26/04/17
Shipowners wary after Hormuz reopening pledge: Update
Adds Bimco comment in final paragraph London, 17 April (Argus) — Iran's
announcement that the strait of Hormuz is open to commercial vessels is unlikely
to trigger an immediate pickup in tanker traffic through the waterway, as
shipowners remain wary of security risks and the terms of passage remain
unclear, market sources told Argus . Iran said on Friday that the strait would
be open for commercial shipping for the duration of the US-Iran ceasefire,
following a halt to fighting in Lebanon. But the limited timeframe and lack of
detail are likely to deter shipowners from resuming transits straightaway,
participants said. Owners would probably still have to "co-ordinate with Iran
and adhere to their rules, unless of course the conditions are specified and
more clarity appears, in which case more ships would consider the transit", one
market participant said. Questions also remain around routing and tolls. Iran
said passage would be permitted on the "co-ordinated route as already
announced", which is likely to refer to the channel between the islands of Qeshm
and Larak. This could imply that Iran will continue charging transit tolls.
Transits through the strait have continued despite the US naval blockade on
ships entering or leaving Iranian ports, which President Donald Trump has said
will remain in place until peace talks with Iran are concluded. But the blockade
is focused on the mouth of the Gulf of Oman rather than the strait itself,
raising concerns that vessels exiting the waterway could still be intercepted
further downstream, participants said. At least 10 vessels crossed the strait of
Hormuz with their AIS transponders active in the past 24 hours, most of them
westbound into the Mideast Gulf. Of those crossings, three were eastbound. These
included the Shalamar , a Pakistani-flagged Aframax tanker that loaded at Das
Island on 12 April and is heading to Karachi, according to Kpler data. The
announcement about reopening the strait may be aimed primarily at allowing
vessels already in the Gulf to exit, easing vessel availability constraints,
rather than encouraging ships to enter for new business, according to one market
participant. The International Maritime Organisation (IMO) is assessing Iran's
announcement for compliance with freedom of navigation and use of the
IMO-recognised traffic separation scheme. Shipping association Bimco, meanwhile,
said the announcement does little to change the risk outlook for vessels.
Trump's claim that the strait is "fully open" is inaccurate, as the status of
mine threats within the traffic separation scheme remains unclear, Jakob Larsen,
Bimco's chief safety and security officer, said. The scheme has not been
declared safe for transit, and shipping companies should "consider avoiding the
area", he added. By Rhys van Dinther Send comments and request more information
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