An executive spoke out as bookings for summer are down, and explained how new fuel sources are being used
09:41, 13 May 2026Updated 10:04, 13 May 2026
TUI has announced its latest financial results and issued an update on fuel supplies
TUI has issued an update for any travellers with holidays booked. As the company announced its latest financial results, it told travellers that Europe was getting more oil from other sources, including Africa, as the Strait of Hormuz is still closed due to the Middle East conflict.
Europe’s largest travel operator is one of several firms to be impacted by the conflict in the Middle East, which began at the end of February. It said booked revenues for summer were down 7% compared with 2025 for its tours and airline, falling to 10% for the UK market alone.
But the TUI Chief financial officer has said he believes there will be no aviation fuel shortages caused by the Iran conflict ‘for the next 10 weeks’. Mathias Kiep told The Independent: “I’m very much convinced that we will see no shortage in the next 10 weeks. There’s definitely enough fuel.
“We think that the discussion on fuel is a little bit artificial as we do see no shortages for the next weeks. I would also see no impact in in the summer at all except prices – and for the higher prices we are luckily hedged.
“We do see that Europe now gets more oil from other countries like Nigeria because the increased prices made the production there profitable. We see that consumption is significantly lower than a year before and refinery capacity is also up.”
He said that even if the Strait of Hormuz remains closed longer term, there will be no shortage. The US and Israel’s war with Iran has led to a shift in demand from eastern to western Mediterranean destinations, while customers were displaying greater caution and making bookings closer to departure dates, TUI said.
The company also pointed to a “competitive” market for travel. Nevertheless, TUI said it was expecting Spain, including the Balearics and the Canary Islands, and Greece to be top destinations over the summer.
It comes after the firm last week made a statement direct to passengers. Neil Swanson, Managing Director of TUI, addressed passengers directly in a fresh statement, promising that flights during the May half term will proceed as scheduled: “We know you may be feeling a little uneasy after recent headlines, and we want to reassure anyone travelling over May half term that they can look forward to their holiday with confidence with TUI. We have good visibility on fuel supplies and are operating our holiday programme as planned, with no flights being cancelled due to fuel shortages.
“Our careful planning across fuel, flying and hotel capacity means we’re able to continue offering great value and stable prices – with no fuel surcharges added by TUI. The price you see is the price you pay, and all TUI package holidays are ABTA & ATOL protected, giving peace of mind from booking right through to returning home.”
The German business revealed last month that the Iran war cost it around 40 million euros (£34.7 million) after it was forced to repatriate around 5,000 passengers from two cruise ships anchored in ports in Abu Dhabi. TUI said on Wednesday that the cruise ships had now departed safely, during a pause in the hostilities, and will commence their summer season itineraries in the Mediterranean from mid-May.
It also said it took a roughly 21 million euro (£18 million) hit during the first half of the financial year from the impact of hurricanes that swept across Jamaica in October last year. TUI reported an underlying loss before interest and tax, and at constant currencies, of 111 million euros (£96 million) for the first half – an improvement on the 156 million euro (£135 million) loss reported the year before.
It is on track to deliver a full-year operating profit of between 1.1 and 1.4 billion euros, down from previous targets of roughly between 1.5 and 1.6 billion euros. Sebastian Ebel, TUI’s chief executive, said: “The very strong results give us confidence for the second half of the year.
“Due to geopolitical challenges and dynamic market conditions, it will require great dedication and flexibility. We offer our customers a high level of security and quality, especially in turbulent times.
“Package holidays remain the gold standard.” According to Jet2, package holidays have now become the preferred choice for 51% of customers, marking a 5% increase since February. Meanwhile, the proportion of people booking through multiple providers has fallen by six percentage points to 20%, while those selecting ‘accommodation only’ has plummeted to just 2%.
Value for money (36%) and convenience (36%) remain the top motivations for choosing package holidays, but there’s been a notable four percentage point rise since February in those citing ‘added security with one provider, ATOL/ABTA protection’ (now at 26%) as a key factor, the survey found.
This safeguarding ensures customers are protected should anything go wrong with their bookings, including the right to refunds if travel plans fall through, while guaranteeing holidays meet the highest standards for customer service, booking amendments, and health and safety.
Jet2 has pledged not to slap surcharges on any confirmed flights or holidays to offset rising costs, such as jet fuel, giving customers peace of mind that the price they book is the price they’ll pay. Steve Heapy, chief executive of Jet2, said: “Consumers want assurance during times of uncertainty and package holidays provide that assurance.
“On top of all the protection that our package holidays guarantee, Jet2 is well known as being a consumer champion that goes above and beyond to look after customers. Ahead of a busy summer season, this means new and existing customers know that their well-deserved holidays are in the very best hands with us, and we are very excited about welcoming everyone onboard and taking them on their breaks.”