Good morning and welcome to my daily Panamax Post column.

Mist, fog and drizzle in London this morning, clearing, sunny spells later with a slight chance of thunder. 14°C.

With much in the news, I wish you good fixtures and safe travels. And now for the news before the headlines.

The UKMTO said a tugboat being hit by unknown projectiles while conducting operations with stranded containership Safeen Prestige in the Strait of Hormuz.

G7 nations will hold an emergency meeting on Monday to discuss surging oil prices as crude jumped above $100 a barrel and stock markets slumped over the escalating US-Israeli war with Iran.

BALTIC EXCHANGE LIMITED(THE)’s dry bulk index, was down for a third session sliding 6% to 2,010 points.

Bahrain’s state-owned energy company Bapco Energies says it has declared force majeure, after its operations were disrupted.

Qatar’s Energy Minister believes crude oil could hit $150 a barrel if the Iran conflict continues but record tanker rates as VLCCs surpass $700,000 per day may not last long.

The Islamic Revolutionary Guard Corps claimed to have struck an oil tanker for failing to abide by Iran’s closure of the Strait of Hormuz.

The Washington Post suggests two IRISL vessels have sailed from Gaolan to Bandar Abbas, possibly carrying sodium perchlorate.

The latest listed dry bulk shipping company consolidation tale takes a new turn with a revised offer for Genco Shipping & Trading Limited by Diana Shipping.

Bangladesh’s ship recycling industry is crucial to the economy but continues to face intense global scrutiny over environmental impact.

The Trump administration is contemplating a series of special forces operations inside of Iran, potentially including a raid to seize Kharg Island: Axios

Maritime industry insurers have issued fresh warnings of the growing risks to commercial shipping in the Middle East as military tensions continue: Project Cargo Journal

With global production hitting a record 2.46bn tonnes and prices hitting a 10-year bottom relative to inflation, market leaders are signaling a wheat structural crisis.

Higher input costs could pinch Nigeria’s grain production — corn rice and wheat — in marketing year 2026-27, while consumption is expected to grow on the strength of a stable currency and improved purchasing power.

John Fredriksen-backed owner SFL Corporation Ltd. has secured a new $170m drilling assignment for its semi submersible rig Hercules.

OOCL chief warns that shifting manufacturing from China to Vietnam, Malaysia and India following US tariffs is creating new challenges in global freight patterns: Shipping Watch

Italian shipyard Canados is strengthening its presence in the US market after appointing South Florida brokerage firm Yachting Experts, Inc.

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