Global Grain Shipments Fall as Black Sea Attacks Escalate
Over the last five weeks (week 29-33) global grain shipments have fallen 8% y/y, fuelled by a 26% y/y drop in grain exports from the Black Sea as Russian and Ukrainian attacks on ships and port infrastructure have intensified.“A recent proposal by Ukraine to halt attacks on shipping in the Black Sea has been rejected by Russia, reducing hopes for a near-term recovery in exports. In addition, weaker maize shipments from Brazil due to delayed harvest have weighed on global grain volumes…
Ukraine Attacks Naval Base, Grain Terminals at Novorossiysk
A major Ukrainian attack on Russia's Black Sea port city of Novorossiysk hit warships at a naval base and forced two major grain terminals to halt operations on Wednesday, according to Russian and Ukrainian officials as well as grain industry sources.The Ukrainian attacks killed at least two people, including an 8-year-old child, regional Governor Veniamin Kondratyev said.Describing the attack as having "strategic significance", Ukraine's SBU security service said Kyiv's forces hit the Novorossiysk naval base with drones and missiles.
Black Sea Attacks Strain Global Commodity Flows
A surge in attacks on ships, ports and export terminals in the Black Sea is disrupting global supplies of grain and oil, turning the region into the latest strategic trade chokepoint to be hit by escalating conflict.The Black Sea is a vital route for shipments of grain, crude oil and refined products. Its waters are shared by Russia and Ukraine as well as Bulgaria, Georgia, Romania and Turkey.Russia, the world's largest wheat exporter, and Ukraine, also a major agricultural exporter…
Dirty Tanker Vessel Loadings Drop 62%
"During the last two weeks of July, dirty tanker loadings from Russian Black Sea and Sea of Azov ports fell 62% compared to the previous four weeks’ average. Exports averaged 0.98 million barrels per day (mbpd) compared to 2.59 mbpd in the previous four weeks,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.On July 6, 2026, Ukraine launched Operation MoLoChKa, a large-scale maritime drone campaign initially focused on Russia-linked shipping in the Sea of Azov. According to Ukraine…
August Freight Rates for Russian Urals Rise Alongside Security Risks
Freight rates for Russia's flagship Urals crude shipments from western ports to India have jumped by about 50% since mid-July as rising global shipping costs and security risks in the Black Sea deter shipowners from calling at Russian ports, traders said.Russia is set to increase oil exports from its western ports in August amid firm demand in Asia, but a shortage of tonnage may put a cap on its plans, they added.Ukraine stepped up attacks on tankers in the Black Sea in July, damaging several vessels and forcing the suspension of loadings at Novorossiysk and the Caspian Pipeline Consortium ter
Oil Climbs as US Resumes Military Strikes on Iran
Oil prices rose for a second day on Thursday as renewed attacks between the United States and Iran disrupted oil flows through key shipping routes.Brent futures LCOc1 rose $1.06, or 1.17%, to $91.80 a barrel as of 0812 GMT after touching a low of $89.02 in the session.U.S. West Texas Intermediate (WTI) crude CLc1 gained 39 cents, or 0.46%, to $84.85 a barrel after hitting a session low of $83.21.Geopolitical tensions continued to simmer after the U.S. military said it had hit dozens of Islamic Revolutionary Guard Corps targets in Iran…
Iran Vows Response to Ukrainian Attack on Commercial Vessel
Iranian Foreign Minister Abbas Araqchi said on Sunday a Ukrainian attack on an Iranian commercial vessel "cannot go unanswered".Iran said the attack in the Caspian Sea resulted in an explosion that killed one sailor and injured another.Araqchi made the comments in calls with EU foreign policy chief Kaja Kallas and Russian Foreign Minister Sergei Lavrov, Araqchi posted on X.Lavrov, in a statement posted on the Russian Foreign Ministry's website, offered condolences in connection with the death of a sailor in the attack.Lavrov said Araqchi thanked local authorities in the Russian region of Astra
US Missiles Strike Across Iran After Houthis Announce Naval Blockade
U.S. missiles struck targets across Iran, reaching as far as its Caspian coast, on Friday after President Donald Trump vowed "major military punishment" for Tehran and its Houthi allies in Yemen for extending the Middle East war to a second major shipping chokepoint, the mouth of the Red Sea.Two weeks after the collapse of an interim truce meant to end the war, the Iranian armed forces responded by firing at U.S. bases in neighbouring Arab countries and warning people there that they may strike non-military buildings used by U.S.
Two Oil Tankers Attached by Drones Near Black Sea CPC Terminal
Drones have attacked another two oil tankers approaching the Caspian Pipeline Consortium's terminal on Russia's shores of the Black Sea, further clouding prospects for oil exports from Kazakhstan, which uses the outlet, three industry sources said on Thursday.The closure of the terminal, which accounts for more than 80% of Kazakhstan's oil exports, earlier this week over safety concerns forced the country to cut its oil production, authorities said.The sources said the HERA and ALATAU tankers should have received oil from the CPC.
Oil Tanker Attacked by Drone in the Black Sea
An oil tanker chartered for loading oil at the Caspian Pipeline Consortium terminal off Russia's Black Sea coast was attacked and damaged by two drones on Friday, CPC said.Sources told Reuters the vessel, the Suezmax-class Nordic Zenith, had been chartered by ExxonMobil.CPC did not identify any party as responsible for the incident. The past week has seen a sharp escalation in attacks by both Russia and Ukraine on shipping in the Black and Azov seas, marking a new phase in a war…
Chevron Oil Tanker Hit by Drone in Russia-Ukraine Conflict
Chevron-chartered oil tanker Yasa Polaris, used for Caspian Pipeline Consortium shipments, was hit by a drone off Russia's Black Sea coast, the vessel's managing company said on Wednesday, as Kyiv steps up attacks on Russian energy targets.Ukrainian drones have attacked a dozen tankers from Russia's "shadow fleet" that were delivering fuel to Russian-annexed Crimea in recent days, according to the Ukrainian military.There was no official comment from Ukrainian authorities about the incident involving the Chevron-chartered tanker.Yasa Tanker…
Azerbaijan Looks to Legal Framework to Monitor Shrinking Caspian Sea
A legal framework could be drawn up this year on regional cooperation to monitor and seek to adapt to falling water levels in the Caspian Sea, which is shrinking at an accelerated pace, a senior Azerbaijani water official told Reuters.The level of the Caspian, the world's largest inland body of water, has fallen by about a metre (yard) over the last five years, 1.5 metres in the last decade and 2.5 metres over the last 30 years, said Aliagha Azizov, deputy head of the State Control…
Markets: Oil Majors Reload Exploration Hoppers Across Sub-Saharan Africa
Faced with declining production post-2030, across Sub-Saharan Africa (SSA), the Majors have started the process of reloading exploration hoppers. Targeting predominantly deep and ultra-deep waters, they have signed numerous agreements aimed at unlocking acreage and discovering the next Namibia or Guyana. But while there have been agreements for acreage that were offered as part of traditional licensing rounds – such as the award to TotalEnergies of PPLs 2000 and 2001 in Nigeria in September 2025 – there has been an increasing trend to sign Memorandums of Understanding (MoU)…
COC Boosts Offshore Capabilities with Newbuild AHTS Vessel
Caspian Offshore Construction (COC) has acquired an anchor handling tug supply (AHTS) vessel from Sinopacific Engineering & Contracting (SPEC), marking the first vessel in the SPA90 series to join the Kazakh offshore marine service provider's fleet.The shipbuilding contract was signed on April 30, 2026, at Siying Shipyard, where the vessel is under construction. A launching ceremony for the vessel was held on May 20.Named Caspian Yili, the vessel is the first of its kind in COC's fleet and will be the company's largest vessel to date.
Japan Secures Second Oil Tanker Passage Through Strait of Hormuz
A Panama-flagged crude oil tanker managed by Japanese refining group Eneos has passed through the Strait of Hormuz, ship-tracking data from LSEG showed on Thursday, the second instance of such a Japan-linked oil ship making it through.Prime Minister Sanae Takaichi has directly contacted Iranian President Masoud Pezeshkian to allow for the transit of the ship, which has four Japanese crew members onboard, she said in a post on X.Before the U.S.-Israeli war on Iran largely disrupted oil supplies via the Strait of Hormuz…
Oil Prices Fall 3% As Ship Passes Through Hormuz, US-Iran Ceasefire Holds
Oil prices fell about 3% on Tuesday with at least one vessel passing through the Strait of Hormuz after the United States said the ceasefire with Iran remained in place despite exchanges of fire between the U.S. and Iran following a U.S. effort to reopen the strait for oil tankers and other ships.Brent futures fell $3.43, or 3.0%, to $111.01 a barrel at 10:29 a.m. EDT (1429 GMT), while U.S. West Texas Intermediate (WTI) crude fell $4.55, or 4.3%, to $101.87. Earlier in the session…
CPC Oil Exports via Black Sea Stable After Attack Reports
Kazakhstan's energy ministry said on Tuesday that oil shipments via the Caspian Pipeline Consortium were stable after Russia's military accused Ukraine of damaging loading facilities belonging to the group in the Black Sea.Russia's Defence Ministry said on Monday that Ukraine had attacked facilities at the maritime transhipment complex in the port of Novorossiysk overnight, damaging a mooring point for the CPC and igniting fires at four oil product reservoirs."The work of our oil sector is stable and CPC exports continue to be stable…
Ukrainian Drones Attack Caspian Pipeline Consortium's Black Sea Terminal
Russia on Monday said that Ukrainian drones attacked the Caspian Pipeline Consortium's Black Sea terminal, which handles 1.5% of global oil supply, damaging the single point mooring (SPM), loading infrastructure and four vast storage tanks.Separately, the Ukrainian military said it had struck oil loading facilities at the nearby Sheskharis oil terminal in Novorossiysk.The strikes could be among the most significant on Russia's Black Sea export facilities during the more than four-year-old war with Ukraine…
carried Ukrainian and Russian oil before attack
The Druzhba pipeline exported some Ukrainian oil, as well as much higher volumes of Russian crude, before it was damaged a month ago by a Russian strike that has led to a halt in supply, three industry sources familiar with the matter said.Oil shipments to Hungary and Slovakia through the pipeline primarily operated by Russia have been suspended since January 27 following what Kyiv says was a Russian attack on pumping installations in western Ukraine, prompting a dispute within…
Commercial Ships Anchor Outside Iranian Ports as US Tensions Rise
Dozens of commercial ships have dropped anchor at a distance outside Iran's port limits in recent days, according to data and shipping sources, as tensions with the United States grow.Such movements were precautionary given the tensions amid ongoing protests in Iran, the shipping sources said. Port limits are significant because they run a higher risk of collateral damage in the event of air strikes on nearby infrastructure.The U.S. is withdrawing some personnel from bases in the Middle East, a U.S.
Russian Oil Exports Curtailed By Drone Attacks, Weather
Russia has been unable to capitalize on this week's surge in global crude prices, as days of Ukrainian drone attacks and harsh winter storms have sharply curtailed its capacity to export oil, industry sources said.Russia's Sheskharis oil terminal in Novorossiysk port suspended oil loadings on Monday after a Ukrainian drone attack left a fuel terminal ablaze and damaged dozens of buildings, Russian and Ukrainian officials and three trade sources said.Crude oil benchmarks rose about 8% on Tuesday…
Caspian Sea Jackup Market: Locked-In Supply Shapes Utilization and Dayrates
Unlike larger jackup regions where scale provides greater flexibility, relatively minor changes in supply can have an outsized impact. The availability, reactivation, or retirement of a single rig can materially shift utilisation levels, dayrate negotiations, and contracting dynamics, often with limited visibility.There are currently five jackups drilling in the region, operating across Turkmenistan, Azerbaijan, and Iran. Several of these units are contracted into 2026 and beyond, which is meaningful in a market of this size.© EsgianDespite this coverage, active supply remains constrained.
Experts Discuss Maritime Security Risks
This week’s maritime security report from Palaemon Maritime starts by saying: “Hello Shipmate, this week saw a sharp escalation in maritime security incidents across Europe, the Americas and Southeast Asia.”Key developments include:• Ballistic missile attack on Chornomorsk Port, Ukraine, causing container damage and an oil spill• Greek-managed oil tankers hit by drone strikes near the CPC terminal off Novorossiysk• A Panama-flagged vessel struck by a Russian UAV, injuring one crew member• A cargo vessel sunk in the Caspian Sea, all 14 crew rescued• Americas – U.S.
