Latest News
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Australians are advised to stick to Easter travel despite the fact that hundreds of petrol stations are dry
The fuel shortage in Australia was exacerbated by the Iran war, which left hundreds of petrol stations, mostly rural, without power on Saturday. Chris Bowen, Energy Minister, said on tv that Easter is a time of family and faith. "We encourage everyone to stick to their plans, visit your family and take a vacation, but don't buy more fuel than they need." Australia, which imports about 90% of its fuels, is experiencing localised shortages due to the Middle East conflict, which began its sixth week this Saturday. Some have cancelled their travel plans due to the escalating Middle East conflict. The long holiday weekend is one of Australia's most popular travel times. Bowen said that the nation is able to supply 39 days worth of petrol and 29 days worth of diesel, as well as 30 days worth of jet fuel. Bowen stated that the majority of affected stations were located in rural areas because it was more difficult to replenish the fuel stocks. In a rare speech to the nation this week, Prime Minister Anthony Albanese warned that the economic'shocks' of the Middle East war would last for many months. He also encouraged people to use public transportation. (Reporting from Sydney by Sam McKeith; Editing by William Mallard).
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Official: Ukraine's attack on Zaporizhzhia cuts off power in parts of the region held by Russia
A Ukrainian military attack on Friday cut off power to Russian-held areas of the Zaporizhzhia region. Emergency crews are working to restore it. There are power outages at some locations in the southern part Zaporizhzhia Region. Yevgeny Belitsky, Russia's appointed governor of Russian controlled areas in?the region said on Telegram that repair work was underway to restore the power. The outages are due to an enemy attack on the energy infrastructure of the?region. Ukrainian media outlets posted video clips showing what they claimed was an attack on an underground substation in Melitopol. The footage showed a large fireball rising over an industrial area. Zaporizhzhia was one of the four Ukrainian'regions' that Moscow annexed by 2022. This happened seven months after its full-scale invasion against its smaller neighbor. Russian forces control just a little more than 70% of the two southern regions Zaporizhzhia, and Kherson. Ukrainian officials claim that Kyiv has retaken some of the regions in recent weeks. Reporting by Ron Popeski, Oleksandr Kozoukhar and Mark Porter
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Sources: Russian oil terminals attacked by terrorists unable to receive shipments for a second week
According to industry sources, Russia's Baltic oil hubs in Ust-Luga, and Primorsk, are unable to process shipments after a series Ukrainian drone attacks. This has prompted the country's refineries?to 'find alternative routes' for 'export'. At least five attacks on Ust-Luga occurred in a span of 10 days, causing damage to the port infrastructure. Sources claim that the restrictions on exports, as well as disruptions in large refineries, could lead to a drop in oil production in Russia. Since March 22, traders said that refineries have been unable?to deliver diesel fuel for export to Primorsk,?leaving them without their most viable export route. One industry source said that diesel fuel hasn't been accepted at Primorsk since the 22nd of March. They have promised to resume receiving deliveries to the system. Refiners are forced to use more expensive rail routes to reach other export terminals, according traders. In the last week, refineries that normally deliver fuel oil to Ust-Luga considered shipping their shipments to 'Vysotsk' further north on the Gulf of Finland coast or to Taman along the Black Sea Coast. Vysotsk, say?traders, has a lower?handling capability and shipping to Taman requires a larger number of rail cars. This week, Finnish maritime officials said that the number of vessels shipping from?Primorsk or Ust-Luga was down sharply to just "individual ships" as opposed to a weekly average between 40 and 50. Mark Porter (Reporting)
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Sweden releases oil tanker suspected to be source of oil spill
The Swedish Coast Guard announced on Friday that they had released an oil tanker, believed to be a part of the Russian shadow fleet. They suspect this is what caused a 12 km long oil spill near the island of Gotland. The tanker was believed to be a part of a fleet shadow tankers which Moscow used to fund their four-year conflict against Ukraine. Sweden and other European nations have intensified their efforts to disrupt this fleet. Russia has branded these actions as hostile. Swedish Coast Guard reported that the tanker Flora 1 was captured off Sweden's southern coast. The tanker had been seized by the Swedish Coast Guard off Sweden's?southern coast. MarineTraffic data shows that a ship departed from Primorsk, Russia with an unknown destination. The coast guard has said that the oil spill will not reach shore. The Swedish Prosecution Authority stated that it had interrogated two crew members and informed them of suspicions of environmental crimes. The individuals had not been arrested. The Prosecution Authority stated that "the spill occurred in Sweden's Economic Zone, meaning the investigative actions we can take are limited." We have done the necessary interviews and will not be taking any coercive action 'due to the suspected crime. The authority announced that it had begun?an investigation?into a possible environmental crime. The authority said that it believed the vessel was listed on the EU sanctions, and added?that the flag status of the vessel is unclear. The 'Russian shadow fleet', which consists of old, poorly-insured tankers that evade the sanctions, is a serious security and environmental concern, said Carl-Oskar Bohlin, Swedish Minister for Civil Defence, on X. He specifically mentioned the?Flora 1 as part of his remarks. The government takes the incident very seriously, even if it's not a major spill.
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Ethiopia announces resolution of debt with China
Ethiopia's Finance Ministry announced on Friday that it had reached an agreement on debt treatment with China, reaffirming both nations' commitment to progress within the G20 Common Framework in order to formalise bilateral deals. Ethiopia is facing mounting legal challenges as bondholders plan to sue the Government following the resistance of bilateral creditors to a preliminary agreement to restructure Ethiopia's $1 billion Eurobond. Ethiopia could be unable to emerge from default on its external debt due to the dispute. In a Facebook post, the finance ministry stated that a resolution was reached at a meeting held in China between?Ethiopian finance ministers and Chinese finance minsters. The discussions included "debt restructure, implementation of existing projects, and financing opportunities" as well as plans to develop a new Bushoftu International Airport. The statement said that the two sides had reached an agreement on debt treatment, and had reaffirmed their commitment?to work constructively within the G20 Common Framework parameters towards signing the?bilateral deal. Ethiopia announced that in 2021 it would restructure its debts under the G20 initiative after its finances had been severely affected by COVID-19 pandemic. The East African nation defaulted in 2023 on its $1 billion Eurobond due to a missed coupon payment of $33 million. Reporting by Nairobi Newsroom; Writing by Elias Biryabarema, Editing by Bate Fels)
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Trump wants to privatize US airport security operations
On 'Friday, President Donald Trump proposed that the Transportation Security Administration, the federal agency created in the wake of 'the September 11, 2001 attacks, begin the process of privatizing the airport security operations. The White House budget proposes to cut the TSA budget of $52 million. Small airports would be required to enroll in a TSA-funded program that pays for private screeners. TSA employs?about 50 000 federal employees to handle screening in nearly all U.S. Airports. Budget documents stated that airports using the program had shown savings when compared with?federal screen operations. Major U.S. Airports have been experiencing massive disruptions in recent weeks after Transportation Security Administration (TSA) security?officers were not paid since mid-February due to a budget dispute. Trump has not nominated anyone to replace David Pekoske as the Transportation Security Administration's head. He fired him on his first official day and never appointed a successor. The White House demanded funding cuts for the TSA of $247 million last year. They claimed that the TSA had consistently failed audits and implemented intrusive screening methods that violate Americans' dignity and privacy. This budget cut represents a 3-4% reduction in?TSA personnel levels, with the majority of the staff being located at the exit lanes. The remaining 2% is for transportation security officers who are spread out across 435 airports. As air travel has increased in recent years, the Biden administration has increased the size and staff of the TSA. It now has more than 60,000 employees. The TSA screened 904 millions passengers in 2024. This was a record and a 5% rise over 2023.
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United Airlines introduces tiered fares for premium cabins
United Airlines announced on Friday its plans to "introduce" a new tier-based fare structure in premium cabins this year. United announced that it would offer base, standard, and flexible fare options in the premium cabins of its long-haul international flights, transcontinental U.S. flights, and selected Hawaii flights. These fares will join United's existing basic, flexible, and standard fares for economy cabins. According to the new tier fare structure, customers can choose from a range of benefits, including free seating and extra checked baggage, in the standard category. Tickets in the flexible category, however, are fully refundable, and include all the same benefits as standard tickets. United Airlines announced last month a "broad aircraft and interior overhaul" centered on premium seating. The airline is pushing forward with its long-term plan, despite warnings that oil prices could remain above $100 per barrel until 2027. It also revealed plans to reduce some flights. Since the COVID outbreak, big U.S. airlines have built their business around corporate accounts, loyalty-program participants, and premium travelers. They bet that these customers will be slower to pull back on fares when they rise. United Airlines said that it would launch the new categories this month in certain markets and expand them to include additional long-haul flights, transcontinental U.S. flights and longer Hawaii routes later this year. Andrew Nocella said that the new tiered options would give customers greater choice, and allow them to find a fare with the benefits they desire - whether it's great value, extra perks or maximum flexibility. (Reporting and editing by Alison Williams in Bengaluru, Sneha S. K. in Bengaluru)
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Canadian Finance Minister discusses supply chain integrity at meeting in China
The Canadian finance minister stated on Friday that he had discussed supply chain integrity with his counterparts in China during a meeting aimed at boosting trade. Ottawa is under scrutiny from the United States over its labour laws. The Finance Minister Francois Philippe Champagne told reporters the meeting was primarily focused on the financial sector, but also included trade in energy and pork. Canada is working to increase its overall exports to China by 50% by 2030. Champagne stated that "Canada places a high priority on the 'integrity of supply chains' and that our trade should be conducted according to 'international standards. The U.S. Trade Representative's Office announced in March that it had launched a second round of Section 301 unfair trading practice investigations of 60 economies including Canada. This was due to the failure to act on what they called forced labor. China is Canada's second-largest trading partner, with bilateral trade worth C$120 billion (US$86.1 billion). According to the official Chinese summary of Champagne's Friday meeting with Vice Premier He Lifeng, the two have agreed to hold a high-level financial and economic dialogue in the second part of this year. Champagne said that Stellantis had not been in contact with the automotive sector, despite reports that they were discussing building 'electric vehicles' in Canada with Zhejiang?Leapmotor Technology. ($1 = 1.3934 Canadian dollars)
How airlines have hedged themselves against fuel price rises
The Iran war has led to higher oil prices, and this is affecting jet fuel prices. This accounts for a large portion of airline costs.
Brent crude oil jumped above $80 a barrel on Tuesday amid concerns about?supply disruption.
Futures and options are used by some airlines to hedge against increases in price. Some airlines also hedge against changes in the value of the U.S. Dollar, which is used to price jet fuel.
Here is a list of some of the largest airlines in the world.
AIR FRANCE-KLM:
In 'February, the Franco-Dutch group announced that it had increased its total exposure to fuel consumption over a year to 87%. The group said that it had 'extended its hedging horizon from six quarters to eight and increased the hedging percentages.
AIR NEW ZEALAND
New Zealand's national carrier announced in February that it would hedge 83% of its fuel costs for the second half year of its financial period and 46% of its fuel costs for the first six months of the year up to 2027.
The majority of the hedges are in Brent Crude with some opportunistic Singapore Jet Swaps expected in second half of the year.
CATHAY:
Hong Kong's flagship airline said last year that it would hedge fuel costs into the second half of 2027. This will cover around 30% of the cost until the second half of 2026.
CHINA EASTERN:
State-owned airline says it has made careful assessments on derivatives market conditions, and did not engage in any jet fuel hedging transaction during the first half 2025. It had no jet fuel hedging contract outstanding as of 30 June 2025.
EASYJET:
In January, the British budget airline announced that it had hedged 84 percent of its fuel needs in the first six months of 2026. It also said that 62% of the fuel needed for the second half and 43 percent for the first six months of 2027 were covered at a cost of $688, $715 and $671, respectively, per metric tonne.
It has 80 percent of the money it needs for the first six months of the year at $1.30 a pound. The second half is 62% at $1.24 a pound. And the first six months of 2027 are 40% at $1.32 pound.
FINNAIR:
In December, the Finnish carrier revised its risk management policies to increase the hedging period to 24 months from 18 previously.
The company has purchased 219 tons at an average cost of $718 per ton for the first quarter and 834 tons at an average cost of $697 per ton through the second quarter.
The hedging rate is set at 70%-95% for the initial three months and then lower limits are set for the following quarters.
British Airways and Iberia's owner said that in February, fuel and currency hedges were down 9% by 2025 as compared to the year before.
It stated that its policy included hedging up to 75% near-term expectations near-term and up to 80% in the case of low-cost carriers.
ICELANDAIR:
Icelandic airline said it would hedge fuel consumption between 20% and 50 percent six months in advance, 0% to 40 percent seven to twelve months ahead and 0-20% for 13-18 months.
It stated that a 10% rise in fuel prices could have a $11.6 million impact on its equity.
LUFTHANSA:
Last year, the German airline said that its fuel hedging horizon is up to 24 month. The German carrier said that its fuel hedging ended in 2024 covered approximately 76% of the forecasted 2025 fuel requirements and about 28% for the forecasted 2026 requirements.
NORWEGIAN AIR
In February, the Norwegian airline said it had hedged approximately 45% of its estimated jet fuel consumption in 2026 and roughly?25% in 2027.
QANTAS:
In February, the Australian airline reported that 81% of fuel for its second half-year financial year ending June 30 2026 was hedged.
RYANAIR:
Michael O'Leary, the Irish carrier's CEO, said that the company was 84% hedged for the current quarter at $77 per barrel and had hedged about 80% of its jet fuel needs at around $67 per barrel.
Last year, the largest Scandinavian airline announced that due to unpredictability in the market, it temporarily changed its fuel hedging policies and had zero percent of its fuel consumption covered for the next 12 months.
Hedging is allowed up to 50% for the next six months. The company has a hedging policy that targets between 40 and 80% of the anticipated volumes in the coming year.
SINGAPORE:
In November, the company announced that it would hedge fuel for a period of up to five-years. 49% of fuel was covered in the third quarter of December, and 47% of fuel in the fourth quarter of March. This will reduce to 24% of fuel in the second half to 2027, and 7% of fuel in subsequent years.
The company said that it paid between $66-$69 per barrel for Brent hedged and between $79-$87 per barrel for MOPS.
VIRGIN AUSTRALIAN:
In February, the Australian airline announced that it would hedge 85% of fuel costs and 94% for foreign exchange in its second half-year financial year.
WIZZ Air:
Hungarian budget airline said it would hedge 83% of its jet fuel needs for the period up to March 2026, at a cost between $681 and $749 per metric tonnes.
It stated that it would cover 55% of the total year up to 2027, and 7% of the total year up to 2028 at prices of $650 to $716 per metric ton and $628 to $694 per metric ton, respectively. (Reporting and editing by Matt Scuffham; Alessandro Parodi)
(source: Reuters)