Asia

The CEO of the world's largest ship recycler said that Dubai-based GMS won approval from the U.S. Government to scrap four containers ships which were subject to?Iran related sanctions. This could pave the way for Washington to reduce its shadow fleet?of?such vessels. The fact that hundreds of ships are not insured or complying with environmental safety standards has helped Iran and Russia to circumvent sanctions. They also pose a risk of fuel spills and oil leaks along busy sea routes. A mechanism approved for scrapping these vessels can be used to encourage their removal from circulation. This will reduce environmental...

Data showed that a Chinese-operated ship was "among the few" to cross the Strait 'Hormuz? in the last 24 hours. This comes as the uncertainty about reopening this critical waterway grows, with the talks between the U.S.A. and Iran at a standstill. Prior to the start of the war against Iran on February 28, the average daily shipping through the strait was 125-140 passages. As a result of the conflict, 20,000 sailors are still stranded on hundreds of ships in the?Gulf. According to an analysis based on ship tracking data, there were 10 ships per day that entered and left...

The crew of the tanker gathered courage and navigated carefully along the route designated by Iran. They hugged the coast and manoeuvred their massive vessel between island checkpoints in the Strait of Hormuz. Agios Fanourios 1, a 330 metre long vessel, loaded with Iraqi crude and bound for Vietnam had been bottle-?up near the coast of Dubai, since late April. On May 10, the tanker set out for the Strait of Hormuz after an agreement with Iran, overseen by Iraq’s Prime Minister. The Iranian orders to the tanker are part of the complex multi-tiered system that Iran has used for...

The U.S. sanctioned tanker, Rich Starry,?arrived back at the Strait of?Hormuz Wednesday, after leaving the Gulf the previous day,?shipping information showed. It failed to?break a U.S.?blockade?on ships calling at Iranian port. U.S. president Donald Trump announced the ban on Sunday, after the weekend talks between the U.S. government and Iran in Islamabad failed to produce a result. The U.S. Central Command reported on X that "no ships were able to get past the U.S. Blockade during the first 24 hour period." Six vessels complied with the direction of U.S. Forces to turn around and re-enter a port in Iran. On...

Zefyros's manager in Greece confirmed that the tanker was struck by a missile overnight during a ship-to -ship transfer. Benetech Shipping SA reported that the incident took place at Iraq's Umm Qasar Anchorage late Wednesday during a transfer of fuel cargo with the Safesea Vishnu Tanker. All 23 crew members have been accounted for and are safe. The 23 crew members were evacuated and brought to land, according to a statement. SOMO reported that the Safesea Vishnu had been chartered by a company in Iraq contracted with State Organization for the Marketing of Oil. The Zefyros, meanwhile, was loaded with...

According to analysis of ship tracking platforms such as 'Kpler' and 'Lloyd's List' Intelligence, a Greek-operated tanker sailed across the Strait of Hormuz on Monday with a cargo of Saudi Arabian crude oil and India listed as its destination. Hundreds of ships are anchored on both sides of the strait as the U.S. and Israel war against Iran continues. The oil and shipping markets are watching for any signs of increased sailings through this critical waterway, through which most of the world's crude oil passes. MarineTraffic data showed that the Shenlong Suezmax, a tanker with a 1 million-barrel capacity, had...

The leading shipping and labour groups have said that seafarers are entitled to refuse to sail on ships traversing the Middle East Gulf, which includes the Strait of Hormuz. This is because the threat level in the region has been raised to the highest level. As the U.S. war against Iran intensifies, around 300 ships are anchored both sides of the Strait. Nine ships have suffered damage since?February 28 and one seafarer has been killed. According to the International Bargaining Forum, a group of mariners, commercial shipping companies, and maritime unions, reached a negotiated agreement on Thursday. Seafarers can refuse...

The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf. Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated. Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement...

According to shipping ministry advisories, Greece warned its shipping fleet to take the most stringent security measures when sailing into Russian Black Sea ports following drone attacks this week on two Greek-operated oil tankers. Drones hit two oil tankers, including one chartered from U.S. oil giant Chevron as they approached the marine terminal of the Caspian Pipeline Consortium on the Black Sea coast of Russia. Greek-operated tankers are among the largest in the world. They are crucial for trade along the Black Sea, where Bulgaria,?Georgia?, Romania?, Turkey?, and Russia?, who are at war with Ukraine?, which Moscow invaded?in February 2022?....

In recent days, dozens of commercial ships dropped anchor outside Iran's ports, according to shipping and data sources. This is happening as tensions between the United States and Iran grow. Shipping sources said that such movements were "precautionary" given the tensions surrounding the ongoing protests in Iran. Port limits are important because they increase the risk of collateral damages in the event that air strikes hit nearby infrastructure. A U.S. official announced on Wednesday that the U.S. was withdrawing personnel from Middle East bases after a senior Iranian officials said Tehran warned its neighbours it would strike American bases if...

Two U.S. officials confirmed on Friday that the U.S. was in the process to seize?the Olina oil tanker near Trinidad in the Caribbean. This is the fifth interdiction of ships in recent weeks, as part of Washington’s efforts in order to control Venezuelan crude exports. According to an industry source who has direct knowledge of the situation, the Olina had sailed previously from Venezuela, and returned to the area. The British maritime risk management company,?Vanguard, said that the vessel's AIS tracker (location) was last active 52days ago in the Venezuelan EEZ to Curacao's northeast. The seizure comes after a long...

Sources in the industry said that insurance rates for war risks increased after Ukrainian drones attacked two tankers headed to a Russian harbor. Fears of more attacks prompted insurers to raise their prices. Black Sea is vital for shipping grain, oil, and oil products. Bulgaria, Georgia and Romania, as well Russia and Ukraine, share its waters. Shipping and insurance sources reported that war risk rates, which are determined by each underwriter and are based upon the value of the vessel, have risen to 0.5% from 0.4% a week earlier for calls to Ukrainian port. Sources said that the war risk...

A senior executive of the Abu Dhabi state oil firm said that August could be a 'tipping point' for higher oil prices, if the demand increases and a supply crisis persists due to the Iran War. According to Philippe Khoury of ADNOC, executive vice president of sales and trading at the Middle East Petroleum and Gas Conference, London, transit through the Strait of Hormuz is likely to remain limited and below the pre-war level as long as peace uncertainty persists. Khoury added that it would take months to fully restore the supply chain, while others may only require a few...

As part of a contract, BP, the British energy'major' said that it is 'on track to... hand over?the _running of _the Baku-Tbilisi - Ceyhan (BTC ) oil pipeline. to Azerbaijani SOCAR on July 1. The pipeline, which has been in operation since 2006, is capable of moving more than 1 million barrels per day. The pipeline is designed to transport oil from the Caspian Sea, through Iran and Russia's Caucasus, to the Mediterranean. Giovanni Cristofoli is BP's regional 'president' for Azerbaijan and Georgia, as well as Turkey. He announced the transfer via a press release, stressing it wasn't about BP...

Calculations showed that the average daily natural gas supply to Europe via the TurkStream pipeline by Russian energy giant Gazprom rose 3% from a year earlier to a total of '47.4 millions cubic metres in may, according to calculations released on Monday. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to extend the five-year agreement with Moscow that expired in January 2025. According to calculations based on data from the European Gas Transmission Group Entsog, total Russian gas supplies via TurkStream reached a record?1.47 billion cu ft last month. This is...

Erlan Akkenzhenov, the Energy Minister, said that Kazakhstan's oil production has been restored to 290 000 metric tons per a day after earlier production losses in Tengiz. Kazakhstan is responsible for 2% of global crude oil production. The Caspian Pipeline Consortium is the main exporter of crude oil to Russia's Novorossiysk port. According to calculations based on a barrels/tons of 7.5, the production of crude oil and condensate reached around 2.175 millions barrels per day. Two industry sources said on Friday that the oil production at Tengiz, a field owned by Chevron CVX.N, fell sharply on May 26, due to...

Kyiv intensified its attacks on Russian energy installations in recent months, as the peace talks that were supposed to end the Ukraine conflict failed to make any progress. The following is a list of recent attacks and their impact, in chronological order. YAROSLAVL According to Volodymyr Zelenskiy, Ukrainian forces attacked the Russian oil refinery at Yaroslavl on May 25. This was about 700 km (435 mi) away from the Ukrainian border. The refinery can process 15 million metric tonnes per year or about 300,000 barrels a day. SYZRAN On May 21, the Ukrainian military and President Zelenskiy announced that Ukrainian...

SOCAR, TotalEnergies and ADNOC International have signed a gas purchase & sales agreement for?gas produced in Azerbaijan from the Absheron field. On the sidelines Baku Energy Week, SOCAR President Rovshan 'Najaf was joined by BOTAS Chairman Abdulvahit 'Fidan, TotalEnergies Senior Vice President for Exploration and?Production Europe Martino Panizzi and Mohammed Al Aryani President - International Gas of XRG. The final investment decision for the Absheron II project will be made this year. In 2029, annual gas production will begin and reach a level of over 4 billion cubic meters (bcm). A SOCAR official stated that around half of the production...

Alparslan bayraktar, Turkish Energy Minister said that Turkey and Azerbaijan will expand their energy partnership beyond oil and gas to include electricity transmission and green energy corridors. Bayraktar, speaking at the Baku Energy?Week opening, said that Turkey, Azerbaijan and Georgia,?Bulgaria, and Southeast European countries are working?to enhance regional energy connectivity. Bayraktar stated that "we are going to create a 'electricity version' of TANAP", referring to the Trans-Anatolian Natural Gas Pipeline, which carries Azerbaijani natural gas to Europe via Turkey. The Turkish government plans to upgrade its transmission and distribution network by $30 billion over the next decade in order to...

Russian and Ukrainian authorities confirmed that Ukrainian drones struck energy targets in several Russian regions over the weekend, including an oil pipeline pumping station and an oil refinery. This was part of an intensifying campaign against Russian infrastructure. Ukraine's General Staff reported that it struck the Saratov refinery along the Volga River, causing an?large fire. Roman Busargin, the Saratov Regional Governor, said via Telegram that "civil Infrastructure" was damaged by the strike. He did not provide any further details. The Russian Defence Ministry said that it had shot down 216 drones over night. Kyiv also said it had struck the?Lazarevo...

Two sources confirmed on Tuesday that the U.S. and Thailand were in discussions on a 'new long-term supply' of U.S. produced liquefied?gas. Negotiations have intensified since the U.S./Israeli war against Iran caused damage to LNG production in Qatar, a key LNG exporter. Sources familiar with the talks, who requested anonymity because of the sensitive nature of the discussion, stated that the focus is on a long-term contract between Venture Global (an international energy company) and Thailand's PTT PCL (the state-controlled power company). Sources did not specify the volume or duration of any new LNG contract being discussed but typically they...

Bangladesh has launched an international bid for oil and gas exploration in 26 offshore blocks?in the Bay of Bengal. It is offering more attractive terms to foreign companies to combat worsening domestic shortages of gas and to reduce its reliance on expensive LNG imports. South Asia has been facing declining gas reserves, increasing dependence on LNG imports, and energy prices that are vulnerable to geopolitical tensions. Petrobangla, a state-owned company, published the tender documents for the Bangladesh Offshore Model Production Sharing Contract 2026 on its website. The deadline to submit bids was November 30, 2018. Energy Minister Iqbal Hassan Mahmood...

The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's...

The Iran War is likely to be the largest supply shock in the history on the aluminium market. According to the International Aluminium Institute, the Gulf's?production? of the metal, used in sectors such as packaging, solar panels and transport, plummeted in April to its lowest level in more than a decade. The regional run-rates fell by 2 million metric tonnes annually between March and April. In missile attacks, two Gulf aluminium smelters were damaged. The?Al Taweelah facility of Emirates Global Aluminium will require a full year to be repaired. One other producer,?Qatalum, has also reduced its?capacity. The ongoing closure of...