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MSC will offload all cargo bound to Gulf at the nearest safe seaport
MSC, world's largest ocean container carrier, announced on Tuesday that all cargo bound for Gulf ports will be unloaded at the nearest safe seaport, due to the ongoing hostilities between the United States and Israel. Israeli and U.S. attacks on Iran. MSC, based in Geneva, said that the "End of Voyage Declaration" also applies to containers which have been loaded with cargo but are empty and intended to be exported to ports in the Gulf. MSC announced that a mandatory surcharge $800 per container would be applied to all affected shipments?without exception' to cover deviation costs. The company stated that it "sincerely regrets" the need for this decision. Lars Jensen of Vespucci Maritime's container shipping consultancy, Vespucci Maritime CEO, stated on Linkedin that customers will be responsible for their container at the discharge -port. He said that shippers were responsible for paying port fees and finding alternative transportation. As a result of the hostilities, oil tankers and containers have backed up in the Strait of Hormuz, causing global fuel prices to soar. According to Drewry, an?London-based maritime consultancy, as of Sunday there were 158 container vessels?present throughout the Middle East including the Gulf of Oman and the Arabian Sea, which represents just 2.1% of current 'active' container ship fleet. MSC and Ocean 'Network Express (ONE) stopped accepting cargo bound to the affected areas of?the Middle East earlier this week. Experts in the industry warned that hostilities could cause a cascade of delays and disruptions, which could last for weeks as operators reroute vessels, containers, and other assets. In a report published on Tuesday, Simon Heaney said that container shipping had less to lose from the Iran conflict than other sectors. However, it could not escape disruptions and increased costs. (Reporting and editing by Jamie Freed; Lisa Baertlein)
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Sources say that a Russian-flagged LNG tanker is on fire in Mediterranean. The crew has been located in a lifeboat near Libya
The 'Russian flagged liquefied gas tanker Arctic Metagaz' is burning in the Mediterranean Sea, according to maritime security sources. Malta's Armed Forces said that the crew of the vessel had been found safe and sound in a lifeboat in Libya's search and rescue region. According to data from the MarineTraffic platform, the vessel under U.S. sanctions and UK sanctions sailed off the coast of Malta as recently as Monday. One of the sources claimed that Ukraine was suspected of committing the attack. However, no evidence was provided. Malta's military said that they received a distress call about the ship and located it. They did not elaborate on its condition. "Survivors were then?located in the Libyan SRR, in a lifeboat, during the search efforts." In a Facebook press release, they reported that all crew members were safe onboard the lifeboat. The Russian LNG producer Novatek, the vessel's manager in Russia LLC SMP Techmanagement and Russia's Transport Ministry did not immediately respond to comment requests. Separately, the Security Service of Ukraine did not immediately respond to a request for comment. Reporting by Jonathan Saul and Renee Maltezou; editing by Susan Fenton & David Gregorio
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Israel's UN representative says that Israel and the US control nearly all Iranian airspace.
Danny Danon, Israel's U.N. ambassador, said that Israel and the United States control almost all of Iran's airspace. Danon said to reporters at the United Nations in New York that the conflict between Iran and Israel would not end within a day, or even a week. "We knew this wasn't going to be a simple war. We know the capabilities of the Iranian regime. He said that they spent billions on "the infrastructure of terror" and knew it would be a serious operation. "But it won't last forever. We are superior. We have superiority. Danon responded that the U.S. Israeli and U.S. attacks against Iran since Saturday have succeeded in degrading Iran's capabilities. He said that it would be more difficult for Iran to launch missiles, but he did add that the country had hidden launchers in caves and underground. I think the operation will be gradual. Danon said the Lebanese Government should also act immediately against Hezbollah terrorists who are attacking Israel from Lebanese soil to prevent a further escalation. He said that Nawaf 'Salam, the Lebanese prime minister, was right to say that Hezbollah should disarm. He said that "but statements don't dismantle missiles." "We expect that the Lebanese government will'restrain Hezbollah and take control. Act now to prevent a further escalation. Hezbollah militants in Lebanon opened fire on Israel Monday with drones and rockets. Lebanon banned military activities of?Hezbollah on Monday, but militants fired missiles at Israel on Tuesday for the second consecutive day. Israel responded with troops in southern Lebanon, and waves of airstrikes. (Reporting and editing by Cynthia Osterman; David Brunnstrom)
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NTSB: Waymo robotaxis passed illegally stopped school buses, according to new incidents
The National Transportation Safety Board announced Tuesday that it is investigating a new incident from January in which Waymo's self-driving cars passed a stopped school bus with its lights activated, in violation of Texas state law. Alphabet recalled their self-driving cars in December after Texas officials claimed they had illegally overtaken school buses 19 times since the beginning of the school year. NTSB reported that a new incident happened in Austin, Texas on January 12 as a school bus loaded passengers. The incident is currently under investigation. The NTSB stated that 'the Waymo stopped to look at the bus. But then, other vehicles passed by the bus. This prompted Waymo ask a human remote assistance operator whether it was a "school bus with active signal?" The?agent replied no and then Waymo passed by the bus. The NTSB will issue safety recommendations in order to prevent similar incidents. Waymo has expressed its appreciation for the NTSB's work. Waymo reported in December that a software problem contributed to the self-driving cars initially slowing down or stopping at a school bus, and then continuing. In October, the National Highway Traffic Safety Administration opened its first?probe into Waymo cars near school buses. Austin Independent School District reported that five incidents took place in November, after Waymo released an earlier software upgrade to fix the problem. Waymo declined to comply with the request made by the school system in order to stop operations near schools at pick-up or drop-off time until the company could verify that the vehicles did not violate the law. NHTSA as well as the NTSB are investigating the Jan. 23 collision between a self driving Waymo and a 9-year-old California girl who was running across the street from behind a double parked SUV towards a school. Waymo claims that the vehicle detected the girl immediately, and braked hard to reduce speed from 17 mph down to 6 mph. (Reporting and editing by David Shepardson, Chizu Nomiyama, and Nick Zieminski).
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Trump orders insurance support for oil tankers, and says Navy can escort vessels in Gulf
Donald Trump announced on Tuesday that he had instructed the U.S. International Development Finance Corporation to provide financial guarantees and political risk insurance for maritime trade traveling the Gulf. He added that the?U.S. If necessary, the Navy could start escorting tankers through Strait of Hormuz. The announcement is one of the most aggressive measures the administration has taken to control rising energy prices and calm the oil markets. Trump's economic message has placed lower fuel prices for Americans at the forefront. The move also signals his willingness to use military and financial tools to prevent disruptions to global crude supply. In a social media post, Trump stated that the United States would ensure the free flow energy to the rest of the world no matter what. Trump said that there will be more action. Since Israeli and U.S. troops began attacking Iran last weekend, global crude prices have spiked. This has led to "fighting" that has disrupted Middle East oil tanker deliveries. Two sources familiar with this plan said that Treasury Secretary Scott Bessent, and Energy Secretary Chris Wright would meet Trump on Tuesday to discuss a list?of proposals to address the problem and to finalize a reply. Trump told reporters Tuesday that Americans might have to 'live with higher oil costs for a brief period. But as soon as it ends, these prices will drop, and I believe lower than before. The higher energy prices could make it difficult for Trump's Republican Party members to win the mid-term elections. WAR-RISK PREMIUMS RISE The Strait of Hormuz is a narrow waterway that connects Iran to Oman. It is through this narrow waterway that around a fifth of world oil is transported. A number of tankers have been damaged in strikes, and others are stranded. Shipping companies and insurance firms have started reassessing the risks they face in this region. Industry sources report that war-risk premiums are up and some insurers have reduced or removed coverage. The higher?insurance cost has made it more costly for tankers to travel through the region, prompting operators to delay voyages or find alternative routes. The United States' support for tanker insurers is not new. In the 1980s, when private insurers pulled out of the Iran-Iraq war, Washington reflagged tanks and provided naval escorts. The U.S. issued policies after the attacks of September 11, 2001 to keep shipping moving despite the increased war-risk premiums. The Secretary of State Marco Rubio said to reporters that the U.S. had a "program" in place to combat rising energy prices. Wright and Bessent would implement it. Rubio stated, "Starting tomorrow, you will see us implementing these phases in order to mitigate that." He provided no details. One source claimed that the?administration had been reluctant to use the nation's Strategic Petroleum Reserve. However, officials could indicate as soon as Tuesday if oil prices continue to rise. (Reporting and editing by Paul Simao; Additional reporting by Nandita Bouse, Shariq Khan and Arathy Sommesekhar, and additional reporting by Timothy Gardner and Jarrett Renshaw)
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Travel and airline industries scramble to deal with the fallout of Middle Eastern conflict
After the cancellation of over 20,000 flights in a few days, the airline and tourism industry scrambled for solutions. Governments also rushed to get stranded travelers back home. For a fourth consecutive day, major Gulf hubs, including Dubai, the busiest international airport in the world, were closed or severely restricted, leaving tens and thousands of passengers stranded. Flightradar24 reports that 21,300 flights were cancelled in seven major airports, including Dubai, Doha, and Abu Dhabi, since the strikes began. Travel has been disrupted in a region that has several vibrant business hubs and is trying to diversify its economy away from oil. This turmoil has also narrowed the already thin flight corridor between Europe and Asia. It complicates operations for global airlines. As governments rushed to get passengers back home, stranded travelers from across the Gulf raced to book seats on limited numbers of repatriation flight. This was happening as bombs ripped through Beirut and Tehran. Emirates, flydubai, and Etihad are operating limited flights since Monday to bring back stranded travelers. Paul Charles, CEO at luxury travel consultancy PC Agency said that the impact on cargo would be "billions" of dollars. EMERGENCY EVACUATIONS The UAE government announced that 60 flights have taken off in emergency air corridors. In the next phase, more than 80 flights will be operated. A U.S. State Department spokesperson said Tuesday on X that the United States was securing charter and military flights to evacuate 'Americans' from the Middle East. The official added that they were in contact with almost 3,000 U.S. Citizens. U.S. legislators criticized the department for not advising people to leave the Middle East 'before the attacks began. Checks on Tuesday showed that demand for alternative airlines to Gulf Airlines has risen, as bookings and ticket costs have soared on routes such as Hong Kong-London. Analysts estimate that if the conflict continues, it could cost the Middle East millions of dollars in tourism. Tatiana Leclerc is a French tourist who was stuck in Thailand. Her flight was scheduled to travel via Middle East hubs, which are an important link between Asia, Europe and the Middle East. Virgin Atlantic announced on Tuesday that it will resume its scheduled flights between London Heathrow Airport, Dubai and Riyadh. SLIPS FOR AIRLINE STOCKS The shares of airlines around the world fell on Tuesday. However, U.S. stocks pared their losses in afternoon trading. Karen Li, J.P. Morgan Asia Infrastructure, Industrials and Transport Research head, explained that the operational and financial impact varies greatly among airlines. Li stated that "there are significant differences between carriers when it comes to hedging strategy, air cargo exposure and network rerouting abilities, which will determine the impact of the Middle East crisis." The oil prices have risen as the conflict has intensified. Benchmark crude has risen by about 30% this year. This is a threat to airline profits and costs, since most airlines have long given up on hedging fuel purchases, which are their second largest operating cost after labor. According to Delta Air's latest annual filing, every cent increase in jet fuel prices?per gallon? added $40 million to the company's yearly fuel bill. A 10% increase, according to Third Bridge analyst Peter McNally, would add $1 billion by 2026 to Delta Air fuel costs. Delta stock turned positive during afternoon trading. Southwest shares fell 0.6%. In Europe, shares in?Wizz Air and British Airways owner IAG as well as Lufthansa, Air France KLM, ended the day down between 5% and 8%. Michael O'Leary, CEO of Ryanair, said that the airline had hedged its oil prices for the next 12 months at $67 per barrel. He also stated that recent fluctuations in the price would have no impact on the business. Its stock dropped 2.2% on Monday. Vanessa Hudson, Qantas Airways' CEO, said that the airline had "pretty decent" fuel hedging. However the surge in oil prices is significant for the entire industry. The Australian airline's share price fell by 1.8%. The shares of Japan Airlines fell?6.4% while Korean Air Lines' stock dropped 10.3%. This is the biggest decline since March 2020. Stocks of major Chinese carriers, including Air China and China Southern Airlines, fell between 2% to 4% in Hong Kong & Shanghai.
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Loveholidays will postpone its $1.3 billion London IPO because of Gulf travel chaos.
The Financial Times reported that Loveholidays, an online travel agent, is planning to delay the floatation of its shares on the London Stock Exchange due to market turmoil and a resulting 'travel chaos' caused by Iran retaliating after U.S.-Israeli strikes. Reports cite people who are familiar with the situation as saying that the company was expected to announce it's intention to float by?early march, aiming for a valuation up to 1 billion pounds ($1.33billion). However, they now discuss a possible delay. According to the report, the firm can now "target" the listing period following the 'travel-heavy Easter holiday. Loveholidays refused to comment on the matter when contacted. The London Stock Exchange could suffer a setback in its efforts to attract large flotations following years of?weak IPO activity. Since?February 27, shares of tour operators have been falling sharply. On The?Beach in the UK is down?7%. Jet2 has fallen 6.1%. And Germany's TUI has dropped 11.4%. The European airline stocks fell 5% to 8% on Tuesday as the carriers struggled with rising fuel prices.
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US Judge says Trump's attempt to end New York City congestion charges is unlawful
A U.S. Judge on Tuesday said that the U.S.?Transportation Department's effort to force the end of Manhattan's congestion pricing?program is illegal. This was a?blow against President Donald Trump's efforts?to?eliminate this charge. In May, U.S. district judge Lewis Liman issued a temporary injunction preventing the federal funding from being withheld for New York project due to the program. He ruled on Tuesday that the Trump Administration's attempt to end the program in February 2025 was illegal. In a bid to reduce congestion and raise money for mass transit, the first-of its-kind program is in place in the United States since January 2025. It charges?most passenger cars a $9 toll during peak hours to enter Manhattan south from 60th Street. USDOT declined to comment immediately. Liman found illegal the threat made by Transportation Secretary Sean Duffy in April that he would withhold funds for New York's transportation projects if New York didn't end its congestion pricing program. In his 149-page report, Liman stated that it was difficult to imagine a more arbitrarily and capriciously made decision than the one at issue. Trump has repeatedly called for the fee to be eliminated. New York cited Trump’s February 2025 social media post that praised his efforts to end congestion pricing with the phrase "Long LIVE THE KING!" The White House shared a mock-up photo on social media of Trump wearing a crown. New York Governor Kathy Hochul stated that the program resulted in 27 millions fewer vehicles entering congestion?zones, reducing traffic?times as much as 15?minutes each and raising $550?millions to support $15 bn in debt financing of critical?mass transport capital improvements. The USDOT, under the former Democratic President Joe Biden, approved the congestion program for November 2024. It is monitored by electronic license plate readers. The U.S. must approve this program because it involves tolls for federal highways. The program is similar to those in London and Singapore. Duffy and other opponents say that it is unfair to workers, as well as leaving them without an option for a free highway.
Dubai's DXB Airport is expected to handle 100 million passengers in this year
Dubai International Airport (DXB), which is the world's busiest travel hub and is expected to?handle close to 100 millions passengers this year, according to its operator. This will build?upon a record-breaking performance in 2025.
Dubai Airports said that it expects to have 99.5 million passengers by 2026 as the demand grows across major markets.
DXB handled 95,2?million passengers in 2018, up 3.1% compared to 2024. India, Saudi Arabia, and Britain were its top three markets. Egypt, Italy, and China all experienced double-digit growth.
Dubai is the Middle East’s largest tourism and trade hub. It's home to the tallest tower in the world, as well as palm-shaped islands. According to government statistics, it is also an important connecting point for flights from Europe to Asia.
Dubai Airports said that in 2025 DXB had its busiest day, month, quarterly and annual records. It was operating at the limit of physical capacity, while consistently delivering operational excellence.
The emirate announced that it would be investing $35 billion in its second airport (Al Maktoum, operated by Dubai Airports) to'meet the rising demand for air travel and the rapidly growing population.
When completed, the expansion will be able to handle 260 million passengers annually. (Reporting by Federico Maccioni. Mark Potter (Editing by Federico Maccioni)
(source: Reuters)