Euro Zone Bonds Stabilize as US Weighs Insurance for Gulf Shipping
Euro zone government bonds edged higher on Wednesday as investors paused after a sharp selloff earlier this week driven by fears the Middle East war would fuel inflation.President Donald Trump had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf."A U.S. insurance for ships passing through the Strait of Hormuz could be a game changer…
COSCO Shipping Halts New Bookings for Middle East Routes
Chinese shipping and logistics conglomerate COSCO Shipping's container liner unit said on Wednesday it had suspended all new bookings for routes to and from ports in the Middle East region, including those in the United Arab Emirates and Saudi Arabia.The move was due to escalating conflict in the region and traffic restrictions in the Strait of Hormuz, COSCO Shipping Lines said in a statement.Bookings for routes to and from Bahrain, Iraq and Kuwait have also been suspended, it added.The company
Dozens Dead After US Submarine Attack on Iranian Warship off Sri Lanka
A U.S. submarine sank an Iranian warship off the southern coast of Sri Lanka, killing dozens of sailors and dramatically widening Washington's pursuit of the Iranian navy.Sri Lanka's deputy foreign minister identified the warship as the frigate IRIS Dena, and said it was heading back to Iran from an eastern Indian port.The attack happened hundreds of miles across the Indian Ocean from the Gulf, where U.S.
Oil Prices Go Up 3% as Iran Crisis Disrupts Supply
Oil prices rose 3% on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz.Brent LCOc1 rose $2.67, or 3.3%, to $84.07 a barrel by 0659 GMT, after closing on Tuesday at its highest since January 2025.U.S. West Texas Intermediate crude CLc1 rose $2.24, or 3%, to $76.8, after settling at its highest since June.
Fujairah Bunkering Hit by Fire, Demand Shifts to Other Hubs
Ship refuelling at Fujairah, a major bunkering hub in the United Arab Emirates, has slowed after a fire, market sources told Reuters, while demand at other refuelling hubs, including Singapore, is set to rise.Some bunker deliveries and loadings were on hold for now as suppliers, traders and shippers await more clarity on the situation, while others said that bunkering is still possible.The fire was caused by debris after the interception of a drone by air defenses…
Trump's Asian Allies Fear Iran War Will Sap Defenses Against China
Japanese lawmakers reeling from attacks on Iran by the United States and Israel gathered on Monday at the ruling party's offices in Tokyo to question bureaucrats about evacuation plans, energy stocks and the legal basis for U.S. action.But one query posed at the closed-door meeting, described to Reuters by a politician who attended, reflected a deeper fear haunting Asia's corridors of power since Trump's…
MSC to Offload All Cargo Bound for Gulf
MSC, the world's largest carrier of ocean container cargo, said on Tuesday all cargo bound for ports in the Gulf will be offloaded at the nearest safe seaport due to ongoing hostilities in the Middle East following U.S. and Israeli attacks on Iran.The move, known as an "End of Voyage" declaration, also applies to empty containers that have been released for loading with cargo and are intended for export to the ports in the Gulf…
Trump Orders Oil Tanker Insurance Support, Says Navy Could Escort Ships
The U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, President Donald Trump said on Tuesday, adding he had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.The move marks one of the administration’s most aggressive steps yet to attempt to contain soaring energy…
IMCA Launches New Career Support Network
The International Marine Contractors Association (IMCA) has launched the IMCA Next Generation Network – a global, member-led network that will support the development of early career professionals.Designed to strengthen development pathways for junior workers in the marine construction sector, the new global community forms a central pillar of IMCA’s strategic focus on people, competency, and skills.It…
Ferry Pollution Worse Than Cars in Many European Port Cities
Ferries in port cities like Barcelona, Dublin and Naples are responsible for more toxic air pollution (SOx) than all the cars in those cities, a new study by T&E shows.Promisingly, 60% of Europe’s ferries could be electric by 2035, and over half (52%) would be cheaper to operate than fossil-fueled vessels, the report shows.With the average age of ferries in Europe at 26 years, now is the time for a clean renewal…
Saudi Arabia Tries to Divert Oil to Red Sea
Saudi Arabia's state oil company Aramco is attempting to reroute some of its crude exports to the Red Sea to avoid the Strait of Hormuz, where the risk of Iranian attacks has slowed shipping to a near halt, sources said on Tuesday.Saudi Arabia and other regional Gulf oil producers, such as the United Arab Emirates, Kuwait and Iraq, have been unable to move oil through the Strait since the U.S. and Israel launched attacks on Iran on Friday.
France Sending Aircraft Carrier to Mediterranean
President Emmanuel Macron on Tuesday said France was sending its aircraft carrier Charles de Gaulle to the Mediterranean and working to build a coalition that would help secure maritime traffic imperiled by the escalating crisis in the Middle East.In a televised address to the nation, Macron said that action needed to be taken with the Straits of Hormuz closed and the Suez Canal and Red Sea shipping routes threatened by the widening conflict."We have economic interests to protect…
Damen to Serve as Partner for Construction of LST 100 Vessels for the Australian Army
On Friday, 20 February, Austal Defence Australia and Damen Shipyards Group signed a contract supporting the local construction of Landing Ship Transport (LST) 100 vessels for the Australian Defence Force. Under the agreement, Damen will provide the design and associated licences, enabling Austal to build the vessels at its Henderson shipyard in Western Australia.The signing ceremony took place at the…
Fincantieri Secures Viking Order for Two Expedition Vessels
Fincantieri announces the acquisition of an order from Viking for the construction of two expedition vessels. In addition, the two companies also signed an agreement for an option for two ocean ships, marking a new milestone in the collaboration between the two companies. The value of these agreements, subject to financing and other typical terms and conditions, is considered very important[1].The two expedition vessels…
Russian Oil Exports Curtailed By Drone Attacks, Weather
Russia has been unable to capitalize on this week's surge in global crude prices, as days of Ukrainian drone attacks and harsh winter storms have sharply curtailed its capacity to export oil, industry sources said.Russia's Sheskharis oil terminal in Novorossiysk port suspended oil loadings on Monday after a Ukrainian drone attack left a fuel terminal ablaze and damaged dozens of buildings, Russian and Ukrainian officials and three trade sources said.Crude oil benchmarks rose about 8% on Tuesday…
London Marine Insurance Market Widens Risk Zone in Middle East
London's marine insurance market has widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates, according to an advisory issued on Tuesday.Guidance from the Joint War Committee, which comprises syndicate members from the Lloyd's Market Association and representatives from the London insurance company market, is watched closely and influences underwriters' considerations over insurance premiums.The JWC added waters around Bahrain…
Global Energy Prices Jump as Middle East Crisis Interrupts Shipping, Oil Production
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel, the highest since July 2024, taking gains since Friday to more than 15%.
Greece Calls for Protection of Shipping, Seafarers Amidst Escalating Iran Conflict
Greece's shipping minister on Tuesday called for the protection of global shipping and seafarers, amid an "alarming" situation that has left dozens of ships stranded in the Strait of Hormuz and the wider area due to the widening Iran conflict.Traffic through the Strait of Hormuz was closed for a fourth day on Tuesday, choking off a key artery accounting for about 20% of global oil and gas supply.
Belgium Imposes 10m Euro Bail on Seized Ethera Tanker
Belgium has imposed a 10 million euro ($11.61 million) bail on Russian oil tanker Ethera, which it seized on Sunday, the government said on Tuesday.The North Sea ministry said the tanker was part of a Russian shadow fleet sailing with a false flag and false documents."Forty-five violations were identified. These mainly involved false certificates, stemming from the discovery that the ship was sailing under a false Guinean flag…
US Considers Policy to Support Oil Tanker Insurance Amidst Middle East Conflict
President Donald Trump will review a set of policy options on Tuesday aimed at controlling energy prices during the escalating Middle East conflict, including a proposal for the U.S. government to help oil tankers in the region obtain insurance, two sources said.Global crude prices have spiked since Israeli and U.S. forces began striking Iran over the weekend, leading to fighting that has interrupted…
