The tense situation across the Middle East is fueling a surge in tanker markets, wrote Sam Chambers, editor of Maritime Asia magazine, adding that analysts noted that, even if Iran doesn’t enact a full blockade of the Strait of Hormuz, increased risk of cargo seizures or drone attacks could necessitate military convoys — delaying voyages and tightening global tonnage supply.
Chambers quoted analysts at Splash Extra who said: “Events may lead tanker owners to invoke war clauses and any response by Iran to blockade the Strait of Hormuz, or to interfere with tonnage of any flag, would trigger war risk clauses in P&I insurance, giving owners the right to refuse to continue through the area and to nominate an alternative safe port, with costs of doing so being for the charterer’s account”.
Analysts mentioned that “Fortunes were made by those owners willing to risk missile attacks in the Iran-Iraq war of the 1980s. History may not be about to repeat itself, but the comparisons are clear to see.”
Chambers added that tensions aren’t confined to the Gulf. The Houthi rebels in Yemen — aligned with Iran — has issued direct threats against US-linked shipping in the Red Sea, Bab al-Mandeb, and Gulf of Aden. The Joint Maritime Information Center (JMIC) has elevated the threat to “high” for any vessel with US affiliations, including flags, cargo, ownership, or charter links.
On the Israeli front, Chambers concluded, the port city of Haifa was struck by a missile on Friday, reportedly targeting a government facility near the docks. Maersk, the world’s second-largest container line, has suspended all vessel calls and cargo acceptance for Haifa, citing heightened security concerns.