The International Maritime Organization (IMO) recently urged shipowners to maintain a high level of vigilance in the Strait of Hormuz. Although the United States has launched “Operation Freedom,” industry warnings indicate that vessels still face the risk of attack by Iran.
Previously, the IMO stated that since the outbreak of the Middle East conflict on February 28, approximately 20,000 seafarers have been trapped on 800 vessels in Gulf waters.
To this end, the IMO established a special task force aimed at establishing a framework for safe navigation. The spokesperson emphasized that de-escalation of the current military conflict should be the solution, and that naval escort is not a “sustainable long-term solution.”
“Once safety conditions are in place, the IMO is ready to activate the evacuation plan,” the spokesperson stated in an email statement. “But this requires clear security guarantees from all relevant parties.”
The U.S. move has drawn criticism from senior Iranian officials, who warned that Washington’s unilateral action would be considered a violation of the ceasefire agreement. Maritime authorities report that since the U.S. announced the mission, at least four attacks on vessels have occurred, as well as one attack on the UAE’s Fujairah oil hub.
“Wait-and-see” approach
Data from S&P Global Commodities at Sea shows that only 10 vessels transited the Strait of Hormuz on May 4, roughly the same level as before the launch of “Operation Freedom,” and less than 10% of pre-conflict levels.
Dylan Mortimer, Head of UK War Risk at insurance broker Marsh, said: “Most shipping companies are adopting a ‘wait-and-see’ approach rather than immediately arranging transits through the strait.” He added that vessels still face the threat of attack by Iran’s Islamic Revolutionary Guard Corps.
S&P Global Platts earlier reported that as of early April, additional war risk premiums for Gulf routes had fallen to 0.3%-0.5% of vessel value, down from about 1% at the end of March, but still above pre-conflict levels of 0.1%-0.15%.
Mortimer noted, “For a further substantial reduction in insurance costs, the market needs to see concrete evidence that the escort operation has indeed improved the safety of vessels and crew, and this will take time to verify.”
In a navigation advisory issued on May 4, the U.S.-led Joint Maritime Information Center (JMIC) urged shipowners planning transits of the Strait of Hormuz to route via Omani territorial waters and coordinate with Omani authorities.
The International Association of Independent Tanker Owners (Intertanko), the world’s largest trade association representing independent tanker owners, stated that navigation through the waterway can only resume when “clear, consistent, and coordinated” navigational guidance is provided.
“Details are still limited at this point, and the threat to merchant vessels from Iran remains,” said Phillip Belcher, Maritime Director of Intertanko, in a statement on May 4. “It is currently unclear whether the U.S. would intervene if Iran responds, and what measures the Omani Coast Guard would take.”
