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Quotations-Reactions from industry leaders and businessmen to Iran's statement that Hormuz was open
Iran's Foreign Minister said that the Strait of Hormuz was now open to all commercial vessels after a ceasefire agreement in Lebanon. Quotes from world leaders and the shipping industry on the Iranian declaration. SHIPPING INDUSTRIES: HAPAG-LLOYD Insurance coverage, clear orders?of?the iranian government/military about the exact sea corridor to be used and the sequence of ships leaving) we would prefer to pass through as soon as possible. Insurance coverage, orders from the Iranian government/military regarding the exact sea route to be used, and the order of departure by ships) would make it easier for us to cross the strait. Our crisis committee is currently in session, and we will be working with all parties to try and resolve any open issues within the next 24 hours. MAERSK "We have taken note of the announcement." Our priority is the safety of our crews, vessels, and cargo. We have been following the advice of our regional security partners since the start of the conflict. The recommendation has so far been to avoid transiting the Strait of Hormuz. "Any decision on whether to transit the Strait will be made based on risk assessment and close monitoring of security conditions,? with the latest developments included in ongoing assessments." KNUT ARILD HARIDE, CEO OF NORWEGIAN SHAPIOWNERS' ASSOCIATION "This is a positive development if it represents a move towards opening. The situation is not resolved, as there are still many uncertainties. These include questions about the presence of sea mines, applicable Iranian laws, and the practical implementation. Before any transit can take place, these?aspects' will need to clarified. ARSENIO DOMINGUEZ, SECRETARY GENERAL OF THE INTERNATIONAL MARINE ORGANIZATION We are verifying that the recent announcement regarding the reopening of Strait of Hormuz is in compliance with the freedom of navigation and safe passage for all merchant ships. World Leaders: ANTONIO GUTERRES UNITED NATIONS SECRESTARY-GENERAL "I welcome Iran’s announcement that the Strait of Hormuz will be completely open to all commercial vessels during the remaining ceasefire. This is a positive step. The UN's position is clear: We need to restore the full rights and freedoms of international navigation in the Strait of Hormuz. U.S. President DONALD TRUMP Trump posted on Truth Social that "the Strait of Hormuz was completely open, ready for full business, and the full passage. But, the naval blockade would remain in full force, and only as it relates to Iran until our transaction with Iran has been 100% completed." FRENCH PREMIER EMMANUEL MACON Macron said that the "move" was in the right direction. We all oppose any restrictions, agreements, or systems that could be interpreted as an attempt to privatize strait, and of course any toll system. CEVDET YILMAZ, TURKISH VICE PRESIDENT We welcome Iran's announcement of the Strait of Hormuz being reopened for all ships up until the end of the ceasefire. This is a?important step in deescalating tensions. "Dialogue, restraint and strengthening multilateral co-operation are the only ways to prevent similar crises, conflict and developments disrupting maritime transport in our area." FINNISH PRESIDENT ALEXANDER STUB "Finland is ready to work with a solution which brings stability to the area and respects international laws." (Reporting from bureaus, compiled by Toby Chopra).
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Pakistan's power shortages ease with a rebound in hydro-generation
Pakistan's power'shortages' have decreased from six hours daily to less than three, after water release from dams almost quadrupled, pushing hydropower output to its highest level in days, said a spokesperson from the country's "power" division on Friday. The hydropower generation jumped to 4,100 Megawatts (MW), from 1,800MW, before the dam releases. The increased output eased grid restrictions and allowed 400 MW more to be transmitted out of the south. This improvement is a result of Pakistan's electricity shortage, which doubled to 3,400 megawatts this week. The shortfall caused six to seven hour outages across parts of northern Pakistan. In an interview with Awais Leghari on Thursday, the shortfalls are primarily due to a decline of 48% in annual hydropower production as 'provinces have not asked for water releases from Dams due to heavy rainfall reducing irrigation needs. The cause of the increased water release was not immediately apparent. As the monsoon season begins, hydropower generation will likely continue to be high unless there are more rains. No immediate plans to buy spot LNG Pakistan, who is trying to mediate a peaceful end to the Iran War, thought that a stoppage of LNG imports would have a minimal effect compared to the "widespread power outages" which followed Russia's invasion in Ukraine in 2022. This assessment didn't take into account the decline in hydropower. Leghari stated that Pakistan does not have immediate plans to buy LNG on the spot markets, but will rely instead on fuel oil, as well as a recovery of hydropower, in order to ease outages. Pakistan partially offset shortfalls up to 2,500MW after Qatar suspended LNG supply by running furnace oil plants at full capacity. "The cargoes that will be offloading the LNG?and all the other costs of the terminal...that easily adds an additional $4-$5 on the spot price." "I think furnace oil might be a bit cheaper," Leghari said in an interview with?Thursday. He said, "We disciplined ourselves to be able bear the discomfort and not allow the prices to actually drive up inflation." Reporting by Ariba and Sudarshan Varadhan; Editing by Philippa and Toby Chopra
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Quotations-Reactions from industry leaders and businessmen to Iran's statement that Hormuz was open
Iran's Foreign Minister said that the Strait of Hormuz was now open to all commercial vessels following an agreement in Lebanon on a ceasefire. The shipping industry and leaders from around the world have spoken out about the Iranian declaration. SHIPPING INDUSTRIES: MAERSK "We have?taken?note of the announcement. Our priority is the safety of our crews, vessels, and cargo. We have been following the advice of our regional security partners since the beginning of the conflict. The recommendation has so far been to avoid transiting through the Strait of Hormuz. "Any decision on whether to transit the strait is based on a risk assessment and a close monitoring of security conditions, including the latest developments." KNUT ARILD HARIDE, CEO OF NORWEGIAN SHAPIOWNERS' ASSOCIATION "If this is a positive step in the direction of?an opening then it's a good thing. The situation is not resolved, as there are still many uncertainties. These include questions about the?presence or sea mines and the applicable Iranian conditions. Before any transit can be assessed, these aspects must 'be clarified. HAPAG-LLOYD "We have begun to evaluate the new situation, and the risks that are involved." We are therefore refraining for the moment from crossing the strait", a spokesperson stated. Later, a spokesperson said: "We're looking into it. (Hapag Lloyd's) Crisis Committee is in session." We will probably pass soon, but it's too early to confirm. ARSENIO DOMINGUEZ SECRETARY GENERAL OF INTERNATIONAL MARINE ORGANIZATION "We are currently checking the recent announcement regarding the reopening of Strait of Hormuz in terms of compliance with freedom of navigation for all merchant ships and secure passage." World Leaders: U.S. President DONALD TRUMP Trump said on Truth Social that the Strait of Hormuz was "completely?open" and ready for full business. However, the naval blockade would remain in place as long as Iran is concerned, and only until our deal with Iran has been completed. FRENCH PREMIER EMMANUEL MACON Macron said that the move "goes the right way." We all oppose any restrictions or agreements that would amount to a privatization of the Strait, and, of course, toll systems. FINNISH PRESIDENT ALEXANDER STUB Stubb stated on X that Finland is ready to work towards a solution which brings stability to the area and respects international laws. (Reporting from bureaus; compiled by Toby Chopra).
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Nornickel claims that higher prices will offset the increased costs and delivery time from the Iran war
Russian metals manufacturer Nornickel said the Iran war had extended delivery times by three weeks for its base metals exports and increased freight costs, but that higher metal prices offset the additional expenses. U.S.-Israeli strikes on Iran have paralyzed shipments through Strait of Hormuz, and created risks for shipping via the Suez Canal. Nornickel carries base metals from Murmansk, through Tangier, Rotterdam, and the Americas and Europe by sea. Anton Berlin, Nornickel vice president and head of sales, told reporters that the company no longer uses the Suez Canal, but instead routes cargoes around Africa. "Previously, base metals that we shipped by sea either went through the Suez Canal, or around Africa depending on the situation, Berlin said that they now only go?around Africa. Berlin?made his remarks before?Iran's foreign minister said that passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remainder of a truce between Israeli forces and Iran-backed Hezbollah. Berlin made his remarks just before the?Iranian foreign minister announced that all commercial vessels will be allowed to pass through the Strait of Hormuz for the duration of the truce between Israel and Iran-backed Hezbollah. Berlin said that the demand for base metals is also largely unchanged from the levels before the Middle East tensions escalated. Nornickel announced that after sanctions were imposed against Russia, it would drastically reduce the number of shipments through Rotterdam and instead use its hub in Tangier. Vladimir Potanin, Nornickel's main shareholder, said that the company was 'considering' investments in port infrastructure across the Middle East, Turkey, and Morocco in order to reduce its dependence on European ports. Nornickel is the largest palladium producer in the world and a major copper and nickel supplier. It hasn't been targeted directly by Western sanctions, but it has faced voluntary restrictions and logistical and payment problems from its partners. The company has responded by reorienting its supply chain towards Asia. Berlin said that around 50% of Nornickel sales are shipped to China. About 15% go to Russia, and about 5% to the United States. The remainder of the volumes are shipped out to Europe, North Africa and Middle East, as well as other Asian markets. (Reporting by Anastasia Lyrchikova. (Editing by Jane Merriman).
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Shippers seek clarifications on the Hormuz crossing
Shipping companies welcomed Iran's announcement that the Strait of Hormuz was open, but they said a clarification would be needed before ships could enter the Gulf. The Foreign Minister Abbas Araqchi announced on Friday that all commercial vessels were welcome to use the Strait of Hormuz during a 10-day ceasefire agreement in Lebanon. This led to a drop in the price of oil and other commodities, while the stock market rose. Arsenio Dominguez, Secretary-General of UN shipping agency 'the International Maritime Organization' (IMO), said: "We are currently evaluating the recent announcement regarding the reopening of Strait of Hormuz in terms of compliance with freedom of navigation and safe passage for all merchant ships." The Norwegian Shipowners' Association stated that several things must be clarified prior to any ships being able to transit the strait. These include the?presence and conditions of Iranians', the practical implementation, as well as the Iranian conditions. Knut Arild Harteide, CEO of the association that represents 130 companies and 1,500 vessels, said: "If this is a step in the right direction, then it's a positive development." Hapag-Lloyd, a German shipping company, was assessing the situation. "We will probably pass soon", said a spokesperson. CMA CGM and Maersk, the French shipper, were not available to comment immediately. Frontline, a Norwegian oil tanker company, declined to comment. A senior Iranian official said that all commercial ships, including U.S. vessels, can pass through the strait. However, their plans must be coordinated with Iran’s Islamic Revolutionary Guard Corps. Officials said that the transit would only be allowed on routes that Iran considers safe. Military vessels are still prohibited. U.S. president Donald 'Trump' said on Friday that Iran had agreed not to close the strait ever again and was clearing sea mines out of the strait. A U.S. Navy advisor said that the threat posed by mines in some parts of the strait was not fully understood. Ships should avoid the area, the advisory stated. The strait is one of the world's major maritime chokepoints. Shipping companies have been forced to suspend sailings and reroute their cargo, and use expensive workarounds in order to keep goods flowing into and out the Gulf. (Reporting from Gdansk by Jesus Calero, writing by Louise Rasmussen, Nerijus Adomatis, editing by Terje Solsvik, Louise Heavens and Jason Neely.)
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Spain's energy watchdog investigates major companies for historic blackout
Spain's energy regulator and competition authority?said? on Friday that it had opened formal investigations into the country's biggest energy companies and power grid operator in relation to the unprecedented blackout last year which occurred in Spain and Portugal. Evidence was found of long-term violations of certain power sector regulations. The watchdog has opened investigations into the grid operator Red Electrica (a unit of Redeia) as well as the energy companies Iberdrola Naturgy Endesa Repsol. The watchdog also stated that it was investigating individual power stations. Iberdrola declined to make a comment. The other companies named did not immediately respond to requests for comments. Numerous investigations have been conducted to determine the cause of the massive power outage that plunged a large part of Spain and Portugal in darkness for 16 hours or more on April 28, 2025. The majority of investigations focused on identifying the causes without assigning blame. The National Commission on Markets and Competition (CNMC) said that although the violations were not responsible for the blackout they could have affected the power system operation and may amount to administrative infringements requiring a formal inquiry. After the close of the market, the names of companies under investigation were revealed on the website. The CNMC, in a report published last month, recommended that measures be taken to reduce voltage fluctuations on the grid as a result of the blackout as well as boosting French energy links. The CNMC did not blame anyone, saying that it was looking at 'potential breaches separately. The CNMC reported that it had found a series of events which destabilised the system over time and culminated in the outage on April 28, 2025, whose immediate reason was a'surge in voltage. The report also said that while some breaches may have been suspected for a long time, this does not mean the companies responsible for the blackout are to be blamed. The process?can take between nine to 18 months depending on the severity of the infringement. Affected parties can submit arguments and proof. Reporting by Marta Serafinko, Pietro Lombardi. David Latona, Mark Potter and David Latona edited the report.
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EU jet fuel stock could be released if the disruption to Hormuz continues
An?EU spokesperson said on?Friday that the?European Union was prepared to coordinate a release?of?jet fuel stocks if disruptions to the Strait?of Hormuz persisted, even though Iran temporarily reopened this key waterway. European regulators and airlines have warned that flight cancellations and aircraft groundings could disrupt summer travel, if jet fuel supply bottlenecks in the Middle East related to the Iran War do not ease soon. Iran announced on Friday that it will reopen the Strait Of Hormuz for commercial shipping after a ceasefire in Lebanon. Donald Trump, the U.S. president, said that a U.S. navy blockade would continue until an agreement with Tehran was reached. Hapag-Lloyd, a shipping?firm, said that it would not transit the Strait of?Hormuz until it had assessed?Iran?s announcement. There are currently no fuel shortages within the EU. "We are preparing, however, for possible shortages of jet-fuel," said the EU spokesperson in a press release. The bloc could release its reserves if the Strait remains disrupted. If the situation in the Strait of Hormuz persists, the EU is preparing for a coordinated release of jet fuel. The spokesperson said that Iran's announcement?did not change current plans and it would become clearer next weekend whether or not the strait is open. The comments are the most direct the 'EU has made so far. They follow an earlier call by Germany's biggest aviation lobby to release Europe's strategic jet-fuel'reserves' in support of the sector. Next week, the 'EU will also announce plans to optimize refinery capacity in order to address an upcoming jet fuel shortage. (Reporting by Joanna Plucinska. (Editing by Hugh Lawson, Mark Potter and Hugh Lawson)
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What is the Strait of Hormuz? Why is it important to the world and what is its significance?
Iran's Foreign Minister said that the Strait of Hormuz is open to all commercial vessels during the remaining 10 days of the U.S. brokered ceasefire between Israel, Iran-backed Hezbollah and the United States. This led to a?sharp fall in oil prices. Senior Iranian officials said that all vessels except naval ships would be allowed to?sail through the strait, but that their plans would need to be coordinated with Iran’s Revolutionary Guards, and transiting ships would only be permitted on lanes Iran considered safe. The U.S. and Israeli war against?Iran that began on February 28 has resulted in the deaths of thousands, destabilised the Middle East, and shook global energy markets. Here are some details on the Strait of Gibraltar and its importance. What is the STRAIT of HORMUZ? The strait, which is located between Oman, Iran, and the Gulf of Oman, links the Gulf of Oman in the north with the Gulf of Oman in the south, and the Arabian Sea to the east. Its narrowest point measures 21 miles (33 kilometers) and has a shipping lane that is only 2 miles (3km) wide either way. The waterway, which is approximately 104 miles long (167 km), is the most important shipping channel for energy in the world. After the U.S. and Israeli strikes against Iran began on 28 February, Tehran closed the strait in order to fulfill an old threat. Iran threatened to charge ships for passing through the strait during the standoff. Shipping industry officials claim that no such unilateral action to charge fees for ships to cross a strait was ever made in modern history. Meanwhile, U.S. president Donald Trump said that free oil traffic through the strait should be part of any deal. WHY FERTILISERS, JET FUELS, OIL AND GAS MATTER Around a fifth (or more) of the world's oil, liquefied gas and natural gas supplies pass through this strait. It is the only sea-exit for fuels from the main exporting countries. OPEC members Saudi Arabia and Iran, as well as Kuwait, Iraq, the United Arab Emirates and Kuwait, export most of their crude oil via?the riverway. Qatar, one of the largest LNG exporters in the world, sends most of its LNG via the Strait. Kpler, an analytics firm, estimates that 33% of all fertilisers around the globe, including ammonia and sulphur, also pass through the Strait. Data from the United Nations shows that traffic has fallen by 97% in the U.S. and Israel since the war began on February 28. Long History of Tensions over the Strait A commander of Iran's Islamic Revolutionary Guard Corps said in 2011 that closing the strait was "easier" than drinking just a glass of water. The threat had been made to the strait many times before. In the Tanker War that lasted from 1980 to 1988, both sides tried to disrupt the other's exports. In January 2012, Iran also threatened to close the Strait as a retaliation against U.S. sanctions and European ones. In May 2019, four vessels, including two Saudi oil tanks, were attacked near the UAE coast outside the Strait of Hormuz. Iran seized three vessels in the Strait, two in 2023, and one in 2020. Some of these seizures were in response to U.S. seizure of Iranian tankers. Iran had considered closing the Strait last year after U.S. airstrikes on its nuclear facilities. Analysts had always considered the closing of the Strait a last resort due to the strategic changes that it could cause among Iran's adversaries and the possibility of retaliation by its own energy sector. Why is it so difficult to secure the streit? Shipping broker SSY Global stated that the shipping lanes were narrow and that ships had to make a turn towards Iranian islands, as well as a mountainous coastline which provides cover for Iranian troops. Tom Sharpe said that although Iran's naval force has been largely destroyed, the Islamic Revolutionary Guard Corps still has options, including mini submarines, mines, and even jetskis with explosives. According to the Centre for Information Resilience, Tehran is able to produce 10,000 drones per month. IS THERE ANY OTHER WAYS TO GET RID OF THE STRAIT? The UAE and Saudi Arabia are looking for ways to bypass this strait. They have built more oil pipelines. These alternatives are also vulnerable, but they're not operational at the moment. An attack by Houthi Militia in 2019 on a Saudi east-west pipeline showed that. Qatar's Foreign Ministry said that all countries of the region had the right to freely use the Strait and that any future discussions on financial mechanisms should be delayed until it has been reopened. Shipping firms had to find alternate routes for basic goods while the strait was closed. To ensure a shipment to Qatar, for example, required rerouting via the UAE. What does international law say? UNCLOS, the 1982 international maritime law convention, has been in effect since 1994 and states that they cannot charge a fee for allowing a ship to pass through if it is on their border. They can, however, impose limited fees for services like piloting, tagging or port services. However, these 'fees' cannot be imposed more heavily on vessels of a particular country. UNCLOS or UN Convention on the Law of the Sea Article 38 gives vessels the right to "transit pass" unhindered through more than 100 straits around the world, including the Strait of Hormuz. UNCLOS has been ratified by around 170 countries, including the European Union. Iran and the United States, however, have not. It is unclear whether the rules of the treaty allowing freedom of navigation in the maritime domain have been incorporated into customary international law or only bind the ratifying nations.
Hungary asks EU for suspension of sanctions against Russian energy
Viktor Orban, Hungary's prime minister, called for the European Union on Monday to suspend sanctions on Russian energy and convened a government emergency meeting.to address rising fuel costs.just five weeks prior to a pivotal election. The war in Iran has fueled a rise in oil prices that have pushed up diesel and petrol costs in Hungary. Orban is now facing a challenge as he prepares for parliamentary elections on April 12, where he will be fighting to maintain his 16-year hold on power.
Orban's Fidesz is trailing the centre-right Tisza despite having launched a series of measures that have increased the budget deficit. However, the result of the election remains uncertain. The figures released earlier on Monday revealed that the budget deficit in the first half of 2026 was close to the target of?half.
The Middle East war and Ukraine's oil blockade are pushing up prices. Orban, in a blog post on X, wrote that Europe must accept reality. We need to review all sanctions against Russian energy and lift them.
On Monday, oil prices soared above $119 per barrel. This was the highest level since mid-2022. Governments scrambled in an effort to minimize the impact of this on their economies and consumers.
Orban claimed he called the meeting to "protect Hungarians" from high fuel costs. He said in a Facebook posting that fuel prices "cannot rise to an unbearable amount."
Orban's previous government had set a cap on?fuel prices for April 2022 in an attempt to control inflation. Orban won the election by a large margin. He was forced to remove the fuel price cap in December 2022 due to fuel shortages caused by a lack imports and panic buying.
Hungary faces additional pressure as the?flows? of Russian oil through Druzhba?pipeline are suspended since late January, when Kyiv claimed that the pipeline had been damaged by a Russian strike. This interruption has caused tensions between Kyiv and Hungary.
(source: Reuters)