Intenational shipping under threat from blockade
Intenational shipping under threat from blockade
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International Shipping News
17/04/2026
Disruptions in and around the Strait of Hormuz threaten to further slow international shipments after US-Iran talks failed and Washington imposed a blockade on traffic entering or leaving Iranian ports, shipping experts said.
The US military’s blockade of ships “entering or departing Iranian ports and coastal areas” in the Strait of Hormuz located between Iran and Oman took effect on Monday. The Strait links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond.
No vessels have made it past US naval forces during the first 48 hours of the blockade, according to US Central Command. Even so, US President Donald Trump said the war in Iran was “very close to over” in an interview that aired on Wednesday, The Associated Press reported.
The AP reported that the commander of Iran’s joint military command on Wednesday threatened to halt trade in the Gulf region if the US does
Hazardous cargo compensation regime moves to entry into force
Hazardous cargo compensation regime moves to entry into force
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International Shipping News
17/04/2026
Belgium, Germany, the Kingdom of Netherlands and Sweden deposit ratifications to 2010 HNS Convention.
Four States deposited their instruments of ratification of the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, 2010 (2010 HNS Convention), bringing the treaty’s entry into force a step closer.
The 2010 HNS Convention aims to ensure adequate, prompt, and effective compensation for those affected by incidents involving hazardous and noxious substances (HNS) carried on seagoing ships. This is particularly relevant given the increasing amounts of chemicals and alternative fuels being transported in bulk by sea.
There are now 12 Contracting States* to the 2010 Protocol to the HNS Convention, meeting the number of States criteria for entry into force. The treaty requires at least 12 States to expr
The world’s first global carbon price back on the negotiating table at the UN
The world’s first global carbon price back on the negotiating table at the UN
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International Shipping News
17/04/2026
Governments are resuming negotiations at the UN on the Net-Zero Framework (NZF) for international shipping, a landmark climate agreement introducing the world’s first global carbon price on any polluter.
The talks take place at the International Maritime Organization (IMO) in London as a two-part summit: technical working group talks (ISWG-GHG-21) on 20 – 24 April, and the 84th session of the Marine Environment Protection Committee (MEPC84) on 27 April – 1 May.
The summit is happening against the backdrop of disruptions in oil flows and shipping bunker fuels costs doubling due to the conflict in the Middle East, exposing how dependent global shipping is on volatile fossil fuels.
Why this matters: The IMO April meeting is a big test whether countries can unite against the US and other largely oil-producing states to defend the NZF and adopt it as it is later this year,
TRADE REVIEW: FOB Australia alumina prices to face continued supply pressure in Q2
TRADE REVIEW: FOB Australia alumina prices to face continued supply pressure in Q2
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Commodity News
17/04/2026
This report is part of the S&P Global Energy’s Metals Trade Review series, where we dig through datasets and digest some of the key trends in iron ore, metallurgical coal, copper, alumina, cobalt, lithium, nickel and steel and scrap. We also explore what the next few months could bring, from supply and demand shifts to new arbitrages, and to quality spread fluctuations.
FOB Australia alumina prices are expected to remain under pressure in the second quarter of 2026 as structural oversupply persists.
As the geopolitical conflict in the Middle East forced smelter curtailments toward the end of the first quarter, alumina demand fell faster than supply adjusted, resulting in surplus material flowing into the spot market and limiting the potential for a sustained price recovery, despite intermittent regional arbitrage opportunities.
Platts, part of S&P Global Energy, assessed the
US blockade unlikely to change Hormuz shipping hiatus: IMO chief
US blockade unlikely to change Hormuz shipping hiatus: IMO chief
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International Shipping News
15/04/2026
The US blockade of Iranian ports will do little to change the effective halt in shipping transits via the Strait of Hormuz, where Iran’s control of the key energy shipping route has choked off normal trade flows since late February, the head of the International Maritime Organization said April 13.
Following the collapse of US-Iran weekend peace talks in Islamabad, US Central Command started to enforce a blockade of all maritime traffic entering and exiting Iranian ports from 1400 GMT on April 13.
“I don’t see a big change right now in the status quo … A further blockage right now doesn’t really change the fact that there’s no normal trade,” Secretary-General Arsenio Dominguez said, joining the industry chorus of opposing the imposition of a toll system.
“Additional blockade just doesn’t really help anything in finding a solution to the conflict,” he told reporters in the UN agenc
G7 crude tankers withdraw from Russia with Urals rising above price cap
G7 crude tankers withdraw from Russia with Urals rising above price cap
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International Shipping News
15/04/2026
G7-linked crude tankers started to withdraw from Russia in March, with rising crude prices limiting their trading opportunities within the price cap.
Tankers flagged, owned or operated by companies based in G7 countries and their allies, or insured by Western protection and indemnity clubs, lifted 20.3% of Russia’s crude exports of 3.4 million b/d last month, according to data from S&P Global Commodities at Sea(opens in a new tab) and Maritime Intelligence Risk Suite.
This was down from 29.2% in February and the lowest in 10 months.
Currently, the EU, UK and Canada set the price threshold for tanker firms and insurers to facilitate Russian crude exports at $44.10/b. Japan’s price cap is at $47.60/b, and the US at $60/b.
After the US-Iran war broke out on Feb. 28, international oil prices have surged on the near absence of supply from Persian Gulf producers with Iran limitin
Barclays cuts US Q1 GDP growth forecast amid weaker consumer spending
Barclays cuts US Q1 GDP growth forecast amid weaker consumer spending
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World Economy News
15/04/2026
Barclays has cut its first-quarter U.S. GDP growth forecast by half a percentage point to 2.5% quarter-on-quarter annualized, citing weaker-than-expected consumer spending and softer income fundamentals in the opening months of the year.
The bank’s full-year 2026 real GDP growth forecast now stands at 2.4% on a fourth-quarter-over-fourth-quarter basis.
The revision follows data showing that real consumer spending rose just 0.1% month-on-month in February, while nominal income declined 0.1% over the same period.
Economists at Barclays cut real personal consumption expenditure growth forecast for the first quarter by a full percentage point to 1.0% annualized, implying lower first-quarter GDP growth.
“We view risks to both consumer spending and activity as skewed to the downside, given the deterioration in consumer sentiment and signal from the latest ISM prints,” a team led by Marc Gia
Net zero by 2050? This decade’s fuel choices will decide
Net zero by 2050? This decade’s fuel choices will decide
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International Shipping News
15/04/2026
T
he debate over whether net zero is possible by 2050 may continue for years, while global emissions and temperatures continue to rise. But the question of green hydrogen’s role in achieving it has swung from hype to skepticism to a pragmatic center: shipping and several other hard-to-abate sectors need green hydrogen to reach net zero. Yet, the hydrogen itself remains elusive.
March VLCC outlook – Historic shockwaves through the market
March VLCC outlook – Historic shockwaves through the market
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International Shipping News
15/04/2026
M
arch delivered one of the most extraordinary freight markets in modern shipping history. The escalation of conflict in the Middle East culminated in a scenario many in shipping had long theorised but few expected to see materialise: the effective closure of the Strait of Hormuz.
The TD3C benchmark reacted intensely, with the index surging to unprecedented levels. Mid-month, the route briefly exceeded Worldscale 600, equating to earnings of over $600,000 per day.
Joint Statement on 13 April by the Heads of the International Energy Agency, International Monetary Fund, and World Bank Group
Joint Statement on 13 April by the Heads of the International Energy Agency, International Monetary Fund, and World Bank Group
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Oil & Companies News
15/04/2026
The Heads of the International Energy Agency, International Monetary Fund, and World Bank Group met today as part of the coordination group they established in early April to maximize their institutions’ response to the energy and economic impacts of the war in the Middle East. At the end of their meeting, they issued the following statement:
“As we noted earlier this month, the impact of the war is substantial, global, and highly asymmetric, disproportionately affecting energy importers, in particular low-income countries. The shock has led to higher oil, gas and fertilizer prices, triggering concerns about food security and job losses as well.