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.
Bahrain announced on Saturday that its air defences intercepted Iranian missiles, while strongly condemning Iranian attacks targeting the Kingdom of Bahrain and the State of Kuwait earlier in the day.
Despite ongoing disruption to oil flows through the Strait of Hormuz and continued uncertainty surrounding the conflict involving Iran, OPEC has maintained its forecast for global oil demand growth, citing no evidence of a slowdown in consumption.
The Sultanate of Oman has co-ordinated with the International Maritime Organisation (IMO) to establish a temporary maritime corridor for vessels transiting the Strait of Hormuz, said a report. It will be available to all vessels based on navigational co-ordinates announced by IMO and Omani authorities.
The US-Iran deal should allow a return of container shipping to the Strait of Hormuz, but the scale of disruption caused by the blockade puts a recovery of ocean supply chain networks at mid-September 2026, in a best-case scenario, says Xeneta, an ocean and air freight intelligence platform.
