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Ukraine claims it has hit Russia's Sheskharis Oil Terminal on Black Sea
The Ukrainian military said that it had attacked the Sheskharis Oil Terminal in Russia, one of the largest on the Black Sea. It also struck the nearby Grushova oil depot. On Telegram, the Ukraine General Staff reported that the overnight attack caused a fire to break out at the Sheskharis Terminal. The general staff of Ukraine also reported that a tanker called Chrysalis had been hit in the Black Sea. In recent months, Ukraine has increased its number and size of strikes on Russian oil refineries and transportation facilities, in an effort to reduce Russia's revenue from oil and natural gas exports that it uses to fund?its war. Robert Brovdi said that in the first 23 of May, Ukrainian drones attacked 13 major Russian oil installations. Brovdi, a Russian oil refinery executive, said earlier this week that six of the 10 biggest oil refineries in Russia had stopped processing crude after the?Ukrainian attack. We could not independently verify the claims. CHEMICAL PLANT AND VESSELS UNDER ATTACK Zelenskiy had said earlier, on 'Saturday, that Ukrainian drones attacked a large Russian chemical plant, Metafrax Chemical in the Perm area that supplied products to Russia’s military complex. He claimed that the 'plant has stopped working after the attack. Brovdi, in a separate Telegram message, said that Ukrainian 'drones' attacked a Russian'military frigate' and a hovercraft missile boat near Novorossiysk Naval Base on Saturday morning. Brovdi said that the extent of damage was unknown. Reporting by Daniel Flynn, Pavel Polityuk and Tomaszjanowski.
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Boeing 737 MAX fraud case cleared by jury
A jury in the U.S. District Court of Seattle ruled that Boeing was not guilty of 'hiding safety issues with 737 -MAX jets purchased by LOT Polish Airlines in the last decade. LOT accused Boeing of fraud by 'withholding a crucial change to the popular single aisle?jets' flight-control system. The change was a result of 'two fatal 737 MAX crash in 2018 and 2019. These crashes led to the planes being grounded for 20 months. The airline claimed that the grounded aircraft caused damages of $153 million. The jury members deliberated for three hours after a two week trial. Boeing's spokesperson said, "We are pleased with the jury's decision today in our favor." LOT issued a statement recognizing the result but allowing for an appeal. The company stated that "as the legal 'process is not yet concluded, LOT won't comment on the.details.of.the proceeding" at this time. Reporting by Dan Catchpole, Seattle; Editing and proofreading by William Mallard
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Sources say that the Brazil Development Bank BNDES has sold its stakes in Axia Energia and Petrobras.
Four anonymous sources said that Brazil's BNDES, the state development bank, has sold shares in both Axia Energia and Petrobras this month. BNDES, through its subsidiary?BNDESPar, holds the majority of the equity portfolio. This includes Axia and Petrobras, as well as electric utility Copel and meatpacker JBS. According to one source, BNDESPar has sold Petrobras shares worth around 3 billion?reais (597.75 million dollars) and more than 500 millions reais of?Axia stock this month. This person said that the bank sold 280 million reais worth of Copel shares in May. The total sales for the energy company this year are 1.2 billion reais. BNDES didn't?immediately respond to a comment request. A BNDES source stated, "These stocks were trading at high levels and the bank saw the opportunity to make gains by selling them." Another source said that in the case of Petrobras, the shares purchased did not have voting rights. This means there was no impact on bank strategy and planning. Petrobras declined to comment on the?current negotiations', while Axia refused to comment. BNDES President 'Aloizio Mercadante' said?in September the bank had adopted a strategy of divesting from traditional and mature sectors to?support strategic sectors. However, it said that they did not intend to sell their stake in Petrobras. In March, BNDESPar acted in the capacity of anchor?investor for a capital increase by a number of companies within Simpar. These included truck rental -firm Vamos, Movida, a car rental firm, and JSL, a road logistics company.
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Senator calls on US to finalize regulations banning airline family seating fees
Democratic Senator Ed Markey on Saturday urged the U.S. Transportation Department to finalize rules that would prevent airlines from charging fees for seating families with young children together on a flight, if adjacent seats were available at time of booking. In August 2024, the DOT issued regulations under?former U.S. president Joe Biden after Congress ordered that it write regulations. Markey asked Transportation secretary Sean Duffy for action. Markey noted that the DOT had been unable to act for more than 18 months on this proposal, despite the fact that it was supported by JD Vance (now vice president), a former senator who has now joined the DOT. "Airlines shouldn't be able to force parents to decide between paying more or being separated from their children." Duffy's spokesperson did not comment immediately. Many major airlines have pledged to guarantee family seating at no additional charge. The DOT previously stated that all other large domestic airlines have policies that try to seat families together, but they do not 'guarantee' it. Airlines for America (which represents American Airlines, Delta Air Lines, United Airlines Southwest Airlines and others) did not comment immediately. In 2024, the proposal will prohibit airlines from charging fees for assigning seats to children who sit next to parents on U.S. flight. If it is not possible to offer adjacent seating to multiple children, the airlines will be required to place them in an aisle seat, behind or in front of a parent. If adjacent family seats are not available, the DOT will?require free rebooking or refunds for passengers who choose to skip that flight. If airlines did not comply, they could be subject to civil penalties. Markey cited a variety of other actions taken by DOT in order to reverse Biden's?aviation consumers?rules. In January, DOT announced that it would review its guidance in order to reduce the emphasis on imposing civil penalties against airlines that violate consumer protection laws and?to eliminate Biden's policies that emphasized enforcement. USDOT reversed?some penalties on airlines under the Biden administration in December. This included waiving $11 million from a fine that was imposed by Southwest as part of a $140-million settlement for?operational issues that left more than 2,000,000?passengers stranded in 2022. In November, the DOT retracted a proposal that was issued under Biden and sought to force airlines to compensate passengers in cash when they are responsible for U.S. flights being disrupted. (Reporting and Editing by Franklin Paul, Aurora Ellis and David Shepardson)
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The EU should phase out the low-value package tax rules, say logistics giants
DHL, FedEx, and UPS called on 'European Union Finance Ministers' to implement new?duty regulations on?low value packages? on Friday. They warned of supply chain bottlenecks, and the impact this would have on some medical supplies. These rules are part of an effort to crackdown on cheap Chinese imports, such as those from online retailers Shein or Temu. In a letter dated 22 May, seen by the, three companies said the EU should implement a EUR3 flat rate duty on July 1 but defer "more complicated and unresolved" elements until they were?legally sure and 'operationally viable. The new data requirements, along with other changes mandated by the new rules, resulted in an amount of complexity which could not realistically be implemented before the deadline of July 1. In a letter, Mike Parra, CEO DHL Express Europe and Wouter Roels president of FedEx Europe and Daniel Carrera president of UPS EMEA said that they saw a "real" risk of shipments getting held up at EU border "without a stable and working legal framework". They wrote: "Such disruptions could affect the availability of medical supplies, delay industrial production and create bottlenecks across European supply chains. All?risks which are especially significant in today's geopolitical environment." (Reporting and writing by Tom Sims; Editing by Louise Heavens, Alexander Smith, and Louise Heavens)
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CMA CGM profits drop as Iran War weighs on shipping
CMA CGM, France's largest shipping company, posted a lower core profit for the first quarter on Friday as weaker markets offset a growth in logistics. The outlook remains cautious due to trade uncertainty and the Iran War. CMA CGM, behind the Mediterranean Shipping Company in Switzerland (MSC) as well as Denmark's Maersk, is the third largest container shipping company worldwide. The group's earnings before interest, taxes, depreciation, and amortization (EBITDA), which were $3.09 billion in the previous year, fell to $2.11billion, while its net income, attributable to it, plummeted to $250m from $1.12billion. Total revenue for the?first quarter was $13.23 billion, down from $13.26. Shipping revenue fell 8.5% to $8.02 billion, while logistics revenue grew 6.6% to $4.56 bn. The Iran War has stranded hundreds of vessels, increased fuel and insurance prices, and forced carriers and shippers to use alternative routes and adjust their networks. Rodolphe Saade, Chairman and CEO of CMA CGM, said in a statement that the Group had a resilient performance during the first quarter 2026. This was attributed to the strength of the Group's shipping activities and its diversification. This month, a CMA CGM container vessel was attacked while it was transiting the Strait of Hormuz, causing injuries to crew members and damage to the vessel. Another vessel left the Gulf. CMA CGM stated that it had set up alternative routes to ensure cargo could continue to move to and from Gulf Countries despite the restrictions. It remained cautious, however, as the Iran 'war, oil prices and freight rates, and trade uncertainty all weighed heavily on its visibility. (Reporting and editing by Louise Heavens, Alexander Smith and Zakarya Méliani)
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Swiss sanctions against Russia and Belarus are in line with EU actions
The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's energy and military-industrial complex, as well as 'individuals involved in the deportation and indoctrination Ukrainian children. It said that '60 more companies, some of which are based in a third country, will be subject to tighter export controls, with the aim of blocking the supply of 'critical goods for Russia’s military industry.
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Carney emphasizes importance of Alberta following separation vote announcement
The Prime Minister, Mark 'Carney, stressed the importance of?Alberta to Canada on Friday. This comes a day after this oil-rich province held a non-binding vote on whether or not its residents wanted to stay in Canada. Carney's largely symbolic move could be a major challenge for him, as he is trying to promote national unity in the face of U.S. Tariffs and Donald Trump's talk about annexation. Carney told reporters that "Canada is one of the best countries in the world, but we can do better. We're working together with Alberta to make it better." "We are renovating the nation as we go." Carney said that Alberta's central position is crucial. He did not mention the referendum announcement. The'separation' advocates are upset with Justin Trudeau's environmental policies, which they say has undermined the oil and gas industries of the province. Carney?took over in March 2025 and?then rolled back a number of Trudeau?s green measures. (Reporting and editing by David Ljunggren, Deepa Babington and Promit Mukherjee)
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 re-evaluate their financial forecasts.
In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for about a quarter or more 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 costs will have a "notable" impact on its first quarter results.
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?said that it planned to raise long-haul ticket fares to deal with surging fuel prices, and cabin?fares are set to rise by 58 euros (50 euros) per round trip.
AIR INDIA
The Indian flag carrier announced it would change its fuel surcharge system from a "flat domestic surcharge" to a grid based on distance. The airline said that surcharges for international routes do not compensate the steep rise 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 one of 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.
ALASKA AIR
The U.S. carrier said that it would raise fees by $5 for the first bag and $10 for the second for flights in North America, as well for Hawaiian Airlines. The third checked bag was raised from $50 to 200 dollars.
AMERICAN AIRLINES
The U.S. carrier announced that it would increase the fees for checked baggage by $10 for each of the first two bags, and $150 for the third bag on short-haul and domestic international flights. The airline has also reduced certain benefits for passengers in economy class.
The fuel price increase was expected to cause a $400 million increase in the first quarter expenses.
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.
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 over 800km will be charged a surcharge 120 yuan.
DELTA AIR LINES
Delta announced that it would reduce capacity by around 3.5 percent points from its initial plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The price increase will be $10 for the first and second bags, and $50 on the third bag.
The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations. Delta CEO stated that it would not update the full-year forecast due to uncertainty about how long fuel prices would continue.
EASYJET
EasyJet CEO Kentonjarvis says European consumers can expect to pay higher ticket prices at the end of summer when fuel hedges end.
FRONTIER AÉRIENS
Fuel prices have risen significantly since the airline's last forecast, prompting it to review its full-year outlook.
GREATER BAY Airlines
The Hong Kong-based firm said that it would increase fuel surcharges for most routes on April 1 while maintaining them at the same level on routes to mainland China and Japan.
The carrier has announced that the surcharge on flights between Hong Kong, Philippines and other destinations will be more than doubled.
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 fuel tax reductions by the Indian government.
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 this matter have confirmed that KOREAN Air will be in emergency mode as soon as April begins, due to the rising cost of oil. 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 fares up to $20, and international fares up to $100.
Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "a couple hundred" flights.
SAS, which has already raised flight prices, stated that the surge in fuel costs would be a major blow to the aviation sector, even if they tried to absorb them.
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.
SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES
The American carrier announced that it would increase checked baggage fees by $10 per bag for the first one and the second. 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, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would be imposing a temporary fuel charge of 10 euros per person on routes between Turkey, Europe and Canada from May 1. The fuel surcharge will be applied to all bookings made after April 1, for departures after May 1.
Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash.
T'WAY AIR
South Korean low-cost carrier announced on April 13 that it will furlough cabin crew in May and/or June without pay as part of measures to combat the effects of the Middle East war.
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, Chief Commercial Officer at United Airlines, said that the airline was able to raise 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 traveling in Mexico, Canada, and Latin America.
VIETJET
A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes.
VIETNAM Airlines
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 an environment 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 reportedly being exacerbated by the Middle East situation.
WESTJET
Canadian Press reported that the airline would add a fuel surcharge of C$60 ($43), and will combine some flights to reduce costs.
(source: Reuters)