Thursday news

Maritime Markets Bracing for Long-term Disruption in the Middle East

The U.S.–Iran war has run 173 days, and after the Memorandum of Understanding expired President Trump has threatened economic pain for countries aiding Iran. The UAE — Iran's second-largest trading partner — announced Wednesday it has suspended trade with Iran after again coming under missile attack. Richard Meade, editor-in-chief of Lloyd's List, said the market is starting to price in a lengthy disruption and that no one expects trade to return to its February 27 baseline. At the Strait of Hormuz, no Iran-linked VLCC transits have been tracked for four consecutive weeks, and Lloyd's List Intelligence counted 39 tanker movements in its latest week, down from 48. Saudi Aramco and Adnoc are rerouting exports via ship-to-ship transfers and Egypt's Sidi Kerir Mediterranean terminal, while Cosco Shipping Energy Transportation and China Merchants Energy Shipping have largely halted transits through both Hormuz and Bab el Mandeb. Lloyd's List's APAC director said there are talks that China is studying resuming Persian Gulf trade ahead of Xi Jinping's September 24 meeting with Trump. gCaptain

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