Iran is tightly managing vessel traffic through the Strait of Hormuz, but says a deal with Oman to re-open the crude oil chokepoint could be near.
U.S. forces disabled an unladen oil tanker in the Arabian Gulf that was attempting to sail toward Iran in violation of a naval blockade.
Ocean freight rates remain high despite low seasonal demand due to increased fuel costs amid ongoing Strait of Hormuz closure.
President Trump is reportedly considering a U.S. withdrawal from the Iranian conflict without re-opening the Strait of Hormuz.
President Trump has temporarily waived the Jones Act for energy shipping and other commodities after the war in Iran sent gas prices soaring.
The United Kingdom plans to send minesweeping drones to reopen the Strait of Hormuz instead of Trump’s demand for ships, fearing escalation of violence that has blocked oil shipments from the Persian Gulf.
Ports in both Houston and Corpus Christi, Texas, recorded mixed results in May, with increases in container shipping, but a decline in crude oil exports.
The Port of Corpus Christi, Texas, announced the completion of its $625 million, six-year ship channel expansion.
Container volumes rose 21% at Port Houston in May, while the Port of Corpus Christi, Texas, recorded a 9% increase in crude oil shipments.
Ports in New Orleans and Corpus Christi, Texas, recorded year-over-year increases in cargo volumes in February.
Ports in Houston and New Orleans recorded year-over-year increases in cargo volumes during January, while Corpus Christi, Texas, saw a slight decline.
To view more FreightWaves infographics, click here
To view more FreightWaves infographics, click here
Freight flows declined in Houston and Corpus Christi, Texas, in October, while container volumes rose at the Port of New Orleans.
Cargo volumes showed mixed results for Gulf Coast ports in September, with Houston reporting container declines, New Orleans seeing gains and Corpus Christi getting a boost from crude oil shipments.
To view more FreightWaves infographics, click here
To view more FreightWaves infographics, click here
Kent Britton was named as CEO of the Port of Corpus Christi on Wednesday after the previous chief executive abruptly resigned in May.
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The International Energy Agency predicts Asia will buy growing volumes of U.S. crude through 2028. That’s good news for supertanker demand.
