Topic
persian gulf
Logistics Maersk and Hapag-Lloyd Return Service to Suez Canal as Security Assessed
Maersk, in a joint decision with Hapag-Lloyd, will return its AE15 service to the Suez Canal starting July 24, marking a tentative step back to the route after Houthi attacks forced diversions. The move frees capacity and reduces transit times, but security risks persist. Meanwhile, Suez Canal revenues have plummeted 40% in 2024, and 780 vessels remain on the Cape route.
Commodities Oil Prices Little Changed as Persian Gulf Crude Flows Near Pre-War Levels
Oil prices were little changed in thin trading as the recovery of Persian Gulf flows created a new surplus in key parts of the global market. OPEC crude production rose by 2.34 million barrels a day in June, driven by Kuwait, Saudi Arabia and Iran. Brent futures traded just above $72 a barrel, while West Texas Intermediate was below $69, with both benchmarks erasing their war-time rally in their biggest quarterly slump since 2020.
Logistics GMS returns all four evacuated liftboats to Persian Gulf on same contracts
GMS announced the return of all four previously evacuated self-propelled self-elevating liftboats to the Persian Gulf, now back on hire under the same contracts. The company maintains its adjusted EBITDA guidance of $105m to $115m for 2026 while assessing the financial impact of the disruption.
Trade Iran Conflict Reshapes Persian Gulf Food Trade
The Iran conflict is reshaping food systems in the Persian Gulf, emphasizing the need for shorter, diversified supply chains. The UAE, heavily reliant on imports, is adapting through technology and local sourcing.