai in the hot seat:UAE carrier FlyDubai reassures fliers that it completed C-checks on its Boeing 737 Max 9 planes over the past 24 months and will carry out further inspections if required, a Fly Dubai spokesperson told Khaleej Times on Saturday.
Venezuela’s oil exports have jumped 12% to nearly 700k barrels pers day (bpd) on the back of eased US sanctions on the nation’s oil sector, Reuters reports. In late 2022, Washington began approving foreign oil firms’ exchange of the country’s oil for debt and unpaid dividends. The US granted a six-month license to streamline Venezuela’s crude and gas exports to certain markets last October, aiming to encourage a free presidential election this year. The country looks to surpass 1 mn bpd in the upcoming months, which experts say would depend on the renewal of the US licenses set to expire in April.
IN OTHER OIL NEWS- Angola has left OPEC over output restrictions impeding the country’s plans to stabilize production at above 1 mn bpd, Bloomberg reports, citing the nation’s top oil official. The bloc’s increased limit undermined Angola’s aim of enhancing investment following years of underinvestment and production decline. The African nation briefly dropped below 1 mn bpd in 2023, down from over 1.8 mn bpd a decade earlier.
Somalia’s President Hassan Sheikh Mohamud has signed a law “nullifying the illegal MoU” the breakaway region of Somaliland recently inked with Ethiopia, Mohamud said on X. The agreement would have granted Ethiopia access to a port on the Red Sea in exchange for recognizing Somaliland as an independent state. Mohamud did not reveal the specific details about the law.
ICYMI- Somalia — which considers Somaliland a part of its territory — summoned the Ethiopian ambassador to protest the move and labeled the agreement as “null and void” earlier last week.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Secure Logistics Group Ltd plans IPO: Pakistani Logistics Firm Secure Logistics Group Ltd is planning an IPO to sell around 63 mn shares in Q1 2024. The move could raise at least USD 2.7 mn. (Bloomberg)
- Vacancy rates grow in Chinese storage centers: Vacancy rates for high-end logistics storage jumped to 15% in Shanghai, China in Q3. Experts speculate the change in the sector is due to falling demand in investments, exports, and consumption. (Bloomberg)
