ADNOC Logistics & Services (ADNOC L&S) has confirmed that two crude oil tankers were struck by projectiles while transiting the Strait of Hormuz early on Tuesday, resulting in the death of one seafarer and injuries to several others.

In a statement issued on Tuesday, the Abu Dhabi-listed maritime logistics company said its vessels Al Bahyah and Mombasa B came under attack while navigating the strategic shipping corridor.

The incident marks one of the most serious attacks involving ADNOC L&S-operated vessels and comes amid heightened regional tensions in the Gulf.

“Tragically, one seafarer lost his life, and several others were injured as a result of these attacks,” the company said, extending its condolences to the family, loved ones and colleagues of the deceased while wishing those injured a full and speedy recovery.

ADNOC L&S said Al Bahyah, an ADNOC L&S-owned Very Large Crude Carrier (VLCC), and Mombasa B, a VLCC operated by the company under a time-charter arrangement, both sustained significant damage in the attack.

Read: Iranian missiles hit 2 UAE tankers in Hormuz, killing one crew member: MOD

The company strongly condemned what it described as an attack on civilian shipping and the seafarers serving aboard its vessels.

“ADNOC L&S strongly condemns this attack on civilian shipping and the innocent seafarers serving aboard its vessels,” the statement said.

The company added that it is working closely with emergency responders and other relevant stakeholders as response efforts continue.

Tuesday’s statement provides the first official confirmation from ADNOC L&S of the extent of the damage sustained by the vessels and the human toll of the attack. Earlier reports had indicated that Iranian missile strikes had hit two UAE-linked oil tankers transiting the Strait of Hormuz amid escalating regional hostilities.

ADNOC L&S said it will provide further updates as more information becomes available.

Emirates has completed the refurbishment of its 100th aircraft under what it describes as the world’s largest known airline retrofit programme, marking a major milestone in its $5 billion investment to modernise its long-haul fleet and expand the rollout of its Premium Economy product.

Since the programme began in November 2022, the airline has fully refurbished 47 Airbus A380s and 53 Boeing 777s at its engineering facilities in Dubai. By the end of 2026, Emirates expects to retrofit around 20 additional aircraft, taking the programme well beyond its halfway point.

The retrofit initiative has become a significant in-house engineering operation, with more than 400 engineers and technicians contributing 4.4 million man hours over 44 months to overhaul cabin interiors across the fleet.

Every refurbished aircraft has been fitted with a new Premium Economy cabin, with more than 3,800 seats installed to date, allowing Emirates to expand the premium cabin to additional destinations across its global network.

Sir Tim Clark, president of Emirates Airline, said: “Our commitment to deliver best-in-class products across every cabin is an ongoing endeavour, and completing full cabin retrofits for 100 wide-body aircraft in 44 months is a significant achievement. Backed by a $5bn investment, it ensures our customers ‘fly better,’ with elevated luxury, comfort, and thoughtful detail throughout each cabin.”

“Executing a project of this magnitude and complexity entirely in-house has also required unmatched planning, precision, craftsmanship and technical capabilities here in Dubai. Our team has completely rewritten the rulebook on retrofitting the two largest passenger aircraft in commercial aviation to make sure that every aircraft returns to the skies on schedule and in impeccable shape.”

The retrofit process involves stripping each aircraft’s interior before installing thousands of new components, including more than 4,000 parts on each A380 and 2,500 parts on every Boeing 777.

To support the programme, Emirates Engineering developed new logistics and engineering processes, including modified catering trucks to transport large cabin components inside hangars, specialised equipment for accessing aircraft interiors, and digital work-tracking systems. The airline has also collaborated with more than 100 suppliers during the programme.

Originally announced in 2021 as a 105-aircraft refurbishment initiative, the programme has expanded several times in response to strong customer demand. It now covers 219 aircraft, making it one of the largest fleet modernisation programmes in commercial aviation.

The first refurbished Airbus A380 entered the programme in November 2022, while the first retrofitted Boeing 777 returned to commercial service in August 2024. Earlier this year, Emirates also completed the first two-to-three-class conversion of an A380, introducing Premium Economy seating on the aircraft’s upper deck for the first time.

The next phase of the retrofit programme will begin in October 2026, with aircraft receiving 4K OLED HDR10+ seatback entertainment screens, new Safran Z400 lightweight seats, and additional cabin enhancements.

Alongside the fleet upgrades, Emirates is repurposing materials removed from refurbished aircraft as part of its sustainability strategy. Leather, fabrics and other cabin materials are being transformed into limited-edition products under the Aircrafted by Emirates brand, while more than 4,000 backpacks made from recycled Economy Class seat fabric have been distributed to children across 11 countries.

India has received revised bids from Canada’s Fairfax Financial and Dubai’s Emirates NBD for the sale of its majority stake in IDBI Bank, two sources said, reviving a transaction stalled earlier this year over valuation expectations.

India’s federal government and state-run Life Insurance Corp of India are selling a combined 60.7 per cent stake in IDBI Bank, with the transaction expected to be completed in a month, one of the sources said on Tuesday.

The sale process was stalled earlier this year after bids submitted in March by Fairfax and Emirates fell short of the government’s expectations.

The revised bids are being evaluated, and a top panel of bureaucrats met on Monday to discuss the stake sale, a third source said. The Indian government owns 45.48 per cent of IDBI Bank, while LIC holds 49.24 per cent.

Fairfax is the frontrunner to acquire the bank and is in conversation with the government while Emirates is not actively pursuing the deal after having acquired another Indian lender last year, one of the two sources and a fourth source said.

Details of the revised bids and valuation of the bank could not be immediately ascertained. Shares of IDBI Bank were trading nearly 4 per cent higher at 87 rupees around noon, giving the lender a market capitalisation of 938.68 billion rupees ($9.77bn).

The finance ministry, IDBI, LIC, Fairfax and Emirates did not immediately respond to requests for comment from Reuters. The sources spoke on condition of anonymity to discuss sensitive matters.

The revised bids come amid growing foreign investor interest in India’s financial sector.

Last year, Emirates NBD acquired a stake in private lender RBL Bank for $3bn, while Japan’s MUFG bought a 20 per cent stake in non-bank lender Shriram Finance for $4.4bn, marking some of the largest foreign investments in India’s banking industry.

To draw similar interest in state-run banks, India also plans to raise the foreign direct investment limit in them to 49 per cent from 20 per cent presently.

Revived sale process

IDBI Bank’s stake sale process was initiated in 2022 and has since dragged on due to regulatory and procedural approvals.

By March 2026, when the process neared its completion, it stalled due to high government valuation expectations and weak investor appetite amid the Middle East conflict.

Concerns over pension and gratuity liabilities also weighed on bids, Reuters had reported.

Germany’s Hapag-Lloyd, the world’s fifth-largest container shipping company, on Tuesday criticised US plans to impose a 20 per cent charge on cargo shipped through the Strait of Hormuz as “fundamentally wrong”.

US President Donald Trump said on Monday he had reinstated a blockade on Iranian shipping in the Strait of Hormuz this month and proposed charging a 20 per cent fee to help meet the cost of the US safeguarding the vital waterway.

“It would be fundamentally wrong to levy fees for passage through international waters,” Hapag said in a statement.

The German Shipowners’ Association (VDR) said such a measure would be legally impermissible and would undermine the principle of free passage through international waters.

“Today it’s the Strait of Hormuz, tomorrow the Strait of Malacca, and the day after tomorrow the next international strait. Where will this end?” VDR head Martin Kroeger told business magazine Wirtschaftswoche in an interview on Tuesday.

Civilian commercial shipping must not become a pawn in geopolitical conflicts, he added.

Control of the Strait of Hormuz, a vital route for oil and gas supplies, has become one of the central flashpoints of the US-Iran conflict. Iran’s effective blockade of the strait has pushed up energy prices and fuelled global inflation concerns.

Hapag said that while fees can be justified to fund major infrastructure such as the Panama Canal and Suez Canal, the same argument did not apply to the Strait of Hormuz, which carried about a fifth of global oil and gas supplies before the war.

The Hamburg-based company, which raised its earnings outlook on Monday on strong demand, told Reuters it could not reliably quantify the financial impact of Gulf tensions on its business.

“The recent escalation currently has no additional immediate impact on our vessel operations,” said Hapag, which has adjusted its network so vessels don’t pass through the key waterway.

Emirates has introduced a flexible Equated Monthly Installment (EMI) payment solution for customers in India, allowing travellers to book flights across its global network while spreading the cost of their tickets through affordable monthly payments.

The new payment option, now available on emirates.com, enables customers booking travel from India to split the cost of their tickets into installments ranging from three to 36 months, making international travel more accessible and budget-friendly.

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The initiative is designed to provide customers with greater financial flexibility while planning business or leisure trips to nearly 140 destinations served by Emirates worldwide. Instead of paying the full fare upfront, eligible customers can select an EMI payment plan during the booking process using participating bank-issued credit cards.

Partnership with 12 leading banks

The EMI facility is available through 12 participating banks in India, including AXIS Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, Standard Chartered Bank, State Bank of India and Yes Bank.

Customers can choose their preferred repayment tenure during the online booking process before completing payment with an eligible credit card.

Commenting on the launch, Mohammad Sarhan, Emirates’ vice president for India and Nepal, said the airline is committed to making travel more convenient and accessible for its customers.

“We are delighted to offer flexible payment solutions to our valued customers in India and enabling worldwide travel for more customers to enjoy by providing convenient payment options,” said Mohammad Sarhan, Emirates’ vice president for India and Nepal.

He added that the initiative gives customers greater control over how they finance their travel while enhancing the overall booking experience.“Flexible payment solutions will allow our customers in India to book the payment plan that suits their needs and choose from a host of participating bank partners. This solution is a game-changer for our customers in India as it will allow them to book long-awaited holidays or upgrade their experiences while spreading the payment in easy monthly installments that suit their budget.”

Conditions apply and vary by bank, including eligibility criteria, processing fees, applicable interest rates and processing times. Customers will bear the applicable fees and charges associated with instalment payments, depending on their chosen bank.

Flexible repayment options

Under the new offering, eligible customers can book their Emirates flights now and repay the cost over a period of up to 36 months. The airline said interest rates start from 11.88 per cent, although the final rate, tenure and applicable charges will depend on the issuing bank.

Customers can complete the booking by selecting the credit card payment option on emirates.com/in, choosing a participating bank and preferred repayment period, and finalising the transaction using an eligible credit card.

Processing times for EMI approval may take up to seven days, depending on the issuing bank. Emirates also advises customers to confirm their card eligibility with their respective banks before making a purchase, as not all cards may qualify for the facility.

Key eligibility conditions

The EMI payment option is currently available only for eligible credit cards issued by participating Indian banks and applies exclusively to bookings originating from India through emirates.com/in using the credit card payment option.

The airline said the EMI facility cannot be combined with other payment methods or products, including Cash+Miles, Emirates Store credit, international cards or split-payment options.

Applicable interest rates, repayment tenures, processing fees and other charges will be determined by the issuing bank at the time of the transaction. Customers also consent to the sharing of relevant transaction information with payment gateway partners, issuing banks or financial institutions to facilitate EMI processing.

Emirates noted that it is not responsible for late payment fees or disputes related to EMI approvals, repayment tenures or charges, which must be resolved directly with the issuing bank. The airline also reserves the right to modify, suspend or withdraw the EMI payment option at any time without prior notice.

=EMI tenure, interest rates, processing fees, eligibility and applicable terms are determined by the issuing bank at the time of the transaction and may vary from those displayed.