Shipping threats around Arabian Peninsula rising, largest global shipowners organization warns
Refrigerated containers of Maersk shipping lines are stacked at the container terminal of Bremerhaven port on April 22, 2025 in Bremerhaven, Germany.
Focke Strangmann | Getty Images News | Getty Images
The world’s largest direct-membership organization for shipowners, charterers, shipbrokers, and agents is warning that while it is still unclear how Iran will respond to Saturday’s U.S. attack on Iran’s nuclear facilities, the threat to commercial shipping in the waters around the Arabian Peninsula has risen.
“The Houthi threat against shipping in the Red Sea and Gulf of Aden has also gone up,” said Jakob Larsen, head of security at Bimco, which represents global shipowners. “The Houthis now threaten merchant ships with affiliation to Israel or the U.S., but attacks against merchant ships with other affiliations cannot be ruled out.”
Larsen said it is expected that U.S. warships and merchant ships affiliated with Israel or the U.S. would be the preferred targets for the Iranians.
In an email to CNBC, a Hapag Lloyd spokesperson tells CNBC, “We currently are still crossing the Street of Hormuz. Alert level is high, though, and things might change by the hour.”
Integrated logistics provider Maersk announced Friday it is temporarily suspending port calls to Israel’s largest container port, Haifa. The $4.2 billion cargo facility at Haifa, owned by Adani Group, has been a target of Iranian missiles but has not suffered any damage. Last week, Jugeshinder “Robbie” Singh, CFO of the Adani, debunked misinformation posted that the port was on fire from a strike on Iranian social media.
Bimco’s Larsen warned Iran could attempt a wider disruption of commercial shipping in the Strait of Hormuz through attacks on merchant ships. Antiship missiles or drones of both airborne and surface types could be used in these attacks, he said.
“The laying of sea mines would constitute another dangerous development, but Iran’s intent to do so is questionable due to the risk to Iran-affiliated commercial ships and the risk of environmental disaster in case a ship is damaged,” said Larsen.
The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is recognized as one of the world’s most important oil chokepoints. 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. 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.
“Given the Iranian threat to U.S. military bases in the region, availability of warships for protection of commercial shipping is probably limited, especially for commercial ships with no affiliation to the U.S. or Israel,” Larsen said.
The Strait of Hormuz handles less than 4% of global container trade but the ports of Jebel Ali and Khor Fakkan are critical intermediary points for global shipping networks in the region.
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.
The conflict in the region has also sparked ocean freight rates to surge from Shanghai to Jebel Ali, the Arabian Gulf’s largest port.
Freight intelligence firm Xeneta said average spot rates have increased 55% month-over-month, prior to the conflict escalation between Israel and Iran. Rates are now $2,761 per forty-foot equivalent unit (FEU), a standard unit for measuring the capacity of container ships and volume of cargo.
On the tanker side, spot rates for very large crude carrier (VLCC) voyages between the Middle East and China are up 154% week-over-week. Rates on the long-range tankers’ (LR2) Middle East-Japan trade route are up 148% and Middle East-Japan very large gas carrier (VLGC) rates are up 33%.
The reason behind the increase in rates includes the added expenses on security measures, higher bunker fuel prices, and fuel costs as vessels use more fuel due to faster sailing through high-risk areas.
Marsh McLennan, the world’s largest marine insurance broker, noted hull and machinery insurance rates for vessels transiting the Strait of Hormuz have increased by more than 60%.
In light of the latest wave of defense measures, Bimco is encouraging shipowners to review their security risk assessments and carefully consider mitigation measures.
“Merchant ships in the area should consider reducing their exposure to threats from Iran, for example, by routing away from the Iranian coast,” said Larsen. “We also recommend that ships maintain close contact to naval forces in the area through UK Maritime Trade Operations, maintain strong vigilance and increased lookout, report suspicious sightings and events to UKMTO, and increase the resilience of ships to absorb damage by ensuring watertight integrity and readiness of damage control organization including firefighting capability.”
“Bimco never directly recommends shipowners to completely stay away from a conflict area. Such a decision should be taken by the shipowner, taking into consideration all relevant factors of the security risk assessment, including, for example, the threat, the ship’s vulnerabilities, and the risk acceptance level of seafarers, the shipowner, and the cargo owner.”
Toyota’s electric vehicle sales plunged as it prepares for a new wave of models. The new EVs are bringing much-needed upgrades, including more range, faster charging, revamped designs, and more.
Toyota’s EV sales crashed in Q3 as new models roll out
Despite most automakers reporting record EV sales as buyers rushed to claim the $7,500 federal tax credit, Toyota was an outlier, selling just 61 BZ models in September.
Including the Lexus RZ, which managed 86 sales, Toyota sold just 147 all-electric vehicles in the US last month, over 90% less than the 1,847 it sold in September 2024.
Toyota’s total sales were up 14% with over 185,700 vehicles sold, meaning EVs accounted for less than 0.1%. Through the first nine months of the year, sales of the BZ and Lexus RZ are down 9% and 36% compared to the year prior.
So, why is Toyota struggling to sell EVs when the market is booming? For one, it’s basically sold out of its current EV models, the bZ4X and Lexus RZ.
The 2026 Toyota BZ (formerly the bZ4X) is arriving at US dealerships, promising to fix some of the biggest complaints with the outgoing electric SUV.
Powered by a larger 74.7 kWh battery, the 2026 Toyota BZ offers up to 314 miles of driving range, a 25% improvement from the 2025 bZ4X.
The electric SUV features Toyota’s new “hammerhead front end” design, similar to that of the new Crown and Camry, with a slim LED light bar and revamped front fascia.
Toyota’s new electric SUV also features a built-in NACS charge port, allowing for recharging at Tesla Superchargers. It also features a new thermal management system and battery preconditioning, which improves charge times from 10% to 80% in about 30 minutes.
The base 2026 BZ XLE FWD starts at just $34,900, but uses a smaller 57.7 kWh battery, good for 236 miles range.
The 2026 Lexus RZ received similar updates. Next year, Toyota is launching two more fully electric SUVs, the 2026 C-HR and BZ Woodland.
| 2026 Toyota bZ trim | Battery | Range | Starting Price* |
| XLE FWD | 57.7 kWh | 236 miles | $34,900 |
| XLE FWD Plus | 74.7 kWh | 314 miles | $37,900 |
| XLE AWD | 74.7 kWh | 288 miles | $39,900 |
| Limited FWD | 74.7 kWh | 299 miles | $43,300 |
| Limited AWD | 74.7 kWh | 278 miles | $45,300 |
It’s not just the US that Toyota’s EV sales crashed last month, either. In its home market of Japan, Toyota (including Lexus) sold just 18 EVs in September.
The Japanese auto giant is betting on new models to drive growth. However, it remains committed to offering all powertrain options, including battery electric vehicles (BEVs), hybrids, plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
Can Toyota’s new generation of electric vehicles spark a comeback? Let us know your thoughts in the comments.
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Tesla has confirmed that the new Model Y Performance supports bidirectional charging for both vehicle-to-home (V2H) and vehicle-to-load (V2L) applications.
For now, it only works with Tesla’s outlet adapter dongle.
We have known that Tesla’s onboard charger has had some bidirectional charging capacity for a while now.
I even successfully discharged a 2023 Model Y using my friend’s new Sigenergy battery system with a bidirectional charger earlier this summer.
However, Tesla doesn’t officially support the capacity in any vehicle other than the Cybertruck… until now.
With the release of the new Model Y Performance in the US yesterday, Tesla has started reaching out to customers who ordered and confirmed that the vehicle supports bidirectional charging:
- Vehicle-to-Load (V2L):
- Powers external devices (e.g., tools, camping gear, appliances) via the charge port using a compatible V2L adapter (e.g., Tesla’s discharger or third-party like Tlyard, ~$200–$400).
- Provides up to 11.5 kW of export power (120V/240V outlets, ~3–5 kW continuous) from the 82 kWh battery.
- Enabled via OTA software update (version 2025.20 or later, expected Q4 2025).
- Vehicle-to-Home (V2H):
- Supplies power to a home for backup or grid offset, requiring a Tesla Powerwall 3 or compatible bidirectional inverter and V2H adapter (~$1,000–$2,500 for hardware/installation).
Tesla also said on X today:
New Model Y Performance offers Vehicle to Load (120V 20A AC) with Tesla Outlet Adapter
Based on the communications with customers and this message on X, it appears that the feature only works with adapters for now, such as the Tesla Powershare outlet adapter:
But more capacity will be enabled through software updates later this quarter.
Electrek’s Take
Tesla confirmed the feature for the Model Y Performance, but the vehicle clearly uses the same onboard charger as in other refreshed Model Y.
Furthermore, we know that the onboard chargers in previous Tesla vehicles for the last few years are capable of bidirectional charging. Tesla is simply not making it available.
Now, it is confirming it on the new Performance version to try to sell the more expensive variant, but I would assume that it will eventually be enabled on other vehicles.
There’s no reason not to, and Tesla would only achieve feature parity with most new EVs hitting the market for years now.
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Although the $7,500 EV tax credit has expired, Hyundai is keeping the savings going. Hyundai is reducing 2026 IONIQ 5 prices by nearly $10,000, while extending the tax credit for the current model year.
The 2026 Hyundai IONIQ 5 gets a nearly $10,000 price cut
The 2026 IONIQ 5 is slated for a significant price cut as Hyundai commits to offering more affordable vehicles in the US.
Hyundai said it will reduce prices by up to $9,800 on the 2026 IONIQ 5. The savings depend on the trim, but the base IONIQ 5 RWD Standard Range model now starts at just $35,000, making it one of the most affordable EVs on the market, alongside the Chevy Equinox EV.
In the meantime, Hyundai will continue to offer the $7,500 cash incentive for the current 2025 models through at least October.
The price changes “reflect Hyundai’s commitment to affordability and its long-term EV strategy,” the company said. Hyundai builds the IONIQ 5 alongside its larger IONIQ 9 electric SUV at the Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
Higher sales and local production have helped Hyundai cut costs, which it’s now passing on to buyers. By making one of the most awarded EVs even more affordable, Hyundai aims to keep the momentum going.
The IONIQ 5 is coming off its best third-quarter sales to date after surging 90% year-over-year (YOY), with nearly 22,000 units sold. Through September, Hyundai has sold 41,091 IONIQ 5 models in the US, a 35% increase compared to the same period in 2024.
After delivering the first IONIQ 9 models to customers at the end of May, sales have reached 4,177 units through September.
The 2025 Hyundai IONIQ 5 starts at $42,600 with a driving range of up to 245 miles. Upgrading to the long-range SE RWD model, with 318 miles of range, costs $46,550.
The 2026 model year starts at just $35,000, or $7,600 less than the 2025 IONIQ 5. You can even snag the extended range SE or SEL model for under $40,000 now. Or, if you really want to get crazy, the off-road XRT variant is tempting at just $46,275, which is $9,225 less than last year’s model.
| 2025 Hyundai IONIQ 5 Trim | Driving Range (miles) | 2025 Starting Price | 2026 Starting Price* | Price Reduction |
| IONIQ 5 SE RWD Standard Range | 245 | $42,600 | $35,000 | ($7,600) |
| IONIQ 5 SE RWD | 318 | $46,650 | $37,500 | ($9,150) |
| IONIQ 5 SEL RWD | 318 | $49,600 | $39,800 | ($9,800) |
| IONIQ 5 Limited RWD | 318 | $54,300 | $45,075 | ($9,225) |
| IONIQ 5 SE Dual Motor AWD | 290 | $50,150 | $41,000 | ($9,150) |
| IONIQ 5 SEL Dual Motor AWD | 290 | $53,100 | $43,300 | ($9,800) |
| IONIQ 5 XRT Dual Motor AWD | 259 | $55,500 | $46,275 | ($9,225) |
| IONIQ 5 Limited Dual Motor AWD | 269 | $58,200 | $48,975 | ($9,225) |
Despite the lower prices, the 2026 Hyundai IONIQ 5 is a carry-over model with no significant changes from the outgoing model. The only difference is a new L1/L2 charging cable and Sage Silver Matte color options.
Last month, the 2025 Hyundai IONIQ 5 was one of the most affordable EVs on the market, with leases starting at just $179 per month. Hyundai’s offer ended on September 30, the same day the $7,500 federal tax credit expired. However, it’s promising to keep the deals alive.
Check back soon for the latest Hyundai offers. We’ll keep you updated with the latest deals.
If you’re interested in checking out Hyundai’s electric SUV for yourself, you can use our link to find IONIQ 5 models available in your area (via a trusted affiliate link)
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