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
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.
Jones Act waiver squeezes US flag shipping market
Jones Act waiver squeezes US flag shipping market
New York, 29 May (Argus) — The US decision to waive domestic shipping requirements under the Jones Act until at least mid-August is prompting shippers to favor foreign-flagged vessels for US-to-US trips, even when Jones Act compliant vessels are available, according to shipping data reviewed by Argus . The waiver was first issued on 17 March to help offset rising oil and refined products prices caused by the US-Israel war with Iran by easing movements between US ports. It was later extended by 90 days to 15 August by President Donald Trump. US independent refiners have made use of the waiver extensively , chartering more than 60 foreign-flagged vessels over the past two months for trips normally handled by one of the 92 ocean-going vessels, more than 150 sea-going articulated tug barges and thousands of smaller barges in the Jones Act-compliant fleet. This is the first Jones Act waiver issued at the request of the Department of Defense (DoD) since the statute was amended in 2021 to require a finding that "there are insufficient qualified vessels to meet the needs of national defense without such a [DoD] waiver". But the official justification for this latest waiver has yet to be published, according to maritime law firm Reed Smith, even though most voyages carried out by foreign-flagged vessels likely had Jones Act-compliant tonnage nearby. Out of 59 trips completed under the waiver as of 22 May, only 10 took place where no Jones Act vessels were available, according to data compiled by the American Maritime Partnership (AMP), which represent the US domestic maritime industry, using broker data. For the other 49 trips at least one Jones Act vessel was available, according to AMP data. By contrast, US Maritime Administration (MARAD) data show shippers seeking foreign tonnage under the waiver citing a lack of Jones Act vessels available for these trips — a claim seemingly at odds with the AMP data. MARAD did not respond to a request for comment. Some market participants told Argus that securing a Jones Act waiver can be surprisingly fast, with MARAD approval sometimes coming only 15 minutes after submitting the request. The quick turnaround suggests the administration's priority is to maintain steady US crude and refined products flow to help mitigate disruptions to oil markets caused by the Iran war , rather than ensuring US-flagged vessels are used first. "This is the first time that the government has ever instituted a blanket waiver for all kinds of energy-related products, all ports and MARAD does not even have to call anybody and see if there's an equivalent Jones Act vessel available," Jones Act shipowner Centreline Logistics co-chief executive Jonathan Whitworth told Argus . The Jones Act community initially showed little concern about the first waiver, in part because international freight rates for refined product tankers were already at a premium over comparable Jones Act vessel rates. That rare market configuration limited potential savings for shippers using the waiver and limited its use. But international freight rates for product tankers have since eased, which has increased use of the waiver. The extension of the waiver through mid-August — and the possibility of a further extension — has sparked concern among Jones Act shipowners. One Jones Act operator told Argus it has lost two contracts so far due to the waiver. Jones Act shipments are typically handled on multi-year contracts, but established Jones Act participants may now dealy committing to new long-term deals to capture lower rates in the international spot market instead. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US boards Iranian tanker while others get through
US boards Iranian tanker while others get through
New York, 20 May (Argus) — US forces boarded a small Iranian oil tanker today that appeared to be attempting to violate the US blockade of Iranian ports, but other larger vessels appear to be successfully evading the blockade. The Celestial Sea , a short-sea tanker that can hold around 75,000 bl of crude, was boarded by US forces in the Gulf of Oman on Wednesday based on suspicion that it was trying to violate the blockade and head for an Iranian port. "American forces released the vessel after searching and directing the ship's crew to alter course," the US Central Command (CENTCOM) said in a post on X. US president Donald Trump's administration has been adamant that the US imposed blockade — aimed at damaging the Iranian economy by constraining crude exports and production — is a success. Treasury secretary Scott Bessent said earlier this month the blockade that started on 13 April was preventing empty tankers from entering Iranian waters to serve as floating oil storage for domestic production overflowing from onshore storage sites. But the blockade, which is meant to increase US leverage in peace negotiations, does not appear to be stopping all ships, according to tracking data. CENTCOM says 91 commercial vessels have been redirected since the start of the blockade, but it has not released data on the number of ships that may have evaded the effort. Vessel tracking data from Vortexa show 111 oil tankers and gas carriers have circumvented the US blockade since its start, with only nine reported interdictions by US forces. In the past week alone, four empty oil tankers have returned to Iranian waters in violation of the blockade, with a combined carrying capacity of around 1mn bl of oil, Vortexa data shows. The tanker US forces did stop Wednesday is much smaller than the larger vessels that have managed to get through the blockade in recent weeks, according to vessel tracking firm TankerTrackers, carrying about one-tenth the volume of the larger ships. The blockade has hurt Iranian exports, but crude loading activity continues with ballast vessels able to make it through the blockade . By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
