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Two Chinese Container Ships That Were Previously Turned Back By Iran, Now Allowed To Transit Hormuz Strait
Two Chinese Container Ships That Were Previously Turned Back By Iran, Now Allowed To Transit Hormuz Strait
On Friday we reported that there was a moment of surprise among vessel trackers, when Iran unexpectedly blocked two container ships owned by China's Cosco from transiting the Strait of Hormuz.
Two days later, this misunderstanding appears to have been resolved, and on Monday Bloomberg reported that the same two container ships linked to China’s state-owned Cosco Shipping exited the Persian Gulf through the Strait of Hormuz, the first such vessels operated by a...
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Metal Shock: Gulf's Largest Aluminum Producer Declares Force Majeure
Metal Shock: Gulf's Largest Aluminum Producer Declares Force Majeure
A little more than a week after Emirates Global Aluminum (EGA), the Gulf's largest aluminum producer, halted operations at its Al Taweelah smelter following Iranian missile and drone strikes, EGA has now declared force majeure on parts of its contract book, signaling that supply chain disruptions are spreading beyond energy markets and into industrial metals.
Bloomberg obtained new documents showing that EGA invoked force majeure clauses to suspend at least some deliveries after Iranian drone and missile strikes damaged the Taweelah smelter...
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