Latest news with #MinistryofShipping
See - Sada Elbalad
27-06-2025
- Business
- See - Sada Elbalad
Israel-Iran Ceasefire Lowers Gulf Shipping Costs
Taarek Refaat Shipping and war-risk insurance costs in the Arabian Gulf have fallen significantly over the past 48 hours, following the implementation of a ceasefire between Israel and Iran, industry sources told Reuters on Thursday. However, they cautioned that any renewed tensions could swiftly reverse the trend. Calm Brings Relief—but for How Long? Rates for chartering very large crude carriers (VLCCs)—capable of transporting around 2 million barrels of oil—dropped from over $60,000 per day last week to around $50,000 on Thursday, according to shipping data. The decline comes as fears ease over a potential Iranian closure of the Strait of Hormuz, through which nearly one-fifth of the world's oil and gas consumption flows. 'The rates have come down, yes, but the market remains extremely cautious,' said a senior executive at a European shipping firm. 'Any breach of the ceasefire—or even a credible threat—could send prices surging again within hours.' War Risk Insurance Also Falls Slightly In tandem with shipping rates, war risk insurance premiums have eased. According to insurance sources, the cost for voyages through the Gulf has fallen to between 0.35% and 0.45% of a vessel's value, down from a peak of 0.5% earlier in the week. For comparison, the pre-conflict average was around 0.3%. 'Premiums have definitely come down,' said David Smith, head of marine insurance at McGill and Partners. 'While war risk costs remain significant, more insurers are now willing to underwrite Gulf voyages, which, combined with improved political optics, is putting downward pressure on rates. Still, the situation remains extremely volatile.' Greece Relaxes Maritime Alerts Adding to the signs of de-escalation, Greece's Ministry of Shipping on Thursday relaxed its safety requirements for commercial vessels in the region. The ministry no longer advises mandatory reporting for ships transiting the Strait of Hormuz, citing what it called 'an improved outlook.' Outlook: A Pause, Not a Resolution While the drop in rates may signal temporary market relief, analysts warn that this is not a structural recovery. The geopolitical fragility surrounding the Strait of Hormuz means that risk pricing in shipping and insurance will remain sensitive to even the smallest flare-ups. 'This isn't the end of the crisis—it's a pause,' one Gulf-based risk analyst told us. 'Markets are breathing, not exhaling.' read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Straits Times
13-06-2025
- Business
- Straits Times
Greece, UK urge ships to avoid Red Sea, log Hormuz voyages, documents show
ATHENS - Greece and Britain have advised their merchant shipping fleets to avoid sailing through the Gulf of Aden and to log all voyages through the Straits of Hormuz after Israel's attacks on Iran on Friday, documents seen by Reuters showed . Greek ship owners were urged to send details of their vessels sailing through the Strait of Hormuz to Greece's maritime ministry, according to one of the documents issued by Greece's shipping association, which was sent on Friday. "Due to developments in the Middle East and the escalation of military actions in the wider region, the (Greek) Ministry of Shipping ... urgently calls on shipping companies to send ... the details of Greek-owned ships that are sailing in the maritime area of the Strait of Hormuz," the document said. All UK-flagged vessels, which include the Gibraltar and Bermuda registries, were advised to avoid sailing through the southern Red Sea and the Gulf of Aden, a separate document issued by the UK's transport ministry said. If transiting these areas, vessels must adhere to their highest level of security measures and limit the number of crew on deck during transits, said the advisory, seen by Reuters. On Thursday, Greek authorities had also warned of increased tensions in the region due to military activity, adding that the duration of the risk period could not be determined, a separate communication said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
13-06-2025
- Business
- Yahoo
Greece, UK urge ships to avoid Red Sea, log Hormuz voyages, documents show
By Jonathan Saul and Renee Maltezou ATHENS (Reuters) -Greece and Britain have advised their merchant shipping fleets to avoid sailing through the Gulf of Aden and to log all voyages through the Straits of Hormuz after Israel's attacks on Iran on Friday, documents seen by Reuters showed . Greek ship owners were urged to send details of their vessels sailing through the Strait of Hormuz to Greece's maritime ministry, according to one of the documents issued by Greece's shipping association, which was sent on Friday. "Due to developments in the Middle East and the escalation of military actions in the wider region, the (Greek) Ministry of Shipping ... urgently calls on shipping companies to send ... the details of Greek-owned ships that are sailing in the maritime area of the Strait of Hormuz," the document said. All UK-flagged vessels, which include the Gibraltar and Bermuda registries, were advised to avoid sailing through the southern Red Sea and the Gulf of Aden, a separate document issued by the UK's transport ministry said. If transiting these areas, vessels must adhere to their highest level of security measures and limit the number of crew on deck during transits, said the advisory, seen by Reuters. On Thursday, Greek authorities had also warned of increased tensions in the region due to military activity, adding that the duration of the risk period could not be determined, a separate communication said.
Hans India
01-06-2025
- Politics
- Hans India
Energetically working to make India sporting powerhouse: PM Modi extends birthday wishes to Mansukh Mandaviya
New Delhi: Prime Minister Narendra Modi on Sunday greeted Union Minister of Youth Affairs and Sports Mansukh Mandaviya on his birthday. PM Modi said that Mandaviya has been energetically working towards making India a sporting powerhouse and empowering our youth. He praised the minister for his efforts towards the welfare of the party workers. 'Best wishes to Shri Mansukh Mandaviya Ji on his birthday. He is energetically working towards making India a sporting powerhouse and empowering our youth. Equally commendable are his efforts towards the welfare of our workers, who play a key role in building a self-reliant India. May he lead a long and healthy life,' said PM Modi in his post on X. Mansukh Mandaviya, on his birthday, led the 25th edition of the nationwide initiative 'Fit India Sundays on Cycle' in Delhi, which has been dedicated to the brave soldiers involved in Operation Sindoor. 'Today's edition is a tribute to our bravehearts who were part of Operation Sindoor. It is heartening to see citizens across the country pedal together for fitness and for our nation's heroes,' he said The Minister led 'The Fit Sunday' movement, which also rolled out with enthusiasm and patriotic fervour across over 5,000 locations. "Over the past 24 Sundays, regular cycling has been conducted as part of a continued effort to promote the Fit India Movement. While not every ride is about endurance cycling, the Sunday on Cycle initiative has grown into a national movement..., " he added. Mandaviya was also greeted by his cabinet colleague and Union Minister Nitin Gadkari 'My colleague in the Union Cabinet, Shri @mansukhmandviya ji, I wish you a very happy birthday. I pray to God for your good health, long life and happy life,' Gadkari wrote on his X handle. Minister Mandaviya was born on this day in 1972 in Gujarat's Bhavnagar. In 2002, at the age of 28, he was elected to serve as the youngest MLA in Gujarat. He first became the Union Minister in 2016. He was inducted as the Minister of State in the Ministry of Road Transport and Highways, Minister of State in the Ministry of Shipping, and Minister of State in the Ministry of Chemicals and Fertilisers. He was inducted into Modi's cabinet as MoS (independent charge) of the Ministry of Shipping, and MoS in the Ministry of Chemicals and Fertilisers in 2019. In 2021, Mandaviya was promoted to the cabinet rank and appointed the Minister of Health and Family Welfare during the cabinet reshuffle by Prime Minister Modi in July 2021. He was again inducted into the Modi 3.0 cabinet in 2024 and was appointed as a Union Minister of Labour & Employment and Youth Affairs & Sports.
See - Sada Elbalad
14-04-2025
- Business
- See - Sada Elbalad
Bangladesh Signs Statute of OIC Labour Centre
Mohamed Mandour Brigadier General (R.) Dr. M Sakhawat Hussain, Honourable Adviser, Ministry of Shipping and Ministry of Labour and Employment of the People's Republic of Bangladesh signed the Statute of the Organization of Islamic Cooperation (OIC) Labour Centre, headquartered in Baku, the Republic of Azerbaijan, at the Headquarters of the OIC. Hissein Brahim Taha, the Secretary-General of the OIC, was represented in the signing ceremony by the Assistant Secretary-General for Economic Affairs, Dr. Ahmad Kawesa Sengendo. Dr. Sengendo met with the Minister prior to the signing ceremony, where the Minister expressed his appreciation for the efforts undertaken by the OIC, particularly in the economic field, and affirmed his country's support for the work and programs of the OIC in various fields. He also confirmed his country's readiness to work with the OIC to strengthen and support the OIC Labour Centre in its mandate of helping the OIC Member States cooperate more effectively in the areas of labor, employment, and social security. It is worth noting that with the signing of the Statute by the People's Republic of Bangladesh, the number of Member States that have signed the Statute has reached 20. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
