UAE says its decision to leave OPEC was a strategic economic move, not a political one
UAE says its decision to leave OPEC was a strategic economic move, not a political one
in
Oil & Companies News
18/05/2026
The United Arab Emirates’ decision to leave OPEC and OPEC+ was based on the country’s economic vision and not on politics, the country’s energy minister said on Saturday.
“This decision came following a comprehensive assessment of the national production policy and its future capabilities, and it is based solely on the national interest of the United Arab Emirates, its responsibility as a reliable energy supplier, and its unwavering commitment to maintaining market stability,” Suhail Mohamed Al Mazrouei said in a post on X.
The Emirates announced earlier this month it would depart the producer group OPEC, of which it was a member since 1967, before the UAE was even founded.
“This decision is not based on any political considerations, nor does it reflect the existence of any divisions between the United Arab Emirates and its partners,” Mazrouei said.
The exit “repres
A new toll on global energy: Can Iran permanently control the Strait of Hormuz?
A new toll on global energy: Can Iran permanently control the Strait of Hormuz?
in
International Shipping News
18/05/2026
Ten weeks into the war with Iran, the Strait of Hormuz remains largely closed. The ceasefire is officially holding, but occasional attacks on ships and installations continue. A difficult question is coming into focus: what if the strait never fully reopens?
Host Ed Crooks is joined by regular contributor Amy Myers Jaffe, Director of the Global Energy, Climate, and Sustainability Lab at NYU, alongside two guests.
Korean shipbuilders speed orders on LNG, tankers, lift margins
Korean shipbuilders speed orders on LNG, tankers, lift margins
in
Shipbuilding News
18/05/2026
Korea’s major shipbuilders have filled about half of their key order targets in just over four months this year. As the Middle East war drags on and momentum grows to reorganize energy supply chains, orders have continued for tankers and liquefied natural gas (LNG) carriers. Although some initially worried that the newbuilding market would slow this year after several years of large orders, global newbuilding orders in the first quarter rose 67% on the year to 36.9 million GT (gross tonnage), extending the uptrend.
◇ Order pace faster than last year
On the 11th, according to the shipbuilding industry, HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai’s shipbuilding institutional sector, has won orders for 94 vessels worth $10.81 billion so far this year, achieving 46.4% of its annual target of $23.31 billion.
Hormuz closure drives record tanker rates, boosts Teekay earnings
Hormuz closure drives record tanker rates, boosts Teekay earnings
in
International Shipping News
18/05/2026
The effective closure of the Strait of Hormuz and the loosening of Venezuelan crude flows propelled midsize tanker rates to among the highest levels on record, Teekay Tankers executives told investors May 14, crediting the geopolitical environment for a surge in first-quarter earnings.
Teekay Tankers reported first-quarter 2026 net income of $153.6 million, or $4.42 per share, roughly double the $76 million it earned a year earlier. Adjusted net income was $128.3 million, or $3.69 per share, compared with $41.8 million a year earlier.
The owner of 33 oil and product tankers said Suezmax and Aframax/LR2 spot rates averaged $61,000/day in Q1, with Suezmaxes earning $62,124/day and Aframax/LR2s $59,934/day. Quarter-to-date Q2 rates have climbed further, with Suezmaxes booked at $121,800/day on 60% of available days, Aframax/LR2s at $98,000/day on 53%, and the company’s lone VLCC at
Five Weeks Into the Ceasefire, Hormuz Is Operating Under Control
Five Weeks Into the Ceasefire, Hormuz Is Operating Under Control
in
International Shipping News
18/05/2026
Operational Overview
Five weeks into the ceasefire, the Strait of Hormuz remains constrained, opaque, and increasingly managed through selective access.
The clearest signal is the state of Iranian export infrastructure. Kharg Island showed no active tanker loading for multiple consecutive days, while large tanker queues remained staged nearby. No confirmed crude departures have been observed from Kharg since May 7, and imagery indicates continued repair activity near damaged western infrastructure.
Global LPG flows on the road to recovery
Global LPG flows on the road to recovery
in
International Shipping News
18/05/2026
Global seaborne LPG exports have recovered back toward the five-year average in May after a sharp disruption due the Middle East Gulf conflict and the strait of Hormuz closure, with flows rebounding to around 4.8mbd on a 28-day moving average basis.
Though this recovery is positive for import starved Asian buyers, the world continues to be short by ~600kbd compared to the historically high levels observed in February 2026. The recovery has been led predominantly by the US, which remains the largest seaborne LPG exporter globally. Other suppliers stepping up include Algeria, Canada, Malaysia, Sweden and Argentina in volumetric order.
Global seaborne LPG exports (bd, 28-day moving average)
Imports should also recover from here on
Global seaborne LPG imports also weakened sharply through April, mirroring the collapse in export volumes.
India’s crude oil purchase from Russia drops more than 15%
India’s crude oil purchase from Russia drops more than 15%
in
Freight News
18/05/2026
India’s crude oil purchases from Russia dropped over 15% in April after the country’s buyer shut the refinery for routine maintenance, European think tank Centre for Research on Energy and Clean Air (CREA) said in a report.
India imported Euro 4.5 billion worth of crude oil (raw material for making fuels like petrol and diesel) from Russia in April, down from Euro 5.3 billion worth of imports in the preceding month.
CREA said India was the second-largest buyer of Russian fossil fuels in April 2026, importing a total of Euro 5 billion of Russian hydrocarbons.
“Crude oil constituted 90% of India’s purchases, totalling Euro 4.5 billion. Coal (Euro 297 million) and oil products (EUR 209 million) constituted the remainder of their monthly imports,” it said.
In March, India imported a total of Euro 5.8 billion of Russian hydrocarbons. That month, crude oil products constituted 91% of India’s purchases, tota
Georgia’s Never, Never Port
Georgia’s Never, Never Port
in
Port News
18/05/2026
Conceived as a strategic gateway linking Europe to the Black Sea and onward to Central Asia, Anaklia deep sea port was meant to anchor Georgia’s central role in the transcontinental trade routes of the future. Instead, it has been snared in a web of domestic politics, opaque decision-making, and growing pressure from Russia and China.
From time to time, Anaklia still makes headlines. Georgia’s prime minister says construction is about to resume, the Chinese ambassador mentions it, a government minister travels to Beijing promising positive news, only for there to be further concerns about the Georgian Dream government’s strategic ambiguity.
Tbilisi constantly makes familiar reassurances: progress is coming, decisions are near, the port will be built.
Iran to unveil Strait of Hormuz traffic plans, will collect tolls
Iran to unveil Strait of Hormuz traffic plans, will collect tolls
in
International Shipping News
18/05/2026
Iran has prepared a mechanism to manage traffic through the Strait of Hormuz and plans to collect fees in the waterway, head of the Iranian parliament’s national security committee Ebrahim Azizi said on Saturday.
“Iran… has prepared a professional mechanism to manage traffic in the Strait of Hormuz along a designated route,” Azizi said in a social media post, adding that the plan will be “unveiled soon.”
Azizi said “necessary fees” will be collected under the mechanism, and that only commercial vessels and “parties cooperating with Iran” will “benefit” from the measure.
“This route will remain closed to the operators of the so‑called “freedom project,” Azizi said, likely referring to U.S. President Donald Trump’s “Project Freedom,” which was aimed at restoring commercial shipping in Hormuz. Trump had abruptly paused the operation earlier in May.
Separately, Iranian state TV claim
Russia Expands LNG Dark Fleet With Four Tankers to Boost Exports
(Source: morflot.gov.ru)
Russia Expands LNG Dark Fleet With Four Tankers to Boost Exports
Bloomberg
Total Views: 0
May 18, 2026
By Stephen Stapczynski
May 18, 2026 (Bloomberg) –Four liquefied natural gas tankers that until recently serviced Oman’s export plant are beginning to load fuel from a US-sanctioned Russian project, the latest sign of Moscow’s efforts to boost shipments and skirt Western restrictions.
The
Kosmos
docked over the weekend alongside the blacklisted Saam floating storage unit near Murmansk in western Russia before later departing with a deeper draft, a sign that it had taken on a cargo, according to ship-tracking data. Three other former Omani vessels —
Merkuriy, Orion and Luch
— have also picked up from Saam or are positioning to dock there, ship data shows.
Saam stores fuel produced by the US-sanctioned Arctic LNG 2 plant, which is only accessible to vessels with ice-breaking capability for most of the year. Shipping is the key bottleneck for Russia’s fuel trapped