Saudi Arabia and neighbouring Gulf producers will cheer the eventual reopening of the Strait of Hormuz, but the ensuing flood of oil risks eroding OPEC’s already fragile grip on the market.The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum
U.S. President Donald Trump said on Tuesday he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran."We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ...
Norwegian ship designer and builder VARD has secured on order from France’s Orange Marine for two additional cable laying and repair vessels of the VARD 9 03 design, to be built at Colombo Dockyard in Sri Lanka.The vessels will be based on the same design as CS Sophie Germain, delivered to Orange Marine in July 2023.
Crude prices may be back near levels seen before the Iran war, but the surge in oil exports from the Middle East following the reopening of the Strait of Hormuz is creating a chaotic market that could take months to settle.The steep slide in Brent crude LCOc1 back to pre-war levels of around $73 a barrel following the U.S.
Middle East oil producers face a reckoning. The Iran war exposed the dangers of relying on a single chokepoint for vital oil and gas exports, leaving Gulf governments with a clear strategic imperative: diversify – at all costs.An Iranian blockade of the Strait of Hormuz had long been viewed as a “Doomsday” event that would never happen.
The stop-start shipping traffic through the Strait of Hormuz underscores the profound uncertainty hanging over the world’s most critical oil and gas chokepoint. But one thing is already clear: even if the guns fall silent, flows through the narrow waterway will take months – and possibly years – to recover to pre-war levels.
The Iran war and the closure of the Strait of Hormuz have shattered a status quo that prevailed among Middle East oil and gas producers for decades. Even if the current, shaky ceasefire holds, the uneasy “new normal” has likely set the stage for yet another round of conflict.Tehran has now demonstrated both its ability and willingness to seal off the critical waterway and strike vital
The European Union may be forced to scale back its flagship climate policies and geopolitical aims as the Iran war drives up energy prices - with lasting consequences for the bloc's energy strategy.The energy crunch sparked by the conflict, now in its fourth week, has rattled Europe, which is heavily dependent on imported oil and gas.
Burger Boat Company announced the promotion of Ron Cleveringa to Senior Vice President - Product Portfolio Management, reporting to Rich Thompson, Chief Sales & Marketing Officer.In this newly defined role, Cleveringa will lead the development of Burger’s product development and design DNA across the company’s four business segments: custom yachts, commercial vessels, repair & refit
Voltron Future announced the launch of its CTV-26 RON, a high performance crew transfer vessel designed for the offshore wind sector. This project marks Voltron Future’s official entry into the maritime industry. Developed in consultation with wind farm operators and marine professionals, the vessel prioritizes efficiency, reliability and crew comfort.
Crowley Stena Marine Solutions, the joint venture between Crowley and Stena Bulk, has received approval from the U.S. Maritime Administration (MARAD) to operate the CS Anthem tanker under the Tanker Security Program.The CS Anthem, a U.S.-flagged, 49,990-metric-ton, medium-range tanker, is crewed and managed by Crowley under a bareboat charter through the joint venture.
The Surface Navy Association (SNA) announced the appointment of retired Vice Admiral Ron Boxall as its new President, succeeding retired Vice Admiral Rick Hunt, who has served in the role since 2019. Admiral Boxall will make his first official appearance as SNA President at the upcoming Waterfront West Symposium, taking place September 10–11, 2025, in San Diego.