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One tycoon makes millions from 'dark' journeys on a dangerous oil route while others feared Hormuz
Amidst the Persian Gulf war, the UAE secretly navigated its oil exports through the Strait of Hormuz using 'dark' ship transits. Korean shipping tycoon Ga-Hyun Chung's Sinokor Group played a pivotal role, leasing a significant portion of vessels for these risky "shuttle runs." This covert operation allowed the UAE to maintain pre-war export levels, capitalizing on surging oil prices and creating immense profits for Sinokor and its partners.
Tankers U-Turn In Hormuz, With Some Taking Iran Route Instead
The ships, including oil tankers, bulk carriers and vehicle carriers, were observed sailing toward the Strait of Hormuz.
OMCs eye expanding LPG buffer to 30 days from national average of 18
India is boosting its LPG reserves to a 30-day supply, a strategic move prompted by the Iran war highlighting supply route vulnerabilities. Bharat Petroleum plans a significant investment to nearly double its storage capacity. This initiative aims to enhance energy security by diversifying import sources and exploring various storage solutions, including onshore, underground, and floating options.
Oil finds its way: Supertankers return to Persian Gulf
Supertankers are once again navigating the Strait of Hormuz, a crucial oil route, following a period of disruption due to recent Iran conflict. Shipping data indicates a significant increase in commodity vessel traffic, including oil tankers, signalling renewed confidence among shipowners. This return of large carriers, with a combined capacity of millions of barrels, is vital for global energy markets as hostilities ease ahead of peace talks.
Hormuz traffic eases, ships continue using disputed Oman route
Despite a projectile striking a vessel, ships are continuing to use a non-Iranian-approved passage through the Strait of Hormuz. Traffic levels saw a slight dip from Wednesday's peak, but many commodity vessels, including oil tankers, are still transiting. Iran insists only its designated routes are authorized, leading to a temporary pause in a mariner evacuation program.
INR settles higher as global crude oil prices continue to slide
The Indian rupee appreciated 16 paise to settle at 94.39 (provisional) against the US dollar on Thursday as global crude oil prices continued to slide. Positive sentiments in the domestic equity markets and a marginally weaker greenback further supported the local unit while FII outflows prevented sharper gains. At the interbank foreign exchange, the rupee opened at 94.30 against the dollar and traded in the range of 94.13-94.56. It settled at 94.39 (provisional), up 16 paise from the previous close. Indian shares gave up some early gains to end modestly higher on Thursday. Underlying sentiment remained underpinned somewhat as oil prices extended declines to levels seen before the Middle East conflict on signs of improving flows through the Strait of Hormuz, a key maritime route that handles around one-fifth of global oil supplies.
Iran's IRGC Warns Ships Using New Hormuz Route Face Danger
IRGC warned ships against using new Hormuz routes, raising fresh concerns over global oil flows.
30 India-bound ships cross Strait of Hormuz since Iran war began, 26 more await transit
Thirty ships bound for India have successfully navigated the Strait of Hormuz, a crucial route disrupted by recent geopolitical tensions. An additional 26 vessels are awaiting passage. Among those that transited, a significant portion carried vital energy supplies like LPG and LNG, alongside bulk cargo and crude oil. This development follows a recent agreement, easing concerns over energy imports for India.
3 Indian-flagged oil tankers transit through Strait of Hormuz
Three Indian oil tankers, carrying over 8.6 lakh tonnes of cargo and 94 crew members, successfully navigated the Strait of Hormuz en route to India. The vessels, Desh Vaibhav, Desh Vibhor, and Sanmar Herald, are expected to reach Indian ports between June 24 and July 1. This transit follows the lifting of a US blockade on Iran, allowing oil tankers to move freely through the vital waterway.
Wall Street Mega Rally On Cards; Nasdaq Futures Spike 2% On US-Iran Peace Pact
Notably, Trump also announced that he has authorised the re-opening of key maritime transit route, Strait of Hormuz after which crude oil prices declined sharply.
Shipowners seek clarity on Strait of Hormuz deal as 600 vessels eye exit
Shipowners and traders are cautiously awaiting details on a potential reopening of the Strait of Hormuz, a vital oil and gas route disrupted by conflict. While a US-Iran deal is announced, concerns about safety, mines, and Iranian actions persist, leaving hundreds of vessels stranded and global energy trade in limbo.
Crude oil prices rally after Iran closes Strait of Hormuz following US strikes; Brent oil near $95 a barrel
Concerns over a potential blockade of the Strait of Hormuz — a key maritime route that facilitates nearly one-fifth of global oil and gas shipments — have kept crude oil prices elevated.