Moving forward, Seroka predicted that it will likely be "steady as it goes" for the rest of 2026, with the port expecting to handle another 900,000 TEUs in August.

The terminal will allow the port to handle massive container ships with 50-foot drafts, which in the past have been too large to navigate to the port's existing facilities.

The 3,500 mile path cuts through the Arctic Circle, and more than halves the time it takes to sail between China and Europe. 

A spokesperson for the Houthis said on social media on August 17 that the group had struck a Saudi military vessel and four escort ships at Yemen's Port of Mokha.

The trade of ferrying oil through the Strait of Hormuz undetected to transfer the barrels onto tankers in the Gulf of Oman is running at full tilt, sources say.

The ports will have agreed to increase financial incentives offered to ocean carriers that send their lowest-emitting vessels into Los Angeles and Long Beach.

The IEA now expects the global oil market to run a deficit of 1.8 million barrels per day in the third quarter, more than double its estimate from just a month ago.

Around 113 vessels were waiting to transit the Panama Canal as of August 3, compared to just 40 vessels that were in line in early January.

Houthi rebels reportedly hit a cargo ship with three ballistic missiles, in the first deadly attacks against commercial vessels in the region since the start of the Iran war.

As the conflict extends into a sixth month, consumers around the world are once again facing the prospect of higher fuel prices and inflation.