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Sources say that oil and gas traders and majors have suspended shipments via Hormuz.
After the U.S. Trading sources said that Israel and Iran attacked each other, while Tehran announced it had shut down navigation. One top executive of a major trading firm said, "Our ships will remain in port for several days." Satellite images of tanker trackers revealed that vessels were parked next to large ports such as Fujairah, United Arab Emirates and were not passing through Hormuz. An official from the EU Naval mission Aspides? told that multiple vessels in the area received VHF transmissions from Iran's Revolutionary Guards that "no ships are allowed to cross the Strait of Hormuz". The British Navy stated that Iran's orders are not legally binding, and advised ships to transit with caution. Shipbroker Poten & Partners warned clients that although vessel traffic in the Strait of Hormuz is not entirely stopped, it has been disrupted. The U.S. Navy warned against navigation of the entire 'Gulf of Oman', the North Arabian Sea, the Strait of Hormuz, and all of the Gulf of Oman. According to an advisory seen on Saturday, Greece's Shipping Ministry advised vessels to avoid the Persian Gulf and Gulf of Oman, as well as the Strait of Hormuz. Around 20% of the world's oil, including that produced by Saudi Arabia, United Arab Emirates (UAE), Iraq, Kuwait, and Iran, is transported through Hormuz, along with large quantities of LNG from Qatar. Laura Page, from the consultancy?Kpler said that 14 LNG tankers showed signs of slowing, U-turning, or stopping around or in the Strait. She added that this number was likely to rise and pose risks for Qatari LNG exports. Hapag-Lloyd, a German container shipping group, has announced that it will'suspend all vessel transits through the Strait of Hormuz' until further notice. The company warned that services calling on Gulf ports may be affected by delays, rerouting, or schedule adjustments. Maersk, a Danish shipping company, said on its website in an update that was not dated that it coordinated with security partners for all operations in both the Red Sea and Gulf of Aden. However cargo acceptance in the Middle East remained available. The French shipping company?CMA CGM has said that it told its vessels in the Gulf or heading there to seek shelter when the United States and Israel attacked Iran. Reporting by Dmitri Zahdannikov and Marwa Rashad; Editing and editing by Aidan Lewis and Kevin Liffey; Louise Heavens, Edmund Klamann, and Edmund Klamann.
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Abel, the new Berkshire CEO, tries to reassure investors after Buffett's departure
Greg Abel, the new chief executive of Berkshire Hathaway, has written his first annual shareholder letter on Saturday. He pledged to maintain the "fortress"-like balance sheet, and to uphold the values set by his mentor and predecessor, Warren Buffett. Abel, who is 63 years old, said that he would not rush to use Berkshire's nearly record $373.3 billion in cash, even though he claimed it provided the company with plenty of "dry power" and he did not plan to start paying dividends. Buffett was also against this. Berkshire has not repurchased its own stock since spring 2024. Abel wrote an 18-page letter, one-spaced, in which he acknowledged that he understood how you wanted us to achieve success together. "My role is ensuring our capital allocation and liquidity levels remain deliberate and intentional." Abel paid tribute to Buffett who is 95 years old and still remains Chairman of Berkshire. He visits the offices five days per week. Abel called Buffett a "remarkable CEO". Abel wrote: "Warren Buffett has been a great investor for generations, and they have benefited from his investment knowledge." "To invest in Berkshire is to vote for our founder, a trust which now lies with Berkshire." Berkshire's shares have underperformed by a significant margin the Standard & Poor 500 index ever since Buffett unexpectedly announced in May that he would be stepping down as CEO. CFRA Research analyst Cathy Seifert noted that Abel's note lacked Buffett’s flair for writing, but it could be reassuring for investors. She said, "He had to show continuity and that business would go on as usual despite the new leadership." "In my view, he was right on target." The letter indicated that Abel would not undo Buffett's '60 years' of work transforming Berkshire into a conglomerate worth more than $1 trillion that includes Geico car insurance, BNSF railway, and dozens of manufacturing, retail, and energy businesses. The letter will dispel any doubts that Greg is the right person to lead the company, said Dan Hanson who heads the quality equity team for Neuberger Berman and oversees over $6 billion. Berkshire reported a decline in profit after reducing its stakes of approximately 27% each in Kraft Heinz, and Occidental Petroleum. Operating profit for the fourth quarter fell by 30% to $10,2 billion due to a decline in income from insurance companies such as Geico. Net income dropped 3% to $19.2 Billion, primarily due to Occidental's $4.5 billion write-down, despite gains in equity from Apple and American Express. Operating profit for 2025 fell 6%, to $44,49 billion. Net income dropped 25%, to $66.97. Buffett has long advised investors to ignore fluctuations of Berkshire's Net Income, which are a reflection of accounting rules for equity investment. Seifert stated that the full-year revenue remained essentially unchanged, at $371.44 Billion. Abel also "suggested an expectation that commercial and reinsurance growth could be nonexistent in 2026." Berkshire reported that Fruit of the Loom - one of Berkshire’s most well-known companies - lost 6,000 jobs in the last year due to a decline in revenue. WILDFIRE BATTERED PACIFICORP Utilities 'NOT a deep pocket' Abel said Berkshire’s culture and values would continue "in perpetuity" and indicated no changes to its decentralized structure, in which the dozens of Berkshire businesses operate without much interference from top management. He indicated a willingness and a desire to stay, saying that he would have "just a fraction" of Warren's tenure in 20 years. Abel promised to "invest in durable and well-managed companies that Berkshire can understand, and avoid businesses that could undermine society or jeopardize Berkshire’s reputation." Seifert didn't elaborate but said that he might have been referring artificial intelligence. Abel acknowledged that litigation regarding wildfires in Oregon and California, which burned over 500,000 acres by 2020, put pressure on its PacifiCorp utility. PacifiCorp is blamed by many victims for failing to turn off power lines. Utility has settled more than $2.2 Billion in wildfire claims, but still faces another $50 Billion. Abel stated that Berkshire will accept responsibility for wildfires it is responsible for, but fight unjustified claims. Abel stated that "PacifiCorp should not be treated as an insurer of last recourse and as a big pocket." "Accountability is crucial to preserve the regulatory compact that governs utility companies, along with principled opposition against unwarranted liabilities." TED WESCHLER STAYS ONE Abel was harsher than Buffett on Berkshire companies that could do better. He said that the performance gap between the BNSF and industry-leading competitors is "too large" while the "self-inflicted difficulties" at Shaw Flooring hurt quality and service. Abel, speaking of Berkshire non-insurance companies, said that "each business is responsible to its CEO who is expected pursue 'operational excellence and close performance gap relentlessly." Hanson, Neuberger Berman's investment manager, commented: "Those words are combative." Berkshire still hasn't named a new chief investment officer, but Abel stated that the responsibility for equity investments is "ultimately mine as CEO." Abel said that Ted Weschler will continue to play a "broader" role in assessing investment opportunities, and supporting Berkshire, despite the fact that he manages about 6 percent of Berkshire equity investments.
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Abel, Berkshire's CEO after Buffett's passing, assures investors with a 'fortress like' balance sheet
Greg Abel, the new Berkshire Hathaway chief executive, pledged to 'put his stamp on the company with a 'fortress-like balance sheet, while maintaining the values of Warren Buffett, his mentor and predecessor. Abel, who is 63 years old, stated that he will not rush to use Berkshire Hathaway's near record $373.3 billion in cash, even though the stake gives the company a lot of "dry-powder." He also said he has no plans to start paying dividends. Buffett was against this as well. Berkshire also hasn't repurchased any of its own shares since the spring of 2024. Abel wrote: "I understand how you want to achieve success together and do it in the correct way." "My role is ensuring our liquidity levels remain intentional and deliberate." Abel paid tribute to Buffett who, at 95, stepped down as CEO after 60 years. Buffett is still chairman of Berkshire and visits the offices there five days a weeks. Abel wrote that Buffett was "arguably the greatest investor of all times, with generations benefiting" from his investment expertise. "To invest in Berkshire has long been a vote?of?trust in the founder of Berkshire, a trust which now rests with Berkshire." ABEL TRYS TO SHOW CONTINUITY Abel stated that Berkshire’s culture and values would continue "in perpetuity" and indicated no changes to its decentralized structure, where its dozens businesses operate largely independently of him. He said Berkshire owns the BNSF railway and has "no intention" of buying another major railroad. He also acknowledged the pressures on PacifiCorp utilities from lawsuits over wildfires that occurred in?Oregon. Abel wrote that PacifiCorp was not an insurance of last resort, and it should not be considered a "deep pocket". Cathy Seifert is an analyst with CFRA Research. She said Abel's email might be reassuring for investors. She said that Abel needed to demonstrate a level of continuity and show that business would continue as usual despite the change in leadership. "In my opinion he was on target." Berkshire reported a decline in profit both for the fourth quarter and the entire year after taking a write-down for investments made over the years with Kraft Heinz, Occidental Petroleum, and packaged food company 'Kraft Heinz. Operating profit for the quarter fell by 30% to $10,2 billion. Net?income, including changes in equity holdings by Apple and American Express accounted for a 3% drop to $19.2 Billion. Operating profit for '2025 fell 6%, to $44.49 Billion, and net income fell 25%, to $67 Billion. Buffett has long advised investors to ignore Berkshire's fluctuations in net income. These fluctuations are due to accounting rules which require Berkshire report gains and losses from stocks it is not selling. Reporting by Jonathan Stempel, New York; Editing and proofreading by Louise Heavens & Lisa Shumaker
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Berkshire Hathaway profits fall due to lower insurance income and writedown
Berkshire Hathaway said on Saturday that operating profits fell in the 'fourth quarter due to lower 'income from its insurance operation, and a long-standing investment in Occidental Petroleum was written down. This quarter marked Warren Buffett’s final as chief executive of the conglomerate. Greg Abel now holds that position. Buffett is still chairman. Berkshire reported that it would end 2025 with $373.3 Billion in cash. This gives Abel the power to make major acquisitions, which Buffett has been unable to do over the past decade. This was the sixth quarter without a share buyback. It was also Berkshire's thirteenth consecutive quarterly in which it sold more shares than it purchased. Operating profit for the quarter fell by 30%, to $10,2 billion or $7,092 per class A share. It was $14.53 billion a year ago. Berkshire Hathaway's net income dropped 3% from $19.69 billion to $19.2 Billion, due to a lower operating profit and a writedown. ABEL PAYS TRIBUTE BUFFETT Operating profit for the year fell by 6%, to $44,49 billion. Net income dropped by 25%, to $89 billion. Buffett has long advised investors to ignore fluctuations Berkshire’s net income. These fluctuations are due to accounting rules which require Berkshire report gains and losses for stocks it is not selling. Abel's first annual letter to Berkshire investors paid tribute to Buffett, calling him a "remarkable chief executive" and "arguably, the greatest investor in history" and promising to maintain his discipline when deciding how to invest Berkshire capital. "We are dedicated to strengthening the great Legacy built by Warren Buffett, and his business partner Charlie Munger. We will ensure that it endures with our commitment to excellence, wrote?Abel, referring to 'Berkshire Vice Chairman, Charlie Munger. "I understand how you want to achieve success together and do it in the right manner." Berkshire wrote down $4.5 billion for Occidental because it believed that the recent drop in oil?company stock prices was not temporary, though it did not intend to sell any stock. This was Berkshire’s?second write-down in 2025. It followed a 'write-down of its investment Kraft Heinz. Insurance profit for the quarter fell by 38%, to $4.63billion. Falling interest rates decreased income from Berkshire cash while pricing pressures restricted the ability of Geico's auto insurer and reinsurance business to add new customers.
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Greeks mark the anniversary of fatal 2023 train accident ahead of trial
On Saturday, tens of thousands Greeks rallied at Athens, and in other cities, to mark the 2023 anniversary of the deadliest train accident?in the history of the country. They demanded justice ahead of the upcoming criminal trial. Workers walked out of their jobs to participate in the protests, halting trains and ferries. Protesters placed flowers and banners that read "Justice" in front of the parliament building, where the names of the 57 victims (mostly students) were spray painted on the ground. A passenger train and a cargo train collided at Tempi, central Greece. The tragedy has become a symbol of failures by the state, including safety lapses as well as years of neglect to the rail network. Last year's protests were among the largest in recent years. They were fueled by a mistrust for?politicians who are shielded from prosecution largely under Greek law. On Saturday, thousands of police officers were on duty in Athens. Also, demonstrations were held overseas. Pavlos Aslanidis is the head of the association of victims' families. He made a speech in which he stated: "We are seeking justice." The judicial investigation was completed this year, and on 23 March, dozens of nonpoliticians are scheduled to stand trial for charges that range from causing traffic chaos leading to fatalities to negligent manslaughter or causing bodily harm. Protesters want reforms and accountability from the political system. One banner in Athens read: "It was murder, not an accident." Investigations have revealed that in 2023, a co-funded project by the European Union to install safety systems had been launched in 2014. However, it was still years behind schedule. Families of the victims have accused authorities of trying to 'cover up evidence. The centre-right government denies any wrongdoing but says that justice will bring to light the truth and has promised a full railway reform before 2027. Reporting by Renee Maltezou, Lefteris papadimas and Louise Heavens
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After US and Israel attacks on Iran, airlines suspend Middle East flights
Global airlines halted flights across the Middle East Saturday, after Israel and the United States launched attacks on Iran. The strikes plunged the region into another military conflict. As Israel claimed to have struck Iran and the U.S., flight?maps showed that the airspace above Iran, Iraq Kuwait, Israel and Bahrain was virtually empty. The?military launched a series strikes against the targets within the country. Iran responded with a salvo missiles. According to Cirium's preliminary data, airlines cancelled nearly 40% of flights into Israel on Saturday and 6.7% to the rest of the region. Witnesses reported explosions in Doha in Qatar, the home of the largest U.S. base in the Middle East. Also, Abu Dhabi and Dubai, in the United Arab Emirates, were mentioned. This escalation has dimmed the hopes of a diplomatic resolution to Tehran's dispute over its nuclear program with the West. It also reignited conflict following weeks of U.S. buildups in this region. This is the latest disruption to air travel in a region that's usually very busy. Middle East airports are among the busiest on the planet, serving a region extending from Iran and Iraq all the way to the Mediterranean. They also serve as a hub for connecting flights between Europe and Asia. Since the beginning of the conflict between Russia and Ukraine, the region has taken on an even more significant role. Airlines have been forced to avoid the airspace above both countries. As aerial attacks increase, airlines are increasingly burdened with the operational costs of conflict zones. They worry about accidents or deliberate shooting downs of commercial aircraft. As flight times increase, so does the cost of fuel. Israel, Iran and Iraq closed their airspace after the attacks. A map of the area on Flightradar24 shows planes avoiding the?areas. BRITISH AIRWAYS LUFTHANSA WIZZ AIR SUSPEND FLYING The European Union's aviation regulator EASA has recommended that its airlines avoid the airspace impacted by the ongoing military interventions. British Airways, which is owned by IAG said that it was monitoring the situation. Flights to Tel Aviv, Bahrain and Amman have been cancelled until Saturday, March 3. On Saturday, the Russian Ministry of Transport announced that Russian airlines had suspended flights from Iran and Israel. Lufthansa, a German airline, announced that it would suspend flights from and to Dubai on Sunday and Saturday. It will also temporarily halt the Tel Aviv routes and those between Beirut and Oman until March 7. Air France has cancelled flights from and to Tel Aviv and Beirut. Iberia has also canceled flights to Tel Aviv. Wizz Air, meanwhile, announced that it would suspend flights to Israel, Dubai Abu Dhabi, Amman and Amman from the same date. Airspace in the area will be closed for a period of time. Eric Schouten of Aviation Security Advisory Dyami said that it's important to consider the tensions between Afghanistan & Pakistan, as this will further limit airspace. He said that the immediate impact of hostilities on regional aviation was "highly fluid". He noted that "we also anticipate?evacuations precautionary or temporary closures at selected Gulf airports should the threat envelope grow, which will immediately disrupt key transit centers." Air India and other Indian airlines have also suspended flights into the Middle East. Regional Carriers Affected The Dubai-based airline said that regional airspace closures had disrupted several 'Emirates' flights. Meanwhile, its sister carrier flydubai announced it temporarily suspended operations Saturday due to "the ongoing developments in the area." Qatar Airways and Kuwait Airways suspended their flights temporarily, while Turkish Airlines cancelled several flights to Middle Eastern destinations. Kuwait's aviation authority announced that it would halt all flights into Iran until further notice. Oman Air also said that all flights were suspended to Baghdad because of the "regional developments". KLM, Dutch arm of Air France KLM, has brought the suspension?of its Amsterdam to Tel Aviv service forward, canceling the flight scheduled for the Saturday following strikes in Iran. On Wednesday, the airline announced that flights will be suspended as of Sunday, 1 March. On Saturday, only one flight was scheduled to Tel Aviv. Virgin Atlantic announced that it decided to avoid Iraqi airspace temporarily, which resulted in some rerouting of their flights.
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Russia suspends flights from Iran and Israel
The 'Russian Ministry of Transport announced 'on Saturday, that Russian airlines?had halted flights to iran and Israel. Israel announced that it launched a preemptive strike against Iran on Sunday, pushing the Middle East back into a new military confrontation. This has further dimmed hopes for a diplomatic resolution to the long-running dispute between Tehran and the West over its nuclear program. According to the ministry, Russian airlines, working with the ministry, Rosaviatsiya, the aviation watchdog, and the ministry, have worked out alternate 'flight routes' in advance in order to ensure that flights into the Persian Gulf countries are safe. The longer distances will result in increased flight times, the report said. Rosaviatsiya stated in a separate announcement published on Saturday, that it had made recommendations to Russian air carriers following the closure of their airspace by Bahrain, Iraq and Qatar for 'flight safety.' The UAE had also placed temporary restrictions on use of their airspace. The Russian airspace monitor'said that carriers should choose alternate routes to fly to the Persian Gulf countries. They are also advised to observe 'all safety measures' and actively monitor the recommendations made by the aviation authorities in foreign states. Reporting by Ksenia orlova, editing by Guy Faulconbridge and Aidan Lewis
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After the Iranian strikes, Greece warns Greek-flagged ships to avoid certain shipping routes
According to a?report seen by, Greece's Shipping Ministry advised Greek-flagged ships on Saturday to exercise maximum caution and avoid the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz after the United States and Israel launched strikes against Iran. The document stated that "the developing situation affects'safety of Navigation in the wider Persian Gulf",?the Straits of Hormuz and?the Gulf of Oman, and?North Arabian Sea",?advising managing companies to implement the highest levels of security in these areas and Israeli port until further notice. The statement added that the crisis could spread to the Red Sea and the Gulf of Aden due to 'links between Iran, Iran-aligned Houthi militants and the Gulf of Aden. The advisory warned that ships should be on the lookout for potential drone or missile attacks, strikes against port 'facilities, harassment, or electronic interference and disruptions to electronic navigation systems. Reporting by Yannis Souiotis, Renee Maltezou and Aidan Lewis.
Four injured in Dubai Airport after Iranian missile attack
Aviation sources said that four people were hurt in an attack on the international airport of Dubai overnight.
Dubai's media office stated on X, "a concourse in Dubai International (DXB), sustained minor damages in an incident that was quickly contained," but did not provide any further details. Aviation sources said that one terminal at the airport, which is normally one of world's busiest hubs for aviation, was damaged in an overnight Iranian attack, which authorities publicly called an "incident."
Sources also confirmed that Abu?Dhabi Airport International was hit. The sources did not specify whether or not the two airports were directly affected by missile interceptions, or if the damage was caused from debris that fell after the impact.
Dubai Airports and Abu Dhabi Airports Company did not respond to our requests for comment.
Iranian missiles have been fired at Abu Dhabi, Dubai, and Doha - all major east-west gateways. After the U.S., Israel and Iran launched attacks on Iran and Tehran responded with missile barrages, airlines suspended flights in and out of the Middle East. Flight-tracking charts?showed that the airspace in much of the Middle East was virtually?empty.
Dubai Airports has suspended all flights from Dubai International Airport and Al Maktoum International Airport, urging passengers to avoid travel. Emirates and flydubai suspended operations while Etihad suspended all Abu Dhabi departures until Sunday morning. Reporting by Alexander Cornwell and Jaidaa Taka; Writing by Andrew Mills with editing by Deepa Babyington
(source: Reuters)