Shipping between Iran’s Dayyer port and Qatar’s Al Ruwais port has resumed following coordination between the Iranian embassy in Doha and Qatari authorities, a Reuters report said quoting Iran’s commercial attaché in Doha.
Qatar's Ministry of Transport (MoT) has announced that all maritime navigation activities can now resume normally for all types of maritime vessels and ships.
Saudi food and beverage manufacturing major Almarai has recorded solid results for Q2 despite the shipping woes and regional pressures. Its revenue surged 11% y-o-y to hit SAR5.87 billion ($1.54 billion) driven by resilient supply chain and robust demand across its core sectors.
Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, has recorded a total revenue of AED579 million ($158 million) for the first six months, thus demonstrating the strength of its underlying commercial operations and its ability to maintain robust performance.
Saudi Arabia's National Shipping Company (Bahri) has reported a more than six-fold increase in Q2 net profit which hit SAR2.75 billion ($733 million), while its revenue soared to SAR6.3 billion ($1.6 billion), helped by higher freight rates and stronger demand for its crude oil shipping business.
US President Donald Trump has threatened "major military punishment" against Iran and Yemen's Houthi movement after two Saudi oil tankers were attacked in the Red Sea, as fears of a widening threat to global shipping pushed oil prices above $100 a barrel for the first time since May.
Oil prices climbed for a second straight session on Wednesday, with Brent crude rising above $92 a barrel, as investors weighed the risk of widening supply disruptions from the escalating Middle East conflict.
The Indian government has ordered shipowners, ship managers and recruitment workers not to place its citizens on voyages through the Strait of Hormuz waterway until further notice, a report in The National newspaper said.
The Saudi Ports Authority (Mawani) has announced the addition of Maersk’s shipping service (Maersk - MECL) to Jeddah Islamic Port, thus enhancing the port’s maritime connectivity, expanding its service network with regional and global ports, and supporting the smooth flow of trade and supply chains.
Oil prices settled lower on Friday after the latest round of US-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz, but prices finished with sharp weekly gains. Brent crude futures fell by 29 cents to close at $76.01 a barrel.
