Asia

MSC, world's largest ocean container carrier, announced on Tuesday that all cargo bound for Gulf ports will be unloaded at the nearest safe seaport, due to the ongoing hostilities between the United States and Israel. Israeli and U.S. attacks on Iran. MSC, based in Geneva, said that the "End of Voyage Declaration" also applies to containers which have been loaded with cargo but are empty and intended to be exported to ports in the Gulf. MSC announced that a mandatory surcharge $800 per container would be applied to all affected shipments?without exception' to cover deviation costs. The company stated that...

According to an advisory published on Tuesday, London's marine insurers have widened their high-risk area in the Gulf as the conflict rages in the Middle East. Underwriters closely follow the Joint War Committee's guidance, which is comprised of syndicate members and representatives of the London Insurance Company Market. In a statement, the JWC declared that waters surrounding Bahrain, Djibouti Kuwait, Oman, and Qatar were high-risk zones. In a statement by the committee's secretary Neil Roberts, the JWC decided to review the areas during a meeting held on Monday. "In light of recent events", Roberts stated. He also added that these...

Data from LSEG and market sources showed that Russia's seaborne gasoil and diesel exports dropped 21% last month compared to the previous one. This was due to harsh weather conditions and unplanned refinery repairs disrupting fuel loadings. The sources say that the ultra-low-sulphur exports from Primorsk in the Baltic fell to 1.563 millions tons last month from a record of 2.256 million tons the previous month, due to severe frosts in the Baltic Sea and unplanned refinery maintenance. Since mid-February, non-ice-class vessels are barred from entering Primorsk. Ust-Luga and Vysotsk have also been restricted. However, icebreakers escorting ice1 and ice2...

Financial Times reported that a consortium backed by BlackRock is pushing for the completion of its 'acquisition' of CK - Hutchison’s global ports business? without two terminals located in Panama after the authorities seized these assets. The report cited people who were familiar with the negotiations as saying that the Swiss-Italian Mediterranean Shipping Company and the U.S. listed asset manager are'said to be in discussions with CK Hutchison about?buying 41 ports throughout Europe, Southeast Asia, and the Middle East. Could not immediately verify the report. BlackRock, MSC - and CK Hutchison - did not respond to a request for comment....

Stranded travellers exchange tips about where to find underwear in the lobby of an old hotel near Doha Airport. They wear identical fake Adidas t-shirts purchased from a nearby shop. Erika Macikova said, "It is our uniform." She was stranded after returning from an ayurvedic resort in Sri Lanka. Her luggage is still at the airport but she and hundreds of other passengers were evacuated together to a hotel. Macikova, who had no spare clothing, began to share the names of open shops with other globetrotters. After escalating conflicts between the U.S. and Israel, Macikova and other travellers in the...

Two maritime security sources reported that the U.S. flagged Stena Imperative, a 'products tanker', was struck by two unknown projectiles early on Monday morning in the port of Bahrain, causing an onboard fire, which was put out. Vanguard, a British maritime risk management company, said that the vessel was struck at 0257 GMT. Vanguard said that all crew members were'safe' and had evacuated the vessel. The first U.S. flagged vessel has been damaged since U.S. airstrikes and Israeli strikes began against Iran on?Saturday. This led to heavy retaliatory actions by Tehran, including attacks on Gulf?countries as well as Israel. Stena...

Israeli military reported 'on Monday that the launch of projectiles from Lebanon resulted in sirens sounding in several areas in northern Israel. This was the first time since U.S.-Israeli strikes against Iran, that such a launch had occurred from Lebanese soil. Israel -and Lebanon -agreed to a U.S. mediated ceasefire in 2024. This ended more than a year's worth of fighting between Israel and the Lebanese militant Hezbollah, which culminated with Israeli strikes that weakened the Iran-backed group. The sides have been exchanging accusations about violations since then. Hezbollah has not yet commented on the reported launch in Lebanon. Shi'ite...

Aviation sources said that four people were hurt in an attack on the international airport of Dubai overnight. Dubai's media office stated on X, "a concourse in Dubai International (DXB), sustained minor damages in an incident that was quickly contained," but did not provide any further details. Aviation sources said that one terminal at the airport, which is normally one of world's busiest hubs for aviation, was damaged in an overnight Iranian attack, which authorities publicly called an "incident." Sources also confirmed that Abu?Dhabi Airport International was hit. The sources did not specify whether or not the two airports were...

Global airlines halted flights across the Middle East Saturday, after Israel and the United States launched attacks on Iran. The strikes plunged the region into another military conflict. As Israel claimed to have struck Iran and the U.S., flight?maps showed that the airspace above Iran, Iraq Kuwait, Israel and Bahrain was virtually empty. The?military launched a series strikes against the targets within the country. Iran responded with a salvo missiles. According to Cirium's preliminary data, airlines cancelled nearly 40% of flights into Israel on Saturday and 6.7% to the rest of the region. Witnesses reported explosions in Doha in Qatar,...

According to a?report seen by, Greece's Shipping Ministry advised Greek-flagged ships on Saturday to exercise maximum caution and avoid the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz after the United States and Israel launched strikes against Iran. The document stated that "the developing situation affects'safety of Navigation in the wider Persian Gulf",?the Straits of Hormuz and?the Gulf of Oman, and?North Arabian Sea",?advising managing companies to implement the highest levels of security in these areas and Israeli port until further notice. The statement added that the crisis could spread to the Red Sea and the Gulf of...

The United States and Israel launched an attack on Iran on Saturday, which could result in the closure of a major oil-export route, the Strait of Hormuz. Here are some details about the Strait. What is the 'STRAIT of HORMUZ'? The strait is located between Iran and?Oman? and connects the Gulf of Oman in the south with the Arabian Sea to the north. The strait is only 21 miles wide (33 km), with a shipping lane that is just 3 km wide in each direction. Why does it matter? Around a fifth (25%) of all oil consumed in the world...

Global Airlines suspended flights across the Middle East Saturday, after Israel and the United States launched strikes against Iran. This plunged the region into another military conflict. Flight maps showed that the airspace over Iran was almost empty after Israel claimed to have struck Iran, and the U.S. military launched a series strikes against Iranian targets. Iran responded with a salvo missiles. The escalated conflict has dimmed the hopes of a diplomatic resolution to the nuclear dispute between Iran and the West. It also reignited the conflict following weeks of U.S. Military buildups in the area. The Middle East is...

The Kremlin announced that Vladimir Putin, Russian president, will meet with Peter Szijjarto, Hungarian foreign minister later on Wednesday to discuss Ukraine's "blackmailing of Slovakia and Hungary" over oil supplies. Kyiv said the Ukrainian branch Druzhba Oil Pipeline, which supplies Russian Oil?to Hungary & Slovakia, had been severely damaged by fire after a Russian attack on late January. It cannot be repaired quickly. Hungary and Slovakia both accuse Ukraine of deliberately delaying repairs out of political motives. Ukraine has been 'unhappy for a long time that they continue to buy Russian oil. Kremlin spokesperson Dmitry Peskov confirmed that Putin will...

The Strait of Hormuz is the Gulf's main shipping chokepoint, and it is no longer just about oil?and?gas. According to the International Aluminium Institute (IAI), the region is a major producer of aluminum, with over 8% global production last year. Smelters from Bahrain, Qatar, Saudi Arabia, and the United Arab Emirates ship over 5 million metric tonnes of metal through the Hormuz Strait every year. Bauxite, alumina and other materials are transported the opposite way in order to feed the smelters. These plants have not yet been targeted directly in the increasing hostilities. Qatar Aluminium, owned jointly by Norsk Hydro...

Sources in the industry said that Russia was unable to take advantage of this week's spike in global crude oil prices because a combination of?days?of Ukrainian drone attacks, and harsh winter storms?have severely curtailed their?capacity?to export. Three trade sources and Russian and Ukrainian officials confirmed that the Sheskharis Oil Terminal in Novorossiysk Port, Russia, suspended oil loadings Monday following a drone attack by Ukraine which damaged and destroyed dozens of buildings and set a fuel depot ablaze. Crude oil benchmarks rose 8% on Monday, the third consecutive session of gains, as?the U.S. - Israel conflict with Iran intensifies, disrupting fuel...

The Strait of Hormuz is not only a shipping chokepoint in the Gulf, but also carries oil and gas. According to the International Aluminium Institute, this region was also a major?producer, with over 8% global output in 2017. Smelters from Bahrain, Qatar and Saudi Arabia ship over 5 million metric tonnes of metal through the Hormuz Strait every year. The smelters are fed by a huge amount of alumina and bauxite. These plants have not yet been targeted directly in the increasing hostilities. Qatar Aluminium, owned jointly by Norsk Hydro of Norway and QatarEnergy in Qatar, is already facing closure...

Greece's Shipping Minister on Tuesday called for the protection of seafarers and global shipping, in the wake of an "alarming situation" that has seen dozens of vessels stranded at the Strait of Hormuz as well as the surrounding area due to the escalating Iran conflict. The Strait of Hormuz has been closed to traffic for the fourth day in a row on Tuesday. This is a major artery that accounts for around 20% of the global oil and natural gas supply. Iranian media reported that a senior official of the Iranian Revolutionary Guards said on Monday that Iran would shoot...

Sources said that Aramco, the Saudi oil giant, is rerouting some of its crude shipments to the Red Sea in order to avoid the Strait of Hormuz. The risk of attack has caused shipping to slow to a near-halt. Sources, including traders, buyers and analysts, say that the East-West Pipeline has a 'limited capacity' and could be attacked by Iran's allies. The pipeline can handle?5m barrels per day and was temporarily able to handle 7m bpd in 2019 after natural gas liquid pipes were converted to carry crude. According to OPEC'secondary sources, Saudi Arabia produced a little over 10 million...

ExPro, a Kyiv based analyst, said that Ukraine increased its electricity imports in February by 41% compared to January. This was due to Russian attacks against the Ukrainian power sector. Russia has increased its strikes against Ukraine's energy industry, targeting both power plants as well as substations. This forced Kyiv to cut off power supplies for businesses and import more power from the EU. ExPro stated in a report that a "majority" of the imported power came from Hungary. The supply from Hungary grew 54% from January to February. Ukraine imported electricity also from?Slovakia, which accounted for 18% of its...

Market sources report that ship refuelling in Fujairah has slowed down after a fire broke out at the port on Tuesday. However, demand for fuel at other hubs, including Singapore, is expected to increase. Traders, suppliers and shippers are waiting for more clarity about the situation. Others say that bunkering can still be done. In a statement released on Tuesday, oil storage companies VTTI and Vopak stated that they 'have temporarily suspended their operations at the Fujairah Terminal following a fire. Fuel shipments were disrupted by the U.S./Iran conflict, causing a?surge in Fujairah prices on Monday and possibly shifting demand...

The 'State Grid' announced a plan to build 15 more 'ultra-high-voltage transmission lines in China between 2026 and 2030. Grid operator: The new lines will allow for around 200 gigawatts-hours of renewable energy to be connected each year to the grid and increase China's cross province electricity transmission capacity by 35%. China's energy regulator is targeting the long-distance transmission lines, which span thousands of kilometers from the west to the east of the country, in its next five-year plan period to increase the uptake of renewable energy and reduce curtailment. According to China's state-run People's Daily, 45 UHV lines were...

The refuelling of ships at Fujairah in the United Arab Emirates has slowed down after the U.S. Iran conflict disrupted fuel shipments. This led to a spike in prices, and could have shifted demand from Fujairah to other ports, including Singapore. After some vessels were struck, transit through the Strait of Hormuz, between Iran and Oman has come to a halt. This area carries one-fifth of the world's oil consumption, as well as a large quantity of liquefied gas. Dubai-based sources said that while bunkering is continuing at the port, sales have largely stopped after marine fuel prices soared on...

Zsolt Hernadi, executive chairman of MOL, told ATV that the company received a total of 35,000 tons?of?Ukrainian?crude via the Druzhba pipeline at Ukraine's request?after a fire and a hit near the pipeline. "The pipeline suffered 'no damage.' All the more so because a fire started after the (Russian) attack, and then they began to pump Ukrainian crude from other storages into the pipeline. Hernadi stated that after the fire started, the Ukrainian colleagues asked us to take control of the oil in order to prevent further damage and a fire. "And we bought (took over)?35,000 tonnes of Ukrainian crude that?arrived...

China's annual parliamentary session, which begins on Thursday, will see the unveiling of its five-year plan, which outlines Beijing's economic ambitions and sectors that are slated for funding and policy assistance. Although specific details of implementation are rarely provided, the document is a guide to policy-making and gives an indication of how the world’s largest consumer will steer its economy. What to look for when buying commodities CLIMATE AND POWER Climate activists hope that the plan will tighten controls on China's total carbon emissions. Beijing has promised to reach a peak in 2030, but without specifying what level. Analysts say...