INTERTANKO (the International Association of Independent Tanker Owners) and OCIMF (Oil Companies International Marine Forum) have issued a joint statement on the situation in the Middle East.
“As we monitor the evolving situation across the Middle East and its waterways, our focus remains on the safety of seafarers and all those affected,” the organizations said in a press statement sent to Rigzone on Wednesday.
“Seafarers continue to operate in a complex and uncertain environment, and their safety and wellbeing must remain a priority,” they added.
In the statement, the organizations encouraged members and the wider industry “to rely only on verified information from authoritative and trusted sources”.
“Operational decisions should be based on thorough, company-led due diligence and comprehensive risk assessments covering all stages of a voyage, including port calls and ship-to-ship (STS) operations,” they said.
“In addition to established security measures and Best Management Practices (BMP), the human element should be considered in decision-making,” they added.
“Workload, fatigue, communication, and other operational pressures, including planned crew changes, can affect safe outcomes and should be appropriately managed,” they went on to state.
The organizations concluded by noting, “we will continue to work with industry partners and governments and monitor developments in support of safe and responsible marine operations”.
In a statement on the Strait of Hormuz, which was posted on the International Maritime Organization’s (IMO) website on March 1, IMO Secretary-General Arsenio Dominguez said, “I am deeply concerned by reports of at least one fatality and several seafarers injured in attacks on merchant vessels”.
“No attack on innocent seafarers or civilian shipping is ever justified. These crews are simply doing their jobs and must be protected from the effects of wider geopolitical tensions,” he added.
“Freedom of navigation is a fundamental principle of international maritime law, and it must be respected by all Parties, with no exception,” he continued.
“I am monitoring the situation closely, and I urge all shipping companies to exercise maximum caution. Where possible, vessels should avoid transiting the affected region until conditions improve,” Dominguez warned.
In this statement, the IMO Secretary General also called on all stakeholders “to remain vigilant against disinformation and to rely only on verified, authoritative sources when making navigational decisions”.
“My thoughts are with the injured seafarers and their families,” he said.
“Their safety and welfare are our highest priority, and the IMO will continue working closely with Member States and partners to support safe navigation and to uphold the principle that civilian mariners must never be harmed,” he added.
In a statement sent to Rigzone on Wednesday, Morningstar Equity Director Joshua Aguilar noted that the U.S. “has agreed to provide insurance backstops and naval escorts for commercial vessels transiting the Strait of Hormuz amid Iran’s sustained attacks on ships in response to U.S.-Israeli strikes launched over the weekend”.
Aguilar warned in this statement that “maritime logistics won’t snap back instantly”, which he said “creates a headache for global trade because Iran can still frustrate movement through the Strait of Hormuz”.
“While it’s possible that an extended closure could last more than 30 days, we don’t think this is a base-case scenario,” Aguilar added.
In a statement sent to Rigzone on Tuesday, Enverus subsidiary Enverus Intelligence Research (EIR) noted that approximately 14 million barrels per day of crude oil, which it highlighted is roughly one-third of global seaborne supply, and about 20 percent of global LNG volumes transit the Strait of Hormuz.
“A prolonged disruption to the Strait of Hormuz would represent a significant macroeconomic shock and rapidly tighten energy balances, while raising the risk of recession,” Al Salazar, head of macro research at EIR, said.
“A one month closure alone would draw an estimated 400 million barrels from global inventories, quickly erasing today’s modest surplus and pushing prices materially higher as importers move to secure supply,” he added.
To contact the author, email andreas.exarheas@rigzone.com
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