Shipping
The blocking of the Strait of Hormuz underscores the risks of fossil fuel imports. A new report from Ember makes the case that Asian economies should rapidly shift to renewables.
As the Iran conflict entered its third week and the Strait of Hormuz remained at least partially closed, the toll on LNG markets intensified.
The Trump administration has scrambled to stand up a $20 bn shipping reinsurance plan to smooth the reopening of the Strait of Hormuz. But until the violence ends, energy flows won’t return to normal, experts say.
Oil and gas shipments through the Strait of Hormuz have stopped. Risk from war is compounded by terminated insurance coverage for shipping through the Persian Gulf.
About a fifth of the global LNG trade is at a standstill with the Strait of Hormuz blocked due to the U.S.-Israeli war on Iran.
LNG carriers pose both a climate and financial risk, yet the shipping industry is seeing unprecedented growth, according to new research.
Security operatives set ablaze a vessel with 800,000 litres of stolen Nigerian crude oil, sparking environmental concerns.
Shipping emissions jumped 3 percent in 2022, mostly driven by a doubling of emissions from LNG tankers in European waters.