An Islamic Revolutionary Guard Corps speed boat sailing along the Persian Gulf during the IRGC marine parade to commemorate Persian Gulf National Day, near the Bushehr nuclear power plant in the seaport city of Bushehr, in the south of Iran, on April 29, 2024.
Nurphoto | Nurphoto | Getty Images
Some shipowners are opting to steer clear of the strategically important Strait of Hormuz, according to the world’s largest shipping association, reflecting a growing sense of industry unease as the Israel-Iran conflict rages on.
Israel’s surprise attack on Iran’s military and nuclear infrastructure on Friday has been followed by four days of escalating warfare between the regional foes.
That has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz, a critical gateway to the world’s oil industry — and a vital entry point for container ships calling at Dubai’s massive Jebel Ali Port.
Jakob Larsen, head of security at Bimco, which represents global shipowners, said the Israel-Iran conflict seems to be escalating, causing concerns in the shipowner community and prompting a “modest drop” in the number of ships sailing through the area.
Bimco, which typically doesn’t encourage vessels to stay away from certain areas, said the situation has introduced an element of uncertainty.
“Circumstances and risk tolerance vary widely across shipowners. It appears that most shipowners currently choose to proceed, while some seem to stay away,” Larsen told CNBC by email.
“During periods of heightened security threats, freight rates and crew wages often rise, creating an economic incentive for some to take the risk of passing through conflict zones. While these dynamics may seem rudimentary, they are the very mechanisms that have sustained global trade through conflicts and wars for centuries,” he added.
In 2023, oil flows through the waterway averaged 20.9 million barrels per day, according to the U.S. Energy Information Administration, accounting for about 20% of global petroleum liquids consumption.
The inability of oil to traverse through the Strait of Hormuz, even temporarily, can ratchet up global energy prices, raise shipping costs and create significant supply delays.
Alongside oil, the Strait of Hormuz is also key for global container trade. That’s because ports in this region (Jebel Ali and Khor Fakkan) are transshipment hubs, which means they serve as intermediary points in global shipping networks.
The majority of cargo volumes from those ports are destined for Dubai, which has become a hub for the movement of freight with feeder services in the Persian Gulf, South Asia and East Africa.
Peter Tirschwell, vice president for maritime and trade at S&P Global Market Intelligence, said there have been indications that shipping groups are starting to “shy away” from navigating the Strait of Hormuz in recent days, without naming any specific firms.
“You could see the impact that the Houthi rebels had on shipping through the Red Sea. Even though there [are] very few recent attacks on shipping in that region, nevertheless the threat has sent the vast majority of container trade moving around the south of Africa. That has been happening for the past year,” Tirschwell told CNBC’s “Squawk Box Asia” on Monday.
“The ocean carriers have no plans to go back in mass into the Red Sea and so, the very threat of military activity around a narrow important routing like the Strait of Hormuz is going to be enough to significantly disrupt shipping,” he added.
Israel-Iran conflict lifts freight rates
Freight rates jumped after the Israeli attacks on Iran last week. Indeed, data published Monday from analytics firm Kpler showed Mideast Gulf tanker freight rates to China surged 24% on Friday to $1.67 per barrel.
The upswing in VLCC (very large crude carrier) freight rates reflected the largest daily move year-to-date, albeit from a relative lull in June, and reaffirmed the level of perceived risk in the area.
Analysts at Kpler said more increases in freight rates are likely as the situation remains highly unstable, although maritime war risk premium remains unchanged for now.
Missiles launched from Iran are intercepted as seen from Tel Aviv, Israel, June 16, 2025.
Ronen Zvulun | Reuters
David Smith, head of hull and marine liabilities at insurance broker McGill and Partners, said shipping insurance rates, at least for the time being, “remain stable with no noticeable increases since the latest hostilities between Israel and Iran.”
But that “could change dramatically,” depending on whether there is escalation in the area, he added.
“With War quotes only valid for 48 hours prior to entry into the excluded ‘Breach’ area, Underwriters do have the ability to rapidly increase premiums in line with the perceived risk,” Smith told CNBC by email.
The Hapag-Lloyd AG Leverkusen Express sails out of the Yangshan Deepwater Port, operated by Shanghai International Port Group, on Aug. 7, 2019.
Bloomberg | Bloomberg | Getty Images
A spokesperson for German-based container shipping liner Hapag-Lloyd said the threat level for the Strait of Hormuz remains “significant,” albeit without an immediate risk to the maritime sector.
Hapag-Lloyd said it does not foresee any bigger issues in crossing the waterway for the moment, while acknowledging that the situation could change in a “very short” period of time.
The company added that it has no immediate plans to traverse the Red Sea, however, noting it hasn’t done so since the end of December 2023.
— CNBC’s Lori Ann LaRocco contributed to this report.
After years of development and months of teasers, Nissan has officially launched a reimagined version of the LEAF as a 2026 model year crossover, set to hit dealerships later this year. We will always love the original LEAF, but this new model is sharp and includes some well overdue upgrades, including a NACS port and Plug & Charge capabilities.
It’s been over fifteen years since the original Nissan LEAF debuted as one of the world’s first viable, mass-market EVs. For nearly a decade, the LEAF was the best-selling plug-in EV in the world, before Tesla took over.
While the original hatchback LEAF will go down in history as one of the earliest successful BEV models, its market status in recent years has been repetitive, laughably archaic (CHAdeMO), albeit nostalgic. The last five or six model years of the Nissan LEAF have essentially been the same car, and the public has been petitioning for something new.
How could an automaker so ahead of the BEV curve in 2009 fall so far behind over the course of a decade? Nissan asked itself that same question and has since bounced back with the ARIYA, which has been in production since 2022, but what about a new LEAF?
Since January 2025, we have been following several camouflaged images of the reimagined LEAF in the wild before Nissan gave us a first official look in March. Earlier this month, Nissan shared even more details, including a timeline for the new BEV’s global debut.
Today, the third-generation Nissan LEAF has officially launched as a 2026 model, and it’s about as nice of an upgrade as we could have asked for.
Nissan’s new LEAF is set to hit dealers this fall
This morning, Nissan shared all the specifications for the four planned trims of the new 2026 LEAF (except pricing, sorry). There’s much to unpack here, so let’s dig right in.
For starters, the first thing you’ll notice, which we’ve already noted in the past, is that the 2026 LEAF has evolved from a compact hatchback to a (slightly) larger, family-friendly crossover SUV.
The new LEAF is marginally shorter in length than the second-generation model (173.4 inches vs. 176.4 inches), but it is about an inch wider and a similar height to its predecessor. So, arriving as a radically looking version of the LEAF without the hatchback, it will fill a similar footprint to the older models.
While the 2026 Nissan LEAF may be similar in size, most of the rest of the BEV has been significantly overhauled in the best ways. For example, the battery packs and electric motors have been bolstered to provide significantly better horsepower, charge rates, and range.
Here’s a quick breakdown of the standard configurations of the four initial LEAF trims in the new generation:
Nissan LEAF Trim
Motor
Battery
Power
Onboard Charger
S
130 kW
52 kWh
174 hp, 254 lb-ft torque
7.2 kW
S+ SV, PLATINUM+
160 kW
75 kWh
214 hp, 261 lb-ft torque
7.2 kW
Nissan also shared initial range estimates for the new LEAF trims, except for the base-level S version. Note that the two versions of the 2025 LEAF offered ranges of 149 and 212 miles, respectively:
2026 Nissan LEAF Trim
Est. Range
S
TBD
S+
303 miles
SV+
288 miles
PLATINUM+
259 miles
Even at its lowest range, the 2026 LEAF can go significantly farther than the previous generation. Better yet, it will be A LOT easier when future owners need to recharge. Yes, Nissan has finally abandoned the long-defunct CHAdeMO port and has replaced it with not one, but two more modern options.
A J1772 port is present on the driver’s side fender for Level 1 and 2 charging, while a North American Charging Standard (NACS) is on the passenger’s side fender, giving drivers access to Tesla’s massive Supercharger network. Per Nissan, the new LEAF models can recharge from 10 to 80% in 35 minutes on a DCFC. 240V charge times remain “TBD.”
The new models also have “Plug & Charge” capabilities.
Moving inward, the 2026 LEAF looks like an entirely new vehicle designed for the modern driver. The two higher-end trims come with dual 14.3-inch dash displays with Google built-in. The two lower trims have dual 12.3 inch displays and all support Apple CarPlay and Android Auto.
Nissan also shared that the cabin has an upgradable dimming panoramic roof—a first for its segment, according to the automaker. The crossover’s cargo area is 55.5 cubic feet behind the second-row seats when they’re folded (20 cubic feet when they’re upright).
Additionally, the new LEAF’s PLATINUM+ trim has 64-color ambient lighting that can be customized to set any mood in the cabin.
One key element we are missing from Nissan is the pricing of these new LEAF models. Those details should come sometime toward the end of summer, as the automaker has said the 2026 LEAF models should hit Nissan dealerships this fall.
While we await more details, be sure to check out Nissan’s b-roll footage of the new 2026 LEAF inside and out below:
Source: Nissan
FTC: We use income earning auto affiliate links.More.
Suzuki revealed prices for its first EV, a twin to the upcoming Toyota Urban Cruiser. The e Vitarra will go on sale next month in an increasingly crowded market. Can it keep up with the Kia EV3 and other popular electric SUVs?
Suzuki announces prices for its first EV, built with Toyota
Ahead of sales, which are set to begin next month, Suzuki announced e Vitara prices this week, its first EV that will also serve as a twin to Toyota’s upcoming electric SUV.
The e Vitara will start at £29,999 ($40,500) with prices ranging up to £37,799 ($51,000) for the flagship “Ultra ALLGRIP-e 4WD” trim.
Sukuki’s first EV is available with two battery options: 49 kWh or 61 kWh, providing WLTP range of 346 km (215 miles) and 428 km (266 miles), respectively.
Advertisement – scroll for more content
Buyers can choose from “Motion” or “Ultra” grades, with single (2WD) and dual-motor (4WD) options. Suzuki developed the new four-wheel drive (4WD) ALLGRIP-e system specifically for the e Vitarra and is one of the few auto brands to offer an electric SUV with 4×4.
Suzuki’s first EV, the e Vitara electric SUV (Source: Suzuki)
The e Vitara sits on a new dedicated “HEARTECT-e” EV platform, which houses the eAxle and lithium iron phosphate (LFP) batteries.
As part of a deepening alliance, Toyota will use Suzuki’s EV powertrain for its upcoming electric SUV, the Urban Cruiser (shown below in white). Toyota will launch the Urban Cruiser in the next few months, which will essentially be a rebadged e-Vitara.
The e Vitara measures 4,275 mm in length, 1,800 mm in width, and 1,635 mm in height, with a wheelbase of 2,700 mm. That’s about the size of Kia’s new EV3 at 4,300 mm in length, 1,850 mm in width, and 1,560 mm in height, with a wheelbase of 2,680 mm.
In the first quarter, the Kia EV3 was the best-selling retail EV and the fourth best-selling electric vehicle (including commercial EVs) in the UK.
The interior of Suzuki’s first EV, the e Vitara (Source: Suzuki)
The EV3 starts at £33,005 ($42,500) in the UK. IT’s also available with two battery options: 58.3 kWh or 81.48 kWh. The former is good for a WLTP range of 430 km (270 miles), while the latter provides a range of 599 km (375 miles), respectively
Suzuki e Vitara trim
OTR Pricing
49kWh Motion 2WD
£29,999
61kWh Motion 2WD
£32,999
61kWh Ultra 2WD
£35,799
61kWh Motion ALLGRIP-e 4WD
£34,999
61kWh Ultra ALLGRIP-e 4WD
£37,799
Suzuki announces prices for its first EV, the e Vitara
Suzuki is offering a few discounts for early buyers, including 0% PCP for two years with a 20% deposit. With a deposit of £8,436 ($11,500), monthly payments for the 61 kWh Motion 2WD model would be £379 ($513).
If you order before September 30, Suzuki will give you a free Ohme home charger, plus 10,000 miles in home charging credit.
Can Suzuki’s new e Vitara keep pace with the Kia EV3 and other popular electric SUVs like the Hyundai Inster? Let us know your thoughts in the comments below.
FTC: We use income earning auto affiliate links.More.
Tesla (TSLA) is currently sitting on so much inventory in the US that it has to take over parking lots outside of its exciting delivery centers to act as “overflow lots.”
Over the last few weeks, there have been increased reports of Tesla vehicles spotted in parking lots not directly linked to Tesla retail, delivery, or service locations.
In Chesterfield near St. Louis, Missouri, Tesla has rented the parking lot of a partly demolished mall where it is parking hundreds of unsold cars, which its delivery location three miles away can’t hold.
This is what is known as an “overflow” lot to handle rising inventory levels. Tesla has been using a lot more of these this year amid demand problems.
Advertisement – scroll for more content
There was another Tesla overflow lot spotted in Farmington Hills, Michigan earlier this month that has been controversial. The lot was reportedly not coded for vehicle storage, and the city notified Tesla:
About 100 Cybertrucks were spotted in the Farmington Hills lot.
Similar Tesla overflow lots were also spotted in Nevada, Florida, and Ohio in recent months.
Tesla’s inventory in the United States can be difficult to track. Some sites track Tesla listings, but the automaker can sometimes post a single listing for multiple vehicles with the same configuration.
Nonetheless, the latest data points to Tesla inventory increasing over the last week, with a surge of Model 3 listings:
Tesla’s overall inventory is higher than it was at the same time last quarter.
Cybertruck inventory has decreased slightly as Tesla has reduced production, but the automaker is still holding over 3,000 unsold Cybertrucks.
Electrek’s Take
Tesla is now offering record-low lease prices and subsidized financing to move its vehicles in the US, and yet, it still has higher inventory this quarter than it did the last, with only two weeks left in the quarter.
This is a problem for Tesla because the US is its last market where things are not completely terrible.
Sales in Canada are now gone. Almost completely. Europe is down roughly 40% even with the new Model Y.
In China, Tesla is currently down approximately 3,000 units compared to Q1, despite having ramped up Model Y production, made all variants available, and offered 0% financing.
At this point, it looks like Tesla is going to deliver between 350,000 and 360,000 vehicles in Q2, despite the Wall Street analyst consensus still being at 410,000 vehicles.
That would be down a whopping 80,000 units compared to the same period last year, and this time, Tesla has no Model Y changeover to blame things on. All that amid surging EV sales globally.
Maybe Tesla shareholders start to wake up and realize that there’s a problem that needs fixing, but I wouldn’t bet on it.
FTC: We use income earning auto affiliate links.More.