In this episode of What’s Going no With Shipping?, we hit week 17 of the ongoing crisis in the Strait of Hormuz. Despite talk of ceasefires and memorandums of understanding, the reality on the water remains volatile. We dive into the latest vessel attacks, the surge in Iranian oil exports, and the growing complexity of navigating these vital shipping lanes. From the “racket” of new transit fees to the threat of 80+ sea mines, we break down why a return to “normal” is still far on the horizon.
Key Highlights
⚓Fragile Ceasefire: Recent attacks on the container ship Ever Lovely and the tanker Kiki highlight the instability of the current US-Iran pause in strikes.
⚓Iranian Oil Surge: Following a US Treasury waiver, unsanctioned Iranian crude is flowing freely even as other shipping faces continued disruption.
⚓Transit “Rackets”: Discussion on the new Persian Gulf Strait Authority (PGSA) and potential coordination between Iran and Oman to impose new fees and insurance requirements.
⚓The Mine Threat: The IMO estimates at least 80 mines are currently in Hormuz shipping lanes, complicating the return of commercial traffic to the central corridor.
⚓Escalating Costs: Cargo rates for tankers in the region have spiked significantly, with some benchmarks reaching nearly nine times their normal value.
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00:00 17 Weeks in the Strait: Introduction
01:32 By the Numbers: Transit & Oil Export Data
04:14 Who’s Most Affected? Global Oil Dependence
05:30 Ever Lovely & Kiku Attacks
07:19 The Quid Pro Quo: US-Iran Agreement Analysis
09:02 Qatar LNG Explosion & Infrastructure Risks
09:37 The Mine Threat & Dual Transit Regimes
10:07 The “PGSA” Racket: Iran & Oman Coordination
12:10 IMO Evacuation Efforts for Trapped Seafarers
13:13 The Central Corridor & UAE Export Surge
14:42 Insurance Realities & Spike in Tanker Rates
16:04 Multinational Mine Hunting & Security Limits
17:24 Legal Ownership: UNCLOS & Transit Passage
18:28 Project Freedom: Where is the US Navy?
21:35 The Protection Racket: Future of PGSA
23:39 Saudi Reboot & Commodity Shortages
25:20 Resilience vs. Resolution: Final Thoughts
26:02 Outro & How to Support the Channel
Marine Traffic
www.marinetraffic.com
gCaptain
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Shipping risks mount despite US-Iran agreement to pause strikes
https://www.lloydslist.com/LL1157683/Shipping-risks-mount-despite-US-Iran-agreement-to-pause-strikes
Credit to : What’s Going on With Shipping?