Latest News
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New Jersey offers $150 tickets on public transportation for World Cup games
The cost of round-trip tickets for World Cup games in New Jersey is now $150. This is up from $15 on an average day. The increase of more than 10 times in transit fares can add thousands of dollars to the cost of World Cup match tickets. The CEO of World Cup New York/New Jersey's host committee stated on Friday that "we expect public transportation to sell out because it's the fastest and most efficient way to get to the stadium." Service will include round-trips from New York City to the MetLife Stadium by trains and shuttles. Tickets are?nontransferable and refundable. Tickets will only be sold to World Cup ticket holders on May 13th. On game days, parking lots that can normally hold more than 20,000 cars will not be open. The MetLife Stadium is hosting eight World Cup matches, including the final.
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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 a close monitoring of security conditions, with the latest developments included in ongoing assessments." KNUT ARILD HARIDE, CEO OF NORWEGIAN SHAPIOWNERS' ASSOCIATION "If it represents a move towards opening, then this is a positive development. The situation is not resolved, as there are still many uncertainties. These include questions about the presence of sea mines, the applicable Iranian conditions 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 instead rely upon 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 then all the expenses of the terminal... this 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 the risk assessment and the close monitoring of security conditions, including the latest developments in ongoing assessments." KNUT ARILD HARIDE, CEO OF NORWEGIAN SHAPIOWNERS' ASSOCIATION "This is a positive development if it represents a move towards an opening. 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," said a spokesperson. 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)
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 soared to $150-200 per barrel from $85-$90 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 and the spike in fuel prices will have "notable impacts" on its results for the first quarter.
AIRASIA X
Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%.
AIR FRANCE-KLM
The airline group announced that it would increase the price of long-haul tickets to "address rising fuel costs", with cabin fares to be raised by 50 euros ($58).
AIR INDIA
The Indian flag carrier said that it would revise the fuel surcharge, from a flat domestic rate to a grid based on distance. It said that fuel surcharges for international routes do not compensate for an exponential increase in jet fuel costs.
AIR NEW ZEALAND
On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was among the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets.
AKASA AIR
Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights.
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 the plan to increase passenger capacity by 10% could be changed if fuel prices rise.
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.
CHINA EASTERN EXPRESS AIRLINES
Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights of less than 800km will be charged a surcharge of 60 yuan, and flights above 800km will be charged a surcharge 120 yuan.
DELTA AIR LINES
Delta announced that it would reduce capacity by 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The price of the first and second checked bags will increase $10 and the third bag will increase $50.
The U.S. airline canceled all capacity increases for the current quarter, and predicted profits below Wall Street expectations. The CEO of the company said that it would not update its full-year forecast due to uncertainty about how long fuel prices would rise.
EASYJET
EasyJet CEO Kentonjarvis warned that European consumers can expect to pay higher ticket prices at the end of the summer when fuel hedges end.
FRONTIER AÉRIENS
Fuel prices have increased dramatically since the airline issued its forecast for the full year.
GREATER BAY Airlines
The Hong Kong-based firm said that it will increase fuel surcharges for most routes from April 1 while maintaining charges on routes to mainland China and Japan.
The carrier has announced that the?surcharge' for flights between Hong Kong, Philippines and other destinations will double.
HONG KONG Airlines
The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49).
British Airways' owner IAG stated on March 10, that it does not intend to increase ticket price 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 begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for the Indian government's reduction of 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 airline said that baggage prices would rise either by $4 or $9.
Sources with knowledge of the situation have confirmed that KOREAN Air, South Korea's flag carrier, will be in emergency mode as oil prices rise. The airline will implement a phased response 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 flight prices by $20, and international flights by 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 had already raised flight prices, stated that the surge in fuel prices would be a major blow to the aviation sector, even if they tried to absorb it.
SPRING AIRLINES
Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be revealed later.
SOUTHWEST?AIRLINES
The American carrier announced that it would increase the fees for checked bags by $10 each for the first two bags. This will bring the cost to $45 and $55 respectively for the first bag.
The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues.
THAI AIRWAYS
The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices.
TURKISH AIRLINES LUFTHANSA
SunExpress,?a joint venture of Turkish Airlines and Lufthansa said that it would impose temporary fuel surcharges of 10 euros per person on routes between Turkey, and Europe, starting May 1. Bookings made after April 1, for departures after May 1, will be subject to the surcharge.
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 airline was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an email, the carrier also announced that it would increase first and second checked baggage fees by $10 to customers traveling in the U.S.A., Mexico, Canada, and Latin America.
VIETJET
Vietnamese budget airline said it had reduced flight frequencies on certain routes due to possible fuel shortages.
VIETNAM Airline
Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government to remove a tax on jet fuel.
VIRGIN AUSTRALIA
Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were being exacerbated significantly by the Middle East situation.
WESTJET
Canadian Press reported that the airline would add a C$60 fuel surcharge ($43) to certain bookings, and also combine flights due to rising costs.
(source: Reuters)