Gulf of Oman incident unlikely to affect freight: Bimco

Yesterday's potential hijacking incident involving a tanker in the Gulf of Oman is unlikely to have an immediate impact on shipping costs or operations, despite it coming just days after a deadly drone attack on another vessel in the region, according to Bimco's chief shipping analyst Peter Sand.

Flare-ups in the busy shipping lanes of the Mideast Gulf often prompt talk of higher "war-risk" premiums, but heightened risk in the region is already a factor, Sand said. Any additional premiums would be negotiated between counterparties, but on average the increase in costs "should not be massive", he said.

Yesterday's incident in the Gulf of Oman involved bitumen tanker the Asphalt Princess. In a recording of communications between the ship and coastguards heard by Argus, a crew member said that there were "5-6 Iranians" on board and that the ship was drifting. UK Maritime Trade Operations (UKMTO), a security agency linked to the UK navy, said earlier today that those who boarded the vessel had left and that the incident was over.

It followed an attack last week on an oil product tanker off the coast of Oman in which two crew members were killed. Iran has denied claims by the US, UK and Israel that it was responsible.

Bimco's Sand does not expect the latest incidents to affect shipping operations but he said they do serve as a reminder of the potential impact that the geopolitical situation in the region can have on the sector. Geopolitics "come in many forms", Sand said. "Hijacking and piracy actions as the most ‘flashy', sanctions and other trade restricting measures as the least ‘flashy', but the ones with the far-reaching effects."

Participants in the tanker and LPG carrier markets reported no impact on freight rates today. Meanwhile, maritime security firm Dryad said the latest incidents are "not representative of an increase in risk to wider commercial shipping" and that similar incidents have been relatively common in recent years, although it has advised ships operating in the area to review their security measures.

By Will Collins and Saleem Rizvi