Tag: Strait of Hormuz

International Energy Agency (IEA) has published its 2024 World Energy Outlook, examining the impact of maritime chokehold routes on global trade, and the transition to low-emissions fuels. 

Iran’s recent attack on Israel has escalated the tensions in the Middle East and raised concerns over LNG trade through the Strait of Hormuz (SoH), a key and only feasible passage for Qatar and the UAE to export LNG.

Iranian media reported that the foreign minister stated that the crew of a Portuguese-flagged vessel seized and connected to Israel have been given consular access and are likely to be released, Reuters highlights.

ING's Inga Fechner, a senior economist at ING in Germany, Rico Luman is a senior sector economist with a focus on transport, and Warren Patterson is Head of Commodities strategy based in Singapore, explain why if the Strait of Hormuz is in any way disrupted, the impact on oil and global trade could be huge. 

Shipping company MSC announced that the 25 crew members of the MSC Aries, seized by Iran on April 13, are confirmed to be safe, Reuters reports.

The container ship MSC Aries was seized by Iran in the Strait of Hormuz on April 13 for "violating maritime laws," according to Iran's foreign ministry, Reuters reports. 

The seizure of container ship MSC Aries by Iranian Revolutionary Guards in the Strait of Hormuz, on April 13, poses a major issue for the maritime industry, as it threatens to further jeopardize trade lanes in the Middle East.

Iran has the capability to close the vital Strait of Hormuz but currently has no intention to do so, according to Alireza Tangsiri, the commander of Iran's Islamic Revolution Guards Corps (IRGC) naval forces.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because large volumes of oil flow through the strait, EIA highlights.

Taking stock of the situation in the Persian Gulf, the Strait of Hormuz and the Sea of Oman, BIMCO and fellow industry associations have develop transit corridors for the consideration of Ship Masters, Owners and Operators.