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The Greek-operated oil tanker is one of the few vessels that have crossed the Strait of Hormuz
Ship tracking data on Friday showed that a Greek-operated oil tanker crossed the Strait of Hormuz and sailed to India from the Gulf this Friday, one of only a few "crude" ships through the waterway during the week. The U.S. and Israeli war against Iran has effectively closed the Strait of Hormuz, stranding thousands of ships. This has caused a disruption in energy supplies that is unprecedented. According to Kpler, the Liberia flagged suezmax tanker Karolos was sailing toward the port of Sikka in western India on Friday after crossing the Strait of Hormuz last May 14. Kpler analysis revealed that the vessel's maximum load was reached after it?called at Basra Oil Terminal on May 10th. SynMax, a data analytics specialist, also discovered that the vessel's draft?increased" on May 14 indicating that it had taken cargo. Dynacom, the Greek-based manager of Karolos and one of the most prominent Greek players that shipped oil through the Strait after the War began on February 28 did not respond immediately to a comment request. Separately, a crude oil tanker with a Panama flag, managed by the Japanese?refining company Eneos, passed through this strait on Thursday, according to ship tracking data provided by LSEG. FEW CROSSINGS THROUGH THE STRAIT The Strait of Hormuz, which was a conduit for 20 percent of the world's oil supplies before the Iran war began, had 125 to 140 passages per day. According to SynMax, nine ships entered the Gulf of Oman through Hormuz in the past 24 hours. They were mostly small cargo or dry-bulk ships bound for Iran. The data shows that seven ships, including two oil tankers from Gulf ports, left Hormuz for destinations on the other side around Oman. On Thursday, there were around 10 vessels that passed through the waterway. Iran's State TV reported on Friday that 30 ships had crossed the Strait of Hormuz in both directions, and that this number is "set to increase". U.S. president Donald Trump said that his patience was running out with Iran and that Chinese President Xi Jinping agreed that Tehran had to reopen the strait during their discussions in Beijing. Concerns have grown over the ships and crews trapped in the Strait. The Marshall Islands Shipping Registry, one of the largest flag states in the world, announced this week that the threat level for merchant ships remained at the highest levels ever seen in the region. The International Transport Workers' Federation, a leading maritime union, said this week that "more than 20,000 seafarers remain trapped in the Strait of Hormuz. They are facing fear and anxiety, being cut off from family members, and often running out of fuel, food and water." Reporting by Jonathan Saul and Renee Maltezou; editing by Barbara Lewis
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Greek probe finds that suspected Ukrainian sea drone lost its course after malfunctioning, sources say
Sources said that Greek investigators believed a military sea 'drone found on a Greek island last week had gone off course because of a 'technical failure. It may not have traveled far. The explosive-laden drone, which Greece claims is "Ukrainian" but Kyiv denies it officially, was found by fishermen off the coast of Lefkada in May. This sparked diplomatic tensions between Athens & Kyiv. Greek intelligence and military unit have analysed the drone. They dismantled it and used reverse engineering to determine their characteristics. Investigators are also examining the metadata of this drone to determine its mission, and whether or not it was launched by a mother ship from shore - potentially from as far as Libya in the Mediterranean. A source in the security industry said that it was likely the drone failed to reach its intended target due to a malfunctioning technical component. This issue is very serious. This vessel... was armed with explosives and posed a danger to navigation safety. Nikos Dendias, Greek Defence Minister said that a drone could strike a ship. A?security source' said preliminary findings suggested it had not traveled a great distance. This made a launch in Libya less likely. A second official confirmed that fuel levels were a major factor in the assessment, but refused to provide further details. Source: The technical 'analysis is almost complete. Only some encrypted data remains to be decoded. Ukraine has targeted Russian tankers, both in the Black Sea, and in other parts of the world, such as the Mediterranean Sea, over the last year. Kyiv claims that these vessels are helping Moscow escape sanctions, and export oil in order to fund the war effort against Ukraine. Greece alerted European Union to the issue. George Gerapetritis, speaking from Brussels this week, said that Athens was ready to file a formal complaint when the investigation is completed. (Reporting and editing by Ros Russell; Additional reporting by Daniel Flynn, Yannis Souliotis; Reporting by Renee Maltezou)
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WHO revises hantavirus cases lower after US passenger tests negative
World Health Organization officials said that on Friday, the U.S. confirmed an individual who had a?inconclusive test was later confirmed to be?negative for hantavirus.?This brought down?the global cases from 11 to 10. Maria Van Kerkhove is the director of the U.N. agency’s department of pandemic and epidemic preparedness and prevention. She said that the previous report "included an individual who had a inconclusive testing... We've received further confirmation from the United States of this person?was negative." Since the outbreak?on MV Hondius a Dutch luxury ship that left Argentina for a polar exploration?on 1 April, three people - a Dutch pair and a German national – have died. In several European countries, crew members, passengers and those in contact with them have been quarantined. U.S. officials said on Thursday that there are no confirmed cases of the disease in the United States. They added that 41 people, including 18 quarantined in Nebraska and Atlanta, have been monitored for possible infections. The Andes virus is the cause of the current outbreak. It's a rare strain of hantavirus and it's the only hantavirus known to have limited transmission from human to human, usually after prolonged and close contact. The virus has been circulating in Argentina and Chile since the 1960s and the ship samples do not show any significant variation. Van Kerkhove stated that WHO experts "haven’t identified any changes... in the virus which would make it more transmissible, or more severe." The WHO stressed that this outbreak was not "comparable" to COVID and did not pose any pandemic risk. Hantaviruses, rodent-borne virus, are spread by contact with the urine, droppings, or saliva of infected rodents. In rare cases, they can also be passed between people. The incubation period can be from one to six weeks. There is no specific antiviral treatment or vaccine for hantavirus. The care provided is mostly supportive. The WHO recommends that high-risk contact persons be monitored and quarantined for 42 days following exposure. Low-risk contact persons are advised to monitor themselves and seek medical attention if they develop symptoms.
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EBRD supports privatisation efforts in Ukraine and could provide funding
Its president stated that the European Bank for Reconstruction and Development is in favor of efforts to privatize stakes in Ukraine's banks and nationalised industries and would be willing to finance these efforts. Ukraine hopes to raise $295 million from privatisations this year, according to Prime Minister Yulia SVYRYDenko. This will help fund the reconstruction and bolster its budget, which has been strained for more than four years by war with Russia. Kyiv seeks buyers for key assets including Ukrgasbank and Sense Bank, two large profitable banks. The aim is to'reduce the state dominance in this sector and attract foreign investment. The state controls over?50% in the banking sector. We could finance future privatisations, depending on the buyers, said EBRD president Odile Renaud Basso, without mentioning the banks specifically. Renaud Basso stated that there was "quite some?interest" in the tender launched by Odesa Region to operate two Terminals at Chornomorsk Port. A private investor will operate and modernise port facilities under the concession. In recent months, Russia has targeted the Black Sea port infrastructure in Chornomorsk. The EBRD, the World Bank’s private sector lending arm IFC and other financial institutions are helping the government to structure the concessions and oversee the tendering process. The EBRD, in an effort to encourage private investment, is working with the National Bank of Ukraine and the National Securities & Stock Market Commission, as well as the Ministry of Finance, on the reform of the securities market. Bank officials have said that legislation is in the works, with the aim of bringing in a strategic partner to run the platform. The EBRD also funds power projects in response to Russian attacks on the electricity infrastructure. Renaud Basso stated that it had funding in place for "about 700 megawatts" of renewable energy. The company also finances protective shelters to protect electricity transformers. She said that 118 of 135 important installations across the country will be protected before the end the year. Reporting by Daniel Flynn. Mark Potter edited the article.
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Trump says that a deadly Russian attack on Kyiv may set peace efforts back
Donald Trump, the U.S. president, suggested on Friday that a Russian missile attack?on an apartment building in Kyiv, which killed 24 people - including three children - could impede efforts to find a peaceful solution to Moscow's conflict in Ukraine. Trump told reporters on Air Force One that he and President Xi Jinping had talked about the conflict and agreed to end the fighting. "This is a matter that we would like to see resolved. It was looking good until last night. But the Ukrainians took a big hit last night. It's going to happen (the ending of the war). It's a shame," Trump stated, referring to the Russian attack. After laying red flowers at the rubble of an apartment building, Ukrainian President Volodymyr Zelenskiy demanded that Moscow be punished for its strike. Russia has confirmed that Ukrainian drones killed four people in an overnight attack on the city of Ryazan, including a child. Both sides claim they don't deliberately target civilians. Next week, Russian President Vladimir Putin will travel to China and meet Xi. Dmitry Peskov, Kremlin's?spokesman, told reporters that the exact dates will be announced shortly. Peskov stated that Putin hoped to discuss Trump’s China -visit with Xi as well?as bilateral ties and international issues. Trevor Huunnicutt, Jarrett Renshaw, and Susan Heavey contributed additional reporting from Washington. Gleb Bryanski/Andrew Osborn edited the article.
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Slovakia considers options to become direct purchaser of Russian oil
Prime Minister Robert Fico announced on Friday that Slovakia is considering the possibility of becoming a direct purchaser of 'Russian oil.' Currently, purchases are handled by MOL in Hungary, which owns Slovnaft Slovnaft refinery. Fico suggested that the state pipeline operator Transpetrol could assume a role as buyer. Fico said in a televised press conference that he thought it was a good idea for the Slovak Republic to become a contracting partner with the Russian Federation. Both Slovakia and Hungary are exempt from the European Union's restrictions on Russian oil imports. The bloc has decided to completely phase out Russian products by the end of next year. This is a decision made after?Russia invaded Ukraine 2022. Slovakia has opposed phaseout of the nuclear power and maintained relations with Russia. Fico met with Russian President Vladimir Putin this month, and said that Russia would do all it could to meet Slovakia's demand for energy. Slovakia is a recipient of?Russian crude oil through the Soviet-built Druzhba pipe and also sources alternative supplies via a pipeline built by?Croatia. MOL had no immediate comment.
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Price hikes and outlook cuts are used by airlines to combat the fuel price surge.
The aviation industry was blindsided by the sudden increase in jet fuel costs from $85 to $100 to $150 to $200 per barrel during the U.S./Israeli war on Iran. Fuel accounts for as much as a quarter or more of the operating costs, which has forced airlines to increase fares and re-evaluate their financial forecasts. 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 a spike in fuel costs will have "a significant impact" on its first-quarter results. AIRASIA X A Malaysian airline said that it will suspend its services between Melbourne and Denpasar, and Adelaide and Denpasar on June 18, due to higher fuel prices. Executives had previously stated that the airline has cut 10% of its flights and imposed a fuel surcharge of around 20%. AIR CANADA Fuel price volatility has caused Canada's largest carrier to suspend its full-year forecast. The company had announced previously that it would reduce four of its daily flights from New York to just 38 due to rising fuel prices. AIR CHINA, CHINA SOUTHERN AIRLINES, REGIONAL CHINESE CARRIER Chinese airlines are increasing fuel surcharges on domestic flights starting May 16. Surcharges will range from 30 to 90 Yuan ($4-$13) for flights less than 800 km. Surcharges for longer routes will rise by up to 170 yuan. AIR FRANCE-KLM The airline group expects to pay $2.4 billion more in fuel this year. The airline group has downgraded the full-year forecast for capacity growth to an increase between 2% and 4%. Previously, it had guided to a 3% to 5 percent increase. The airline announced earlier that it would be increasing the price of long-haul tickets to address rising fuel costs. Cabin fares will increase by 50 euros ($58). KLM, the Dutch subsidiary of the group, announced on April 16 that it would cancel 160 flights across Europe in the next month due to increasing fuel prices. AIR INDIA Between June and August, the Indian carrier will temporarily reduce flights on several international destinations. Bloomberg News reported that the airline was considering furloughing employees who are not technical and reducing flight capacity more than 20% over the next three month. Air India said that it will also revise the fuel surcharge, moving from a flat surcharge for domestic flights to a grid based on distance. The company said that surcharges for international routes do not compensate the steep rise in fuel costs. AIR NEW ZEALAND The New Zealand airline said that it will review its capital expenditure plans and the timing for aircraft deliveries in order to better align themselves with market demand. It was one of the first carriers to announce a large increase in ticket prices as the conflict began. The airline warned that further capacity consolidation could occur if fuel costs remain high. AIR TRANSAT Canadian Airlines said that it will reduce its planned capacity of 6% between May and October this year. The airline expects to make cuts on routes to Europe, the Caribbean and Cuba, while suspending service until October. AKASA AIR India's Akasa Airlines introduced a fuel charge ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. ALASKA AIR Fuel prices are rising sharply, putting pressure on airline margins. The carrier had previously withdrawn its profit forecast for the full year and warned that earnings would be severely affected in the second quarter. The carrier has also reduced capacity in certain markets. AMERICAN AIRLINES The U.S. airline slashed their 2026 profit projection, pushing lower expectations to a deficit, and stated that it expected jet fuel costs to rise by more than 4 billion dollars this year. The government has increased the fees for checked bags on domestic flights and short-haul international flight by $50 for the third bag and $10 for the second bag. It also reduced certain benefits for economy passengers. According to the Japanese airline, higher fuel costs will increase its costs by approximately 140 billion yen (883,3 million dollars) this year. However, cost reductions, fares, and hedging are expected to reduce that impact to about 60 billion yen. The airline is also looking at a domestic fuel charge for the fiscal year beginning April 2027. ASIANA AIRLINES Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases. CATHAY PACIFIC Hong Kong Airlines said it will reduce fuel surcharges on most flights starting May 16, as part of its "agile response" in response to the fluctuation of jet fuel prices. CEBU AIR In response to the rising fuel prices, the Philippine-based airline announced that it has implemented fare adjustments as well as surcharges in various parts of its network. DELTA AIR LINES Delta announced that it would reduce capacity by approximately 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the costs of jet fuel. The increase will be $10 on the first and second bags and $50 on third bags. The U.S. carrier pulled back on all capacity increases for the second quarter, and forecast profits below Wall Street expectations. EASYJET EasyJet has warned that it will suffer a larger half-year loss before tax of 540-560 millions pounds ($721-748million), which includes 25 million pound in additional fuel costs for March. FRONTIER Airlines According to The Wall Street Journal, a group of U.S. low-cost airlines, including Frontier Airlines has proposed a $2.5 billion plan for relief to the U.S. Government. The report stated that the figure was based on the amount of jet fuel the group is expecting to spend this year in comparison to previous forecasts. Fuel prices have increased dramatically since the carrier's forecast, and it has stated that it will be reviewing it. GREATER BAY Airlines The Hong Kong based company said that it would increase fuel surcharges for most routes on April 1 and keep them the same on routes to mainland China and Japan. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49). IAG, the owner of British Airways, warned that its annual profit will be lower than anticipated due to rising jet fuel prices and supply disruptions. It had previously stated that it would increase ticket prices in order to reflect the higher fuel costs. Despite fuel hedges, the company was "not immune" from the wider fallout of fuel price volatility. 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 into Europe, 2,300 rupees. JETBLUE AERWAYS JetBlue has suspended its full-year forecast and announced that it will slow hiring, reduce capacity and raise fares in order to mitigate the impact of rising fuel costs. Sources with knowledge on the subject say that KOREAN Air entered emergency management mode in April as oil prices rose. LATAM AIRLINES Fuel prices have increased, causing the airline to cut its core earnings forecast for 2026. LUFTHANSA The German airline group has said that it will be hit by jet fuel prices of 1.7 billion euros in 2026. ITA Airways, a member of the group, announced that it would increase ticket prices by between 5% to 10% in 2026, to compensate for rising fuel costs. The Lufthansa Group announced in April a new low-cost "Economy Basic", which limits free carry-on luggage to a laptop bag or small backpack. The airline had previously cut 20,000 short-haul flight from its schedule until October, claiming that it was the equivalent of 40,000 metric tonnes of jet fuel. PAKISTAN INTERNATIONAL FLIGHTS The airline said that it would raise domestic fares up to $20, and international fares up to $100. It cited higher fuel surcharges as the reason for this. QANTAS AIRWAYS Qantas, an Australian airline, said that it has delayed a planned A$150-million ($107-million) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5 billion to A$3.1-3.33 billion. RYANAIR Michael O'Leary, CEO of Ryanair, warned that the airline's profits could be "a little under pressure" if oil prices continue to rise in the fiscal year that ends March 2027. Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "couple hundred" of flights. SPIRIT AIRLINES Low-cost carriers in the United States have abruptly shut down after collapsing due to financial pressures. This includes the steep rise in fuel prices. SPRING AIRLINES Chinese budget airline, China Airlines, announced that it will increase fuel surcharges for domestic flights starting April 5. SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES The U.S. airline forecast a second-quarter profit that was below the market's expectations. Its CEO also warned of a fuel price spike that would cost the airline billions in the quarter. The previous increase in the cost of checked bags was $10. The Portuguese airline claimed that price increases would partially offset the impact of fuel price changes on revenue. THAI AIRASIA Thai low-cost airline said that it would reduce its overall seat capacity by an average of 30 percent between May and July to offset the impact of rising fuel prices and a softening of demand. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. The European airline, tour operator and travel agency cut their full-year profit forecast and suspended revenue guidance. They said they had incurred extra costs of about 40 million euro due to the March war, including repatriation and operational disruptions. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would charge a temporary fuel fee of 10 euros for each passenger on routes connecting Turkey with mainland Europe. The fuel surcharge will apply to all bookings made after April 1, for departures after May 1. Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash. T'WAY AIR South Korean low cost carrier, South Korean Low-cost Airlines, announced that it would furlough cabin crew in May and/or June without pay as part of measures to address the effects of war. UNITED AIRLINES Scott Kirby, CEO of the U.S. airline, said that ticket prices could need to increase by up to 15% or 20% in order to offset an increase in fuel costs. The company had already implemented five fare hikes late in the first-quarter, along with increased baggage fees that it claimed were helping to offset rising fuel prices. The carrier forecasted second-quarter and annual profits that were below Wall Street expectations. It said it would recover only 40-50% through fares and revenue measures during the second quarter. This figure was expected to improve to 70-80% by the third quarter and up to 85-100% in the fourth. VIETJET A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes. VIETNAM?AIRLINES Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel. VIRGIN ATLANTIC Corneel Kster, the CEO of the airline, told The Financial Times that despite adding fuel surcharges on fares this year it will be difficult to achieve profitability. VIRGIN AUSTRALIA Virgin Australia has said that it expects fuel costs to increase by around A$30-40million in the second half of the fiscal year and a reduction of 1% in capacity for the fourth quarter. VOLOTEA The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to fourteen euros per passenger per flight. WESTJET Globe and Mail reports that the Canadian airline has reduced seat capacity in June. The Canadian Press reported previously that the airline would add C$60 ($44.50) to certain bookings, and combine flights due to rising costs. WIZZ AIR Low-cost carrier revised upwards its guidance, citing strong bookings in advance and quick action to offset rising fuel prices and flight cancelations by adding capacity on new and existing routes and using promotional rates. The company had warned of a possible profit drop at the beginning of the Iran War.
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Trump announces China will buy 200 Boeing jets. Order could reach 750
The United States has confirmed that China will buy '200 Boeing jets. This order could grow to '750 planes. Donald Trump told reporters Friday that the planes will have General Electric engines. Trump told reporters that the deal included "approximately 200 planes, and a guarantee of up to 775 if they perform well". The deal was not made public immediately. It is unclear which type of jets will be ordered and when they will arrive. If finalized, the orders would be Boeing's largest Chinese deal in almost a decade. The U.S. aircraft manufacturer had been largely excluded from the second-largest market for aviation due to trade tensions between Beijing and Washington. The shares of the U.S. aircraft manufacturer had fallen?nearly 4 percent on Thursday, after Trump told Fox News Channel China had agreed that they would buy 200 jets. This figure was far below what analysts had expected. In premarket trading, they were down a little over 1% on Friday. Sources said that an order of roughly 500 jets would be 'under discussion' before the meeting between Trump & Xi Jinping. If it happens, an order for more than 500 jets would be the biggest in aviation history. Boeing CEO 'Kelly Ortberg' and GE Aerospace Chief Executive Larry Culp are among the American executives that accompanied Trump to China with hopes of clinching a deal or resolving a business dispute. Trump would also benefit from the deal, as his aggressive tariffs and other trade policies have failed to reduce the U.S.'s large trade deficit.
Carney announces Alberta Carbon Pricing Deal that could pave the way for new oil pipeline
Canada's Prime Minister Mark Carney and Alberta's premier on Friday signed a ?deal on industrial carbon pricing, part of ?a broader agreement they have been hammering out ?for ?months that is meant to pave the way for construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast to start by September 2027.
The deal struck in Calgary on Friday will raise the cost of carbon credits in Alberta's industrial market from $95.50 to C$130 (94.59 USD) per metric ton in 2040. This is to give oil companies a financial incentive for reducing pollution. It is unlikely that it will'satisfy' environmentalists, who wanted a faster implementation, or oil executives, who are concerned about the impact of any industrial carbon pricing on the United States industry, which does not have a carbon price. Carney was in the oil-and gas city for the first time since November when he met with Alberta Premier Danielle Smith to discuss boosting investment into energy production. This included a new pipeline, which has yet to find a private sector sponsor.
U.S. COMPETITION WORRIES
Alberta frozen its 'headline industrial carbon prices' in May 2025. It cited the need to maintain its companies' competitiveness in light of the economic threat posed by President Donald Trumps tariffs.
The Alberta carbon market offers credits between C$20 to C$40 per metric ton. Environmental experts believe that this is too low a price to encourage polluters into investing in technology to reduce emissions.
The plan announced on Friday will include an escalating carbon floor price to ensure that Canada's major emitters are continually encouraged to reduce their emissions. Alberta's carbon price will increase from $100 to $130 per ton in 2036. It will then rise by 1.5% each year beginning in 2036.
Environmentalists wanted Alberta's carbon credit market price to reach C$130 in 2030. They claim that a shorter timeframe would encourage businesses to take immediate steps to reduce emissions.
Tim Weis is the director of industrial decarbonization for Pembina Institute.
The deal, however, ensures that Alberta will raise its carbon price in the future as other provinces must do. This is a condition Carney had set for his government before it would even consider fast-tracking construction of a new crude oil export pipeline. For the first time, the 'agreement' provides a start date for a new crude export pipeline if governments have met their legal obligation to consult indigenous people.
Alberta plans to submit a proposal to build the second West Coast oil export pipeline for Canada before July 1. This is despite the fact that no private company has yet agreed to take ownership of the project.
The agreement between Carney and Alberta also stipulates that a new pipeline will only be built if the oil industry commits to reducing emissions by building the proposed carbon capture project. However, this project can still be implemented in phases.
(source: Reuters)