Western Europe

U.S. Energy Secretary Chris Wright stated on Thursday that global oil prices are unlikely to reach $200 per barrel, even though?crude?tankers remain stalled in Strait of Hormuz while the U.S.-Israeli war against Iran has widened. Wright said that he thought it unlikely but was focused on the military operations and the solution of the problem when asked if oil prices would hit $200 per barrel. This is a price level which could be reached if the war escalates, according to an Iranian official on Wednesday. The spokesperson for Tehran's Khatam al-Anbiya Military Command HQ, Ebrahim Zolfaqari said, "Get ready for...

The Swiss-based shipping company, 'MSC,' has signed a 45 year?concession contract with Nigerian maritime firm Nigerdock to develop, operate and maintain a new container terminal in the Snake Island Port of Lagos. The MSC terminal will be part of a $1 billion investment in infrastructure and logistics that the company has announced in Nigeria. As supply chains change around the world, global shipping companies are attempting to establish long-term footholds on emerging markets. Nigeria, Africa's biggest economy, struggles with chronic congestion in Lagos' ports. MSC said the terminal, which will be built by ITB Nigeria & DEME Group is expected...

Oman’s civil defence is working to contain a fire in 'fuel tanks' at the country's Salalah Port, Oman’s state news agency announced on Wednesday. Drones had struck oil storage areas at the port. Citing Oman's Civil Defence, the state news agency said that it "might" take some time to contain the fire, without giving any further details. Oman's State TV reported earlier on Wednesday that drones had struck fuel tanks "in the port". Oman's official news agency, citing the energy ministry, said that there had been no interruption to oil supplies in the country. Ambrey, a British maritime security company,...

The?fire near Glasgow Central Station in Britain has caused major?disruptions? to train services. National Rail has announced that the station will remain closed until further notice. National Rail announced in a post 'on X' that major disruptions would be expected up until 'the end of Monday. The BBC reported earlier that a fire at a vape shop near the station had caused the building to collapse. The Scottish Fire and Rescue Service reported that they were alerted to reports at 3:46 pm (1546 GMT) of an alleged fire on the ground floor of a four storey commercial building. John Swinney,...

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...

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...

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...

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...

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...

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...

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,...

Two sources familiar with the issue said that Iran had deployed about a dozen mines in the Strait of Hormuz. This move was 'likely' to complicate the reopening of this narrow waterway. It is an important route for shipping liquefied gas and oil. The 'war' launched by Israel and the United States 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the Iranian coast, which is helping to?drive up world energy prices. Iran's military leadership said on Wednesday that the world should prepare for oil prices to reach $200 per barrel. According...

Two sources with knowledge of the matter have confirmed that Iran has placed about 12 mines along the Strait of Hormuz. This move is likely to impede the reopening of the narrow waterway, which is an important route for the shipping of oil and LNG. The war that was launched by the United States and Israel 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the coast of Iran, which is helping to push up the world's energy prices. Iran's military leadership said on Wednesday that the world must be ready for...

Dan Caine, Chairman of the Joint Chiefs of Staff of the United States, said that the Pentagon was looking into ways to safely escort vessels through the Strait of Hormuz. Iran, located on the northern coast of the country, has effectively closed this strait. According to United Nations data, traffic through the strait is down 97% since February 28 when the U.S. and Israel war against Iran started. The U.S. aims to calm the oil markets, as they are concerned that a prolonged war could cause a global crisis of energy. What is at stake? The Strait of Hormuz is...

The war in Iran has pushed up the price of Urals oil from Russia, which was shunned due to sanctions imposed on Ukraine. However, costs are also increasing, traders reported Tuesday. After Iranian threats against Gulf shipping effectively stopped tankers from Saudi Arabia, the second largest seller in the world, Russia, was brought to attention. Urals crude On Monday, barrels from Russian ports were being sold at $76 on a FOB basis. Data showed that the price of a barrel in Russian ports was around $76 on Monday, free-on-board (FOB). Calculations show that the price of an Urals cargo?loading out...

'An undersea cable connecting?Finland to Sweden suffered a sudden outage - on Tuesday - due a 'technical problem, but there was no evidence of sabotage.' The operators Fingrid & Svenska kraftnat confirmed this. Since Russia's invasion of Ukraine in 2022 the Baltic Sea region is on high alert due to a series?of underwater cable, telecom link, and gas pipeline outages. Sabotage and?shipping accident are blamed. Fingrid's spokesperson Jonne Jappinen stated that the outage of the FennoSkan 2 interconnector on Tuesday was caused by a malfunction at a substation. The undersea cable segment appeared to have not been affected. Svenska kraftnat,...

The U.S. The 'U.S. Transportation Department granted tentative approval on Thursday for Wizz Air, a budget airline that operates flights between the UK and 'U.S. The UK subsidiary of Wizz Holdings applied for a foreign carrier permit in January to begin operating flights between the UK and the US "as quickly as possible." USDOT announced that it had tentatively approved the application but would give opponents 21 days to submit objections, which it will then consider before making a decision. Wizz Air UK has requested permission to launch passenger services under the 2020 Air Transport Agreement, also known as the...

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...

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...

On Saturday, tens of thousands Greeks rallied at Athens, and in other cities, to mark the 2023 anniversary of the deadliest train accident?in the history of the country. They demanded justice ahead of the upcoming criminal trial. Workers walked out of their jobs to participate in the protests, halting trains and ferries. Protesters placed flowers and banners that read "Justice" in front of the parliament building, where the names of the 57 victims (mostly students) were spray painted on the ground. A passenger train and a cargo train collided at Tempi, central Greece. The tragedy has become a symbol of...

A spokesperson for the local firefighters reported that a tram in central Milan derailed on Friday. One person died and 40 were injured, including one who was in a critical state. The tram, 'one of the latest models in operation in Milan', crashed into a window of a store in Vittorio Veneto Street, one of Milan's most important downtown arteries, according to Vittorio di Giacomo, the spokesperson. According to local emergency services, 13 ambulances are on the scene. According to an eyewitness, civil protection teams have set up a tent to help the injured. ATM, the Milanese transport company, released...

Munich Airport and Lufthansa pledged on Friday to overhaul 'emergency protocols' following the stranding?of?around 600?passengers?on six planes?during a snowstorm last week. Heiko Reitz, Lufthansa Hub Manager for Munich Airport, said during a joint press conference in Munich: "We made mistakes that evening and we all take responsibility." Airport and airline apologized for what they called an "unacceptable incident" and announced new?measures to prevent a repeat. Shortfalls in operational efficiency on?Feb. The 19th, including the?lack terminal space, stretched buses capacity, and staff shortfalls amid a night curfew were cited as major factors that caused passenger transfers to be delayed. Crews provided...