Middle East

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...

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...

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...

Investors bet on the short-term disruption of oil supplies in the Middle East. This optimism, however, may not be justified. The oilfields in the Gulf have escaped damage so far, but the inability to ship fuel out is straining the global energy system. Each day of disruption increases pressure on both?producers?and?consumers?, causing bottlenecks in the Middle East for exporters?and?deepening shortages elsewhere for buyers? The oil prices rose by more than 10% on Monday, reaching the highest level in over a decade. They then fell back to $79. This was a reaction to the extensive U.S.-Israeli airstrikes on Iran that took...

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...

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...

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...

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...

Five traders said that concerns about Middle Eastern oil supply are causing buyers to be more interested in Russian oil. However, prices haven't yet responded. Analysts and traders said that disruptions to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, have led to a tightening of Middle Eastern grades. Two traders and a source in the industry report that Indian refiners are contacting Russian suppliers about March and April deliveries. Sources claim that Indian refiners have begun consulting the government on the possibility of "additional Russian exports". Chinese buyers also show interest in...

LSEG data and traders' reports indicate that Russia is diverting its naphtha from Oman to Singapore as it searches for new buyers. At least one tanker has now headed for Singapore. Iran's retaliatory?attacks on Gulf countries have caused disruptions in energy production, shipping and naphtha discharges. Since the European Union embargo against Russian oil products came into effect in February 2023 most Russian naphtha is being shipped to the Middle East and Asia. Middle Eastern countries also are the largest suppliers to Asia. The recent disruption has pushed Asia's naphtha price to four-year heights. According to LSEG, the Liberia flagged?tanker...

Six listed subsidiaries of Abu Dhabi's state oil giant ADNOC said that their operations were continuing as normal on Wednesday, with no material impact from recent regional events on their finances or businesses. The statement did not mention the U.S. and Israeli strikes on Iran or Tehran's response of attacking its neighbours. Separate, almost identical disclosures were made to 'the Abu Dhabi Securities Exchange by ADNOC Gas, ADNOC Drilling & Services, ADNOC Distribution, ADNOC Logistics & Services, Borouge and Fertiglobe. They said they are 'closely monitoring the situation in the United Arab Emirates and broader Gulf Region, and coordinating the...

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...

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...

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 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...