May News

Bahrain's Foreign Minister Abdullatif bin Rashid Al Zayani told the United Nations Security Council on Thursday he hopes for a council vote on Friday on a resolution Bahrain has drafted to protect commercial shipping in and around the Strait of Hormuz.Oil prices have surged since the U.S. and Israel struck Iran at the end of February, kicking off a conflict that has now exceeded a month and effectively closed the strait to shipping traffic.Bahrain has presented Security Council…

Front-month U.S. crude oil futures were trading at their largest-ever premium over the second-month contract on Thursday as traders scrambled for barrels after U.S. President Donald Trump vowed to continue attacking Iran.Widening backwardation, the market term for immediate deliveries trading at a premium over barrels scheduled for delivery in a later month, suggests investors perceive supplies will be short in the near-term.WTI crude futures for May delivery were trading around $15.70 per barrel higher than the June contract during the session.The U.S.-Israeli war on Iran…

Oil supply disruptions from the Middle East will rise in April and begin to impact Europe's economy as the closure of the Strait of Hormuz severely curbs supplies, International Energy Agency head Fatih Birol said on Wednesday.More than 12 million barrels of oil have been lost since the start of the U.S.-Israel war on Iran due to Tehran's attacks on energy assets in the region and restrictions on shipping through the Strait, he added."The loss of oil in April will be twice the oil loss in March, on top of the loss of LNG...

The U.S. and Israeli war against Iran has changed the global market for liquefied natural gas (LNG), providing a boost to producers outside the Middle East that will likely last long after the current conflict ends.One of the major beneficiaries is Australia, which last year slipped to the third-largest exporter of the super-chilled fuel behind the United States and Qatar.But the effective closure of the Strait of Hormuz has shut off Qatar's LNG exports, meaning that it will likely lose second place back to Australia this year…

VPS has seen an increase in the levels of shale oil components in marine fuels bunkered recently in Singapore. Although we have received no reports of problems, from vessels using these fuels, we do recommend caution as detailed below:Over the course of February and March 2026, VPS  testing identified 90,000mt of delivered VLSFO bunkers containing compounds consistent with an Estonian Shale Oil derived stream. Estonian Shale Oil has and is, often used as a blend component in bunker fuel…

The U.S. Court of Appeals for the D.C. Circuit has upheld a Federal Maritime Commission (FMC) rule defining when ocean carriers unlawfully refuse to negotiate or provide vessel space, rejecting a challenge from the World Shipping Council (WSC).The case stems from the Ocean Shipping Reform Act of 2022 (OSRA), which directed the FMC to clarify what constitutes an “unreasonable refusal to deal or negotiate” under the Shipping Act. The rule was introduced in 2024 amid widespread complaints from U.S.

Prysmian, a leader in energy and data wire and cabling solutions, recently announced changes to its leadership structure in North America to further strengthen the company’s market position in the region. 2025 marked the best year yet for Prysmian, with global revenues reaching USD$23.08 billion (€20 billion). North America’s net profit exceeded $9 billion, accounting for 40% of the company’s total sales. Over the past two years, Prysmian’s North American footprint has grown through the acquisitions of Encore Wire and Channell…

One of North America’s busiest ferry routes is joining the growing trend for U.S.-based operators to make the efficiencies of electrification central when they modernize their fleets, after an integrated hybrid-electric propulsion system from ABB was selected for the new ship ordered by Delaware River and Bay Authority (DRBA).Shipbuilder Senesco Marine contracted ABB to deliver full propulsion and automation systems for the 75-car passenger and vehicle ferry, which will replace the 45-year-old Cape Henlopen in connecting Lewes, Delaware and Cape May, New Jersey.

The International Chamber of Shipping (ICS) and the International Transport Workers’ Federation (ITF) have met representatives from Gulf States to address the ongoing conflict and its direct impact on seafarers and shipping in the Gulf.The meeting comes four weeks into the deadly conflict in which seafarers have been killed, ships have come under attack, and an estimated 20,000 seafarers remain stranded in conditions of fear and uncertainty, on ships unable to transit the Strait of Hormuz.Discussions focused on urgent practical…

Tehran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Tuesday, despite a threat by President Donald Trump that the U.S. will obliterate Iran's energy plants if it does not agree to a peace deal and open the Strait of Hormuz.Authorities in Dubai said the fire on the Kuwait-flagged Al-Salmi had been brought under control following a drone attack, with no oil leak and no injuries to the crew. Kuwait Petroleum Corp, the ship's owner, said the vessel's hull was damaged.The attack was the latest on merchant vessels in the strait…

Record output from wind farms has helped boost total clean power supplies in the United Kingdom to new highs so far in 2026, and allowed power firms to pare use of fossil fuels to multi-year lows.The growth in wind output has helped shield the UK power system from the worst effects of the U.S.

Gas majors including Shell and Chevron warned Australia against introducing a windfall tax on gas exporters, saying it would deter investment and undermine energy security as LNG prices surge amid disruption caused by the Iran war.Australia became the world's second-largest LNG supplier after Iranian strikes forced Qatar to halt production, with its export revenue set to surge due to lower supply caused by the conflict.Canberra is weighing options to capitalise on the higher prices…

Titan Clean Fuels has signed an off-take agreement with green energy supplier TURN2X to deliver e-Methane to the maritime industry from 2028 onwards.Titan operates seven bunker vessels and is able to deliver in around 52 ports today.TURN2X’s modular and load-flexible production plant in Miajadas, Spain, converts renewable energy and biogenic CO₂ into ISCC-certified e-methane. This green fuel is then fed into the grid and transported to major European ports, where Titan bunkers it to ship operators.E-methane can achieve net-zero greenhouse gas (GHG) emissions on a well-to-wake basis…

The global ship recycling market is moving into a more difficult quarter, with rising costs, rising steel prices, possible slowdown in local steel demand, energy shortages and exchange risks. Even within the Indian sub-continent these parameters can have differing impacts. As of today, Bangladesh and Pakistan hold firmer ground in terms of prices offered for recycling candidates, according to vessel cash buyer Wirana Shipping’s latest market report.Wirana’s industry report points to a market that is becoming harder to read and harder to time.

Oil prices extended gains on Monday, with Brent heading for a record monthly rise, after Yemeni Houthis widened the Iran war by launching their first attacks on Israel.Brent futures rose 66 cents or 0.6% to $113.23 a barrel at 1031 am ET (1431 GMT) after settling 4.2% higher on Friday. U.S. West Texas Intermediate futures were up $2.2 or 2.2%, at $101.83 after gaining 5.5% in the previous session.Brent has soared by about 58% this month, the steepest monthly jump in LSEG data going back to 1988, exceeding gains made during the 1990 Gulf War. U.S.

The International Chamber of Shipping (ICS) announced that Cyprus officially recommended the ICS International Medical Guide for Seafarers and Fishers for use on board vessels under its flag.The Republic of Cyprus Deputy Shipping Ministry has issued a circular to its fleet recommending the comprehensive medical guide, joining an expanding list of leading flag states that recognize the guide's value in protecting seafarer and fisher health and safety. In addition to recommending inclusion of the guide in the list of publications to be on board Cyprus flagged ships…

Carnival Corp cut its annual profit forecast on Friday, as higher fuel costs pressure the cruise operator's margins amid rising geopolitical tensions.Attacks on oil and transport facilities across the Middle East and disruptions to energy flows through the Strait of Hormuz, which carries about a fifth of global oil flows, since the Iran war outbreak, have disrupted global supply and pushed up oil prices.The spike threatens Carnival's profits as it is the only major U.S. cruise line that typically does not hedge fuel.Carnival expects full-year adjusted earnings per share to be about $2.21…

Russian oil producers have warned buyers they could declare force majeure on supplies from major Baltic Sea ports as Ukraine presses ahead with attacks on Russian energy infrastructure, two industry sources said on Friday.Ukrainian President Volodymyr Zelenskiy told Reuters this week that Kyiv was using long-range strikes to maintain pressure on Russia after international oil sanctions on Moscow were eased due to global supply disruptions caused by the Iran war.Ukrainian drones on Friday targeted the port in Ust-Luga, where a fire caused by a previous strike on Wednesday was still raging, the

The fishing industry is emerging as an early European casualty of soaring diesel costs amid the Iran war, with at least half the Dutch fleet staying in port this week, according to industry representatives.The pressure is most acute in the Netherlands because of an outsized number of beam trawlers in its fleet, which makes up about 7% of the European Union's total.These ships target high-value North Sea flatfish such as sole, turbot and brill, but burn relatively large amounts of fuel.

Russia's threat to halt liquefied natural gas (LNG) deliveries to Europe and divert cargoes to Asia would prove difficult to achieve because of its long-term contracts and need for more Arctic-class tankers, industry analysts said.President Vladimir Putin said in a TV interview early in March that Russia could stop gas supplies to Europe with immediate effect and seek longer-term commitments from other buyers.The impact of the U.S.-Israeli war on Iran has caused a surge in gas prices…

Two Chinese container ships turned backed after trying to exit the Gulf via the Strait of Hormuz on Friday, ship-tracking data showed, despite assurances from Iran that Chinese vessels could pass.The operator, China's COSCO, had said in a March 25 client advisory that it had resumed bookings for general cargo containers for shipments from Asia to the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait and Iraq.The CSCL Indian Ocean and CSCL Arctic Ocean, both Hong Kong flagged, have been stuck in the Gulf since the U.S.-Israeli war with Iran began on Feb.

The United Arab Emirates has told the U.S. and other Western allies it would participate in a multinational maritime taskforce to reopen the Strait of Hormuz, the Financial Times reported on Friday, citing people familiar with the matter.The UAE is trying to push dozens of countries to create a “Hormuz Security Force” to defend the strait from Iranian attacks and escort shipping, the report added.The UAE has faced more Iranian attacks than any other country in the region, including Israel.Several U.S.

CIMAC Working Group 17 (Gas Engines) has just released a new guideline that provides a comprehensive overview of how alternative fuels such as hydrogen, ammonia, methanol, and ethanol can be used in modern stationary and marine gas engines.Under the safety concepts chapter, it states: “New fuels need new skills, so personnel need to be trained to handle the new fuels.”The report includes a summary of potential risks to humans.Anhydrous ammonia is a hygroscopic compound, meaning it actively seeks water from the nearest source, including the human body.