Weilun Soon

A key measure of bulk-shipping rates has touched a two-year high and risks climbing further, according to analysts, as bad weather crimps the availability of Capesize vessels just as exporters ramp up delivery.

The Baltic Dry Index rose 5.5% to 3,331 points on Sept. 2 in London, touching the highest since December 2023 driven largely by a rise in the constituent Capesize rate which surged over 8%. Bad weather has hit the Pacific at a time of strong demand in both that ocean and the Atlantic.

Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of US-linked ships, in retaliation for American attacks on Iranian tankers over the weekend.

Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of US-linked ships, in retaliation for American attacks on Iranian tankers over the weekend.

Iran and the U.S. carried out what appeared to be their largest tit-for-tat tanker strikes yet over the weekend, pushing oil prices higher as both nations continue to escalate a

Oil-product markets are flashing signs of tightness while crude’s outlook looks “reasonable,” with flows through the Strait of Hormuz picking up, according to Vitol Group Chief Executive Officer Russell Hardy.

Oil-product markets are flashing signs of tightness while crude’s outlook looks reasonable, with flows through the Strait of Hormuz picking up, according to Vitol Group CEO Russell Hardy.

Uganda is set to become the world’s newest oil exporter, with commercial shipments of its Pearl Sweet grade to start in December and increase to 230,000 barrels a day within three years.

The African nation is pitching Pearl Sweet to buyers at the Asia Pacific Petroleum Conference by S&P Global Energy in Singapore this week.

Global tanker freight rates are surging to record levels with little respite in sight, a sign of the growing strain in oil markets as traders, shipowners, producers and buyers grapple with a drawn-out conflict in the Persian Gulf and increasingly complex workarounds.