Maritime risks remain high in Strait of Hormuz despite US Navy escorts: IMO

The International Maritime Organization has urged shipowners to remain on high alert in the Strait of Hormuz amid industry warnings that vessels are still exposed to Iranian attacks despite the US' Operation Project Freedom.

The US Navy started May 4 escorting ships stuck in the Gulf to exit Hormuz with guided-missile destroyers, more than 100 land- and sea-based aircraft, multi-domain unmanned platforms and 15,000 service members, US Central Command said.

While welcoming the effort, which could reduce the plight of crew members on ships, an IMO spokesperson said security situations remain volatile and that "we continue to urge ships in the area to exercise maximum caution."

The UN's shipping agency has previously said about 20,000 seafarers were stranded on 800 ships in Gulf waters after the Middle East war broke out Feb. 28.

The IMO launched a task force to establish a safe passage framework. Its spokesperson said de-escalation of the current military conflict should be the way forward and that naval escorts would not be a "sustainable long-term solution."

"IMO remains ready to roll out its evacuation plan once it is safe to do so," according to an emailed statement from the spokesperson. "This requires clear safety guarantees from all parties involved."

The US move has drawn criticism from senior Iranian officials, who warned that such a unilateral move by Washington would be seen as a breach of the ceasefire. Maritime authorities reported at least four ship attacks and one attack on the UAE's Fujairah oil hub since the US mission was announced.

'Wait-and-see' approach

S&P Global Commodities at Sea data shows 10 ships transited Hormuz on May 4, little changed from before Project Freedom and less than 10% of the pre-war level.

"Most shipping companies are adopting a 'wait-and-see' stance rather than immediately transiting," said Dylan Mortimer, UK war leader at insurance broker Marsh, adding that ships continue to be threatened by Islamic Revolutionary Guard Corps attacks.

Platts earlier reported the additional war risk premium fell to 0.3%-0.5% of hull value for Gulf trades as of early April, down from roughly 1% in end-March but higher than the pre-war level of 0.1%-0.15%.

"For further reductions in the cost of insurance to materialize, the market will be looking for tangible evidence that escorts improve safety for vessels and crews, and that will take time to establish," Mortimer told Platts, part of S&P Global Energy.

In an advisory note issued May 4, the US-led Joint Maritime Information Center urged shipowners to route their ships via Oman's territorial waters and coordinate with Omani authorities during Hormuz passage.

Intertanko, the world's largest industry association representing independent tanker owners, said the waterway's transits should only resume when there is "clear, consistent and coordinated" navigational guidance.

"Details remain limited, and the threat to merchant vessels from Iran persists," Intertanko Marine Director Phillip Belcher said in a statement May 4. "It is unclear whether the United States would intervene in the event of an Iranian response, or how traffic flows would be managed by the Omani Coast Guard."