Shipping industry warns against potential Hormuz transit charges
The global shipping industry is urging the United Nations and the International Maritime Organization (IMO) to oppose any attempt to impose compulsory tolls or transit fees in the Strait of Hormuz, warning that such a move would undermine international law, disrupt global trade, and set a dangerous precedent for other strategic waterways.
In a joint open letter addressed to UN Secretary-General António Guterres and IMO Secretary-General Arsenio Dominguez, eight of the world’s leading shipping organizations said the principle of freedom of navigation through international straits must not become a bargaining chip in ongoing regional negotiations.
Trump-class nuclear battleships could cost $275 billion, strain u.s. shipbuilding
The U.S. Navy’s ambitious plan to design and build a new class of nuclear-powered battleships would cost an estimated $275 billion over the next three decades and place unprecedented demands on the nation’s shipbuilding industrial base, according to a new report from the Congressional Budget Office.
The analysis estimates that the Navy’s planned fleet of 15 Trump-class nuclear-powered guided missile battleships (BBGN) would cost about $23.4 billion for the lead ship and an average of $18 billion for each of the 14 follow-on vessels, making them among the most expensive warships ever built. Overall, the program would cost about $275 billion in 2026 dollars between 2027 and 2056.
Europe’s dry rivers set for little relief
Europe’s first meaningful rains in weeks are unlikely to be widespread or sustained enough to quickly raise critically-low river levels, prolonging costly shipping and power supply restrictions as another spell of heat threatens to build.
Rain is expected this week across northern parts of the UK, the Alps and portions of central Europe, according to both government and commercial forecasts, with some areas set for heavy downpours. But precipitation will be sporadic in the regions hit hardest by drought and is unlikely to reverse the effects of weeks of record dryness and extreme heat. MetDesk meteorologist Richard Martin-Barton said it’s “still not enough rainfall to make much impact on the low river flows.”
Iran: Hormuz shipping route announcement with Oman nears
Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, and a joint announcement is being finalized, provided certain third parties did not interfere, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday.
Baghaei added that any such agreement between Iran and Oman would not, by itself, guarantee security in the strategic waterway.
The proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters on Wednesday, in one of the biggest concessions yet to Iran.
Russia assembles unprecedented arctic oil convoy
Russia has assembled an unprecedented fleet of oil tankers in the Arctic as it accelerates crude exports to Asia via the Northern Sea Route, with vessels carrying roughly 8 million barrels of oil already transiting or waiting to enter the ice-covered shipping lane; more than half the volume moved during last year’s entire summer navigation season.
More than a dozen Suezmax, Aframax and Medium Range tankers were either underway along the route or gathered in the Kara Sea on Aug. 3, likely awaiting nuclear icebreaker escort or improved ice conditions before continuing east.
The buildup is unprecedented. During last year’s entire four-month Arctic navigation season, about 13.1 million barrels of crude were transported via the Northern Sea Route. Just weeks into this year’s summer shipping window, Russia already has vessels carrying roughly 8 million barrels – equivalent to about 60 percent of last year’s seasonal total – either transiting the Arctic or waiting to proceed east.
Dozens of idling Iranian oil tankers explain US blockade is working
A growing flotilla of Iranian oil tankers is gathering off the country’s coast, a sign the renewed US naval blockade is disrupting Tehran’s energy exports and depriving it of much-needed revenue.
Some 50 laden vessels — mostly carrying crude, but also fuels and liquefied petroleum gas — were idling along Iran’s coastline in the Persian Gulf and Gulf of Oman as of Tuesday, according to nonprofit group United Against Nuclear Iran. That’s up from 45 a week earlier and 36 when the blockade was renewed on July 14.
The US action, intended to stop activity at Iranian ports, is impeding the export of oil but also prevents the return of empty vessels needed for fresh loadings.
“The blockade seems effective,” given the increase in the number of ships along the coast, said Charlie Brown, an adviser to UANI. Tankers are continuing to load LPG and other petroleum products from Iranian ports, suggesting smaller vessels may still attempt to get past the blockade, he said.
Draft Hormuz deal would give Iran control over Gulf-bound ships
A proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters on Wednesday, in one of the biggest concessions yet to Iran.
Despite the apparent step towards yielding to Iranian demands, the sources pushed back against assertions by U.S. President Donald Trump that a deal reopening the strait was imminent, saying important details still had to be agreed.
“The concession has already been made regarding some form of control over Hormuz,” one of the regional sources told Reuters.
The other regional source said there were still details to be determined about how “control” would be defined, with Gulf negotiators insisting regional countries supervise inspections of ships, and that any payment of fees be voluntary.