Shipping giants freeze container traffic amid rising Gulf threats

Container shipping giants Hapag-Lloyd and A.P. Moller-Maersk have halted bookings and begun diverting vessels away from the Middle East amid escalating security risks in the Strait of Hormuz, disrupting global trade routes.

The moves by the two European carriers – among the world’s biggest container lines –  come as the threat of missile and drone attacks has forced shipping companies to reroute cargo or suspend transits through the narrow Gulf waterway, The Wall Street Journal reports.

More than 3,000 vessels have been stuck in Gulf ports or waiting outside the strait as insurers withdraw war-risk coverage and shipowners hesitate to send crews into what has effectively become a combat zone.

At the same time, oil shipping has begun to stall as dozens of supertankers either idle inside the Persian Gulf or slow their voyages while owners assess whether it is safe to attempt the passage, Bloomberg reports.

The disruption in the corridor that normally carries roughly a fifth of the world’s oil supplies has sent tanker charter rates soaring and raised fears of prolonged shocks to global supply chains. 

Qatar’s Estithmar positioning to acquire two Syrian banks

Qatar’s Estithmar Holding is poised to purchase controlling stakes in two Syrian banks.

The investment group plans to take over majority ownership of Shahba Bank and about 30% of Syria International Islamic Bank, Reuters reports.

The move would be the first foreign banking acquisition in Syria since the fall of Bashar al-Assad and follows the recent lifting of U.S. sanctions on Syria.

The year-old interim government of President Ahmed al-Sharaa has been seeking to bring foreign capital into Syria’s banking system after more than a decade of conflict.

DP World ready for immediate return to Venezuelan ports

Dubai’s global port operator DP World is ready to start operations in Venezuela “within 24 hours” if the situation changes following the capture of President Nicolas Maduro by the U.S., its chairman says.

“Tomorrow if there’s a cargo opportunity in Venezuela, we will go … We can start within 24 hours if we need to. We know the place very well, the teams, everybody,” Sultan bin Sulayem, DP World Chairman and Group CEO, told The National.

The container shipping and logistics giant previously ran terminal operations at Venezuela’s Puerto Cabello until 2009, when the military took over the country’s ports and airports under former President Hugo Chavez.

Since then U.S. sanctions have made it difficult to return.