U.S. Military: it has cleared iran’s mines from Strait of Hormuz shipping lanes
U.S. Central Command Commander Admiral Brad Cooper says U.S. forces have cleared sea mines laid by Iran from the internationally recognized shipping lanes through the Strait of Hormuz, offering new details on the military operation behind President Donald Trump’s declaration that the waterway had been cleared.
Cooper made the announcement in a video posted to X, saying U.S. forces had spent months clearing mines from the Strait’s Traffic Separation Scheme, the established lanes historically used by commercial shipping.
“These are the long-standing lanes international shipping has historically used to transit the Strait of Hormuz,” Cooper said. “Over the past few months, our forces have meticulously and quietly cleared them of sea mines using a combination of Navy divers, Navy SEALs, and U.S. air power from the Army, Navy, Air Force, and Marine Corps.”
Iran war diplomacy turns toward reopening Strait Hormuz
Iran war mediators have placed renewed emphasis on reopening the Strait of Hormuz, with Tehran agreeing to draw up a list of conditions to restore normal traffic after a Qatari emissary pressed the Iranians to respect freedom of navigation.
With the U.S. having disengaged from talks in favor of an economic pressure campaign, the prime minister of Qatar met senior Iranian leaders in Tehran on Thursday, stressing the importance of returning to the pre-war status of open shipping through an international waterway.
Qatar, a U.S. ally and Gulf neighbor of Iran, and Pakistan helped broker a memorandum of understanding in June that led to a ceasefire and set terms for shipping in the Strait of Hormuz, the narrow stretch between Iran and Oman that before the war was the conduit for 20 percent of the world’s oil supply.
After the U.S. and Israel launched the war six months ago, Iran threatened to strike any vessel transiting the strait without its authorization, driving down traffic and sending up the price of oil, providing Iran with leverage in the bargain.
In his mission to Tehran on Thursday, Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said on X that he underscored to senior Iranian officials “the importance of respecting freedom of navigation in the Strait of Hormuz in accordance with international law.”
Coast guard offers 120-day relief for mariners
The U.S. Coast Guard is offering temporary relief to some merchant mariners whose credentials expired while their renewal applications were caught in a processing backlog at the National Maritime Center.
Under the new policy, qualifying mariners may receive a temporary 120-day authorization allowing them to continue sailing under the national endorsements of an expired Merchant Mariner Credential while the NMC completes its evaluation.
The targeted relief comes as broader temporary credential extensions put in place earlier this year are set to expire August 31. The Coast Guard said those measures will not be extended.
Black sea tensions lead grain buyers
Baltic grain exporters are seeing a boost in demand as blocked supplies from the Black Sea region are spurring buyers to seek alternative sources.
About 1 million tons of wheat have been booked for loading at ports in Latvia, Lithuania and Estonia so far in August, according to data from market observer CM Navigator. That’s up about 50 percent from a year earlier and follows a threefold jump in bookings in July.
There’s buying interest from Turkey, the United Arab Emirates and Sudan — all traditional buyers of Russian wheat, according to the data. There’s also been a surge in demand from typical customers for Baltic grain such as Nigeria and South Africa, according to Vilnius-based trading firm Scandagra.
The pickup in demand from the Baltic states, one of the European Union’s key exporting regions, underscores the rising interest for alternatives to Black Sea grain as Russia and Ukraine step up attacks on each other’s shipping and port infrastructure. That’s choked off shipments from the region and heightened concerns about global supplies, sending wheat prices to a three-year high this week.
Strait of Hormuz oil flows rising
The flow of crude through the Strait of Hormuz is creeping higher as producers across the Middle East boost exports in the face of Iran’s lingering threat to shipping. The increase is keeping global crude oil prices in check.
About 6 million to 8 million barrels a day of crude are now being shipped through the world’s key oil chokepoint, according to estimates from oil traders involved in and monitoring cargo activity. Flows slipped in July, when an onslaught of attacks on supertankers by Iran led to the breakdown of an interim ceasefire and heightened risks to navigation. They remain at roughly half prewar levels.
Still, estimates can be wide-ranging and volatile. Some trackers and US officials have suggested even higher volumes, though the security situation remains precarious. Two freighters were struck on Monday, according to the UK navy, a reminder that there’s still significant peril when transiting. One factor helping sustain the increase is the highest earnings in the history of the supertanker market, adding for the incentive for shipowners to cross.
Panama canal auction hits new record at $5.3 mn
A shipper needing to transit the Panama Canal bid a record $5.3 million to secure its spot, according to people familiar with the matter.
South Korea-based SK Gas Ltd. agreed to pay the sum to travel the canal on Sept. 1, said the people, who could not be identified as the information was confidential. The fee, determined through an auction run by the canal authority this week, breaks the previous high of $4.6 million set earlier this month, also paid by a shipper controlling a South Korean vessel.
Demand to urgently pass through the waterway has soared after the Iran war upended global trade routes, particularly to Asia.