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Oil, gas and dry cargoes are being shipped all over the world every day. With seaborne transportation comes exposure to shipping costs. Be it via direct cost or through the prices of feedstocks or finished products, a freight factor is always there. Highly sensitive to market shifts, geopolitics and regulations, freight is a complex and volatile part of every trade.
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US temporarily waives Jones Act shipping: Update
US temporarily waives Jones Act shipping: Update
Updates to include industry opposition to the move and add context. Washington, 18 March (Argus) — President Donald Trump has approved a 60-day waiver of domestic shipping requirements under the Jones Act in an attempt to ease a spike in commodity prices caused by the war in Iran, a move that is unlikely to significantly affect US gasoline prices. The temporary waiver will allow shippers to transport crude, natural gas, natural gas liquids, fertilizer, coal and other energy-related products from one US port to another without using US-built, US-crewed and US-flagged ships, as the 1920 Jones Act requires. The waiver is meant to mitigate "short-term disruptions" to oil markets caused by the war in Iran, according to the White House. Maritime labor unions in the US expressed strong opposition to the waiver when first proposed by the White House last week, saying it would have a limited effect on domestic gasoline prices since high crude prices — and not domestic shipping costs — are the main driver of gasoline prices. "This waiver will not reduce gas prices," industry coalition American Maritime Partnership told Argus today. "The maximum potential impact of domestic shipping on the cost of gasoline nationwide is less than one penny per gallon." The Jones Act waiver could make it easier for traders to transport the up to 172mn bl of crude the administration plans to draw down from the US Strategic Petroleum Reserve (SPR), starting as early as this week. The waiver will allow that crude to be shipped to other US ports without having to be loaded onto the small fleet of Jones Act-compliant tankers that are typically more costly to charter. Trump's intervention into the cabotage requirements comes as domestic prices for fuel and fertilizer have spiked in response to attacks on shipping in the strait of Hormuz. US regular grade gasoline prices were $3.72/USG in the week ended 16 March, up from $2.94/USG before the US started military strikes on Iran. "This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to US ports for 60 days, and the administration remains committed to continuing to strengthen our critical supply chains," the White House said. The Jones Act can be waived at the request of the Secretary of Defense to the extent that they consider such a waiver is in the interest of national defense to address an immediate adverse effect on military operations. US Customs and Border Protection did not immediately respond to a request for comment seeking further details on the waiver. The act has been waived briefly in the past, often following severe hurricane that required flexibility in getting energy supplies to different parts of the country. The waiver will likely have limited effect on US natural gas flows as the winter heating season winds down, especially with shipping and supply disruptions from the US-Israel war on Iran creating much stronger margins for exporters of US LNG. By Chris Knight and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iraq seeks Iran approval for Hormuz tanker transit
Iraq seeks Iran approval for Hormuz tanker transit
Dubai, 17 March (Argus) — Iraq is in talks with Iran to allow some of its oil tankers to pass through the strait of Hormuz, oil minister Hayyan Abdulghani said today, as the country struggles to restore crude exports. Baghdad has had limited options since the effective shutdown of its southern export route, which handled around 3.4mn b/d of crude shipments from Basrah. Traffic through the strait of Hormuz has come to an almost complete halt since the US and Israel launched attacks on Iran at the end of February, with Tehran retaliating by targeting tankers and energy infrastructure across the Mideast Gulf region. Iraq is simultaneously pursuing alternative export routes to the north, including pipeline flows to Turkey's Ceyhan port and trucking crude to Syria's Banias and Jordan's Aqaba ports, Abdulghani said. Baghdad said it has cut crude production to 1.5mn-1.6mn b/d to prioritise domestic refining and electricity generation. Argus estimates output at closer to 1.2mn b/d. The country had been expected to produce 4.273mn b/d of crude under its Opec+ quota in March, implying that around 3mn b/d has been shut in. One option is to restart flows from northern Kirkuk fields through a long-idled pipeline to Ceyhan, which could initially carry 200,000-250,000 b/d. Final inspections on the rehabilitated segment are expected within about a week, the minister said. Baghdad and the Kurdistan Regional Government (KRG) are at odds over control of pipeline flows through the region. The federal oil ministry said the KRG refused to restart exports and attached conditions unrelated to the oil flows. The KRG rejected this, saying Baghdad was attempting to shift blame, and said production had already been halted following repeated missile and drone attacks on energy infrastructure carried out by militia groups. The KRG also accused Baghdad of imposing what it described as a "suffocating economic blockade" on the region through restrictions on dollar access and trade flows. Even if partial exports resume through these northern routes, the amounts involved would be far below Iraq's normal capacity and are unlikely to offset the loss of southern shipments. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Another tanker attacked off UAE’s Fujairah: UKMTO
Another tanker attacked off UAE’s Fujairah: UKMTO
Singapore, 17 March (Argus) — Another tanker has been attacked off Fujairah, UAE, the UK Maritime Trade Operations (UKMTO) said today. This follows drone strikes on oil facilities at the port of Fujairah in recent days. A tanker was struck by an unknown projectile at 23:01 GMT on 16 March, according to the UKMTO. The vessel, which was not identified, was at anchor about 23 nautical miles (42 kilometres) east of Fujairah when the incident happened. Minor structural damage was reported, but there were no crew injuries and there was no impact on the environment. This adds on to the growing list of attacks on commercial shipping in the Mideast Gulf since the US and Israel began strikes on Iran on 28 February. Oil loadings at Fujairah were halted on 16 March , the second time in recent days, after a drone strike sparked a fire in the emirate's petroleum industrial zone. Just two days before this, at least two crude storage tanks in Fujairah were damaged , also because of drone strikes. By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran vows retaliation on UAE for US attack on Kharg
Iran vows retaliation on UAE for US attack on Kharg
Houston, 15 March (Argus) — Iranian foreign minister Abbas Araghchi said his country will retaliate against the UAE for hosting US attacks this weekend on military targets on Kharg Island. The weapons used in the US attack on 13 March were fired from the UAE, Araghchi told state news agency Irna, including from a location very close to Dubai. "We would certainly retaliate but we try to be careful not to attack any populated area," Araghchi said. On 14 March, drones damaged two crude storage tanks in the UAE city of Fujairah, but it is not clear if that strike was in retaliation for the Kharg attack. On Sunday the UAE ministry of defense said it intercepted four ballistic missiles and six drones from Iran. The US hit more than 90 military sites on Kharg, including naval-mine storage facilities and missile storage bunkers, according to the US Central Command, which operates US forces in the Middle East. The US attack deliberately avoided energy-related assets on Kharg, which is Iran's primary crude export hub, but President Donald Trump threatened to attack oil infrastructure if Iran did not stop threatening to attack vessels crossing the strait of Hormuz. About 17mn b/d of crude and products normally transit through the strait. Araghchi said the strait is only closed to tankers and other vessels belonging to Iran's enemies and their allies. "Others are free to pass," he said. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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