SHIPPING NEWS

Ukraine's Drones Open a New Front on Russia's Shadow Fleet

Ukraine has opened a new front in one of the most consequential maritime campaigns of the war—turning cheap drones into a systematic blockade of Russia's oil revenue.

Overnight on 14–15 July, operators of Ukraine's Unmanned Systems Forces struck 20 vessels of Russia's sanctioned shadow fleet in the Black Sea. The tally: 17 oil tankers, two gas tankers, and one tugboat. The strikes marked the launch of the Black Sea phase of a broader operation—codenamed MoLoChKa, or "Dairy"—timed deliberately to Ukraine's Day of Statehood. Kyiv's drone commander framed the night as a scoreline: "20 to nil."

The escalation is dramatic. Between 6 and 15 July, USF drones struck 136 vessels of Russia's shadow fleet across the Sea of Azov and the Black Sea. Of those, 116 were hit in the Azov over nine days before the campaign expanded seaward. Attack drones appear to be targeting deck structures rather than bridges, with follow-up drones filming the fires that spread after the initial strikes.

The strategic logic is straightforward. Russia's shadow fleet exists to slip past international sanctions, move oil and oil products, and funnel the proceeds into Moscow's budget for the war on Ukraine. Systematically disabling those tankers hits Russia's war chest at its source.

The pressure is already showing. Russia has reportedly reduced the number of tankers operating in the Sea of Azov, and on 10 July it halted new applications for passage through the Kerch Strait connecting the two seas. Moscow has also begun purchasing fuel from India to compensate for the disruption. Watch Clip

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VIDEO OF THE WEEK

The Illegal Business Of Fake World Cup Jerseys

Official World Cup jerseys can cost as much as $180, while counterfeit versions sell for as little as $4. We visited factories in Bangladesh, one of the world's biggest garment manufacturing hubs, to find out what separates authentic, replica, and fake soccer jerseys and why they cost so much.

TRADE SNIPPETS

India-UK trade deal takes effect, opening duty-free access for 99% of Indian exports. The India-UK Comprehensive Economic and Trade Agreement is now in force, granting duty-free access for 99% of Indian exports across textiles, pharmaceuticals, and IT, while phasing in tariff cuts on British whisky and cars.

US sanctions 50 targets in bid to dismantle Iran's illicit oil shipping empire. The US has designated over 50 individuals, entities, and vessels tied to Mohammad Hossein Shamkhani's network, aiming to disrupt Iran's oil export machine amid escalating attacks on shipping in the Strait of Hormuz.

Rolls-Royce breaks ground on major UK reactor plant to power British and Australian submarines. Rolls-Royce Submarines has begun doubling its Derby facility with 100,000 square metres of new space, boosting nuclear reactor output for the UK's Astute and Dreadnought fleets and Australia's SSN-AUKUS submarines.

Stripe and Advent make surprise $53 billion takeover bid for PayPal. Stripe and private equity firm Advent International have jointly offered $60.50 per share for PayPal, a 28% premium backed by $50 billion in bank financing, in what would reshape the global payments landscape.

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SHIPPING NEWS

Ceasefire Collapses: Ships, Strikes, and a Widening War

Just three weeks after Trump and Iranian President Pezeshkian signed the Islamabad Memorandum to end the war, the ceasefire has effectively collapsed. Speaking at the NATO summit in Ankara yesterday, Trump declared the deal "over" and a "waste of time," saying he would leave it to US negotiators whether to keep talking at all.

The trigger came from the Strait itself. Between Monday and Tuesday, Iran struck three commercial vessels in the Strait of Hormuz, including a Saudi tanker and a Qatari tanker. A separate tanker was hit off the coast of Oman by an unknown projectile, causing a fire but no reported casualties. Saudi Arabia condemned the attacks in the "strongest possible terms."

The US response has been heavy. American forces struck more than 80 targets across Iran, hitting air defence systems, coastal radar sites, anti-ship missile capabilities, and more than 60 IRGC small boats operating in and around the Strait. On 7 July, US forces also struck Kharg Island—Iran's main oil export hub—and revoked Iran's oil sales permit. Iran retaliated by hitting Kuwait and Bahrain, both home to US military bases.

Are ships still moving? The picture has changed quickly. In the weeks after the MOU was signed, daily transits had recovered to roughly 30–45 vessels—well up from the trough of around 6 per day at the peak of the crisis, but still well short of the pre-crisis baseline of about 90. Since the ceasefire collapsed, that recovery is now in doubt: multiple oil and gas tankers are reported to have turned back from the Strait following the latest attacks, and war-risk insurance is now running at roughly eight times pre-crisis rates, with several P&I clubs withdrawing cover altogether.

Markets are pricing in escalation. Oil rose more than 5% within minutes of Trump's remarks, and global equities fell. Trump summed it up bluntly: "We're either going to make a deal, or we're going to finish the job." Watch Clip

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VIDEO OF THE WEEK

The Vietnamese Boom Is a Lie (and it's worse than you think)

On paper, Vietnam looks unstoppable. The economy is growing around 8% while the rich world scrapes past 2%, the stock market jumped more than a third in a year, trade blew past $930 billion, and a real middle class is spending real money for the first time. Every crane on the skyline tells the same story : Vietnam is booming. But if you ask one boring question, the whole thing starts to fall apart.

TRADE SNIPPETS

Asia-US container rates soar past $7,900 as peak season demand replaces Hormuz fears. Asia-US East Coast container rates jumped 8% to $7,998 per FEU, up 85% since mid-May, as early peak season frontloading ahead of tariff deadlines and fuel surcharges drives trans-Pacific volumes higher.

Ukrainian drones strike 21 Russian ships in 72 hours, escalating maritime war. Ukraine's drone forces hit 19 tankers, one bulker, and one ferry in the Sea of Azov to choke fuel supplies to Crimea, with analysts warning of imminent Russian retaliation on Ukraine-linked shipping.

WiseTech founder Richard White resigns as chair amid mounting personal controversies. Richard White has stepped down as executive chair of logistics software giant WiseTech, replaced by Raelene Murphy, after months of personal media scrutiny wiped over 75% off the company's share price.

Category 5 Super Typhoon Bavi threatens Taiwan, China ports and Pacific commodity supply chains. Super Typhoon Bavi is set to hit Taiwan and China on Friday with 100-knot gusts and 12-metre waves, threatening iron ore, coal, bauxite, soybean, and nickel ore flows through key Pacific shipping lanes.

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TRADE NEWS

The Tariff Wall Just Came Down

A year after Trump and Von der Leyen shook hands in Scotland, the deal has finally taken effect. On 1 July 2026, the new US-EU Trade Agreement went live, capping a saga that began at Trump's Turnberry golf resort in July 2025, stalled through the Greenland crisis, and was finally ratified by the European Parliament on 16 June. The scale is enormous—roughly €4.2 billion of goods and services cross the Atlantic every day, adding up to €1.6 trillion in EU-US trade last year.

For businesses importing US goods into the EU, the change is dramatic. Under Regulation 2026/1455, the EU has eliminated customs duties on nearly all US industrial goods, from chemicals and pharmaceuticals to plastics, metals, machinery, and vehicles. A second track opens 20 tariff-rate quotas for US agricultural and seafood products, covering everything from pork and bison to dairy, cheese, nuts, soybean oil, and seafood. Fresh fruits and vegetables get partial relief but keep their protective minimum "entry-price" duties, and the 2020 lobster deal has been extended and expanded to include processed lobster.

Flowing the other way, the deal caps most US tariffs on EU goods at a single 15% all-inclusive ceiling, with no stacking, while aircraft, generic pharmaceuticals, and certain natural resources sit at MFN-only rates. None of this is unconditional. The Commission can suspend preferences if the US continues to apply rates above 15% on EU steel and aluminium derivatives by 31 December 2026, and a general safeguard clause allows tariffs to snap back if US imports surge. The whole regulation carries a sunset clause and will expire on 31 December 2029 unless renewed. For importers, three moves matter now: map your HS codes against Annexes I–III, audit US-origin documentation, and align with your customs broker on all July entries.

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VIDEO OF THE WEEK

Why Pistachios Are About To Get Very Expensive

The war in Iran and shipping turmoil in the Strait of Hormuz have sent pistachio prices soaring to an eight-year high. With global supply under pressure, we visited America’s biggest pistachio growers to see what it takes to meet demand when the global pistachio market tightens.

TRADE SNIPPETS

Volkswagen weighs cutting 100,000 jobs and shutting four German factories in radical overhaul. Volkswagen CEO Oliver Blume is reportedly planning the automaker's biggest restructuring ever, potentially closing plants in Hanover, Zwickau, Emden, and Neckarsulm as it battles Chinese rivals, EV transition costs, and tariffs.

Philippines becomes the world's biggest solar panel buyer as Iran war drives up power prices. Filipino households have spent $407 million on Chinese solar panels since March, as electricity prices surged 10% after the Middle East conflict, driving a rooftop installation boom now consuming 12% of median incomes.

Ford rehires 300 veteran engineers after AI-driven quality checks fell short. Ford has brought back more than 300 experienced quality inspectors after AI-powered systems failed to match human expertise, with executives conceding the automaker underestimated its veteran engineers' knowledge and product cycle experience.

Norway greenlights the world's largest ship tunnel to bypass a deadly sea route. Norway has approved funding to build the 1.7-kilometre Stad Ship Tunnel through solid rock, letting cargo vessels, ferries, and cruise ships bypass the treacherous Stadhavet Sea, with construction expected to begin in early 2027.

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TRADE NEWS

Freight Manager Jailed for Smuggling US Oil Equipment to Russia

A US freight forwarder has been jailed in one of the more revealing sanctions-evasion cases of the year—a quiet reminder that the front line of the export-controls fight runs through ordinary logistics offices. Natalya Ivanovna Mazulina, the Western Regional Manager of Delex Air Cargo LLC, was sentenced on Wednesday to 18 months in federal prison and ordered to forfeit $77,000 in criminal proceeds. Delex is based in Jamaica, New York, and operates out of JFK and Seattle-Tacoma international airports.

From December 2022 through December 2024, Mazulina conspired with Russian freight forwarding companies to ship controlled items—including industrial oil and gas equipment—from the United States to Russia via intermediary countries. To hide the true destination, she submitted false export documents to the US government, omitting that the goods were Russia-bound.

The internal evidence was damning. In June 2023, Mazulina told colleagues her clients were paying through bank accounts in third-party countries because “most of her clients were currently sanctioned" She was arrested in December 2024 and pled guilty in October 2025 to conspiracy to violate the Export Control Reform Act.

US Attorney Joseph Nocella framed the case in stark terms. "The Russian oil and gas industry is the lifeblood that fuels the Russian war machine," he said, calling out the defendant for putting profits above national security. Freight forwarders sit at the chokepoint of export compliance—a single regional manager with false paperwork was enough to move sanctioned equipment for two years. Expect tighter scrutiny on intermediary-country routings ahead. See Release

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VIDEO OF THE WEEK

The Final Moments of a Stellar Banner

The Stellar Banner, a massive iron ore carrier, was scuttled off São Luís, Brazil after running aground on a Far East voyage shortcut. Declared unseaworthy post-refloating, the VLOC was intentionally sunk to prevent environmental risk, its ballast tanks depressurized by salvage crews.

TRADE SNIPPETS

Cattle producers back Trump's threat to scrap the USMCA trade deal. R-CALF USA, America's largest producer-only cattle group, backs Trump's hint at withdrawing from USMCA, arguing cheaper Canadian and Mexican imports undercut domestic prices, and is demanding tariffs, quotas, and country-of-origin labelling.

DHL teams up with French startup to launch wind-powered cargo route across the Atlantic. DHL Global Forwarding France and VELA will operate sail-powered cargo trimarans between Caen-Ouistreham and New Haven from early 2027, carrying 600 pallets per trip with up to 90% lower emissions than conventional sea freight.

US commits $17.5 billion to rebuild nuclear supply chain and fast-track 10 new reactors. The Department of Energy has issued a $17.5 billion conditional loan to finance long-lead items for 10 new Westinghouse AP1000 reactors, partnering with utilities to accelerate deployment by up to three years.

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TRADE NEWS

US-Iran Deal Officially Signed

On 17 June 2026, US President Donald Trump and Iranian President Masoud Pezeshkian formally signed a 14-point Memorandum of Understanding (MoU) aimed at ending more than 100 days of conflict and reopening trade through the Strait of Hormuz. The agreement had already been digitally signed by senior officials days earlier, but Trump's signature made the deal officially effective.

The MoU is not a final peace treaty. Instead, it establishes a 60-day negotiation period during which both sides will attempt to reach a comprehensive agreement covering Iran's nuclear program, sanctions relief, regional security, and long-term economic relations.

For global trade, the biggest development is the reopening of the Strait of Hormuz. Under the agreement, Iran will restore commercial shipping traffic while the United States will progressively remove its naval blockade and other restrictions on Iranian maritime trade. US officials expect vessel movements through the strait to increase significantly as routes return to normal.

The deal also creates a pathway for Iran to increase oil exports. Washington has agreed to begin easing restrictions on Iranian oil sales and provide access to financial channels, although broader sanctions relief remains dependent on future negotiations and Iranian compliance.

On the nuclear front, Iran reaffirmed that it will not pursue nuclear weapons and accepted a framework for international oversight, but the most contentious issues have been deferred to the next phase of talks.

Markets have largely welcomed the agreement as a major de-escalation. However, many of the toughest issues remain unresolved, meaning the next 60 days will determine whether this becomes a lasting settlement or merely a temporary pause in tensions. Watch Clip

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VIDEO OF THE WEEK

Amazon : The biggest SCAM of the E-commerce industry ?

More than half of Amazon’s top sellers are now based in China, many with no websites, team pages, or traditional customer support, yet outranking established brands. This video explores how Amazon transformed into a Chinese-dominated marketplace through its Global Selling Program, direct recruitment at Chinese trade fairs, and FBA, while examining the financial incentives and winners behind the shift.

TRADE SNIPPETS

Rolls-Royce teams up with UK and Japan to develop next-gen modular nuclear reactors. Rolls-Royce, the UK's National Nuclear Laboratory, and Japan's Atomic Energy Agency have signed agreements to advance high-temperature gas-cooled reactors, targeting compact, deployable nuclear power for civil, defence, and industrial off-grid applications.

Trump says US would be better off without USMCA. President Trump has questioned the value of the USMCA trade pact, suggesting the United States would fare better without it, raising fresh uncertainty for North American trade and supply chains.

SpaceX overtakes Amazon to become America's fifth most valuable company. SpaceX has surpassed Amazon in market value just days after its stock market debut, highlighting investor confidence in its dominance across space launch, satellite internet and future aerospace markets.

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SHIPPING NEWS

The Workaround Keeping Oil Flowing Through Hormuz

Trump posted this week that more than 100 million barrels of oil and roughly 200 commercial ships have moved through the Strait of Hormuz under a quiet US operation. So how is that happening when most major carriers have suspended Gulf transits and 1,550 ships sit idle? Open-source data points to one of the more inventive maritime workarounds in recent memory.

It started with Project Freedom, a US Navy escort operation announced in early May. The formal version was paused within a day, but reporting suggests quieter coordination has continued—with US destroyers, aircraft, drones and autonomous vessels apparently guiding ships through the southern Strait near the Omani coast.

The mechanism, pieced together from satellite imagery and tanker-tracking data, is clever. Off the coast of Oman last weekend, 16 tankers clustered together to transfer millions of barrels of oil stranded in the Persian Gulf—an area that had been entirely empty a month earlier. Tracking firms identified 12 ships conducting transfers outside Hormuz on June 6 alone. Empty tankers then appear to cycle back through the Strait with AIS on to collect new loads from the UAE, Saudi Arabia, Bahrain, Qatar or Iraq. That would explain why Gulf ship counts haven't collapsed—the same vessels are reportedly being reused.

Behind the scenes, the financial scaffolding may matter just as much. Standard protection and indemnity insurance for Gulf transits was cancelled in March, and commercial war risk premiums have surged to multi-year highs—pricing many shipowners out entirely. Washington appears to have stepped into that gap, with war risk cover reportedly underwritten through the US Development Finance Corporation's roughly $40 billion pool. That would help explain Kuwait's recent willingness to sign new long-term oil contracts despite the ongoing crisis: without state-backed insurance, the cargo simply wouldn't move.

The question is sustainability. Pre-crisis flow was around 20 million barrels a day—roughly 20% of global seaborne oil trade. Independent analysts estimate current effective flow is a fraction of that. The workaround appears to work—but it isn't normalisation.

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VIDEO OF THE WEEK

How Tariffs Made MEXICO Great Again

How does a Hisense TV — a Chinese brand, with a label that clearly says Made in Mexico — still cross into the US tariff-free? The answer isn't a scam or a mislabelling. It's a loophole hiding in plain sight, written into the rules of one of the world's biggest trade deals. Here's how Chinese manufacturing quietly became "Made in Mexico" — and why it might not last.

TRADE SNIPPETS

Autonomous sea drone rescues downed Apache pilots near the Strait of Hormuz. A Saronic-built Corsair unmanned surface vessel recovered two US Army pilots after their Apache helicopter was shot down off Oman, marking the military's first publicised use of a sea drone for aircrew rescue.

Saudi Arabia signs rail deal with Turkey to revive Hejaz line and bypass Hormuz. Riyadh and Ankara have signed a railway cooperation deal advancing the revived Hejaz line, envisioned to link Turkey through Syria, Jordan, and Saudi Arabia to Oman as a trade corridor bypassing the Strait of Hormuz.

China shifts from "Made in China" to "Made by China" as factories relocate abroad. Squeezed by Western tariffs and weak domestic demand, Chinese firms like BYD, CATL, and Midea are exporting entire factories overseas, with outbound investment rising 7.1% while domestic investment fell for the first time on record.

Japan's three megabanks team up to launch a jointly issued stablecoin. Mizuho, MUFG, and SMBC have formally agreed to co-issue a shared stablecoin via trust banks, targeting live commercial transactions within fiscal 2026 under a new governance council backed by Japan's Financial Services Agency.

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SHIPPING NEWS

The 1.8-Kilometre City That Wants to Sail Forever

A Florida-based company is still pushing one of the most audacious maritime concepts ever proposed: a permanently mobile city at sea, designed to house tens of thousands of residents and circle the globe indefinitely.

The Freedom Ship is envisioned at approximately 1.8 kilometres in length—roughly 240 metres wide and 30 decks tall. The vessel would house up to 80,000 people: 50,000 residents, 10,000 tourists, and a 20,000-strong workforce keeping it running. It's too large to dock in any harbour, so eight helipads on top would handle transfers, while 15 kilometres of internal pathways and a tram network would connect the various decks and neighbourhoods.

The amenities list reads like a small country's capital city. On board: a 15,000-seat sports stadium, a water park, a dive-able aquarium, two museums, a symphony hall, a convention centre, nightclubs, a casino, a full-service spa, a shopping mall, a hospital, a bank, offices, and schools covering early childhood through secondary education—with references to post-secondary options as well.

The legal structure is real, even if the vessel isn't. Freedom Cruise Line International, Inc. was incorporated in Florida on February 13, 2018, with CEO Roger Gooch leading a 12-person team and Schopfer Associates handling the architectural design.

For trade observers, the commercial premise is what's interesting. As the city circles the globe, residents would gain ongoing exposure to different regions and ports—creating opportunities for cultural exchange and participation in global commerce as part of everyday life. It's effectively a floating free zone bringing its tax base, workforce, and consumer market to every port it visits.

The catch is delivery. The concept has been promised since the 1990s. Original cost estimates of $6 billion in 1999 had ballooned to $11 billion by 2002—and no hull has ever been laid. Whether 2026 is finally the year capital follows the vision, or whether this remains the most beautifully rendered PowerPoint in maritime history, is anyone's guess. Watch Clip

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VIDEO OF THE WEEK

German industry JUST died (it’s WORSE than you think)

Germany's industrial decline is accelerating. Bosch cut 22,000 jobs, ZF 14,000, Continental 7,150, while Thyssenkrupp is selling its steel division. Rising energy and labor costs, heavy regulation, and Chinese competition have weakened manufacturing, leading to foreign acquisitions and growing concerns over Europe's industrial future.

TRADE SNIPPETS

Trump signs executive order tightening rules on US customs importers. The new order raises bonding and "good standing" requirements for importers of record, imposes a 50% minimum penalty floor for customs violations, and subjects foreign importers to heightened entry rules to combat duty evasion.

Mastercard adds stablecoin settlement and weekend payouts to its global network. Mastercard is expanding card settlement options to include intraday, weekend, and holiday windows, plus on-chain settlement using regulated stablecoins like USDC, PYUSD, and RLUSD across multiple blockchain networks.

Laid-off WiseTech staff blocked from joining four key logistics software rivals. After union pressure, WiseTech narrowed its non-compete clause to bar redundant staff from joining Expedient Software, Clear.ai, TradeWindow, or Yojee for 12 months amid its AI-focused restructure.

SpaceX wins FAA approval to test Starfall capsules for in-space manufacturing and orbital cargo return. SpaceX's new Starfall capsules can return 1,000 kg from orbit on Falcon 9 or Starship, enabling commercial in-space manufacturing, rapid Pacific recovery, and point-to-point orbital cargo delivery to Earth.

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SHIPPING NEWS

US-Iran Deal Edges Closer—But the Drones Haven't Stopped

A peace deal to end the Iran war and lift the Hormuz blockade is reportedly close, yet the two sides traded fire again this week—underscoring how fragile the moment is.

Trump says an agreement has been "largely negotiated, subject to finalization" between the US, Iran, and other countries. The framework would formally declare the war's end, reopen the Strait, and lift the US blockade of Iranian ports, followed by talks on Iran's nuclear program.

The operational detail is what matters for shippers. Iran has signaled it would clear mines from the Strait over a 30-day window following a deal, after which vessels from all countries could navigate freely and Iran would stop collecting transit fees. The backlog is staggering: an Iranian official says around 1,550 ships are awaiting clearance to transit, with traffic down 95%.

Markets aren't convinced it'll happen that fast. Traders on prediction platform Kalshi put just a 38% chance that flows return to normal by July 1, though confidence rises to 60% by August 1. Sticking points remain—Iran insists the waterway stays under its control, and Israel fears a limited deal leaves Iran's nuclear stockpile intact.

The violence hasn't paused for diplomacy. On Wednesday, Iran fired four attack drones at a US commercial ship; US forces downed all four and struck a ground control station in Bandar Abbas preparing a fifth. The Revolutionary Guard warned of a "more decisive answer." Until the memorandum is signed and the mines are cleared, the 100-day blockade keeps global shipping in limbo.

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VIDEO OF THE WEEK

The Largest and Most Power Snow Trains in Action

In this video, you’ll see the most powerful snow trains in action, brutal railway machines built to face extreme blizzards, frozen tracks, and mountains buried in ice. From locomotives equipped with massive rotary snowplows to trains powerful enough to push through storms where ordinary vehicles would never survive, each machine shows the incredible strength of railway engineering in frozen environments.

TRADE SNIPPETS

Stord raises $250M to arm independent brands against Amazon's delivery dominance. Logistics startup Stord has raised $250 million at a $3 billion valuation, expanding its 100-warehouse network and deploying AI robotics so smaller brands can match Amazon's next-day delivery speeds.

Chinese EV exports jump 40% in April, with Brazil becoming the top buyer. China's electric vehicle exports surged 40% year-on-year in April to 278,081 units, with shipments to Brazil rocketing 221% to make it the world's largest importer of Chinese EVs.

US fights auto parts firm's bid to claw back tariffs paid after de minimis exemption ended. The Justice Department is opposing Detroit Axle's lawsuit seeking $44 million in refunds on tariffs paid after the de minimis exemption ended, arguing the suspension didn't impose new duties.

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SHIPPING NEWS

US Cracks Down on Chinese "Container Cartel" That Squeezed Global Trade

The US Department of Justice has unveiled one of the most consequential antitrust cases in the history of global shipping. Seven Chinese executives and four of the world's largest shipping container companies have been charged with conspiring to restrict supply and fix prices during the Covid-19 pandemic.

The accused aren't minor players. Together, the four firms manufacture roughly 95% of the world's standard dry shipping containers—the steel boxes that carry the vast majority of global trade. The companies named are Singamas Container Holdings, China International Marine Containers (CIMC), Shanghai Universal Logistics Equipment, and CXIC Group Containers.

According to the indictment, the scheme ran from November 2019 to January 2024. Prosecutors allege the manufacturers coordinated production cuts and pricing to exploit a moment of maximum vulnerability. "We are holding these Chinese bad actors accountable for exploiting the pandemic to fill their own coffers," said Associate Attorney General Stanley Woodward.

The financial impact was staggering. The conspiracy roughly doubled container prices between 2019 and 2021, increasing manufacturer profits approximately one hundredfold. CIMC's container profits alone rose from around $19.8 million in 2019 to $288 million in 2020, then surged to roughly $1.75 billion in 2021. The DOJ says the scheme impacted some $35 billion in international commerce.

Ordinary Americans paid the price. Prosecutors say the defendants held the world's container supply hostage when supply chains needed it most, leaving consumers paying more and waiting longer for goods. So far, only one defendant is in custody: Vick Ma, a Singamas marketing director, arrested in France in April. Six others remain at large. Watch Clip

TOGETHER WITH MONEY (Pet Insurance)

Which type of pet insurance do you need?

Accident & illness policies, accident coverage, and wellness riders all offer varying degrees of protection. Which one do you need? View Money's list of best pet insurance providers of 2026 to find the best fit for you.

VIDEO OF THE WEEK

Biggest Ship Collisions and Mistakes Caught On Camera

Prepare for the most thrilling ocean escapade! Experience epic ship crashes, violent storms, surprise disasters, and heart-pounding sinkings—all in one action-packed video. Hold on tight—every moment is an adrenaline rush!

TRADE SNIPPETS

Japan sets rules to bring foreign stablecoins under its regulatory framework. Japan's FSA will recognise overseas trust-type stablecoins as electronic payment instruments from June 2026, requiring foreign issuers to hold equivalent licences, audit collateral, and submit to cooperative cross-border regulatory oversight.

Indonesia tightens grip on commodity exports, sending mining stocks lower. President Prabowo plans to tighten state control over Indonesia's nickel, copper, palm oil, and coal exports to capture more domestic value, dragging down Jakarta-listed miners and raising global base metal supply concerns.

Hormuz blockade forces UK to soften timeline on Russian oil sanctions. The UK will phase in sanctions banning oil products refined from Russian crude entering via third countries, citing energy market disruption from the Hormuz blockade during the US-Israel war with Iran.

China confirms 200-jet Boeing order and pushes to extend US trade truce. Beijing has confirmed it will buy 200 Boeing jets, its first major order in nearly a decade, while seeking to extend the US tariff truce due to expire this November.

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Late last year, a Klimt sold for the highest price ever paid for modern art at auction.

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TRADE NEWS

Trump Lands in Beijing With $16 Trillion of Corporate Firepower

History was made yesterday when Air Force One touched down in Beijing carrying not just a U.S. President, but arguably the most powerful corporate delegation ever assembled on a single trip.

President Trump arrived in Beijing around 7:50 p.m. local time, greeted by Chinese Vice President Han Zheng, a military honour guard, and 300 Chinese children waving American and Chinese flags. It's the first visit by a sitting U.S. president since Trump's own 2017 trip.

The headline isn't the diplomacy—it's the guest list. The CEOs onboard represent a combined market capitalisation of roughly $16.4 trillion—about 3.5 times the size of Alphabet. The roster reads like the index card of the U.S. economy: Apple's Tim Cook, Tesla's Elon Musk, Nvidia's Jensen Huang, Boeing's Kelly Ortberg, Meta's Dina Powell McCormick, Cargill's Brian Sikes, plus executives from BlackRock, Blackstone, Citi, Goldman Sachs, Mastercard, Micron, Qualcomm, and Visa. Huang joined at the last minute, flying to Alaska to board Air Force One after Trump personally called him.

Trump's stated mission is blunt. "I will be asking President Xi to 'open up' China so that these brilliant people can work their magic," he posted en route. The agenda spans tariffs, rare earths, artificial intelligence, the Iran war and Taiwan, with expected announcements on large Chinese orders of American planes and soybeans—"Boeing, beef and beans," as Senator Steve Daines put it.

Markets are already pricing in optimism: Nvidia closed up 2.3%, Micron 4.8%, Tesla 2.7%, and Boeing 1.6% on the news. Whatever emerges from Thursday's bilateral talks, the optics alone mark a generational moment in U.S.-China commerce. Watch Clip

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VIDEO OF THE WEEK

Unlocking the Power of the World's Largest Oil Tanker

The Supertanker Europe is a true titan of the seas, a 380-meter-long vessel capable of transporting more oil than any other ship on the planet. This episode takes you inside the remarkable engineering that allows this vessel to carry a staggering cargo equivalent to 200 Olympic swimming pools. We also uncover the surprising historical connections, from a secret ship on the Great Lakes to a train with a key to its power, that made this modern marvel possible.

TRADE SNIPPETS

Whey protein shortage sends prices soaring as protein craze grips America. Surging consumer demand for protein-fortified foods, fuelled partly by GLP-1 weight loss drugs, has driven whey prices up over 50% since January, leaving suppliers sold out and manufacturers weighing price hikes.

BYD in talks to take over European car plants from Stellantis and rivals. China's BYD is negotiating to take over underused European factories, including Italian sites, as the world's largest EV maker accelerates regional expansion and legacy carmakers struggle with surplus capacity and Chinese competition.

Tesla Semi's ePTO system could replace diesel generators in refrigerated trucking. Tesla is promoting the Semi's Electric Power Take-Off feature, which powers refrigerated trailers directly from the truck's battery, eliminating diesel generators and cutting emissions, noise, fuel costs, and maintenance for commercial fleets.

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SUPPLY CHAIN NEWS

Amazon Just Did to Supply Chains What AWS Did to Cloud

The supply chain industry is crossing a threshold that has been promised for years but rarely delivered: the world's most sophisticated logistics network is now available to anyone who wants to rent it.

On May 4th, Amazon launched Amazon Supply Chain Services (ASCS), opening its entire portfolio of freight, distribution, fulfillment, and parcel shipping to businesses of all types and sizes. The pitch is deliberately familiar: Amazon is bringing the infrastructure, intelligence, and scale of its supply chain services to businesses everywhere, much like AWS did for cloud computing. The early customer list signals serious intent—Procter & Gamble, 3M, Lands' End, and American Eagle Outfitters have already signed on.

The scale is staggering. Amazon's logistics network includes more than 200 fulfillment centers in the U.S., over 80,000 trailers, 24,000 intermodal containers, and 100 aircraft, delivering 13 billion items annually. Customers gain access to that physical footprint plus AI-powered forecasting, customs clearance, and two-to-five-day delivery speeds—the same engine that powers Amazon.com. The market reaction was immediate. Shares of UPS and FedEx tumbled as Wall Street recognised the obvious: Amazon is moving directly into the $1.3 trillion third-party logistics market.

What makes this a step-change rather than another product launch is the playbook. AWS turned Amazon's internal cloud infrastructure into the backbone of the modern internet. ASCS attempts the same trick with physical goods—turning decades of operational know-how into a utility any business can plug into. For supply chain operators, the question is shifting from how do we build it to should we just rent Amazon's.

See Amazon Supply Chain Services here

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VIDEO OF THE WEEK

USA to JAPAN on a cargo ship | 10 days timelapse

Fun one this week. Timelapse of a voyage from USA to JAPAN on LADEN condition. Glimpse of merchant navy life.

TRADE SNIPPETS

UAE and South Korea launch trade deal slashing tariffs on over 90% of goods. The UAE and South Korea have enacted a Comprehensive Economic Partnership Agreement, Seoul's first with a Mena country, cutting tariffs on 91.2% of traded goods to boost investment, exports, and supply-chain resilience.

Driverless trucks set to deliver food for major US restaurant supply chain. Aurora and Berkshire Hathaway-owned McLane are launching driverless freight runs between Dallas and Houston, transitioning from a successful pilot to commercial autonomous deliveries serving America's biggest restaurant brands across the Sun Belt.

AirAsia signs record A220 deal, the largest single firm order in the jet's history. Malaysia's AirAsia has ordered 150 Airbus A220-300 jets, the biggest single firm order ever for the aircraft, pushing the programme past 1,000 orders and unlocking new ASEAN and Central Asian routes.

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SUPPLY CHAIN NEWS

Robotics and AI Reaching Industrial Scale in Logistics

The logistics industry is crossing a threshold that has been promised for years but rarely delivered: humanoid robots are now arriving in warehouses and sorting centers at genuine commercial scale.

Figure announced this week that it is now building one humanoid robot every hour at its BotQ factory—a 24x jump in production speed in under 120 days. More than 350 of its third-generation Figure 03 robots have already shipped. Just as importantly, the bigger fleet is making the robots smarter: Figure's Helix AI now lets them see the world through onboard cameras, so they can climb stairs and handle uneven floors without any human guidance.

Beijing-based RobotEra is deploying its L7 humanoid across more than ten logistics centers

The race isn't confined to the United States. Beijing-based RobotEra is deploying its L7 humanoid across more than ten logistics centers operated by China Post, SF Express, and other major carriers. Several sites report the robots already operating at over 85% of human-level efficiency, running 24/7. Backed by a recent $200 million raise, RobotEra plans batch deliveries at the thousand-unit scale this quarter, with persistent rumors that UPS is evaluating Figure's robots for similar deployments.

What makes this moment different from previous robotics hype cycles is the convergence of three factors: manufacturing throughput, real-world fleet data, and AI models capable of generalizing across tasks. Every robot Figure ships becomes a data-collection engine that trains the next generation—a flywheel that compounds with every shipped unit.

For supply chain operators wrestling with labor shortages and rising costs, the question is shifting from if to when.

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VIDEO OF THE WEEK

US Removed 45 Million Kilograms of Ocean Plastic

What if one teenager’s underwater shock sparked the biggest ocean plastic cleanup in history? Discover how Boyan Slat and The Ocean Cleanup defied experts and removed over 45 million kilograms of plastic from the world’s oceans and rivers – the incredible aftermath will leave you inspired!

TRADE SNIPPETS

Meta launches USDC payouts for creators using crypto networks. Meta has begun paying creators in stablecoin USDC via Solana and Polygon, marking its return to crypto after four years and expanding digital payments across global creator platforms.

Lithium found in eastern US could replace imports for centuries. New United States Geological Survey research estimates vast lithium reserves across the Appalachian region, potentially replacing US imports for over a century and boosting long-term mineral security.

UAE exits OPEC to boost oil output and take control of its energy future. The United Arab Emirates is leaving OPEC to gain greater control over production levels, allowing it to expand output, prioritise national strategy, and respond more flexibly to global energy market shifts.

Pentagon considers outsourcing warships to Korea and Japan. The Pentagon is exploring building warships with South Korean and Japanese partners to ease delays, cut costs, and rapidly expand naval capacity as the US struggles to keep pace with China’s shipbuilding output.

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TRADE NEWS

US Tariff Refunds: What You Need to Know

In a landmark ruling in February 2026, the Supreme Court found that the International Emergency Economic Powers Act (IEEPA) — the law President Trump had relied on to impose sweeping tariffs — did not grant the president authority to do so, finding that Congress, not the executive, holds power over such taxes. The decision triggered a cascade of lower court orders to reverse course. A judge at the US Court of International Trade subsequently directed US Customs and Border Protection (CBP) to remove the tariffs from affected entries and refund any excess duties collected, along with interest.

The Scale

Court filings show more than 330,000 importers paid duties on over 53 million shipments, totalling roughly $166 billion — making this potentially one of the largest government repayments to businesses in US history.

How It Works

On April 20, CBP launched the first phase of a new claims system — called the Consolidated Administration and Processing of Entries (CAPE) — allowing importers to seek repayment through the Automated Commercial Environment (ACE) portal. Valid refunds will generally be issued within 60 to 90 days after a claim is accepted, though complex cases may take longer.

Will End Consumers See Any Benefit?

Largely, no. Refunds go directly to whoever paid the customs bill — the importer of record. It remains unclear how, or whether, those refunds will trickle down to retailers or shoppers who absorbed higher prices through the supply chain.

A handful of exceptions exist: Costco has indicated it would use refunds to lower prices for consumers, while FedEx has said it would attempt to pass refunds along — though this could invite class-action litigation since the benefitting customers differ from those who originally bore the cost. The broader expectation is that consumers will receive at best indirect relief, with most businesses simply pocketing whatever they can successfully navigate through the refund portal. Watch Clip

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VIDEO OF THE WEEK

BYD : The biggest SCAM of the car industry ?

For 100 years, the global car industry belonged to Germany, Japan, and the United States. In three years, BYD turned it into a bloodbath. Mercedes down 28%. Porsche lost 92% of its profits in a single year. Volkswagen cutting 50,000 jobs. Stellantis posting a $26 billion loss — its worst in history. And behind every single one of these blows, the same name keeps coming up…BYD...

But the real story of BYD isn't the one you'll read in Harvard case studies. It goes much deeper.

TRADE SNIPPETS

Indonesia eyes tolls on Malacca Strait. Indonesia is considering charging ships to transit the Malacca Strait, inspired by Iran’s Hormuz strategy, raising concerns over costs and control of one of the world’s busiest trade routes.

China backs orbital data centre startup with $8.4B support. China has extended roughly $8.4 billion in credit lines to a space startup developing orbital data centres, signalling strong state backing for space-based computing as part of its broader AI and infrastructure ambitions.

Caterpillar acquires self-driving tractor startup Monarch. Caterpillar has acquired autonomous electric tractor startup Monarch Tractor, gaining its software, electrification systems, and engineering talent to accelerate automation across its machinery portfolio.

UAE asks US for wartime financial lifeline. The United Arab Emirates is in talks with the US for a potential financial backstop—likely a dollar swap line—to protect its economy from the fallout of the Iran war and disruption to oil trade through the Strait of Hormuz.

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TRADE NEWS

Ford & GM Recruited for Weapons 🇺🇸

The Pentagon is in early-stage discussions with major U.S. automakers, including General Motors and Ford Motor Company, about expanding their role in military production—marking a potential shift in how defence supply chains are structured.

The talks centre on leveraging the scale, manufacturing efficiency, and advanced engineering capabilities of commercial carmakers to support weapons and military equipment production. While no formal agreements have been announced, the move reflects growing pressure on traditional defence contractors to meet rising global demand amid ongoing geopolitical tensions.

This wouldn’t be the first time automakers have stepped into defence roles. During World War II, companies like Ford and GM rapidly converted civilian production lines into facilities capable of producing tanks, aircraft, and other military assets. The current discussions echo that model—though with a modern twist, including electric vehicle platforms, autonomous systems, and advanced materials.

From a supply chain perspective, the implications are significant. Automotive manufacturers operate highly optimised, high-volume production systems with deep supplier networks. Integrating these capabilities into defence manufacturing could reduce bottlenecks, increase output speed, and diversify sourcing away from a concentrated group of defence primes.

The trend is not limited to the U.S. In Germany, policymakers and defence leaders have also been in discussions with major automotive groups like Volkswagen and BMW about how their industrial capacity could be redirected or supported in the event of prolonged conflict or supply shortages. This signals a broader shift across Western economies toward reactivating dormant industrial capacity for strategic resilience.

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VIDEO OF THE WEEK

The Broken Economics of Airplanes

See inside an airplane recycling facility in Roswell, New Mexico and discover how plane shortages, supply chain breakdowns, and a tightly regulated aftermarket turned old aircraft into a critical piece of modern aviation.

TRADE SNIPPETS

US blockade of Iranian ports now fully implemented. United States Central Command says a blockade of Iranian ports around the Strait of Hormuz is now fully in place, as Donald Trump signals potential ceasefire talks and claims the war is nearing its end.

Cattle markets break $250 barrier, hit record highs. U.S. live cattle futures have surged past the $250 mark to new all-time highs, driven by historically tight supply and strong beef demand, signalling continued pressure across global protein markets.

Massive fire breaks out at BYD site in Shenzhen. A fire at BYD’s Shenzhen facility was caused by contractors dismantling equipment, igniting insulation materials; no EV or battery involvement was found, and no injuries were reported.

Gulf aluminium giant declares force majeure after Iran strikes. Emirates Global Aluminium has declared force majeure after Iranian strikes disrupted production at its Al Taweelah smelter, tightening global aluminium supply and adding pressure to already strained industrial markets.

Korea’s jet fuel exports to US grounded amid Iran war. South Korea has halted jet fuel exports to the United States as the Iran war disrupts crude supply, tightening global aviation fuel markets and raising pressure on airlines and supply chains.

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The USA performed a high-speed train test in 1966 by literally strapping two jet engines on top of a rail car. It did 183 MPH

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SHIPPING NEWS

Iran Shuts Strait After Israel Strikes Lebanon

Iran has said it is closing the Strait of Hormuz again, blaming Israel’s strikes in Lebanon for breaching the ceasefire and wiping out what little confidence the brief reopening had created. Tehran’s position comes as Israel maintains Lebanon is outside the deal, leaving the truce under immediate strain.

This matters because very little had changed for shipping even before Iran’s latest move. The ceasefire briefly allowed passage to resume in principle, but maritime traffic never changed in a meaningful way. Experts said the ceasefire was unlikely to alter shipping conditions significantly, with Iran still controlling access, requiring permission for transit, and halting some tanker movements. Only a few vessels were reported to have crossed under the new rules, far below the prewar average of about 120 ships a day.

In other words, the headline said “reopening,” but the operational reality was very different. Shipowners were still waiting for clarity, insurers remained cautious, and major operators were not rushing back into the waterway. Reuters reported that vessels attempting unauthorised passage faced warnings they could be “targeted and destroyed,” while industry participants said traffic normalisation could still take weeks or months even under the ceasefire.

There were signs of tentative commercial movement. Glencore and Taiwan’s CPC booked tankers to lift Middle East crude after the ceasefire, showing some buyers were prepared to test the corridor. But those bookings sat alongside continued restrictions, elevated risk and a market still operating on Iran’s terms rather than under anything resembling normal freedom of navigation.

The clearest takeaway is that the ceasefire did not change flows through Hormuz. It created only a brief opening on paper, with minimal real recovery in vessel traffic before Iran said it was shutting the Strait again. Watch Clip

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Leadership Can’t Be Automated

AI can help you move faster, but real leadership still requires human judgment. The free resource 5 Traits AI Can’t Replace explains the traits leaders must protect in an AI-driven world and why BELAY Executive Assistants are built to support them.

VIDEO OF THE WEEK

Why Old Cars, Ships, And Clothes Are Piling Up In Developing Countries

Whether it's fast fashion or the insatiable desire for bigger ships or better tech, consumption in developed countries has caused an overflow of trash. Much of that is shipped off to poorer nations. Here's how they process the castoffs.

TRADE SNIPPETS

China’s record buying lifts Brazil oil exports. China’s surge in crude purchases from Brazil has pushed the country’s monthly oil exports to their second-highest level on record, as shifting global supply routes drive stronger demand for alternative sources.

France moves 129 tonnes of gold out of the USA. France has reportedly transferred 129 tonnes of gold from the United States, signalling rising concerns over foreign-held reserves and a broader shift toward securing national assets amid global uncertainty.

Six Swiss banks launch Swiss franc stablecoin sandbox. Six major Swiss banks, including UBS, are teaming up to test a Swiss franc–pegged stablecoin in a controlled sandbox environment, aiming to explore real-world blockchain payments and strengthen Switzerland’s digital finance ecosystem.

Trump threatens 50% tariffs on countries arming Iran. U.S. President Donald Trump has warned that any country supplying weapons to Iran could face sweeping 50% tariffs on all exports to the United States, escalating pressure on key global powers amid ongoing conflict tensions.

China supercomputing hub hit by massive data breach. A major Chinese supercomputing centre has reportedly been compromised, with hackers claiming they stole over 10 petabytes of sensitive data, including military and aerospace research, raising serious global security concerns.

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TRADE NEWS

Force Majeure Explodes Across Global Trade

The global oil crisis is rapidly spilling into contract law, with a sharp rise in force majeure declarations now disrupting trade flows across multiple industries. As key shipping routes tighten and fuel prices surge, companies are increasingly unable to meet contractual obligations — triggering a clause many businesses rarely expect to rely on.

Force majeure, at its core, allows a party to suspend or cancel obligations when extraordinary events beyond their control make performance impossible. These events typically include war, government intervention, natural disasters, or critical infrastructure failures. In today’s environment, the combination of geopolitical conflict and energy disruption is ticking every one of those boxes.

With the Strait of Hormuz constrained, the impact is now spreading far beyond oil itself — and into everyday industries across the world.

We are seeing force majeure declarations across multiple sectors and countries:

• Thailand: Fishing fleets are docking vessels as diesel prices surge, making operations unviable.

• India: Fertiliser producers are cutting output as gas-linked feedstock costs spike.

• Europe: Chemical producers are declaring force majeure as petrochemical inputs tighten.

• Global plastics industry: Resin and packaging manufacturers are halting production as oil-derived feedstocks fail to arrive, disrupting everything from food packaging to consumer goods.

• Japan & South Korea: LNG buyers are unable to secure contracted shipments, forcing renegotiations.

• Helium supply chains: Shortages are emerging as gas extraction and transport are disrupted, impacting industries from medical imaging to semiconductor manufacturing.

• Global shipping: Tanker operators and charterers are cancelling contracts as transit risks surge.

• Airlines worldwide: Carriers are cutting routes as jet fuel costs spike beyond hedged levels.

• Logistics providers: Fixed-rate freight agreements are collapsing under rising fuel surcharges.

Even downstream manufacturers are now declaring force majeure as raw materials fail to arrive on time.

The result is a cascading breakdown — where disruption at a single chokepoint is rewriting contracts across the entire global supply chain.

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VIDEO OF THE WEEK

The Loneliest Road on Earth

Welcome to the Canning Stock Route, the world's most isolated road. This legendary track crosses several deserts, 1,000s of sand dunes, and some of the most hostile terrain on Earth, where summer temperatures hit 50°C and rescue can be days away. We're exploring the insane geography, brutal history, and why this remote wilderness route remains one of the ultimate adventure challenges left on the planet.

TRADE SNIPPETS

SpaceX lines up 21 banks for record-breaking mega IPO. SpaceX is preparing its “Project Apex” mega IPO, lining up at least 21 banks ahead of a potential 2026 listing. The deal could value the company near $1.75 trillion, positioning it as one of the largest public offerings ever and a major milestone for private space companies entering public markets.

12 tonnes of KitKat bars stolen in major chocolate heist. Around 12 tonnes of KitKat chocolate, more than 400,000 bars were stolen after a truck disappeared during transit from Italy to Poland, in a large-scale cargo theft highlighting ongoing supply chain security risks across Europe.

Inside Cargill’s AI-powered beef processing revolution. At Cargill’s Fort Morgan beef plant, its CarVe system uses AI to guide precision cutting, reducing waste and improving safety while helping workers process more beef efficiently without replacing human expertise.

Thailand fishing industry crippled as over 50% of fleet shuts down. Soaring fuel costs have forced more than half of Thailand’s fishing vessels out of operation, with prices more than doubling in recent months. In major ports like Samut Sakhon, boats are sitting idle as the government scrambles to ease the crisis with subsidised blended fuel.

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TRADE NEWS

Carmaker to Weapons Maker? Volkswagen Explores Pivot

Volkswagen is reportedly exploring a major strategic shift that would see part of its manufacturing capacity move away from cars and into missile defence production. The German automaker is in early-stage discussions with Israel’s Rafael Advanced Defense Systems — the company behind the Iron Dome — about repurposing one of its factories for defence-related output.

The talks are centred around utilising underused automotive production lines, as European carmakers face softer demand, high operating costs, and increasing pressure from lower-cost Chinese electric vehicle competitors. Rather than scaling down, Volkswagen is assessing whether its large-scale manufacturing capability can be redirected into a rapidly growing sector: defence.

At the heart of the discussions is the potential production of components tied to missile interception systems like Iron Dome. Global demand for these systems has surged as conflicts intensify and governments prioritise air defence capabilities. Europe in particular is ramping up defence spending, creating opportunities for industrial companies to step in and support supply chains that are struggling to keep up.

For Volkswagen, the move would mark a significant departure from its traditional role as a civilian automotive manufacturer. While not unprecedented for industrial companies to support defence efforts, it would signal a notable shift in how major European manufacturers are positioning themselves amid changing geopolitical realities.

No final agreement has been confirmed, but the direction is clear. As security concerns rise and industrial capacity sits idle, the line between automotive and defence manufacturing is beginning to blur — and Volkswagen could become one of the first major players to make that transition.

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Tequila Is Booming… So Why Are Farmers Going Broke?

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TRADE SNIPPETS

Elon Musk’s Terafab project explained. Elon Musk’s Terafab project aims to build a massive, vertically integrated semiconductor factory to produce AI chips at scale, reducing reliance on external suppliers and powering Tesla, SpaceX, and xAI technologies.

AI cow collar company hits $2.9B “double unicorn” valuation. A virtual fencing startup using AI-powered cow collars has reached a $2.9 billion valuation, as farmers adopt new technology to manage livestock without physical fences.

MSC to acquire 50% stake in Sinokor tanker unit. Switzerland’s MSC will acquire a 50% stake in Sinokor’s tanker arm, forming a joint venture that could reshape VLCC markets as oil disruptions heighten global shipping risks.

Philippines declares energy emergency amid oil shock. The Philippines has declared a national energy emergency after fuel prices surged due to Middle East conflict, exposing heavy reliance on imported oil and raising concerns over prolonged supply disruptions.

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SHIPPING NEWS

Shipping Lines Activate Century Old Clause — Shippers Carry the Risk

Rising risks in the Middle East are now directly affecting global shipping, with traffic through the Strait of Hormuz slowing to a crawl and carriers reverting to rules that haven’t been widely used in decades. At the centre of this shift is something most importers have never had to think about: the “liberties clause” in a bill of lading.

This clause — rooted in maritime law from the 1800s and formalised under the Hague Rules — gives shipping lines the right to change course, delay voyages, or discharge cargo at a completely different port if continuing the journey becomes unsafe. And right now, that’s exactly what’s happening.

Major carriers including MSC, Maersk, CMA CGM and Hapag-Lloyd are actively invoking this clause as security risks escalate in the region. Instead of completing voyages into the Arabian Gulf, some vessels are offloading containers at alternative “safe ports,” leaving cargo owners to figure out how to get their goods to final destination.

What this means in practice:

• Containers aren’t guaranteed to arrive at the port listed on your booking

• Cargo may be discharged thousands of kilometres away

• Shippers are responsible for all additional costs — re-transport, storage, handling

• Emergency surcharges are being added rapidly across trade lanes

We’re already seeing:

• Flat surcharges per container being introduced

• Sharp increases in freight rates into Gulf countries

• Additional fuel and risk-related charges layered on top

Examples:

• MSC issuing “End of Voyage” declarations — an operational use of the liberties clause, where the carrier terminates the contracted journey early and discharges cargo at a safe port — while applying ~$800 per container surcharges.

• Maersk introducing emergency rate increases of up to ~$3,800 per 45ft unit across Gulf destinations, alongside a new Emergency Bunker Surcharge (effective 25 March).

At the same time, vessels avoiding the region entirely are being rerouted around Africa via the Cape of Good Hope — adding up to two extra weeks transit time and putting further pressure on global capacity. This isn’t a short-term disruption — it’s a reminder of how much power sits inside the fine print of shipping contracts. For years, global trade has operated in a relatively stable environment where these clauses were rarely enforced. Now, almost overnight, carriers are exercising rights that effectively shift risk back onto cargo owners.

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From Cocaine To Gold: The Cartels' New Billion-Dollar Trade

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TRADE SNIPPETS

World’s largest LNG hub hit by missile attack in Qatar. Qatar’s Ras Laffan Industrial City — a key global LNG hub — was struck by missiles, causing fires and damage, disrupting energy operations and raising risks across global gas supply chains.

European jet fuel prices hit record highs as Middle East war escalates. European jet fuel prices have reached record levels as Middle East tensions disrupt supply, tightening inventories and pushing aviation fuel costs sharply higher across key trading hubs.

Trump issues Jones Act waiver to ease fuel crunch. The Trump administration has announced a temporary waiver of the Jones Act, allowing foreign ships to transport goods between U.S. ports to ease fuel supply disruptions and reduce rising energy costs amid global shipping instability.

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SHIPPING NEWS

Merchant Ships Now Under Attack

The Strait of Hormuz crisis has entered a more dangerous phase this week as commercial vessels are now being directly struck, marking a shift from warnings and disruptions to actual attacks on merchant shipping.

Several merchant ships operating near the Strait of Hormuz were reportedly hit by projectiles over the past few days, including the bulk carrier Mayuree Naree, which caught fire after being struck and was later abandoned by its crew. Maritime security agencies say the vessel was operating in waters close to the Gulf shipping corridor when the attack occurred.

Other commercial vessels have also reported near misses and security incidents, prompting fresh alerts from maritime authorities warning ships to avoid the area where possible.

The attacks come after weeks of rising tensions in the region, during which Iran’s Revolutionary Guard warned that vessels should not attempt to transit the Strait of Hormuz as the conflict escalated. While many shipping companies had already suspended operations through the strait due to insurance and security concerns, these latest incidents show that merchant ships themselves are now becoming direct targets.

In response, maritime security organisations have issued new advisories urging vessels to remain at a significant distance from Iranian territorial waters and to maintain heightened watch for small craft, drones and unidentified projectiles.

The situation has also prompted increased military activity in the region. US and coalition naval forces have stepped up patrols across the Gulf, while discussions are underway about the possibility of naval escorts for commercial vessels should ships attempt to resume transits through the strait.

For global shipping, the development represents a serious escalation. Direct attacks on merchant vessels significantly increase the risks facing crews and operators, and further reduce the likelihood that commercial shipping will return to normal operations in the region anytime soon.

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The Most Successful African Dictatorship

Born in a small West African village, Félix Houphouët-Boigny rose from plantation heir and doctor to become Ivory Coast’s founding leader, transforming cocoa farming into an economic powerhouse and making the country one of Africa’s most successful post-colonial economies.

TRADE SNIPPETS

Maersk suspends shipments on key Middle East trade routes. Maersk says the security situation in the Middle East remains highly volatile, forcing service adjustments and booking restrictions across Gulf trade lanes as carriers prioritise crew safety and vessel security.

Startup develops lab-grown cocoa butter for chocolate. Food tech startup Celleste Bio says it has produced the first cell-cultured cocoa butter, designed to replicate the texture and performance of natural cocoa while helping stabilize chocolate supply threatened by climate change and volatile crop yields.

Iran war could trigger global fertiliser shock. An escalating conflict involving Iran could disrupt fertiliser supply chains passing through the Strait of Hormuz, threatening global crop production and pushing up food prices if shipping disruptions persist.

Europe considering fuel cap to lower power costs. European Commission president Ursula von der Leyen says the EU is exploring measures to reduce how natural gas prices drive electricity costs, including possible gas price caps or subsidies, expanded power-purchase agreements, and greater use of contracts for difference.

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TRADE NEWS

US–Israel–Iran conflict: Major Updates 

With so many developments unfolding in the US–Israel–Iran conflict, this week’s update is presented as a bullet-point briefing to keep the key information clear and direct. This is a fast-moving situation. Developments across the conflict are evolving rapidly, and shipping, energy and insurance conditions may change hour by hour.

Strait of Hormuz Effectively Shut Down 🚫

The single biggest development.

• Iran’s Revolutionary Guard warned ships no vessel is allowed to pass the Strait of Hormuz.

• Tanker traffic has collapsed with 150+ vessels stranded or anchored outside the strait.

• Several tankers have reportedly been damaged and at least one seafarer killed in attacks.

Implication

• The strait carries roughly 20% of global oil and LNG supply.

• Shipping traffic has slowed to near zero through the chokepoint.

• The largest maritime chokepoint disruption since the 2021 Suez Canal blockage, but affecting energy rather than container shipping.

Maritime Insurance Collapse ⚠️

Insurance is rapidly becoming the largest barrier to shipping in the Gulf.

• Major marine insurers including Gard, Skuld, NorthStandard and the London P&I Club have cancelled war-risk cover for voyages through the region.

• Premiums have surged from ~0.2% of vessel value to around 1% per voyage.

• A $100M tanker could now face around $1M in insurance costs for a single trip.

• US President Donald Trump signaled the US could step in to support shipping insurance if private insurers continue withdrawing coverage, similar to measures used in past wartime shipping crises.

Implication

• Even if ships are willing to sail, they cannot legally operate without insurance, effectively shutting down commercial traffic through the region.

World’s Largest Shipping Lines Suspend Operations 🚢

Container and tanker operators have halted Gulf transits.

• Major carriers including Maersk, MSC, CMA CGM, Hapag-Lloyd and COSCO have suspended sailings through Hormuz.

• Japanese shipping groups NYK, MOL and K-Line have ordered ships to remain in safe waters.

Implication

• Gulf ports such as Jebel Ali, Dammam and Abu Dhabi risk becoming temporarily isolated.

• Asia–Middle East container flows are rapidly freezing.

Freight Rates Exploding 📈

Shipping markets are already reacting.

• Freight rates on Persian Gulf tanker routes have surged up to 460% on some trades.

• Analysts warn rates could triple from current levels if disruption continues.

• Air freight markets are also tightening, with Asia–Europe air cargo rates rising more than 6% in a single week as shippers move urgent cargo away from disrupted ocean routes.

Energy Infrastructure Attacks Shut Down LNG & Refineries 🔥

The conflict is now targeting energy infrastructure across the Gulf.

• Qatar, the world’s second-largest LNG exporter supplying roughly 20% of global LNG trade, halted LNG production temporarily after attacks on major gas facilities.

• Saudi Arabia’s Ras Tanura refinery, one of the world’s largest oil export terminals, was partially shut down after drone strikes.

• A drone strike also hit energy infrastructure near Fujairah / Abu Dhabi, a major regional oil storage hub.

Energy Markets Shocked 🛢️

Energy markets reacted immediately.

• Brent crude jumped 10–13% to around $82 per barrel.

• European natural gas surged more than 39% in a single day.

Implication

• Analysts warn oil prices could break $100+ per barrel if the Strait of Hormuz remains closed.

• Higher oil prices effect global economies, raising fuel, transport and production costs worldwide.

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TRADE SNIPPETS

Former Freightos CEO Schreiber steps down from board. Freightos founder and former CEO Zvi Schreiber has stepped down from the company’s board, formally ending his long leadership role after building the digital freight marketplace into a major global logistics technology platform.

US submarine torpedoes Iranian warship IRIS Dena: what we know. A US submarine reportedly torpedoed Iran’s warship IRIS Dena, marking a major escalation in the conflict. Here’s what we know so far about the strike, the casualties and the wider geopolitical implications.

Spain’s Pedro Sánchez hits back at Trump threat to sever trade. Spain’s prime minister Pedro Sánchez has pushed back against threats from Donald Trump to sever trade ties, warning such moves could escalate tensions and damage economic relations between the United States and Europe.

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