Shipping leaders warn of escalating threats in the Strait of Hormuz as Iran intensifies attacks on merchant vessels, impacting global trade.
Shipping leaders at the CMA Shipping 2026 Commodores' Debate warned of escalating risks in the Strait of Hormuz as Iran stepped up attacks on merchant vessels, reports the UK's Seatrade Maritime News.
Morten Arntzen of Macquarie Bank stated that a ship financed by the bank was hit by a suicide drone in Iraq, resulting in a constructive loss and one crew fatality. The Safesea Group tanker, Safesea Vishnu, was struck during ship-to-ship transfers, forcing 28 crew members to abandon ship.
Dag von Appen of Navigator Gas mentioned that one of his company's vessels narrowly avoided being caught in the Gulf when US attacks on Iran began. Lois Zabrocky of International Seaways praised Shell for diverting vessels westward, thereby preventing them from entering the Gulf.
Richard Du Moulin of Pangaea Logistics emphasized that owners must prioritize crew safety when sending ships into warzones. He criticized owners who expose crews to risks without sharing rewards or when the risks are too great.
Mr. von Appen warned that a prolonged closure of the Strait of Hormuz would sharply raise oil and gas prices. Mr. Arntzen noted that convoys that were effective against Somali piracy may not be effective against mass drone attacks.
Peter Evensen, former Teekay Shipping chief, predicted that the US would withdraw before Iran, citing past remarks by President Donald Trump. Mr. Zabrocky stated that non-OPEC production could add supply but not enough to offset a prolonged closure.
Mr. Arntzen forecasted that oil could hit US$150 per barrel, while Mr. Evensen suggested that the crisis could push the US into recession. None of the Commodores believed the situation would last for months.
