Etihad Airways purchases widebody aircraft, returns to pre-war capacity by June

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• After an attack on a ship, traffic through the Strait of Hormuz is slowed

  Ship tracking data revealed that fewer vessels traversed the Strait of Hormuz Friday than they did earlier in the week. This was hours after an Iranian-operated vessel fired on a Taiwanese ship. U.N.'shipping 'agency temporarily suspended its voluntary scheme for evacuating hundreds of stranded vessels and thousands of seafarers out of the Gulf, after the ship was damaged by the attack near the Omani side. Nevertheless, data from LSEG's and MarineTraffic's ship tracking showed that at least four oil tankers, including three very large crude carrier ships, each of which can carry a maximum 2 million barrels, had entered the Gulf on Friday to?load up oil. Separate shipping data revealed that two supertankers loaded Iranian oil into the strait, and a tanker with 2,000,000 barrels of crude oil exited via the Omani side. This was confirmed by an analysis of Kpler. After months of disruption due to the Iran conflict, oil buyers hoped that a ceasefire agreement was reached between Washington and Tehran. On Friday, crude prices fell by over 3%, setting the stage for steep weekly losses, as supply concerns eased. Meanwhile, top exporter Saudi Arabia resumed loadings into the Gulf, opening the door for more oil supply. Prior to the start of the conflict, there were an average of 125 ships sailing each day. Taiwan's Evergreen Marine reported on Friday that its ship had been hit by an "unknown item" near Oman after U.S. officials said on Thursday that Iran fired on the vessel. The attack has slowed down the plans for ships to be evacuated and transits to resume through the Strait of Hormuz. However, some transits are still expected, according to Jakob Larsen. He added: "The situation highlights the importance of clear and unambiguous agreements between U.S.A. and Iran in regards to a resumed maritime traffic through the Strait." Kazem Gharibabadi, Iran's deputy?minister of foreign affairs, said that coordination with Tehran was necessary to ensure safe passage through strait. Analysis from Kpler reveals that tanker traffic, including crude oil, oil 'products, and chemical tanks, increased to 13 transits in both directions on Friday, compared with 24 on 'Thursday, and 27 on a Wednesday. This is the highest number since the U.S. and Israeli strikes against Iran on February 28. A separate analysis by?AXSMarine revealed that 62 transits were recorded on June 24 in both directions, including dry bulk vessels, the highest number of transits since the conflict began. AXSMarine reported this week that the total traffic on June 24 was 53% higher than the previous year's same-day count. AXSMarine said that "Traffic is still not normalized to its full extent." (Reporting and editing by Jonathan Saul, Florence Tan and Alexander Smith).

• UN agency says it has paused its initiative to evacuate ships from the Hormuz Strait after vessel attack

  After a vessel in the Gulf of Oman was attacked, the United Nations' shipping agency paused an evacuation effort on Thursday to move hundreds of stranded vessels?and thousands of seafarers through the Strait of Hormuz. "I was informed of an attack on a vessel that passed through the Strait of Hormuz today, in the Gulf of Oman." The vessel was not evacuated under the IMO framework," Arsenio?Dominguez, Secretary General of?the U.N. International Maritime Organizatio (IMO), stated in a press release. "I've decided to temporarily pause the implementation of this plan in order to confirm that the necessary safety measures continue to be in place for all ships in the area and those on our list of evacuation." The initiative was launched on Tuesday and offered ships and crews the option to leave the Gulf via two different routes - via Iranian waters and Omani waters - under U.S. supervision. (Reporting and Editing by William Maclean, Jonathan Saul)

• Castlelake examines easyJet's accounts after a new $6.5 billion offer was rejected

  EasyJet, the British budget airline, rejected on Thursday a fourth takeover offer from an American investment firm Castlelake, which was sweetened to PS4.93 billion ($6.50 Billion). However, it said that it would give limited access of commercial information to the bidder in order to?draw a higher price. EasyJet released a statement saying that the Board believed giving Castlelake limited access to commercial information, as Castlelake requested in the letter containing the Fourth Proposal could?produce an attractive proposal. Castlelake had previously offered PS6.25 for each share. The PS6.50 per share proposal was higher. According to a Financial Times article from last week, it is also moving towards the PS7 per share price tag easyJet investors hoped to receive. EasyJet board unanimously rejected this new proposal because it "substantially undervalues" the company. Castlelake hopes to improve its bid after limited access to commercial information. The U.S. company has added New York asset manager Brookfield Asset Management, as well as?two previously announced partners, former Malaysia Airlines Chief Executive Officer Peter Bellew, and a senior industry executive Mark Breen, to the bidding vessel. Castlelake, along with co-investors such as Brookfield Asset Management, would own 49% of the bid vehicle under the proposed terms. Bellew and Breen, EU citizens, would own the remaining 51%. According to EU rules, European carriers must be controlled and owned by the EU in a majority. The deadline for Castlelake to make a firm offer to the UK government has been extended until July 5.

• Gulf crisis affects Australian and New Zealand companies, from airlines to banks

  The U.S. and Israel war against Iran is causing financial stress for companies in Australia and New Zealand. Higher fuel prices are stoking inflation, reducing consumer and business confidence and weighing on corporate earnings. Some of the companies in Australia and New Zealand have made an impact. Air New Zealand: New Zealand’s flag carrier predicted its largest annual pre-tax losses in four years. This was two months after withdrawing their earlier 2026 forecast, as the Iran War pushed up jet oil prices, increasing costs, and compounding the pressure of weak demand and fleet restrictions. Air New Zealand has forecast a loss of between NZ$340 and NZ$390 (between $201.8 million and $2231.5 million) for the year. This is a significant change from last year's NZ$189million profit. Air NZ announced in March that it had suspended its earnings forecast for the full year and raised fares because of volatility in jet fuel prices. It was one of first airlines to announce a price increase. Auckland International Airport, New Zealand: Auckland International Airport reported that flights to the Middle East from Auckland were affected. In March, the number of passengers on Middle Eastern routes dropped by 81% and seat capacity fell by 73% compared to a year earlier, according to airport operator. a2 milk: New Zealand-based a2 Milch cut its profit forecast for fiscal 2026 as increased freight costs due the conflict and temporary disruptions in the supply chain affected the availability of the China-label formula infant milk product on its largest market. Cleanaway Waste Management: The company has slashed the full-year forecast for operating earnings by approximately A$20,000,000 ($14.17million), due largely to higher costs, reduced activity, and differences in timing of cost recovery. Cochlear, an Australian manufacturer of hearing implants, has lowered its profit forecast for 2026 due to a?weaker trade in developed markets', citing lower surgical volumes, less hearing-aid referrals, and softer consumer confidence. The Middle East War has increased the risk of order cancellations and delivery delays, as well as a higher exposure to receivables. This will also worsen margin pressures and increase restructuring costs. Fletcher Building Fletcher Building in New Zealand said that it is 'indirectly exposed to the Middle East conflict through supply chains, freight lines, energy costs and the wider economic impact of construction demand throughout Australasia. Construction materials manufacturer expects to increase prices in all divisions as a result of passing on costs to its customers. Plastics, where the company claims immediate exposure is present, will experience price increases of up to 36%. Other divisions will only see a 1%-5% increase. Flight Centre Travel: Flight Centre Travel, an Australian corporate travel manager, has lowered its profit forecasts for 2026. They cited a drop in international leisure travel due to the Gulf Conflict. The company now expects to earn a profit before taxes of A$275 to A$295 millions for the fiscal year ending June 30. This is down from the previous target?of A$310 to A$345million. The company revised its estimate for the leisure segment from A$10 to A$50, up from the original estimate made in April. Fonterra: New Zealand dairy manufacturer Fonterra stated that the conflict is impacting their supply chain and could increase their inventory levels and costs during the second half of the year. National Australia Bank: National Australia Bank expects to incur credit loss charges of A$706 ($504.44 millions) in the first fiscal half of 2026. NAB stated that the volatility of interest rates in the second quarter, the weaker New Zealand Dollar and the increase in provisioning would result in a reduction of the common equity tier one capital ratio for the group by approximately 20 basis points on March 31. The company also plans to apply a discount of 1.5% to its dividend reinvestment program for the first half to raise A$1.8 billion and help strengthen its balance sheet. Orora Packaging Company: Orora has lowered its earnings forecasts for its French division Saverglass, and cancelled the share buyback program. The company cited the impact of war. Due to the closures of shipping routes, the company also stopped bottle production in its glass production plant at Ras al-Khaimah (United Arab Emirates). Qantas Airways: Qantas Airways is Australia's national carrier. It has raised its fuel costs outlook for the second half of the year up to A$800m. However, it still hasn't started the planned A$150m share buyback, citing the volatile and sharply increased jet fuel prices. Qantas has raised fares to offset the rising cost of its flights and shifted them towards stronger routes, such as Paris or Rome, where demand is still strong. They have also reduced their domestic capacity in the second quarter by approximately 5 percentage points. Qube Holdings: Qube anticipates that the Middle East conflict will have an impact on its?EBITA earnings of between A$10 and A$20 million in fiscal 2026. The logistics firm stated that recent events could encourage an increase in investment in alternative energy projects. This could be beneficial for the company. Virgin Australia: Virgin Australia said that it expected fuel costs to increase by around A$30 to A$40 Million ($21.39 to $28.52 millions) in the second half fiscal 2026. In mid-March, the airline announced that it would be adjusting its fares due to rising costs in the aviation industry. Westpac: Westpac is Australia's second-largest bank in terms of assets. The lender said that the energy market shocks caused by the conflict led to profit pressures during the first half the financial year ending March 31. This prompted the lender to increase its credit provisions. Westpac's net interest margin for its Treasury and Markets division has been weakened amid the interest rate volatility related to the conflict. A weaker outlook is already leading to higher credit provisioning. Westpac has increased its provision for bad debts since the COVID-19 pandemic. Woolworths Woolworths is the largest Australian supermarket. It said that the Middle East conflict had created uncertainty for both customers and suppliers, adding to the already high cost of living. Fuel price pressures and investments in customer retention will also affect the firm's forecast for fiscal 2026. Woolworths has also announced that it will freeze the prices of 300 household staples from May 1 for three months, as cost pressures imposed by conflict on Australian suppliers have pushed up prices across all supermarkets. Worley: Worley, an engineering firm, said that it had nearly doubled the projected underlying operating income for its full-year due to project delays. The Sydney-based firm expects to take a A$60 million hit, up from a previous estimate of A$30-40 million.

• US airline stocks increase as oil prices fall to pre-Iran War levels

  U.S. airlines stocks rose between 3% and 7% on Wednesday, after crude prices dropped to their lowest level since the Iran War. This sparked a hope that the pressure on carrier's earnings would ease. However, the benefits will not be passed directly to passengers. S&P 500 Passenger Airlines Index jumped up to 5%, reaching an all-time record. It is now up 13% from its June 12 close. This was the day after U.S. announced a peace deal with Iran. The benchmark S&P has dropped by 0.5% during that period. Brent crude futures dropped below $74 per barrel on Wednesday amid signs more oil tankers are set to leave the Strait of Hormuz. The Strait of Hormuz is a conduit that supplies a fifth of world oil. Airlines will save billions in extra costs, as jet fuel prices have risen faster than fares during the Iran war. A sudden drop in airfares is unlikely due to the tight supply. Morningstar analyst Nicolas Owens stated that "sudden changes in fuel prices can affect the airline's profit in the short term (in the opposite directions of the fuel price), because many tickets have been sold assuming the prior fuel cost." UBS stated in a Tuesday note that it believes the third quarter earnings per share of airlines could exceed Wall Street's expectations if fuel costs moderate. Analysts say that while all airlines will benefit from lower?jet fuel prices, those with smaller fleets, a lower percentage of premium seats, and fewer customers, are likely to profit more as their margins can be more sensitive to spikes in?fuel prices. Delta, JetBlue, and Frontier each rose by 3%, while Delta rose by 3.7%, and Southwest rose 4.5%. Alaska Air, United and American Airlines were each up around 6%. According to the International Air Transport Association, jet fuel prices have fallen from a high of more than $170 to a weekly average of $119.17. This is a significant drop from a previous peak of nearly $170. Michael Ashley Schulman is a partner at Cerity Partners. He said that the drop in oil prices was part of the story, but the end of the conflict with Iran also means the resumption of some industrial ventures which were put on hold. The shares of online travel companies such as Booking Holdings, Expedia and others rose between 7% to 10%.

• Baltic Exchange defends their tanker rates during Iran war as reliable

  In a London court document, the Baltic Exchange defended the flagship oil 'tanker benchmark' saying that it accurately reflected the market conditions during the U.S. - Israel conflict with Iran, despite the?disruption of the Strait of Hormuz. The benchmark is used to 'price and settle billions in freight trades around the world. Its reliability is at issue with Mercuria, one of the largest commodity traders in the world, who claims it has mispriced market. Mercuria filed a court document on April 30 stating that it was suing the Baltic Exchange for losses caused by incorrect pricing data. The company claimed the price data did not take into account the "effective closure" of the Strait following the start of the conflict in February. It claimed to have suffered or 'will suffer' losses in the hundreds millions of dollars U.S. on freight and derivative freight contracts related to?the TD3C Route. In a court document, The Baltic Exchange, which is the largest provider of shipping rates in the world, stated that its indexes still reflect market conditions because sailings continue through the Strait. In its defence filed on June 16, the Exchange stated that despite the reduced number of transits, the lawful passage was still possible and the panelists were continuing to assess the freight market. The Baltic believes that input data is representative of 'the market or economic realities and that benchmarks can continue to be published," the company said in a filing that was seen by. Baltic Exchange panelists are shipbrokers that provide independent assessments of rates for freight which are then used to create indexes. According to the Baltic Exchange website,'shipowners and chartered cannot be panelists. The London-based Baltic Exchange, which is owned by Singapore's SGX said it had separately conducted "appropriate consultations with members of the Baltic, as well as other stakeholders". The Baltic is confident in its processes and believes that the claim made by Mercuria lacks'merit'. It will defend this claim?to the maximum extent possible," the company said in a recent statement. Mercuria declined to comment further, saying it would respond to the Baltic Exchange defence in court. Reporting by Jonathan Saul in London and Robert Harvey; editing by Eliza Hardcastle

• US airline stocks increase as oil prices fall to pre-Iran War levels

  U.S. airlines stocks rose from 3% to 7% on Wednesday, after crude oil prices dropped to their lowest level since before the Iran War. This has raised hopes that the pressure on carrier's earnings will ease. However, the benefits won't be passed to passengers right away. The S&P 500 Passenger Airlines Index has risen as much as 5%, to an all-time record high. It is now up almost 13% from its close on June 12, when the U.S. announced that it had reached a peace deal with Iran. In that period, the benchmark S&P?500 index has fallen by 0.5%. Brent crude futures dropped below $74 per barrel on Wednesday amid signs more oil tankers will be leaving the Strait of Hormuz - a channel for a fifth of world's oil supplies. Airlines will save 'billions of dollars on additional costs as crude prices and supplies are set to decrease. The rise in jet fuel prices that occurred during the Iran War outpaced the growth in fares. A drop in airfares for flyers is unlikely due to the tight supply. UBS analyst Atul Mahaeswari says that the decline in oil combined with a resilient demand has driven airline stocks higher. In a note published on Tuesday, the brokerage stated that if fuel costs moderated, it could see airlines' earnings per share for the third quarter exceeding Wall Street expectations. Analysts say that while all airlines are expected to benefit from lower jet fuel prices, those with smaller fleets and a lower percentage of premium seats will likely gain the most, since their margins can be more sensitive to fuel price spikes. Delta, JetBlue, and Frontier each rose by 3%, while Delta rose by 3.7%, and Southwest rose by 4.5%. Alaska Air, United and American Airlines were each up around 6% in early trading. According to the International Air Transport Association, jet fuel?prices have fallen from a high of $170 to a weekly average of $119.17. This is despite the fact that the price had reached a record high in February.

• UN agency reports that ships have begun sailing through Hormuz as part of the UN evacuation scheme

  A spokesperson announced on Wednesday that ships have started sailing through the 'Strait of Hormuz' under a new scheme by the U.N.'s shipping agency in order to evacuate vessels trapped there by the conflict. International Maritime Organization announced on Tuesday that the initiative, which took months to complete, would allow hundreds of ships and 11,000 seafarers stranded at the Gulf of Mexico to pass through Hormuz. A spokesperson for the IMO said that "ships have already started to pass under this plan", refusing to give any details about the vessels that have crossed. LSEG ship-tracking data showed that at least two dry bulk?ships and one cargo'ship' have sailed past Hormuz in the last 12 hours under this scheme. According to LSEG's and MarineTraffic's ship tracking data based upon analysis of ship movement, at least 35 commercial ships, primarily?dry bulk?, cargo?, and container?vessels?, were preparing for passage through the strait. According to the analysis of?vessels-waiting, these vessels include smaller commercial ships, including five smaller oil tanks, coastal ships, and tugs. The IMO stated that the U.S., Iran and the Sultanate of Oman had reached a ceasefire agreement, allowing the scheme to be implemented. In a Wednesday note, the IMO emphasized that vessels should wait for instructions. "Crowding in the waiting area may?result?in the need to pause further notifications due to?safety." The U.S. Military launched a mission in recent weeks to assist ships get out of the Strait. (Reporting and editing by Andrew Heavens, Philippa Fletcher and Jonathan Saul)

• UN agency reports that ships are already sailing through Hormuz as part of the UN evacuation scheme

  A spokesperson for the U.N. shipping agency said that ships have already passed through 'the Strait of Hormuz' under a newly-launched evacuation scheme. A spokesperson for the International Maritime Organization (IMO), a U.N. agency, said that "ships have already started to pass under the plan." He declined to give any 'details' on the ships that had passed. LSEG's ship tracking data revealed on Wednesday that two dry -bulk ships, and one cargo -ship, have sailed through Hormuz in the past 12 hours. According to LSEG & MarineTraffic'ship tracking data' based on an analysis of ship movement, at least 35 commercial ships, primarily dry?bulk, cargo, and container vessels, were preparing for a passage through the strait. The IMO announced on Tuesday that the scheme, which took months to complete, would allow hundreds of ships, with a total of?11,000 seafarers, to sailed through Hormuz. (Reporting and editing by Andrew Heavens; Jonathan Saul)

• Additional oil tankers leaving Hormuz will add to global supply

  Shipping data shows that three stranded oil tankers, each carrying 5 million barrels of crude oil, left the Strait of Hormuz Wednesday. Two of them were headed to Asia. The interim agreement between Iran and the U.S. has released more supply?stuck?in the Gulf, which is bringing down?global?prices. Data from LSEG & Kpler revealed that the VL Breeze (flagged South Korean) is a Very Large Carrier, carrying 2,000,000 barrels of Qatari Condensate & Abu Dhabi Crude. It has passed through the strait on its way to Daesan. The supertanker was chartered by South Korean refiner Hyundai Oilbank. The data revealed that the VLCC Plata Carrier chartered by Indian Oil Corp is headed?outside the strait, carrying 2 million barrels Saudi crude. It is accompanied by the Suezmax tanker Prudent Warrior which is headed?for Sohar in Oman with 1,000,000 barrels Iraqi Basrah oil. Both vessels are flying the 'Liberian flag. Hyundai Oilbank and IOC were not available for comment. Kpler analysts and Vortexa analysts estimated that last week, close to 90 millions barrels of crude oil were trapped inside the Gulf. The South Korean maritime ministry announced on Wednesday that four vessels operated by South Korean shippers had left the strait, and were sailing towards their destinations. One vessel was bound for South Korea while the other three were headed to third countries. The ministry reported that 18 of the 26 vessels stranded in the Gulf since the beginning of the Middle East conflict are still there. It wasn't immediately clear if the ships were sailing on the temporary maritime routes established by?Oman & the International Maritime Organization in order to help ships safely leave the region. Oman has said that it will keep the Strait of Hormuz free of tolls and open to all shipping. It has also designated two temporary routes to the north and south of existing shipping lanes to help vessels leave the area safely. Shipping data revealed that two empty LNG tankers, the Milaha Qatar and the Shandong Redwood, were the last to be seen heading west of the strait in order to load cargoes at Qatar. Nine LNG tankers have been seen transiting the strait in order to load cargoes at Qatar, which is the highest number of empty LNG vessels since the start of the war. The Financial Times reported that Qatar's Prime Minister Sheikh Mohammed Bin Abdulrahman Al-Thani stated the Gulf state will resume normal?LNG output within a few short weeks. (Reporting from Florence Tan and Emily Chow, in Singapore; Nidhi in New Delhi; Jonathan Saul, in London; Additional reporting by Jack Kim, Heejin Kim, and Milla Nissi Prussak in Seoul)

• UN agency: UN evacuation plan for ships stranded in Gulf underway

  The United Nations shipping agency announced on Tuesday that an evacuation plan is in place to allow hundreds of ships with 11,000 seafarers stuck?in?the Gulf to sail through the Strait of Hormuz. This follows the agreement between Iran and the U.S. to end hostilities. A spokesperson for the United Nations said, "We've started to contact the ships in order to begin the evacuation." The International Maritime Organization's (IMO) spokesperson said that the evacuation would begin as soon as possible. The IMO stated that it had?secured the necessary safety assurances and verified conditions for safe sailing. In a press release, IMO Secretary General Arsenio Dominguez stated that "this?large-scale?operation will be carried out closely in cooperation with Iran and Oman as well as all other coastal'states' in the region. The United States, too, are involved." Oman's Defence Ministry said in a separate advisory that the evacuation process, under the IMO Plan, which has been discussed for months, would be phased. It said that "given the elevated collision risk in the current climate,?a gradual and managed evacuation of vessel traffic was required." The Omani Ministry said that the "so-called Traffic Separation Scheme" was not safe to use at the moment and two temporary routes north and south could be used as evacuation routes. The advisory from the Ministry stated that "parties coordinated by IMO will contact each vessel individually to inform them of the?transit date they have been assigned." The scheme adopted by the IMO in '68 established routes through Iranian - and Omani waters. The waters surrounding Hormuz are a major risk due to floating mines. (Reporting and editing by Gareth Jones, Andrew Cawthorne and Jonathan Saul)

• Gulf oil tanker prices nearly double as Middle East producers increase exports

  Shipping data and sources indicate that oil tanker operators have made record profits this week after almost doubling the cost of hiring vessels to travel through the Strait of Hormuz or the wider Gulf region. This is due to the increasing demand for the waterway as it slowly begins to pick up. The strait's traffic has been relatively low since Iran lifted the effective blockade after agreeing on a 60-day truce with the U.S. last week. Meanwhile, talks are continuing to reach a permanent agreement to end the war. The number of vessels passing through Hormuz has dropped to a fraction of what it was before the conflict started on February 28. According to market estimates, up to 100 tankers are still stuck in the Gulf with their cargoes, adding to an already tight supply of vessels, as Middle Eastern producers increase exports. According to ship brokers, and other industry sources, the rates for hiring a vessel outside of the Strait?Hormuz are now $190,500 per day, up from $106,500 one week earlier. The prices also increased outside the Gulf area. According to ship brokers and industry sources, the average daily earnings of very large crude carriers have increased by over $50,000 in the last week for cargoes that need to pass through Hormuz. Ship broker Clarksons stated that "tanker owners were preparing for a surge in Middle East crude cargoes over the next few weeks. They are encouraged by the fact spot TCEs, or earnings (averaged more than $100,000/day) despite the drop in cargo volume following the U.S. Iran hostilities." In a statement, it stated: "This shows that the supply of (tankers) is extremely tight. A reopening of Hormuz will further tighten capacity." FLURRY OF TENDERS FROM MIDDLE-EAST PRODUCERS Middle Eastern producers have been offering crude in a frenzy of tenders, especially Abu Dhabi National Oil Company. They are encouraging buyers to load from within the Gulf and this is boosting demand for tankers. Sinokor, one of the largest operators of supertankers in the world, did not reply to a comment request. The group's Belgium B supertanker, the last vessel to enter the Gulf and load cargoes for the group on Monday, was heading towards terminals in Iraq. Ship tracking data from MarineTraffic revealed this on Tuesday. Insurance industry sources say that while tanker rates are up, war risk insurance costs have fallen in the last five days, to about 3% of a ship's value, from around 5% a week earlier, excluding discounts. It would be a reduction of hundreds of thousands in insurance costs for ships. After months of supply disruptions, buyers in India, such as the country's largest refiner Reliance have sought crude from this region. Reliance has not responded to a comment request.