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Jones Act waiver squeezes US flag shipping market
Jones Act waiver squeezes US flag shipping market
New York, 29 May (Argus) — The US decision to waive domestic shipping requirements under the Jones Act until at least mid-August is prompting shippers to favor foreign-flagged vessels for US-to-US trips, even when Jones Act compliant vessels are available, according to shipping data reviewed by Argus . The waiver was first issued on 17 March to help offset rising oil and refined products prices caused by the US-Israel war with Iran by easing movements between US ports. It was later extended by 90 days to 15 August by President Donald Trump. US independent refiners have made use of the waiver extensively , chartering more than 60 foreign-flagged vessels over the past two months for trips normally handled by one of the 92 ocean-going vessels, more than 150 sea-going articulated tug barges and thousands of smaller barges in the Jones Act-compliant fleet. This is the first Jones Act waiver issued at the request of the Department of Defense (DoD) since the statute was amended in 2021 to require a finding that "there are insufficient qualified vessels to meet the needs of national defense without such a [DoD] waiver". But the official justification for this latest waiver has yet to be published, according to maritime law firm Reed Smith, even though most voyages carried out by foreign-flagged vessels likely had Jones Act-compliant tonnage nearby. Out of 59 trips completed under the waiver as of 22 May, only 10 took place where no Jones Act vessels were available, according to data compiled by the American Maritime Partnership (AMP), which represent the US domestic maritime industry, using broker data. For the other 49 trips at least one Jones Act vessel was available, according to AMP data. By contrast, US Maritime Administration (MARAD) data show shippers seeking foreign tonnage under the waiver citing a lack of Jones Act vessels available for these trips — a claim seemingly at odds with the AMP data. MARAD did not respond to a request for comment. Some market participants told Argus that securing a Jones Act waiver can be surprisingly fast, with MARAD approval sometimes coming only 15 minutes after submitting the request. The quick turnaround suggests the administration's priority is to maintain steady US crude and refined products flow to help mitigate disruptions to oil markets caused by the Iran war , rather than ensuring US-flagged vessels are used first. "This is the first time that the government has ever instituted a blanket waiver for all kinds of energy-related products, all ports and MARAD does not even have to call anybody and see if there's an equivalent Jones Act vessel available," Jones Act shipowner Centreline Logistics co-chief executive Jonathan Whitworth told Argus . The Jones Act community initially showed little concern about the first waiver, in part because international freight rates for refined product tankers were already at a premium over comparable Jones Act vessel rates. That rare market configuration limited potential savings for shippers using the waiver and limited its use. But international freight rates for product tankers have since eased, which has increased use of the waiver. The extension of the waiver through mid-August — and the possibility of a further extension — has sparked concern among Jones Act shipowners. One Jones Act operator told Argus it has lost two contracts so far due to the waiver. Jones Act shipments are typically handled on multi-year contracts, but established Jones Act participants may now dealy committing to new long-term deals to capture lower rates in the international spot market instead. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Energy security fears drive diversification spend: IEA
Energy security fears drive diversification spend: IEA
London, 28 May (Argus) — The war in the Middle East, the subsequent de facto closure of the strait of Hormuz, and resulting concerns over energy security are prompting countries and companies to invest in energy diversification and electricity, energy watchdog the IEA said today. The IEA projects that global energy investment will reach $3.4 trillion in 2026, a slight lift on the year . Of this, around $2.2 trillion is set to go to power grids, storage, "low-emissions fuels", nuclear, renewables, energy efficiency and electrification, while around $1.2 trillion is expected to be invested in fossil fuels. "We are in the midst of the largest energy security crisis the world has ever faced", IEA executive director Fatih Birol said. The war is "expected to reinforce a strong prioritisation of energy security amongst decision-makers", as well as a "renewed focus on resilience and diversification", the IEA said. "Electricity-related investment remains the dominant theme in global energy spending trends", the IEA said. Investment in electricity supply and infrastructure is set to reach nearly $1.6 trillion in 2026, and increase to $2 trillion if end-use electrification is included, the report found. "Electricity is going to make even stronger inroads in the total energy mix as a response to this crisis", Birol said. The watchdog expects renewables spending to reach around $665bn in 2026, with $365bn going just to solar power, $200bn to wind and $75bn to hydropower. The annual growth in renewables spending "has moderated", in part because of declining technology costs, but also policy changes in China and the US. But "low-emissions sources" still make up more than 70pc of global power investment, the IEA said. Investment in fossil fuel supply in 2026 is set to hit just over $1 trillion, returning it "to the 2024 level", the IEA said. Oil investment is expected to drop for a third consecutive year in 2026 to below $500bn. "Uncertainty over the duration of the price spike, long project lead times, supply chain constraints and tighter offshore rig markets are limiting near-term spending responses outside the Middle East" for oil, the IEA said. But investment in natural gas is projected to grow to $330bn, the highest in a decade, driven by new LNG export projects and demand from data centres, the report found. Coal investment is also set to rise, to the highest level since 2012, at $180bn, the IEA said. The bulk of spending, at around 70pc, is in China. Some countries in Asia "may seek to keep existing coal-fired power plants operating for longer to bolster energy security", the IEA said. But it is "too early to say" what the net emission effect of this may be, Birol said today. Investments in renewables, nuclear, energy efficiency and electrification in the past decade "have tangibly improved energy security in major fuel-importing regions and reduced emissions", saving China, the EU, Japan, South Korea, southeast Asia and India around $260bn from avoided fossil fuel imports in 2025, the IEA said. The conflict "has already sparked a search for new energy export routes to reduce excessive reliance on the strait [of Hormuz]", the IEA said. And repair bills for damage to energy infrastructure are "difficult to establish" but are "set to run into tens of billions of dollars", the organisation added. Oil companies are "recalibrating their expectations for upcoming years, on the assumption that oil prices will settle back above the pre-conflict baseline as countries replenish their inventories", the IEA said. "Trust will be an important element in the energy world", in coming months and years, as governments seek reliable energy partners, Birol said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran, US dispute status of Hormuz in draft deal: Update
Iran, US dispute status of Hormuz in draft deal: Update
Updates with US comments, other details London, 27 May (Argus) — A draft agreement to end the war between the US and Iran includes a pledge from Tehran to return the number of commercial ships passing the strait of Hormuz to pre-war levels within a month, Iranian state television reported on Wednesday. But President Donald Trump later on Wednesday pushed back against Tehran's assertion of control over Hormuz and other Iranian demands. Crude futures fell sharply after the report by Iranian broadcaster IRIB, with front-month Ice Brent approaching $94/bl, the lowest intraday level since 21 April. Prices subsequently regained some ground. IRIB said it had seen a "first draft" of a 14-point agreement that said "managing the passage of ships… and receiving fees for services remains at the discretion of [Iran], which will work in co-operation with Oman". In return, IRIB said the US has pledged to lift the maritime blockade on Iran, and has agreed to "make a commitment" on the issue of its military presence in countries neighbouring Iran. The IRIB report contains no mention of agreement on other key issues, like Iran's nuclear programme, or on the repatriation of funds to Tehran. Iranian officials previously indicated they are eyeing the return of its funds frozen in foreign banks under US mandates. Trump, in televised remarks at the Cabinet meeting on Wednesday, said he expects the strait of Hormuz to reopen immediately if an agreement is signed. "The strait (of Hormuz) is going to be open to everybody," Trump said. "We'll watch over it, but nobody's going to control it. That's part of the negotiation that we have. They would like to control it, nobody's going to control it." Tehran has touted a joint Iranian-Omani mechanism to control navigation through Hormuz. "It's international waters, and Oman will behave just like everybody else, and we'll have to blow them up," Trump said. "They understand that. They'll be fine." Iran should not count on immediate relief of US sanctions or repatriation of funds, Trump said. "We're not talking about any easing of sanctions or giving money," Trump said. "We'll keep control of that money. When they behave properly, and when they do what's right, we'll let them have their money, but right now we're not doing that." By Nader Itayim, Ben Winkley and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran-US deal draft contains Hormuz pledge: State TV
Iran-US deal draft contains Hormuz pledge: State TV
London, 27 May (Argus) — A draft agreement to end the war between the US and Iran includes a pledge from Tehran to return the number of commercial ships passing the strait of Hormuz to pre-war levels within a month, Iranian state television reported today. Crude futures fell sharply after the report, with front-month Ice Brent approaching $94/bl, the lowest intraday level since 21 April. Prices subsequently regained some ground, with Ice Brent down by around 4pc as of 13:45 GMT. Broadcaster IRIB said it had seen a "first draft" of a 14-point agreement that said "managing the passage of ships… and receiving fees for services remains at the discretion of [Iran], which will work in co-operation with Oman". In return, IRIB said the US has pledged to lift the maritime blockade on Iran, and has agreed to "make a commitment" on the issue of its military presence in countries neighbouring Iran. Details of the latter agreement are unclear. None of this has been confirmed by the governments in Tehran or Washington, although US president Donald Trump on 23 May said an agreement with Iran to reopen the strait of Hormuz has been "largely negotiated". Today's IRIB report contains no mention of agreement on other key issues, like Iran's nuclear programme, or on the repatriation of funds to Tehran. By Nader Itayim and Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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