Military escalation, attacks on oil tankers and a new “tanker-for-tanker” strategy put commercial shipping at the centre of the U.S.–Iran confrontation. The security situation around the Strait of Hormuz has entered a more dangerous phase after the United States launched a new wave of strikes against Iranian targets, following a […]
Read more
Red Sea Attack and Strait of Hormuz Restrictions Signal Rising Maritime Risk Maritime security concerns are intensifying across the Red Sea and Arabian Gulf, with a tanker coming under attack west of Yanbu, Saudi Arabia, while commercial traffic through the Strait of Hormuz has fallen to a fraction of its […]
Read more
The Very Large Crude Carrier (VLCC) market has entered exceptional territory, with freight rates surging simultaneously across both sides of the Suez Canal. Strong Chinese crude buying, rapidly tightening vessel availability and the continuing security challenges around the Strait of Hormuz are combining to create one of the most dramatic […]
Read more
Red Sea War Risk Coverage Area Expanded Under Revised P&I Clause A significant change to war risk insurance coverage in the Red Sea and surrounding waters has been announced following a notice received by the Association from its reinsurers. The change expands the geographical area covered by the designated Red […]
Read more
Oil exports are recovering across the Arabian Gulf as alternative pipelines and export facilities help offset continued disruption in the Strait of Hormuz. However, vessel movements through the strategic waterway remain far below normal levels. Oil flows from the Persian Gulf region have reportedly recovered to approximately 15 million barrels […]
Read more
The possibility of restoring normal shipping through the Strait of Hormuz is facing another setback after U.S. President Donald Trump demanded compensation from Iran for deaths and damages that Washington attributes to Tehran. Trump’s demand comes just as Iran and Oman were working toward an agreement to establish new shipping […]
Read more
Oil prices moved higher on Friday as uncertainty surrounding the reopening and future operating conditions of the Strait of Hormuz continued to unsettle energy markets. The latest market reaction follows proposals from Iran, reportedly being discussed with Oman, that could introduce strict conditions on vessels seeking to transit the strategic […]
Read more
Russia has significantly intensified its attacks on Ukraine’s civilian maritime infrastructure, with Ukrainian authorities accusing Moscow of deliberately targeting commercial vessels and port facilities to intimidate international shipowners and disrupt confidence in the safety of Black Sea shipping. According to Ukraine’s Ministry of Reconstruction, Infrastructure and Transport, the latest wave […]
Read more
The United States has significantly intensified its sanctions campaign against Iran by targeting what it describes as an Islamic Revolutionary Guard Corps (IRGC)-backed maritime insurance extortion network operating in the Strait of Hormuz. The latest measures, announced by the US Treasury’s Office of Foreign Assets Control (OFAC), include sanctions against […]
Read more
The security environment in the Black Sea has taken another significant turn after a Chevron-chartered Aframax tanker was struck by a drone while approaching the Caspian Pipeline Consortium (CPC) terminal near Novorossiysk, Russia, highlighting the growing risks facing commercial shipping operating in the region. The incident occurred on 7 July, […]
Read more