The diplomatic route in Iran is now exhausted, as last night the United States and Israel attacked Iran, sharply escalating security risks for commercial shipping…
The diplomatic route in Iran is now exhausted, as last night the United States and Israel attacked Iran, sharply escalating security risks for commercial shipping in the Persian Gulf and adjacent waters, prompting immediate operational and insurance repercussions across the global maritime sector.
According to Jakob Larsen, Chief Safety & Security Officer at BIMCO, the attacks “dramatically increase the security risk to ships operating in the Persian Gulf and adjacent waters,” particularly for vessels with business ties to U.S. or Israeli interests.
Larsen cautioned that ships connected commercially to U.S. or Israeli entities are more likely to be targeted in any retaliatory action. However, he stressed that other vessels may also be at risk — whether deliberately or through misidentification.
Ships already operating in the region are expected to seek refuge in the territorial waters of neutral states, including the United Arab Emirates and Qatar. Some may opt to exit the area entirely. Meanwhile, vessels en route to the immediate conflict zone are likely to delay entry until the security situation stabilizes.
“The initial reaction will be caution,” Larsen indicated, noting that the industry has learned hard lessons from previous regional escalations.
Insurance Rates Expected to Surge
The insurance market
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