Latest News
-
UK authorizes military to board Russian Shadow Fleet Tankers
Keir starmer, the British prime minister, said that he had 'given permission for military personnel to board and hold Russian ships. His government believes they are part of an alleged network of vessels which allows Moscow to export oil despite Western sanctions. The decision comes as other European nations are intensifying their efforts to disrupt Russia’s shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved more aggressive actions against the vessels, because Russian President Vladimir Putin would likely be "rubbing his hand" at the sharp rise in oil price caused by the U.S. and Israel war against Iran. Starmer stated in a press release that "we're going to?after his?shadow fleet even harder. Not only will we keep Britain safe, but we'll starve Putin's war-machine of the?dirty profits' which fund his barbaric campaigns in Ukraine." Downing Street announced that British law enforcement and military officials are preparing to board Russian vessels which do not surrender, are armed or use "high-tech, pervasive surveillance" to avoid capture. Downing Street has said that criminal charges may be brought for violations of the sanctions legislation against owners, operators, and crew once the ships have been boarded. The shadow fleet is a way for Russia to continue exporting oil despite the Western restrictions that were imposed in 2022 after it invaded Ukraine. The European Union's efforts to maintain pressure on Russia have been undermined by the U.S. administration of President Donald Trump, which gave countries a 30 day?waiver? to purchase sanctioned Russian goods currently stranded in the sea. This was done to stabilize global energy markets that were roiled by the war in Iran. Starmer announced the decision before attending the Joint Expeditionary Force Summit on Thursday in Helsinki, where Britain is expected to call for greater coordination regarding the seizure of shadow fleet vessels. The UK has imposed sanctions on 544 Russian Shadow Fleet vessels. The vessels occasionally pass through the Channel which separates Britain from France. Britain estimates that about three quarters of the crude oil transported by Russia is transported on these ships. Shadow fleet vessels are often opaquely owned and raise concerns about the environmental risks. They include old, poorly regulated tankers that can be prone to leaks, mechanical failures, and spills. Andrew MacAskill reports.
-
US Postal Service wants to temporarily increase prices by 8% in order to cover fuel costs
The U.S. The U.S. USPS needs the Postal Regulatory Commission's approval for this temporary price increase. The surcharge, it said, will be a "bridge" to a permanent mechanism that will reflect the market conditions for prices of competitive products. This comes as USPS warned they could run out money as early as October. The increase will not affect first-class stamps. USPS reported that FedEx and UPS have imposed fuel surcharges between 25% and 28% on ground and air delivery since the beginning of the 'Iran War. This is due to the sharp increase in oil prices, including a rise in diesel and jet fuel. USPS stated that "transportation costs are increasing and our competitors have responded with a number surcharges." "We have avoided surcharges, and this charge is about one-third less than what our competitors charge just for fuel." USPS expects the surcharge will be in effect until January 17, next year. At that time, the agency will decide if a long-term solution is needed. U.S. Postmaster-General David Steiner said to Congress this month that increasing the price of first-class mail stamps from 78 cents to $1 or 95 cents would help them cut their losses and generate more revenue. Steiner says that stamp prices have increased by?46% from early 2019 when they were only 50 cents. However, they are still 'far lower than other countries. Since 2007, USPS has reported net losses totaling $118 billion as its most profitable product - first class mail - has dropped to its lowest level since the 1960s. Reporting by David Shepardson, Washington. Editing by Franklin Paul, Matthew Lewis and Matthew Lewis.
-
Tecpetrol estimates that Bolivia will need to import gas in five to six years to meet its local demand.
Tecpetrol CEO Ricardo Markous stated on Wednesday that Bolivia's natural gas?producer may have to start importing gas from its neighboring countries within five - or six years - in order to?meet a local /demand. Markous, speaking at the CERAWeek energy summit in Houston, said that Bolivia's gas production has dropped to 35 million cubic metres per?day compared with 65 million cubic metres per?day the previous year. Tecpetrol is TotalEnergies’ partner in the Ipati Aquio block in Bolivia. This block is a?contract with the state energy company YPFB. Markous stated that the area currently produces 6 million cubic metres per day. This is down from 11 millions cubic meters per days. Argentina's gas producers have started selling to Brazil after reversing a pipeline that was used to supply Bolivian gas to their neighbors. Markous stated that the same pipeline could be used to deliver Argentinean gas to 'Bolivia if parties reached agreements on 'transport tariffs. To offset the decline in domestic production, Bolivia will have to?complete a long exploration period of?deep wells. "Given Bolivia's past, that will be very difficult", he said. Marianna Paraga, David Gregorio and David Gregorio contributed to the reporting.
-
Canada's Trans Mountain is nearly full due to global oil disruptions. CEO of Trans Mountain says
Canada's Trans Mountain Oil?pipeline is expected to be?almost completely full in April. This marks an important milestone for the conduit, which has seen a record-breaking level of usage since the C$34 billion expansion last year. The 890,000-barrel-per-day pipeline, which carries oil from the province of Alberta to British Columbia's west coast, is running near maximum capacity, said Trans Mountain ?CEO Mark Maki. Maki stated that the Iran War has caused disruptions in Middle East oil supply, which have led to an increase in demand for Canadian oil, particularly from Asian buyers, including China. Maki stated in Houston, at the CERAWeek conference by?S&P Global, that "we will be very close to full soon." Maki also said that utilization rates were in the "high 90s" percentage. "I'd attribute that to disruptions around the globe, as it is close to being full now." Trans Mountain, owned by Canada, was only 84% full last summer. Trans Mountain's forecasts indicated that the pipeline capacity would not be reached until 2027-2028 as usage of the newly expanded system increased slower than expected. Maki stated that the pipeline company may revise their long-term capacity utilization predictions to reflect changing conditions. This includes an increase in output from Canada's Oil Sands producers. Trans Mountain plans to implement a number of optimization projects including adding drag-reducing agents to the system and installing new pumping stations. This is expected to increase the system's capacity by 300,000 barrels per day (bpd) by the end of 2028. Alberta, Canada's main oil-producing ?province, has also been exploring the ?feasibility of a new one-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast to increase exports to Asia, but no private-sector company has committed to such an effort yet. Amanda Stephenson, Houton reporter
-
JetBlue taps advisers for potential sale, Semafor reports
JetBlue Airways hired advisers to evaluate the viability of a possible sale to a competitor carrier, according to Semafor, which reported on Wednesday. The shares of the low-cost carrier rose by?14%. According to a report, JetBlue had 'various scenarios' on how Washington policymakers would view potential combinations with United Airlines or Alaska Airlines. According to LSEG, JetBlue's market value was approximately $1.55 billion at Tuesday's closing. Could not confirm independently Semafor’s report. JetBlue said in an email that it had made "meaningful progress" on its multi-year JetForward strategy. It was referring to the long-term financial plan. We're confident JetForward will restore profitability and create value for our investors, as well as opportunities for our crewmembers. The airline announced earlier this month that it was on track to achieve $850-$950 million in additional operating profits by 2027 thanks to its JetForward Plan, which aims to reduce costs, increase its network, and improve service for travelers. JetBlue canceled its $3.8 billion merger with Spirit Airlines in 2024 after an American judge blocked it on the grounds of anti-competition. JetBlue announced last year a partnership with United that allows travelers to book flights using both carriers' websites, and earn and use frequent flyer points interchangeably. JetBlue has also agreed to give United access to up to seven round-trip daily flights at New York's congested JFK International Airport starting in 2027. JetBlue could still be in the preliminary stages and decide to not pursue deal talks with rivals. The report added that it was not possible to determine if JetBlue had been in discussions or received any indications of interest. Reporting by Aishwarya Jain, Bengaluru. Editing by Leroy Leo.
-
Jazeera Airways taps Saudi hubs as Kuwait airspace remains shut
Executives said that Kuwait's?Jazeera Airways will offer 200,000?seats this April, which is about 40% of its pre-war network. The airline plans to?rebuild the operations?disrupted?by the U.S./Israeli war against Iran. In its fourth week of fighting, the war has claimed more than 2,000 lives, shattered global markets and led to Iranian strikes which have effectively'shut down' the Strait of Hormuz, disrupting global air traffic. Kuwait's airspace was closed when the conflict started on February 28. Its international airport and surrounding areas were targeted multiple times, prompting Jazeera?to shift its operations to Saudi Arabia. On March 11, the airline began transporting passengers across the border via land from Al Qaisumah Airport. Now, it is also operating out of Dammam. Barathan Pasupathi, the Chief Executive of Jazeera, told media via remote that he had no idea when Kuwaiti airspace would reopen. The airline will be able to bring in almost two million metric tonnes of freight by using Saudi hubs, according to the official. Jazeera's Chief Commercial Officer, Paul?Carroll, said that the company operated 11 or 12 aircraft out of its 23-strong fleet. We have 22 destinations available for sale tonight. He said that the main goal was to keep Kuwait connected in terms of cargo and passenger movements. He added, "We are looking at increasing frequency where the demand warrants it." Reporting by. Mark Potter (Editing by Mark Potter).
-
Austrian lower house opens the door to measures to combat rising fuel prices
Austria's lower chamber of parliament approved a draft law?on Wednesday, paving the way for implementing?measures against rising petrol prices caused by the war in the Gulf. The?military strike? by Israel and the U.S. on Iran, and Iran's threat to block shipping through the Strait of Hormuz - through which a fifth of all global oil and gas is delivered - have pushed up oil prices, and Western governments are scrambling to cushion the blow for consumers. Austria's ruling coalition of three parties plans to return to motorists the extra revenue from higher petrol prices, in the form of a tax cut on diesel and petrol. The coalition also wants to limit 'profit margins of refiners and fuel retailers. The government stated that the measures would initially reduce fuel costs by approximately 10 eurocents (12 cents per litre) starting next month. The Greens, an opposition party, voted in favor of the draft legislation to give the government a two-thirds majority. "This government must accept full responsibility for the success or failure of its policies," said?Greens Leader Leonore Gewessler at a press briefing shortly before her party voted in favor of the legislation. Gewessler, however, also stated that she believes the'measures will be ineffective. She said fuel retailers will'simply increase their prices even further. And urged the Government to improve the plans. She explained her party's voting by saying, "We Greens won't let ourselves be used as an?excuse for this government failing to act and bring down prices."
-
Maersk Shipping says Middle East urgently needs food imports
A.P., the Danish container shipping?group's chairperson, said that the Middle East has a?pressing need? for food imports which have been disrupted? by the Gulf War. Moller-Maersk stated on Wednesday. According to the World Economic Forum (WEF), Gulf Cooperation Council nations - including Saudi Arabia, Qatar, and the United Arab Emirates -- import up to 85 percent of their food. The conflict that started?with U.S. and Israeli strikes on Iran, followed by Iranian attacks in?the region, and its closure of the Strait of Hormuz has brought'shipping to a standstill, rippling through global supply chains. Maersk temporarily suspended cargo bookings in many ports of the Gulf Region and introduced emergency bunker fuel surcharges throughout the world as compensation for rising fuel prices. Robert Maersk Uggla, Maersk Chairperson, said that the company employs more than 6,000 people in the region who provide essential logistic and transportation services to customers and communities. He told the annual general meeting of the shareholders of the group that there was a "pressing need" for food imports, which are often handled using cold chain solutions, such as Maersk reefer containers. He added that "as the Strait of Hormuz has been closed, we are now trying to find alternative ways to bring the cargo to the Gulf", without providing any further details. Hapag-Lloyd, the rival container shipping company, said earlier on Wednesday that it would incur 'additional costs' of $40 to $50 million per week as a result of the Iran crisis. It cited higher fuel prices, insurance premiums, and storage fees for containers. (Reporting and editing by Jan Harvey; Terje Solsvik)
As the big energy conference winds down, chaos at Houston's airport leaves attendees scrambling
The massive security queues at Houston's airport are a major concern for many people who will be returning home on Thursday or Friday.
George Bush Intercontinental Airport is a victim of the partial shutdown. This has caused staffing shortages in some airports across the nation.
Social media videos show long lines with travelers sleeping on the floor, and wait times of up to four hours. The lines at the Terminal E TSA checkpoint were long but moving on Wednesday morning.
Houston, America's fourth largest city, has been the scene of the world's biggest energy conference for the past week. The worst travel problems have always been caused by the congestion on the multi-lane highways that surround Houston.
Many attendees are now scrambling for another way home. Many rebook out of Houston’s smaller William P. Hobby Airport is a popular choice; some rent cars and drive to Dallas or San Antonio where the lines are shorter.
Michael Gullo was due to return to Ottawa from Houston on Wednesday. He and a co-worker decided to cancel the flight on Tuesday night, and instead rebook out of Austin. They rented a car to drive the 2-1/2 hours to the airport in Ottawa Wednesday afternoon.
Gullo explained, "We had to be home tonight and we weren't sure if that was possible from Houston."
One attendee at the conference, who declined to be identified, stated that they considered driving to Dallas instead of flying back to Mexico City, but decided it would take just as much time.
They considered switching airlines or departing from Hobby Airport which has a shorter waiting time.
Even the leaders of multi-billion dollar companies are not immune from chaos.
Pedro Pizarro of Edison International, the CEO of a utility company, said he had considered changing his travel plans to Hobby but decided to go with George Bush Intercontinental.
Pizarro’s busy travel schedule should give him a status that will help him avoid the longest lines when he leaves Houston. As he waited in line at the conference for an afternoon cup of coffee, Pizarro said that a private jet wasn't in his plans.
"I always fly commercial," said he. (Reporting from Amanda Stephenson, Nathan Crooks, and Liz Hampton in Houston. Additional reporting by Evan Garcia. Editing by David Gregorio.)
(source: Reuters)