U.S. President Donald Trump's move allowing foreign-flagged cargo ships to move fuel and other goods between domestic ports has so far had little impact on American oil supply, according to trade data and analysts who noted that U.S. refiners and shippers are earning more profits sending fuel overseas.
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
Major US maritime organizations have issued statements voicing their concern over the Trump Administration’s decision to issue a sweeping 60-day waiver of the Jones Act.Under the Jones Act, goods shipped between U.S. ports must be carried on vessels that are U.S.-built, U.S.-flagged and mostly U.S.-owned. A coalition of U.S.
The Trump administration is considering waiving the century-old Jones Act for a limited period to ensure energy and agricultural shipments can move freely between U.S. ports, press secretary Karoline Leavitt said on Thursday, in a bid to combat Iran-related supply disruptions."In the interest of national defense
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel, the highest since July 2024
Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.Shipping through the Strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas
Great Lakes Dredge & Dock Corporation and Saltchuk Resources, Inc. announced a definitive agreement for Saltchuk to acquire Great Lakes at an aggregate equity value of approximately $1.2 billion and a total transaction value of $1.5 billion.Under the terms of the agreement, which has been unanimously approved by the Board of Directors of both companies
MPC Container Ships (MPCC) has entered into contracts with Taizhou Sanfu Ship Engineering in China for the construction of six 3,700 TEU container vessels scheduled for first delivery in second half of 2028.Each vessel will operate under a 10-year time charter, with extension options, to a top five liner company.
MPC Container Ships (MPCC) has entered into contracts with Jiangsu Hantong Ship Heavy Industry in China for the construction of four 4,500 TEU container vessels, scheduled for delivery starting first half of 2028.The contract price per vessel is $58 million and the agreement includes options for two additional vessels at the same price.
Despite significantly weaker freight rates, the average price for five-year-old container ships has increased 17% year-on-year and 6% since the beginning of 2025,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The average per TEU price of a basket of seven five-year-old container ships was $9,761/TEU in late August 2024.
While global energy markets are not yet pricing in worst-case scenarios for the Israel-Iran war, oil tanker rates are providing a good real-time gauge of the escalating risks.Geopolitical risk has spiked following Israel's surprise bombardment of the Islamic Republic last Friday and Iran's retaliatory ballistic missile strikes, leading to a rally in global energy prices
When tensions rise in the Middle East, it can be helpful to look at what is not happening as much as what is.In the crude oil market, this means focusing on the fact that so far not a single barrel of crude oil supply has been lost. It is in the interests of all involved parties that this remains the case.