Trump says he will strike Iran's infrastructure on Tuesday, if the Strait is blocked

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• Data shows that a container ship owned by CMA CGM and French-owned has passed the Strait of Hormuz.

  MarineTraffic vessel tracker data indicates that a container ship owned by French shipping group CMA CGM has 'crossed the Strait of Hormuz. This is a sign Iran may not view France as a hostile country. The Malta-flagged Kribi owned by CMA CGM crossed the Strait of Hormuz on April 2, and is the 'first French-owned ship to make it through since the?U.S. - Israeli attacks in Iran began at the end February. The Strait was the route of about a fifth global oil and gas supplies before the war effectively closed it. The data did not reveal how the vessel that was sailing south along the coast of Oman had secured safe passage. LSEG shipping information showed that the vessel changed its destination on 'Thursday' to 'Owner France', signaling to 'Iranian authorities' the 'nationality' of its owner. The ship was originally bound for Pointe-Noire, in the Republic of the Congo. CMA CGM didn't immediately?respond? to a?request for comment. The French foreign ministry declined to comment. (Reporting from Dominique Vidalon in Paris, John Irish in Oslo and Nerijus Adomiaitis in Paris; editing by Inti Lauro).

• Hyundai Motors flags shipping disruptions due to Middle East conflict

  Hyundai Motor stated on Friday that the conflict in the Middle East was disrupting exports from Europe to North Africa. These vehicles typically transit through the Middle East. This highlights the growing strain on global supply chains. The disruption shows how the conflict is blocking key shipping routes and driving up costs. It also delays deliveries and adds pressure to the automaker's suppliers. Hyundai Motor, with its Kia Corp affiliate, is the third largest automaker in the world by sales. The company warned that the Iran War's impact would last even if it ended soon. Kim Dong-jo is a senior 'vice president in Hyundai Motor's Global Policy Office. He said that rebuilding supply chain would take some time. Kim said that even if the war ends, it would take time to rebuild the supply chains. He was speaking in Pyeongtaek - Dangjin Port southwest of Seoul, where government officials met with logistics companies and automakers to assess the effects of the conflict. The meeting was held at a port, where cars were parked on the wharf for a giant vehicle transporter that would carry 4,900 vehicles to the U.S. West Coast. Kim said that the rising costs of raw materials and logistics, linked to the conflict, were also putting pressure on parts suppliers and production. He added that Hyundai worked with its suppliers and government to minimize disruption. Hyundai Motor Group’s logistics unit, Hyundai glovis, has said that it is currently unable access certain Middle East routes. This forces it to temporarily store goods at alternative locations, until conditions stabilize. While the company's routes to North America’s west and east coasts were not significantly affected, it said that restricted access to Middle East and increased fuel costs were hindering operations and efficiency. South Korea's Trade minister Yeo Han Koo said that?some shipments are being diverted to intermediary hubs like Sri Lanka where they are held?while the companies reassess if transport can resume. Reports last month stated that used cars from Japan could not enter Sri Lanka due to the congestion in ports caused by cargo diverted away from Dubai during the Middle East conflict. South Korea's exports to the Middle East dropped 49% in March, despite their highest growth in nearly four decades. Auto exports were largely unchanged as supply disruptions and strong demand for eco-friendly vehicles offset each other. Hyundai Motor said Thursday that it sold 358 759?vehicles worldwide in March. This is down 2.3% compared to a year ago. Domestic sales fell by 2.0%, and overseas sales declined by 2.4%. The shares of Hyundai Motor and Hyundai Glovis fell by 1.2% and 0.7% respectively on Friday, compared to the benchmark KOSPI which rose 2.7%. Daewoung Kim reported from Pyeongtaek and Heekyong Ya, Jihoon Le and Hyunjoo Ji in Seoul, with additional reporting by Heekyong Yan, JihoonLee and Hyunjoo Ji in Seoul. Editing was done by Ed Davies.

• Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.

  The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise their financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as the spike in fuel costs, will have a "notable impact" on its results for the first quarter. AIR FRANCE-KLM The airline group announced that it would increase the price of long-haul tickets to offset rising fuel costs. Cabin fares will rise by 57?euros (50?euros) per round trip. AIR NEW ZEALAND On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also halted its earnings projections for the full year due to volatile fuel markets. AKASA AIR Akasa Airlines, based in India, announced that it would be imposing a fuel surcharge on both domestic and international flights ranging from 199 to 1,300 Indian Rupees ($2 - $14). AMERICAN AIRLINES Fuel prices are on the rise, and American Airlines expects to incur $400 million more in expenses for the first quarter. CATHAY PACIFIC Hong Kong Airlines announced that it will increase its fuel surcharges by 34% on all routes starting April 1, and to review them every 2 weeks. The CEO of the carrier said that it would maintain its flight capacity despite high fuel costs, but warned that its 10% growth plan for passenger capacity could be altered if demand drops due to high fuel prices. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. EASYJET EasyJet CEO Kentonjarvis warned that European consumers can expect to pay higher prices for tickets towards the end of the summer when fuel hedges will end. FRONTIER AÉRIENS Fuel prices have increased dramatically since the airline's forecast. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% starting March 12, with the largest increases on flights between Hong Kong, the Maldives and Bangladesh, and Nepal. Charges would go from HK$284 to HK$384 (49 dollars). British Airways' owner IAG announced on March 10 that it does not intend to raise ticket prices immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights to Europe, 2,300 rupees. Sources say that the company also lobbys for the Indian government to reduce fuel taxes. JETBLUE AERWAYS Low cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "rising operating expenses." The company announced that baggage prices would increase by $4 or $9. KOREAN AIR A source familiar with the situation said that South Korea's flag carrier would enter emergency mode in April as rising oil costs weigh on its costs. The airline will implement phased responses based on the oil price level and increase company-wide efficiency to offset rising fuel costs. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic fares up to $20, and international fares up to $100. Scandinavian Airlines announced that it would cancel 1000 flights in April due to high fuel and oil prices. In March, the airline said that it had cancelled "a couple hundred" flights. SAS, which has already raised flight prices, said that even if they tried to absorb rising fuel costs, it would still be a major blow to the aviation sector. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. LUFTHANSA, TURKISH AIRLINES SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it will impose a temporary 10 euro fuel surcharge per passenger on routes between Turkey, Europe and Middle East from May 1. The fuel surcharge will be applied to all bookings made after April 1 and for departures after May 1. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027. Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an email, the carrier said that it would also be increasing the first and second checked bags fees by $10 to customers travelling in North America, Mexico, Canada, and Latin America. VIETJET A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes. VIETNAM Airline Vietnam's aviation authority announced that the carrier would cancel 23 flights a week on domestic routes starting in April after it requested government assistance for the removal of an environmental tax. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation sector, which were being exacerbated significantly by the Middle East situation. GREATER BAY Airlines Greater Bay Airlines, based in Hong Kong, said that it would increase fuel surcharges for most routes starting April 1, due to increased fuel prices related to the Iran War. However, charges on routes to mainland China and Japan will remain unchanged. The carrier has announced that the surcharge on flights between Hong Kong, Philippines and other destinations will be more than doubled.

• EU must increase its Aspides Naval Mission to protect key maritime routes.

  Kaja Kallas, the EU's chief of foreign policy, stated that the EU must?increase its Aspides Naval?mission in order to protect?maritime routes from disruptions caused by the U.S.-Israeli war against Iran. Kallas' comments?on X? came after she took part?in a conference call with over 40 countries?organised?by British Foreign Minister Yvette Cooper to discuss a joint action...to reopen the Strait of Hormuz. "Thank you @YvetteCooperMP, for convening a call of more than 40 countries to discuss the Strait of Hormuz. This waterway is of global importance. Iran can't charge other countries a bounty for allowing ships to pass. "International law does not recognise schemes that charge to pass," wrote Kallas in X. Today, we looked at a number of?diplomatic and economic measures, as well as security measures, to help restore safe passage. We also worked with the shipping industry. The EU's Aspides mission has already helped 1,700 ships in the Red Sea and must be scaled up. She added, "We cannot afford to lose yet another important trade route." Sudip Kar Gupta reports.

• Bahrain expects to vote on the revised Hormuz Resolution on Friday

  Abdullatif bin Rashid Al Zayani, Bahrain's Foreign Minister, told the United Nations Security Council that he hopes the council will vote on Friday to approve a resolution Bahrain drafted for the protection of commercial shipping around and in the Strait of Hormuz. Since the U.S. and Israel attacked Iran at the end of February, the oil prices have risen. The conflict has now lasted for over a month. It's effectively shut down the Strait to all shipping traffic. Bahrain has submitted a draft resolution to the Security Council that would authorize "all necessary measures" for commercial shipping around and in the Strait. The previous draft had dropped the explicit reference to binding implementation in an effort to overcome objections by other nations. Specifically, Russia and China. Al Zayani said at a meeting of Bahrain's 15-member council that the vote on the resolution draft will be held tomorrow. He said Iran’s "unlawful, unjustified and dangerous attempt to control the international navigation through the Strait of Hormuz", threatened the interests of countries and peoples all over the world. "A decisive response is required." The latest draft, while authorizing the use of force in the Strait of?Hormuz or adjacent waters (including within the territorial water of the littoral states within?or surrounding the?Strait), specifies that these steps must be "defensive." On Wednesday, U.S. president Donald Trump pledged to continue the attacks but didn't?lay out a plan for re-opening the strait. This sent the price of oil even higher, as his words raised concern that the U.S. might not play a significant role in ensuring the safe passage of shippers through this crucial waterway. Diplomats claim that the latest resolution has been placed under a "silence procedure" until noon (1600 GMT), on Thursday, and will be put to a vote only if there are no objections by then. (Reporting and editing by Michelle Nichols; Additional reporting by John Irish, Paris)

• US LNG exports reach record levels as Middle East conflict disrupts global supply

  LSEG, a financial firm, reported that U.S. exports?of liquefied gas reached a record high in March. This was due to plants running above their nameplate capacity and the addition of new units. The number of shipments to Asia has more than doubled compared to the previous month. This is due to the Middle East conflict that has caused energy markets to be agitated and forced nearly 20% of the global LNG supply to go offline. Customers who depend on cargoes transiting the Strait of Hormuz have been forced to find alternative sources of LNG. The data shows that exports in March increased to 11,7 million metric tonnes, up from 9,94 million tons during February. They also surpassed the previous monthly record of 11 million tons set in December. QatarEnergy stopped LNG production following an Iranian attack on its facilities in the last month. The company has said that the outage may affect more than 12,000,000 metric tons of LNG per year for up to 5 years. The United States is the world's largest?LNG exporter The U.S. has the largest LNG exporter in the world. Its commercial model is based on flexible cargoes with destination options that buyers, many of whom have long-term contracts or locked-in supplies, can redirect to any markets. Most producers don't have a lot of spare capacity. "We're doing everything we can to help." We're looking closely at our maintenance schedules, but at the end, we need to be safe, and reliable. Jack Fusco said that the CEO of U.S. top exporter Cheniere, Jack Fusco, did not want to compromise anything in order to extract every last drop. However, some new U.S. capacity has begun ramping up. QatarEnergy's and Exxon Mobil’s Golden Pass LNG Project started output from its train which has a capacity of 6,000,000 tons per year, and Cheniere began production from the 1.5 mtpa Train 5 in its Corpus Christi Midscale Expansion. These additions could mean that March's record will be broken again in the near future. EUROPE RETAINS THE LARGEST BUILDERS The higher prices in Asia have helped to bring more U.S. gas into the region. In March, the average price of Asian spot LNG was $21.65 per million British Thermal Units. This compares to $16.17 for Dutch benchmark TTF. LSEG's ship tracking data shows that U.S. shipments to Asia increased by more than twice the amount of 970,000 tons shipped in February. Last month, Europe was the biggest buyer of U.S. LNG, taking in 7.49 million tons, or 64% of all March exports. This was slightly less than the 7,66 million?tons?shipped during February. LSEG data showed that more than 1 million tonnes of U.S. Liquefied Natural Gas (LNG) departed from the United States in March are currently signaling or idling at the entrance to Suez Canal. Eleven vessels with 880,000 tons of LNG are at sea waiting for a destination. Four carriers, totaling 280,000 tons, are anchored near the entrance to the Suez Canal. Egypt continues to purchase significant volumes. In March, it received 620,000 tonnes. The data revealed that South Africa and Jordan both took one shipment. The number of shipments to Latin America dropped to 430,000 tonnes in March, down from 520,000 tons the previous month. Curtis Williams, Houston (reporting) and Nathan Crooks & Andrea Ricci (editing)

• French Navy chief: China must engage in Strait of Hormuz discussions

  France's Navy Chief said that China will at some point need to be more direct in restoring oil traffic flow through the Strait of Hormuz, as the number of vessels going through the Strait is likely to be inadequate. "We haven't seen the Chinese navy intervene to reopen this strait. There is a direct political discussion between Chinese and Iranian officials to allow a certain number vessels to pass. Will this be enough to restore normal flow of traffic? I don't believe that, said Admiral Nicolas Vaujour at the War & Peace Security Conference in Paris. "As a consequence,?China is likely to have to engage in more direct?the discussion and show its impatience at the fact that the Strait remains closed." Vaujour stated that France is working to get a number countries to the same table on a political level to first determine the conditions in which the strait can be reopened?in a permanent way. They were studying the Agenor mission, which was led by the EU and operated in the Strait of Gibraltar. He said that the military was also assessing if mines had been buried and would have to be "cleared". "This is not just a French question. This is a question that concerns all of our partner countries: Gulf States, the United States, and other European 'countries. It is a matter we are working on, if mining is confirmed. This hasn't been done yet. (Reporting and editing by Dominique Vidalon, Daniel Wallis, and John Irish)

• France says that the US NATO is not a threat to Euro-Atlantic Security, but rather serves its Euro-Atlantic security.

  France responded on Wednesday to threats made by Donald Trump to pull out the U.S. from NATO. The military alliance, France said, was designed to ensure security in the Euro-Atlantic region and not to launch offensive operations into the Strait of Hormuz. Trump said he would make a statement to the nation on Wednesday saying that he "absolutely' was considering withdrawing from NATO. This echoed comments he had made in a British Daily Telegraph interview after allies refused to support U.S. Military action against Iran. French President Emmanuel Macron suggested a U.N. Framework for 'any action' in the Strait of Hormuz. This is a vital artery of global oil supply that Iran - has effectively closed. He said international efforts can only happen when hostilities have calmed, insurance companies and shipping firms are consulted, and Iran - consents. "Let's remind you of what NATO is. NATO is a military organization concerned with the security of the Euro-Atlantic area. The alliance is not intended to conduct operations in the Strait of Hormuz as that would be a violation of international law", Junior Army Minister Alice Rufo said at the War & Peace Conference in Paris. Rufo, a close ally and one of Macron's top diplomats said that she understood why the Americans were upset about France refusing to join a coalition in order to unblock immediately the Strait. Paris said she preferred working on a plan that would restore freedom of movement and transit by using "non-offensive" means. Rufo: "I understand this irritation but I'm not speaking for the United States." "I speak for a nation that is a founding NATO member and founding EU member, which has said for 20 years that Europeans should take on a greater share of collective defense in Europe." Three sources said that France had sparked Trump's anger on Tuesday after refusing to allow Israel to use its airspace for the transfer of American weapons used in the war against Iran. (Reporting and writing by John Irish, Dominique Vidalon, Sudip Kar Gupta and Timothy Heritage).

• Israel's halt order threatens Energean’s $1 billion gas extension timeline

  Energean, an oil and gas company, spends about $10 million per month to maintain its shut-in Israeli offshore operations. Mathios Riga said that the suspension of the war was a result of government security decisions. This followed the U.S. and Israeli attacks on Iran, which sparked the Gulf War. It's not revenue lost. He said that it was deferred revenues, and added that the company had over $300 million of liquid assets. Before the shutdown, Energyan produced 15 barrels of oil per day along with gas. After facility upgrades, Rigas stated that production would reach 20,000 bpd when?restarting, helping to offset deferred revenue. He said that the planned launch of Katlan in May, which Energean discovered in 2022, near two other 'projects' it owns, off Israel’s coast, would be delayed if there is no?resolution by then. However, it will have no impact if this war ends earlier. Expected to decrease EGYPT’S arrearages Rigas estimates that Egypt, Israel and Jordan and their neighbours require over 100 billion cubic meters (bcm), of gas per year, due to regional supply constraints and Egyptian domestic gas shortages. Energean has reserved capacity to supply 1 billion cubic meters of gas per year from Israel to Egypt via a planned pipeline. This is significantly cheaper than LNG imported. Energean has faced payment issues in Egypt, a country that is important to its growth. The outstanding receivables reached a peak of $250 million but Cairo recently paid out $80 million. Rigas said that "in tough times you stick with your partner," urging policymakers to ensure a 'consistent schedule of payments. "Pay, baby, pay. That's all." Rigas stated that Egypt's outstanding debt should drop to $60-$70 million if government honors its?promised payment of $125 million by mid-April. Egypt said that it "intends" to pay all arrears owed by foreign oil companies by June. Energean wants to optimize its Egyptian portfolio by merging three concessions, Abu?Qir Northeast Almreya North Idku, by the end of June. Energean, a company based in the United States, recently acquired a stake (along with Chevron) in an offshore Angolan oilfield. Rigas, while urging geographic diversification, warned against aggressive expansion in the face of high commodity prices. He said that the current market conditions are "not conducive to M&A".

• Starmer: UK needs closer EU partnerships due to volatile world

  Keir Starmer, the Prime Minister of Britain, said that the global instability brought about by the 'war in Iran' means Britain should align itself more closely with the European Union for security and economic reasons. This is after Donald Trump had criticised the United States. Starmer, at a press event aimed to ease public concerns over rising energy costs, said that the impact of war could "define us for a lifetime" and be similar to the rise in energy prices during the 1970s. Starmer, who spoke to reporters, said that the EU and Canada should be "more?ambitious" in their economic, security, and partnership efforts. Trump criticised Europe on Tuesday for refusing to join him in his war against Iran. He specifically mentioned Britain and France as the transatlantic relationship deteriorated due to the conflict which has driven up energy prices. The President warned Britain and other countries to "learn how to fight yourself" as the U.S. would "no longer be there to help you". Starmer stated that it was "clear" that the Brexit deal agreed by the previous Conservative administration in 2020 caused "deep harm to our economy". (Reporting and writing by Sarah Young; editing by Catarina demony).

• Bahrain releases revised UN Hormuz draft but does not enforce it

  Bahrain circulated a revised draft U.N. Security Council resolution on protecting commercial ships?in and around Strait of Hormuz. The language was retained, authorising "all necessary measures" but removing a reference to 'binding enforcement. The shipping through this waterway has already been slowed down to a near halt, after Iran attacked vessels during its conflict with Israel and the United States. Bahrain's first draft was seen and supported by other Gulf Arab countries and Washington. It explicitly invoked Chapter VII (of the U.N. Charter) which allows the Security Council authorise measures from sanctions to military power. Diplomats stated that adoption of such a resolution was unlikely as Iran's partners Russia, and China were expected to veto the measure if needed. A Security Council Resolution requires at least 9 votes in favor and no vetoes by its five permanent members, the United States of America, Russia, China and Britain. The revised text, which diplomats say is still being negotiated, does not mention Chapter VII but keeps the language that goes with it. The bill would allow states to use "all necessary means" (either individually or in voluntary coalitions) in the Strait of Hormuz and Gulf of Oman, as well as the Gulf of Oman, for the purpose of ensuring passage and preventing interference with international navigation. This includes within or near the territorial waters. The draft encourages all states who rely on commercial maritime routes that pass through the Strait of Gibraltar to coordinate their defensive efforts. This includes escorting merchant vessels. Diplomats have said that they hope to vote on the text by Thursday. (Reporting and editing by John Irish)

• UKMTO: Tanker struck by two projectiles in Qatar, including one that was unexploded

  The United Kingdom Maritime Trade Operations said a tanker'struck off Qatar' was hit by two projectiles. One exploded and the other remained unexploded inside the engine room. The tanker was hit about 17 nautical miles (31km) north of Qatar’s industrial hub?Ras Laffan, causing damage to the vessel above the waterline. The crew were safe and there were no reported environmental impacts. UKMTO stated that it could not confirm the origin of the projectiles, and investigations were still ongoing. The incident occurs as a result of 'growing threats to maritime travel in the wake of the U.S. - Israel conflict with 'Iran. Kuwait announced?on Tuesday that one of their fully loaded oil tanks?was attacked off Dubai and?triggered a fire. In recent days, maritime authorities reported "multiple incidents" involving vessels in Gulf waters.