Trendwatch: Strait of Hormuz traffic returns to near-normal; EU eases state aid rules to boost green projects, cut carbon footprint; WSC: Need for clarity on U.S. port fees for Chinese ships

Strait of Hormuz traffic returns to near-normal

In the aftermath of the American strikes early June 22 on the Iranian nuclear enrichment sites at Fordow, Natanz and Isfahan, traffic flows through the Straits of Hormuz have recovered.

Despite speculative reporting to the contrary, and publicity given to the U-turn made by product tanker Kohzan Maru (IMO 9209283) on news of the attack becoming public, the average number of transits through the crisis period appears to have been sustained, except for a small drop on June 24 when speculation of an Iranian move to close the Straits was at its highest. Five other ships are known to have turned around: products tankers Damsgaard (IMO 9724453) and Marie C (IMO 9749348), and crude tankers South Loyalty (IMO 9537769), Coswisdom Lake (IMO 9727194) and Red Ruby (IMO 9284790).

What is the Strait of Hormuz and why is it so important for oil?

Iran's top security body must make the final decision on whether to close the Strait of Hormuz, Iranian TV said on Sunday, after parliament reportedly backed the measure in response to U.S. strikes on several of Tehran's nuclear sites.

Iran has in the past threatened to close the strait but has never followed through on the move, which would restrict trade and impact global oil prices.

EU eases state aid rules to boost green projects, cut carbon footprint

Businesses will find it easier to get state aid for projects aimed at cutting their carbon emissions and to switch to green projects while heavy industries will benefit from temporary power price relief under looser rules announced by the European Commission on Wednesday.

The new state aid rules, valid until December 2030, are part of the Commission's goal to revitalise Europe's industries with its Clean Industrial Deal to help them better compete with U.S. and Chinese rivals and also encourage them to stay put in Europe.

Flights cancelled in Brussels' airports amid general strikes over government plan to reform pensions

Hundreds of flights were cancelled in Brussels’ Zaventem and Charleroi airports as protesters took to the streets for the fifth general strike of the year to oppose the federal government’s proposed cuts and reforms to pensions.

Transport services were severely disrupted in Belgium as general strikes took place nationwide over the proposed federal reforms and cuts to pensions.

Departure flights in Brussels Airport, also known as Zaventem, were cancelled as security and airport personnel participated in the strikes. The country’s main airport only received 103 incoming flights. 261 flights were originally set to land at the airport.

Qatar Airways resumes flights but Middle East disruption continues

Qatar Airways has restarted flights from Doha after the country’s airspace was closed yesterday due to Iran launching missiles against US bases in Qatar and Iraq.

In a notice issued at 1.20am, the airline confirmed the reopening of the country’s airspace but warned of ”significant delays” to its flight schedule as operations got back underway.

Port Houston’s steady growth continues in May

Port Houston recorded another month of steady growth in May, handling 381,640 twenty-foot equivalent units (TEUs), a 5% increase year-over-year. Year-to-date container volumes reached 1,837,813 TEUs, up 4% over last year.

In May, both loaded container imports and loaded container exports increased by 1%, reflecting an ongoing balance in containerized trade activity in Houston. Beyond containers, Port Houston’s general cargo is up 12% and steel imports are up 11% year-to-date. Total tonnage across all public facilities is up 2% so far this year, reaching 22,940,997 tons through the end of May.

Suez Canal Responds as Chinese heavy lift vessel grounds

The Suez Canal Authority is highlighting its quick response to a grounding incident on Friday, June 20, as a Chinese heavy lift vessel malfunctioned during the transit. The grounding came as the authority is trying to attract more vessels back to the route, highlighting the transit of large CMA CGM container vessels.

K Line partners with Provaris in hydrogen carriers

Kawasaki Kisen Kaisha (K Line) has partnered with Australia’s Provaris Energy to advance compressed hydrogen shipping and offshore storage solutions.

Japan's K Line and Provaris have signed a memorandum of understanding (MoU) to explore the development, construction, and operation of Provaris’ H2Neo carrier and H2Leo barge.

Israel and Iran halt asttacks following Trump’s push for ceasefire

Israel and Iran appeared to be honoring a ceasefire agreement unexpectedly announced by US President Donald Trump overnight, after the American leader reacted angrily to early breaches of the deal by both sides.

Israeli Prime Minister Benjamin Netanyahu agreed to hold off on further strikes after a conversation with Trump on Tuesday, according to a statement from his office. Israel had destroyed a radar complex near Tehran after the truce came into effect as of 7 a.m. local time, the PM’s office said, but this was in response to three missiles from Iran.