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
Hormuz traffic management changed forever: Iran
Hormuz traffic management changed forever: Iran
Dubai, 23 June (Argus) — Administration of the strait of Hormuz will never return to how it was prior to the US-Iran war and will instead be managed by Tehran, according to the country's parliament speaker and top negotiator Mohammad Bagher Ghalibaf. "Everyone needs to know that management of the strait will never return to the way it was before the war," Ghalibaf said. The strait has emerged as a key point of contention since the early days of the war, with Iran insisting that it and Oman, as the two countries bordering the waterway, should play a role in controlling how it is used and which vessels are allowed to pass through it. Tehran in May set up a maritime authority, the Persian Gulf Strait Authority (PGSA), in an effort to consolidate its control. The PGSA would manage transit through the strait and has said it has engaged with hundreds of vessels seeking permits to pass safely, in some cases for a toll or fee. The US-Iran interim deal, signed last week, called for Tehran to ensure movement of vessels from the Mideast Gulf to the Gulf of Oman, and vice versa, with the aim of returning traffic to pre-war levels within 30 days — by around 18 July — while allowing Iran to "remove technical and military obstacles and removal of mines." Latest data from Kpler show an uptick in seaborne Iranian crude and oil product exports as of the week starting 15 June, coinciding with the US lifting the blockade it imposed on Iranian ports in April. Iran has agreed not to charge tolls for passage through the strait, at least for the initial 60 days. But it appears intent on keeping the PGSA in control of all traffic. "Of course, we will fully comply with international law," Ghalibaf said. "But people need to understand [that administration of the strait will remain with Iran]." He said the US and Iran have agreed to "establish co-ordination mechanisms there including a hotline and a centre that can be contacted whenever there is any ambiguity or dispute." "Because the administration/management of the strait is with us, we will manage it easily," said Ghalibaf. "If there is any issue, we will solve it." A tale of two shores But Iran will have to act in co-ordination with Oman, which controls the strait's southern shore, and the two have held a meeting that could help institutionalise a new administrative regime. They agreed to form "a joint working group" to "reach agreement on the future administration of navigation in the strait of Hormuz and the services that will be provided in this regard and the costs associated with them in accordance with international standards," the Omani foreign ministry said on 23 June. Oman's foreign minister Badr Albusaidi said the sides "affirmed commitment to international law and toll-free safe passage." Any toll for passage would be incompatible with the UN Convention on the Law of the Sea (Unclos), notably Articles 38 and 42 that provide "all ships and aircraft enjoy the right of transit passage" that "shall not be impeded". Measures adopted by states bordering a strait must not have "the practical effect of denying, hampering or impairing the right of transit passage," Unclos states. But Article 42 also says states bordering straits may adopt laws and regulations relating to transit passage in respect of the safety of navigation, the regulation of maritime traffic, and the prevention, reduction and control of pollution. "The services that will be provided… and the costs associated with them in accordance with international standards," as mentioned by the Omani foreign ministry, will require clarification. By Nader Itayim and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US issues Iran oil sanctions waiver
US issues Iran oil sanctions waiver
Washington, 22 June (Argus) — The US will allow unlimited sales of Iranian crude, refined and other petrochemical products until 21 August, in another concrete step toward implementing the US-Iran deal signed on 18 June. Buyers can pay in US dollars for the Iranian oil, freight services and insurance, according to the terms of a general license issued on Monday by the Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC). The OFAC license follows a round of direct US-Iranian talks in Switzerland on Sunday, which made "very good progress", according to US vice president JD Vance, who led the US delegation. The length of the sanctions waivers matches the 60 day period set by the US-Iran "memorandum of understanding" to complete negotiations on Iran's nuclear program, the status of the strait of Hormuz and other issues. The US-Iran interim deal allows for an extension of negotiations beyond the 60 day period, which could also result in another extension of the Iran sanctions waivers. Conversely, a breakdown in the US-Iran relations could result in the waiver being terminated ahead of the deadline. The OFAC license spells out in great detail all transactions associated with the sale, transportation and offloading of Iranian crude and products and allows shipping Iranian oil on tankers that are on the US sanctions list. It does not lift sanctions on the Iranian sellers, but waives the application of sanctions on the buyers. The license allows the provision of services for transporting Iranian oil, including "vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification and salvage". The OFAC license even allows imports of Iranian oil into the US, for subsequent trans-shipment. Before the war, most Iranian crude went to a narrow group of customers in China's independent refining industry who appeared to be unbothered by the effect of US sanctions. With waivers in place, China's state-controlled companies and buyers in India and other countries in Asia could be motivated to buy Iranian crude. For now, even lower prices in the past week have not spurred buying interest from the Chinese companies. Many buyers likely will remain wary of taking advantage of the availability of Iranian crude and products, due to the 60 day term of the sanctions waiver and the possibility that confrontation between the two countries could flare up again, resulting in the snapback of sanctions. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says Hormuz closed; US says flows intact
Iran says Hormuz closed; US says flows intact
London, 20 June (Argus) — The US and Iran issued conflicting accounts of conditions in the strait of Hormuz on 20 June, with Tehran saying it has closed the waterway, while Washington said commercial shipping continues to transit. Iran's claim — carried by the IRGC-affiliated Tasnim news agency and citing the Khatam al-Anbia Central Headquarters — said the strait had been closed to vessel traffic in response to continued Israeli strikes in southern Lebanon following a ceasefire with Lebanese militia group Hezbollah, which it said breached commitments under the recent memorandum of understanding with the US. The headquarters characterised the move as a "first step" and warned further measures could follow if hostilities persist. But US Central Command (Centcom) indicated no disruption to flows, saying 55 merchant vessels transited the strait during the day, carrying more than 17mn bl of oil to global markets. Safe passage through the waterway "remained intact", it said, with US forces operating in the area to support freedom of navigation. No shipping incidents were reported in the region on 20 June. Ship-tracking data also show vessel traffic via the strait of Hormuz continues. The 26,361dwt LPG tanker Pacific Star I continued its passage, and no U-turns were detected as of 23:00 BST (22:00 GMT) on 20 June. Some vessels may have switched off their Automatic Identification System (AIS) signals, while others may have stopped. The 56,880dwt bulk carrier KSL Qingyang halted earlier on 20 June after almost crossing the strait eastwards, Kpler data show. Some tankers appear to be favouring a southern route closer to Omani shores. The VLCC Angola B , sailing from Zirku Island in the UAE, crossed the strait near Omani waters earlier, but may have switched AIS off afterwards. The ballast VLCC Bahrain Prosperity passed westwards through the strait near Omani shores into the Mideast Gulf on 20 June, according to Kpler data. Two more VLCCs, Monaco Loyalty and Gulf Sunrise , were approaching the entrance to the strait near Oman but may have switched AIS off around the time Tasnim reported the closure, Kpler data suggest. US president Donald Trump has not commented directly on the reported closure of the strait but addressed the issue of tolls in a post on the Truth Social platform, saying there would be no charges during the 60-day negotiating period and none afterwards unless the US chose to impose them if no final deal with Iran is reached. Iranian state media reported that a delegation had arrived in Switzerland ahead of talks with US negotiators, led by vice-president JD Vance. "I think we're going to hopefully make progress on the nuclear issue, make progress on the Lebanon ceasefire issue," Vance said before boarding his flight. Israel carried out a strike on Hezbollah on 19 June despite the ceasefire, prime minister Benjamin Netanyahu said. Israel's foreign ministry accused Hezbollah of "violating the ceasefire and attacking Israeli civilians". By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iranian oil likely to return to mainstream fleet
Iranian oil likely to return to mainstream fleet
New York, 17 June (Argus) — The non-sanctioned crude tanker market could see a surge in demand if the pending peace deal between the US and Iran lifts penalties that have weighed on Iranian oil for years, according to shipowners at the Marine Money Conference in New York this week. Iranian crude is commonly transported on "shadow fleet" vessels, older, poorly insured ships that are used to bypass western sanctions to transport sanctioned crude to global markets. The draft of the 14-point memorandum between the US and Iran, leaked yesterday, included the lifting of western sanctions and the issuance of waivers for exports of Iranian crude , petrochemical products and their derivatives, and all related services, including banking, insurance and transportation. "Part of the agreement is that Iranian oil comes back into the fold, and that would certainly mean, over time, this oil will be transported on (mainstream) vessels," Capital Tankers chief executive Jerry Kalogiratos told the conference. Once Iranian oil is treated the same as other non-sanctioned crude, there will be no incentive for importers to use the "sub-standard ships", he said. Iranian oil that may be relieved of sanctions under the US-Iran agreement is a completely "new barrel" to the compliant fleet, shipowner Frontline's chief executive Lars Barstad said on the panel. Heightened demand for Iranian crude transported on mainstream fleet tankers could help support rates for crude tankers. The US Office of Foreign Assets Control's (OFAC) issuance of a general license on Venezuelan crude earlier this year — after the US captured the country's president and the subsequent increase in Venezuelan exports carried by compliant ships — has had a similar supportive effect on crude rates out of the US Gulf coast . "It's an exceptional deal for Iran," said OFAC's former head of policy Stephanie Connor at the same conference. Before the US-Iran conflict, China's independent refining industry was one of the main importers of Iranian crude, despite the US sanctions. With the issuance of a general license on Iranian export, countries that were sanctioned by the US would be incentivized to buy Iranian crude . "If OFAC issues a general license on Friday, that's great, for some people," Connor said. "Mostly US adversaries who are already trading in Iran, despite US sanctions." By Delfina Marchese and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
