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Ships transporting Middle East oil and LNG leave Hormuz on their way to Pakistan, China
Shipping data revealed that a liquefied gas tanker left the Strait of Hormuz on Monday and headed to Pakistan, while a supertanker carrying iraqi oil bound for China had just left the Middle East Gulf after nearly three months of being stuck. The U.S. and Israeli war against Iran, which began on 28 February, has severely restricted shipping through the Strait of Hormuz. Through this Strait of Hormuz normally flows?around one fifth of the world's oil and LNG supply. These vessels are among a few supertankers that have left the Gulf via a transit path ordered by Iran. Three Very Large Crude Carriers, or VLCCs, made their way from China to South Korea last week with 6,000,000 barrels of crude oil. Shipping data from LSEG and Kpler revealed that the LNG tanker Fuwairit - is crossing the Strait of Hormuz and will discharge its cargo in Pakistan on Tuesday. The vessel, flying the Bahamas flag and loading LNG in Qatar's Ras-Laffan port, around March 28, was sailing under the Bahamas Flag. Japan's Mitsui O.S.K. Lines (MOL), the owner of Fuwairit could not be reached outside of office hours for a comment. Separately the VLCC Eagle Verona is expected to'reach Ningbo Port in eastern China by June 12th to discharge its cargo. 'Shipping data from LSEG and Kpler indicated this. According to data, the Singaporean-flagged vessel chartered Unipec - the trading arm for Asia's largest refiner Sinopec - loaded around 2 million barrels Basrah crude oil on February 26. Outside office hours, it was impossible to reach Sinopec or the Malaysian state shipper MISC which owns this vessel. Prior to the start of the war, the shipping through the strait was between 125 and 140 passages per day. Around 20,000 seafarers are still stranded on hundreds of ships in the Gulf.
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Ukraine claims it has hit a pumping station for oil in Russia's Vladimir Region
The Ukrainian SBU security service said that its drones had attacked an 'oil pumping' dispatch station in Russia's Vladimir Region on Sunday. They added that the facility is a key node for pumping oil products south-west to Moscow and surrounding areas. The?SBU released a statement on social media saying that the company?supplies oil to major depots in and around Moscow, as well as to Sheremetyevo Airport, Domodedovo Airport, and Vnukovo Airport. It added that an area of 800 square metres (8.600 square feet), was affected by the fire. Alexander Avdeyev said on social media that the fire near the village of Kameshkovo has been extinguished. Avdeyev, as quoted by Interfax, only mentioned that the fire was at an infrastructure site, and did not indicate if it had any connection to the oil industry. (Reporting and Editing Bernadette baum, Ron Popeski, Nia Williams; Editing Max Hunder)
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Trump says no rush for Iran deal, US blockade stays
Donald Trump, the U.S. president, said that he had told his representatives to not rush into any agreement with Iran. This appeared to dampen expectations of an imminent breakthrough for this three-month old war which were raised by both sides just a day before. Trump said on Truth Social that the U.S. Blockade of?Iranian Ships in the Strait of Hormuz "would remain in full force until an?agreement was reached, certified and signed". He said that the negotiations were moving forward and that the U.S.-Iran relationship had become more professional. He added, "Both parties must take the time to get it right." "There can be no errors!" Trump had said a day earlier that Washington and Iran "largely" negotiated a memorandum of agreement on a deal to reopen Strait of Hormuz. The Strait of Hormuz was used before the conflict for one-fifth of all global oil and LNG shipments. Trump has repeatedly emphasized the possibility of a deal to end the conflict that Israel and the U.S. started on February 28. It wasn't clear if the agreement to which he was referring on Sunday was a memorandum that had been discussed, or a more complex and difficult peace settlement likely to take longer. Both sides are at odds on a number of difficult issues. These include?Iran’s nuclear ambitions, and Tehran’s demands for lifting of sanctions and releasing tens or billions of dollars in Iranian oil revenue frozen abroad. Media in the U.S., Iran, and other countries reported that the memorandum laying out a framework for ending months-long fighting, if completed, would lift the U.S. ban on Iranian shipping, and reopen a waterway which Iran has closed with threats of attacking shipping. HOPE OF RELIEF FROM THE GLOBAL ENERGY CRISE A senior Iranian official told a reporter that the memorandum would be sent for final approval to Ayatollah Mojtaba Khamenei if it was approved by Iran's Supreme Council of National Security. Iran's Tasnim News Agency said that disagreements remained on one or two clauses. Tasnim quoted a source who said that there would not be a final agreement if the U.S. continues to?create obstacles. A military adviser to Khamenei stated that Tehran has the legal right of managing the Strait of Hormuz. However, it is not clear whether this means continuing to choose which ships are allowed to pass through. A deal that would cement the fragile ceasefire in place today could bring some relief to the markets, but it wouldn't immediately solve a global energy shortage, which is driving up fuel, food, and fertilizer prices. Abu Dhabi National Oil Company's head said last week that even if the conflict ends today, full flow through the Strait won't return until the first or second quarter in 2027. Iran's Revolutionary Guards reported that 33 vessels passed through the Strait in the last 24 hours, after receiving permission from Tehran. This is still far below the 140 vessels which would normally pass on a normal day before war. Trump has said that the U.S. attacked Iran in order to stop it acquiring nuclear weapons, despite his various war goals during the conflict. In his Sunday post, he emphasized that Iran "must know, however, they cannot develop or obtain a Nuclear Weapon or Bomb". Iran has denied for years that it was pursuing weapons of mass destruction. It says it has the right to enrich uranium, even though its purity is far greater than what's needed for electricity generation. IRAN: 'ISSUES NEED TO BE Discussed,' Sources say that the proposed framework, when it is implemented, will be in three phases: ending the war formally, resolving crisis in Strait of Hormuz, and opening a window of 30 days for negotiations to reach a wider agreement. This period can also be extended. Trump's approval ratings were hit by the impact of the war on U.S. energy prices. He announced on Friday that he wouldn't be attending his son's marriage this weekend. Trump cited Iran as one reason for staying in Washington. Axios reported that Trump spoke with leaders from Saudi Arabia, Qatar and the United Arab Emirates on Saturday, encouraging them to accept the new framework. Esmail Baghaei, spokesperson for the Iranian Foreign Ministry, said that on Saturday "the trend in this week is towards a reduction of disputes but there are still?issues which need to be addressed through mediators". Baghaei said that while the U.S. blocking of Iran's shipping is important, the priority for the government was to end the threat of new U.S. strikes and the conflict in Lebanon. The U.S. and Israeli bombing of Iran resulted in the deaths of thousands of Iranians before it was stopped by a ceasefire early in April. Israel has also killed and driven thousands of people from their homes in Lebanon. It invaded the country in pursuit of Iran-backed Hezbollah. The Iranian attacks on Israel and the Gulf neighbours have resulted in the deaths of dozens. (Additional reporting by Doina Chicu, Ariba Shhid, Hatem Mter, Andrew Mills and Elwely Elwelly; Writing by Kim Coghill and Kevin Liffey;)
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Bangladesh offers favourable terms for offshore energy tenders
Bangladesh has launched an international bid for oil and gas exploration in 26 offshore blocks?in the Bay of Bengal. It is offering more attractive terms to foreign companies to combat worsening domestic shortages of gas and to reduce its reliance on expensive LNG imports. South Asia has been facing declining gas reserves, increasing dependence on LNG imports, and energy prices that are vulnerable to geopolitical tensions. Petrobangla, a state-owned company, published the tender documents for the Bangladesh Offshore Model Production Sharing Contract 2026 on its website. The deadline to submit bids was November 30, 2018. Energy Minister Iqbal Hassan Mahmood said at a press briefing that "we have made the terms attractive to encourage participation by international companies." The offshore tender is a part of government's plan to increase domestic supply and reduce import dependency. The revised PSC will require companies to relinquish 20% of their exploration acreage during the exploration phase. This is down from 50% in the past. The mandatory contributions to the workers’ welfare fund were also reduced from 5% to 1.5%. The revised terms are hoped to revive investor interest, after Bangladesh's last offshore licensing round held in March 2024 did not attract any bids despite the fact that several multinational companies purchased data packages. DEEP AND SHallow WATER BLOCKS ARE AVAILABLE IN THE TENDER It offers 15 blocks of deep water and?11 of shallow water in the Bay of Bengal. Petrobangla announced that a basic data package, including geological and other related information, would be available on June 1. To improve the commercial viability of gas prices, the government also revised its formula. Deepwater gas will now be 'linked to Brent crude oil instead of high-sulphur lubricant, allowing contractors up to 11 % of the Brent average price over a three-month period. After the 2024 round failed, a review found that foreign companies raised concerns about gas prices, pipeline construction costs and profits-sharing obligations. Bangladesh has not yet made a significant offshore gas discovery despite settling maritime boundary disputes in 2012 with India and Myanmar. India, Myanmar, and Pakistan, which are all neighbours, have increased their deepwater exploration in the last few years. Several major international companies, including ConocoPhillips, Santos, POSCO Daewoo, and ONGC, have explored offshore blocks in Bangladesh before abandoning the projects.
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Separatist militants claim responsibility for the explosion that killed at least 24 people in a Pakistani train
Officials said that a bomb explosion hit a shuttle train carrying Pakistani security staff and their families on Sunday in the southwest province of Balochistan. This was 'the latest major attack by separatist militants. According to three provincial officials and security officers who spoke under the condition of anonymity because they were not authorized to talk to the media, the explosion caused at least 24 deaths and 70 injuries. At least 24 people were killed and more than 70 injured in this attack. It was part of a?series? of major attacks on security forces, infrastructure and trains in the mineral rich province bordering Iran and?Afghanistan. Pakistan launched counterinsurgency efforts after the most violent violence for years. Separatist militant group, Baloch Liberation Army, or BLA, claimed in a media statement that they carried out the attack, and called it a suicide explosion. Could not independently verify this claim. In a statement, Pakistan's Railways Ministry said that the shuttle train was transporting passengers from Quetta’s cantonment area to connect with the long-distance Jaffar Express train when the explosion struck near a rail track in the provincial capitol. The ministry reported that the explosion caused the engine to be derailed and three coaches to overturn, and two coaches were flipped. It added that the area had been cordoned off by security forces and that rescue operations were underway. An official in the security field said that an explosive-laden vehicle struck one of the train's bogies, which was located in a residential neighborhood. Some of those who died were residents from a nearby apartment complex. Images of the scene show burnt out vehicles, residential?buildings damaged, and twisted metal, debris, and debris scattered along the railway track. Smoke is rising from the wreckage. Shehbaz?Sharif, the Prime Minister of Pakistan, condemned a bomb blast he described as "heinous" on social media site X. He sent condolences to the families of the victims and said that the nation stood by the people in?Balochistan. BLA militants hijacked a Jaffar express train in March 2025 and took hundreds of hostages before a day-long standoff was ended by armed forces. The military said that 21 hostages were killed, along with four soldiers and all 33 attackers. In a 40-hour raid, Pakistani forces have killed 145 militants after coordinated attacks in Balochistan resulted in the deaths of nearly 50 people, according to provincial officials.
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Ukraine claims it has hit Russia's Sheskharis Oil Terminal on Black Sea
The Ukrainian military said that it had attacked the Sheskharis Oil Terminal in Russia, one of the largest on the Black Sea. It also struck the nearby Grushova oil depot. On Telegram, the Ukraine General Staff reported that the overnight attack caused a fire to break out at the Sheskharis Terminal. The general staff of Ukraine also reported that a tanker called Chrysalis had been hit in the Black Sea. In recent months, Ukraine has increased its number and size of strikes on Russian oil refineries and transportation facilities, in an effort to reduce Russia's revenue from oil and natural gas exports that it uses to fund?its war. Robert Brovdi said that in the first 23 of May, Ukrainian drones attacked 13 major Russian oil installations. Brovdi, a Russian oil refinery executive, said earlier this week that six of the 10 biggest oil refineries in Russia had stopped processing crude after the?Ukrainian attack. We could not independently verify the claims. CHEMICAL PLANT AND VESSELS UNDER ATTACK Zelenskiy had said earlier, on 'Saturday, that Ukrainian drones attacked a large Russian chemical plant, Metafrax Chemical in the Perm area that supplied products to Russia’s military complex. He claimed that the 'plant has stopped working after the attack. Brovdi, in a separate Telegram message, said that Ukrainian 'drones' attacked a Russian'military frigate' and a hovercraft missile boat near Novorossiysk Naval Base on Saturday morning. Brovdi said that the extent of damage was unknown. Reporting by Daniel Flynn, Pavel Polityuk and Tomaszjanowski.
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Boeing 737 MAX fraud case cleared by jury
A jury in the U.S. District Court of Seattle ruled that Boeing was not guilty of 'hiding safety issues with 737 -MAX jets purchased by LOT Polish Airlines in the last decade. LOT accused Boeing of fraud by 'withholding a crucial change to the popular single aisle?jets' flight-control system. The change was a result of 'two fatal 737 MAX crash in 2018 and 2019. These crashes led to the planes being grounded for 20 months. The airline claimed that the grounded aircraft caused damages of $153 million. The jury members deliberated for three hours after a two week trial. Boeing's spokesperson said, "We are pleased with the jury's decision today in our favor." LOT issued a statement recognizing the result but allowing for an appeal. The company stated that "as the legal 'process is not yet concluded, LOT won't comment on the.details.of.the proceeding" at this time. Reporting by Dan Catchpole, Seattle; Editing and proofreading by William Mallard
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Sources say that the Brazil Development Bank BNDES has sold its stakes in Axia Energia and Petrobras.
Four anonymous sources said that Brazil's BNDES, the state development bank, has sold shares in both Axia Energia and Petrobras this month. BNDES, through its subsidiary?BNDESPar, holds the majority of the equity portfolio. This includes Axia and Petrobras, as well as electric utility Copel and meatpacker JBS. According to one source, BNDESPar has sold Petrobras shares worth around 3 billion?reais (597.75 million dollars) and more than 500 millions reais of?Axia stock this month. This person said that the bank sold 280 million reais worth of Copel shares in May. The total sales for the energy company this year are 1.2 billion reais. BNDES didn't?immediately respond to a comment request. A BNDES source stated, "These stocks were trading at high levels and the bank saw the opportunity to make gains by selling them." Another source said that in the case of Petrobras, the shares purchased did not have voting rights. This means there was no impact on bank strategy and planning. Petrobras declined to comment on the?current negotiations', while Axia refused to comment. BNDES President 'Aloizio Mercadante' said?in September the bank had adopted a strategy of divesting from traditional and mature sectors to?support strategic sectors. However, it said that they did not intend to sell their stake in Petrobras. In March, BNDESPar acted in the capacity of anchor?investor for a capital increase by a number of companies within Simpar. These included truck rental -firm Vamos, Movida, a car rental firm, and JSL, a road logistics company.
As war disrupts Asia's second-car market, Lamborghinis are stranded on the island of Sri Lanka
Umar Ali Hyder Ali, who runs a used car business in Japan, has been plagued by headaches since the U.S. and Israeli attacks on Iran last month.
Hyder Ali has lived in Japan for 20 years. He ships his used cars to South Asia, the Middle East, and Africa. The vehicles are sought after for their relative good condition and durability, thanks to the strict Japanese regulations which require regular inspections and maintenance.
He woke up days after the start of the war to find out that one of his shipments, which included more than 500 vehicles, was stuck at sea. The vessel couldn't get into Sri Lanka as the port was full of cargo diverted from Dubai.
He said that the cars we had already sent to Sri Lanka sat in the ocean waiting to be loaded because there wasn't enough space. The vehicles were finally offloaded last week at the Hambantota Port, more than ten days late.
Hyder Ali's troubles illustrate how the Middle East Crisis and the Near Closure of the Strait of Hormuz is upending the business of used-car dealers in Japan and South Korea. These are mostly small businesses, but together they make up a global industry.
Hyder Ali stated that PORT CONGESTION CAUSES "PANIC" The port congestion caused "panic", among Japanese shipping companies. Some of them cancelled shipments. Other companies suggested diverting cargo into ports in Pakistan and China. One company asked for $5,000 on each vehicle. He said that some of his cars may be brought back to Japan. Kobe Motor in Yokohama ships 18,000 cars a month, mainly to Sri Lanka where small Toyotas and Hondas are popular. He has 50 used luxury cars, including Rolls-Royces and Lamborghinis, that he is currently offloading in Sri Lanka and China, because his ships were unable to reach Dubai, where Middle East customers were waiting.
He said that air freight was an option for certain clients but only the wealthy could afford it. Japan and South Korea export used cars worth $19 billion in total last year. Japan accounted for slightly more than half. Trade data revealed that more than a third of the 883,000 second-hand cars South Korea exports last year were shipped to the Middle East.
According to data from the finance ministry, the UAE was Japan's top destination for used vehicles last year. It accounted for 224,000 units or 15% of all used car export volumes. Dubai is at a bottleneck due to the Strait of Hormuz. This narrow shipping lane connects Iran and Oman. Exporters will face increasing pressure if the war continues, including higher oil costs, currency fluctuations, lower auction prices, and even possible shipping route cuts.
SHIPMENTS FROM SOUTH KOREAN HALTED The conflict in South Korea has stopped shipments in what is normally the busiest time for used car dealers. Demand usually peaks between March and September due to construction and travel in the Middle East.
Kang Tae Yang, an official with a shipping firm, revealed that activity at a complex for storing vehicles in Incheon has dropped sharply. Around 80% of the cars stored there are usually destined for the Middle East. Kang Tae-yang, a shipping company official, said that more than 70% of the vehicles he owns are currently in storage. He added that vessels at sea have either paused or diverted their voyages rather than continue to their intended destinations. The vehicles parked in storage facilities at Incheon were unable to move due to disruptions to the transportation system, and those loaded on ships did not reach their intended destinations.
Some ships are planning to unload their cargo in alternative locations, such as the Middle East, or even further away to avoid the Strait of Hormuz. Dealers stated that this was a decision largely made by shipping companies, and dealers were in discussions with them to understand contingency plans.
"We have no other choice than to wait and hold mode whenever war breaks out," said Jin Jae Woong, president of the used car dealership Automobile International.
Middle Eastern buyers are fond of models such as Hyundai Motors' Avante MD and Kia K3?
Jin stated that the conflict began just when prices would usually begin to increase. He added that his company paid about 40 million won per month to "store" vehicles purchased in South Korea.
He plans to buy cars in advance during the recession, assuming that demand will increase once the conflict is over. Exporters have limited options when it comes to finding alternative markets. Ventus Auto's president Yun?Seung hyun said that Africa and Latin America lack the demand to absorb more sales. Containers that his company sent in late January should have arrived at Dubai's Jebel Ali port in early march, but are still delayed. Ships operated by South Korea’s HMM are stuck near Mumbai in India's west. He said that rising oil prices also increased freight rates. Ventus Auto, which generates annual revenues of 6.6 billion won, is largely dependent on the UAE. The disruption is a serious risk because it's impossible to know where the cargo will be shipped. "There is no solution at this time," Yun said.
(source: Reuters)