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• Emirates won't cut flights in the Middle East despite pressures

  Tim Clark, the airline's president, said that despite the financial pressures from the Middle East war, Emirates does not plan to reduce its capacity. The airline is continuing to fly passengers via Dubai to destinations such as India and Australia. They are taking precautions, including carrying extra fuel. Clark added that he did not care about the extra cost. Emirates also wants to expand in Germany. It says that most stakeholders would benefit from increased long-haul flight capacity. Emirates has been campaigning for more access to Berlin since its inception. Clark said Emirates had secured slots in Berlin but lacked approval for 'operation. It has used the airshow as a regular platform to highlight its contributions to 'the local economy. This dates back to an order of?32? more Airbus A380s that created thousands of German jobs. Clark also criticised German?Lufthansa which has long claimed Gulf carriers "enjoy unfair regulatory advantages in Europe". He said: "It's a publicly listed company and it needs to fight its own corner, without going to the government and hiding under its skirts." Reporting by Maria Rugamer, Joanna Plucinska and Kirsten Donovan; Editing and Louise Heavens.

• Fuel shock in Iran War slashes 2026 profit forecast for global airlines

  On Sunday, the global airline industry almost halved their 2026 profit projection, citing conflict in the Middle East, which has?driven fuel prices up, disrupted important air corridors, and exposed?the 'fragility of an industry operating on thin margins. In its annual report, the International Air Transport Association (IATA), which represents over 370 airlines and accounts for about 85% global air traffic said that it expects to see a combined profit of $23 Billion in 2026. This is well below an earlier projection of $41 Billion, down from $45 Billion in 2025. Even though passenger demand is resilient, planes are flying fuller, and revenues will rise to over $1.1 trillion, the downgrade highlights airlines' vulnerability to geopolitical events and fuel volatility. Willie Walsh, IATA's Director General, said that the two main factors have led to a reduction in the forecast. "The first is the significant rise in jet fuel prices which has been higher than I thought anyone would have anticipated, and the second factor has been the disruption of the airlines in Gulf region," Walsh said at the annual meeting of the IATA group in Rio de Janeiro. Walsh predicted that some smaller airlines would go bankrupt this year or next due to higher fuel prices. Spirit Airlines, the U.S.'s low-cost airline, shut down in December. It was dubbed "the first airline victim of the Iran war". Walsh stated that airlines are expected to cut routes which are not profitable to protect their margins. Fares, however, are unlikely to drop soon since they have risen dramatically since the beginning of the Iran War. Walsh explained that fares would likely remain high in an environment where the demand is still strong, but the capacity has decreased. A FUEL COST SHOCKS OUT HIGHER REVENUES Airline reroutes flights to avoid restricted or closed airspace due to the Middle East conflict triggered by U.S. airstrikes against Iran. This adds hours?to some trips, increases fuel consumption and puts strain on already limited capacity. Oil prices are surging on the back of fears about supply disruptions. This has pushed jet fuel prices higher, and widened refinery margins. Airlines have seen a sharp increase in their largest cost. Gulf airlines like Emirates, Qatar Airways, and Etihad Airways are facing the most operational uncertainty following a near-complete closure of regional airspace? at the start of the conflict. Walsh said that most regions would remain profitable but at a lower level, whereas Middle East airlines will likely slip into the negative due to conflict and weaker demand. IATA expects the fuel bill for airlines to rise to $350 billion by this year, from about $252 billion last year. Fuel accounts for?nearly a third? of operating costs. This is reducing the profitability of airlines per passenger. Airlines are now expected to earn $4.50, or roughly half what they earned last year. IATA anticipates that industry revenues will rise 9.4% this year to $1.16 trillion, driven by a steady travel demand and higher fares. They also expect to see a growing income from extras like seat upgrades and onboard service. The sector is also being squeezed by aircraft shortages. Airline delays in Boeing and Airbus deliveries force airlines to use older, less fuel efficient planes for longer. This increases maintenance costs and stifles efforts to improve margins.

• Wall Street Journal, June 2,

  These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. -?Alphabet has announced plans to issue equity worth $80 billion, of which $10 billion will go to Berkshire Hathaway to fund AI capital expenses. Blackstone, a manager of alternative assets, announced that it had raised $13.1 billion in private equity funds for Asia. This was more than its initial target. It is also the largest fundraise ever made by Blackstone. Andrew Left, 55, an eminent?short seller in Los Angeles, has been convicted of securities fraud by a federal jury. Castlelake, an investment firm, said that any offer to purchase easyJet should value it at at least $4.12 billion. This is slightly higher than the previous closing price of a?airline whose valuation plummeted during the Iran conflict. Motorola Solutions is buying Israeli startup D-Fend Solutions, for $1.5 billion. Governments and critical infrastructure operators are rushing to protect themselves against the growing threat of rogue drones. - 'Elliott Investment Management is seeking to review the strategic direction of Australia's biggest gold miner, Northern Star Resources, after accumulating a stake worth more than US$716 million, or?1 billion Australian Dollars.

• Emirates is optimistic about Boeing 777X but there has been no progress on the Airbus A350 engine dispute

  Dubai's Emirates president says that the company expects to get its first Boeing 777X, which has been delayed for years, by June next year. However, it is still waiting on progress in Rolls-Royce engine improvement, which would allow them to order Airbus A350-1000. Emirates, the largest buyer of wide body jets in the world, has complained a lot about the long delays with Boeing's biggest?model and the durability of the engines on Airbus's own biggest model. Tim Clark, Emirates President, said on the sidelines a Berlin industry conference that the 777X was in "good shape". The airline anticipates receiving its first 777X by May or June of next year. This is 14 years after Emirates was the leader in the initial wave?of orders for this 400-seater jet. The development of the GE powered plane has been stalled for years due to certification delays. Questions about the Remuneration Package Clark reiterated concerns over the wear and tear of the Trent XWB-97 engine for the slightly smaller Airbus A350-1000. Emirates said that it would not order the aircraft until the issue was resolved. The story of the (XWB)97 is what it was. He said: "I know (Rolls-Royce is) working hard to fix it." Clark, who had publicly clashed with Rolls-Royce before, questioned a possible remuneration of?more? than PS100million ($134million) given to Rolls-Royce's CEO Tufan Erginbilgic. Erginbilgic is credited for a radical overhaul of the Group, resulting in a dramatic turnaround in profits. SCAM OVER DELAYS AND PRICES INSIDE THE INDUSTRY Rolls-Royce refused to comment on Clark's pay package. However, a spokesperson for the company said that its Trent XWB-97 upgrade program was improving engine durability and time spent on wing. The spokesperson stated that "These improvements will double the durability and improve the flying experience in benign environments by 50%." They added that the company will also invest to expand its maintenance and overhaul capacity by 2030 in order to meet growing customer demand. The industry is embroiled in a spat between airlines and engine manufacturers over high prices and delays. Clark showed little sympathy to engine manufacturers who failed to meet demand and left some planes idle. "I couldn't tell my government that I couldn't fly because of this. They would kick me out. It's brutal, but it's how it is. "You need to improve, but not just him (Erginbilgic), all of them as well." IATA, the global airlines'?group, accused engine manufacturers of "gouging" airline parts prices at the weekend. Engine makers claim they have taken on significant financial risk to improve fuel efficiency and blame some delays on supply-chain issues. Clark told engine makers that the supply shortage was not his problem.

• Emirates is optimistic about Boeing 777X but there has been no progress on the Airbus A350 engine dispute

  Emirates' president stated that Dubai expects its first Boeing 777X to arrive in June of next year. However, the company has not seen any progress with Rolls-Royce engines, which would allow them to order Airbus A350-1000. Emirates, the world's biggest buyer of wide-body jets, has complained repeatedly about Boeing's 'long' delays and Airbus's engine reliability on its own largest model. Tim Clark, Emirates President, said on the sidelines a Berlin industry conference that the 777X was in "good shape". The airline anticipates receiving its first '777X' in May or June of next year. This is 14 years after Emirates was the leader in a wave that led to initial orders for this 400-seater?jet. The development of the GE powered plane has been stalled for years due to certification delays. Questions about the Remuneration Package Clark?reiterated his concerns over the wear and tear of the Trent XWB-97 engine for the slightly'smaller Airbus A350-1000 in the hot and sandy Gulf. Emirates said that it would not order the aircraft until this issue is resolved. The story of the (XWB-97) is what it was. "I know that they (Rolls-Royce), are working very hard to fix it," he said. Clark, who had publicly clashed with Rolls-Royce before, questioned the remuneration of more than PS100,000,000 ($134,000,000) given to Rolls-Royce's CEO Tufan Erginbilgic. Erginbilgic is credited for a radical overhaul of the Group, driving a sharp turn around in profits and share prices. SCAM INDUSTRY WIDE OVER DELAYS AND PRICES Rolls-Royce declined to comment on Clark's comments about engine durability and the pay package. The industry is embroiled in a spat between airlines and engine manufacturers over high prices?and delivery delays. Clark showed little sympathy towards engine manufacturers who failed to meet demand and left a number of planes idle. "I cannot say to my Government that I can't travel because I don't have this. They would kick me out. It's brutal but that's how it is. "You need to be better than what you are doing, but not just Erginbilgic. It's also all the other people." IATA, the global airline group, accused engine manufacturers of "gouging' airlines over parts prices at the weekend. Engine makers claim they have taken on significant financial risk to produce?fuel improvement and blame some delays on supply-chain issues. Clark told engine makers that the supply shortage was not his problem.

• There are some flights to the Middle East that have resumed but there is still disruption.

  As regional carriers rebuild their schedules following war-related disruptions, some airlines are gradually restoring flights to the Middle East. However, the conflict continues to disrupt larger traffic flows. Middle Eastern airlines increased capacity following severe disruption caused by the Iran War, while many carriers outside of the Gulf still divert Europe-Asia flight to avoid the area. The latest flight information is listed below alphabetically: AEGEAN AIRLINES Thessaloniki-Tel?Aviv flights were cancelled by Greece's biggest carrier until June 26. Dubai flights are cancelled until August 31. Erbil, Baghdad and Erbil flights will be cancelled until July 2. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. AIR FRANCE-KLM Air France suspends Tel Aviv flights through June 21 and Beirut and Dubai flights through June 24. KLM has suspended flights from Dubai to Riyadh until August 2, and until July 26 to Dammam and Riyadh. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh until August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel Aviv flights starting September 6. Meanwhile, the launch of its Boston-Tel Aviv flight, scheduled for late October, was delayed. FINNAIR The Finnish airline has cancelled all flights to Doha until October 2 and continues to avoid airspace in Iraq, Iran, Syria, and Israel. It will resume Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the return of its flights from Doha to Riyadh to August 8 and until August 1. Flights from Dubai, Tel Aviv and Bahrain to?Amman will be paused until after the summer and resume on October 25, When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 1, as well as Doha-Tokyo until July 31. Polish Airlines has canceled flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1, whereas ITA Airways confirmed they would begin on July 1. SWISS delayed the return of flights to August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended flights to Abu Dhabi, Amman and Beirut. SWISS, Austrian Airlines, and Brussels Airlines have also suspended flights to Riyadh and Riyadh. Erbil, Muscat, and Tehran. Eurowings, a low-cost airline, has suspended its flights to Tel Aviv and Beirut until July 9, Erbil and Dubai until June 22, and Amman and Abu Dhabi until October 24. ITA Airways also?extended its suspension of flights to Riyadh till June 30. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier?has delayed indefinitely the planned launch?of Tel Aviv and Beirut service, and no new dates have been determined. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights scheduled to Amman Baghdad Beirut for June 9. QANTAS Australia's national carrier has added flights to Rome, Paris and London to respond to a surge in demand on European routes. The number of flights to Paris will rise from three to five weekly return flights, and the Perth to Singapore service will go from daily to ten a week. A new schedule for flights will be implemented gradually from mid-April until late July. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines To meet increased demand, the carrier has extended its Singapore-Dubai flight cancellation until August 2 and added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March to October 24). TURKISH AIRLINES SunExpress, Turkish Airlines’ joint venture with Lufthansa has cancelled flights from Dubai to Bahrain, Beirut, and Erbil up until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Milla Nissi - Prussak, Jonathan Ananda, Joe Bavier, Milla Fenton, Susan Fenton.

• India's ship certification authority takes a tougher stand on sanctioned oil tankers

  The head of India's agency for ship safety certification has said that the agency is taking a more aggressive stance against vessels that are involved in evading trade sanctions by canceling the certification of over 200 tankers and ships. The Indian Register of 'Shipping' (IRClass) is one of the world's most prestigious'ship 'certifiers. A vessel being removed from this list could make it difficult for them to obtain insurance or access ports. Arun Sharma, Executive Chairman of the Mumbai-based non-profit organization IRClass, said that since 2023 235 ships have been declassified from its registry. These are mostly oil tankers, but also a few LNG carriers. He said that the registry had previously been hit by Western sanctions on a number of ships, but now has "a very extensive" policy. Sharma said that "from almost 2023, we will not take any ships with any sanctions, be they U.S., European, or UK sanctions," referring to Western Sanctions imposed on Russia for its invasion of Ukraine, and Iran due to its nuclear program and other activities. IRClass’?move shows that India is taking a different stance than China, which last week?ordered companies not to comply with U.S. Sanctions on five Chinese refiners for purchases of Iranian Oil. India, which is the third largest oil importer in the world, also rejected last month Russia's offer of selling it liquefied gas that was subject to U.S. sanction. "We released about 13 million tons (gross), but we could not explain why the sanction was in place. Sharma stated that the cover was cancelled because "there was a large amount of tonnage". But not certifying the ships also adds to a "shadow fleet" that has no insurance and does not comply with environmental safety standards. These ships have not only helped Iran and Russia to circumvent sanctions but also pose a risk of fuel and oil leaks along busy sea routes. IRClass, along with 'other leading shipping certifiers' provide services that include safety checks which are 'necessary to secure entry into port as well as services like insurance. Sharma stated that while IRClass wouldn't accept any ships owned by a?Iranian entity or a Russian entity, there are?limitations as to what IRClass is able to determine if the cargo was carried. "Today we might take in a vessel that is, according to the registry, not Russian, and not Iranian, but tomorrow it may be carrying oil from Iran somewhere else... We don't control this." (Reporting and editing by Susan Fenton; Reporting by Jonathan Saul)

• Sources: German and French leaders are unable to resolve the FCAS fighter jet dispute

  Two?German government officials told?Monday that the German Chancellor Friedrich Merz, and French President Emmanuel Macron, have concluded that companies involved 'in building a?joint fighter jet cannot?reach an agreement. The sources said that both leaders agreed to continue developing a drone system and data networks related to the Future Combat Air System project. Macron's office didn't immediately respond to a request for comment. The failure to reach agreement on the EUR100 billion ($116 billion) project highlights the "struggles" Europe has faced rebuilding its military capability after decades of underinvestment. According to a German government source, Merz and Macron discussed Friday the decision to end the troubled project on the sidelines the EU-Western Balkans summit in Montenegro. They had tried in vain before to convince the European aerospace group Airbus that represents Germany and Spain and France's Dassault Aviation, to come to an agreement. According to a European source who was briefed about the issue, the two sides are moving towards a solution that will save face. The remaining systems, including the "combat clouds" of highly secured links, will continue to be known as Future Combat Air System or FCAS. The source said that with the French elections next year, Macron is reluctant to give up the FCAS project he started in 2017 with the former German Chancellor Angela Merkel. The project's future, which focuses on a fighter jet and drones that are linked through a "combat cloud" classified by the Pentagon, has been in doubt for several months due to disagreements between the two sides over control and specifications. (Reporting and writing by Ludwig Burger and Andreas Rinke; additional reporting and writing by Michel Rose and Tim Hepher; editing by Thomas Seythal, Andrew Heavens and Andrew Heavens).

• China's global ecommerce push is stalled as the Iran war raises costs and dampens demand

  China's export engine for e-commerce is in trouble as rising jet fuel prices and a weaker demand by lower-income Western consumers linked to the Iran War threaten the?profits of big online platforms such as Temu, Shein and AliExpress. Business models based on shipping $5 dresses from?Chinese factory to customers around the globe were already under stress after U.S. president Donald Trump introduced tariffs, and axed waivers for low-value parcels. Data shows that the Middle East conflict is causing a surge in logistics costs, and industry experts agree. Shippers such as DHL Express are imposing heavy fuel surcharges. China's low cost e-commerce, which has soared in the last six years, dropped 10.9% to $9.81 Billion in April, marking the fifth consecutive decline compared to the previous year, according to Trade and Transport Group, a Luxembourg-based consultancy. Costs are passed on to consumers Diana Qiao is a Shenzhen seller of women’s clothing who sells on Temu. She said that she raised her prices by $2 as her shipping costs per garment increased by an average of $1. Qiao said that "the final burden will be borne by the consumers." She added that this increase was "needed to protect my profit margins" and although sales have decreased slightly, she has not yet seen a need to alter her shipping arrangements. Analysts and industry insiders believe that falling export values indicate not only the cost squeeze but also the end of the hyper-growth era for large low-cost platforms. The companies are moving more products into bulk warehouses for local dispatch, rather than flying all the goods directly from China. He said that it would be reasonable to consider the cost of air freight in relation to the value and quality of the product. If you buy a top weighing 300-400 grams, air freight will account for 60% of the total cost. Shein is expanding its warehouse capacity throughout Europe. Last month, it opened its third warehouse near Birmingham, in Britain. Alibaba, the owner of AliExpress, said it was focused on "maintaining a value-for money pricing for consumers" and "providing a stable environment for both sellers and consumers despite global transportation costs fluctuation". Shein and Temu didn't respond to any questions regarding the impact of air freight on their business. PLATFORMS DEMAND IS LOWER AS BUSINESS MARKS MATURE Exports are higher today than two years ago. The start of 2025 saw a significant frontloading of goods ahead of U.S. Tariffs. Returning to the growth of the last few years will be difficult, as Shein and Temu already have a significant share of the market and the rising petrol prices in the U.S.A. and Europe are impacting the household budgets. The European Union will also impose an EUR3 charge on "low-value" e-commerce packages starting July 1. According to a China-based executive in freight forwarding who refused to be identified because he was not authorized to speak to media, air freight costs are a factor but platforms have also entered a slower growth phase and overseas consumption is declining due to inflation. According to Judah Levine, Freightos head of research, air freight rates will likely'stay high due to jet fuel prices, and it will take time for them to drop even if Iran conflict ends. If the cost of shipping remains high or increases further, some companies will switch to alternative modes of transportation or delay some shipments, said Martin Habisreitinger.

• Cathay Pacific CEO: More aircraft to be ordered across the fleet

  Ronald Lam, the Chief Executive Officer of Cathay Pacific, said that it is looking at placing additional orders for widebody aircraft, 'narrowbody aircraft and freighter planes as part of its plans to expand rapidly in the next decade. Lam said this could include new orders as well as exercising options to expand previous orders. Cathay has already ordered more than 100 'new aircraft, including the long-delayed Boeing 777X, Airbus A350 cargo planes?and smaller Airbus A320neo passengers jets for HK Express, its low-cost subsidiary. Lam told reporters at an aviation summit held in Rio de Janeiro that "there will be more orders." Lam said that the next 10 years are a 'golden opportunity' for Cathay Group to expand, citing an increase in flights on Hong 'Kong's third runway. Lam stated that HK Express 'would only maintain an Airbus fleet,' excluding the purchase of rival Boeing short-haul aircraft. He said that Cathay Pacific will not cut flight capacity further despite the soaring fuel prices caused by the 'Iran war' and that the airline is on track to reach 10% capacity growth in this year. (Reporting and editing by Manuela Andréoni).

• Southwest Airlines sticks with Boeing after MAX 7 delays push service back to 2027

  Southwest Airlines' Chief Operating Officer Andrew Watterson said on Saturday that the airline expects Boeing's long delayed 737 MAX 7 to enter revenue service by 2027. The company is also focused on adding more aircraft types in order to reduce risks, rather than focusing on another type of aircraft. Watterson responded that Southwest Airlines was not interested in Airbus's A220. Watterson stated in an interview at the International Air Transport Association annual meeting in Rio de Janeiro that diversification does not come from a second type of fleet. "A second fleet type can increase risk." It doesn't make any sense to ignore that," he said. The?MAX 7 still awaits certification by the U.S. Federal Aviation Administration. Watterson stated that Southwest will spend about six months on?internal projects after certification. This includes adding the aircraft to their operating specifications and manuals. He said that the clock begins when they certify it. Watterson stated that the MAX 7 delays had not forced Southwest Airlines to delay specific routes but limited its ability better match aircraft sizes with demand. He said the penalty is too many large aircraft and not enough small jets in markets or periods of lower demand. STARLINK ROLLOUT Southwest also?moves ahead with Starlink-powered Wi-Fi. However, Tony Roach said that the carrier hasn't ruled out Amazon’s Leo satellite -network. Southwest Airlines' chief customer and brand officer, Tony Roach, said the airline expects to be able to service an aircraft with Starlink by the end of this month. Executives said that the airline has set a goal of equipping 300 aircraft by the end of the year with Starlink. However, the speed depends on the ability of Starlink to supply the equipment. Watterson said, "Our 'tech ops' can retrofit as quickly as Starlink can supply," Watterson added. Watterson said that activist investor Elliott Investment Management was correct to say Southwest had been slow to change despite the fact that many changes were already underway. Elliott Investment Management was unambiguously?correct in that we were too late," he said. Watterson said that investors underestimated Southwest's customers' willingness and ability to pay for new services, and revenue per available seat-mile would be the "litmus" test for whether or not the changes were working. (Reporting by Rajesh Kumar Singh in Rio de Janeiro)

• Greek shipping magnate: The West needs to speed up the scrapping of its shadow fleet, as dangers grow.

  Western governments should accelerate the scrapping of unregulated vessels that have been sanctioned and give their operators time to dispose of them, as environmental risks are increasing daily. In recent years, the?use of so-called'shadow?fleets?or dark fleets of tankers has increased. Hundreds of tankers are transporting Iranian and Russian oil without any safety or insurance checks. Evangelos Marinakis is the founder and chairman at Greece's Capital Maritime & Trading Corp., a major ship owner with more than 285 vessels on order. He has been pushing to remove unregulated tankers in global trading. Marinakis said during the Posidonia Shipping Week in Athens that "we face environmental risks every day from dark fleet ships". He said, "We should allow dark-fleet vessels to be scrapped both in the United States of America and the European Union." Marinakis addressed the concern that proceeds from the disposal of ships would go to 'potentially sanctioned parties.' He said:?these typically amount to less profit than a single trip and scrapping would reduce the massive profits made by the shadow fleet. GMS, a leading ship recycling company based in Dubai, announced last month that it had received approval from the U.S. Government to scrap four containers ships which were subject to Iran-related sanctions. However, their seller wasn't affected by the sanctions. Marinakis stated that his group has been in contact with Washington and sent "a great deal of useful material". Marinakis declined to comment further and the U.S. Treasury didn't respond to an?ask for comment. The shipowner - who also owns the Olympiacos soccer team and Nottingham Forest soccer team - said that shadow fleet operators must be allowed to dispose of their ships in a certain time frame. Marinakis stated that if we gave them four to five months for the scrapping schedule, we would see a reduction of at least 20%-25% in "the dark fleet". He said that ship recyclers should be allowed to pay?dollars or?euros to the owners of dark fleets they are scrapping. But only for scrapping. "This is the way forward." (Reporting and additional reporting by Timothy Gardner, Editing by Tomasz Janowowski)