PetroChina couldn't find a tanker.
Neither could Indian Oil.
Here's what actually happened this week:
PetroChina tried to hire a Very Large Crude Carrier a ship that holds 2 million barrels to load Iraqi crude between June 25-30.
Got 6 offers.
All at freight rates nearly triple pre war levels.
Still couldn't close a deal.
Why?
In PetroChina's own words:
"There are tankers available, but the problem is it's too expensive and there is no guarantee you can exit the strait."
Indian Oil ran a tender for the same period.
Received zero offers.
Sinochem is still hunting.
PetroChina, Indian Oil, and Sinochem are 3 of the largest state oil companies on earth.
If they can't get tankers through Hormuz at any reasonable price, nobody can.
This is the gap between the headline and the reality.
Financial markets priced the peace deal.
Shipping markets priced the risk.
Freight rates 3x pre-war.
Insurance clauses requiring special Hormuz guarantees. No assurance a loaded 2-million-barrel ship can exit safely.
@M_McDonough If the transponders are switched off, I imagine that the insurance would be negated. Or, is insurance already an afterthought by proximity to a war zone?
March 9: "We're now totally independent of the Middle East. We don't need their oil."
April 1: "It doesn't really affect us. We have so much oil. We have tremendous oil and gas, much more than we need."
June 17: If I didn't agree to the MOU, we "would run out of reserves at about 4 weeks...we would really run out, and there'll be a time when you wouldn't be able to get it."
The Southern District of New York is the office that prosecuted Trump on 34 felony counts. He is still appealing those convictions.
The lawyer he just named to run that office - James M. McDonald - is on the legal team handling that appeal.
McDonald is a partner at Sullivan & Cromwell. He is part of the team that last month secured the Justice Department's decision to drop a fraud and conspiracy case against Indian billionaire Gautam Adani - a case brought under the Biden administration and killed under this one.
SDNY has jurisdiction over terrorism, espionage, securities fraud, and public corruption. It is arguably the most consequential prosecutor's office in the country. Trump is now placing his personal defense attorney in charge of it.
Jay Clayton, who previously held the SDNY job, is being moved to director of national intelligence - a role that opened when Tulsi Gabbard resigned and that Trump briefly tried to fill with Bill Pulte, the head of the Federal Housing Finance Agency, before congressional pressure forced a different choice.
The chain here is not complicated. The office that convicted him gets his lawyer. The intelligence community gets the man who ran the housing finance regulator. A personal attorney now controls a portfolio that includes public corruption cases.
This is what the completion of the project looks like.
🦔KPMG published a report in October about how businesses are adopting AI and filled it with case studies of major organizations. UBS, the NHS, Swiss Federal Railways, and Transport for London all appeared in the report. Every one of them said the claims about their AI use were wrong. GPTZero found the errors and identified them as hallucinations. KPMG pulled the report. A month earlier, EY retracted a separate AI study over fabricated footnotes.
My Take
A Big Four consulting firm used AI to write a report about how well AI works, and the AI invented the evidence. The companies named in the report went public to say none of it was true. A month earlier, EY published a study with fake footnotes and had to retract that too. Two of the most expensive advisory firms on earth published AI-generated work this year without verifying whether any of it was accurate.
These are the firms Fortune 500 companies hire to tell them how to adopt AI. The firms that advise everyone else on AI adoption can't verify the output of their own AI tools.
Hedgie🤗
🇺🇸 Trump on 23 March 2026: "I started the war for regime change in Iran. We won. We wiped out their whole regime."
🇺🇸 Trump on 16 June 2026: "I don’t believe in regime change. Never works."🤣
This man is a habitual liar.
CNN montage of Trump bashing the JCPOA and releasing any money to Iran:
I would have never given him back the money. I would have said, the money is off the table. Let's start negotiating. And you know what? I would have won that negotiation
In 1988 Porsche built 1,635 examples of the 944 Turbo S.
That is the entire production run.
One model year for one car.
250 HP from the 2.5L turbocharged four-cylinder.
Most of them left the factory in Silver Rose metallic.
0-100 km/h in 5.5 seconds made it the fastest production four-cylinder car in the world at the time.
It was also faster than the 911 Carrera of the same year, which ran to 100 km/h in 6.1 seconds.
Porsche's own factory test drivers reportedly lapped the Nordschleife faster in the Turbo S than in the contemporary 911.
A front-engined, four-cylinder Porsche that was quicker than the 911.
The rarest 944 ever built, and the one that made the 911 Carrera look slow.
TRUMP: “I’m cancelling tonight’s strikes on Iran bc we have agreed to a peace deal. Full announcement coming shortly.”
IRAN’S RESPONSE: “Trump has claimed 38 times recently that a deal is imminent, so until there’s an official announcement by Iran, his claims are lies.”
Oof. 🤦🏻♂️
🇺🇸Trump has stated 55 times that he defeated Iran.
🇺🇸Trump has stated 35 times that Iran is destroyed.
🇺🇸Trump has stated 38 times that a deal is imminent.
🇺🇸Trump has stated 25 times that the Strait of Hormuz is open.
Elect a clown, expect a circus.
Rep. Rob Wittman (R-VA) faked a phone call for roughly 90 seconds after being asked about Speaker Mike Johnson’s comments regarding potential Social Security cuts.
The phone's screen remained visible, with his cheek inadvertently tapping different parts of the display.
Dear @SecRollins: You lie. The average life cycle of a Screwworm ranges from 14 to 54 days depending on temperature and humidity.
The trump Administration has been in office over 500 days.
If you can’t accept responsibility, or even apologize for messing up, you need to resign.