ocean shipping News Updates

Shipowners are placing “huge volume requests” for insurance cover as they look to transit the Strait of Hormuz following the U.S.-Iran ceasefire deal.

Constraints in infrastructure and supply are likely to keep U.S. oil flows well below headline capacity figures often cited at around 10 million barrels a day.

Soaring fuel prices from the Iran war are forcing oil traders into longer, stranger journeys, sending cargoes on routes that would normally make little sense.

The move comes as Unilever agreed to combine its food business with spice maker McCormick in a $44.8 billion deal.

So far in March, barely six vessels per day on average have traversed the strait. That compares with about 135 a day in normal times.

Treasury Secretary Scott Bessent said a U.S. insurance program meant to boost shipping through the Strait of Hormuz will begin soon.

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

Reuters reported the that Elliott had taken the holding in an effort to urge Mitsui to review its real estate portfolio.

Fears of a global energy crisis rose March 16 as the war in the Middle East raged on, with more U.S.-Israeli strikes on the Iranian capital and Israel's bombardment of Lebanon.

The century-old maritime law that requires American ships be used to transport goods between U.S. ports would get a 30-day exemption.