Copenhagen. – The Baltic and International Maritime Council (Bimco), the world’s largest shipping industry association, demanded this Thursday that an international body coordinate transit in the Strait of Hormuz to ensure security following the signing of an agreement between the U.S. and Iran, aimed at ending the war and reopening the strategic maritime route.
Bimco expects an international coordination body to be established soon to facilitate transit», noted the head of Security of this council, Jakob Larsen, in a statement, who urged shipowners to wait for the situation to be «clarified» to avoid «serious risks».
Larsen highlighted that “significant” security risks continue to exist and recalled that the central part of the strait is mined and not navigable, and that only the coastal traffic zones next to Oman and Iran are free of mines.
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Despite the signing of the ceasefire agreement, we believe that the security situation for the shipping industry is still volatile. We still consider it risky for ships to begin transiting due to the risk of congestion and navigation incidents in coastal areas,” noted Larsen.
United States and Iran announced on Sunday a memorandum of understanding, digitally signed the day before, which contemplates the cessation of hostilities and the reopening of Hormuz, a maritime passage through which approximately 20% of the world’s oil transited before the conflict.
That memorandum, however, raises several questions and does not offer sufficient information on key aspects such as safe routes, measures to separate traffic, sequencing of ships leaving the Persian Gulf, and procedures for reporting, security, naval protection, and emergency responses, Larsen stated.
«The next step for shipowners is to reaffirm not only that transit through the Strait of Hormuz is permitted, but also that it is safe».
“Ships trapped in the Persian Gulf are interested in leaving as soon as it is safe, but it must be done in a coordinated manner,” noted the head of Security at Bimco, an organization that, according to its own estimates, represents 60% of the global merchant fleet.
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Impact on oil, LNG and shipping companies
Bimco‘s chief shipping analyst, Niels Rasmussen, noted in the same statement that, once safe passage is guaranteed, shipping services could return to pre-war levels within two months, although recovering cargo volumes could take longer.
The damage caused to gas production in Ras Laffan, Qatar, and to the complex in the United Arab Emirates will delay the recovery of liquefied natural gas (LNG) shipments and will also impact the production and export of fertilizers,” noted Rasmussen.
Several of the world’s leading shipping companies, such as Denmark’s Maersk, Germany’s Hapag-Lloyd, or Japan’s Mitsui OSK, have been cautious about resuming transit in the area until safety is guaranteed.
