Energy disruption hits Bangladesh and Pakistan as Gulf crisis worsens
Record Panama Canal auction slots reach $5.3 million, a 95-fold increase from pre-disruption prices, as Middle East shipping chaos reroutes global energy cargoes.
- Disruptions to energy exports through the Strait of Hormuz and Red Sea have pushed Asian spot LNG prices toward $30 per million BTU, triggering severe power outages and factory shutdowns across Bangladesh and Pakistan since late August.
- Fighting between Saudi Arabia and the Iran-backed Houthis, combined with earlier attacks on Iran, has disrupted key shipping chokepoints; Shell estimates the world has lost roughly 36 million tons of LNG this year from Middle East supply.
- Bangladesh draws more than 40% of its electricity from imported LNG, leaving the grid vulnerable; a BKMEA survey found 55% of knitwear factories faced order cancellations since late August, while 78% partially halted production.
- Pakistan's government launched the Fuel Relief Scheme on Wednesday offering 100 rupees per litre subsidy, yet residents report registration difficulties; diesel prices reached 409 rupees a litre, straining low-income workers already facing affordability crises.
- Bangladeshi officials are pursuing infrastructure repairs, including directives to fix a non-functional LNG terminal to facilitate tanker unloads; manufacturers report slight recent improvements in gas supplies amid persistent regional energy volatility.
34 Articles
34 Articles
Fuel Crisis Caused by War in Middle East, Not Strikes on Russian Refineries - Irish Finance Minister
<p>The cause of the fuel crisis is the war in the Middle East, not the strikes on Russian refineries - Irish Finance Minister Harris linked the energy crisis to the closure of the Strait of Hormuz and the US war with Iran. He denied the role of Ukraine's strikes on Russian refineries.</p>
Strait of Hormuz And Red Sea Disruptions Send Global Shipping Costs Soaring To Record Highs
Simultaneous disruptions across the Strait of Hormuz and the Red Sea are reshaping global trade, forcing energy cargoes onto longer and less efficient alternative routes through the Panama and Suez Canals. The rerouting of tankers is placing extraordinary strain on alternative transit points, as shipping networks attempt to absorb volumes that were previously handled through […]
IRISH Minister Simon Harris claims that the closure of the Strait of Hormuz, not the war in Ukraine, is the main cause of the energy crisis. He calls for de-escalation in the Middle East and considers an EU tax on extra profits.
Global Shipping Costs Explode as Hormuz Disruptions Hit Key Trade Routes
The Middle East crisis has reverberated through key global shipping chokepoints thousands of miles away from the Strait of Hormuz. Following the crippled tanker traffic through the Middle East’s main oil and LNG export outlet, the Panama Canal and the Suez Canal have seen an increase in energy commodity cargo traffic in the past half year. As a result, shipping costs have soared to record highs, and some vessel operators are willing to pay $4-5 …
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