Israel’s unexpected attack on Iran’s military and nuclear infrastructure has led to five days of intense escalation of the conflict between the two countries. This tension has forced many shipowners to show increased attention while crossing the Red Sea, two critical sea routes for global trade and energy.
Some shipping companies are choosing to avoid the strait of the Ormuz, reflecting the growing concern and uncertainty on the market, while others continue to pass normally, evaluating the level of risk differently.
The strategic importance of the hormoz narrow
The straits of Ormuz are the main corridor that connects it to the Arabian Sea and is vital to oil transport worldwide. There are about 20 million barrels of oil from there daily, a quantity of 20% of world consumption.
Any interruption in oil flow, albeit temporary, can cause energy prices, increased transport costs and significant delays in global supply chains.
In addition, the straits are crucial for the global trade containers, as ports of the area, such as Jebel Ali in Dubai, act as significant transport hubs.
Impact on shipping routes and costs
The threat of conflict has led some shipping companies to look for alternative routes, avoiding the straits of the hormones and the Red Sea. This trend is reminiscent of the change of routes observed last year due to the attacks of Houthi rebels in the Red Sea, where trade has been mainly transferred around the southern end of Africa.
Uncertainty and increased risk have led to rising fares, especially for oil tankers, while insurance companies are closely monitoring the situation, ready to increase premiums in the event of escalation.
Challenges in the safety of navigation
In addition to the natural risk, there has been an increase in interference with the navigation and detection of ships in the area, making it difficult to safely cross. At the same time, accidents such as the conflict of two tankers in the straits of the Ormuz, though not directly linked to hostilities, emphasize the danger of the area.
The Israel -Iran conflict has significantly increased the uncertainty and risk of shipping around the straits of the hormoz, with immediate effects on energy prices and world trade. The shipping community remains alert, adjusting its routes and security measures, and the situation is closely monitored for any further developments.
The vulnerability of sea routes in geopolitical tensions highlights the need for constant vigilance and flexibility in the management of global supply chains.
