Tag: Israel-Hamas Conflict

According to Gard P&I Club, geopolitical tensions in the Red Sea have increased since the commencement of the Israel-Gaza conflict and this is particularly relevant for assets with links to Israeli transiting the region.

In a recent update on November 8, 2023, the operational status of ports in Israel was disclosed by NorthStandard's correspondents Harpaz P&I and M. Dizengoff P&I Representatives.

During the conflict in Gaza, ships bound for Israel are now encountering a significant surge in war risk premiums, which have increased by ten times their previous levels. This development has prompted various stakeholders within the industry to urge the government to intervene and ensure the uninterrupted flow of essential imports to the country, Reuters highlights. 

The Ship Registration of Cyprus recommends measures to ensure the security of vessels under the Cyprus Flag which are calling or approaching ports in Israel.

According to the Israel Tax Authority Compensation Fund, compensation will be awarded for "War Damage" to any Israeli or foreign vessel that is situated within the Economic Waters of the State of lsrael.

The Israel-Hamas conflict has prompted fears of a larger regional battle that might include Iran, after the country issued a warning to Israel, to stop the ongoing attacks.

Gard P&I Club answers some of the trade-related and contractual questions shipowners might have in this turbulent and highly volatile situation that is currently underway in Israel.

According to Reuters, Israeli ports are dealing with an increasing backlog of ships as the country ramps up its shipping operations, while military preparations for a possible land invasion of the Gaza Strip under Hamas control are also ongoing.

International Energy Agency (IEA) explores how a sharp escalation in geopolitical risk in the Middle East, a region accounting for more than one-third of the world’s seaborne oil trade, has markets on edge.

In response to a request from Israel, the U.S. energy company has decided to temporarily halt operations at its Tamar natural gas field, located approximately 12 miles away from the Gaza Strip.