NYK Advances Design of Subsea Cable-Laying Vessel
Japanese shipping major NYK Line has completed the basic design of a new long-distance subsea cable-laying vessel intended to support the development of Japan’s future high-voltage direct current (HVDC) transmission network, marking a key milestone in a national effort to strengthen offshore renewable energy infrastructure.The vessel’s design recently received General Design Approval (GDA) from classification society ClassNK…
Strait of Hormuz Disruptions Impact Bulk Carriers
"The attacks on Iran by the US and Israel have caused disruptions for ships transiting the Strait of Hormuz. Although this passage is less critical for the dry bulk sector than for the tanker market, the disruptions still impact around 4% of dry bulk cargo volumes and tonne mile demand,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO.Disruptions in the region have already led to a decline in traffic, and at least five ships have been attacked.
Subsea7 Extends Engagement on Türkiye’s Sakarya Field with New Deal
Subsea7 has secured a large variation order by Turkish Petroleum Offshore Technology Center AS (TP-OTC) relating to the Sakarya field development in the Black Sea, offshore Türkiye.The award represents an extension to the contract announced by Subsea7 in August 2025 for the third phase of Sakarya and will connect the recently discovered Goktepe field to the Phase 3 floating production unit.The scope of work comprises engineering…
Euro Zone Bonds Stabilize as US Weighs Insurance for Gulf Shipping
Euro zone government bonds edged higher on Wednesday as investors paused after a sharp selloff earlier this week driven by fears the Middle East war would fuel inflation.President Donald Trump had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf."A U.S. insurance for ships passing through the Strait of Hormuz could be a game changer…
COSCO Shipping Halts New Bookings for Middle East Routes
Chinese shipping and logistics conglomerate COSCO Shipping's container liner unit said on Wednesday it had suspended all new bookings for routes to and from ports in the Middle East region, including those in the United Arab Emirates and Saudi Arabia.The move was due to escalating conflict in the region and traffic restrictions in the Strait of Hormuz, COSCO Shipping Lines said in a statement.Bookings for routes to and from Bahrain, Iraq and Kuwait have also been suspended, it added.The company
Dozens Dead After US Submarine Attack on Iranian Warship off Sri Lanka
A U.S. submarine sank an Iranian warship off the southern coast of Sri Lanka, killing dozens of sailors and dramatically widening Washington's pursuit of the Iranian navy.Sri Lanka's deputy foreign minister identified the warship as the frigate IRIS Dena, and said it was heading back to Iran from an eastern Indian port.The attack happened hundreds of miles across the Indian Ocean from the Gulf, where U.S.
Oil Prices Go Up 3% as Iran Crisis Disrupts Supply
Oil prices rose 3% on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz.Brent LCOc1 rose $2.67, or 3.3%, to $84.07 a barrel by 0659 GMT, after closing on Tuesday at its highest since January 2025.U.S. West Texas Intermediate crude CLc1 rose $2.24, or 3%, to $76.8, after settling at its highest since June.
Fujairah Bunkering Hit by Fire, Demand Shifts to Other Hubs
Ship refuelling at Fujairah, a major bunkering hub in the United Arab Emirates, has slowed after a fire, market sources told Reuters, while demand at other refuelling hubs, including Singapore, is set to rise.Some bunker deliveries and loadings were on hold for now as suppliers, traders and shippers await more clarity on the situation, while others said that bunkering is still possible.The fire was caused by debris after the interception of a drone by air defenses…
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