Oil Edges Higher as Uncertainty Clouds US-Iran Truce
Oil prices rose on Friday as the prospect of a lasting truce between the U.S. and Iran was clouded after peace talks in Switzerland were called off and as Israel stepped up attacks on Lebanon.By 0645 GMT, Brent crude futures LCOc1 gained 51 cents, or 0.64%, to $80.36 a barrel, and U.S. West Texas Intermediate crude CLc1 rose $1.28, or 1.7%, to $77.88 a barrel, with the front-month July contract expiring on Monday.
Iran's Strait Authority to Facilitate Passage Through Hormuz
Iran's Supreme National Security Council said in a statement on Thursday that the country's Persian Gulf Strait Authority will take measures to issue fast authorizations to ships wanting to pass through the Strait of Hormuz as per the memorandum of understanding signed by Tehran and Washington.Measures on mine clearance will be carried out under the Islamabad MoU, though ships are advised to stick to the path and timing allocated by the authority…
BeHydro Receives Lloyd’s Register First Class Approval for Hydrogen Marine Engine
Lloyd’s Register (LR) has issued the first Type Approval Certificate for a 100% hydrogen-fueled, spark-ignited marine engine.The approval has been awarded to the hydrogen engine developed by BeHydro and confirms the design meets LR’s requirements for safety, performance and reliability in marine applications.The engine has been developed and tested at ABC Engines’ facility in Ghent and is designed to operate entirely on hydrogen, without the need for pilot fuels.
EU Commission clarifies all Russian LNG trade is banned from 2027 for EU operators
EU-based companies will be prohibited from selling Russian liquefied natural gas next year, even if buyers are located outside the EU, according to a letter seen by Reuters on Thursday."The ban prohibits companies to trade/market Russian LNG to third countries as it is not relevant whether the Russian LNG is destined for the EU or not," said the letter dated June 1 from the office of EU Energy Commissioner Dan Jorgensen…
OPEC Maintains Robust Oil Growth Forecast Over Next Four Years
OPEC maintained its forecast for robust global oil demand growth in the next four years on Thursday and nudged up its longer-term view, citing a worldwide shift towards more supportive policies for oil use and saying there was no sign demand would peak.The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry…
Germany Deploys Vessels to the Red Sea For Possible Hormuz Mission
Germany is deploying two ships to the Red Sea in preparation for a possible military mission in the Strait of Hormuz, Germany's defence minister, Boris Pistorius, said on Thursday.Hours after U.S.
NYK Group, JERA Sign Contract for Low-Carbon Ammonia Transportation
NYK Bulkship (Asia) Pte. Ltd. (“NBAsia”), a Singapore-based company of the NYK Group, has concluded a time-charter contract with JERA Co., Inc. for two very large gas carriers (VLGCs)* from NBAsia to JERA. The contract follows continued discussions and evaluations conducted under a memorandum of understanding signed in 2022 and heads of agreements reached in December 2025.The two VLGCs covered by the Contract are expected to transport low‑carbon ammonia produced in the U.S.
DNV Verifies Lifting System for Immersed Tunnel
DNV, the independent energy expert and assurance provider, has supported Femern Link Contractors (FLC) on the Fehmarn Belt immersed tunnel project by providing independent verification of the advanced lifting appliance used to install the tunnel elements.The Fehmarn Belt tunnel, is an 18-kilometer long immersed road and rail tunnel connecting Denmark and Germany, with the first 217-meter tunnel element successfully immersed in May 2026.
Schipper Takes the Helm of Netherlands Coast Guard
The Netherlands Coast Guard has appointed Klaasjan Schipper as its new director, succeeding Nicole Kuipers, who led the organization since 2022.Schipper officially assumed the role on June 17 during a handover ceremony in Den Helder, becoming the tenth director in the Coast Guard's history. A Royal Netherlands Navy officer, he takes charge at a time of significant organizational and operational change for the agency.In his first remarks as director…
Marlink Provides Connectivity for TUI Cruises’ New Mein Schiff Flow
Marlink, a leader in managed services for business-critical digital solutions, has been selected by TUI Cruises to deliver digital experiences for guests, crew and ship operations through a fully managed hybrid connectivity and digital services platform for Mein Schiff Flow, the latest addition to the cruise operator’s fleet. Scheduled for christening in Trieste, Italy, on 20 June 2026, Mein Schiff…
CORE POWER to Assess Reactor Tech for Floating Nuclear Power Plants
CORE POWER has launched a feasibility study to evaluate the use of BWX Technologies' mPower small modular reactor (SMR) technology in floating nuclear power plants designed to be built in shipyards and deployed near energy demand centers.The study will assess technical, regulatory and commercial pathways for integrating BWXT's mPower reactor design into floating nuclear facilities, the company said…
ALMACO Group Opens New Facility in League City, Texas
ALMACO Group Inc., a leader in engineering, procurement, and construction (EPC solutions) for the marine and offshore industries, has officially announced its expansion into League City, Texas. Operational from June, 2026, the new location, operating under the name ALMACO Gulf Coast, will serve as a key regional hub to support accelerating shipbuilding efforts along the U.S. Gulf Coast.The new League…
Fertilizer Shipments Should Bounce Back with U.S.-Iran Deal
"Global fertilizer shipments have fallen 11% y/y since the start of the Iran war. The closure of the Strait of Hormuz has restricted fertilizer exports from the Persian Gulf, tightening the global supply and increasing prices. The ceasefire agreement between the US and Iran could lead to a rebound in shipments,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO.Under normal conditions, 16% of global fertilizer shipments come from the Persian Gulf and pass through the Strait of Hormuz.
Venture Global, EnBW Ink New LNG Supply Deals
U.S. liquefied natural gas producer (LNG) Venture Global and German utility EnBW have signed new binding agreements for the supply of approximately 0.82 million tonnes per annum (mtpa) of LNG over a period of about five years beginning in 2026.The LNG will be supplied from Venture Global's portfolio and adds to the companies' existing long-term sales and purchase agreements covering 2 mtpa over 20…
Post-War Gulf Faces Push for Alternative Export Routes
Middle East oil producers face a reckoning. The Iran war exposed the dangers of relying on a single chokepoint for vital oil and gas exports, leaving Gulf governments with a clear strategic imperative: diversify – at all costs.An Iranian blockade of the Strait of Hormuz had long been viewed as a “Doomsday” event that would never happen. Experts assumed it would require a massive military effort and…
Oil Drops to 3-Month Low as US-Iran Deal Signals Supply Return
Oil prices fell by more than $2 per barrel on Thursday after the U.S. and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz and waive U.S. sanctions on Tehran's oil, boosting the oil supply outlook.Brent crude futures LCOc1 were down $2.14, or 2.69%, at $77.41 a barrel as of 0616 GMT, and U.S. West Texas Intermediate CLc1 fell $2.36, or 3.07%, to $74.43 a barrel.Brent sank to its lowest since March 2, which was the first day of trading after the U.S.
Korean Partners to Develop Robotic “Total Hull Care Solution”
HD Hyundai Heavy Industries and five other HD Hyundai affiliates are embarking on the development of a robot and data-based integrated hull management solution that automates the entire process—from hull diagnosis to cleaning and performance verification—for the first time in the shipbuilding industry.HD Hyundai Heavy Industries signed a Memorandum of Understanding (MoU) for the joint development and…
Chinese Licensees Expand J-ENG Engine Manufacturing Capacity
Japan Engine Corporation (J-ENG) engine licensees in China, Guangzhou Diesel Engine Factory (GDF) and Zhejiang Yungpu Diesel Engine (YDE), are expanding their UE engine manufacturing capacity in response to the strong engine demand in China's rapidly growing shipbuilding market.GDF has completed its new Guangzhou factory (Guangdong Province, China) which has been fully operational since October 2025.
Charities and Celebrities Urge End to Live Animal Exports
More than 130 charities, experts and celebrities including Brian Cox CBE, Alan Cumming OBE, Zoë Wanamaker CBE, and Joanna Lumley DBE, are calling for a ban on live exports.Led by Compassion in World Farming, the global partners from 33 countries including Eurogroup for Animals, Four Paws, Animals International, and World Animal Protection have written to the intergovernmental body for animal health and welfare…
NYK Vessels Chartered for Low-Carbon Ammonia Transport from Louisiana
NYK Bulkship (Asia), a Singapore-based company of the NYK Group, has concluded a time-charter contract with JERA for two very large gas carriers (VLGCs).The two VLGCs are expected to transport low‑carbon ammonia produced in Louisiana to JERA’s Hekinan Thermal Power Station in Japan. At the power station, commercial operation of large-scale ammonia substitution combustion with 20% heat value ratio is…
