On May 19, IMO member states passed another resolution to condemn Iran’s attacks on commercial shipping around the Strait of Hormuz following recent Iranian moves to formalize its control of the key energy corridor.
During the 111th session of the UN agency’s Maritime Safety Committee from May 13 to 22, the UAE proposed a resolution to condemn Iran for “unlawful activities” to obstruct shipping activities in Hormuz, the Persian Gulf, and the Gulf of Oman.
“(We) urge all attacks on ships that affect innocent civilian seafarers to stop immediately,” the UAE resolution states, and calls on IMO member states to secure sufficient supplies for 200,000 seafarers on board 1,500 ships stranded in Gulf waters.
Following US and Israeli air strikes on February 28, Iran blocked traffic through the Strait of Hormuz while allowing its own tankers and a small number of ships to pass. The waterway handles 20% of global oil trade in normal times.
Standard & Poor’s Global Commodities at Sea (opens in a new tab) data showed that 11 ships transited Hormuz on May 18, all linked to Iran. Traffic was about 90% below pre-war levels.
Nearly 40 ships were attacked during the Middle East war, and 11 sailors were killed, according to data from the International Maritime Organization.
Based on the resolution, IMO member states should continue to seek to establish a safe evacuation framework to allow stranded ships to exit the Gulf “by peaceful means and on a voluntary basis.”
Similar resolutions, aimed at increasing diplomatic pressure on Iran, have been passed by the IMO Council, Legal Committee and Environmental Protection Committee in recent months.
Earlier this month, Iran established the Persian Gulf Strait Authority as the legal entity responsible for managing the Hormuz Corridor and requiring shipping companies to obtain permits from the authority.
“Navigation within the entered boundaries of the Strait of Hormuz, which were previously defined by the armed forces and authorities of the Islamic Republic of Iran, is contingent on full coordination with these entities, and passage without authorization would be considered illegal,” the PGSA said in a May 18 X circular.
Separately, the Iranian government is developing an insurance plan that would allow Iranian shipping companies to pay in bitcoin to cover their transportation operations, generating $10 billion in revenue, the semi-official Fars News Agency reported on May 16.
source: Platts
