TUI Assures No Fuel Shortages Amid Conflict

TUI Group, Europe's largest travel operator, assured holidaymakers on Wednesday that aviation fuel shortages are unlikely in the coming weeks or summer season, despite disruptions from the ongoing Middle East conflict blocking the Strait of Hormuz.

The German company released its half-year financial results for the period ending March 31, reporting an underlying operating loss of 111 million euros, an improvement from 156 million euros the previous year. The conflict, which erupted late February, cost TUI around 40 million euros in lost sales and repatriation expenses for about 5,000 passengers from two cruise ships docked in Abu Dhabi ports. The vessels have since departed safely and are set to begin Mediterranean routes in mid-May. Additional losses of 21 million euros stemmed from hurricanes in Jamaica last October.

Chief Financial Officer Mathias Kiep expressed confidence in fuel supplies, stating, "I'm very much convinced that we will see no shortage in the next 10 weeks. There's definitely enough fuel." He attributed stability to lower consumption than last year, increased refinery capacity and Europe sourcing more oil from suppliers like Nigeria, made viable by higher...