UAE’s exit rattles OPEC’s grip on the oil market
UAE’s exit rattles OPEC’s grip on the oil market
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Oil & Companies News
01/05/2026
The UAE’s exit from OPEC is momentous, and undoubtedly the biggest schism in the organisation since it was founded in 1960. The UAE, a member since 1967, has risen by developing its vast resources to become OPEC’s second-largest producer by liquids capacity today. Our Macro Oils and Upstream experts, Alan Gelder, Douglas Thyne, Hazel Seftor, Alexandre Araman and Dalia Salem analyse why it’s happened and the implications for the oil market.
Political tensions have been ramping up for many years
Underlying the decision to leave OPEC are political tensions between Saudi Arabia and the UAE that have been steadily building in recent years.
World’s largest car carrier delivered in China, boosting global auto transport capacity
World’s largest car carrier delivered in China, boosting global auto transport capacity
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Shipbuilding News
01/05/2026
A car carrier with a maximum capacity of 10,800 car equivalent units, described as the world’s largest of its kind, was delivered Tuesday in the southern Chinese city of Guangzhou.
The vessel, named Glovis Leader, was built by Guangzhou Shipyard International Company Limited under the China State Shipbuilding Corporation (CSSC), together with China Shipbuilding Trading Co., Ltd. It was delivered to HMM, a leading shipping company in the Republic of Korea (ROK). After delivery, the vessel will be operated by Hyundai Glovis Co., Ltd., a logistics company also based in the ROK.
Lee Kyoo-bok, CEO of Hyundai Glovis, said at the delivery ceremony that the new-generation ultra-large vessel is more than an ordinary means of transport.
Danish shipowners flag concern over Middle East crisis
Danish shipowners flag concern over Middle East crisis
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International Shipping News
01/05/2026
Chief executives of major Danish shipping companies have expressed concerns over inflated costs of shipping due to the ongoing geopolitical turmoil in the Middle East.
The US-Israel conflict with Iran that began earlier this year has caused substantial disruption to the global maritime industry, as well as energy flows through major shipping conduits like the Strait of Hormuz in the Persian Gulf.
The escalation into a full-scale conflict has prompted shipping companies to expect market conditions to worsen over the course of the year, according to market analysts.
In a survey conducted by Danish Shipping, majority member companies assessed that overall market conditions in the shipping industry will deteriorate over the next 12 months.
“Market conditions in the shipping industry are more challenging today than they were 12 months ago. The outlook ahead is also worrying,” Danish Shipping sai
World Container Index Keeps Trending Lower
World Container Index Keeps Trending Lower
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International Shipping News
01/05/2026
The Drewry World Container Index (WCI) declined for the third consecutive week, easing 1% to $2,216 per 40ft container, due to softer rates on Asia–Europe, Transpacific and Transatlantic trade routes. Despite elevated fuel costs and ongoing geopolitical risks, rates remain under sustained downward pressure due to excess capacity and low demand.
Spot rates on the Asia–Europe trade route continued to soften this week, reflecting the ongoing supply–demand imbalance. Rates from Shanghai to Genoa and Rotterdam fell 1% to $3,039 and $2,127 per 40ft container, respectively.
BIMCO publishes time charter party targeting the emerging CO2 trade
BIMCO publishes time charter party targeting the emerging CO2 trade
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International Shipping News
01/05/2026
BIMCO’s Documentary Committee has adopted a new time charter party which has been developed specifically for the maritime transport of liquefied carbon dioxide (LCO₂). The form, CO2TIME 2026, responds to the rapid development of carbon capture, utilisation and storage (CCUS) projects and the need for a standardised contractual framework for maritime transport.
CO2TIME 2026 is the first time charter party designed specifically for the carriage of liquefied CO₂. While firmly focused on the emerging CO₂ trade, the form has been drafted with sufficient flexibility to allow its use for other liquefied gases, such as LPG.
“CO₂ transport is a developing trade with a unique risk profile but at the same time, it is closely connected to already established gas shipping practices.
02/2026 EU Sanctions: 20th Sanctions Package Against Russia
02/2026 EU Sanctions: 20th Sanctions Package Against Russia
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Marine Insurance P&I Club News
01/05/2026
On 23 April 2026, the Council of the European Union adopted its 20th package of restrictive measures against Russia, amending Regulation (EU) 833/2014 and Regulation (EU) 269/2014. These measures were implemented in Council Regulation (EU) 2026/506, Council Implementing Regulation (EU) 2026/509, and Council Regulation (EU) 2026/511 and published in the Official Journal of the EU.
The package comprises 120 individual and entity listings, the largest number in a single package in two years, together with a range of sectoral, trade, financial and anti-circumvention measures.
This update summarises the key measures of particular relevance to shipping, marine insurance, and related maritime services.
Key takeaways for Members
Significant expansion of the shadow fleet regime, including 46 newly listed vessels and new tanker sale due-diligence obligations.
Ban on financial services includi
ONE Profit Plunges 92% as Geopolitics and Overcapacity Squeeze Earnings
An Ocean Network Express (ONE) containership at the Port of Oakland. Credit: Sheila Fitzgerald / Shutterstock.com
ONE Profit Plunges 92% as Geopolitics and Overcapacity Squeeze Earnings
Mike Schuler
Total Views: 0
April 30, 2026
Singapore-based liner giant
Ocean Network Express
reported a modest but resilient profit for fiscal year 2025, navigating weak cargo demand, rising capacity, and mounting geopolitical disruption across key trade lanes.
The company posted full-year revenue of $16.6 billion and net profit of $338 million for the period ending March 2026, down 14% and 92% compared to the previous year, respectively. Fourth-quarter revenue reached $4.04 billion, with profit of $55 million, a 82% drop yoy, as rates showed a late recovery despite sluggish cargo volumes.
CEO Jeremy Nixon credited disciplined cost control and operational efficiency for keeping the carrier in the black amid what he described as a “complex and volatile global environment.”
“Despite heightened volatility
Trump Vows to Maintain Pressure on Iran Through Naval Blockade
AH-64 Apache helicopters fly over the Strait of Hormuz, April 17, 2026, with multiple commercial vessels visible below, as U.S. Army crews maintain a persistent aerial presence to support freedom of navigation and monitor maritime traffic in the strategic waterway. Central Command Photo
Trump Vows to Maintain Pressure on Iran Through Naval Blockade
Bloomberg
Total Views: 0
May 1, 2026
By Patrick Sykes and Eltaf Najafizada
May 1, 2026 (Bloomberg) –US President Donald Trump vowed to maintain a naval blockade on Iran and was briefed by commanders on further military options, according to a report, underscoring the fragility of the ceasefire between the warring countries.
Trump reiterated that the blockade of Iranian ports is depriving the Islamic Republic of much-needed oil revenue, claiming the pressure would force Tehran back to the negotiating table.
“Good luck blockading a country with those borders,” Iran’s speaker of parliament, Mohammad Bagher Ghalibaf, said on X, referring to his
Piracy Resurfaces Off Somalia as Hormuz Crisis Stretches Naval Security
The Iranian-flagged dhow ALWASEEMI, pictured by EUNAVFOR Operation Atalanta
Piracy Resurfaces Off Somalia as Hormuz Crisis Stretches Naval Security
Mike Schuler
Total Views: 0
May 1, 2026
Piracy concerns are escalating rapidly off the Horn of Africa after two vessels were hijacked last week and multiple new approaches were reported across the western Indian Ocean, prompting security officials to raise the regional threat level.
In its latest assessment, the Joint Maritime Information Center said the Somali Coast and Somali Basin now face a credible piracy threat, citing confirmed boardings and a series of suspicious approaches in recent days.
“There are multiple indications of a credible piracy threat in the region,” the advisory said, urging mariners to maintain a vigilant watch and report suspicious activity to United Kingdom Maritime Trade Operations and MSCIO.
The warning follows a sharp escalation last week when pirates seized two commercial vessels within hours of each other off
Transpacific Defies Downtrend as Container Spot Rates Climb on War-Driven Demand
Photo: By Alex Kolokythas Photography / Shutterstock
Transpacific Defies Downtrend as Container Spot Rates Climb on War-Driven Demand
The Loadstar
Total Views: 4
May 1, 2026
By Gavin van Marle (The Loadstar) –
Container spot freight
rates on the transpacific trade into the North America west coast managed to defy gravity and edge up this week, while most other east-west trades witnessed a third consecutive week of declines.
This week’s World Container Index (WCI) from Drewry showed its Shanghai-Los Angeles leg increasing 2% on the previous week, to end at $2,930 per 40ft, and meant it was now up 34% on the spot rate immediately prior to the outbreak of the
Iran conflict
.
Other indices show similar movements – The Freightos Terminal showed a Far East-US west coast rate reading of $2,675 per 40ft, with head analyst Judah Levine noting it was 45% up on the pre-war rate.
One forwarder, at the end of the TPM event in Long Beach at the end of March, which took place as the US and Israel lau