Middle East

The manager of the vessel in Greece that sank earlier this month after it was attacked by Houthi militants near Yemen expressed his relief after watching a video which showed 11 crew members still alive. The Houthis, allied with Iran, released the six-minute video on Monday. They claimed to have rescued seafarers aboard the Eternity C cargo vessel flying the Liberian flag. The Athens based ship management company issued a statement saying that efforts are being made to ensure "safe and rapid return of the sailors to their families". The company said that it was "deeply relieved" to see the...

Yemen's Houthis announced on Sunday that they will target all ships of companies doing business in Israeli ports, irrespective of nationality, as part what they call the fourth phase of military operations against Israel. The Houthis military spokesperson issued a warning via televised message that companies would be attacked for ignoring their warnings regardless of where they were headed. He added that "the Yemeni Armed forces call on all nations, if they wish to avoid this escalation to pressurize the enemy to stop its aggression and to lift the Gaza Strip blockade." The Houthis, who are aligned with Iran, have...

The Greek shipping minister announced on Thursday that the country will send a salvage vessel to the Red Sea in order to help in maritime accidents, protect seafarers, and the global shipping industry. This follows the attacks by Houthi militants in Yemen on two Greek ships earlier this month. After repeated attacks from the Iran-aligned militants, two cargo ships operated by Greeks, Magic Seas, and Eternity C sank in Yemen. The Houthis have resumed their attacks on ships, which they had previously stopped between November 2023 to December 2024. They claimed that this was in solidarity with Palestinians fighting in...

Ambrey, a British maritime security company, said that unidentified individuals in a wooden vessel fired at a livestock carrier flying the Comoros flag on Thursday near Yemen in the Red Sea. Security firm warned vessels to keep a safe distance and not transit east of the Hanish Islands. These islands are 30 nautical miles northwest of Mocha on Yemen's Red Sea Coast. Ambrey also reported that the vessel, traveling from Bosaso in Somalia to Jeddah in Saudi Arabia, had received instructions to proceed towards Mocha. The instructions did not specify who gave them. The Houthis, who are aligned with Iran,...

On Sunday, the maritime agencies Diaplous & Ambrey announced that they had completed their search for any remaining crew members of the Eternity cargo ship which was attacked last week by Yemeni Houthi militants. Both agencies stated that the decision was taken at the request and request of the vessel owner. According to sources from security companies involved with the rescue effort, the Eternity C, a Liberia flagged, Greek operated vessel, sank Wednesday morning after two days of attacks. The ship's 22 crew members and 3 guards, ten in total, were rescued. Maritime security sources reported that the remaining 15...

The operator of the Greek bulk carrier said that the 19-member crew, which was severely damaged by repeated attacks in the Red Sea, likely carried out by Houthi militants are safe. They will arrive at Djibouti on Monday evening. Michael Bodouroglou said that the fate of the Liberian Magic Seas, which is flying the Liberian flag, was uncertain. The vessel could sink, according to Bodouroglou. The first incident of this kind to be reported since mid-April was Sunday's attack off the southwest coast Yemen. The Magic Seas was targeted by gunfire, rocket-propelled missiles, and skiffs for more than four hour....

TMS Tankers, the Greek operator of the tanker, said that an external explosive device was most likely responsible for the explosion which damaged the Greek oil tanker Vilamoura last week as it was sailing near the coast of Libya. This conclusion is based on a preliminary investigation. On June 27, the Marshall Islands flagged tanker Vilamoura was leaving the Libyan port Zuetina to head to Gibraltar, with around 1 million barrels oil. An explosion occurred in the engine room. TMS Tankers stated that preliminary investigation findings indicate clearly that the explosion and subsequent fracture of side shell plating as well...

An attack on a ship in the Red Sea, off the coast of Yemen's southwest coast, was launched by eight small boats using gunfire and grenades. A British maritime agency and a security firm confirmed the incident. The situation continues, according to the United Kingdom Maritime Trade Operations and British maritime security company Ambrey. The attack was not immediately attributed to anyone. This is the first report on the region by the agencies since the middle of April. The tensions in the Middle East are still high due to the conflict in Gaza, the 12-day Israel/Iran war that lasted for...

JD Logistics launched JoyExpress on Wednesday in Saudi Arabia. This is the first time that the logistics arm for Chinese ecommerce giant JD.com has operated its own consumer-focused delivery service overseas. JD Logistics is known for its own-built warehouse and delivery network. It operates more than 3,600 warehouses within its country. JD Logistics says that JoyExpress will extend this self-operated business model to other countries, including Saudi Arabia. Delivery services can be as quick as same-day. Richard Liu, the founder and chairman of JD.com, believes that the expansion could be the first step towards the company's new international growth push....

State media reported that a large explosion struck Shahid Rajaee Port in southern Iranian city Bandar Abbas, causing at least 47 injuries. The explosion occurred just as Iran was about to begin a third round nuclear talks with United States in Oman. However, the cause of this explosion wasn't immediately known. The explosion of containers in the Shahid Rajaee Port wharf caused this incident. "We are currently evacuating the injured and transferring them to medical centers," said a local crisis-management official on state television. Initial estimates by Fars News Agency indicate that 47 people have been injured. The semi-official Tasnim...

The Santos Port Authority in Brazil, which manages the largest southern hemisphere port, has said that the port's draft will be deepened in order to attract larger ships in coming years. Beto Mendes (director of port operations) said that the goal is to increase the draft from 16 to 17 meters by 2031. Attracting larger ships would allow Brazil's commercial ties to be strengthened with partners like China, who is currently in a trade conflict with the United States. Mendes stated during a presentation that "we need to be ready." Santos will see an increase in shipping volumes as a...

DP World, a Dubai owned ports and logistics firm, reported a 28 percent fall in its annual profit on Friday, partly because of higher finance costs. It also highlighted global trade uncertainty and geopolitical risk as clouding the outlook. DP World announced that the profit attributable by owners after accounting for items separately dropped from $820 to $591 millions a year ago. In a statement, Chairman and CEO Sultan Ahmed bin Sulayem stated that "while the year started on a good note, global trade is still in flux because of ongoing geopolitical issues." DP World's revenue rose by 9.7%, to...

Alparslan Bayraktar, Energy Minister at the state-owned Anadolu News Agency, said that Turkey will begin supplying Syria with natural gas as of August 2. Azerbaijan will also be involved in exports through Turkey's Kilis Province. Ankara has become the main foreign ally of the new Syrian Government. It is also positioning itself as a key player in Syria’s reconstruction. In May, during a trip to Damascus, the Turkish Energy Minister Bayraktar said that Turkey would supply Syria with 2 billion cubic meters of natural gas per year, along with 1,000 megawatts. In a statement made this month, he said that...

The press service for the president of Kazakhstan said that the two leaders discussed a possible increase of oil exports from Kazakhstan via the Baku, Tbilisi and Ceyhan (BTC), oil pipeline. The statement did not provide any additional information. "The delegations talked about issues of energy cooperation, including the prospects for increased exports via Baku-Tbilisi Ceyhan oil pipe." Tokayev visited Turkey to attend a high-level meeting of the strategic cooperation council between Turkey and Russia. The agenda included cooperation on power generation, agriculture, and mining. According to state statistics, Kazakhstan increased its oil exports via BTC by 12% in the...

Alparslan Bayraktar, Turkish Energy Minister, said that a new energy agreement proposed between Turkey and Iraq should include a mechanism ensuring the full usage of the oil pipeline connecting the two countries. Ankara announced last week that the accord covering the Kirkuk to Ceyhan oil pipeline, which has been in place for decades, will end in July 2026. An Iraqi official confirmed that Turkey had suggested expanding the agreement to include oil, gas and petrochemicals, as well as electricity. Bayraktar outlined the Turkey's main demands. The country asked for a draft contract that included "a mechanism to guarantee full use...

Two Iraqi Kurdish officials stated on Sunday that oil production in Iraq's semiautonomous Kurdistan Region has reached 120,000 barrels of oil per day. By mid-August this is expected to increase to 280,000 barrels of crude oil per day. Officials said that no timeline has been set with the Iraqi oil ministry for the resumption of crude exports to the north. In July, a series of drones attacked oilfields in Iraqi Kurdistan. The Kurdistan Region's Ministry of Natural Resources reported that several oilfields had ceased operations because of significant infrastructure damage. It also stated that the attacks were meant to put...

A port agent said on Thursday that the suspension of Azeri BTC crude loads from the Turkish Port of Ceyhan was due to the test results awaiting the presence of organic chloride contamination in the flows. Sources in the industry said earlier this week that loadings resumed on March 13 after a delay caused by an increased check for chloride contamination. The industry uses organic chlorides to increase oil extraction by cleaning oilwells and speeding up the flow of crude oil. However, the compounds need to be removed before the oil can enter pipelines. In 2019, disruptions in crude exports...

According to court documents and a spokesperson for the company, trading house BB energy has filed a lawsuit against South Sudan over its failure to deliver oil owed as part of a prepayment agreement. South Sudan, one of the world's poorest nations, has been through two civil wars over the last 15 years. It is also struggling with a fragile peace agreement and increased debt. In March, South Sudan's government put its petroleum minister and other officials under house arrest. Court records show that BB Energy DMCC brought the case in last month. The company spokesperson said the case was...

Several industry sources said on Tuesday that an excessive amount of organic chlorides was found in certain Azeri BTC shipments, disrupting the loading. SOCAR, the state-owned energy company of Azerbaijan, did not respond to a comment request. It is difficult to determine the extent of the problem. In 2019, a widespread contamination led to disruptions in crude oil exports from Russia. One source said that three or four loads were affected. She added that the contamination has now faded. The industry uses organic chlorides to increase oil extraction by cleaning wells and speeding up the flow of crude. Compounds must...

Egypt's deficit in its current account decreased to $13.2 billion from $17.1 billion a year ago, according to the central bank of Egypt. The bank attributed a slimmer deficit to a 86.6% rise in remittances sent by Egyptians who work abroad as well as an increase in the services surplus as reflected in 23% more tourism revenue. Oil exports fell by $430.5 millions to $4.2 billion from $4.6 billion a year ago, while oil imports grew by $4.8 billion from $9.7 to $14.5 billion. Egypt is seeking to import additional fuel oil and natural gas liquefied this year in order...

A senior Turkish official said on Monday that Turkey is willing to negotiate with Iraq a new deal to restart operations of an oil pipeline that was halted between the two nations during a dispute about unauthorised Iraqi imports. The Turkish Official Gazette published a decision on Monday that the deal, which dates back to the 1970s and is called the Turkey-Iraq Crude Oil Pipeline Agreement, as well as all protocols or memorandums after it will be terminated by July 27, 2026. Iraq and Turkey are working together to restart oil flow from the pipeline that runs to Turkey's Ceyhan...

Three oil traders and LSEG data indicate that several Greek-managed oil tankers are increasingly avoiding using the Red Sea to transport Russian oil to Asia, choosing instead the longer route through Africa due to the escalating threat of Houthi attacks. Rerouting comes after a deadly drone attack and speedboat attack on a Greek-operated, Liberian flagged bulk carrier, off Yemen earlier this month, in which four seafarers were killed. In July, the Houthi group, which is backed by Iran and has a fleet of speedboats under its control in Yemen, sank a second vessel. This ended a short period of calm....

Chevron, the U.S. oil major, completed its acquisition of Hess for $53 billion on Friday after it had been negotiating with Hess. The triumphant In a landmark court battle, Exxon Mobil's larger rival won access to the largest oil discovery of recent decades. Chevron’s acquisition of Hess gives the company a 30 percent stake in Guyana’s Stabroek Block. This is one of the largest deals in the oil industry. The U.S. Federal Trade Commission has increased its scrutiny of mergers and acquisitions, especially in the shale oil industry. This includes deals involving Exxon Mobil, Diamondback Energy Occidental Petroleum, and Expand...

As investors considered new European Union sanctions on Russia, crude oil futures increased and gasoil futures reached a 17-month peak. Brent crude futures rose 73 cents or 1.05% to $70.25 per barrel at 1151 GMT. U.S. West Texas Intermediate Crude Futures rose 83 cents or 1.23% to $68.37. Brent crude futures premium for low-sulphur gasoline The spread was at its highest level since February 2024, with a $3.50 increase to $27.27. This represents an almost 15% increase. The EU has agreed on an 18th package of sanctions against Russia for its war in Ukraine. This includes measures to deal further...