The tentative ceasefire between the United States and Iran has so far failed to translate into anything resembling a resumption of normal shipping through the Strait of Hormuz, with vessel movements remaining at a near-complete standstill in the 48 hours since the agreement was announced and the strategic waterway still firmly under Iranian military control.

Exmar is set to take delivery of the world’s first ammonia-powered gas carriers, marking a milestone in the shift towards alternative marine fuels. The two 46,000 cu m mid-size vessels, named Antwerpen and Arlon, were built by HD Hyundai Heavy Industries and formally named at the yard in Ulsan yesterday. They are the first of four such ships ordered by Exmar LPG France, with deliveries scheduled for May and late July.

Panama Ports Company (PPC), a subsidiary of Hong Kong’s CK Hutchison, has filed an arbitration against Maersk, accusing the Danish group of seeking to replace its operations in the Panama Canal. The legal proceedings go alongside an existing case Hutchison has launched against the Panamanian government over the decision earlier this year to scrap its concessions for two terminals in the Central American republic.

The global shipping orderbook has hit a 17-year high, reaching 191m compensated gross tonnes (CGT) – equivalent to 17% of the global fleet, the highest ratio since 2011, according to data from BIMCO. The orderbook has been boosted by higher newbuilding contracting throughout the 2020s and most recently by the highest quarterly crude tanker contracting in history.

Will the Iran war boost shipping demand for alternative fuels? Our weekly podcast, Splash Wrap, investigates below.