Iran has officially closed the Strait of Hormuz after U.S. precision attacks on key nuclear sites. This vital maritime route, handling 20% of global oil and significant LNG transport, raises fears of soaring trade disruptions and oil prices. The Iranian Parliament’s decision highlights escalating regional tensions amidst the Israel-Iran conflict.
The ongoing Iran-Israel conflict jeopardizes India’s $41.7 billion trade with West Asian nations. Experts warn that heightened tensions, especially after recent U.S. military actions, threaten shipping routes and financial systems, inflating costs and disrupting supply chains. India’s energy security could be further compromised if the Strait of Hormuz is affected.
Recent reports highlight a troubling increase in GPS jamming and spoofing incidents along the Iranian coast, with around 970 vessels impacted since June 13. Notable hotspots are near key ports like Bandar Abbas, raising maritime security concerns. Experts urge for AI-enhanced navigation systems as traditional methods become increasingly vulnerable amidst rising tensions.
Iran’s Foreign Minister Seyed Abbas Araghchi and his Indian counterpart Subrahmanyam Jaishankar met at the 8th Indian Ocean Conference in Muscat. Araghchi highlighted the success of their recent political consultations and stressed the importance of closer ties. They discussed expanding relations with regional countries and partnerships in various areas.
During a meeting in Tehran, Iranian Minister Sadeq highlighted Iran’s efforts to advance IMO policies for navigation safety. She expressed concern over sanctions hindering cooperation. IMO Secretary General Dominguez echoed her sentiments, emphasizing peace promotion in the region. Both officials underscored the challenges posed by sanctions on maritime cooperation and navigation safety.
The Third Working Group meeting on Chabahar Port, with India, Iran, and Uzbekistan, occurred in Mumbai on 22 November 2024. Afghanistan Chambers of Commerce delegates attended. The vital role of the port in Afghanistan’s development and creating a trade route to Central Asia was emphasized. They discussed increasing transit traffic and enhancing regional connectivity. India Ports Global showcased the port’s facilities to encourage trade and transit. The next meeting will be scheduled soon.
The European Union has expanded sanctions against Iran for supporting Russia in the Ukraine conflict. Added to the list are IRISL and Mohammad Reza Khiabani. Sanctions target ports transporting Iranian UAVs and missiles. Iran’s Ports and Maritime Organization denies accusations. EU also sanctions Russian shipping companies aiding Iran in supplying weapons.
The vessel Sounion is undergoing an offloading operation near the Suez Canal in Egypt, aided by the tug Aigaion Pelagos and the tanker Delta Blue. Despite previous attacks on Delta Blue, the operation is progressing smoothly, with 150,000 tonnes of oil still to be transferred.
The Director General of Shipping has issued an advisory for seafarers, employers, and vessel-owners regarding calling to Iranian ports in light of the Iran-Israel war. Seafarers are urged not to sign on or off from any ports in Iran for their safety. Employers are advised to reschedule crew changes to alternative ports to avoid risks.
Turkish authorities have confirmed the safety of the crew of a Turkish-owned cargo ship after a collision with a bulker off the coast of Iran. The crew was rescued from a life raft, with no injuries reported. Prompt rescue efforts were coordinated to ensure the safety of the crew and prevent further damage to the vessels.
The three remaining Filipino sailors from the Portuguese-flagged MSC Aries, seized by Iranian authorities in April, safely returned to the Philippines. A crew member had been released earlier for health reasons. The DFA and Iranian government played roles in their return, amidst global concern for maritime security and seafarers’ safety.
The U.S. Treasury Department, through its Office of Foreign Assets Control (OFAC), designated individuals and vessels linked to Iran-based Houthis in the Red Sea as blocked property. These sanctions target illicit financial activities supporting the Houthis’ destabilizing actions, with a focus on Sa’id al-Jamal’s network financing Yemen-based attacks on commercial shipping.
A court in Batam, Indonesia postponed the trial in a case involving a tanker caught in illegal activities. The master of the vessel disappeared before the session, adding complexity to the case. Ownership of the tanker, suspected of smuggling Iranian oil, remains disputed. The vessel faces potential seizure and auction, while the crew’s fate and pending charges hang in the balance.
The Canadian government has designated the IRGC as a terrorist organization, citing evidence of their involvement in terrorist activities. Minister Dominic LeBlanc emphasized Canada’s commitment to human rights and combating terrorism. The IRGC’s assets are now frozen in Canada, with strict laws against supporting terrorist groups. Canada aims to counter Iran’s destabilizing actions and protect international peace.
ET Infra reported that Iran’s PMO will procure essential cargo handling equipment for the Indian-financed Chabahar Port. IPGL will increase investment to $120 million from $85 million for the equipment supply. Delays due to Western sanctions on Iran have hindered the port’s operations, but a new agreement aims to expedite equipment procurement.
