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All crew members safe after cargo ship sinks near Greece, says coast guard
The Greek coast guard reported that all nine crew members were rescued from a cargo vessel which sank and ran aground early Wednesday morning off the island of Andros. A Greek coastguard official told? The official spoke on condition of anonymity because they weren't authorised to speak with the media. The official said that two crew members had been rescued from the water and seven others from a rocky area of Andros. The cause of the accident was not immediately apparent. The?official reported that the captain of the ship confirmed there were no other crew members missing. The coast guard said that there were no visible signs indicating pollution by the ship, but they would 'deploy an anti-pollution sea barrier as a precaution. (Reporting and editing by Kate Mayberry; Angeliki Koutantou)
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Maguire: Europe's solar surplus hurls the power system into a new, difficult transition phase
Solar power has been a major success story in Europe. Even the most ardent clean energy advocates now recognize that there is a limit to what can be good. Solar power capacity in Europe has grown faster than any other source of power in the past decade. It has risen by 115% in just a few years, and has triggered a doubled supply of solar-powered electricity flowing through regional grids. The rapid growth has had a number of?complicated side effects. Solar power is not only replacing fossil fuels, but also increasing steadily. It's changing the way electricity prices in Europe behave and how power markets work. In order to deal with this disruptive solar flood, Europe’s power companies must now shift their focus from adding capacity to integrating the networks, building storage capacities and operating complex markets in order to ensure that the overall system is fit for purpose for Europe’s energy consumers. SATURATION OF SYSTEMS? According to LSEG's data, solar assets in Germany – Europe's largest economy and biggest solar producer – generated a quarter of all utility-supplied electricity in April. This is a record high percentage of that month’s utility mix. Solar's share in Germany's electricity markets will continue to grow, as the peak solar radiation season still lies ahead. This will place increasing pressure on network managers, who must adjust output from other power sources to balance systems needs. The power firms can reduce the output of fossil fuel plants to accommodate solar energy, saving money and reducing emissions. The upswell of solar power during the sunniest times of the day is so extreme that it can make it impossible to maintain system stability by reducing the alternate sources, especially where the baseload generation is slow to adapt. The market is also distorted by subsidy structures which encourage renewables to remain online regardless of the price. Negative power prices can be triggered, which may temporarily benefit some consumers of power but can have a negative impact on the balance sheets of almost all power producers. The tendency of power prices to fall during sunny periods is a fundamental change in the economics of the power market: instead of being paid to generate power, generators must pay the market for it. DEEP RESISTANCE DAMAGE These negative price periods are not just a temporary inconvenience. The long periods of very low or negative prices reduce the earnings of all electricity generators and also increase costs for those who operate dispatchable power stations powered by coal or gas. Climate watchdogs had previously "celebrated" the regular shut-downs of coal-fired power plants during periods when renewable energy supplies were high, on the basis that less fossil fuel production equals lower emissions in the power sector. The frequent ramping up of coal plants, often on short notice as in the case of solar output dropping during cloudy periods, can lead to lower efficiency and more emissions per unit power produced compared with plants that are kept running at a constant level. The operators' costs are also increased by frequent and expensive plant maintenance due to the regular fluctuations in output. The combination of lower revenue and higher costs makes it difficult for power companies to meet debt service agreements, or obtain additional credit for grid upgrades or expansions. Price volatility and increased system stress are also a result of the wear and tear that occurs on generation systems due to frantic fluctuations in clean fuel and fossil fuel production. This makes them more vulnerable to power outages and cost increases. COMPLICATED FIX It will take many years to integrate the flexibility and resilience necessary into Europe's electricity networks, so they can cope with the ebbs of renewable energy. Battery capacity must be increased massively to store the excess solar energy generated in the middle of the afternoon. According to Solar Power Europe, the capacity of Europe's utility scale batteries has grown exponentially in recent years. By 2025, it is estimated that 15 gigawatt-hours will be added. Battery capacity will need to be increased across a range of time scales, from those able to dispatch power in milliseconds up to those able to plug supply shortages for days. It will be necessary to upgrade grid equipment across the entire electricity supply chain. Tens of thousands of inverters, and other components are needed to increase grid-forming strength and to manage frequency and voltage. To stitch together a modern grid, utilities and planners will also need to coordinate in unprecedented ways to ensure that the new transformers and transmission lines are installed on time. Add to that software upgrades that allow power flows to be changed in milliseconds, and market incentives which drive real-time changes in power usage by key consumers. You have one of the most difficult power system upgrades undertaken. Massive and extensive upgrades will be needed if Europe wants to successfully transition from an outdated power system heavily dependent on imported fossil fuels to one that is cleaner and more independent. If done successfully, these upgrades will position the region to enter a new phase in economic growth. This will be underpinned by an increasingly reliable and clean grid powered by renewable energy sources that are cheap and easy to produce. These include the solar and wind farms located within the region. These are the opinions of the columnist, an author for. 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Lufthansa Q1 loss narrows, keeps 2026 outlook despite $2 billion fuel hit
Lufthansa reported ?better-than-expected first-quarter results on Wednesday and maintained ?its outlook for the year as strategic hedging helped the ?airline sidestep the ?impact of a war-driven ?rise ?in jet fuel prices, while labour disruptions were kept largely under control. The group said that the spiking prices of jet fuel would add an extra 1.7 billion euro ($1.99 billion), to its fuel bill. However, it added that they were in a position to minimize this negative impact. The Middle East crisis is causing a surge in demand for Lufthansa hubs as travelers reroute to them. Carsten Spohr, Chief Executive of Lufthansa, said in a statement that "we are resilient in our capacity to absorb these effects." European airlines will be shielded from the initial impact of a jet fuel price shock caused by the U.S./Israeli war against Iran in the first three months of this year. However, many, including Air France-KLM have revised their forecasts for the rest of the year, as jet fuel is expected to remain high. Lufthansa has reported an adjusted operating loss in the period January-March of 612 millions euros ($717) compared to a loss projected by a poll of analysts compiled by the company of 659 million euros. This is a?improvement over the?adjusted loss of 722 millions euros for the same period in last year. It maintained that despite the increased uncertainty, it expected a higher operating profit in 2026 than its 2025 figure of 1.96 billion euro. The Group said it would offset the additional financial burden in the next quarters by increasing revenue from ticket sales and implementing a better network plan, as well as taking further cost-savings measures. Reporting by Joanna Plucinska, Editing by Kirstiknolle and Muralikumar Aantharaman
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South Korea's HMM claims that the ship which was set on fire in the Strait of Hormuz will be towed from Dubai
HMM, a South Korean shipper, said that it had secured a vessel capable of towing a bulk carrier operated by it to a port located in Dubai after an?explosion? and a fire damaged the ship. The U.S. president Donald Trump blamed it on an Iranian attack. Meanwhile, the South Korean Foreign Ministry stated that the cause of fire could only be confirmed after the vessel is towed to port and examined. HMM?said that in a text, the vessel would?arrive at Dubai either on Friday morning or Thursday evening Seoul time. The Panamanian flagged ship HMM 'Namu' suffered an explosion on Monday evening and caught fire. According to the company, all 24 crew members were still on board when the fire was extinguished. In a social media post, Trump claimed that Iran had fired shots on a Korean-operated vessel and other targets when the U.S. launched its operation to reopen the strait. He encouraged South Korea to get involved. In normal times, about a fifth (or more) of the world's oil or liquefied natural gas passes through this waterway. South Korea is wary of becoming directly involved in the Middle East conflict. However, the Blue House announced on Tuesday that it was reviewing Trump’s suggestion to have Seoul take part in the plan to open up the navigation. Later, Trump said that he would "briefly" halt the operation in order to help escort vessels through the strategic waterway. He cited "great progress" towards a comprehensive deal with Iran. (Reporting and editing by Heejin kim)
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LATAM Airlines lowers its earnings forecast for 2026 as jet fuel costs rise
LATAM Airlines cut its core earnings forecast for '2026 on Tuesday as higher jet fuel prices resulting from the conflict in the Middle East increased costs despite mitigation measures. The Chilean carrier cut its outlook for full-year adjusted earnings (EBITDA), which includes interest, taxes, and depreciation, to a range between $3.8 billion and $4.2 billion from an earlier forecast of $4.2 to $4.6 billion. Fuel prices have risen dramatically since U.S. and Israeli'strikes against Iran' disrupted air traffic through the Strait of Hormuz. This is the worst crisis for the airline industry since the COVID-19 Pandemic. LATAM estimates a $40-million hit to the?first quarter results. Hedging and price lags have softened the burden, but the company warns that fuel expenses will rise by more than $700,000,000 in the second, assuming an average jet fuel cost of $170 a barrel. LATAM still expects to achieve a low-to-mid single-digit adjusted margin for the second quarter. Revenue measures, capacity adjustments targeted and additional cost control help offset the impact. It said that "LATAM’s strong balance sheet, liquidity position, and ability to manage uncertainty, while maintaining financial and operational discipline, allows it to absorb fuel volatility, continue investment in the business and manage the business." In its new financial forecast, the carrier assumes that?jet fuel will cost $170 per barrel during the second and third quarters of the year and $150 for the fourth. This is a significant increase from the $90 per barrel assumption made in previous years. LATAM has raised its forecast for cost per seat kilometer to between 4.50 to 4.70 cents this year, up from the previous range of 4.30 to 4.00 cents. The first quarter of Latin America's largest airline saw a net profit of $576m, an increase of 62.1% on the previous year, with revenue up 21.7% at $4.15bn. (Reporting and editing by Sarah Morland; Additional reporting by Inigo Alexandr; Reporting by Gabriel Araujo)
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Sentinel Midstream greenlights Texas deepwater oil export port
Sentinel Midstream, a 'transportation and storage of oil' company, announced on Tuesday that it is'moving forward with the construction of its deepwater export project off Texas coast. The Texas GulfLink Project is part of Trump's effort to boost the U.S. Oil Industry and Production and to allow for the export of up?to 1?million barrels per day of crude oil. The port is located about 26.6 nautical mile off the coast of Brazoria County in Texas. The port is one of three projects worth $36 billion that Japan will finance under a deal signed with the U.S. The White House announced in February that Japan will invest $2.1 billion in Texas GulfLink, a deepwater oil export facility. Sentinel will oversee construction, commercial operations and the long-term management for the terminal. Sentinel reported that once operational, the project will support billions of dollars in exports annually. Reporting by Vallari Shrivastava, Bengaluru. Editing by Sahal Muhammad
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US: Mexico to address American airline concerns in Mexico City
Sean Duffy, the U.S. Secretary of Transportation, said on Tuesday that Mexico has agreed to increase aviation access to Mexico City after months of discussions. Duffy, in October, revoked the?approval? for 13 routes of Mexican carriers to the United States, and imposed additional restrictions. Mexico, he said, "illegally cancelled and frozen U.S. carrier flight without consequences" over a three-year period. Duffy stated on Tuesday that the Trump administration had reached a consensus with Mexico regarding a plan to?Mexico's compliance with an agreement signed in 2015 governing air travel between the two countries?. USDOT stated that Mexico would guarantee U.S. carriers fair and transparent access to request and run slots at Mexico City Benito Juarez International Airport. Duffy stated that USDOT would not reconsider restrictions imposed by USDOT on Mexican airlines until Mexico had implemented some of the promised reforms. . "This is a good step, but we must see that these promises are followed through. Duffy stated that until then, the restrictions on Mexican carriers would remain in place. Mexico stated that a number of measures had been agreed upon to implement the bilateral agreement on air transport and?said said conditions were established in order to ensure equitable access to airport infrastructure and to expand operational options, as well as strengthen logistics connectivity. Mexico said that a bilateral "working group" made up of U.S. officials and Mexican officials would monitor the?implementation?of?these commitments, and then evaluate current regulatory measures within the United States. USDOT also tries to force Delta Air Lines,?Aeromexico and other joint ventures to dissolve. A court has blocked USDOT's order to repeal the joint venture, which was established nearly 10 years ago and allows the carriers to coordinate flight?scheduling?, pricing?and capacity? for U.S. Mexico flights. Aeromexico said it valued the efforts made to maintain a constructive dialog "that allows us continue strengthening the bilateral relation for the benefit of development of the nation's airline industry." (Reporting and editing by Alistair Bell; David Shepardson)
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Rubio: Ten civilian sailors died in the Strait of Hormuz
U.S. Secretary of State Marco Rubio informed reporters on Tuesday that ten civilian sailors have died as a result of the ongoing conflict along the Strait of Hormuz. Speaking at the White House, Rubio said that the U.S. will continue to deploy assets to defend the freedom of navigation on the main thoroughfare. "They are isolated, they are starving, and they're vulnerable. At least 10 civilian sailors have died because of this," Rubio stated, without giving any additional details. Rubio said that the U.S. is taking a defensive position by enforcing their blockade against Iranian ports. He said that the initial military operation against Iran had ended. "We only respond if we are attacked first." "This is a defensive mission," Rubio said at a press briefing. "If there are no shots fired at the ships or at us, then we won't fire shots. But if we are fired upon, we will." Rubio said that the United States had been in contact with several ships about moving out of the Strait. This echoed remarks made by Pete Hegseth, the Defense Secretary. On Tuesday, the?United Arab Emirates claimed that it was under attack by Iranian missiles and drones. Washington however said a fragile ceasefire was still in place. Hegseth stated that hundreds of ships lined up to pass the crucial waterway. About 20% of the world's oil supply passed through the Strait every day before the U.S., Israel and other countries attacked Iran on 28 February. Rubio said that it was time for Tehran "to accept the reality of the current situation",?adding U.S. Envoys Steve Witkoff, and Jared Kushner continue to explore a diplomatic resolution. Rubio said that the solution must address any nuclear material Iran may still have buried "deeply?somewhere". He said: "The President has been clear that a part of the negotiations must be?not only the?enrichment but also what happens to the material that is buried somewhere and that they can still access if they wanted to dig it out." Rubio refused to give details about the progress made and said that an agreement wouldn't need to be written in a day. He said: "This is a highly complex and technical issue, but we need a diplomatic solution which is very clear on the topics they're willing to discuss and the extent of concessions they're willing to make up front to make these talks worthwhile." Reporting by Steve Holland and Gram Slattery; editing by Michelle Nichols, Alistair Bell and Alistair Bell
Lufthansa Q1 loss narrows, keeps 2026 outlook despite fuel hit
Lufthansa announced better than expected 'first quarter results' on Wednesday. Strategic hedging allowed the airline to avoid the impact of increasing jet fuel prices.
The group reported a adjusted?operating?loss of 612 millions euros ($717 million) for the period January-March, compared with a projected loss of $659 million by an?Lufthansa analyst poll. This is an improvement from the 722 million euro adjusted operating loss in the same time period last year.
Lufthansa has said that the Middle East crisis is driving up the price of kerosene, but also increasing demand as travellers reroute via their hubs.
The company maintained that it would earn a significantly higher adjusted operating income in '2026 than the 1,96?billion euro profit earned 'in 2025, despite the increased uncertainty. ($1 = $0.8534 euros)
(source: Reuters)