The International Energy Agency has called it “the largest supply disruption in the history of the global oil market” — and 26 days into the war between Iran and the US-Israeli coalition, the numbers bear that out in stark terms. Since hostilities erupted on February 28, approximately 1,100 ships representing $30bn in vessel value with 20,000 seafarers onboard have been trapped inside the Gulf, crude and gas production shutdowns have been enormous, sending bunker prices and VLCC rates to record levels, and more than 25 merchant vessels have been struck by missiles, drones, or unknown projectiles. Months of market speculation were laid to rest last week with confirmation Gianluigi Aponte’s Mediterranean Shipping Company (MSC) is formally behind Sinokor Maritime’s stunning raid on the VLCC tanker market, with regulators in Greece and Cyprus publishing notifications confirming MSC will acquire joint control of the South Korean operator. More than one in four compliant VLCCs are now controlled by Ga-Hyun Chung-led Sinokor, according to analysis by Norwegian broker Fearnleys, following the Korean company’s dramatic supertanker raid in the S&P and charter markets over the past few months. Offshore wind vessel owner Edda Wind entered into agreements for the potential sale of its entire fleet of service operation vessels (SOVs) and commissioning service operation vessels (CSOVs), including units under construction. According to a stock exchange filing from Wilh Wilhelmsen, the fleet is set to be split between two buyers: UK-based North Star, a portfolio company of Partners Group, and an affiliate of Navigare Capital Partners. Edda Wind was taken private in June 2025 by a consortium including John Fredriksen’s Geveran Trading, Idan Ofer’s EPS Ventures and Wilhelmsen New Energy. Behind closed doors, authorities in Beijing have been taking action all action in response to Panama’s decision to revoke Hong Kong-based CK Hutchison’s running of two container terminals in Panama, and the subsequent handing over temporary operations to subsidiaries of the world’s two largest containerlines, Mediterranean Shipping Co (MSC) and Maersk. Officials from MSC and Maersk were hauled into Beijing’s Ministry of Transport this month, and all Panamanian-flagged ships suddenly face greater scrutiny when calling at the People’s Republic, while China’s state-run shipping giant COSCO has ceased all calls at Balboa and Cristobal. For its part, CK Hutchison’s Panama Ports Company (PPC) has launched international arbitration seeking at least $2bn in damages. A Russian-controlled, sanctioned LNG carrier was set on fire on March 4 in the central Mediterranean in a suspected kamikaze‑drone strike while transiting toward the Suez Canal. Videos circulating online showed the 138,028 cu m Arctic Metagaz (built 2003) ablaze. Ukrainian special forces are suspected to be behind the incident. Singapore-headquartered liner Ocean Network Express is increasing its exposure to the world’s largest containership lessor while new capital from shipbuilder Yangzijiang Shipbuilding enters the same investment vehicle. The shipping line, formed by Japanese majors MOL, NYK and K Line, said it has struck agreements to raise its ownership in Poseidon Acquisition Corp, the holding company behind boxship leasing giant Seaspan. Once completed, ONE’s stake will rise to 48.9%, up from about 28.7%. Meanwhile, Yangzijiang Shipbuilding is joining Poseidon’s shareholder base through the purchase of a 10% e