Middle East

MMC Corporation (which owns Malaysia's largest port operator) informed staff via an internal memo that Sultan Ahmed bin Sulayem had been?appointed as executive chairman of the ports unit due to his expertise and proven track record. This was after public outcry regarding his alleged ties with Jeffrey Epstein. The chief executive of MMC Corporation sent the memo to all staff. The memo stated that Emirati Bin Sulayem was appointed to MMC Ports in accordance with the parent's mission of elevating its businesses to international excellence and competitiveness. Exclusively reported in July, Bin Sulayem was to take over MMC Ports five...

According to industry executives, ship brokers, and tanker trackers, two Chinese shipping giants are no longer sending oil tankers into Middle East chokepoints because of the ongoing conflict. Instead, they're collecting oil cargoes from outside the?Gulf. According to Vortexa, a tanker tracking service, and a shipbroker, state-controlled COSCO?Shipping Energy Transportation (CMES) and China Merchants Energy Shipping have been keeping their tankers away from the Strait of Hormuz since late July. Security concerns are preventing oil shipments for the world's biggest importer. Yemen's Houthis announced a maritime embargo on Saudi Arabia on 20 July, while the Strait of Hormuz is still...

The sultanate’s?state media agency? reported on Monday that weather conditions and operational difficulties were hindering salvage efforts of a grounded tanker leaking Russian crude in a marine protected area off Oman’s coast. Oman is coordinating the?salvage?operation with Ambrey, a risk management company. This is part of Oman's efforts to limit environmental damage caused by a spill estimated at 2,000 square kilometers. Environment agency of the government gave an official estimation of 400 sq km in August but has not yet issued an update. The Caroline Bezengi spill, which is the apparent result of an?unknown attack on the tanker in June,...

L'IMAD Abu Dhabi sovereign wealth fund, led by the crown prince of the emirate, plans to bid for all shares in 'Abu Dhabi Ports', the global port operator. It announced this on Monday. L'IMAD owns a wholly-owned?subsidiary ADQ that holds 75.42% of the shares in?AD Ports. It is now looking to purchase the remaining share capital through a voluntary conditional cash offer. According to's calculations, the offer represents a 23 percent premium over AD Ports's closing share price of 5.10 dirhams for August 14. This value would put AD Ports at more than 31.2 billion dirhams (approximately $8.6 billion). L'IMAD...

Market participants stated on Friday that the normalization of Colombian coffee logistics, including the return of beans to a major exporting port, and then to export markets could take up to two weeks. Fixing processing installations may take even longer. Market participants said that the 7.4-magnitude quake in the Colombian coffee region?killed almost 300 people, caused landslides along dozens of roads and destroyed a number of warehouses and export ports. Carlos Santana is a director of global coffee trader ECOM. He said that he estimates it will take 15 days to normalize the coffee flow. Colombia supplies around 25% of...

According to traders and LSEG shipping data, Turkey cut oil purchases in Russian ports by 30% in July. It is expected to further reduce them in August as a result of Ukrainian drone attacks that disrupted the exports to Russia's Black Sea Terminals. In July, Ukraine intensified its attacks on?Russia?s Black Sea Terminal. This led to an export suspension of one week from the CPC terminal as well as unstable loadings at Novorossiysk. Caspian Pipeline Consortium oil loadings were reduced by 5 percent in July. Turkey condemned attacks on Russian-linked tankers that were?close to the waters of its Black Sea....

GMS, a Dubai-based company, has received approval from the U.S. The government has approved the scrapping of?two oil tankers that were damaged by sanctions. This comes a few months after the ship recycler secured agreements to recycle four container ships. In recent years the use of shadow fleet tankers, also known as "shadow fleets", has increased, with hundreds transporting Iranian and Russian oil without any safety or insurance checks. The major shipowners are calling for the faster demolition of these vessels. They warn that they pose serious environmental and safety hazards. 'DESTINED TO RESPONSIBLE RECYCLING GMS, which purchases ships and...

The U.N. shipping agency reported on Wednesday that oil from a large slick of oil leaking from the tanker Caroline 'Bezengi has reached 'Oman's' mainland. Oil is drifting off to the northeast (of Oman's Al-Qibliyyah Island), with reports that some oil has reached the mainland. A spokesperson for the IMO said that oil spill contingency planning is already in place. The government of 'Oman said that the slick from a nature preserve in the country has covered 'almost 400 square kilometers. The tanker, which was carrying 800,000 barrels from Russia to Asia, grounded on the coast of Oman around 22...

The government of Oman said that an oil slick covers 390 square kilometres (150 sq miles) of ocean off its coast. This is after a ship?under sanctions? and?carrying Russian petroleum sustained damage. Two maritime security sources confirmed that the crew of?Caroline?Bezengi first reported problems on June 8, off Mukalla in southern Yemen. Initial assessments suggested that an explosion occurred onboard. In its first public disclosure, Oman announced on Monday that it is working to stop the oil spillage in its waters near the Hallaniyat Islands of southern Governorate Dhofar. According to a statement by Oman's?Environment Authority, carried by Omani state...

Two Turkish officials said on Sunday that ships are moving'smoothly' through the Turkish Straits to?the Black Sea, despite increased safety concerns. Bloomberg News reported on Saturday that Ankara has restricted commercial ship traffic into the Black Sea after attacks against vessels, including Turkish-owned vessels. The Turkish government has repeatedly warned Moscow and Kyiv about the attacks on ships in the Black Sea. It has urged the warring parties to take steps to ensure navigational security in the region. Hakan Fidan, the Turkish Foreign Minister said that Ankara has urged Moscow and Kyiv to declare a moratorium on attacks in the...

Three shipping sources reported that India's Reliance Industries paid between $23 and $25 million for a charter of a "supertanker" to lift Iraqi crude. This is due to the limited number of ships in the Gulf, as well as the high cost of each voyage. Shipping traffic through the Strait of Hormuz is well below the average of between 125 and 140 vessels per day before the Iran War began in February. This puts further pressure on buyers who are trying to move their cargoes. Reliance, operator of the largest refining facility in the world, located in India's western state?Gujarat...

Four?industry?sources' said that a proposed deal between Iran & Oman, which would give Tehran control of ships entering the Gulf via the?Strait of Hormuz, is not easily attainable?due U.S. sanctions & restrictive insurance clauses for any?payments. The narrow waterway connecting the Gulf to the Indian Ocean, before U.S. and Israeli airstrikes in February unleashed a war on Iran, was the main route used by a fifth or more of the world's oil and other essential goods. The waterway was open to all vessels without any fees. The biggest obstacle to ending the conflict has been the control of the strait....

Four sources who have direct knowledge of the issue said that at least three Indian refineries?and one global energy giant plan to stop using ships on Iran's blacklist for transfers between ships, including ship-to-ship, because they are concerned about security. Tehran announced Sunday that it had compiled a "blacklist" of 45 vessels which, according to the Iranian government, have violated its rules when crossing the Strait of Hormuz. It also said that any vessel transferring cargo with these ships would be subjected to action. This is a further escalation of its threats regarding the vital waterway in the global energy...

Three industry sources have confirmed that Russia will extend its diesel export ban until September due to the?fuel shortages on the domestic market. Three industry sources told us that the extension of the ban to the end of this year was also being discussed. The Russian Energy Ministry did not reply to a comment request. The ban was introduced by Russia from July 8 until July 31, as part of a package of measures designed to support the domestic market. It was later extended to fuel producers up to August 31. Russia has also banned the export of motor gasoline...

The CEO of TotalEnergies, a French oil company, said that the company will continue to invest in the Middle East in spite of the Iran conflict. This was revealed at a conference on energy in Norway. Patrick Pouyanne previously said that it was important to fund alternate pipelines in order for oil to leave Middle East, given the paralysis of the Strait of Hormuz during the U.S.-Israel war against Iran. Pouyanne stated at the ONS Conference that "we are today the largest traders of oil from Iraq or Qatar... it is clear to me that a certain amount equity needs...

The Persian Gulf Strait Authority posted on X that Iran had issued a warning to vessels who violated its 'arrangements for 'transiting the Strait oHormuz. They could be subjected to restrictions such as fines, imprisonment, or confiscation. The 'warning' increases the risks for shipowners and charterers who have vessels that transit the Strait of Hormuz. This is a vital waterway used for energy shipping around the world. The PGSA, a newly-established body?Iran established?with a view to managing the strait has advised cargo owners to refer to an updated listing of vessels deemed uncompliant for 'voyages relating the Persian Gulf. The...

Oil market behavior is becoming more and more like a permanent reality. It's not just a temporary shock. The hopes of a diplomatic breakthrough are fading nearly six months after the war broke out between the U.S. The interim ceasefire that was agreed upon on June 17 is now effectively over, the 60 day negotiating period is finished, and neither Washington or Tehran appear willing to compromise about the future of Strait of Hormuz. Both sides have instead dug in. Iran warned that tensions would escalate if Washington did not fully implement the interim peace agreement within weeks. An Iranian...

According to Yahya Saree, the military spokesperson for the Houthis'?Iran-aligned group in Yemen on Telegram Monday, the Houthis fired missiles at what they 'described' as a Saudi military ship and its four escorting vessels in the Red Sea. Saudi authorities did not immediately confirm the report. Mocha is a Red Sea Port near the 'Bab el-Mandeb Strait. This strategic chokepoint connects the Red Sea to the Gulf of Aden, and it is an important international shipping line. The Houthis reportedly attacked a ship on Tuesday in the Bab el-Mandeb Strait, at the southern 'entrance to the Red Sea. According to...

L'IMAD, the Abu Dhabi sovereign wealth fund, announced on Monday that it plans to buy out AD Ports Group. L'IMAD owns 75.42% of AD Ports' shares through its wholly-owned subsidiary ADQ. It is now looking to purchase the remaining capital by way of a conditional voluntary cash offer at 6.25 dirhams for each share. According to calculations by?' calculations. AD Ports shares rose by nearly 15% to 5.86 dirhams at 0745 GMT on Monday morning, bringing them closer to the offered price. L'IMAD, one of Abu Dhabi's wealth funds, is chaired?by Crown Prince Sheikh Khaled Bin Mohamed bin Zayed Al...

Iraq's plans for a 'pipeline' to transport oil through Syria in order to avoid future disruptions to the Strait of Hormuz would likely take four years to build and cost $15 billion, according to sources familiar with the project. U.S. officials and energy executives have billed the plan as part of an effort to reduce the industry’s dependence on the Strait of Hormuz, which has been closed largely by the Iran War. The initial feasibility study is being funded by a consortium that includes Chevron. Over the next two-year period, the Strait will become irrelevant. Last week, U.S. Treasury secretary...

The Abu Dhabi National Oil Company reported that two of its vessels were attacked Thursday evening while they transited the Strait of Hormuz. No injuries were reported. This was the second incident in which ADNOC vessels were involved in less than one week. The UAE condemned an alleged Iranian attack against a vessel associated with the state oil company on Saturday as it crossed the strait. According to WAM, the state news agency of the UAE, ADNOC has confirmed that the situation is under control. The UAE Foreign Ministry condemned a "hostile Iranian assault" on the two ADNOC ships. The...

Russian claimed on Wednesday that Ukrainian strikes against its grain and agricultural infrastructure were causing global food prices to rise - and exacerbating the grain shortages. This, it said, served some Western countries' interests. Maria Zakharova, a spokeswoman for the Russian Foreign Ministry, made her comments after a wave Ukrainian strikes on Russia’s Black Sea Port of Novorossiysk, which killed three people, including a young child, and caused major grain terminals in the city to cease working. Zakharova stated: "It's evident that the Kyiv regime is pursuing a cynical campaign of military aggression to create chaos on the global food...

Chief Executive 'Horacio 'Marin announced on Wednesday that Argentine oil Company YPF will begin exporting?180,000 barrels a day via a port located in the Rio Negro Province?from january as part -of -the VMOS Project. Marin told the Vaca Muerta Investment Forum, in Buenos Aires, that "we will begin exporting in January. First, we will export 180,000 barrels a day. Then, 360,000 barrels a day by mid-year, and then 550,000 barrels a day in 2028." He added, "We're already looking at expanding our production to 700,000.?barrels a day." VMOS, a consortium, includes YPF and Vista Energy Argentina, as well as Pampa...

Saudi Arabia, increasingly dragged into wars it did not initiate, is building defensive regional alliances to keep its enemies away and respond more "robustly" to attacks from Iran and its regional allies. Analysts and diplomats say that despite the earliest attempts to build a maritime alliance in the Red Sea and the decision to bring Turkey into a defence agreement with the Kingdom and Pakistan, they have not been able to prevent attacks. Saudi Arabia's military response to the attacks by Iran, Iraq, and Yemen's Houthis last month, which opened a southern front on the kingdom, as well as attacking...