Diana Shipping (NYSE:DSX), the largest shareholder of Genco Shipping & Trading (NYSE:GNK), launched a direct offensive against Genco's board of directors, accusing them of corporate entrenchment and attempting to manipulate shareholder democracy.
Oil pared gains on a report that the US and Iran have reached a preliminary agreement to extend the ceasefire between the two countries and launch negotiations on the Islamic Republic's nuclear program. The memorandum of understanding would extend the truce by 60 days and states that shipping through the vital Strait of Hormuz would be "unrestricted," without any tolls paid to Iran, but the potential pact still requires President Trump's approval, Axios reported. Trump wants several days to mull over the deal, according to the report. An agreement to extend the truce would represent a diplomatic breakthrough and potentially bring the US and Iran closer to reopening normal maritime traffic through the strait, which usually carries around a fifth of the world's oil and liquefied natural gas supply. For more, we speak with Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.
Port of Los Angeles Director Gene Seroka says the impact of the Strait of Hormuz closure will be felt for months and he says costs will likely be passed on to consumers. He speaks on "Bloomberg Surveillance."
HSBC CEO Georges Elhedery discusses the Strait of Hormuz blockage and the disruption it's causing to global supply chains. He speaks on Bloomberg Television on the sidelines of the bank's Global Investment Summit in Hong Kong.
A US-sanctioned tanker linked to China is making its way through the Strait of Hormuz, testing US President Donald Trump's naval blockade. Rich Starry, a medium-range tanker earlier known as Full Star, was blacklisted by Washington in 2023 for helping Tehran evade energy sanctions. Shipping analyst Navin Kumar and Bloomberg's Tom Mackenzie discuss.
Some refiners could wait several weeks for oil even after the Strait of Hormuz is fully reopened, keeping up the pressure on prices. Macquarie Group Global Energy Strategist Vikas Dwivedi said in a recent note that oil could hit a record of $200 a barrel if the Iran war drags on. He speaks on Bloomberg Surveillance.
The availability of an alternative route for getting crude from Saudi Arabia to Asia, the Red Sea, has become more of a risk after Houthi militants entered the Middle East conflict. Bloomberg's Brendan Murray explains.
The supply shockwaves from the US and Israel's war in Iran are spreading across the global economy as farmers, factory managers, and freight carriers deal with a spike in oil, gas, aluminum, fertilizers and chemicals. Jack Wittels and Eleanor Thornber report.
Panama Canal Authority Administrator Ricaurte Vásquez Morales discusses the rise in agriculture products heading from the US to Asia contributing to an increase in revenue, and the impacts the conflict in Iran is having on business. He talks with Romaine Bostick and Katie Greifeld on "The Close."
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