Latest News Updates From Alex Longley

Middle Eastern oil pricing has been a major pinch point during the Iran war. The intermittent disruption to crude flows through the Strait of Hormuz has meant that prices have been hugely volatile.

Iran has sought to charge some vessels for safe passage through the waterway since the Middle East war began.

Iran said foreign ships are allowed to cross the Strait of Hormuz as long as they aren’t supporting acts of aggression against the country and follow certain rules.

Sinokor has been snapping up very large crude carriers, giving it unprecedented control over a big share of the global fleet.

While rates are high, they signal that coverage is available for the few vessels still moving through the waterway. The question is whether shipowners are willing to make the transit.

A ship that caught fire in the Pacific Ocean earlier this month has sunk. The vessel was carrying about 3,000 vehicles, of which about 800 were EVs.

The fire on board the Morning Midas vessel continues to burn, its manager said June 10, after breaking out on June 3 on a deck carrying electric vehicles.

Hoegh Autoliners ASA, an Oslo, Norway-based car carrier, said that a plan to impose fees on foreign ships calling at U.S. ports could cost the company as much as $70 million.

Bimco says a plan by the Trump administration to introduce fees on the use of Chinese commercial ships is likely to damage the U.S. economy. 

With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Donald Trump presidency imminent.