Weight of Freight: Rising role on Insurance in maritime
Weight of Freight: Rising role on Insurance in maritime
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Key topics covered in the podcast:
- Rising tensions in the Red Sea prompted LR tanker freight rates to spike in early January
- How are rates faring now, and how is insurance moulding freight in the region?
- Impact of Cargo Insurance market
- How ‘The Polar” case ruling limits shipowner’s right to refuse Red Sea voyages
Related news
US will retaliate after Iran downs chopper: Trump
US will retaliate after Iran downs chopper: Trump
Washington, 9 June (Argus) — President Donald Trump said on Tuesday the US will retaliate after Iran shot down a US military helicopter patrolling the strait of Hormuz. "The United States must, of necessity, respond to this attack," Trump said in a social media post. The Pentagon said earlier that a US Army Apache helicopter went down near the coast of Oman in the early hours Tuesday, local time, and that the two crew members were safe. Trump was the first to confirm that it was an Iranian attack that brought down the US helicopter. Low-intensity fighting between US and Iranian forces has flared up repeatedly since late May. The US has targeted Iranian military infrastructure around the strait of Hormuz and Iran responded with missile and drone attacks against vessels passing through the strait and US bases in Kuwait and Bahrain. The incident on Tuesday marks the first loss of a US military aircraft since the US and Iran declared a ceasefire on 8 April. Despite fighting underway, Trump since 22 May has repeatedly described a US-Iran peace deal as practically finalized. "We have ongoing negotiations in Iran and with Iran, that hasn't stopped," Trump said late on Monday. "And we could have at least an idea by one or two days from now, but I think it's going well." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US sanctions will limit shipper engagement with PGSA
US sanctions will limit shipper engagement with PGSA
Dubai, 8 June (Argus) — Any vessels engaging with Iran's new Persian Gulf Strait Authority (PGSA) to secure safe passage through the strait of Hormuz are highly unlikely to be owned or chartered by major tanker operators or oil companies, and will be making any toll payments to Iran without using US dollars, shipping sources tell Argus. Tehran established the PGSA at the start of May to assert control over shipping passing through the strait, access to which Iran has severely restricted since the start of the US-Iran war at the end of February. The PGSA said this week that more than 300 non-Iranian vessels had submitted information to it since it began operations to secure safe passage through the waterway. About 42pc of the vessels were oil tankers and 8pc LNG carriers, it said. Around 77pc of vessels submitting requests were looking to exit the strait, and 23pc looking to enter, it added, noting that of those vessels looking to exit, around 28pc were destined for China, 19pc for India and another 23pc for elsewhere in Asia. The US Treasury Department's Office of Foreign Assets Control (Ofac) imposed sanctions on the PGSA at the end of May, and this will act as a serious deterrent to major listed oil companies and tanker operators from engaging with Iran, shipping sources say. "Large shipping companies are typically publicly listed and can't simply make payments to Iran for transit," one broker says. "Every financial transaction is closely monitored, and payments are usually conducted in US dollars. Falling under Ofac sanctions would carry significant consequences, including the freezing of assets and accounts, making the risks substantial." Shadow play But the situation may be different for vessels in the so-called "shadow fleet" that has handled sanctioned trade in Russian, Iranian and Venezuelan oil in recent years, other sources suggest, or for shipowners from countries such as China that have been less concerned about US sanctions. Operators of such vessels may be able to limit their exposure to Ofac sanctions risk by settling any payments to the PGSA using local currencies such as the Chinese yuan, or via alternative mechanisms like cryptocurrency transfers. It is even possible, a shipping consultant suggests, that Iran may be looking at payment in kind, from the vessel's flag state or beneficiary state, such as military equipment or aid, which would also make it hard for Ofac to link payment directly to the actual transit. Insurance is another consideration that would limit engagement with the PGSA, shipping sources add. "Any international insurer will have warranties on their war policies meaning normal [non-"shadow fleet"] ships cannot pay any money to [Iran's] Islamic Revolutionary Guard Corps (IRGC)," one insurance broker notes. That would deter a shipper from paying a toll to the PGSA, the broker said, although it might not necessarily prevent them from contacting the authority for permission to transit the strait. Ofac's sanctions statement explicitly linked the PGSA to the IRGC, noting that it "extorts vessels transiting the strait of Hormuz through the so-called Persian Gulf Strait Authority, a government agency aimed at imposing illegitimate tolls on commercial traffic". Some shipping sources also remain sceptical of the PGSA's claims, which are hard to verify given that the few vessels still moving through Hormuz routinely turn off their transponders to disguise identity and reduce the risk of attack. "I don't believe 300 owners signed up for this," a shipping source with one oil company tells Argus. "I think this is one of their media plays." By Anna Cherkizova, Nader Itayim and Sean Lui Mideast Gulf crude export infrastructure Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fire hits Tata Steel UK’s Port Talbot pickling line
Fire hits Tata Steel UK’s Port Talbot pickling line
London, 4 June (Argus) — A fire at Tata Steel UK's Port Talbot mill on the evening of 3 June was restricted to the pickling line, a company representative has told Argus . Market participants say it could affect galvanising, oiling and painting processes, as well as hot-dipped galvanised (HDG) output. "All personnel were accounted for and evacuated from the area safely. At this time, the emergency services remain on site and are working with local teams to completely extinguish the fire. The incident is not related to the safe and successful demolition of the empty, redundant gas holder earlier yesterday evening," Tata Steel UK said. "The hot mill was unaffected and will restart [as soon as possible]," a company representative told Argus . He added that Tata Steel UK has "a reasonable inventory", but that it is "too early to say" whether customer deliveries will be delayed. It is also unclear whether downstream galvanising or other coated products supplied from Tata's UK network will be affected, or whether any pickled/oiled, hot-rolled or galvanised substrate output will be disrupted, he said. Repair of the pickling line may take some time, and these works could hit HDG output, some participants said. But the company might try to restart its Llanwern unit, about 46 miles away. "Converting slab into hot-rolled coil is still possible, but converting hot-rolled coil into pickled product is not, at least until the Llanwern line is... restarted," a market participant said. "Tata has some feedstock stock at Llanwern, so galvanising can continue for now... It may take about two weeks to restart this unit." The fire occurred amid tense discussions over UK steel safeguard quotas, which take effect on 1 July. On 2 June , the UK introduced a transitional exemption mechanism that could soften the impact of import quotas. Under this arrangement, relevant goods under contract before 14 March will be exempt from the 50pc out-of-quota duty that will apply until 30 September. The exemption was granted following the efforts of a working group led by the International Steel Trade Association and comprising the British Constructional Steelwork Association, British Independent Reinforcement Fabricators Association, British Stainless Steel Association, Confederation of British Metalforming, Metal Packaging Manufacturers Association and National Steel Association, a trader said. "[The Port Talbot fire] will have an effect on the market. It shows the high risk of relying on single source of steel." In October 2024, Tata Steel ceased ironmaking at Port Talbot and paused steelmaking pending construction of a 3.2mn t/yr electric arc furnace that is due to be commissioned in late 2027-early 2028. During that period, the business will import slab and hot-rolled coil to support manufacturing and distribution in Wales, England and Northern Ireland, as well as Norway, Sweden, France, Germany and the UAE. Tata Steel UK deliveries totalled 520,000t in January-March. Deliveries for the fiscal year to 31 March 2026 hit 2.2mn t, down from 2.51mn t a year earlier because of "subdued market dynamics", according to Tata. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Over 300 vessels engaged with Strait Authority: Iran
Over 300 vessels engaged with Strait Authority: Iran
Dubai, 2 June (Argus) — More than 300 non-Iranian vessels have contacted Iran's Persian Gulf Strait Authority (PGSA) since late April to obtain permits to cross the strait of Hormuz safely, the entity said yesterday. The PGSA was formed as part of Tehran's push to tighten control over shipping in and around the critical strait of Hormuz after the start of the US-Israeli war with Iran in late February. Numerous governments have pushed back strongly against Iran's claims on the waterway. "Since the start of operations early [in the Iranian month of Ordibehesht], more than 300 non-Iranian vessels have submitted information to the PGSA to obtain safe passage permits through the strait of Hormuz," the authority said yesterday. Ordibehesht corresponds to the period from 21 April to 21 May. A breakdown published by the PGSA showed 42pc of the vessels applying for a permit were "oil tankers". Another 27pc were bulk carriers, 11pc were container ships and 8pc LNG carriers. It said 77pc of the vessels submitting requests were looking to exit the Mideast Gulf through the strait, with the remaining 23pc looking to enter the Mideast Gulf. Of the vessels looking to exit the Mideast Gulf, the PGSA said more than one quarter, or 28pc, were destined for China, 19pc for India and another 23pc for elsewhere in Asia. Around 12pc of the vessels were heading for ports in Europe and 10pc for ports in Africa. And of the vessels travelling the opposite direction, more than one third, or 34pc, were destined for the UAE, 31pc for Qatar, 17pc for Iraq and 10pc for ports in Kuwait. The remaining 6pc was split equally between ports in Saudi Arabia and Oman. Staying power Tehran had been working on a mechanism to formalise its oversight and management of traffic through the strait of Hormuz since early in the conflict which was triggered by a surprise joint attack by US and Israel on Iran on 28 February. A bill dubbed the ‘law of strategic action for peace and development in the Persian Gulf' that was under discussion in Iran's parliament in March, now appears to have formed the basis for the creation of the PGSA. Iran formally announced the launch of the PGSA on 5 May, calling on all vessels intending to transit the strait to contact it by email to request a permit. The authority launched an account on social media platform X two weeks later on 18 May. But the US Treasury's Office of Foreign Assets Control (Ofac) last week issued fresh sanctions against it , despite ongoing talks between Washington and Tehran on a deal to end the war, and reopen the strait. Anyone co-operating with the PGSA "may be providing support to and receiving services from [Iran's Islamic Revolutionary Guard Corps] IRGC, which ultimately benefits from this attempted extortion, and may therefore be exposed to sanctions risk," Ofac said. The sanctions appear to have had an effect on traffic through the strait, with latest data from Kpler indicating that traffic has fallen to a little over three vessels per day since the sanctions were announced, down from almost seven daily in the week prior to the announcement. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
