Since the evening of February 28, Iran's Revolutionary Guard has imposed a de facto blockade in the Strait of Hormuz—not only issuing frequent warnings against passage but also deploying naval vessels to enforce the closure, forcing oil tankers to halt operations in place. Shipping data charts

On March 1 local time, an oil tanker attempting to pass through the Strait of Hormuz was struck and began sinking.Earlier, on the evening of February 28, Iran's Islamic Revolutionary Guard Corps had announced a ban on all vessels transiting the Strait of Hormuz.With shipping activities in the St

Hanwha Philadelphia Shipyard (formerly Philadelphia Shipyard) has agreed to pay $900,000 (approximately RMB 6.157 million) in settlement to resolve a class action lawsuit involving unpaid wages.The lawsuit, filed by approximately 752 employees, covers the period from June 27, 2022, to December 11, 2

Italian offshore engineering firm Saipem announced it has secured a $500 million offshore engineering contract under a long-term agreement with Saudi Aramco.The project is located at the Safaniya oil field in Saudi Arabia—one of the world's largest offshore oil fields. The scope of work include

Dubai Ports World (DP World) and APM Terminals, a subsidiary of Maersk, recently announced a partnership to develop the South Container Terminal at the Port of Jeddah Islamika in Saudi Arabia. Under the agreement, APMT will hold a 37.5% minority stake, while DP World retains a 62.5% controlling inte