Roughly one day after the Trump administration initiated Project Freedom—a mission to escort trapped commercial ships out of the Persian Gulf—vessel owners remain extremely wary, and Iran’s recent moves have done little to ease their concerns.

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On the same Monday that U.S. forces commenced the operation, Iran launched a broad missile and drone barrage across the area, hitting two ships within UAE territorial waters and sparking a major blaze at the Fujairah Petroleum Industries Zone. Three Indian nationals sustained injuries in that incident. The UAE Ministry of Foreign Affairs labeled the strike on an ADNOC-linked tanker as an act of piracy, charging that Iran is employing the Strait of Hormuz as an instrument of blackmail and coercion.

The ADNOC tanker Barakah—a 308,000-tonne very large crude carrier flying the Liberian flag—was struck by two drones while navigating near the strait, roughly 78 nautical miles north of Fujairah. The ship was traveling in ballast, which eliminated any pollution hazard, and its crew were reported safe. In a separate event, the 38,300 dwt HMM Namu, a South Korean multipurpose vessel, caught fire after being hit by a projectile believed to be an Iranian missile while anchored off Umm Al Quwain. Operator HMM later confirmed that the flames had been put out.

Jakob Larsen, BIMCO’s chief safety and security officer, remarked that without Iran’s permission for commercial ships to pass safely through the Strait of Hormuz, it remains uncertain whether the Iranian threat can be neutralized or contained. Larsen pointed out that no formal instructions regarding Project Freedom have been circulated to the shipping sector, leaving owners to operate largely in the dark. He cautioned that, given Iran’s warnings against any vessel attempting to cross the Strait of Hormuz without coordinating with its military, there is a danger of renewed hostilities if Project Freedom proceeds. He further noted that it is unclear whether the operation can be maintained over the long term or is merely a short-term effort to extract the most vulnerable ships.

BIMCO’s guidance for its members remains unchanged. Larsen said that the overall security environment for the shipping industry has not shifted, and the recommendation is for all shipowners to continue performing comprehensive risk evaluations.

In a related development, videos and photographs have surfaced showing the Galaxy Leader, a car carrier seized by the Houthis—allies of Iran—in November 2023, and now apparently experiencing difficulties.

Source: IndexBox Market Intelligence Platform