The head of the International Maritime Organization has said that naval escorts throu
gh the Strait of Hormuz will not “100 percent guarantee” the safety of ships attempting to transit the waterway, the Financial Times reported on Tuesday.
Military assistance was “not a long-term or sustainable solution” to opening up the strait, Arsenio Dominguez told FT.
The critical Strait of Hormuz, through which 20% of the world’s oil and liquefied natural gas flo
w, remains largely closed off, raising energy prices and fears of inflation.
Read more: US $20B Reinsurance Plan Unlikely to Restart Gulf Shipping Without Liability Cover
The closure is also forcing a rapid and costly supply chain rethink to maintain the flow of ess
ential imports, with logistics companies racing to overcome the headaches of changing v
essel destinations, moving goods overland, and keeping perishable items from spoiling.
“We are collateral damage of a conflict when the root causes have nothing to do with shipping,” Dominguez told the paper, adding that the IMO had serious co
ncerns about ships stuck in the Gulf running out of food and supplies for their crews.
The IMO Council will meet for an Extraordinary Session on Wednesday and Thursday at its London
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headquarters to address the impacts on shipping and seafarers as a result of the ongoing mid-east conflict.
Dominguez called for ship managers “not to sail and not to put seafarers at risk and not to put the vessels at risk,” the report said.
U.S. President Donald Trump accused some Western allies of ingratitude after several c
ountries rebuffed his demand to send warships to escort oil tankers through the Strait of Hormuz.
In a notice to the Securities and Exchange Commission (SEC), the firm said it has implemented business continuity plans to enable it to continue to take orders, sh
ip products and conduct other key operations while it resolves this situation. It may need to run
these interim measures for several weeks and doing so may result in som
e delays before the situation is fully resolved, the company advised.
The company is also working to identify and review the files potentially impacted and will take additional actions as appropriate.
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