Russia’s oil exports via the Northern Sea Route (NSR) have surged, with around 20 million barrels shipped to Asia from July to mid-October, a nearly 50% increase from last year. The NSR offers an alternative amidst shipping disruptions, with expectations of further growth in Russian oil and LNG shipments.
A commercial tanker was abandoned by its crew within 24 hours after being hit by an unidentified projectile near the Strait of Hormuz. Reports indicate the tanker was struck northeast of Limah, Oman, prompting evacuation. The incident underscores rising threats to merchant shipping, following recent attacks on other vessels in the region.
The Ministry of External Affairs reported that 30 Indian nationals were part of the crew on two vessels attacked by Iranian cruise missiles in the Strait of Hormuz. Tragically, one Indian crew member lost his life, while several others sustained injuries. India’s diplomatic mission in the UAE is actively assisting the affected seafarers.
The Suez Canal Authority announced new transit surcharges effective July 15, significantly raising costs for various vessel categories as container lines resume operations. Crude oil tankers now face a 37% surcharge, while LPG carriers rise to 32%. Indian exporters reliant on the canal are particularly affected amid rising shipping costs.
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.
The Qatari LNG tanker Al Rekayyat was struck by a missile near the Strait of Hormuz, triggering distress signals from the crew. Despite damage and a fire in the engine room, all crew members were evacuated safely. This incident marks the first attack on a Qatari LNG vessel since February.
Over the weekend, 16 tankers congregated off Oman to transfer millions of stranded barrels, indicating a shift from the prior month’s near halt in oil flow. With many vessels operating without transponders, oil transport through the Strait of Hormuz is becoming more consistent, supported by U.S. assistance amid regional conflicts.
The Trump administration has reinstated strict sanctions on Iran’s oil trade, ending temporary waivers aimed at stabilizing prices. These sanctions focus on influential figures like Mohammad Hossein Shamkhani, disrupting Iran’s oil transportation networks. The Pentagon is also enforcing a blockade on Iranian ports, escalating enforcement efforts and complicating maritime trade.
Two Indian-flagged gas tankers have successfully navigated the Strait of Hormuz, transporting liquefied petroleum gas (LPG) from the UAE to India. The vessels, BW TYR and BW ELM, delivered around 94,000 tonnes of LPG amidst ongoing regional tensions, showcasing India’s commitment to securing energy supplies.
Malaysian authorities have detained two oil tankers near Pulau Jarak for allegedly conducting unauthorized fuel transfers. Inspections revealed the vessels lacked necessary permits and were anchored in restricted waters. Approximately 750 metric tonnes of Marine Fuel Oil were transferred. The case is under investigation for violations of maritime regulations.
Two tankers, the Greek-owned Zefyros and the US-owned Safesea Vishnu, were attacked during a ship-to-ship transfer in Iraqi waters, resulting in a fire on one vessel. While 38 crew members were rescued, one fatality was reported. This incident marks the fifth attack on vessels in the Arabian Gulf recently.
The U.S. Coast Guard has dismissed rumors about foreign tankers moving to U.S. markets, stating no registrations have been submitted. Regulatory compliance is necessary for foreign tankers to operate in U.S. waters. Meanwhile, the U.S. is considering a Jones Act waiver to facilitate essential energy shipments amid global shortages.
Two tankers were reportedly hit by unidentified projectiles in the Arabian Gulf, confirmed by UK Maritime Trade Operations. One vessel caught fire, but the crew evacuated safely with no injuries. The second vessel’s details remain unclear. This incident aligns with a pattern of Iranian attacks on merchant ships in the region.
This month, India detained three oil tankers suspected of indirect ties to Iran, prompting increased maritime surveillance. The Iranian National Oil Company denied connections to the vessels. The situation highlights the complexities of enforcing sanctions and the need for stringent monitoring to prevent illicit activities in regional waters.
Two oil tankers linked to Venezuela’s oil sector were detained in the Dutch Caribbean due to serious safety violations. The Regina, flagged under East Timor, and the Morning Sun, flagged in Panama, faced inspections revealing multiple deficiencies. These incidents cast doubt on Curacao’s ambitions as a trading hub for Venezuelan crude.
