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Gulf oil tanker prices nearly double as Middle East producers increase exports
Shipping data and sources indicate that oil tanker operators have made record profits this week after almost doubling the cost of hiring vessels to travel through the Strait of Hormuz or the wider Gulf region. This is due to the increasing demand for the waterway as it slowly begins to pick up. The strait's traffic has been relatively low since Iran lifted the effective blockade after agreeing on a 60-day truce with the U.S. last week. Meanwhile, talks are continuing to reach a permanent agreement to end the war. The number of vessels passing through Hormuz has dropped to a fraction of what it was before the conflict started on February 28. According to market estimates, up to 100 tankers are still stuck in the Gulf with their cargoes, adding to an already tight supply of vessels, as Middle Eastern producers increase exports. According to ship brokers, and other industry sources, the rates for hiring a vessel outside of the Strait?Hormuz are now $190,500 per day, up from $106,500 one week earlier. The prices also increased outside the Gulf area. According to ship brokers and industry sources, the average daily earnings of very large crude carriers have increased by over $50,000 in the last week for cargoes that need to pass through Hormuz. Ship broker Clarksons stated that "tanker owners were preparing for a surge in Middle East crude cargoes over the next few weeks. They are encouraged by the fact spot TCEs, or earnings (averaged more than $100,000/day) despite the drop in cargo volume following the U.S. Iran hostilities." In a statement, it stated: "This shows that the supply of (tankers) is extremely tight. A reopening of Hormuz will further tighten capacity." FLURRY OF TENDERS FROM MIDDLE-EAST PRODUCERS Middle Eastern producers have been offering crude in a frenzy of tenders, especially Abu Dhabi National Oil Company. They are encouraging buyers to load from within the Gulf and this is boosting demand for tankers. Sinokor, one of the largest operators of supertankers in the world, did not reply to a comment request. The group's Belgium B supertanker, the last vessel to enter the Gulf and load cargoes for the group on Monday, was heading towards terminals in Iraq. Ship tracking data from MarineTraffic revealed this on Tuesday. Insurance industry sources say that while tanker rates are up, war risk insurance costs have fallen in the last five days, to about 3% of a ship's value, from around 5% a week earlier, excluding discounts. It would be a reduction of hundreds of thousands in insurance costs for ships. After months of supply disruptions, buyers in India, such as the country's largest refiner Reliance have sought crude from this region. Reliance has not responded to a comment request.
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Europe Inc. adapts to the heatwave with cool boxes and dawn starts
Companies are trying to protect their workers and keep operations running as temperatures in Europe reach above 40 degrees Celsius. They also want to take advantage of the soaring demand that could be a relief. DHL, the German logistics giant, has provided its delivery staff in Germany with "cool boxes", which contain reusable cooling towel, water-activated arm coolers, and UV-protective collar guards. Construction firms have shifted their working hours so that they start earlier and end before the hotter part of the day. Retailers are struggling to meet the demand for portable air conditioners and fans. DHL stated that "extremely high temperatures pose a special strain when physically demanding work", adding that workers should drink lots of fluids, wear sunscreen, and seek shade wherever possible. In France, 40 people have drowned recently as a weather system brought hot air from the Sahara northwards. The people were trying to avoid temperatures above 41 degrees Celsius in Bordeaux and Poitiers. In the north, some schools have closed or altered their timetables. Scientists have linked the most dramatic increase in temperatures to climate change on Europe. According to Climate Monitor, it was the continent that had temperatures Monday far above their?historic norm. Where to escape the heat? Coping strategies have become a part of everyday work for many workers. "I keep drinking water to hydrate myself because the heat is unbearable," said 58-year-old Madrid electrician Vladimir Yepes. Even when we're not in the sun, temperatures continue to rise. The 60-year-old accountant Juan Antonio Casas said that the temperature in his air-conditioned office was bearable but it would be "horrible" to go outside. The Central Association of the Construction Industry in Germany said that road construction crews and outdoor employees are most at risk from extreme heat. Heribert Joris is the head of the association's social and collective negotiation policy. France's association for farm cooperatives reported that some silos are organizing night shifts in order to receive grain, because local authorities have prohibited afternoon harvesting due to the increased risk of fire. SALE OPPORTUNITY for SOME Heat has produced winners and losers. Currys, a British electrical retailer, said that sales of fans increased nearly 3,000% in comparison to the previous weekend before the heatwave. Air-conditioning units also increased 330%. AO World Finance chief Mark Higgins stated that the heat in Britain - which experienced record temperatures also in May - had boosted demand sooner than normal. Higgins stated that the UK had experienced a spike in hot weather through May. This is earlier than what we normally experience during the year. When it's hot, air conditioners and fans are in high demand. This surge is indicative of a wider shift on a continent that has historically been less dependent on air conditioners than other regions, such as North America. Climate change is causing more frequent droughts, heatwaves, and floods. This will increase the economic costs for most people. In a study conducted by the University of Mannheim in collaboration with economists at the European Central Bank, it was found that extreme weather could cost the European Union EUR126 billion (USD143.46 billion). Southern Europe is particularly vulnerable, and the public authorities are forced to respond. Madrid has increased the number of "climate refuges" to provide respite for vulnerable residents. Some have paid a high price to cool their homes. Yandri is a 28-year old plumber from the Spanish capital who said that he sleeps in the air conditioning all night. You will see the bill. He said, "It's going to be a big bill."
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Oman and Iran continue talks to manage navigation in Strait of Hormuz
Oman and Iran agreed?on?Tuesday to continue discussions regarding the?future management of navigation?in?the Strait of?Hormuz.?Including maritime services and costs associated with it. In a statement released after the talks in Muscat the two countries announced that a working group comprising their respective foreign ministries will be formed to continue the discussion and they will consult with other littoral states and relevant parties. This move seems to be a fulfillment of a memorandum of understanding that was signed last week, which calls on Iran to have talks with Oman and the other Gulf coastal states about the future management of maritime services and navigation in the strait. The strait is a vital waterway to global oil supply. The agreement was announced after a visit from Iranian Speaker of the Parliament Mohammad Baqer Qalibaf, and Iranian Foreign Minister Abbas Araqchi. They met Oman Sultan Haitham bin Tariq, and spoke with Omani Foreign Minister Sayyid Albusaidi. Oman and Iran have reaffirmed in a joint statement their commitment to ensuring safe passage along the waterway, while maintaining sovereignty over their own territorial waters. Since the U.S. and Israeli war began against Iran in February, the Strait has been closed to commercial shipping. After Iran began blocking the strait, the United States blocked Iranian ports. Oman and Iran have reaffirmed that they are committed to making the Strait of Hormuz a safe and open route for international traffic and to promoting maritime security, freedom and stability in the region. (Reporting and editing by Aidan Lewis, Timothy Heritage and Jana Choukeir)
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There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict following the U.S. and Israeli strikes against Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is an alphabetical update of the flight status for airlines: AEGEAN AIRLINES Thessaloniki-Tel Aviv flights have been cancelled by Greece's biggest carrier until 26th June. Dubai flights are cancelled up until August 31 and Erbil and Baghdad flights until September 30. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has canceled flights to Tel Aviv from June 28 until now. Air France-KLM Air France suspends its Tel Aviv, Beirut and Dubai flights until July 5, and until June 30, respectively. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18. The airline plans to resume New York JFK to Tel Aviv flights on September 6 while Boston-Tel Aviv, which was scheduled to launch in late October, will now be delayed. FINNAIR Finnair has canceled its Doha flights up until October 2 while continuing to avoid the airspace over Iraq, Iran Syria and Israel. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resumption its flights to?Doha and Riyadh to August 8th. Flights from Amman, Bahrain, Amman, Tel Aviv and Dubai will be paused for the summer season, and resumed on October 25. When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping Jeddah from the list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1, whereas ITA Airways has confirmed they will resume them on July 1. SWISS delayed?the resume of flights until August, and Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13th. Lufthansa and SWISS have suspended flights until October 24 to Abu Dhabi, Amman Beirut Dammam Riyadh Erbil Muscat and Tehran. Eurowings, a low-cost airline, has suspended flights from Tel Aviv to Beirut until July 9, Erbil and Beirut until June 30, and Dubai, Abu Dhabi and Amman until October 24. ITA Airways also extended its suspension of flights to Riyadh and Dubai until July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut indefinitely and no new start date has been set. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services on Singapore-London Gatwick and Singapore-Melbourne routes between late March and October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has?cancelled' flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
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Trump insists Iran agreed to nuclear inspections
Donald Trump, the U.S. president, insisted Tuesday that Iran has agreed to allow nuclear inspectors for a long time into the future despite Iran's?statements that it has not. "Iran is fully and completely agreeing to the highest level Nuclear Inspections for as long as possible (Infinity!!! In a post on social media, he said: "Iran has fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!! This will ensure 'Nuclear Honesty' "If they didn't agree to this, no more negotiations!" Iran denied that it had started discussions about its nuclear program, or agreed to welcome?International Atomic Energy Agency (IAEA) inspectors to the country. Trump said the United States would also leave ships in the Strait o f?Hormuz if it became necessary to reimpose the blockade on Iranian ports. He said this was "at this stage, highly unlikely." He also said that 19,000,000 barrels of crude oil flowed through the Hormuz Strait Monday. After the first round of talks in a?so-called peace agreement, the United States has?waived Iran sanctions for 60 days. Trump said on Tuesday that the?funds?that the U.S. Treasury will release funds that will be placed in escrow and under U.S. management. The money will then be used to buy medical and food supplies exclusively from the United States. "These are items that Iran desperately needs." Trump wrote: "This is a humanitarian crisis, and I believe it's necessary to help NOW, before its too late." (Reporting and editing by Susan Heavey; Doina chiacu)
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Fuel shortages in Russia and restrictions on sales
Russian regions are restricting fuel sales due to a lack of certain grades of gasoline and diesel and long lines at the filling stations. This is because Ukrainian attacks on oil refining facilities have disrupted supply. The following are statements by Russian regional authorities and companies on the current situation: CENTRAL RUSSIA Surgutneftegaz, Tatneft and the authorities in Tver announced on the 20th of June that temporary restrictions were introduced for individuals at the Surgutneftegaz & Tatneft gasoline stations because of increased demand. Igor Artamonov, the Governor of Lipetsk, said that several filling stations in the region, including?the cities?of Lipetsk, and Yelets were suffering from shortages of certain grades. Kommersant reported that Tambov Governor Evgeniy Pryshov had imposed restrictions on the sale of cans and other containers in order to reduce panic buying. Regional media reported that authorities in the Vladimir region stated on June 21, "temporary logistics difficulties" caused long queues at fuel stations. Sales were limited to 30-60 litres of gas per vehicle. Alexander Avdeev, the Governor of Vladimir region, urged residents to limit their travel and not stockpile fuel. A regional ministry reported on June 19 that increased demand in the Kaluga region led to long queues at gas stations. It said that reserves were available and volumes are being replenished to ensure Ai-95 and Ai-92 for two weeks as well as diesel and Ai-92 for three weeks. The Kommersant newspaper reported that private gas stations in parts of Tula region were running out of certain grades of fuel, but the major networks did not have any supply problems, according to Governor Dmitry Milyayev. SOUTH AND WESTERN RUSSIA Anna Kasyanenko, the regional agriculture minister, told local media that some Rostov-region filling stations ran out of gasoline because major refineries had cut production. Local media reported that some stations in?Makhachkala have restricted gasoline sales to a maximum of 20 litres for each vehicle. Diesel is also limited to a maximum of 50 litres. CRIMEA AND SEVASTOPOL The Crimean government has suspended summer camps for children and tourist activities until September, citing fuel shortages as well as security concerns. From June 21, fuel stations in Crimea stopped all sales of fuel to businesses and individuals. Sevastopol has also imposed restrictions on fuel sales, public transport and cafes. VOLGA REGION Local media report that Tatneft stations in Udmurtia have stopped selling Ai-95. Rustam Minikhanov, the Tatarstan leader, held a meeting in June after lines formed at certain stations. Authorities have announced temporary limits to prevent panic-buying. From June 23 to 30, the Saratov Region Governor Roman Busargin has announced a temporary limit of 30 litres for each vehicle. On June 15, Governor Vyacheslav Federishchev announced that a regional network has introduced restrictions on the sale of fuel at its filling stations in?the Samara Region. SIBERIA Marina Kozharina said that on June 16th, the Irkutsk Region Minister of Agriculture was concerned about the fuel situation in the region. Irkutsk, according to Governor Igor Kobzev, had switched over to a manual system of distribution by June 22. The new system prioritizes emergency services, transportation, municipal utilities, and agriculture. On June 23, Governor Andrey Travnikov of Novosibirsk announced that there would be restrictions at filling stations. Vitaly Khotsenko, the Omsk governor, said on June 22 that similar measures will be implemented to prevent panic buying and speculation. FAR EAST Amur.life reported that authorities in the region announced restrictions on petrol sales at stations to avoid what they called "artificial panic" among the local population. Dmitry Demeshin, the Khabarovsk governor, said that on June 16, gasoline sales were restricted in Sovetskaya gavan and Vanino due to a shortage of supplies. (Reporting and editing by Milla Nissi-Prussak).
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Court rules that UK approval of Gatwick airport expansion is legal
The?High Court of London ruled that Britain's approval for Gatwick Airport expansion was legal. This allows the country's 2nd busiest hub to proceed with its plan to add millions more passengers by 2030. Last year, the government approved the?opening? of a?second runway? at Gatwick Airport, located 30 miles (48km) south-east of London. However, two environmental groups brought a lawsuit over noise and air pollution. Both the Gatwick Area Conservation Campaign and Communities Against Gatwick Noise and Emissions said that they would appeal Tuesday's decision. GOVERNMENT HAS BACKED NEW RUNWAY The government said that the increased use of sustainable aviation fuel does not conflict with the net-zero goals. It has also backed the construction of a new airport runway at Heathrow. Keir Starmer has announced that he will step down from his position as Prime Minister after less than 2 years. He has supported infrastructure projects such as airport expansion to grow Britain's stagnant economic growth. In the case against Gatwick Airport, Judge Tim Mold dismissed two claims for a judicial review, saying that the reasons given by the government to approve the expansion were "rational, and supported by adequate, proper and understandable reasons". Mould rejected the argument about the environmental impact of the development, saying that it was not in contradiction for the government to claim it wouldn't affect its ability meet carbon reduction targets. A spokesperson for the Department for Transport said: "We are pleased that the High Court has upheld our approval for expansion at Gatwick Airport." This project will bring 14,000 new jobs for local residents and PS1 billion per year to all corners of the UK. NEW RUNWAY 'COULD BE ?OPEN BY END OF ?DECADE' After the ruling, a spokesperson for Gatwick stated: "We look forward to bringing our plans to life and will announce more details in due time." Gatwick is owned by VINCI Airports & Global Infrastructure Partners. The new runway will be open by the end decade. It could provide a PS1billion boost to the UK economy through trade and tourism, and create 14,000 jobs. Andy Burnham, Starmer's most likely successor, could still sabotage the expansion of London?s two largest airports, which are both operating at near capacity. He has warned in the past that the expansion of Heathrow airport could deprive the north of England the investment they need. (Reporting and editing by Michael Holden, Jan Harvey, and Sarah Young)
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The PM has announced that Poland will be adding a second LNG vessel to the Gdansk floating terminal.
The Prime Minister Donald Tusk announced on Tuesday that Poland will build a floating LNG terminal in Gdansk with a second regasification vessel. This is due to the overwhelming interest of shippers. "The commercial interest is large enough for the project to not require budget involvement," Tusk told reporters before a cabinet meeting in Warsaw. The two terminals in the Baltic, along with a portfolio of LNG contracts, will allow Poland to become a hub of fuel deliveries from the U.S. Gaz-System, the Polish gas pipeline operator, will be able to move forward with the project due to the interest from the market. According to 'the company plans', the second floating storage and regasification?unit (FSRU) will have a technical capability to regasify a?additional 4.5 bcm (bcm ) of gaseous?fuel per year. Gaz-System has begun construction of an LNG terminal in Gdansk, with a capacity of 6.1 billion cubic meters of gas a year. (Reporting by Marek Strzelecki, Anna Wlodarczak-Semczuk and Pawel Florkiewicz)
Parents desperate to keep their children away from social media ahead of Greek ban
Georgia Efstathiou, a Greek mother, has done everything she can to break the social media 'grip' on her son of?14 years: personal talks with him; internet-free days; and confiscating his phone. She is battling the lure of her son's screen, its videos, and its messages. Efstathiou could finally get the help she so desperately needs. The Greek government will likely announce in the next few days a ban on social media for children younger than 15. They'll join the ranks of other nations that are trying to protect young children against addiction and online abuse.
We've reached our limits... We parents need help,"?said Efstathiou, 43, holding her son's mobile phone in her living room in Athens. We have reached our limit... we parents need help," said Efstathiou (43), holding her son's phone in the living room of her Athens home.
Efstathiou's not alone. A February poll published by ALCO showed that 80% of respondents approved of the ban. The government of Prime Minister Kyriakos?Mitsotakis has already banned mobile phones from schools and established parental control platforms to limit teens' screen time.
The government declined to comment on whether or not the ban will be implemented, as well as when. The plan was reported in February, and sources said that a formal announcement would be made soon. Mitsotakis said to a Greek Australian newspaper last month that Greece would move "in the same direction as Australia", where social media companies were ordered to exclude users under 16 in December or face fines.
Worries of addiction and bullying are everywhere. As in other countries, Greece is facing a reckoning over social media platforms such as Meta’s Instagram, TikTok, and online gaming platforms.
George Kormas, the manager of the Greek Safer Internet Centre, in Athens said that between 2024-2025, the number of calls to the helpline, which provides support to children who are victims to cyberbullying, more than doubled. Blackmailing minors, misinformation and hate speech are also complaints.
According to data from the Helpline, 75% children in Greece who use social media are primary school age.
He said, "This is undoubtedly worrying to us because they can't handle social media and protect themselves."
Athanasios theocharis is the head of the National Organization for the Prevention and Treatment of Addictions. He said that 48% of teens have felt the negative effects of social media.
He said that the ban could provide "a significant level of protection".
KIDS CAN NOT IMAGINE LIFE WITHOUT SOCIAL MEDIA
Parents who were interviewed expressed concern about their children's online activities or feared that they would lose control. Some people prefer that the government does not intervene at all.
Dimitris (44), said: "I would prefer a different method, which is to limit mobile phone usage within the family." "But if that's not possible, perhaps a complete ban is the only option."
Catherine, his 14-year old daughter, says that most teenagers of her age haven't known a life without social media.
She told her father, "It's the way we have learned ever since we were children," before playing basketball near the Acropolis.
"I'm able to control it, but I tend to get carried away." (Reporting and editing by Edward McAllister, Lincoln Feast and Louisa Gouliamaki from Athens. Additional reporting by Deborah Kyvrikosaios in Athens.
(source: Reuters)