Russian independent Novatek and state-owned shipping firm Sovcomflot (SCF) have ordered 10 ice-class Arc7 LNG carriers for the Novatek-led 19.8mn t/yr Arctic LNG 2 project. Novatek-SCF joint venture Smart LNG had previously placed an order for five LNG carriers for delivery in March-December 2023. All 15 tankers will be built at Rosneft's Zvezda shipyard in Russia's far east — the first Arc7 carriers built by a Russian shipyard — with financing provided by state-owned bank VEB. The first of Arctic LNG 2's three 6.6mn t/yr production trains is scheduled for start-up in 2023. Novatek is aiming for year-round LNG exports along the Northern Sea Route through Russian Arctic waters — passage is now restricted to the summer months when ice coverage is at its lowest. State-owned Rosatomflot, which manages all shipments on the NSR, is building five 60MW icebreakers to support NSR transit — the first is scheduled for delivery in October — and it has ordered the first of three 120MW icebreakers from the Zvezda shipyard.
Related news posts
Hormuz tanker traffic unchanged after US‑Iran deal
Hormuz tanker traffic unchanged after US‑Iran deal
London, 15 June (Argus) — Vessel traffic through the strait of Hormuz has not changed since Sunday's announcement of a US-Iran peace deal , based on AIS tracking data. This suggests shipowners are waiting for the planned signing on 19 June and further details before attempting transits. The Indian LNG tanker Disha passed through without incident near Iran's Larak island. But the transit was likely pre-arranged and not the result of the newly announced deal. Several smaller vessels also transited, in line with recent traffic levels. There were no significant movements of crude or product tankers overnight. US president Donald Trump said on 14 June that he has authorised the "toll-free" reopening of the strait. But Iranian officials have yet to confirm that vessels can transit without restrictions. Transits continue to use shipping lanes near Iran's Larak and Qeshm islands rather than the traditional central route, reflecting ongoing safety risks in the strait. "The threat of mines in the area remains a concern immediately as well as further down the line, and mine-free routes need to be established," said Jakob Larsen, chief safety and security officer at industry association Bimco. "We still consider it very risky to commence transits at this point," Larsen added. Floating mines pose a significant risk and are likely to result in restrictions from marine insurers on which routes are covered. UK prime minister Keir Starmer said the UK will continue to work with partners to support reopening of the strait, including through a defensive, independent multilateral mission led by the UK and France, particularly to support mine clearance operations. Uncertainty over access to the waterway remains. Trump has a history of overstating progress in reopening the strait of Hormuz, through which about a fifth of global oil flowed before the Iran war. He wrongly claimed in April the strait was "completely open", prompting a buildup of crude and product tankers before many were turned back. The deal is set to be signed on 19 June, which participants said could be a trigger for any broader rebound in vessel traffic. More than 500 ships remain in the Mideast Gulf, and Bimco estimates it could take several weeks for all to leave, particularly as most will need to use restricted routes until mine clearance operations are completed. By John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran agreement to end hostilities 'complete'
US-Iran agreement to end hostilities 'complete'
Washington, 14 June (Argus) — President Donald Trump on Sunday said an agreement with Iran was "now complete", as he ordered an end to the US naval blockade against Iran in conjunction with what he said would be the opening of the strait of Hormuz. "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade," Trump wrote in a post on Truth social at 5:29pm ET (21:29 GMT). "Ships of the World, start your engines." Iran's deputy foreign minister Kazem Gharibabadi said the agreement will kick off a 60-day period of further negotiations, which would include the removal of all sanctions against Iran, the handling of Iran's nuclear program, economic reconstruction and mechanisms to implement the agreement, according to Iran's semi-official Tasnim news agency. Trump announced the deal despite a flare up in hostilities between Hezbollah and Israel earlier in the day and last-minute concerns from Iranian leaders about the US' ability to deliver on its commitments. The official signing of the deal will be on 19 June in Switzerland, said Pakistani prime minister Shehbaz Sharif, who has been facilitating negotiations between the US and Iran. Mediators will hold meetings this week laying the groundwork for technical talks and the official signing, he said. "Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," Sharif wrote in a post on social media. Ice Brent crude futures started sliding on the news in early Asian hours. The front-month contract was trading at $83.88/bl as of 21:34 GMT, down by more than 3pc than in the end of Friday 12 June. It remains unclear if tankers and other commercial vessels that have been stuck in the Mideast Gulf for months would be able to immediately start crossing the strait of Hormuz, portions of which have been mined. Although Trump said he authorized the "toll free" opening of the strait, Iranian officials have yet to commit that ships can cross the strait without adhering to requirements they have attempted to impose on maritime traffic. Trump has a history of overstating progress in reopening the strait of Hormuz, through which about a fifth of global oil flows. He wrongly claimed in April the strait was "completely open". Earlier on Sunday, an Israel military strike against what Israel's Defense Forces claimed was a "Hezbollah command center" in Lebanon threatened to upend Trump's push for rapid progress on a deal to end the war, which the US and Israel started on 28 February. Iran's parliamentary speaker Mohammad Bagher Ghalibaf, in a social media post, said the "incursion" indicated the US "either lacks the will to fulfill its commitments or the ability to do so." Trump said in a post on social media that the attack "should not have happened", particularly because an agreement was so close. The terms of the deal released so far are similar to those imposed under the Joint Comprehensive Plan of Action nuclear deal negotiated in 2015 under former president Barack Obama. Trump administration officials say despite the similarities to the prior deal, their approach was preferable. "The huge difference is we did this from a position of strength. President Trump led with military might," US defense secretary Pete Hegseth said during an interview with CBS News on Sunday. "We can snap the blockade [against Iran] back at any point and they can't do anything about that." By Chris Knight and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump calls off attack on Iran: Update 2
Trump calls off attack on Iran: Update 2
Updates with Trump's latest remarks Washington, 11 June (Argus) — President Donald Trump on Thursday called off the threat of an attack on Iran he announced hours earlier, citing progress on a "great settlement" of the Iran war he said could be signed as early as this weekend. That deal could be signed in Europe "soon, maybe this weekend", Trump said, who added that it was his understanding that Iran's supreme leader Mojtaba Khamenei also approved of the deal. Iran has yet to confirm its support of the agreement, which Trump said was "subject to finalization of documents" over the next few days. "The strait will officially open as soon as we sign, which could be soon — very soon — maybe over the weekend, in Europe," Trump said. Trump has previously overstated progress in talks with Iran, incorrectly stating in April that Iran had agreed to "completely open" the strait of Hormuz during a ceasefire. This afternoon, Trump said the pending deal was a "very detailed memorandum of understanding" that is "a little conceptual" that has also been "agreed to by many other countries that have great influence over" Iran. "We hope it's going to go relatively quickly," Trump said of further talks with Iran once a deal is signed. "The straits are going to open immediately upon signing, maybe it will be Saturday or Monday." Earlier this afternoon, Trump said progress in negotiations led him to call off plans he announced this morning to launch a "VERY HARD" wave of strikes and bombing tonight against Tehran. Trump had threatened to take control of Iran's Kharg Island in the Mideast Gulf, along with other oil infrastructure. Trump's now-canceled threat of a major military attack followed two days of heavy clashes between the US and Iranian armed forces. The US has pounded Iran's defensive and — according to Tehran — civilian infrastructure near the strait of Hormuz and across Iran. Iran's military responded with attacks on US bases in Jordan, Kuwait and Bahrain. Both the US and Iranian navies have attacked commercial vessels in the Gulf of Oman and the strait of Hormuz, respectively. Control of navigation through the critical Mideast Gulf waterway appears to have been the cause of the latest flare up. Trump said on Wednesday that the US military was running a clandestine operation to unblock Hormuz and that over 100mn bl and hundreds of vessels traveled the strait under the US military umbrella. Iran, which also claimed to be directing limited traffic through the strait, said on Thursday that the strait of Hormuz was "closed" following overnight US strikes on Iran. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump calls off attacks against Iran: Update
Trump calls off attacks against Iran: Update
Updates with Trump's cancellation of attacks Washington, 11 June (Argus) — President Donald Trump on Thursday called off the threat of a massive military attack against Iran he announced just hours earlier, citing progress in negotiations with Iran on resolving a war that has lasted more than 100 days. Trump this morning had threatened to launch a "VERY HARD" wave of military strikes tonight against Tehran, which he said would be followed up at some point by "taking" control of Iran's Kharg Island in the Mideast Gulf, along with "other oil infrastructure points." Five hours later, Trump said the planned attack would not go forward. "Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote on Truth Social at 1:28pm ET. Nymex WTI prompt month crude futures fell to $86.72/bl at 1:52pm ET, down from more than $90/bl immediately before the post. Trump's latest military threat — and rapid reversal — followed two days of heavy clashes between the US and Iranian armed forces and of attacks on shipping in the Middle East. Trump said that the US would keep enforcing a naval blockade against Iran "until this Transaction is finalized — Time and place of the signing to be announced shortly." The low intensity clashes between the US and Iranian forces that have been underway since late May escalated into an exchange of strikes on 10-11 June that are more reminiscent of the active phase of the war in March-April. The US has pounded Iran's defensive and — according to Tehran — civilian infrastructure near the strait of Hormuz and across Iran. Iran's military has responded with attacks on US bases in Jordan, Kuwait and Bahrain. Both the US and Iranian navies have attacked commercial vessels in the Gulf of Oman and the strait of Hormuz, respectively. Control of navigation through the critical Mideast Gulf waterway appears to be the cause of the latest flare up. Trump claimed on Wednesday that the US military had been running a clandestine operation to unblock Hormuz and that over 100mn bl and hundreds of vessels traveled the strait under the US military umbrella. Iran, which also claimed to be directing limited traffic through the strait, said on Thursday that the strait of Hormuz is "closed" following overnight US strikes on Iran. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more