Asia

U.S. International Development Finance Corporation announced on Friday that the U.S. would provide reinsurance for losses of up to $20 billion in the Gulf region. This will help oil and gas shipping companies maintain confidence during the war against Iran. The President Donald Trump ordered on Tuesday the DFC to provide financial guarantees and political risk insurance for maritime trade within the Gulf. This was after the transit of?oil tankers and liquefied gas tanks had come to a standstill in the Strait of Hormuz, which is located off Iran. DFC stated that the coverage would be rolled out and initially...

Denmark's Government said on Friday that the ongoing turmoil in the Middle East may prevent some overseas votes from being counted in the country's general election of March 24. The war in Iran has caused major disruptions to global air travel, including the closure of Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This has left passengers and cargo stranded. The Ministry of Foreign Affairs said that under these circumstances, it could not guarantee that postal ballots cast in countries affected will arrive on time for general elections. It said that the risk was for 'votes cast' in...

According to traders and ship trackers, at least five crude oil-laden tankers have left Iranian ports since the U.S. airstrikes began on February 28. Liquid petroleum gas supplies were also on their way on Friday. Since the start of the conflict, the Strait of Hormuz has been closed to international shipping. At least nine vessels have been damaged. The Iranian supplies were moving, but at a slower rate. According to the United Against Nuclear Iran (UANI), which monitors Iran-related tanker activity through satellite and ship tracking, at least five crude oil tankers left Iran's Kharg Island major oil terminal between...

As the conflict in the 'Gulf escalates, premiums on maritime insurance for war coverage have risen -- some by over 1000% -- causing a dramatic increase in the cost of transporting energy along a vital maritime corridor. The conflict sparked Saturday by Israeli and U.S. airstrikes against Tehran has paralyzed shipping through the Strait of Hormuz. Iran said on Monday that it would shoot at any ship that tried to pass through the Strait of Hormuz. At least nine vessels in the area have been damaged since the conflict began. Ship owners can claim for any damage their vessel or...

Azerbaijan has evacuated its diplomats to Iran, according to Foreign Minister Jeyhun Bayramov on Friday. This comes a day after Baku claimed that four Iranian drones crossed the border into Azerbaijan and injured four people at Nakhchivan. Bayramov, speaking at a press conference in Baku said that Azerbaijan is evacuating its employees from its embassy in Tehran and consulate in Tabriz. Tabriz is the largest city in Iran's northwestern region, where ethnic Azerbaijanis reside. On the orders of President Ilham Aliyev instructions were given to evacuate our embassy in Tehran, as well as the consulate in Tabriz, from Iran. These...

Hong Kong conglomerate 'CK Hutchison' said Friday that it had 'escalated the legal battle in Panama following the?government seizing its port operations. It has petitioned for a re-examination of the decree behind this takeover. Panama occupied illegally facilities, seized property, and ignored consultations. The company took further legal action at the national and international level. CK Hutchison’s Panama Ports Company, which manages a?two terminals close to the strategically important Panama Canal, has filed an administrative request?seeking reconsideration for the Panamanian executive action, which led to the confiscation of?its property and occupation of its facilities, CK Hutchison stated. Panamanian authorities raided...

Ship tracking data revealed on Thursday that Iranian dry bulk'vessels' are trying to transport their cargoes through the Gulf to the export markets for the first time since the U.S. launched an attack? on Iran at the weekend. Since the start of the conflict, international shipping has been largely shut out of Strait of Hormuz. Vessels are wary of being shot at. According to MarineTraffic, two Iran-flagged?bulk ships - the Parshad? and the Parisan? - left Iranian port Bandar Imam?Khomeini? and Bandar Abbas on Thursday and were on water heading towards Kuantan in?Malaysia. The two ships that were sanctioned by...

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...

Azerbaijan’s Foreign Ministry lodged an official protest at the Iranian Embassy on Thursday, after a pair of Iranian drones crossed the border and injured two people in a Nakhchivan airport. The?foreign minister said that the attack on Azerbaijan's territory violates international law and its principles and contradicts them. "We demand the Islamic Republic of Iran to clarify the matter as soon as possible, provide an explanation, and take the necessary urgent measures in order to prevent similar occurrences in the future." Baku reported that the Iranian ambassador in Azerbaijan was summoned by Baku to receive an official protest note. Azerbaijan...

The Ukrainian Sea Ports Authority reported late Wednesday that a Russian drone had damaged a civilian Panama-flagged ship transporting 'corn near the Ukrainian port of 'Chornomorsk' in the Black Sea Odesa area. The ports authority announced on Telegram that the vessel was struck while it was en route to leave the port, but did not specify the extent of damage. The Ukrainian Navy said that one crew member was injured?in an attack on the "BULL", which had left the port and was headed towards the Bosphorus Strait. A statement posted on social media stated that the captain refused to assist...

The Ukrainian Sea Ports Authority reported late Wednesday that a Russian drone had damaged a civilian Panama flagged vessel transporting corn in the Black Sea Odesa area near the Ukrainian port of Cronomorsk. The port authority said that the vessel was struck while it was en route out of the harbor and that some crew members were injured. They did not specify the extent of damage or how many crewmembers had been injured. Odesa is the hub port for 90% of Ukraine's exports. In recent months, Russia has attacked Ukraine's ports and maritime export routes, which are vital for its...

Insurance broker Marsh announced on Wednesday that it met with U.S. officials in order to discuss solutions for restoring the maritime trade amid the escalating conflict in 'the Middle East. This waterway is a crucial chokepoint between Iran & Oman and transports about a fifth (or a fifth of the global trade in crude oil & liquefied gas). The shipping through the Strait has been slowed down significantly after Iranian attacks on commercial vessels. This raises concerns about a prolonged disruption of global energy supplies. Marsh, who helped establish an international insurance facility for Ukrainian commerce in 2023, welcomed a...

Azerbaijan has said that it prevented several "terrorist" sabotage plots by Iran's Islamic?Revolutionary?Guard?Corps (IRGC), which included a plot to target a major oil pipeline running -through the South –Caucasus and into?Turkey. According to the Azertag news agency, a statement from the State Security?Service late Friday night, targets included the Baku, Tbilisi, Ceyhan (BTC), oil pipeline and the Israeli Embassy in Azerbaijan. Also, there was an Ashkenazi Synagogue as well as a leader of an ancient Jewish group in Azerbaijan known by the Mountain Jews. Iran has not responded to the statement. BTC is a pipeline that travels through?Georgia, Turkey, and...

The schedule showed that the differentials between dated Brent and Urals crude jumped in 'the Indian market due to supply shortages brought on by 'the conflict in Iran. Meanwhile, exports of Azeri BTC from Ceyhan were expected to increase next month. Reports on Thursday indicated that traders are selling Russian Urals at a premium to Brent of $4-5 per barrel upon arrival in Indian ports between March and April. This is after the United States granted Indian refiners an 'waiver' to resume purchasing Russian oil. Calculations on Friday showed that the grade's discount on Brent at the Russian Baltic Sea...

SPP, Slovakia's national?gas?company?, amended its long-term?contract?with Gazprom? to align it with European regulation and continue to import Russian?gas?, it announced on Friday. After talks, sources claimed that the discussions were to increase volumes before an EU prohibition on Russian?gas? kicks in later next year. EU gas prices have increased by 50% in the last week, after Qatar stopped exporting liquefied gas following U.S., Israeli and Tehran's response to U.S. and Israeli attacks on Iran. SPP started?the discussions before the conflict erupted. SPP stated that the amendment was intended to align the long-term contracts with the EU RePowerEU? plan to wean...

Hungary's Oil and Gas Company?MOL announced on Friday that capacity testing on the Adria oil pipeline will begin on March 11, and last for 10 months. The company is attempting to find alternative routes as Russian crude oil supplies are set to cease at the end 2027. MOL, the operator of refineries in Hungary, Slovakia and Romania, has expressed concerns about whether or not the Adria Pipeline can meet their needs. JANAF, a Croatian operator, dismissed these concerns. Hungary and Slovakia want to continue receiving supplies from Russia, and are exempted?from the current European Union sanctions. Adria is a viable...

The Kremlin announced?on Friday?that?the war against Iran has fueled demand for Russian energy. This comes a day after U.S. Treasury granted India a waiver of 30 days to purchase Russian oil that is currently "stuck" at sea. As the conflict entered its seventh?day on Friday, the Strait of Hormuz - a vital shipping?passage - was all but closed, and countries around the globe were cut off from global oil and LNG supplies. Dmitry Peskov, Kremlin spokesperson, told reporters that Russia is a reliable source of oil and natural gas via pipelines as well as in liquefied forms. The war in...

After criticism of the Trump administration’s initial planning and assistance to U.S. citizens who were trying to leave the Middle East since the U.S. - Israel war on Iran started, the U.S. State Department announced on Thursday that it was 'intensifying the provision of charter flight services' from the Middle East. Airspace has been closed in the entire region due to the strikes which began on Saturday, and Iran's retaliatory actions against its neighbors. The Department of State, led by Secretary Marco Rubio, announced Wednesday that the first U.S. Government charter flight?left the region bound for America, but gave few...

Volodymyr Zelenskiy, the Ukrainian president, said that in one month and a quarter it may be possible to re-start a damaged Druzhba?pipeline. It is difficult to find alternatives, so the European Union has not imposed sanctions on Russian oil. In response, Hungary has taken steps to obstruct EU assistance for Ukraine. Both countries have accused Ukraine of being slow in repairing its infrastructure - something Kyiv denies. Zelenskiy was speaking at a press conference in Kyiv where Sergii Koreteskyi, CEO of the Ukrainian state energy company Naftogaz said that the main pumping station for the pipeline had been damaged by...

Viktor Orban, the Prime Minister of Hungary, said on Thursday that Hungary would use "political and financial tools" to force Ukraine to reopen a key pipeline - Druzhba - which carries Russian oil into Hungarian refineries. Since late January, Ukraine has suspended the flow of Russian oil through the Druzhba pipeline to Hungary and Slovakia. Kyiv claims that the pipeline had been seriously damaged by an fire following a Russian attack. Hungary and Slovakia - the only European Union countries that still import Russian oil - have accused Ukraine for deliberately delaying a resumption in?oil flow due to political reasons....

It was the first time in World War II that the United States sank an enemy vessel using a torpedo. These details are based on the accounts of Sri Lankan, U.S., and Iranian officials about the incident that occurred on 'March 4th, as part of U.S., Israeli, and Iranian attacks against Iran and its military resources. Current Status of Relief and Rescue The Sri Lankan Navy began a search and rescue operation on Wednesday morning after receiving a distress signal from the Iranian warship IRIS Dena. When rescuers arrived, the ship was already sinking, and only a thin oil slick...

Two ethnic Hungarian POWs?released by Russia and brought to Budapest?arrived in the country early on Thursday. Kyiv condemned them as "provocations" because they were dual citizens of Ukraine. Peter Szijjarto, Hungary's foreign minister, secured their release during a meeting on Wednesday with Russian President Vladimir Putin, in Moscow, just a day after Hungary Prime Minister Viktor Orban had a telephone call with the Russian leader regarding the crises in Ukraine and the Middle East, as well as energy supplies to?Hungary. The Ukrainians were furious, and the coordination committee for prisoner exchanges called it a "Russian provocation." It said that the...

Canada's Foreign Affairs Minister said that the government was working to repatriate citizens stranded in the Middle East. This includes arranging seats on commercial flights, negotiating charter flights, and providing ground transportation to neighbouring countries. Anita Anand, Canada's Foreign Minister, said that more than 2,000 Canadians had requested the government of Canada to help them leave the region after the U.S. attacked Iran. Around half came from Canadians living in the United Arab Emirates. Another 237 inquiries were from Canadians residing in Qatar. Anand stated that she had instructed her office to?enter into contracts for charter flights to leave the...

Iraq's?electricity?ministry announced on Wednesday that all provinces were experiencing a blackout. The?government attributed the power outage to a?technical?fault. Since the government's electricity is only available intermittently, many?Iraqis have been relying on private generators to provide power. Others have used solar power to cover their electricity needs. The Ministry of Electricity spokesperson said that the sudden drop in gas supply to the Rumaila Gas-fired Power Plant in Basra Province was the cause of the power system shutdown. The spokesperson added that the power was being restored gradually. According to a senior source familiarized with power operations who requested anonymity on the...