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Book summer holidays NOW, warns easyJet boss as Iran war fuels fare hike misery
BRITS have been warned to book their summer getaways now or face a massive spike in prices as the Middle East conflict sends fuel costs soaring.
The boss of easyJet today sounded the alarm after revealing the war has already cost the budget airline £25million in fuel hikes.
The Luton-based carrier has been hit hard by rising oil prices after Iran tightened its grip on tankers passing through the Strait of Hormuz.
Holidaymakers are being told that if these high costs persist, the extra bill will be passed directly onto passengers through higher fares across the entire industry.
EasyJet reported that the conflict has created “near-term uncertainty around fuel costs and customer demand” as families hesitate to book.
Official figures show that bookings for the peak summer months of June through to September have already dipped compared to last year.
The airline is braced for a massive headline loss of between £540million and £560million for the six months leading up to the end of March.
Investors reacted with panic to the news as shares in the company tumbled by as much as 9% in early trading on Thursday.
EasyJet chief executive Kenton Jarvis admitted the firm has struggled.
He said: “Our H1 financial performance worsened year on year, impacted by the conflict in the Middle East and the competitive environment in some markets.”
Despite the gloom, the airline boss insisted that planes are still taking off as normal following the busiest Easter period on record.
He added: “Following our busiest Easter holiday period ever, the operational ramp up into peak summer continues as planned.”
Mr Jarvis claimed the company has the cash reserves to survive the crisis.
He said: “EasyJet’s financial strength from our investment grade balance sheet and £4.7billion of liquidity mean we are well placed to navigate current geopolitical challenges while remaining focused on our medium term targets.”
Experts are worried that the war could eventually lead to fuel shortages and forced cancellations, but the airline insists airports are currently “operating as normal” with supplies secured until mid-May.
Everything now rests on whether the crisis in the Middle East escalates or cools down in the coming weeks.
A quick resolution could see prices drop, but a long-term war could see holiday demand dry up as fuel is rationed around the world.
Iran war fuels S. Korean tanker bet as shipping heir’s strategy pays off
The homepage of South Korean shipping company Sinokor Merchant Marine (Janggeum Shipping) is shown in this screenshot. Captured by Asia Today from Sinokor website
March 16 (Asia Today) — A bold bet by a South Korean shipping heir on ultra-large oil tankers is paying off handsomely as the war involving Iran disrupts global energy markets and drives tanker demand sharply higher.
Bloomberg reported that Sinokor Merchant Marine, a major South Korean shipping company, positioned itself to profit from the crisis after securing a large fleet of very large crude carriers (VLCCs) months before the conflict escalated.
The strategy was led by Jeong Ga-hyun, a director at Sinokor Petrochemical and the son of Sinokor Chairman Jeong Tae-soon, according to the report.
Bloomberg described the move as an unprecedented large-scale bet in the global tanker market, executed well before the outbreak of the Iran conflict.
Tankers deployed to Gulf before war
On Jan. 29, weeks before the war erupted in late February, Sinokor reportedly deployed at least six empty VLCCs to the Persian Gulf, positioning them to wait for cargo.
After disruptions in the Strait of Hormuz pushed tanker demand and charter rates sharply higher, the strategy began generating massive returns.
The Strait of Hormuz is one of the world’s most critical energy chokepoints, handling roughly 20% of global oil shipments.
Tanker rates surge to $500,000 a day
With oil exports disrupted and storage facilities across the Middle East filling rapidly, oil producers have increasingly turned to tankers as floating storage units.
According to Bloomberg, Sinokor is now chartering vessels for about $500,000 per day, roughly ten times last year’s average tanker rates.
Industry estimates suggest that by late February the company controlled around 150 VLCCs, representing roughly 40% of available tankers not already tied up in sanctions or long-term contracts.
Quiet heir behind massive shipping strategy
Jeong is known in the shipping industry as the low-profile heir to one of South Korea’s major maritime families.
Bloomberg reported that he rarely appears publicly and is known internally for a military-style management approach. Industry anecdotes even describe him challenging employees and business partners to arm-wrestling contests.
Oil supply disruptions reshape tanker market
The Iran war has dramatically altered global oil transportation patterns, forcing ships to reroute and increasing the need for offshore storage.
Under those conditions, Sinokor’s aggressive tanker acquisition strategy is now being viewed as one of the biggest winners of the crisis, Bloomberg said.
WSJ: Sinokor among winners of Hormuz crisis
The Wall Street Journal earlier identified Sinokor as one of the companies benefiting from the Strait of Hormuz tensions.
According to the newspaper, the company purchased dozens of oil tankers and deployed some of them to the Gulf region even before the conflict intensified.
Sources told the Journal that Sinokor is leasing several vessels to ADNOC, the United Arab Emirates’ state-owned oil company, to be used as floating storage facilities.
These vessels can earn up to $500,000 per day in charter fees, the report said.
As land-based storage in Gulf oil-producing countries approaches capacity, producers have increasingly stored crude at sea. Drilling firms in Iraq and Kuwait have even slowed production due to storage shortages.
The WSJ also noted that Greek shipping magnate George Prokopiou adopted a similar strategy, sending at least five tankers to the Strait of Hormuz through his company Dynacom, which is reportedly earning up to $440,000 per day – about four times pre-war rates.
— Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260316010004394