The incidents add another risk around the Bab el-Mandeb Strait, a critical chokepoint connecting the Gulf of Aden with the Red Sea and a key route for global shipping.

Since March 1, there have been 1,514 dark crossings in and out of the Persian Gulf, and three different oil slicks are spreading through the area.

The Pinglu Canal will reportedly shorten inland waterway transportation by nearly 350 miles, reduce transportation costs by as much as $735 million annually.

Plans for the TradeSailer 120 can be purchased off the shelf, allowing for immediate construction estimates and building at local shipyards.

The move underscores how the market is turning to workarounds to cope with maritime congestion due to the Iran war and an intensifying El Niño.

The risks to shipping are set to continue after Trump insisted that there were no ongoing talks with Tehran, leaving the simmering conflict in the Middle East in limbo.

Russia and Ukraine have stepped up attacks on each other’s commercial ships and ports in the Black Sea area, raising concerns about global grain supplies.

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 earnings increase come as exporters in the Persian Gulf seek more vessels to deliver the abundant crude barrels they promised to Asian buyers.