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Reuters
26-06-2025
- Business
- Reuters
Gulf shipping costs drop as Israel-Iran ceasefire holds
LONDON, June 26 (Reuters) - Shipping costs for the Gulf have fallen in the past two days after a ceasefire was reached between Israel and Iran, although rates could rebound if tensions increase, shipping and insurance industry sources said on Thursday. The conflict had raised concerns that Iran could close Hormuz, the strait between Iran and Oman through which around 20% of global oil and gas demand flows amid broader fears that oil could soar to $100 a barrel. Shipping rates for supertankers, which can carry 2 million barrels of oil, jumped over the past week before the ceasefire - more than doubling to over $60,000 a day. Rates were quoted around $50,000 a day on Thursday, freight data showed. "Tanker rates ... have been pulling back following the halt to hostilities between Israel and Iran," Jefferies analyst Omar Nokta said in a note. Israel and Iran agreed to a ceasefire on Tuesday after 12 days of war. Greece's shipping ministry on Thursday eased requirements for its merchant fleet, no longer advising them to report voyages through Hormuz, saying the situation "appears to have been improved". War risk insurance premiums for Gulf shipments softened to between 0.35-0.45%, from a peak of 0.5% on Monday, sources said. This compares with levels of around 0.3% in recent months. The cost of a seven-day voyage is based on the value of the ship and the drop will translate into tens of thousands of dollars less in additional costs each day. "Rates have definitely softened," said David Smith, head of marine with insurance broker McGill and Partners. "Whilst war premiums are still significant there is a large number of war risk insurers looking to underwrite risks and offer capacity, which in combination with the improved political situation is adding ever downward pressure on rates. That said, the situation remains very fluid." Iran would respond to any future U.S. attack by striking American military bases in the Middle East, Supreme Leader Ayatollah Ali Khamenei said on Thursday, in his first televised remarks since the ceasefire.
Yahoo
23-06-2025
- Business
- Yahoo
Two Supertankers U-Turn in Strait of Hormuz After US Strikes
(Bloomberg) -- Two supertankers, each capable of hauling about 2 million barrels of crude, U-turned in the Strait of Hormuz after US airstrikes on Iran raised the risk of a response that would ensnare commercial shipping in the region. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice One Architect's Quest to Save Mumbai's Heritage From Disappearing NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on Sunday, according to vessel tracking data compiled by Bloomberg. The two empty freighters then sailed south, away from the mouth of the Persian Gulf. Ships' electronics and signals have increasingly been jammed in the Persian Gulf since Israeli airstrikes on June 13, but the two vessels' arrivals — and subsequent turnarounds — have the hallmarks of normal tanker movements. Even with jamming and vessels attempting to sail further from the Iranian coast, oil and gas tankers have been moving through the strait after the US strikes. The turning oil carriers offer the first signs of re-routing. Vessel owners and traders are closely watching for signs that the escalation in the Middle East will affect movements and flows. Earlier on Sunday, Greece's shipping ministry issued a notification advising its ships to reassess movements through Hormuz and to instead shelter in safe ports until the situation calms. It's possible vessels may prefer to station themselves outside the waterway if they expect a wait upon arrival at their loading port, given the higher tensions. Benchmark tanker earnings were already up close to 90% before the weekend's attacks. Freight derivatives appeared to surge on Sunday night. (Adds detail in paragraph four.) Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
Yahoo
22-06-2025
- Business
- Yahoo
Two Supertankers U-Turn in Strait of Hormuz After US Strikes
(Bloomberg) -- Two supertankers both capable of hauling about 2 million barrels of crude U-turned in the Strait of Hormuz after US airstrikes on Iran raised the risk of a response that will ensnare commercial shipping in the region. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice One Architect's Quest to Save Mumbai's Heritage From Disappearing NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on Sunday, according to vessel tracking data compiled by Bloomberg. The two empty freighters then sailed south, away from the mouth of the Persian Gulf. Ships' electronics and signals have increasingly been jammed in the Persian Gulf since Israeli airstrikes on June 13, but the two vessels' arrivals — and subsequent turnarounds — have the hallmarks of normal tanker movements. Together, the tankers offer the first signs of a re-routing of oil ships following the US strikes. It's possible vessels may prefer to station themselves outside Hormuz if they expect a wait upon arrival at their loading port given the higher tensions. Oil tanker owners and traders are closely watching for signs that the escalation in the Middle East will affect vessel movements and flows. Earlier on Sunday, Greece's shipping ministry issued a notification advising its ships to reassess movements through Hormuz and to instead shelter in safe ports until the situation calms. Benchmark tanker earnings were already up close to 90% before the weekend's attacks. Freight derivatives appeared to surge on Sunday night. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Sign in to access your portfolio
