Iran proposed managing the Strait of Hormuz through an insurance-based framework that would formalise its control over the critical oil shipping chokepoint, while simultaneously demanding that all vessels file mandatory cargo declarations with a newly created Iranian maritime authority before being permitted to transit. Iran is also quietly negotiating with the Gulf state of Oman over the plan to charge vessels for passing through the strait. Three VLCCs transited the Strait of Hormuz outbound on Wednesday in what maritime intelligence firm Windward described as the strongest single indicator yet of a coordinated operating protocol on the corridor. With the Hormuz shipping crisis entering its twelfth week and no resolution in sight, Splash gave readers the big picture on Tuesday on the race to redraw the Middle East’s trade map.
The US Department of Justice indicted four of the world’s largest shipping container manufacturers and seven executives for running what has been described as a cartel that roughly doubled the price of standard dry containers over four years and drove profits at one of the companies up nearly one hundredfold during the covid pandemic.
Aga Nagarajan was this week’s big Maritime CEO interview. After nearly three decades at Hong Kong’s Fleet Management, including serving as executive director, the veteran shipmanager is now building his own platform in Singapore through newly launched Nura Shipco Management.
WinGD secured the world’s first orders for ethanol-fuelled engines designed for ocean-going vessels, marking another step in shipping’s search for lower-emission fuel options. The Swiss engine designer said its new ethanol-fuelled X-DF-M/E engines will power two ore carriers being built in China for Shandong Shipping Corporation under long-term charter to Brazilian mining giant Vale.
With Posidonia around the corner, brush up on what the likely talking points will be via Splash Wrap’s precis of the main themes were at last month’s Geneva Dry, the perfect appetiser to the Greek mega event. The podcast is carried below.