Aggregator

Kuwait Joins "Dark-Mode" Tanker Traffic Through Hormuz

By Tsvetana Paraskova of OilPrice.com

Kuwait appears to have joined a growing bunch of Middle Eastern oil and gas producers that have moved to ship energy cargoes in dark mode through the Strait of Hormuz.

The liquefied petroleum gas (LPG) carrier Gas Umm Al Rowaisat, which is owned by the national Kuwait Petroleum Corporation, has passed through the Strait in recent days, then transferred the cargo onto another ship which is currently en route to an Indian port, vessel-tracking data compiled by Bloomberg showed on Thursday.

The Gas Umm Al Rowaisat loaded LPG in May in the Gulf, and then switched off its AIS positioning, before reappearing close to the Indian coast this weekend, according to the data.

This is the latest instance of a tanker going dark as it moves through the Strait of Hormuz. The UAE, Iraq, and other Gulf producers have increased shipments of oil, LNG, and LPG on tankers in dark mode in recent weeks.

Since the war began on February 28, tanker traffic through the Strait of Hormuz has collapsed by 90% to 95% compared to pre-war levels, leaving the market about 13 million barrels per day (bpd) short of crude and fuel supply that was previously freely flowing to buyers.

Some oil cargoes continue to trickle through the critical chokepoint, but under increasingly opaque operating conditions, complicating the tracking of oil and gas flows and obscuring the visibility of how much energy supply actually reaches buyers these days.

More vessels are leaving the region after passing the Strait of Hormuz in a dark mode with transponders switched off, and those entering the Persian Gulf to load cargoes are increasingly doing the same.

The dark-mode tactics, once the feature of Iran-linked vessels aiming to skirt sanctions, are now the norm for the majority of commercial traffic at the Strait of Hormuz, energy flow-tracking firms say.

Tyler Durden Fri, 06/12/2026 - 12:20

Uber will not drop the ball.

Day 2 kicks off with another host country's first match.

"Officers heard gunfire coming from the building and worked quickly to secure and clear the area," Midland Police Chief Snow said in a statement.

The Duchess of Sussex layered on Cartier, Lorraine Schwartz and Jennifer Meyer while promoting her As Ever wine collection.

The Duchess of Sussex layered on Cartier, Lorraine Schwartz and Jennifer Meyer while promoting her As Ever wine collection.

Multiple law enforcement agencies responded to the beach to rescue the two individuals.

“All you had to do was admit it,” the abused boy sobbed before becoming too overwhelmed to continue his victim statement.

Blackrock's Private Credit Fund Gates Investors Again After Redemption Requests Surge

The market may be in full-blown face-ripping bubble mode, and software stocks are now gripped in by a category 5 gamma squeeze hurricane, but not even that is helping the ongoing debacle that is private credit.

One week after Cliffwater's Private Credit fund gated investors for a second straight quarter, and days after Blackstone also gated investors in its private credit fund for the first time (recall during Q1, the fund allowed investors to redeem a record 7.9% after tapping senior executives to help finance the withdrawals with hundreds of millions of their own cash, but when faced with an even bigger flood of redemptions in Q2 it gave up and decided to join the gate parade), BlackRock capped redemptions from its flagship private credit fund for the second straight quarter after investors sought to pull about 13%, a sign that shareholders remain extremely nervous about the health of the $1.8 trillion private credit market.

Blackrock's HPS Corporate Lending Fund, known as HLEND, said it would allow only 5% redemptions, according to a filing Friday. The request for 13.3% was about 50% higher than the prior quarter when shareholders asked to redeem 9.3% of their shares. 

So far this quarter we have seen an acceleration in redemption requests as private credit investors clearly are concerned about their liquidity despite the raging bull market in all other asset classes.

“This liquidity feature is critical to HLEND’s ability to provide its investors with a premium return to public credit markets,” the firm said in a letter to investors. “This profile is further bolstered by continued subscriptions and distribution reinvestment, which together are expected to more than fully offset repurchases during the first six months of 2026.”

As Bloomberg reminds us, HLEND’s decision to cap redemptions in the previous quarter was the first major instance of a private credit manager taking action to enforce the limit and manage liquidity since concerns over underwriting standards and exposure to software businesses vulnerable to AI disruption bubbled to the surface early in the year.

The move was a contrast to its top rivals including Blackstone, which had gone to great lengths to satisfy investor demands for cash. But this quarter, Blackstone also enforced the 5% limit on its flagship private credit fund after investors asked to redeem even more money than in the prior period. 

Indeed, redemption requests are set to increase across the industry as investors redouble efforts to claw back money after being restricted. And there’s persistent concerns about the credit cycle turning, with industry leaders warning of a rise in defaults as artificial intelligence continues to disrupt businesses and borrowings from the era of ultra-low rates comes due.

HLEND has produced a 10.2% annualized total return since it was formed, the letter said, which is cold comfort to those investors who are hoping to redeem their profits and instead receive a gating notification. 

Tyler Durden Fri, 06/12/2026 - 12:00

Check out the best sportsbook and prediction market promos for USA vs. Paraguay.

Shares of SpaceX opened at $150 each on their first day of trading in the company's landmark initial public offering – making founder Elon Musk the world's first trillionaire.  Some 555.6 million shares of SpaceX – which operates a rocket, satellite internet and artificial-intelligence businesses – were sold of the in the hotly anticipated IPO

Is Amazon's new romance show an original story or an adaptation?

Plums, cranberries and a few other key foods are the best sources for heart-protective flavanols.

"I’m talking to you today because of the summer of ’94. I live the power of what it can do for an individual."

Lisa Vanderpump celebrates the grand opening of her new hotel, Jennifer Lopez looks stylish in Paris and more snaps...

Lisa Vanderpump celebrates the grand opening of her new hotel, Jennifer Lopez looks stylish in Paris and more snaps...

The actress previously showed support for her co-star following reports that he was fired from their Paramount+ show.

The actress previously showed support for her co-star following reports that he was fired from their Paramount+ show.

This SoCal town, shrouded in regret after five local teens died in a suspected DUI crash, has a dark history with alcohol.

A new woman has come forward with allegations about Maine Senate candidate Graham Platner, adding to the growing list of controversies surrounding his campaign. The New York Post says it corroborated key parts of her account, raising fresh questions just days after Platner secured the Democratic nomination. Meanwhile, President Trump says a peace deal with...