Asia News

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. Both contracts were headed for a weekly loss of about 8%.The more actively traded WTI August contract CLc2 was up 59 cents at $76.44 a barrel.Switzerland said U.S.

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 that Tehran would be reluctant to choke off its own exports.Those assumptions were proven painfully wrong.

Italian engineering, certification and consulting company RINA has secured a contract to provide safety assessment services for Indonesia's Green Hydrogen Hub Project H2WATT, a key initiative being developed by PLN Puslitbang, the research and development arm of state-owned utility PT PLN.The H2WATT project is aimed at supporting Indonesia's energy transition through the development of an integrated green hydrogen ecosystem and forms part of the country's broader efforts to build a low-carbon energy framework.Under the contract…

The world oil market will recover gradually from the closure of the Strait of Hormuz before tipping into a significant surplus in 2027, the International Energy Agency said in its monthly oil market report on Wednesday.The U.S. and Iran reached an agreement to end the three-month-old war, which includes Iran reopening the Strait of Hormuz and the U.S. lifting its naval blockade, potentially bringing an end to the largest oil supply disruption in history which shut in over 14 million barrels per day of Middle East oil output…

At least three tankers carrying Iranian oil have sailed through the U.S. naval blockade this week, with a fourth, an empty vessel, heading towards the Gulf of Oman, after the U.S. and Iran agreed a framework deal to reopen the strategic Strait of Hormuz, shipping data showed.The shipments indicate a gradual resumption of Iranian oil exports that are expected to add to global supplies although demand from China, its biggest buyer, has been lacklustre due to poor domestic margins.Very Large Crude Carriers Hero II and Diona…

Gulf Marine Services (GMS) has retuned to service all four of its self-propelled, self-elevating support vessels that were temporarily evacuated from one Gulf country due to the prevailing geopolitical situation.The UAE-headquartered offshore support vessel operator said the fourth and final vessel has successfully resumed operations, restoring the affected fleet to full contracted utilization under its existing contracts.GMS maintained its adjusted EBITDA guidance for 2026 in the range of $105 million to $115 million…

AD Ports Group and offshore wind equipment manufacturer Dajin Heavy Industry have signed a memorandum of understanding (MoU) to explore cooperation in offshore wind supply chain development, maritime logistics, port infrastructure and strategic vessel investments.The agreement builds on AD Ports Group's recent expansion in the offshore renewable energy sector, including partnerships with Masdar, Siemens Energy and Green Parrot, as well as its acquisition of Spain's Balenciaga Astilleros shipyard…

Bureau Veritas Marine & Offshore (BV) has announced the appointment of Dr. Jeffrey Guo as Senior Vice President, Asia Pacific, and Maciej Lepicki as Vice President, Greater China, effective June 1, 2026.As Senior Vice President for Asia Pacific, Jeffrey succeeds Alex Gregg-Smith, who was appointed President of BV Marine & Offshore in January 2026. He will oversee the strategic development and operational management of BV's maritime business across the region, with responsibility for market growth…

Japanese shippers welcomed on Monday the U.S.-Iran peace agreement which will reopen the Strait of Hormuz but are awaiting more details of the deal and clearance of mines before allowing their ships to pass the chokepoint.According to the association, 38 Japanese-linked vessels remain stranded in the Strait of Hormuz.The U.S.-Israeli war with Iran that began on February 28 has largely stopped shipping through the strait, the transit route for roughly a fifth of the world's oil and liquefied natural gas supply…

Oil prices slipped to a three-month low on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.Brent crude futures LCOc1 fell $3.65, or 4.2%, to $83.68 a barrel by 0630 GMT and U.S. West Texas Intermediate CLc1 was at $80.75, down $4.13, or 4.9%. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.The U.S.

JERA has received its first liquefied natural gas (LNG) cargo from the Barossa gas project in Australia, marking the start of LNG deliveries from the offshore development to Japan's largest power generation company.The cargo arrived aboard the LNG carrier Sohshu Maru at JERA's Futtsu LNG terminal on June 12, following the start of production from the Barossa project in late 2025.Located offshore Australia's Northern Territory, the Barossa gas field supplies gas to the Darwin LNG facility for processing and export.

All three missing Indian seafarers have died after a U.S. military strike on a tanker in the Gulf of Oman, Indian Shipping Minister Sarbananda Sonowal said on Thursday.The U.S. said its military carried out a "precision" strike on the vessel that failed to follow its instructions and was carrying oil from Iran.Indian sources told Reuters that New Delhi had summoned the U.S. deputy chief of mission after lodging a "strong protest" on the strike.(Reuters - Reporting by Hritam Mukherjee; Editing by YP Rajesh)

Three more liquefied natural gas tankers have exited the Strait of Hormuz with their transponders off and are bound for destinations in Asia, although the exact timing of their transit is unclear, ship-tracking data from LSEG and Kpler showed.This comes as the United States and Iran traded air attacks for a second straight day on Thursday, with U.S. President Donald Trump vowing further strikes unless Tehran agrees to a peace deal and Washington saying it fired on a vessel carrying…

Mitsui O.S.K. Lines (MOL) and Japan Airlines (JAL) have entered into an agreement with Lloyd's Register and U.S.-based REGENT Craft to jointly develop certification and operational approval processes for REGENT's fully electric Seaglider vessel, as the companies work toward commercial deployment in Japan.The initiative marks the first collaboration in Japan involving a classification society aimed at supporting the commercialization of Seaglider vessels.Seagliders are fully electric wing-in-ground effect craft that operate a few metres above the water surface using ground effect.

The U.S. military carried out a "precision" strike on a vessel in the Gulf of Oman that failed to follow its instructions and was carrying oil from Iran, it said, while India said three Indian seafarers were missing after the attack on the tanker.The U.S. began a blockade of Iran-related shipping on April 13 after Iran severely curtailed shipping through the Strait of Hormuz, a major global oil and gas route.The U.S. military's Central Command (Centcom) said a U.S. aircraft "fired…

Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities muddied direction, though a forecast U.S. stock draw offered support.Brent futures LCOc1 were up 25 cents, or 0.27%, to $91.70 a barrel at 0736 GMT, while U.S. West Texas Intermediate crude CLc1 was up 23 cents, or 0.26%, to $88.43 a barrel.Prices traded higher earlier on renewed strikes between the U.S. and Iran, before retreating towards the previous session's close.Global stock draws are underpinning prices…

Oil prices fell on Tuesday, erasing most of the previous session's gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities.Brent crude futures LCOc1 were down $1.33, or 1.4%, at $92.92 a barrel at 0741 GMT, while U.S. West Texas Intermediate CLc1 declined $1.73, or 1.9%, to $89.57 a barrel.The market has been here before, said PVM Oil Associates analyst Tamas Varga…

Hong Kong-listed provider of offshore, marine and clean energy technologies CM Energy has unveiled the design of its Meridian Class commissioning and service operation vessel (CSOV).The Meridian Class has been developed to meet growing demand for offshore support vessels, and is suitable for commissioning, operations, maintenance and major component exchange campaigns in the offshore wind sector.Designed to North Sea standards, the vessel platform aims to provide offshore wind developers…

Sallaum Lines has taken delivery of two new Pure Car and Truck Carriers (PCTCs), the MV Ocean Express and MV Ocean Navigator, in the largest single-day milestone of its Ocean Class fleet expansion program.The vessels were built by China Merchants Jinling Shipyard (Jiangsu) and are registered under the Cyprus flag.Each vessel has a cargo capacity of 7,400 car equivalent units (CEU) across 13 cargo decks and is designed to transport passenger vehicles, commercial trucks, SUVs, rolling…

A bulk carrier managed by Wallem Group has rescued two Filipino fishermen from a sinking fishing boat near the Babuyan Islands off the Philippines while on a voyage from Australia to Vietnam.The vessel was carrying 80,000 tonnes of coal from Abbot Point, Australia, to Cam Pha, Vietnam when the crew spotted a distressed fishing boat at about 08:35 local time in May.According to Wallem, the fishermen were waving for assistance as their vessel encountered difficulties.Under the direction of the ship's master, the bulk carrier stopped and launched its rescue boat.

Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier.Brent crude futures LCOc1 rose $4.42 or 4.47% to $97.15 a barrel as of 0609 GMT, while U.S. crude futures were up $4.07 or 4.50% at $94.61 per barrel.Israel said on Monday it hit a petrochemical plant in Iran's southwest, along with strikes elsewhere on military targets. That's despite U.S. President Donald Trump reportedly telling…

Oil prices edged down after Oman said operations at Mina al Fahal port were proceeding normally, following a Reuters report that oil loadings had been suspended after an explosion.Brent crude futures LCOc1 fell 24 cents, or 0.25%, to $94.79 a barrel by 0704 GMT after settling down 2.84% in the previous session.U.S. West Texas Intermediate crude CLc1 was at $92.48 a barrel, down 56 cents, or 0.6%, following a 3.1% loss on Thursday.Both contracts are set to post their first weekly gain in three weeks…

The Arab Shipbuilding and Repair Yard Company (ASRY) has completed its 200th offshore rig project following the delivery of the VALARIS 250 (Bob Palmer) offshore rig project.The milestone was marked during a ceremony attended by executives and officials from ASRY and representatives from Valaris.ASRY said the VALARIS 250 belongs to the Gorilla Class category of offshore rigs, which it described as among the largest offshore rig designs currently operating worldwide.The project recorded more than 700…