Weight of Freight: Rising role on Insurance in maritime
Weight of Freight: Rising role on Insurance in maritime
Listen now
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
Possible Jones Act waiver extension prompts backlash
Possible Jones Act waiver extension prompts backlash
New York, 17 July (Argus) — The US domestic maritime industry is reacting to rumors that US president Donald Trump's administration is considering extending the suspension of domestic shipping requirements under the Jones Act for a second time before its 90-day extension ends on 16 August. The Trump administration issued the Jones Act waiver, which allowed foreign flagged and owned vessels to carry US-to-US shipments in place of US-flagged, US-owned and US-crewed vessels, on 17 March on national security grounds and later extended it by 90 days. But some of the voyages conducted under the waiver have been criticized by the domestic maritime industry as not serving any national security purpose . Republican lawmakers have since urged president Trump to restore the Jones Act , calling the waiver "a loophole exploited by adversarial countries to erode America's maritime dominance". Jones Act-compliant shippers have borne the brunt of the encroachment of foreign vessels into the typically US-only space, with June shipments of refined oil products shipped domestically via foreign-flagged vessels totaling 45, more than half of the 81 shipments carried by Jones Act-compliant vessels, Vortexa data show. "The Offshore Marine Service Association (OMSA) is responding to reports that the Trump administration is considering extending the current Jones Act waiver, warning that another extension would only further undermine the domestic maritime industry while continuing to provide no meaningful benefit to American consumers," OMSA said in a 17 July press release. OMSA also emphasized that the Jones Act waivers are intended for national defense and security, not as a recurring commercial policy tool. Criticism that the waiver has unduly affected the same US maritime industry Trump has attempted to galvanize in his second term may be met with geographical restrictions in the potential second waiver extension, however, according to at least one Jones Act market participant. "A geographically boxed-in waiver could take some heat off the administration from the domestic industry compared to a blanket waiver, since it signals that they're trying to preserve the Jones Act fleet's core trading lanes rather than continue to suffocate the US flag owners," a broker familiar with the matter told Argus . A White House official told Argus on 17 July that no decision on a third waiver extension has been made at this time and that further announcements will be made directly by the president or the administration. "President Trump's decisive action to waive the Jones Act has helped prevent supply chain shortages across the country," the official added. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Attacks push ships to Iran-linked Hormuz route
Attacks push ships to Iran-linked Hormuz route
New York, 16 July (Argus) — Ships transiting the strait of Hormuz are increasingly using the traffic lane designated by Iran following the resumption of Iranian attacks on commercial shipping and US attacks on Iranian targets around the narrow waterway. Vessel-tracking service Windward shows that out of 18 strait of Hormuz transits into the Mideast Gulf on 15 July, 13 were through the northern, Iranian-controlled route while only one transited the southern, US-supported corridor. It is unclear what route the remaining four vessels took because they transited with their Automatic Identification Systems switched off and radar tracking could not identify them. For vessels exiting the Mideast Gulf, eight vessels utilized Iran's northern route out of the 11 vessels that transited the strait on 15 July. One vessel used the southern route, and two were unable to be tracked, according to Windward. Commercial vessel traffic through the strait remains at a fraction of prewar levels as a result, with a combined 29 vessels transiting through the waterway on 15 July, around 22pc of prewar levels, data from Windward shows. The US has continued to encourage vessels to transit the strait via the southern route along Oman's coastline, which is the path that Iran has been targeting, increasing risks to mariners. Iran views transits on non-Iranian controlled routes as violations of the 18 June interim agreement and truce that broke down last week and as a challenge to its control over the waterway. Commercial traffic through the strait of Hormuz since the outbreak of the war on 28 February has been bifurcated between the northern route, which runs along the Iranian coastline, and the southern route along the Omani coast because of suspected Iranian-placed mines throughout the typical transit lanes in the center of the strait. This change in traffic patterns is the second time in less than a month that increases in vessel attacks by Iran and subsequent attacks by the US aimed at destroying Iran's ability to attack vessels has resulted in higher usage of the Iran-favored traffic lane through the strait. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US restarts enforcement of Iran blockade: Update
US restarts enforcement of Iran blockade: Update
Adds US disabling of oil tanker New York, 15 July (Argus) — The US military has begun disabling and redirecting vessels that violate its renewed blockade of Iranian ports, following the breakdown of a four-week-old ceasefire agreement between the countries. US Central Command (Centcom), which oversees US forces in the Middle East, said it disabled the empty Curacao-flagged oil tanker Belma while it was transiting international waters toward Kharg Island on 15 July. "The commercial vessel ignored multiple warnings as it attempted to violate the US blockade," Centcom said on social media. "A US aircraft disabled the vessel after firing hellfire missiles into the ship's smokestack. The ship is no longer transiting to Iran." In the first 24 hours of enforcing the renewed blockade, Centcom said it also redirected two compliant commercial vessels. Prior to the US and Iran signing of the agreement on 18 June, US forces imposed a naval blockade from the Gulf of Oman and a northern section of the Arabian sea, preventing ships from reaching Iranian ports and turning vessels back toward Iran's coast. The US Navy redirected 140 ships and disabled nine vessels from 13 April to 18 June as part of this initial blockade. But enforcement activity during the first US blockade was uneven. While the blockade did impede Iranian exports, Iranian crude loading activity continued with ballast vessels able to make it through the blockade . US, Iranian actions endanger mariners The US on Tuesday reimposed its blockade on Iranian ports following the breakdown of the shaky truce it reached last month with Iran, including the restart of Iranian attacks on commercial vessels transiting the strait of Hormuz. The US has framed its latest military actions as intended to degrade Iran's ability to attack commercial shipping in the strait of Hormuz while Iran "targets innocent civilians transiting the strait and in neighboring Gulf countries", Centcom said Wednesday on social media. "Iran has intentionally targeted civilians across the region by attacking seven commercial ships resulting in nearly a dozen civilian crew members killed, missing or injured," Centcom said. "US forces are holding Iran accountable for unwarranted aggression that continues to endanger innocent lives." US enforcement of its original blockade on Iranian ports also resulted in mariner casualties. In June, the US attacked the tanker Settebello , which resulted in the deaths of three Indian crew members, an action condemned by the International Maritime Organization and the Indian Ministry of Foreign affairs . The US has continued to encourage vessels to transit the strait via the southern route along Oman's coastline, a path that Iran has been targeting, increasing risks to mariners. "US-assisted commercial transits continued despite the elevated threat environment," the UK Trade Maritime Information Center wrote in a 14 July advisory note. Iran views transits on non-Iranian controlled routes as violations of the 18 June agreement and as a challenge to its control over the waterway. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US restarts enforcement of Iran blockade
US restarts enforcement of Iran blockade
New York, 15 July (Argus) — The US military has begun redirecting vessels that violate its renewed blockade of Iranian ports following the breakdown of a four-week-old ceasefire agreement between the countries. "Since restarting the naval blockade against Iranian ports 17 hours ago, US forces have redirected two commercial vessels attempting to run the blockade," the US Central Command (Centcom), which oversees US forces in the Middle East, said on social media at 9:20am ET (13:20 GMT) Wednesday. "The US military remains vigilant and prepared to ensure full compliance." Prior to the US and Iran signing of the agreement on 18 June, Centcom forces imposed a naval blockade from the Gulf of Oman and a northern section of the Arabian sea, preventing ships from reaching Iranian ports and turning vessels back toward Iran's coast. The US Navy redirected 140 ships and disabled nine vessels from 13 April to 18 June as part of this initial blockade. But enforcement activity during the first US blockade was uneven. While the blockade did impede Iranian exports, Iranian crude loading activity continued with ballast vessels able to make it through the blockade . US, Iranian actions endanger mariners The US reimposed its blockade on Iranian ports following the breakdown of the shaky truce it reached last month with Iran and the restart of Iranian attacks on commercial vessels transiting the strait of Hormuz. The US has framed its latest military actions as intended to degrade Iran's ability to attack commercial shipping in the strait of Hormuz while Iran "targets innocent civilians transiting the strait and in neighboring Gulf countries", Centcom said Wednesday on social media. "Iran has intentionally targeted civilians across the region by attacking seven commercial ships resulting in nearly a dozen civilian crew members killed, missing or injured," Centcom said. "US forces are holding Iran accountable for unwarranted aggression that continues to endanger innocent lives." Yet, US enforcement of its original blockade on Iranian ports also resulted in mariner casualties. In June, the US attacked the tanker Settebello , which resulted in the deaths of three Indian crew members, an action condemned by the International Maritime Organization and the Indian Ministry of Foreign affairs . The US has continued to encourage vessels to transit the strait via the southern route along Oman's coastline, a path that Iran has been targeting, increasing risks to mariners. "US-assisted commercial transits continued despite the elevated threat environment," the UK Trade Maritime Information Center wrote in a 14 July advisory note. Iran views transits on non-Iranian controlled routes as violations of the 18 June agreement and as a challenge to its control over the waterway. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
