imo

How shipping companies are calculating the dangers in the Strait of Hormuz 🚨

About 1,600 ships are still stuck in the Strait of Hormuz, with shipping companies facing an expensive and risky situation, looking for windows of opportunity to leave the waterway for more than two months.

President Donald Trump’s operation to “guide” ships through the strait lasted just 48 hours. Only two ships were guided through.

Now, on their own again, companies are unwilling to bear the risk of transit — letting ships leave would endanger both cargo and personnel.

Any damage to a multimillion-dollar ship would set companies back financially and logistically. Insurers have wartime clauses in their contracts that do not require them to cover vessels stuck in the middle of a war. So, moving ships without that financial backing risks being extraordinarily costly.

Still, leaving the Strait of Hormuz, even with a US military guide, requires a “very specific assessment” for shipping companies, according to Gene Seroka, executive director of the Port of Los Angeles.
“They’re going to need a lot more confidence in the safety and security of passing through the straight before they take that step,” he said.

Thirty-two ships have been hit with missiles since the beginning of the war, resulting in 10 deaths and at least a dozen injuries, according to the International Maritime Organization, or IMO.

The IMO continues to urge ships to “exercise maximum caution” and says that “naval escorts are not a sustainable long-term solution.”

#BREAKING #iran #Hormuz #oil #IMO