Source link The collapse of Baltimore’s Francis Scott Key Bridge, which has cut off ocean routes to the city’s major port, is expected to cause severe disruptions to local transport and logistics, producing ripple effects on global supply chains. The four-lane bridge collapsed on Tuesday after being hit by the Singapore-registered container ship Dali, operated […]
Source link Manilla and Beijing have traded accusations over a naval incident near the Spratly Islands Chinese patrol boats used water cannons on Saturday to disrupt an attempt by the Philippine military to deliver supplies to a reef in a disputed part of the South China Sea, where the Philippine Navy intentionally grounded a tank […]
Source link A $60 billion aid package for Kiev faces gridlock in Congress amid Republican opposition The US military is considering whether to draw on its last remaining funds allocated for Ukraine, even with no assurances the money will be replaced by lawmakers amid fierce debate over renewed aid, multiple officials told CNN. While the […]
Source link Disruptions in the Red Sea could last for up to a year, according to Japan’s Mitsui OSK Lines The disruptions to global supply chains caused by the ongoing tensions in the Red Sea could last for a year, Japanese shipping giant Mitsui OSK Lines (MOL) has warned. Major players in the shipping industry, […]
Source link The energy market is out of balance right now, according to Occidental’s Vicki Hollub The global oil market will face a supply shortage by the end of 2025 as crude reserves are not being replaced fast enough, Vicki Hollub, the CEO of US energy firm Occidental, warned in an interview with CNBC published […]
Source link Giving up Russian gas for US LNG undermines the region’s security, analysts say Replacing Russian gas with liquefied natural gas (LNG) from the US has exposed the EU’s energy system to major security risks, Bloomberg has reported, citing industry experts. The US, which started exporting its shale gas only in 2016, is currently […]
Source link Houthi rebel attacks on container ships have reduced traffic through the Suez Canal The ongoing disruption to shipping in the Red Sea is more damaging to global supply chains than the impact of the Covid-19 pandemic, according to data from maritime advisory firm Sea-Intelligence. Yemen-based Houthi rebels have carried out dozens of drone […]
Source link Crude prices had previously surged nearly 3% due to ongoing tensions in the Middle East and an outage in Libya Global prices for crude oil increased on Thursday, stretching gains scored during the previous day as tensions around the Israel-Gaza military conflict continue to escalate, and protesters at the largest oil field in […]
Source link Hungary intends to clinch an agreement with Turkish state-run oil and gas firm by year’s end, foreign minister says Budapest is planning to clinch a gas-supply deal with Turkish state-run energy company Botas, the Hungarian Minister of Foreign Affairs of Peter Szijjarto has said. “Türkiye will continue to play an important part in […]