Tag: Gulf of Oman

​During its meeting in London on 15-19 July, the Council of the IMO condemned the recent attacks on commercial shipping in the Strait of Hormuz and Sea of Oman, with IMO Secretary General urging all Member States to shed efforts to ensure maritime security in the region. 

Diplomatic tensions in the Strait of Hormuz seem to be growing after Iran announced it has seized a foreign tanker it said was smuggling fuel in the Gulf. This could be seen as a retaliation to the seizure of the Iranian tanker Grace 1 by Royal Marines off Gibraltar earlier this month.

Amid tensions shipping companies hire unarmed security guards for ships operating through Middle East Gulf, as a security measure for the ship's and crew's safety. In light of increasing tensions, shipping associations propose that shipping companies had better avoid using private security personnel in critical areas, including Strait of Hormuz.

Reuters reports that the recent attacks around the Strait of Hormuz and the Gulf of Oman have increased insurance costs resulting to the decrease of purchases of marine fuels in the UAE Fujairah oil hub, as shippers are trying to mitigate their time in the Middle East.

An ongoing tension in the Middle East in the last months seems to be affecting shipping as it causes insecurity, disruptions along major shipping routes and therefore in trade, as well as seafarers' safety and the world economy. 

The Strike Club informed that it will continue to provide marine delay insurance for operators in the Straits of Hormuz between the Gulf of Oman and the Persian Gulf. The Club reached this decision, despite rising political tensions in the area and recent attacks on six tankers.

After the recent attacks in the Gulf of Oman, Hapag Lloyd announced that the operating costs for their services in the Middle East Gulf region have increased. The attacks shocked the shipping industry resulting to CMA CGM also increasing its insurance costs in the area and implementing a War Risk Surcharge.

The US Maritime Administration launched a MSCI Advisory informing about Red Sea, Gulf of Aden, Arabian Sea, Gulf of Oman, and Indian Ocean violence due to regional conflict and piracy, highlighting that there's still risks for commercial vessels operating in these areas.

A wider conflict between the US and Iran would be negative for most types of ships and for the oil markets in general, as fewer ships will transit the Straits of Hormuz, said VesselsValue in its latest analysis, following tensions on the aftermath of the recent tanker attacks in the Gulf of Oman.

An ongoing tension in the Middle East, in the wake of the recent tanker attacks in Gulf of Oman, has brought major insurance costs for oil tanker owners, who load cargoes from the world’s largest crude-export region. War risk premiums have now surged to at least $185,000 for supertankers.