At the SMM Hamburg event, ICS Secretary-General Thomas Kazakos highlighted the dangers seafarers face amid geopolitical tensions, asserting they should not be used as pawns in international disputes. He emphasized the need for protection of crews, as shipping companies navigate investment uncertainties linked to supply-chain instability and evolving maritime challenges.
Oil prices rose for a second day on Thursday, influenced by rising tensions between the U.S. and Iran that disrupted vital shipping routes. Brent crude climbed to $91.80 per barrel, while U.S. WTI reached $84.85. Geopolitical risks, particularly around the Strait of Hormuz, continue to affect market stability.
Iran’s recent accusations against the European Union regarding maritime laws highlight escalating tensions in the Strait of Hormuz. With a 0% probability of normal traffic by June 30, traders remain doubtful about stabilization. The geopolitical climate, devoid of a US-Iran peace agreement, perpetuates market stagnation and reduced trading activity.
Three quarters of businesses worldwide are revamping their supply chains by collaborating with more suppliers to manage risks in an increasingly fragmented global landscape. Research from Economist Impact and DP World at the World Economic Forum highlights the strategic shift in response to escalating geopolitical uncertainty fueled by ‘America first’ policies.
