Middle East

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...

The United Kingdom Maritime Trade Operations reported on Friday that vessels in the northern Gulf received multiple VHF challenges, including requests to change course. They could be part an Iranian military exercise. The UKMTO which monitors maritime security in the area has warned seafarers to be aware that similar VHF hailing may occur during an exercise of the Islamic Revolutionary Guard Corps near Iranian waters. The semi-official Fars News Agency reported that naval units of the Revolutionary Guards conducted operations in the Gulf Strait of Hormuz Friday as part of an exercise called Great Prophet 19. The UKMTO had earlier...

Airstrikes targeted the Hezyaz power station in Sanaa, Al . Masirah TV, the primary television news outlet run by the Houthis. who control northern Yemen including the capital reported on. Friday. Earlier, British security company Ambrey stated it had actually received. reports of continuous airstrikes throughout Houthi-controlled locations of. Yemen consisting of the port of Ras Issa, Yemen's primary oil export. terminal. The Houthis have repeatedly fired drones and rockets. towards Israel and introduced attacks on worldwide shipping in. waters near Yemen given that November 2023, in assistance of the. Palestinians over Israel's war with Hamas. Israel has actually responded...

The UK Maritime Trade Operations (UKMTO) firm stated on Thursday it got a. report of an occurrence 70 nautical miles (130 km) southwest of. the Yemeni port of Hodeidah, including authorities are. examining. Houthi fighters in Yemen have actually carried out nearly 100 attacks. on ships crossing the Red Sea considering that November and state they are. acting in uniformity with Palestinians in Israel's year-long war. in Gaza. They have actually sunk two vessels, took another and killed. at least 4 seafarers. The master of the vessel reported being hit by three. projectiles and the vessel has sustained damage however...

Maersk and HapagLloyd might add more container vessels to an alliance announced earlier this year if shipping disturbances in the Red Sea continue, the business said on Tuesday. Attacks in the Red Sea by Iran-aligned Houthi militants have because late last year required shipping business to reroute traffic far from the Suez Canal and rather sail around Africa, a longer journey that ties up more capability. Maersk and Hapag-Lloyd in January said they had actually settled on a. brand-new cooperation, starting in February of 2025, to carry a. integrated 3.4 million containers every year with a fleet of 290. vessels,...

Saudi shipping company Bahri said on Tuesday its tanker Amjad was not targeted in a. Red Sea attack, which it had been spared any damage from the. event that struck another tanker that was cruising nearby. The U.S. Central Command stated Yemen's Iran-backed Houthi. rebels assaulted 2 crude oil tankers - the Saudi-flagged Amjad. and the Panama-flagged Blue Lagoon I - in the Red Sea on Monday. with two ballistic rockets and a one-way attack uncrewed aerial. system, hitting both vessels. We unquestionably affirm that AMJAD was not targeted and. continual no injuries or damage. The vessel stays fully. functional...

LSEG data and traders reported that Russian Urals oil supplied to Turkey's STAR refining facility, controlled by Azerbaijan SOCAR in June, reached a record high of 800,000 metric tonnes (about 195,000 barallons per day). STAR has a capacity exceeding 200,000 bpd, making it the largest refinery in Turkey. SOCAR and Russia's Lukoil signed a long-term contract in 2023 for oil supplies. Traders said that the STAR refinery receives the majority of its crude oil from Lukoil. SOCAR did not immediately respond to an inquiry for comment. LSEG data shows that Turkey increased its purchases of Urals Oil in June to...

Calculations showed that the average daily supply of natural gas to Europe by Russian energy giant Gazprom via the TurkStream pipeline dropped by 18.3% from a year earlier in June due to maintenance on the infrastructure. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. According to available data, the total Russian gas exports into Europe between January and June fell from 15.5 billion cubic meters to 8.33 bcm, when excluding supplies via Ukraine. According to calculations based on data provided...

Two U.S. officials claim that the Iranian military loaded mines on vessels in the Persian Gulf in late November. This move heightened concerns in Washington about Tehran's plans to blockade Strait of Hormuz in response to Israel's attacks against Iranian sites. Officials who spoke on condition of anonymity in order to discuss sensitive intelligence issues said that the previously unknown preparations took place some time after Israel's initial missile attack against Iran, which occurred on June 13. The mines were not deployed in the Strait, but the loading suggests that Tehran was serious about shutting down one of the busiest...

LSEG data and two sources stated that the increase in Turkey's Urals crude imports is due to seasonal demand and healthy refinery margins. According to LSEG, the imports of Urals in Turkey will reach 1.64 million metric tonnes in May. This will be the highest level since May 2024 when the country imported 1,76 million tons. The second largest importer of Urals crude oil by sea is Turkey, after India. It has not complied with Western sanctions against Russia, but it does comply with international laws. Data shows that urals prices were below $60 per barrel at Russian ports during...

Careem, Uber’s ride-hailing division in the Middle East will suspend its Pakistani service on 18 July, citing economic issues, increasing competition, and capital restrictions. This marks an end to its core business, which was pioneered in Pakistan nearly a decade earlier. This move highlights the strains on Pakistan's digital industry as tech firms cut back due to high inflation, weak demand from consumers, and tighter capital flows. Careem's nearly 10-year run is over. The app was launched in 2015, and quickly became the dominant player in mobile apps. In a LinkedIn posting on Wednesday, Mudassir Shaikha, Careem's co-founder, CEO, and...

Japan's second-largest shipping company, Mitsui O.S.K. Takeshi Hashimoto, CEO of Lines (MOL), said that the company is continuing to operate as usual in Gulf while closely watching the situation in the area. Hashimoto said on the sidelines the Energy Asia Conference that "we are operating so many container, car carriers, and chemical tankers, so it is very difficult for us reduce or stop the service." He added that although there was no alternative route in the Gulf for shipping, it had been re-routed to the Cape of Good Hope following the attack by the Yemeni Houthis on ships in the...

Khnatsakh residents are anxious at nightfall. Locals claim that every evening, around 10 pm, Azerbaijani soldiers fire into the night skies from their positions high above. Villagers say that bullets have been hitting houses regularly, but no one has been injured so far. Azerbaijan has denied that its troops are firing across the border and accused Armenian forces of violating ceasefire. Karo Andranyan (66), a retired mechanic, said, "It is very tense at home because we have children, little ones and elderly." Azerbaijani flags and a military position on a hillside are only 100 metres away from his door. This...

Four traders who are active in the market stated on Friday that spot supply has tightened and reduced discounts for Russian Urals crude oil to be delivered to Indian ports by July. This is the lowest discount since 2022. Indian refiners are being pushed by tight supplies and narrowing discounts to look for alternative products through purchasing tenders. Sources said that spot discounts for Urals crude for cargoes arriving to India in July decreased to an average of $2.25 per barrel, compared to $2.70 to $3.10 a barrel for dated Brent delivered ex-ship basis the previous month. This is the...

Iraq's Oil Ministry said Thursday that it holds the Kurdish Regional Government (KRG), legally responsible for continuing to smuggle oil out of the Kurdish Region. It added that the ministry reserves the rights to take any legal action in this matter. The control of oil and gas is a long-standing source of tensions between Baghdad, Erbil and other Iraqi cities. Iraq is being pressured by the Organization of Petroleum Exporting Countries (OPEC) to reduce its output in order to compensate for producing more than the agreed-upon volume. OPEC counts the oil flowing from Kurdistan towards Iraq's quota. In a ruling...

The preliminary LSEG ship tracking data shows that U.S. liquefied gas exports dropped in May as a result of plant outages and repairs at the largest export facility. U.S. LNG production is a major factor in global LNG price. According to LSEG, the U.S. exports 8.9 million metric tonnes of LNG in May, down from a new record of 9.3 MT set in April. The LSEG data revealed that all U.S. plants had short periods in May when compared with April. Cheniere Energy confirmed its Sabine Pass facility, which is the largest in the country, at 30 MTPA. Since May...

The preliminary LSEG ship tracking data shows that the U.S. liquefied gas output dropped in May as a result of plant outages and repairs at the largest export facility. U.S. LNG production is a major factor in global LNG price. According to LSEG, the U.S. exports 8.9 million metric tonnes of LNG in May, down from a new record of 9.3 MT set in April. The LSEG data revealed that all U.S. plants had short periods in May when compared with April. Cheniere Energy confirmed its Sabine Pass facility, which is the largest in the country, at 30 MTPA. Since...

Calculations showed that the average daily supply of natural gas to Europe by Russian energy giant Gazprom via TurkStream's undersea pipe increased 10.3% from a year earlier in May, according to calculations released on Monday. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. Based on data provided by the European gas transmission group Entsog, calculations showed that Russian gas exported via TurkStream rose from 41.7 million cubic metres per day to 46.0 mcm in May. This was down from the...