Asia News

Two Indian-flagged liquefied petroleum gas (LPG) tankers on Monday sailed through the Strait of Hormuz although overall traffic through the critical waterway remained blocked, according to data and sources.The Pine Gas tanker sailed through the Strait with the Jag Vasant following close by, shiptracking data on the MarineTraffic platform showed.The Pine Gas tanker broadcast a message of "India ship and crew", according to separate LSEG ship tracking data.Hundreds of ships remain stuck inside the Gulf with thousands of seafarers stranded due to the U.S.-Israel war with Iran.(Reuters - Reporting

The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil "if necessary" due to the Iran war, Executive Director Fatih Birol said on Monday."If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries," Birol told the National Press Club in Canberra, at the start of a world tour.IEA member nations agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices.

U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile.Trump’s wager has only partly paid off. U.S. oil prices have risen less sharply than those elsewhere since U.S.-Israeli air strikes against Iran on February 28 ignited a regional war that rapidly engulfed the Middle East’s energy infrastructure…

The International Energy Agency on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles to combat a spike in global crude prices since the start of the U.S.-Israeli war with Iran, with the U.S. contributing the bulk of the supply.The IEA said all 32 member countries backed the move, the sixth coordinated stockpile release since the agency's creation in the 1970s. The United States will take a lead role by contributing 172 million barrels, according to U.S.

G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.The IEA said it was convening an extraordinary meeting of its member states on Tuesday.Members would "assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," IEA Executive Director Fatih Birol said."We have asked the IEA to elaborate scenarios for a potential oil stock release…

The economic risks of the world’s heavy dependence on oil and gas have been laid bare twice in four years - first with Russia’s invasion of Ukraine and now with the U.S.-Israeli war on Iran - undermining U.S. President Donald Trump’s flagship push to double down on fossil fuels.The dramatic supply disruptions and price spikes unleashed by the latest Middle East conflict are likely to harden the resolve of many governments to accelerate the drive for greater energy self‑sufficiency…

Oil prices plummeted 7% on Tuesday after soaring to a more than three-year high in the previous session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to oil supplies.Brent futures LCOc1 fell $6.79, or 6.9%, to $92.17 a barrel at 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was down $6.55, or 6.9%, to $88.22 a barrel. Both contracts fell as much as 11% earlier before paring some losses.Oil surged past $100 a barrel on Monday to the highest since mid-2022…

The Hong Kong Shipowners Association (HKSOA) welcomes the national plan and the central government work report delivered at the opening session of the National People’s Congress, which underlined, once again, the importance of consolidating Hong Kong’s status as an international financial, shipping and trade centre.Hong Kong’s economic success has its origins in shipping and trade which as promoted Hong Kong’s growth as a global financial hub and a “super-connector” between the East and the West.

Mitsui O.S.K. Lines (MOL) has agreed to jointly own two commissioning service operation vessels (CSOVs) with Cyprus-based shipping company Schoeller Holdings, marking the Japanese company’s first entry into the European offshore wind support vessel market.The vessels are scheduled for delivery in 2027. MOL has also decided to invest in Germany-based offshore vessel developer and operator Deutsche Offshore Schifffahrt (DOS), which will operate the ships.The move expands MOL’s offshore wind vessel business beyond Asia…

Governments scrambled to limit the impact on economies and consumers from the widening Iran war, which fuelled a record surge in oil prices on Monday after key producers cut output and Tehran signalled that hardliners would remain in charge.In a sign of mounting governmental concern over supply disruptions, the Group of Seven finance ministers will discuss the possibility of a joint release of emergency oil reserves in a meeting on Monday, a French government source said.In South Korea…

Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators told Reuters they are curtailing run rates to roll over some of their feedstock into next month…

Deutsche Offshore Schifffahrt (DO) has started construction of a new fleet of construction commissioning service operation vessels (C-CSOVs), with the first steel cut for the lead vessel DO Joule at CSSC Huangpu Wenchong Shipyard in Guangzhou, China.The vessel is the first in a series of four ships ordered by Schoeller Holdings, with all vessels to be built to identical specifications.Columbia Shipmanagement will provide technical management of the vessels, while DO will act as developer…

Strategic Marine has delivered the first two Supa Swath crew transfer vessels (CTVs) to Mainprize Offshore, marking the initial handover under a multi-vessel contract signed at in June 2024.The deliveries represent the first two vessels in a program covering six Supa Swath vessels, with options for a further six units. The contract supports Mainprize Offshore’s fleet expansion for offshore renewables operations across Europe.The program follows an earlier collaboration in 2024…

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, procurement, construction and installation (EPCI) of approximately 20 kilometers of flexibles…

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, has ground to a near halt after vessels in the area were hit as Iran retaliated against U.S. and…

India began rationing natural gas on Tuesday while countries around Asia looked to the spot market to replace supplies, activated emergency plans and prepared to step up production, as the conflict in the Middle East curtailed shipping and halted Qatari output.Government officials and company executives in Japan, Taiwan, Bangladesh and Pakistan said they did not expect an immediate impact as some cargoes due this month had already arrived, but they would diversify their import…

Ship refuelling at Fujairah, a major bunkering center in the United Arab Emirates, has slowed after the U.S.-Iran conflict disrupted fuel shipments in the region, spurring a jump in prices and potentially shifting demand to other ports including Singapore.Transit through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near-halt after some vessels in the area were hit.Bunkering continues at the port…

China is the world's largest energy importer and would therefore appear vulnerable to the surge in crude oil and natural gas prices from the conflict between Israel and the United States against Iran.But the opposite is most likely the case, with China's vast stockpile of crude a cushion against price spikes, meaning that any energy-led inflation in the rest of the world will not hit China.It is also possible that China's refiners could reap windfall profits in the event of a prolonged disruption to crude supplies from the Middle East, by ramping up exports of refined products.If Asia's export

Oil surged 9% on Monday after retaliatory Iranian attacks disrupted shipping in the crucial Strait of Hormuz following the weekend's bombing by Israel and the United States that killed Iranian Supreme Leader Ali Khamenei.A sustained jump in prices would threaten a global economic recovery, spur inflation and could push up U.S. retail gasoline prices, a risky result for President Donald Trump ahead of midterm elections this November.The price surge on the restart of trading after the weekend…

Singapore-based Seatrium has delivered a next-generation wind turbine installation vessel (WTIV) to Maersk Offshore Wind, following the completion of sea trials and final readiness evaluations.The custom-engineered vessel is designed to install 15+ MW-class offshore wind turbines and is equipped with a 1,900-tonne main crane featuring a 180-metre hook height.The construction program included heavy-lift operations, full system integration and validation by international classification…

Malaysia-based offshore support vessel (OSV) builder Nam Cheong has secured shipbuilding contracts worth $64.5 million from a UAE-based global energy maritime logistics company for the construction of four offshore support vessels, marking its first newbuild contract win in over a decade.The order comprises two dive support vessels (DSVs) and two 60-meter remote operated landing crafts (ROLC), with deliveries scheduled between the second half of 2027 and early 2028. All four vessels will be constructed at Nam Cheong’s Miri Yard in Sarawak…

Seatrium has put in motion a series of non-core asset divestments set to complete by early 2026, targeting over $40 million (S$50 million) in annualized operational cost savings.The Singapore-based offshore and marine group said the savings will follow recent divestments of the AmFELS yard in Texas and the GNL Platform Supply Vessels disclosed in 2025, alongside additional transactions earlier.The company said the divestments form part of its strategy to rationalize non-core assets…

GustoMSC, through its parent company NOV, has secured contracts for the design and supply of critical equipment for Hanwha Ocean’s new wind turbine installation vessel (WTIV), based on the GustoMSC NG-16000X design, with delivery scheduled for the second quarter of 2028.The vessel will be the fourth based on the NG-16000X platform, following an initial U.S.-built unit and two vessels for Cadeler currently under construction at Hanwha Ocean.Designed to support Korea’s offshore wind ambitions…