Latest news with #FrontEagle
CNBC
5 days ago
- Business
- CNBC
Tankers reversing course from Strait of Hormuz following U.S. attack on Iran nuclear sites
More tankers are reversing course away from the Strait of Hormuz as concerns rise on the possible closure of the vital chokepoint of trade. Yui Torikata, senior liquid market analyst at industry data firm Kpler, said the situation is fluid. The firm's data is showing a notable event occurred between early Sunday and early Monday, when at least six vessels — two very large crude carriers, three chemical tankers, and one refined products carrier—diverted their courses away from the Strait of Hormuz. The specific vessels identified are: All vessels are in ballast, meaning they either are empty or carrying light loads. "However, the situation has already evolved," Torikata said. "As of this morning, three of those six vessels —the South Loyalty, Coswisdom Lake, and Damsgaard — have again changed direction and are now heading back towards the Strait of Hormuz. The other three vessels are currently idling off the coasts of Khor Fakkan and Muscat." "This specific weekend event should be seen in a broader context," said. "In the immediate wake of the Israel-Iran conflict, the number of available empty [ballast] crude carriers within the Middle East Gulf zone fell to a record low, indicating significant reluctance from shipowners to enter the area. However, that trend has since reversed. "The count of available tankers recovered toward the weekend, and the number of crude carriers in the Gulf of Oman signaling their intent to enter the Mideast Gulf has also recovered from the low seen on June 16," she added. "This suggests that, for now, the overall flow of vessels into the region is being sustained despite the recent, specific diversion event." The moves follow a U.S. attack Saturday on what have been identified as three major nuclear enrichment facilities in Iran. Andy Lipow, president of Lipow Oil Associates, said the reports by the UK Maritime Trade Operations on widespread electronic interference and GPS jamming and location spoofing are adding to vessel owners' worries. "Combined with increasing insurance costs, some owners will simply avoid the area — like Frontline. This causes a de facto partial supply disruption if there is a lack of tankers to carry the oil that needs to be exported," Lipow said. Frontline tanker Front Eagle and dark fleet tanker Adalynn collided last week near the Strait of Hormuz. Following the collision, a fire on the deck of the Front Eagle erupted and was extinguished. "Some tanker owners may feel that China, who buys 90% of Iranian crude oil along with significant quantities of oil from the Middle East, is pressuring Iran not to disrupt shipping," Lipow said. "While oil exports are Iran's economic lifeline and it would not be in Iran's interest to halt its own exports, if cornered, Iran might decide to inflict as much economic pain as it can on the rest of the world." Lipow added this attack could spark additional geopolitical instability. "While China has condemned the United States attack on Iran, we have not seen China provide Iran with any kind of support other than words," Lipow said. "Russian attacks Ukraine, the United States attacks Iran, now China may feel emboldened to attack Taiwan." Jakob Larsen, head of security at Bimco, the world's largest direct-membership organization for shipowners, charterers, shipbrokers, and agents, warned Iran could attempt a wider disruption of commercial shipping in the Strait of Hormuz through attacks on merchant ships. Anti-ship missiles or drones of both airborne and surface types could be used in these attacks, he said. "The laying of sea mines would constitute another dangerous development, but Iran's intent to do so is questionable due to the risk to Iran-affiliated commercial ships and the risk of environmental disaster in case a ship is damaged," Larsen said. The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is recognized as one of the world's most important oil chokepoints. The inability of oil to traverse through, even temporarily, can ratchet up global energy prices, raise shipping costs and create significant supply delays. In 2023, oil flows through the waterway averaged 20.9 million barrels per day, accounting for about 20% of global petroleum liquids consumption, according to the U.S. Energy Information Administration. Hormuz handles less than 4% of global container trade, but the ports of Jebel Ali and Khor Fakkan are critical intermediary points for global shipping networks in the region. The majority of cargo volumes from those ports are destined for Dubai, which has become a hub for the movement of freight with feeder services in the Persian Gulf, South Asia, and East Africa.
The Hill
20-06-2025
- Business
- The Hill
Nearly 1,000 ships see GPS jams near Iran coast, group says
Nearly 1,000 ships have experienced 'persistent and sometimes severe' GPS signal jams every day the past week near Iran as the country continues to face bombardment from Israel's military, a French naval monitoring firm warned Friday. The Maritime Information, Cooperation and Awareness (MICA) Center wrote in a post on the social platform X that the situation 'makes it harder to navigate safely at night, in poor visibility and/or when traffic density is heavy.' '(It) also can lead to accidental situations,' the group wrote. MICA said it's possible that the GPS issue may have contributed to the recent collision of two giant tankers, ADALYNN and Front Eagle, in the Gulf of Oman near the United Arab Emirates, but the organization cautioned that crash remains under investigation. Israel and Iran have been exchanging strikes for the past week, after Israel launched a surprise attack against Iran's nuclear facilities and military sites. MICA noted that maritime trade was not being targeted in an analysis of the military conflict's impact on Wednesday. 'In spite of the media narrative of a potential blockade … there is no information pointing towards a blockade,' the group wrote. It urged ships to avoid Iranian territorial waters and be aware of potential GPS jamming.
AU Financial Review
20-06-2025
- Automotive
- AU Financial Review
UK evacuates staff from Iran as Europe seeks to broker deal
Close to 1000 ships a day are seeing their GPS signals jammed near Iran's coast, according to a French naval liaison group. The disruption makes it harder to navigate safely at night, in poor visibility or when there's heavy shipping traffic, the MICA Centre, which promotes co-operation between navies and commercial shipping said in a post on X. On average 970 vessels have had their signals jammed daily since June 13, it said. It's likely the disruption was an aggravating factor in the fiery crash between the Front Eagle and Adalynn oil tankers earlier this week, the centre said, adding that the exact causes of the collision have yet to be determined. Heavy disruption to GPS signal as vessels navigate the narrow Strait of Hormuz has been one of the main impacts on global shipping since Israel attacked Iran last week. About a fifth of the world's oil flows through the narrow waterway, making it a vital chokepoint for energy supplies.
Yahoo
20-06-2025
- Business
- Yahoo
Nearly 1,000 Ships' GPS Jammed Near Iran Daily, Navy Group Says
(Bloomberg) -- Close to 1,000 ships a day are seeing their GPS signals jammed near Iran's coast, according to a French naval liaison group. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown The disruption makes it harder to navigate safely at night, in poor visibility or when there's heavy shipping traffic, the MICA Center, which promotes co-operation between navies and commercial shipping said in a post on X. On average 970 vessels have had their signals jammed daily since June 13, it said. It's likely the disruption was an aggravating factor in the fiery crash between the Front Eagle and Adalynn oil tankers earlier this week, the center said, adding that the exact causes of the collision have yet to be determined. Heavy disruption to GPS signal as vessels navigate the narrow Strait of Hormuz has been one of the main impacts on global shipping since Israel attacked Iran last week. About a fifth of the world's oil flows through the narrow waterway, making it a vital chokepoint for energy supplies. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
20-06-2025
- General
- Business Recorder
Greenpeace warns of ‘potential disaster' after oil spill off UAE
BEIRUT: Greenpeace on Thursday warned that an oil spill resulting from a tanker collision off the coast of the United Arab Emirates could have grave environmental consequences, after authorities reported a 'small' slick. On Tuesday, the Emirati coastguard said it rescued 24 crew members of the Adalynn oil tanker after it collided with the Front Eagle vessel in the Gulf of Oman, off the coast of the Khor Fakan area of the UAE.
