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Hyundai Motors flags shipping disruptions due to Middle East conflict
Hyundai Motor stated on Friday that the conflict in the Middle East was disrupting exports from Europe to North Africa. These vehicles typically transit through the Middle East. This highlights the growing strain on global supply chains. The disruption shows how the conflict is blocking key shipping routes and driving up costs. It also delays deliveries and adds pressure to the automaker's suppliers. Hyundai Motor, with its Kia Corp affiliate, is the third largest automaker in the world by sales. The company warned that the Iran War's impact would last even if it ended soon. Kim Dong-jo is a senior 'vice president in Hyundai Motor's Global Policy Office. He said that rebuilding supply chain would take some time. Kim said that even if the war ends, it would take time to rebuild the supply chains. He was speaking in Pyeongtaek - Dangjin Port southwest of Seoul, where government officials met with logistics companies and automakers to assess the effects of the conflict. The meeting was held at a port, where cars were parked on the wharf for a giant vehicle transporter that would carry 4,900 vehicles to the U.S. West Coast. Kim said that the rising costs of raw materials and logistics, linked to the conflict, were also putting pressure on parts suppliers and production. He added that Hyundai worked with its suppliers and government to minimize disruption. Hyundai Motor Group’s logistics unit, Hyundai glovis, has said that it is currently unable access certain Middle East routes. This forces it to temporarily store goods at alternative locations, until conditions stabilize. While the company's routes to North America’s west and east coasts were not significantly affected, it said that restricted access to Middle East and increased fuel costs were hindering operations and efficiency. South Korea's Trade minister Yeo Han Koo said that?some shipments are being diverted to intermediary hubs like Sri Lanka where they are held?while the companies reassess if transport can resume. Reports last month stated that used cars from Japan could not enter Sri Lanka due to the congestion in ports caused by cargo diverted away from Dubai during the Middle East conflict. South Korea's exports to the Middle East dropped 49% in March, despite their highest growth in nearly four decades. Auto exports were largely unchanged as supply disruptions and strong demand for eco-friendly vehicles offset each other. Hyundai Motor said Thursday that it sold 358 759?vehicles worldwide in March. This is down 2.3% compared to a year ago. Domestic sales fell by 2.0%, and overseas sales declined by 2.4%. The shares of Hyundai Motor and Hyundai Glovis fell by 1.2% and 0.7% respectively on Friday, compared to the benchmark KOSPI which rose 2.7%. Daewoung Kim reported from Pyeongtaek and Heekyong Ya, Jihoon Le and Hyunjoo Ji in Seoul, with additional reporting by Heekyong Yan, JihoonLee and Hyunjoo Ji in Seoul. Editing was done by Ed Davies.
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Australians cancel Easter Travel as fuel crisis worries grow
Elsa Ulcak, a Sydney retiree, is among the millions of Australians who travel over the long Easter weekend. She cancelled the trip she had planned with her husband this year because she couldn't justify how much fuel it would use. Ulcak, aged 67, said: "We usually travel to the countryside but, because of the current petrol price, we have decided to stay home this year." She said that a long trip is expensive and uses fuel which could be used for people in greater need. It's expensive to drive six or seven hours to the country. We also need to consider that working people require petrol and we are retired. "We normally go with a bunch of friends. Everyone cancelled." In Australia, the Easter long weekend tends to be one of the busiest times for travel. According to Roy Morgan, in 2025 more than 4.5 millions people were expected to travel during the Easter long weekend, spending A$11.1billion ($7.67billion) on their trip. The blockade of Strait of Hormuz and the Iran War, which began on February 28, have disrupted many plans for this year. Diesel and petrol were both over A$2.50 per litre last week, before the government reduced fuel taxes in an effort to bring down prices. Rachel Abbott, 27, a art director has also put her plans to travel this Easter on hold. She would normally go back to her home in north-east Victoria but the costs of flying and driving made her decide to stay in Sydney. She said, "Work has been very busy, flights are expensive and driving would be even more expensive." Stav Zottilis, 59 years old, is an aid worker who said that her plans for Easter were not affected by the Middle East conflict. However, this year, "it feels very different" because of the conflict. "I'm not sure that we should celebrate. It's like the world has a shaky feel, it is unpredictable. "I feel like we have no idea where the world is going. She said that while she has felt the pressure of rising prices at the supermarket and petrol stations, she is more concerned for those living in conflict zones. "I have been an overseas aid worker since 25 years and lived in Asia for fourteen years. I know that people who live nearer the conflict must forgo food. She said that it was not just a matter of going interstate or along the coast like many Australians. Reporting by Christine Chen in Sydney and Cordelia Husu; editing by Kim Coghill.
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Japan denies reports that the government requested trading houses to accompany Russia's visit in May
The Japanese government denied on Friday a report from Kyodo News Agency that it had asked the country's leading trading houses to join a delegation planning to visit Russia in may. Kyodo reported late on Thursday that, citing its sources, the government expects that Japanese firms will resume full business operations in Russia once the war with Ukraine has ended. It was added that the government had requested participation from Mitsui O.S.K Lines, Mitsui O.S.K Lines, Itochu Sumitomo Corp and Marubeni. "As far as the accuracy of the report is concerned, it's not true." "The Japanese government will continue to implement sanctions against Russia", Chief Cabinet Secretary Minoru K. Kihara said at a regular press conference. The full-scale Russian invasion of Ukraine began in 2022, and diplomatic efforts on the international level have yet to lead to a peaceful settlement. Japan joined a range of western sanctions against Russia, and stopped importing most oil after 2022. The U.S. and Israel's war against?Iran has halted shipments through the Strait of?Hormuz, putting Japan at risk. Separately, the Japan's Industry Ministry said it had not made any such "requests" to trading companies. Marubeni declined to comment. Other companies did not respond immediately when asked for comment. (Reporting and editing by Kim Coghill, Katya Golubkova Tamiyuki, Kaori Kaneko, Kentaro Okasaka)
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Kyodo reports that the Japanese government has asked top trading firms to accompany a Russia visit scheduled for May.
Kyodo News Agency reported that the Japanese government has asked the top trading houses in Japan to join a delegation planning to visit Russia in May. Kyodo reported late Thursday that the government expects Japanese companies to resume full business in Russia "once its war against Ukraine is over". The full-scale Russian invasion of Ukraine began in 2022, and international diplomatic efforts have yet to lead to a peace agreement. Japan joined the wide range of sanctions imposed by the west on Russia, and stopped importing most oil after '2022. The U.S. and Israeli war against Iran has halted shipments through the Strait of Hormuz, causing Japan to rely on Middle East oil for 90% of its needs. Kyodo reported that the government had requested participation from Mitsubishi and Mitsui O.S.K Lines, as well as?sumitomo Corp., 'Marubeni', &?itochu. (Reporting and editing by Kim Coghill; reporting by Katya Golubkova)
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise their financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as the spike in fuel costs, will have a "notable impact" on its results for the first quarter. AIR FRANCE-KLM The airline group announced that it would increase the price of long-haul tickets to offset rising fuel costs. Cabin fares will rise by 57?euros (50?euros) per round trip. AIR NEW ZEALAND On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also halted its earnings projections for the full year due to volatile fuel markets. AKASA AIR Akasa Airlines, based in India, announced that it would be imposing a fuel surcharge on both domestic and international flights ranging from 199 to 1,300 Indian Rupees ($2 - $14). AMERICAN AIRLINES Fuel prices are on the rise, and American Airlines expects to incur $400 million more in expenses for the first quarter. CATHAY PACIFIC Hong Kong Airlines announced that it will increase its fuel surcharges by 34% on all routes starting April 1, and to review them every 2 weeks. The CEO of the carrier said that it would maintain its flight capacity despite high fuel costs, but warned that its 10% growth plan for passenger capacity could be altered if demand drops due to high fuel prices. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. EASYJET EasyJet CEO Kentonjarvis warned that European consumers can expect to pay higher prices for tickets towards the end of the summer when fuel hedges will end. FRONTIER AÉRIENS Fuel prices have increased dramatically since the airline's forecast. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% starting March 12, with the largest increases on flights between Hong Kong, the Maldives and Bangladesh, and Nepal. Charges would go from HK$284 to HK$384 (49 dollars). British Airways' owner IAG announced on March 10 that it does not intend to raise ticket prices immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights to Europe, 2,300 rupees. Sources say that the company also lobbys for the Indian government to reduce fuel taxes. JETBLUE AERWAYS Low cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "rising operating expenses." The company announced that baggage prices would increase by $4 or $9. KOREAN AIR A source familiar with the situation said that South Korea's flag carrier would enter emergency mode in April as rising oil costs weigh on its costs. The airline will implement phased responses based on the oil price level and increase company-wide efficiency to offset rising fuel costs. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic fares up to $20, and international fares up to $100. Scandinavian Airlines announced that it would cancel 1000 flights in April due to high fuel and oil prices. In March, the airline said that it had cancelled "a couple hundred" flights. SAS, which has already raised flight prices, said that even if they tried to absorb rising fuel costs, it would still be a major blow to the aviation sector. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. LUFTHANSA, TURKISH AIRLINES SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it will impose a temporary 10 euro fuel surcharge per passenger on routes between Turkey, Europe and Middle East from May 1. The fuel surcharge will be applied to all bookings made after April 1 and for departures after May 1. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027. Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an email, the carrier said that it would also be increasing the first and second checked bags fees by $10 to customers travelling in North America, Mexico, Canada, and Latin America. VIETJET A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes. VIETNAM Airline Vietnam's aviation authority announced that the carrier would cancel 23 flights a week on domestic routes starting in April after it requested government assistance for the removal of an environmental tax. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation sector, which were being exacerbated significantly by the Middle East situation. GREATER BAY Airlines Greater Bay Airlines, based in Hong Kong, said that it would increase fuel surcharges for most routes starting April 1, due to increased fuel prices related to the Iran War. However, charges on routes to mainland China and Japan will remain unchanged. The carrier has announced that the surcharge on flights between Hong Kong, Philippines and other destinations will be more than doubled.
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Russian mariner detained after Houthi Red Sea Attack leaves Yemen
The Houthi-run Foreign Ministry said that a Russian mariner who was detained by Yemeni Houthi militants for eight months after being aboard a ship attacked has left the country for Russia following medical treatment in Sanaa. Aleksei Galactikov was the name given by Russian media to this mariner. He was part of the crew on a Greek cargo ship that was sunk in July 2025 by Houthis. He was injured in the attack. According to the Houthi news agency, the foreign ministry confirmed that the Russian national was flown 'on an aircraft of the United Nations, in coordination with their envoy. His departure was then arranged once he completed his treatment. The move was a result of contacts with Iranian and Russian officials. A source from the maritime security and an official at the ship operator confirmed that the crew was released by the end of December. After two days of attacks with rocket-propelled grenades and sea drones, the Iran-aligned Houthis sank Liberia's Eternity C. It had 22 crew members and three armed guards aboard. Houthis attacked over 100 ships during the Gaza War in a campaign they referred to as'solidarity with Palestinians. After a ceasefire announcement in October of last year, they ceased their attacks.
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EU must increase its Aspides Naval Mission to protect key maritime routes.
Kaja Kallas, the EU's chief of foreign policy, stated that the EU must?increase its Aspides Naval?mission in order to protect?maritime routes from disruptions caused by the U.S.-Israeli war against Iran. Kallas' comments?on X? came after she took part?in a conference call with over 40 countries?organised?by British Foreign Minister Yvette Cooper to discuss a joint action...to reopen the Strait of Hormuz. "Thank you @YvetteCooperMP, for convening a call of more than 40 countries to discuss the Strait of Hormuz. This waterway is of global importance. Iran can't charge other countries a bounty for allowing ships to pass. "International law does not recognise schemes that charge to pass," wrote Kallas in X. Today, we looked at a number of?diplomatic and economic measures, as well as security measures, to help restore safe passage. We also worked with the shipping industry. The EU's Aspides mission has already helped 1,700 ships in the Red Sea and must be scaled up. She added, "We cannot afford to lose yet another important trade route." Sudip Kar Gupta reports.
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Cheniere Sabine Pass trims LNG output after production line outage
According to LSEG data and other sources, Cheniere Energy's Sabine Pass liquefied gas plant in Louisiana has reduced its natural gas flows due to an outage of one of its production units. Sabine Pass is the largest LNG plant in America, and it can process more than 5 billion cubic feet per day. LSEG data shows that it requested only?2.6bn cubic feet a day on Thursday. Two people familiar with Cheniere's operations said that at least one production train is not running as the company does maintenance. The work is expected to be completed by Thursday, and production should begin on Friday. Cheniere stated that it does not 'comment on the day-to-day operation or commercial activities. The company is the largest U.S. exporter of LNG and last month said it expected to export 51 million tons of supercooled gas in this year. Qatar has been forced to stop production due to the ongoing conflict in the Middle East, which is responsible for about 20% of global LNG capacity being offline.
Energy Transfer's unit signs LNG arrangement with Chevron
U.S. pipeline operator Energy Transfer said on Thursday its unit has actually entered a 20year LNG sale and purchase arrangement with oil and gas major Chevron .
Under the agreement, the system, Energy Transfer LNG, will supply 2.0 million tonnes per annum (mtpa) of LNG to Chevron from the Lake Charles job in Louisiana.
Energy Transfer has been attempting to develop the task considering that 2015 but has not signed enough clients to continue with the proposed 16.5 mtpa facility.
We believe that Lake Charles is the most engaging LNG project on the Gulf Coast and we continue to make significant progress towards complete commercialization of this task. Tom Mason, president of Energy Transfer LNG, stated.
The project take advantage of its direct link to Energy Transfer's Trunkline pipeline, permitting access to several basins, including the Haynesville, the Permian and the Marcellus Shale, the business said.
The LNG will be supplied on a free-on-board
(source: Reuters)