A strengthening El Niño event is anticipated to be one of the strongest on record, raising alarms for global shipping. This follows the Panama Canal’s new draft restrictions for water conservation ahead of the dry season. With a high likelihood of intensification, significant impacts on agriculture and maritime trade are expected.
On July 13, vessel transits through the Strait of Hormuz plummeted, with only six ships navigating, the lowest in five weeks. This drop coincides with rising U.S.-Iran tensions, increasing safety concerns for maritime operations. Notably, no liquefied natural gas tankers were seen entering the strait over the weekend.
Iran has announced a temporary safe maritime corridor through the Strait of Hormuz, asserting control over the critical waterway. This initiative, communicated to the International Maritime Organization, follows rising tensions with the US, which Iran accuses of violating agreements. Both nations have exchanged blame regarding disruptions in shipping routes.
Maersk and Hapag-Lloyd are cautiously resuming transits through the Suez Canal after a year-long avoidance due to Houthi attacks. This tentative return follows a ceasefire in Gaza, though concerns over regional stability persist. Increased surcharges by the Suez Canal Authority in 2026 further complicate shipping dynamics for exporters.
Oil prices surged over 3% on Monday amid rising military tensions between the U.S. and Iran, raising fears about energy shipments through the crucial Strait of Hormuz. Brent crude rose to $78.68, while U.S. West Texas Intermediate climbed to $73.89, as shipping operators grew increasingly cautious amid escalating security threats.
Kongsberg Maritime is enhancing its marine propulsion capabilities by acquiring Berg Propulsion. This strategic move aims to strengthen Kongsberg’s position in the newbuild market and expand aftermarket services. With solutions on over 30,000 vessels, Kongsberg emphasizes high-value, performance-driven propulsion segments, aligning with evolving industry demands.
Tensions surged as Iran attacked Gulf states and closed the Strait of Hormuz, retaliating against U.S. strikes. Oman condemned drone assaults, successfully rescuing 23 crew members from a commercial vessel. The Indian Embassy confirmed ten nationals were among those saved, underscoring concerns over escalating maritime violence in the region.
The Cyprus Deputy Ministry of Shipping is investigating the M/V GFS Galaxy, a cargo vessel fired upon in the Strait of Hormuz. Government Spokesperson Konstantinos Letymbiotis confirmed ongoing communication with the ship’s management, while the UK Maritime Trade Operations reported the vessel was targeted by Iranian forces. One crew member is still unaccounted for.
On July 12, 2026, Qatar’s Transport Ministry warned all maritime vessel owners to cease activities due to rising US-Iran tensions. This immediate suspension affects leisure boats, fishing vessels, and jet skis. Exemptions apply to compliant vessels. The advisory follows escalating military confrontations, including Iranian attacks on US installations.
The crew of a container ship abandoned their vessel after a fire in the Strait of Hormuz, as reported by UKMTO. The U.S. military linked the incident to an attack by Iran’s IRGC. One crew member is missing, and the ship is severely damaged, halting its journey. The strait remains closed.
Three former crew members of the Thai cargo ship Mayuree Naree have filed a lawsuit against Precious Shipping Co. for labor rights violations and wrongful dismissal. Following a deadly attack in the Strait of Hormuz, they claim the operator endangered their lives and failed to provide adequate compensation for their trauma.
The United Nations’ International Maritime Organization (IMO) has urgently called for de-escalation in the Strait of Hormuz, where approximately 6,000 seafarers are trapped amid rising tensions. Secretary-General Arsenio Dominguez condemned recent attacks on ships, emphasizing the urgent need for safe passage and the protection of innocent crews amidst escalating conflict.
In July, freight rates for Russian Urals crude shipments to India declined due to increased tanker availability post-weather disruptions and war-risk insurance issues. Despite rising transportation costs since late 2025, this dip enhances the economics for Indian refiners, potentially boosting demand amid substantial price discounts exceeding $10 per barrel.
Last week, Singapore and Indonesia signed a Memorandum of Understanding focused on carbon credit collaboration. Although significant, this MOU is not a finalized trading agreement under the Paris Agreement. It aims to identify high-integrity carbon credit projects but lacks the legal framework for actual trade, emphasizing the need for further implementation agreements.
Salvage operations for the containership MSC Baltic III are progressing, with most cargo removed. Preparations are underway to split the vessel for dismantling. Experts are monitoring hydrogen sulfide levels from damaged containers, while a contaminated water treatment system is being installed to mitigate pollution. Full removal is expected to extend into 2027.
