KR (Korean Register) signed a memorandum of understanding (MOU) with HD Hyundai Samho on June 11 to jointly develop AI-based solutions for innovation in ship design and analysis. This partnership is a part of a broader digital transformation strategy aimed at...

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The UK Maritime Trade Operations (UKMTO) warned of rising tensions in the Gulf Region and urged vessels transiting the Arabian Gulf, Gulf of Oman and Straits of Hormuz to transit with caution. Following the latest outbreak of hostilities between Israel and Iran that...

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Asian tanker freight rates rose to year-to-date highs on June 17, as owners secured significant war risk premiums amid fears of commercial ships being targeted during the Israel-Iran tensions, market participants said. It is only a matter of time before the “missile...

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Escalating tensions between Iran and Israel are analyzed for their potential effects on global energy markets, particularly concerning the Strait of Hormuz. While historical data indicates a full closure by Iran is improbable, disruptions via attacks, mines, or vessel...

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Ship owners were quite active in the dry bulk newbuilding market last week. In its latest weekly report, shipbroker Banchero Costa said that “the Greek company DryDel ordered an Ultramax 64,000 dwt at Imabari. No price was disclosed, delivery is set for Jun 2028....

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The closure of the Strait of Hormuz is highly unlikely due to its crucial role in connecting Gulf Cooperation Council (GCC) countries with global markets. These countries are major exporters of construction materials, oil and petrochemicals and importers of industrial...

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