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Officials say that two explosions have hit a cargo ship in the Gulf of Iraq.
Iraqi officials reported on Monday that two explosions hit a cargo ship in the Gulf, about 40 nautical miles southeast of Iraq’s Umm Qasr. One of them was caused by an attack from a drone. The United Kingdom Maritime Trade Operations (UKMTO), earlier, said that the vessel was 'hit by a projectile on the starboard side, causing a huge explosion. According to the Iraqi officials, a second explosion occurred on the same vessel, and it was the result of a drone attack. They added that the fire on board was brought under control later. As we assessed the damage from the first blast, we heard the drone hovering above, followed by a powerful explosion that ignited a fire on the tanker," said an Iraqi member of the maritime patrol. The identity of the vessel was not known and no one has claimed responsibility.
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U.N. chief says it is still too risky for seafarers to leave the Gulf.
The head of U.N.’s?shipping agency stated that despite the current ceasefire, it is still too risky to move 'thousands' of sailors trapped in the Gulf. "We won't be able to do anything until the root causes of the conflict are addressed, and a more final agreement is reached, a complete agreement or a ceasefire between the parties in the conflict," Arsenio Domingue, Secretary-General of the International Maritime Organization said on Sunday, ahead of Posidonia Shipping Industry Week in Athens. Iran has imposed restrictions on the movement of vessels through the Strait of Hormuz, resulting in a 20,000-strong seafarer stranded. Dominguez stated that it would be risky to move seafarers in the interim, as there were no guarantees of their safety. According to IMO, eleven seafarers were killed in the Gulf since the U.S. Israeli war against Iran began on February 28. In recent weeks, the IMO has been working to 'arrange a safe sea corridor for vessels to leave, including talks with parties involving Iran, Dominguez stated. "You hear announcements saying that the Strait of Hormuz was open and then, a few minutes later, it is closed. He said that we can't risk anything until something more secure is in place. The strait is normally used to transport 20% of the daily crude oil and natural gas supply in the world. The number of tankers has been reduced to a few. After three months of being stranded on a ship, operators claim that crews require a safe, negotiated way out. "The seafarers are missing out on not only seeing their family but also on births and deaths,?on weddings," Pankaj Khanna said on a sideline of a Capital Link Shipping Conference in Athens. Heidmar's vessel has been stuck in the Gulf of Mexico for three months. "We need a framework, rules, regulations, or whatever else tells us how to enter and exit." Even if the peace agreement was signed, it is important to clarify this. (Reporting and editing by Jason Neely; Renee Maltezou, Jonathan Saul)
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Mandelson documents shed light on government activities, including the appointment of US Ambassador
The British government released documents about the appointment of Peter Mandelson to be ambassador to the United States on Monday, giving a glimpse of the sometimes acerbic Westminster world and the messy clearance process for his?job. The Mandelson saga has been a focal point for critics of Britain's Prime Minister, who is fighting to survive his political career against a possible leadership challenge. The government has released 1,504 pages of messages, ranging from emails to WhatsApps. It hopes that this data dump will distract attention away from Starmer and prove Mandelson was not completely honest about his relationship with the late convicted sexual offender Jeffrey Epstein. MANDELSON : "YOU WILL NOT REGRET" THE APPOINTMENT In a?document the government stated that it had written Mandelson on March 31, requesting any information on his personal telephone as part of an investigation into his work and appointment - which he refused to give over. Mandelson, who was twice removed from the cabinet by Labour's longest serving prime minister Tony Blair, is often seen chatting with Labour insiders and pressing his case, sometimes even criticizing the government. Mandelson wrote in a handwritten letter to the then-foreign Minister David Lammy, dated November 18, 2024: "I wanted you to be aware that I would do everything possible to ensure you didn't regret your decision to appoint (me) as ambassador." He said that he was "tonto", a slang word for crazy, over the failure of the government to approve an individualized red ministerial gift box to be given to U.S. president Donald Trump. He also took aim at Starmer by telling Pat McFadden, senior minister of the UK, that he thought "Keir was not leading from the front". McFadden said that Mandelson was asking the "wrong questions" at every meeting, saying it was all about "whom can we tax to pay benefits to others?" The government hopes that the release of these documents and Epstein's messages will end any questions about Starmer’s judgement in appointing someone whose friendship was well-known. They are unlikely, however, to stop calls for the Prime Minister to resign after Labour's loss in local elections last month. Mandelson is being investigated by the police for allegedly passing government documents on to Epstein, who died in 2007. He is not facing allegations of sexual abuse. In March, an initial batch of documents were released, showing that Starmer had been warned about the dangers of the appointment. This was not only because of Mandelson's connections to Epstein, but also?because the Labour veteran supported closer ties with?China. Starmer could face a leadership challenge in the future if Andy Burnham, Greater Manchester's mayor, wins a seat at parliament in the upcoming election on June 18. Reporting by Elizabeth Piper; editing by Kate Holton, William James, and Andrew Heavens.
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Ship operators call for clear rules to restore normalcy to Hormuz
Shipping executives met in Athens, Greece on Monday and said that any deal reached between the United States of America and Iran must include clear rules allowing ships to return to normal operations through the Strait of Hormuz. Shipowners, maritime officials and other events were held at the Capital Link Conference and other events to kick off Posidonia. This biennial week-long shipping exhibition is a biannual event. The following are selected quotes in alphabetical order: ARSENIO DOMINGUEZ SECRETARY GENERAL, INTERNATIONAL MARITIM ORGANISATION "There were... recent announcements about the possibility of a sixty-day ceasefire. The evacuation framework will kick in immediately if I am able to get assurances from the countries about the safety of using the Strait of Hormuz and if the countries can confirm that the waterway is safe. We're always looking for a solution, as the first "objective" is to get seafarers to leave the conflict area. PANKAJ KHANNA PRESIDENT, HEIDMAR HOLDINGS COMPANY "We need a framework. A rules regulation. Whatever tells us how to get in and out. Even if there was a signed peace agreement, it is still unclear and we do not know the details. Khanna noted that the company's vessel was stuck in the Gulf for three months and noted its impact on seafarers. "Obviously, the seafarers are missing out on not only seeing their families, but also on births on?deaths on marriages." VASILIS KIKILIAS - GREECE’S SHIPMENT MINISTER Can anyone predict the end of the conflict? Unfortunately, no... Conflicts can be very messy and difficult to resolve. "We hope, of course, there will be a resolution. We can't accept that ships will not be able to travel freely around the world. I would like to see the global shipping trade, seafarers and the shipping industry left out of the equation. But, it seems impossible. EVANGELOS MARINAKIS FOUNDER AND CHAIRMAN OF CAPITAL MARITIME & TRADE CORP "We are all in agreement that the war must end, and it should have ended yesterday. Even if... consumers pay the price around the world." "On the contrary,..from the evidence we have seen, we can wait two weeks, or even one month, if we feel that the final agreement is good for us all... and will make us confident in the future. "I'm quite optimistic that after a few weeks or months, a solution would be found." GEORGE Procopiou, FOUNDER - DYNACOM TANKERS MANAGEMENT, DYNAGAS, AND SEA TRADE Freedom of navigation is important and no one can impose any burdens, including tolls. Since antiquity, Greece has broken blockades. YIANNIS Procopiou,?CEO of CENTROFIN MANAGEMENT "While insurance is available, this does not mean the strait would be a good place to transit, at least until the shipping industry has clear rules on how to deal with both nations involved, the U.S.A. and Iran... That's a high-risk proposition right now."
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Sources say that Volgograd's oil refinery in Russia has halted processing following the May 29 drone attack.
Two industry sources reported on Monday that the Volgograd oil refinery, owned by Lukoil, in Russia's south, had suspended oil processing after a sabotage attack from Ukraine, which resulted in fires and damage. Peace talks to end the Ukraine war have stagnated. Last week, the local governor reported that at least two people were injured and one killed in an 'Ukrainian drone strike' on the Volgograd area. Sources claim that the crude distillation unit CDU-1 was shut down. This unit accounts for 40% capacity of the plant. CDU-6 and CDU-5 were also shut down. Lukoil has not responded to our request for comment. In 2024, the Volgograd refinery will have processed 13.5 millions metric tons of crude oil. This is 5% of the total volume of Russian refineries. The country produced 6 million tons of diesel, 1.9 million tons of gasoline, and 700,000 tonnes of fuel oil. (Reporting and Editing by Susan Fenton).
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Tasnim News Agency reports that Iran has stopped exchanging messages with the United States and may even block Hormuz.
Iran's Tasnim News Agency reported on Monday that Tehran's negotiating group is ceasing to exchange'messages' with the United States via mediators because of attacks on Lebanon. Diplomatic efforts are continuing to end 'the three-month old Iran War. According to the agency, Iran and the Resistance Front (which includes Shiite allies from Yemen, Lebanon, and Iraq) have an agenda that will block the Strait of Hormuz, and activate other fronts including the Bab El Mandeb Strait in order to punish Israel and its supporters. The Bab El Mandeb strait, off the coast Yemen, is a key shipping choke point and narrow passageway which controls sea traffic to the Suez Canal. "Violations on one front are violations of the ceasefire across all fronts." Abbas Araqchi, Iranian Foreign Minister on X Monday, said that the U.S. as well as Israel were responsible for any violations. The U.S.-Israeli war, which began on February 28, has resulted in the deaths of thousands of people - mainly from Iran and Lebanon. The war has also caused global economic pain, as energy prices have risen since 'Iran closed the Strait of Hormuz - a vital supply route for oil, LNG and other liquefied gas. Tasnim said that Iranian officials and negotiators have stressed the need for the Zionist regime to cease its aggressive and brutal military operations in Gaza, Lebanon and the occupied areas of Lebanon. There will be no discussions until Iran's and the resistance’s views are met on this issue. Reporting by Elwely Elwelly, Editing by Kevin Liffey
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Israel's El Al resumes San Francisco flights between Tel Aviv, Silicon Valley and Tel Aviv
El Al Israel Airlines announced on Monday that it will resume nonstop flights between Tel Aviv, Israel and San Francisco starting October 25. The airline cited a demand for a route connecting the two tech hubs. The three 15-hour weekly flights were given the number LY49 in honor of the San Francisco 49ers Football team. Shlomi Zafrani is El Al's Vice President of Commerce and Sales. The opening of this new route is intended to "respond to the significant demand from businessmen and Israelis in the region and to facilitate a more convenient and direct connection between Israel, Silicon Valley and the rest of the world." El Al operated between the two cities from late 2018 to early 2020, when it suspended the route 'due to COVID-19 pandemic. Resuming flights?to San Francisco is part of El Al's expansion. El Al, the Israeli flag carrier, announced in April that it would purchase up to 12 additional long-haul Dreamliner aircraft. The new route will increase the number of nonstop flights between Israel and U.S. cities. This includes New York City, Miami, Boston, Los Angeles, etc. (Reporting and editing by Alexander Smith; Steven Scheer)
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Choose France summit promises major investment
At its annual Choose France Business Summit on Monday, France announced 71 projects for foreign investment worth a total of EUR93 billion ($108.3billion). They will create over 15,600 jobs. The biggest announcements focused on?artificial Intelligence and data centres. President Emmanuel Macron is seeking to position France as a European Hub?for AI Infrastructure, helped by the?low-carbon electric supply. Here are some of the major 'investment' pledges: AI AND DATA CENTRES SoftBank has plans to build and operate five gigawatts of AI-dedicated capacity data centres in France. This includes an initial EUR45billion investment in Hauts-de-France for 3.1gigawatts by 2031. These projects will create approximately 8,600 construction jobs, and 900 direct operational jobs. The Canadian asset manager Brookfield has announced plans to increase AI infrastructure investments to EUR30 billion in France, up from EUR20 billion in February 2025. The investment includes an?AI facility in E-Valley, near Cambrai, and a new AI location at Escaudain. Nebius, a Dutch AI cloud company, plans to transform a former Bridgestone?site into a major European Computing Site. The company will invest more than EUR8 Billion for a targeted capacity of up to 240 Megawatts. Abu Dhabi investment firm MGX, and French public investment institution?Bpifrance announced that a second AI location will be selected in the near future. This site represents about EUR7.5 billion worth of investment as well as 700 permanent jobs when operational. Verne, a low-carbon data center specialist and Ardian, a French investment firm plan to build a digital infrastructure campus for the Paris area. The project will involve an investment of up EUR5 billion with aims of 500 MW. Phoenix Group, a digital infrastructure group in the UAE, is planning a 18-MW data center campus in Lyon and a larger plan that includes about 500 MW of data centres in France. This could represent up to EUR4 Billion in potential investment. Salesforce, a U.S.-based business software company, announced an additional EUR2 Billion investment in France including its first EU AI Innovation hub in Paris. INDUSTRY ENERGY DECARBONISATION EDP, the Portuguese utility company, announced EUR1.3 billion in new investments for France by 2030. These include onshore and off-shore wind, solar, battery storage, grid infrastructure, and other technologies. Enertrag, a German renewable energy company, announced an investment program of EUR1,1 billion by 2030 in France for battery storage and renewable energy infrastructure. Marcegaglia, an Italian steel company, announced that it would invest another EUR600 million in its project?Mistral at Fos-sur-Mer. This brings the total investment planned at this site to EUR1.2 billion. The Irish-based Smurfit?Westrock paper packaging company announced that it would invest nearly EUR600,000,000 in its French facilities over the next 3 to 5 years to modernise their operations and reduce carbon emissions. HEALTH AND PHARMA German pharmaceutical company Boehringer Ingelheim has announced an investment program of EUR 500 million by 2030 in animal healthcare LOGISTICS RETAIL AND FINANCE Belgian real-estate group VGP is investing more than EUR1.5 billion in business parks and logistic facilities. Amazon, a U.S. cloud and e-commerce group, announced the opening of three new distribution centres and three new logistic sites. The company invested EUR400 million in these projects and created more than 3,000 permanent jobs. Polish parcel lockers and delivery group,?InPost (owner of Mondial Relay), plans to invest at least EUR500 million in France more by 2030 and create at least 750 new jobs. Entertainment The Saudi E-Sport Foundation is investing around EUR250m in the organisation of the Esports World Cup this summer in Paris, which according to the government should generate an indirect economic impact of around EUR600m.
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 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 as much as a quarter 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, as well as a spike in fuel costs, will have "a significant impact" on their first-quarter earnings.
AIRASIA
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 CANADA
The Canadian largest airline plans to reduce four of its daily flights to New York because of higher fuel prices. From June 1, 2026, the four flights to JFK International Airport to be cut will no longer operate.
AIR FRANCE-KLM
The airline group?said that it planned to raise long-haul ticket price to address rising fuel costs. Cabin fares are set to increase by 50 euros ($59).
The Dutch arm of the group,?KLM, announced on April 16 that it would cancel 160 flights across Europe in the next month due to rising fuel prices.
AIR INDIA
The Indian airline said that it will change its fuel surcharge system from a flat surcharge for domestic flights to one based on distance. The Indian carrier said that surcharges for international routes do not compensate the steep rise in 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 erupted. 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 airline retracted its profit forecast for the full year and warned that margins would be severely impacted by the sharp increase in fuel prices. It has also reduced capacity in certain markets.
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 flights. The airline also reduced certain benefits for passengers in economy class.
ASIANA AIRLINES
Newsis reported that the?South Korean airline would cut 22 flights from April to July due fuel price increases.
CATHAY PACIFIC
A term sheet reviewed on April 22 showed that the airline group intends to issue Hong Kong dollar fixed rate notes of three years' maturity with an initial price guide in the area of 4.1%.
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 800 km will be charged a surcharge of 60 yuan, and flights above 800 km 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?to offset the rising costs of jet fuel. The increase will be $10 for first and second bags and $50 on third bags.
The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations.
EASYJET
EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds ($730 and $757million), which includes 25 million pounds of extra fuel costs for March.
FRONTIER AÉRIENS
Fuel prices have risen'significantly' since the airline issued its outlook.
GREATER BAY Airlines
The Hong Kong-based firm said that it will increase fuel surcharges for most routes on April 1, but keep them the same on routes to mainland China and Japan.
HONG KONG Airlines
Air China said that it will increase fuel surcharges up to 35% on flights between Hong Kong, the Maldives, Bangladesh and Nepal. The most dramatic increases are expected to occur for flights between Hong Kong, the Maldives and Nepal where the charges will rise from HK$284 to HK$384 (49 dollars).
British Airways' owner IAG stated in March that it did not intend to increase ticket price immediately as it had hedged a large amount of fuel for the short to medium term.
INDIGO
India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees.
JETBLUE Aiways Joanna Geraghty is the CEO of this low-cost airline based in the United States. She told her employees, via a memo, that she would not be considering bankruptcy for the year 2012, despite the fact that rising jet fuel prices threaten the financial recovery. According to a SEC filing, the company has entered into a debt financing agreement worth $500 million.
Sources with knowledge on the subject have confirmed that KOREAN will be entering emergency management mode in April as oil prices continue to rise.
LUFTHANSA
The airline group announced that 20,000 short-haul flight would be removed from the schedule until October. This is equivalent to 40,000 metric tonnes of jet fuel. The German company had previously announced that it would be grounding 27 aircraft servicing its CityLine short-haul subsidiary earlier than expected.
PAKISTAN INTERNATIONAL FLIGHTS
Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flights by up to $100.
QANTAS AIRWAYS Qantas, Australia's national airline, has delayed a planned A$150m ($107m) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5bn to A$3.1bn-A$3.3bn.
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 "couples of hundred" flights.
SPIRIT AIRLINES
Air Current reported that people familiar with the situation said the U.S. low cost carrier requested hundreds of millions in emergency funding from the Trump administration to offset the rising fuel prices and prevent a potential liquidation.
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 for the first and second bags by $10 each, or $45 for first bag and $55 second.
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.
The European airline, tour operator and travel agency?cut their full-year profit forecast and suspended revenue guidance. They said they had incurred an additional cost of?about forty million euros due to the March war, including repatriation and operational disruptions.
TURKISH AIRLINES LUFTHANSA
SunExpress is a joint venture of Turkish Airlines and Lufthansa. It announced that it would be imposing a temporary fuel charge of 10 euros per person on routes between Turkey, Europe and the Middle East, starting 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 earnings and preserve cash.
T'WAY AIR
As part of the measures taken to combat the effects of war, the South Korean low-cost airline said that it would furlough cabin crew in May and/or June without pay.
UNITED AIRLINES UNITED AIRLINES forecast second-quarter profits and a full-year profit below Wall Street expectations. The airline said that it would recover only 40-50% through fares and revenue measures during the second quarter. This figure was expected to improve to 70-80% by the third quarter and up to 85-100% in the fourth. Chicago-based airline United Airlines announced previously that it would cut unprofitable flights in the coming quarters, and increase the first and second checked baggage fees by $10. This applies to customers traveling within the U.S.A., Mexico Canada, and Latin America.
VIETJET
Vietnamese budget airline has said that it has adjusted 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 week on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel.
VIRGIN ATLANTIC
Corneel Kster, the CEO of the airline, told The Financial Times that despite adding fuel surcharges on fares this year it will struggle to achieve profitability.
VIRGIN AUSTRALIA Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter.
VOLOTEA
The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to fourteen euros per passenger per flight.
The Globe and Mail reported that WESTJET, a Canadian airline, has reduced its seat capacity in June. The Canadian Press reported previously that the airline would add C$60 ($44.50) to certain bookings, and combine flights due to rising costs.
(source: Reuters)