Archaeologists have finally cracked the code to the famed Ann Francis shipwreck’s brass combination treasure lock. However, the 16th century relic didn’t open after hours of painstaking trial-and-error. Researchers at Cardiff University and Amgueddfa Cymru, the National Museum of Wales, relied on highly detailed CT scanning equipment to peer inside the mechanical device and learn the code without touching the lock itself.
“It’s not every day you get to solve a 400-year-old mystery,” David Williams, a Cardiff University biomechanics engineer, said in a statement.
The lock’s combination was lost on December 28, 1583, when the merchant ship Ann Francis sailed into a powerful storm during a return voyage from Spain. The exact crew number is unclear, but all of them (around 14 sailors) reportedly drowned after veering off-course and wrecking along the coast of southern Wales. Unfortunately, at least one other death is likely directly tied to the Ann Francis. Archival evidence suggests locals later accused a “detestable woman” named Mother Gabley of being an “execrable witch” and casting the foul weather responsible for the maritime tragedy. While Mother Gabley’s fate remains unknown, she would have almost certainly been hanged under the recently passed “Act Against Conjurations, Enchantments and Witchcrafts” if brought to trial.
The Ann Francis remained missing for 415 years, until metal detectorist Peter Hughes rediscovered the wreckage while surveying southern Wales’ Margam Beach in 1998. Hughes and archaeologists subsequently spent more than 20 years scouring the area for the ship’s remains. By 2017, preservationists had documented over 800 gold and silver coins from Germany, Spain, and Portugal along with artifacts like compasses, ship equipment, and cutlery.
Still, the wreck’s most famous remnant is the brass combination lock still in working condition after four centuries buried in sand. It’s possible the lock was used to guard those coins, or potentially other valuables that didn’t survive exposure to the elements. Regardless, the lock has remained close with no hints to its four-letter combination for hundreds of years.

#francis #ship #years

In late September 2026, Huntington Ingalls Industries' Newport News Shipbuilding division secured a US$5.10 billion contract to conduct the refueling and complex overhaul of USS Harry S. Truman (CVN 75), while also advancing carrier programs and expanding unmanned production capacity across its U.S. facilities.
Together with the Navy order for 10 ROMULUS unmanned surface vessels and the Pocasset unmanned systems campus expansion, these developments highlight how HII is tying long-duration carrier work to growing autonomous maritime capabilities within its Mission Technologies division.
We'll now examine how the Truman overhaul award, alongside new ROMULUS unmanned vessel production, could influence Huntington Ingalls Industries' investment narrative.
Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 33 best rare earth metal stocks of the very few that mine this essential strategic resource.
To own Huntington Ingalls Industries, you need to believe that its multi decade carrier, submarine and unmanned systems backlog can be converted into steadier margins and free cash flow despite current back end loaded cash expectations. The Truman refueling and complex overhaul award reinforces that backlog, but does not remove the near term risk that 2026 free cash flow could miss if contract advances or tax benefits arrive later or smaller than management hopes.

#unmanned #truman #romulus

Iran's top diplomat insisted on Sunday that there would be no military solution to the United States' war against the Islamic republic, with talks on ending the conflict apparently at an impasse.
A campaign of heavy bombardment failed to bring a decisive close to the war launched by the US and Israel in late February, and Washington in recent weeks has dialled back military operations in favour of economic pressure.
The main point of contention remains Iran's attempt to blockade the Strait of Hormuz, a vital conduit for Gulf oil and gas where a UK maritime agency reported on Sunday another tanker struck by an unknown projectile.
"If our enemies again choose the path of military confrontation, our response will be stronger than before, and we will defend ourselves with even more force," Iranian Foreign Minister Abbas Araghchi said at a gathering of foreign ambassadors.
"There is no military solution, nor any solution based on new sanctions," he continued, adding "only negotiations based on justice and fairness" could end the conflict.

#sunday #Israel

Ocean Power Technologies Inc (NYSE-A:OPTT) reported first-quarter fiscal 2027 revenue of $1.7 million, up 44% from a year earlier, as the company expanded its work with US defense and security customers and moved forward with a strategic review process.
Ocean Power Technologies ran three PowerBuoy systems off Southern California for a U.S. Department of Homeland Security maritime domain awareness program, integrated with Anduril's Lattice platform and including a deployment beyond 1,000 meters depth, calling it the company's largest deployment and recurring revenue contract to date.
Ocean Power Technologies also deployed a PowerBuoy system off New Jersey for Rutgers University and delivered a WAM-V unmanned surface vehicle to Stevens Institute of Technology within five weeks of receiving the order.
The company demonstrated autonomous docking, charging and redeployment of a WAM-V, a capability it is working to integrate with the PowerBuoy platform to support longer autonomous missions. It also acquired subsea developmental technology ****** ets from Columbia Power Technologies, extending its capabilities from the ocean surface to the seabed.
Ocean Power Technologies achieved Cybersecurity Maturity Model Certification Level 2 compliance, positioning it to pursue defense programs requiring protection of controlled unclassified information. After the quarter ended, the company was selected as one of six potential awardees under a $40 million multiple-award contract supporting the Naval Oceanographic Office, creating an opportunity to compete for ocean-floor mapping task orders using unmanned surface vehicles.

#ocean #power #technologies #powerbuoy

Iran is deliberately targeting U.S. naval drones in the Strait of Hormuz to gather intelligence on American surveillance capabilities and learn how to evade U.S. defenses, drone experts warned Tuesday.
Tehran's strategy is coordinated, they said, and involves exposing critical insights into U.S. Navy theater operations in the world's most vulnerable maritime choke point even when classified data is uncompromised.
The warning came as tensions escalated in the Gulf region Sept. 14 after the U.S. military destroyed two Iranian small boats amid an attempted seizure by the Islamic Revolutionary Guard Corps (IRGC) of an American unmanned surface vessel (USV) patrolling the area, according to reports.
Us Military Attacks Iran In 'Self-defense Strikes' Over Weekend
A cargo ship sails in the Persian Gulf toward the Strait of Hormuz, Wednesday, April 22, 2026.

#Iran #sept

NEW LONDON - The Connecticut Heritage Maritime Festival is playing in this waterfront town this weekend. The "Eagle," the Coast Guard's iconic three-masted ship, will be a big draw.
On Thursday night, the New London football team got the party rolling a day early, running the "Jolly Jack" up the S.S. Cochran and defeating Joel Barlow 56-17 in a Connecticut High School Football Alliance game at Pat Cannamela Field that marked coach Jack Cochran's return to the New London sidelines after a 17-year absence.
Cochran and his Whalers came in with a roar - literally. They were led down to the field by a motorcycle escort.
From there, they simply kept revving.
Junior Zhi'Mir Maddox-Moore took the opening kickoff 92 yards for a touchdown and later caught three touchdown passes from junior quarterback JoJo Rivera-Perry - all big-hitters for 30, 66 and 59 yards - as the home team built a 36-17 lead by halftime.

#field

(By Oil & Gas 360) – Month Ending: August 2026 – August was the month energy markets began treating geopolitical disruption less like a temporary shock and more like a structural part of the investment landscape. The Iran conflict remained the dominant force running through oil prices, tanker markets, LNG flows, sanctions policy, and shipping through the Strait of Hormuz.
Yet one of the more revealing developments was how quickly commodity markets learned to absorb the uncertainty. Oil could rally on renewed fighting, fall on hopes for diplomacy, and then trade lower even as physical shipping constraints remained very real.
The industry's response told a different story. Producers, midstream companies, and governments continued committing capital to natural gas, new drilling inventory, offshore exploration, pipelines, ports, automation, and alternative supply routes. August was therefore not simply a month defined by war or volatile crude prices. It was a month that exposed how deeply intertwined energy security, infrastructure, technology, and access to resources are becoming.
The Iran conflict remained the defining energy story of August. Brent repeatedly moved in response to developments surrounding fighting and diplomacy, while commodity vessel traffic through the Strait of Hormuz fell to a three-month low. Reports that nearly half of global oil flows originated in or moved through conflict-affected regions underscored just how exposed the world's energy system had become to geopolitical instability.
The consequences extended well beyond crude prices. VLCC tanker rates reportedly climbed as high as $650,000 per day, Qatar suffered a severe collapse in LNG exports, and Gulf producers accelerated investment in pipelines and ports capable of reducing dependence on vulnerable maritime corridors.

#strait #hormuz

Mel Gibson has apologized in the face of online backlash following an appearance on Saturday at Fan Expo Canada, where he appeared to mock an American Sign Language interpreter as he was welcomed on stage.
The Hollywood actor and The Passion of the Christ filmmaker was taking part in a Q&A about his career when, in a video making the rounds on social media, he apparently made hand gestures as he came out from behind a curtain and walked directly past an ASL interpreter.
More from The Hollywood Reporter
'Mutiny' Review: Jason Statham Anchors a Serviceable Maritime Action Flick That Just About Stays Afloat
'Insidious: Out of the Further' Hunts Down $3M in Box Office Previews

#hollywood

The New England Patriots officially revealed on Tuesday that they will wear their 'Nor'easter' uniforms on December 6 against the Buffalo Bills.
The Patriots debuted their rivalry uniforms during the Thursday Night Football game against the New York Jets last November. The theme was inspired by New England's coastal weather and maritime history. The uniforms were a big hit with Patriots fans, and now the team will don them once again in a pivotal AFC East clash with the rival Bills.
It could be a game with serious playoff implications given the timing. The rivalry was brought back to life with the Patriots' emergence as Super Bowl contenders last season. Both teams tied the regular season series at one game apiece.
The Patriots blew a 21-point lead in a loss to the Bills at Gillette Stadium last season. So they'll clearly be looking for revenge at home later this year.
However, the two teams will meet for the first time in Week 4 of the 2026 season at the new Highmark Stadium at Orchard Park.

#uniforms #last #rivalry #teams

Aug 25 (Reuters) - U.S. President Donald Trump said on Tuesday that all mines ‌had been detonated or removed from international ‌waters of the Strait of Hormuz and that Iran has been told that any ship or boat placing new mines will be destroyed.
In a post on Truth Social, Trump said the United ‌States, through its ⁠Space Force, was watching "every square inch" of the Strait, a key waterway ⁠in the global energy supply chain.
"There is a Zero Tolerance policy on mine placement in full force and effect," Trump said.
The U.S. and ‌Iran have not conducted air strikes on each other's militaries for weeks, but attacks on vessels in the Strait of Hormuz have continued as the two sides vie for control ‌of the narrow maritime passage.
Oil transits through the strait were at 5 million barrels per day on ‌Monday, provisional data from shiptracker Vortexa showed, down from more than 20 million per day before the war or about one of every ‌five barrels consumed worldwide.

#strait #hormuz

The United Arab Emirates suspended all trade, commercial exchanges and financial transactions with Iran after accusing Tehran of firing ballistic missiles toward maritime traffic.
The action severs one of the Islamic Republic's most important commercial and financial links and threatens to close off an economic route President Donald Trump's sanctions have struggled to reach. It also further deepens Iran's isolation amid its standoff with the U.S.
The UAE supplied 31% of Iran's imports, valued at roughly $21 billion, in 2024, and was the destination for 13% of its exports, according to World Trade Organization trade data.
Iran Deal Clock Hits Zero As Trump Demands 'White Flag' With New Pressure Campaign Looming
Miad Maleki, a senior fellow at the Foundation for Defense of Democracies and former Treasury official, said the UAE is one of Tehran's two key economic lifelines.

#trade #islamic

The CMA CGM Group announced the appointment of Natasha Griffin as chief executive of CMA CGM North America.
Based in Norfolk, Va., Griffin will lead CMA CGM's operations and strategic development across North America, overseeing ocean shipping, logistics, intermodal, and supply chain activities, the Marseilles company said in a release.
"North America is a strategic market for CMA CGM and a key pillar of our long-term growth strategy," Griffin said in the release. "I am honored to lead our organization at this important moment. We will continue delivering exceptional service to our customers while supporting the development of America's maritime and logistics capabilities. I look forward to building on CMA CGM's longstanding commitment to the United States and Canada and contributing to the continued growth of our business and our partnerships across the
Region."
Griffin succeeds Adeline Franger Chouraqui, who became CEO and president of CMA CGM America in May 2025.

#north #development #release

By Andrew Osborn and Felix Light
MOSCOW, Aug 12 (Reuters) - President Vladimir Putin said on Wednesday that Russia will respond in kind if European countries start to seize Russian merchant vessels and the commander of Russia's ‌Pacific Fleet said his forces were ready to "inspect and detain" foreign vessels from what he called hostile states.
The comments, ‌which Putin made as he oversaw navy drills in Russia's far east, come as the EU tries to ratchet up pressure on Russia's so-called shadow fleet, expanding sanctions against hundreds of vessels and detaining some ships and their crews for checks. Some European governments have said they are exploring tougher maritime enforcement measures against ships suspected of sanctions evasion.
"We can see that the authorities of certain countries, in violation of international maritime law, are attempting to restrict the movement of our economic operators' vessels..., and have recently gone so far as to ‌consider the possibility of seizing our vessels and ⁠selling off the property they have plundered from us," Putin said.
"Naturally, this is nothing less than piracy and robbery. And if this begins to be put into practice, we shall be forced to ⁠respond in kind. And not necessarily in those waters where raids on our ships and vessels are planned, but wherever we ourselves deem it necessary and appropriate."

#vessels #putin #fleet

MOSCOW (AP) — Russian President Vladimir Putin on Wednesday threatened retaliation for Western seizures of its commercial vessels, describing them as "piracy."
Speaking on a visit to a Russian warship that was taking part in a naval exercise in the Pacific, Putin described the Western moves to detain vessels linked to Russia as a breach of international maritime law.
"It's nothing but piracy and robbery," Putin said. "If this is done, we will be forced to respond in kind."
He added that the Russian response wouldn't necessarily come in the waters where the Russian ships were seized, noting that Moscow could retaliate "in any area where we see it as necessary and appropriate," including in the Pacific.
The Pacific Fleet chief, Adm. Viktor Liina, reported to Putin that the navy was ready to start inspections of the commercial ships serving the "unfriendly nations." He noted that many of the ships operated by British, French and other European carriers fly the flags of other nations, effectively making them a "shadow fleet."

#vessels

Lockheed Martin (NYSE:LMT) just landed one of the largest single contract awards in its history. On July 29, the Department of War handed the defense giant a seven-year, up to $53.86 billion undefinitized contract action for PAC-3 Missile Segment Enhancement interceptors, pushing the total multiyear deal to $58.62 billion once the $4.7 billion awarded back in April is added in. That is not an error, which raises a clear question: what is driving this level of demand?
The answer starts with real-world consumption. Fewer than 800 Patriot missiles reportedly remain in US inventories, a stockpile a CSIS report pegs as having lost 65% of its prewar 2,330 count during the Iran conflict, leaving roughly four years of production at the old pace to cover what got burned through in under three months of fighting. Lockheed is responding by tripling PAC-3 MSE production capacity by the end of 2030 and growing its Camden, Arkansas workforce from 1,200 to about 1,850 employees. This is Lockheed's second major multiyear award under the Department's Acquisition Transformation Strategy, following the $35 billion THAAD contract, and the company is backing it with $8 billion to $9 billion in facility investment through 2030, including new munitions centers in Troy, Alabama and Camden.
A cheaper companion missile, the PAC-3 Adapted Capability Effector priced around $2.5 million versus MSE's roughly $4 million, is being positioned as complementary rather than a cannibal of MSE volume, meaning it adds revenue instead of splitting it. Layer in the $3.5 billion Ultra Maritime acquisition that expanded Lockheed into undersea defense, and a business already generating $75.1 billion in FY2025 revenue, up 5.7%, with $6.9 billion in free cash flow and a net margin near 6.7%, looks like it is compounding its core strength rather than searching for a new one.
The flip side of that strength is dependency. Roughly 72% of 2025 sales came from the US government, and the F-35 program alone accounts for about 27% of revenue, meaning any shift in Washington's spending priorities or a program delay would hit Lockheed harder than a diversified industrial company. The balance sheet carries real leverage too, with debt to equity near 3.2x and a current ratio of just 1.1x, leaving a thinner liquidity cushion than investors might expect from a company this size.
Lockheed is also fighting a $4.25 billion lawsuit over alleged technology misappropriation and regularly defends against cyberattacks aimed at its sensitive intellectual property. And when Lockheed first unveiled the cheaper PAC-3 ACE missile, investors sold the stock off on fears it would eat into MSE margins, a worry the company disputes but one that shows how sensitive the market is to anything touching this contract's economics.

#missile #roughly

Namibia is rapidly emerging as Africa's next major oil producer while neighboring South Africa, which controls roughly two-thirds of the same Orange Basin petroleum province, remains years behind in developing essentially the same petroleum system. The Orange Basin, an offshore deepwater petroleum province spanning the Atlantic maritime border between the two countries, is estimated to contain more than 20 billion barrels of oil equivalent. Yet while Namibia has attracted a succession of world-class discoveries and moved rapidly toward commercial development, South Africa has struggled to translate the same geological opportunity into producing **** ets.
TotalEnergies' (NYSE:TTE) deepwater Venus Project in offshore Namibia now targets an initial production capacity of roughly 150,000 barrels of oil per day, with first oil aimed for 2030. Venus-1X is estimated to contain 1.5 billion barrels of light crude and 4.8 trillion cubic feet of gas. TotalEnergies has also taken over operations of the massive Mopane discovery from Portugal's Galp Energia (OTCPK:GLPEF).
Last month, Shell Plc (NYSE:SHEL) and its JV partners reported a major oil discovery at the Merlin-1X exploration well within Petroleum Exploration Licence 39 (PEL 39). Located in Namibia's Orange Basin roughly 290 kilometers off the coast, the resource has recoverable reserves estimated at 750 million barrels for Phase 1. The success of Merlin-1X marks a critical turnaround for the consortium.
In early 2025, Shell booked a $400 million impairment on its Namibian offshore portfolio following engineering hurdles at older discovery wells with complex geology and high gas-to-oil ratios, including Graff-1X and Jonker-1X. Those challenges had initially slowed commercialization plans, but the Merlin-1X discovery has significantly improved the outlook for the company's Namibian acreage.
Related: Harold Hamm Bets Bigger on Argentina's Vaca Muerta Shale Boom

#petroleum #orange #roughly #offshore

KUALA LUMPUR, Malaysia (AP) — The head of U.S. Pacific Command said Monday that coercive actions by China and other actors are challenging regional stability, warning the United States will not allow any nation to dominate the Indo-Pacific.
Admiral Samuel Paparo said some actors were using "false claims of legitimacy" to justify intimidation and coercion.
"That's not the rule of law. That's the rule by law. That distinction between law as a tool of order versus law as a weapon of raw power, is the defining fault line of our time," he said via video link at a regional security conference in Malaysia organized by the U.S. Pacific Command.
Paparo's remarks come as tensions remain high in the South China Sea, where China's expansive maritime claims overlap with those of several Southeast Asian nations. The Philippines has been at the center of a series of confrontations with China, particularly around a disputed shoal, where Chinese and Philippine vessels have repeatedly faced off.
Manila has accused Beijing of dangerous maneuvers, water cannon attacks and attempts to block Philippine resupply missions. China has rejected those accusations and maintains its territorial claims in the disputed waterway.

#pacific #rule

Ocean Power Technologies Inc (NYSE-A:OPTT) CEO Philipp Stratmann talked with Proactive about the company's acquisition of the subsea wave power generating intellectual property portfolio from Columbia Wave Power, recent financial results and how the business is expanding its capabilities from surface maritime operations to seabed infrastructure.
Proactive: Welcome back inside our Proactive newsroom. Joining me now is Philipp Stratmann, CEO of Ocean Power Technologies. Philipp, it's great to see you again. How are you doing?
Philipp Stratmann: I'm doing well. It's good to be on again.
You recently reported your financial results and also completed an acquisition. Tell us about the acquisition.
We acquired the subsea wave power generating IP portfolio from Columbia Wave Power. We've been focused on surface maritime domain awareness and maritime dominance, but this acquisition helps us extend our offering from the surface down to the seabed. As experts in maritime power generation at a non-grid-connected scale, it completes an important part of our overall solution.

#power #philipp #stratmann #ocean

The U.S. Army on Sunday revealed it has tested a new warfare system overseas designed to covertly scramble the navigation signals used by enemy precision weapons, making it harder for adversaries to accurately strike targets from long distances while avoiding detection.
The electronic system, dubbed "Hammer of the Gods," was tested at sea off the U.S. West Coast for the first time in mid-July as part of the Project Convergence Capstone 6 (PC-C6) experiment.
While land-based versions have been demonstrated over the past two years, the exercise marked the official debut of the maritime variant, the Army said.
The portable signal disruptor can reportedly blind enemy to several precision-guided weapons such as long-range artillery, guided missiles and cruise missiles.
Ukraine's Battlefield Is Transforming The Future Of Nato

#enemy

Cascading risks linked to the highly volatile geopolitical landscape are driving demand for insurance products that safeguard day-to-day business operations, according to a GlobalData poll. Meanwhile, the availability of insurance products to protect against such impacts remains compromised as insurers struggle to adapt to the rapidly changing risk landscape.
According to a poll conducted by GlobalData on Verdict Media sites in Q2 2026 —which garnered 107 responses from industry insiders—supply chain insurance (41.1%) is the product set to see the highest demand due to geopolitical tensions. The second most sought-after product is cyber insurance, commanding 20.6% of responses.
Businesses overwhelmingly view the fallout of geopolitical tensions through the lens of indirect operational disruption, seeking products that safeguard daily commercial operations. In contrast, demand for specialist transport and direct **** et protection is lower. This highlights that organisations are deeply concerned about trade route blockages, state-sponsored cyberattacks, and collateral revenue losses that can have a cascading effect on operations, thus threatening day-to-day business continuity.
Ongoing conflicts in the Middle East and Eastern Europe are creating specific trade bottlenecks such as in the Suez Canal and Strait of Hormuz, leading to widespread shipping reroutes, while alternative maritime corridors are emerging. Meanwhile, the US's shift toward economic nationalism—marked by sudden tariff hikes, export restrictions, and sanctions—is pressuring international trade supply networks.
Although demand exists, paradoxically, insurance capacity is compromised as many insurers pull products from the market fearing that the risks are unquantifiable. This highlights a key challenge for the industry, whereby only insurers with the most risk appetite are willing to adapt their underwriting strategies and product offerings. This requires providers to tighten policy wordings and exclusions around tariffs and sanctions, as well as stress-test products to avoid catastrophic losses from a single event. In addition, real-time geospatial tracking is gradually gaining traction for more accurately **** sing risks and improving underwriting.

#products #demand #risks #geopolitical

By Georgina McCartney
July 30 (Reuters) - Oil fell on Thursday in volatile trade as investors considered proposed plans for a Saudi Arabia-led maritime coalition to boost defence cooperation around the Red Sea, reversing a rise in prices earlier in the session after Washington and Tehran traded strikes on each ‌other's military targets again.
Brent futures were down $1.26, or 1.39%, at $89.48 a barrel at 12:41 p.m. EDT after touching a high of $93.31.
U.S. West Texas Intermediate crude ‌futures were down 53 cents, or 0.63%, at $83.93, after hitting a high of $85.94.
Saudi Arabia is seeking to lead a coalition with other countries to boost defence cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden. The Saudi defence ministry said 14 states including Turkey, Pakistan, Egypt, Sudan and Djibouti have issued a joint statement in support of the proposed multinational maritime defence coalition.

#defence #maritime

CMA CGM posted impressive Q2 earnings as it navigated volatile supply chain conditions to substantial increases in container volumes and profit.
The closely-held provider of diversified logistics services based in Marseille today said maritime volumes rose 6% to 6.3 million container units from 5.97 million in 2025. Revenue spiked 22% to $9.96 billion from $8.17 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) were up 42.4%, to $2.26 billion from $1.59 billion. EBITDA margin improved from 19.4% to 22.7%
"Against a backdrop of continued geopolitical instability, the Group delivered solid results in the second quarter of 2026, driven by the performance of our shipping activities, the growth of our terminals and air cargo businesses, and the complementary strengths of our logistics operations," said Rodolphe Saade, chairman and chief executive, whose family controls CMA CGM. "This performance reflects our strategy of expanding in key markets and investing in strategic **** ets. They once again demonstrate the strength of our model, our agility and our resilience, all in support of delivering reliable, high-quality service to our customers."
The company said that the second quarter of 2026 was "a particularly volatile market environment for the shipping and logistics industry, marked by the multiplication of geopolitical conflicts, particularly in the Middle East, and a high level of macroeconomic uncertainty."
Overall revenue grew 19.2% to $15.69 billion from $13.17 billion as EBITDA improved 31% to $2.99 billion from $2.28 billion and EBITDA margin was up 1.7 points to 19% from 17.3%. Net income was better at $770 million from $520 million.

#billion #Logistics #container

DUBAI, July 28 (Reuters) - Iran has proposed to Oman a temporary arrangement to reopen the Strait of Hormuz ‌under which one direction of traffic would pass through Iranian ‌waters and part of the opposite route would also be in Iranian waters, Deputy Foreign Minister Kazem Gharibabadi told state television on Tuesday.
Gharibabadi said Tehran rejected an Omani proposal for an equal division of transit routes between the two countries, saying such a plan did ‌not address Tehran's security ⁠concerns until long-term regional stability is achieved.
He said the Strait of Hormuz would remain closed if Muscat ⁠rejected Iran's proposal, adding that Tehran had never recognised the southern route along Oman's coast.
Gharibabadi also said Tehran had made it clear to Muscat that it no longer recognised the Traffic Separation Scheme (TSS), ‌arguing that this pathway roughly in the middle of the waterway lies mostly within Omani waters and runs contrary to Iran's need to monitor transiting vessels after being attacked by the U.S. and Israel in late February.
The TSS, adopted by the International Maritime ‌Organization, is currently unusable due to the risk of mines and has been replaced with Iran's northern route and Oman's southern route.

#route #tehran #muscat #TRAFFIC

CMA CGM posted impressive Q2 earnings as it navigated volatile supply chain conditions to substantial increases in container volumes and profit.
The closely-held provider of diversified logistics services based in Marseille today said maritime volumes rose 6% to 6.3 million container units from 5.97 million in 2025. Revenue spiked 22% to $9.96 billion from $8.17 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) were up 42.4%, to $2.26 billion from $1.59 billion. EBITDA margin improved from 19.4% to 22.7%
"Against a backdrop of continued geopolitical instability, the Group delivered solid results in the second quarter of 2026, driven by the performance of our shipping activities, the growth of our terminals and air cargo businesses, and the complementary strengths of our logistics operations," said Rodolphe Saade, chairman and chief executive, whose family controls CMA CGM. "This performance reflects our strategy of expanding in key markets and investing in strategic **** ets. They once again demonstrate the strength of our model, our agility and our resilience, all in support of delivering reliable, high-quality service to our customers."
The company said that the second quarter of 2026 was "a particularly volatile market environment for the shipping and logistics industry, marked by the multiplication of geopolitical conflicts, particularly in the Middle East, and a high level of macroeconomic uncertainty."
Overall revenue grew 19.2% to $15.69 billion from $13.17 billion as EBITDA improved 31% to $2.99 billion from $2.28 billion and EBITDA margin was up 1.7 points to 19% from 17.3%. Net income was better at $770 million from $520 million.

#ebitda #volumes #Margin

Oil prices gave up earlier gains on Friday after reports that Pakistan is trying to broker a return to U.S.-Iran nuclear negotiations. China is strongly backing the effort as the conflict and the closure of the Strait of Hormuz continue to threaten its energy security and weigh on its economy.
Brent crude for September delivery fell 4.4% to trade at $96.36 per barrel at 1.35 pm ET while WTI crude for September delivery was down 3.6% to change hands at $88.86/bbl.
However, Standard Chartered says the latest pullback may prove temporary as Middle East oil market risk has expanded from one strategic chokepoint to two.
On Monday, Yemen's Houthi militant group imposed a targeted maritime blockade against Saudi Arabia, threatening to enforce it by blocking Saudi-linked vessels from transiting the vital Bab el-Mandeb Strait. The group claimed the blockade was a direct retaliation for a decade-long Saudi containment of Yemen as well as a recent Saudi-backed airstrike targeting Sanaa International Airport.
The threat immediately rattled oil markets, prompting multiple Saudi-linked very large crude carriers (VLCCs) to abandon planned transits through the Bab el-Mandeb Strait and instead reroute around Africa's Cape of Good Hope, adding up to two weeks to each voyage. Two days later, the Houthis followed through. The group launched ballistic missiles and drones at two Saudi oil tankers on Thursday, damaging both vessels and igniting fires onboard. Brent crude surged nearly $20 per barrel, briefly climbing above $100.

#brent #september

The dollar index (DXY00) is up by +0.17% today. The dollar is moving higher today as escalation of hostilities between the US and Iran is boosting crude oil prices, which raises inflation expectations that could prompt the Fed to tighten monetary policy, a supportive factor for the dollar. The dollar also received some safe-haven support today on signs of widening of the conflict in the Middle East after Houthi rebels said they will impose a maritime blockade on Saudi Arabia in retaliation for what they say is the kingdom's siege on the Yemeni capital. Strength in stocks today has reduced liquidity demand for the dollar, limiting gains in the currency.
Today's US economic news was slightly negative for the dollar after the Jun leading indicators fell -0.2% m/m, weaker than expectations of -0.1% m/m.
Dollar Supported by Higher T-Note Yields and Crude Prices
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The US conducted a ninth straight day of airstrikes on Iran, bombing military targets and communications networks, and Iran retaliated by launching drones and missiles at US bases in Kuwait, Jordan, Bahrain, and Iraq. The New York Times reported that the US is sending more warplanes to the Middle East, including F-35 and F-16 fighter jets. However, crude prices fell from their highs after Iran said it wouldn't abandon diplomacy and that Qatar and Pakistan had reached out to mediate an end to the conflict and proposed a 10-day cessation of strikes between the US and Iran.

#crude

By Nayera Abdallah and Timour Azhari
DUBAI, July 20 (Reuters) - Yemen's Iran-aligned Houthis said on Monday they were imposing a naval blockade on Saudi ‌Arabia, drawing a warning from the Saudi-led coalition that it would respond "firmly", ‌in a move that threatens to disrupt global energy supplies beyond the Gulf.
The Houthis' armed forces in a statement said they were declaring "a maritime embargo against the criminal Saudi enemy, based on the equation of 'an eye for an eye', effective immediately".
They said the decision was in response to what they called "an unjust and oppressive siege" imposed on Yemen by the Saudis. ‌A full closure of the ⁠Bab el-Mandeb strait, the southern gateway to the Red Sea, would halt Saudi oil exports to Asia and could reduce global ⁠oil supply by 7%.
The Saudi-led coalition in Yemen vowed to respond to the threat to its commercial ships with firmness.

By Anna Pruchnicka and Iryna Nazarchuk
ODESA, Ukraine July 20 (Reuters) - A Russian missile strike on a ship carrying corn near Ukraine's southern port of Odesa killed 10 people, Ukrainian officials ‌said on Monday, in the deadliest attack in a weeks-long flare-up of violence in the Black ‌Sea.
Russia hit the Golden Leo – a Guinea-Bissau-flagged ship manned by a crew from India and Syria – with three cruise missiles, causing a fire on Sunday, Ukraine's navy wrote on the Telegram messaging app.
A Reuters witness in Odesa saw smoke billowing from a vessel off the coast on Sunday, which Reuters was able to confirm was the Golden Leo.
A search and rescue operation lasted all night, Ukraine's seaports authority said, adding that nine crew members and one of its maritime ‌pilots were killed. Eight of the ⁠vessel's 17 crew members were rescued, it added.

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Jamie Dimon, CEO of JPMorgan Chase & Co., has announced a $24 million initiative aimed at rejuvenating the American shipbuilding industry.
Dimon's latest initiative is targeted at bolstering industries that are key to the U.S. economy and national security. The $24 million package includes $18 million in loans and $6 million in grants. The funding will support Rhoads Industries' construction of a new submarine manufacturing facility at the Philadelphia Navy Yard, expand lending to maritime-related small businesses, and strengthen the region's supply chain.
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DUBAI, United Arab Emirates (AP) — The U.S. military launched airstrikes Sunday targeting Iran's paramilitary Revolutionary Guard to retaliate for the killing of American troops in Jordan, further widening crossfire between the nations as an interim deal seeking an end to their war has collapsed.
The strikes are part of a weeklong campaign that began with a struggle over control of the Strait of Hormuz and has seen Iran strike U.S.-allied countries across the Middle East.
The U.S. has targeted bridges, electrical facilities and other targets in Iran, and Tehran has retaliated by hitting power and desalination plants in Kuwait, threatening daily life in that small, oil-rich desert nation. Iran also has stepped up its threats to further expand the strikes, drawing a warning overnight from the United Arab Emirates.
Kuwait and Bahrain again activated air defenses Sunday morning as they warned of incoming Iranian drones and missiles.
The U.S. military's Central Command in its statement also said it hit "Iranian military coastal surveillance and air defense facilities, maritime capabilities and missile and drone storage sites." It also said for the first time it specifically targeting the Guard, a key power base in Iran's theocracy that controls its ballistic missile **** nal.