Tag: Strait of Hormuz

Amid an escalating tension in the Persian Gulf over the last months, oil tanker owners seem to have found a new way to tackle the increased danger for ships transiting the Strait of Hormuz, the world's most important shipping route for oil supply.

As a result of the increased tension in the Persian Gulf, the War Insurance market has reacted with increased rates for War Insurance cover for transits and port calls in these waters. In this regard, with effect from 29 July 2019, the rate for any call to the Persian Gulf area has been increased from 0,25% to 0,5%. 

Following the recent tension in the Strait of Hormuz, the Norwegian Maritime Authority updated its instructions for Norwegian-flagged vessels sailing through the strait. The NMA alerts that they will keep monitoring the situation and any changes will be rapidly updated.

The United States has officially asked Germany to join France and Britain in the mission launched to secure the Strait of Hormuz and eliminate Iranian aggression, Reuters reports. The US naval mission in the Strait is joined by South Korea.

BP is avoiding sending vessels through the Strait of Hormuz, due to the tensions between Iran and the UK. This decision comes after BP had to abandon a plan to load Iraqi crude and instead took shelter near Saudi Arabia, fearing retaliation.

Reuters reports that maritime security talks between Iran and the UAE were to begin on Tuesday, July 30, in light of the tension in the Strait of Hormuz, despite the fact that a Gulf official commented on the discussions as routine and technical.

South Korea was the first to publicly sign the American plan of sending a naval unit in the Middle East aiming to boost safety and guard the oil tankers transmitting through the strait of Hormuz, according to Reuters.

Stena Bulk and Northern Marine Management released an announcement demanding to be granted access to the vessel 'Stena Impero' to conduct a full assessment. However, they are still waiting for a response from Iranian authorities. They also stated that there is no current evidence the ship has breached any maritime rules or regulations, and they supported 'the professionalism and conduct of the crew of the Stena Impero.'

A second Royal Navy warship arrived in the Gulf of Oman to protect British ships during increasing tensions in the area. HMS Duncan has now joined frigate HMS Montrose to accompany ships sailing under the UK flag through the Strait of Hormuz.

There is no evidence that the 'Stena Impero' has breached any maritime rules or regulations, said the owner company Stena Bulk in its latest update, 10 days after Iranian authorities seized the British-flagged oil tanker, while sailing through the Strait of Hormuz.