Oil prices rose to their highest in almost six weeks on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the U.S. and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.Brent crude futures were up $2.23, or 2.45%, at $93.
Iran's Islamic Revolutionary Guard Corps has threatened to close "all other export corridors that benefit the U.S. and its allies", Iranian media reported, after Iran shut the Strait of Hormuz and the U.S. reimposed a naval blockade of Iranian ports."Regional energy exports are either shared by all, or denied to all
Since the Iranian Revolution and overthrow of Shah Mohammad Reza Pahlavi in 1979, the Strait of Hormuz has been a geographic constant as a choke point for which closure has been threatened from time to time but never truly closed. The longstanding assumption of the continued openness of the strait collapsed on February 28, 2026.
CMA CGM delivered a resilient first quarter, but the numbers underscore the increasingly complex environment facing the global container shipping and logistics giant.The Marseille-based group reported first-quarter revenue of $13.23 billion, essentially flat year-over-year, while EBITDA fell 31.6% to $2.11 billion and net income dropped sharply to $250 million, down from $1.
When Saudi Aramco told its oil buyers in a letter this week that it had no clear idea which port it would use for April exports, it laid bare a new reality: Iran, not the United States, holds the key to reopening the global energy market.The letter, sent to Saudi oil buyers around the world, said they might receive oil from the Red Sea, but they might still get it from the Gulf.
The diplomatic route in Iran is now exhausted, as last night the United States and Israel attacked Iran, sharply escalating security risks for commercial shipping in the Persian Gulf and adjacent waters, prompting immediate operational and insurance repercussions across the global maritime sector.
Major carrier CMA CGM has announced its INDAMEX service will transit Suez Canal on fronthaul and backhaul voyages between India/Pakistan and US East Coast in a notable step towards a largescale return of container ships to the Red Sea region.The first vessel to complete a full service loop via Suez Canal will be CMA CGM Verdi, sailing from Karachi to New York on 15 January.
German container shipping firm Hapag-Lloyd on Thursday posted a 50% drop in nine-month net profit to 846 million euros ($986.6 million) and lowered the top end of its full-year earnings outlook, citing market volatility and rising costs.The company narrowed its full-year earnings before interest and taxes (EBIT) forecast to between 0.5 billion and 1.
St. Catharines, Ontario–based Algoma Central Corporation (TSX: ALC) reported a solid third quarter for 2025, marked by fleet milestones, steady revenue growth across segments, and ongoing investment in next-generation vessels.For the quarter ended September 30, Algoma posted revenue of C$228 million, up from C$205 million a year earlier, and EBITDA of C$89.7 million, a 19% increase year-over-year.
The LPG-laden tanker MV Falcon was on fire and adrift on Saturday off the coast of Yemen, after it reported an explosion that forced members of its crew to abandon the vessel, the European Union's naval force Aspides said in a statement.The cause of the explosion was unclear but most likely an accident, according to initial indications, Aspides said.
The Dutch-flagged cargo ship Minervagracht was ablaze and adrift in the Gulf of Aden on Tuesday, a day after being hit by an explosive device, its operator and the EU maritime mission Aspides said.Yemen's Houthi militants claimed responsibility on Wednesday for the attack, saying it was carried out by a cruise missile.
Yemen's Houthis said on Monday they launched a missile towards the Israeli-owned tanker Scarlet Ray near Saudi Arabia's Red Sea port city of Yanbu in a rare attack off the Saudi coast.The Liberia-flagged vessel's Singapore-based manager, Eastern Pacific Shipping, owned by Israeli magnate Idan Ofer, said the chemical tanker was undamaged and under the command of its captain.