No Full Hormuz Flows Until First Half of 2027, UAE’s Oil Giant Says
FILE PHOTO: People walk past a logo of Abu Dhabi National Oil Company (ADNOC) during the annual energy industry event Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, November 3, 2025. REUTERS/Amr Alfiky/File Photo
No Full Hormuz Flows Until First Half of 2027, UAE’s Oil Giant Says
Reuters
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May 21, 2026
DUBAI, May 21 (Reuters) – Full oil flows through the Strait of Hormuz will not return before the first or second quarter of 2027, even if the Middle East conflict ended now, the head of the United Arab Emirates’ state oil firm ADNOC said.
The outlook is among the most pessimistic by top industry executives and underscores the prolonged economic impact of the
Iran war
which has triggered what the International Energy Agency has called the largest ever energy crisis because of the near-closure of the strait.
Iran has established de facto control over the waterway, a chokepoint for about a fifth of the world’s oil supply
Saudi $1 Trillion Wealth Fund Weighs Creating a Logistics Giant
Credit: Emre Akkoyun/Shutterstock
Saudi $1 Trillion Wealth Fund Weighs Creating a Logistics Giant
Bloomberg
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May 21, 2026
By Omar El Chmouri and Dinesh Nair
May 21, 2026 (Bloomberg) –Saudi Arabia’s sovereign wealth fund is considering consolidating transport and supply-chain assets to create a logistics giant that can attract foreign investment and better serve the kingdom’s trade hubs amid the upheaval caused by the
Iran war
.
The Public Investment Fund has held early-stage talks on combining parts of its sprawling portfolio of ports, rail and shipping assets into a single entity, according to people familiar with the matter. The enlarged firm could potentially evolve into a vehicle for multibillion-dollar investments across the logistics industry, the people said, asking not to be identified because the discussions are confidential.
The PIF could also look to eventually bring international investors into the business, including through an initial public offering, one of
IMO condemns Iran’s Hormuz attacks, calls for safe-passage framework
IMO condemns Iran’s Hormuz attacks, calls for safe-passage framework
in
International Shipping News
21/05/2026
International Maritime Organization member states May 19 passed another resolution to condemn Iran’s attacks on merchant ships around the Strait of Hormuz following recent Iranian moves to formalize its control over the key energy chokepoint.
During the UN agency’s 111th Maritime Safety Committee session May 13-22, the UAE proposed the resolution to condemn Iran for “unlawful activities” to obstruct shipping activities at Hormuz, the Persian Gulf and the Gulf of Oman.
“[We] urged that all attacks on ships affecting innocent civilian seafarers be halted immediately,” the UAE’s resolution says, calling on IMO member states to secure adequate supplies for 200,000 seafarers on 1,500 ships stranded in Gulf waters.
Following US and Israeli airstrikes on Feb. 28, Iran has blocked traffic through the Strait of Hormuz while allowing passage for its own tankers and a small number of shi
United Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per Share
United Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per Share
in
Hellenic Shipping News
21/05/2026
United Maritime Corporation, announced its financial results for the first quarter ended March 31, 2026. The Company also declared a quarterly dividend of $0.10 per common share for the first quarter of 2026.
For the quarter ended March 31, 2026, the Company generated Net Revenues of $7.9 million, broadly in line with the same period of 2025. Net Loss and Adjusted Net Income for the quarter were $0.1 million and $0.2 million, respectively, improving significantly from Net Loss and Adjusted Net Loss of $4.5 million and $4.4 million, respectively in the first quarter of 2025.
First Woman to Lead Panama Canal Named as Waterway Faces Rising Global Pressure
Photo: Panama Canal Authority
First Woman to Lead Panama Canal Named as Waterway Faces Rising Global Pressure
Mike Schuler
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May 21, 2026
Panama President José Raúl Mulino announced Thursday that Ilya Espino de Marotta has been selected as the next administrator of the Panama Canal, making her the first woman to lead one of the world’s most strategically important shipping chokepoints.
Espino de Marotta will replace Ricaurte Vásquez, who has led the canal since 2020 through a period marked by historic drought disruptions, surging geopolitical trade tensions, and major shifts in global shipping patterns.
In a statement posted on X, Panama’s Minister for Canal Affairs José Ramón Icaza said the Board of Directors began planning the succession process last year with support from an internationally recognized consulting firm.
“The search for Panamanian professionals covered both the national and international spheres… and identified more than 100 outstanding profiles,” Icaza sa
Xeneta Weekly Ocean Container Shipping Market Update: Average Spot Rates Remain Elevated
Xeneta Weekly Ocean Container Shipping Market Update: Average Spot Rates Remain Elevated
in
International Shipping News
16/05/2026
The Xeneta Weekly Ocean Container Shipping Market Update provides data and intelligence including the latest freight rate and capacity movements across global trades with supporting insight from Peter Sand, Xeneta Chief Analyst.
Xeneta analyst insight
Peter Sand, Xeneta Chief Analyst:
Elevated Transpacific ocean freight rates plateau:
“Volatility in global ocean container supply chains means it is not often both shippers and carriers are ‘happy’ with the price they are buying and selling freight, but that is seemingly the case on Transpacific trades as average spot rates plateau at elevated levels amid ongoing conflict in the Middle East.
“Average spot rates from Far East to US West Coast remain up more than 50% compared to pre-conflict at the end of February, but have remained effectively flat over the past month.
“One factor behind the short term market p
Hidden cost of spiralling non-tariff measures
Hidden cost of spiralling non-tariff measures
in
International Shipping News
16/05/2026
W
hile the world’s attention is today fixed on the return of protectionist duties, a more surreptitious and costly shift is undermining the global trade landscape. According to the latest Global Trade Update from UN Trade and Development (UNCTAD), friction in modern trade is no longer found solely at customs desk but within complex and often opaque non-tariff measures (NTMs).
The update – Invisible Barriers: The Costs of Non-Tariff Measures, sees a new regime of “interventionism” replacing trade liberalisation. This has been driven by the lingering shocks of the COVID19 pandemic, the war in Ukraine, and the 2025 US tariff hikes.
Shipping Market Outlook: Q2 2026
Shipping Market Outlook: Q2 2026
in
International Shipping News
16/05/2026
T
he global shipping market is navigating Q2 2026 under the ongoing weight of an unprecedented geopolitical shock. The de facto closure of the Strait of Hormuz, now entering its third month, has fundamentally reshaped trade flows and earnings dynamics across all sectors. With no credible resolution in sight and the US military reported to be blocking vessels exiting the Strait, market uncertainty shows no signs of easing.
Tanker earnings reaching record levels in Q1 2026, with Aframax values hitting all-time highs in May.
Drewry: World Container Index Up 12% Last Week
Drewry: World Container Index Up 12% Last Week
in
International Shipping News
16/05/2026
For many years, World Container Index (WCI) has been the go-to, independent, global reference for index-linked contracts. If your organisation is considering index-linked contracts or requires regional visibility/coverage beyond the eight trade lanes provided below, contact our ocean freight cost benchmarking team.
Double-digit spot rate increases driven by early peak season and carrier surcharges.
Source: Drewry World Container Index, Drewry Supply Chain Advisors
Our detailed assessment for Thursday, 14 May 2026
The Drewry World Container Index (WCI) surged 12% to $2,553 per 40ft container, due to higher freight rates on Transpacific and Asia–Europe trade routes.
On the Transpacific trade route, rates surged this week due to the implementation of Emergency Fuel Surcharges (EFS) and Peak Season Surcharges (PSS) by carriers. Freight rates from Shanghai to New York increased 14% to $4,252 per 40ft co
Energy trade flows are rerouted as the Strait of Hormuz remains mostly closed
Energy trade flows are rerouted as the Strait of Hormuz remains mostly closed
in
International Shipping News
16/05/2026
No country has ever profited from protracted warfare,” the great Chinese military theorist known as Sun Tzu wrote around the 5th century BCE. It is a warning that may resonate in Washington today.
By today’s standards, the latest conflict in the Middle East has not been going on for a particularly long time. But it has already outlasted President Donald Trump’s suggestion in the early days of the campaign that it was intended to take four to five weeks.
The ceasefire that was agreed on 8 April has officially continued, although punctuated by sporadic attacks on shipping and land installations from both sides.