Latest news with #AngelikiFrangou
Yahoo
30-06-2025
- Business
- Yahoo
Maersk Resumes Haifa Imports; Strait of Hormuz Shipping Normalizes
Less than a week after canceling its port calls to Israel's Port of Haifa amid the country's then-brewing conflict with Iran, Maersk began accepting imported cargo at the port again on Wednesday. Israel and Iran have appeared to honor a Tuesday ceasefire after the countries traded missile attacks for 12 days, likely giving the Danish ocean carrier the go-ahead to clear ships to return to Haifa. The U.S. brokered the ceasefire after intervening in the conflict with airstrikes on Iranian nuclear facilities. More from Sourcing Journal Pakistan Slashes Port Qasim Export Fees 50% in Bid to Revive Trade, Lure Ocean Carriers China Port Volumes Hit Record Highs on US Tariff Truce US-Iran Clash Sparks Strait of Hormuz Blockade Threat Fears Maersk has yet to confirm when it will begin accepting export cargo. 'We are monitoring the situation very closely and based on the recent developments and with prospects of a ceasefire currently in place, we expect to be able to reopen export cargo acceptance once the lower safety risk of doing so has been reconfirmed,' said Maersk in a customer advisory update Thursday morning. Maersk also noted that current diversion plans and contingencies for cargo from Haifa are actively being finalized on a case-by-case basis. Throughout the conflict, the carrier had maintained operations at Israel's Port of Ashdod, with the company saying it will promptly reassess both decisions based on security assessments and maritime advisories. After the ceasefire announcement, maritime security firm Ambrey assessed that a threat to U.S.-affiliated merchant shipping was lowered, but acknowledged that there was a 'realistic possibility that the conflict could restart.' In the advisory, Maersk also gave updates regarding the opposite side of the Arabian Peninsula. According to the ocean carrier, the Strait of Hormuz remains navigable as of Wednesday, but that the team is working out contingency plans on a case-by-case basis to adapt to any other potential changes. Worries that Iran would attempt to close off the Strait of Hormuz in some capacity appear to have subsided with the ceasefire, but security agencies dedicated to maritime risk assessment remain cautious. The Joint Maritime Information Center (JMIC) said in a Thursday advisory note that the regional threat level across the Strait of Hormuz, Arabian Gulf and Northern Arabian Sea is still 'significant,' although shipping in the strait has returned to normal levels. On Wednesday, 127 ships traversed the Strait of Hormuz, the agency said, up from 103 on June 19. Last June, 114 vessels on average transited the waterway daily. However, there are lingering threats of electronic interference that can impact a ship's navigation systems with high levels reported during dark periods, JMIC says. Angeliki Frangou, a CEO of Greece-based tanker Navios Maritime Partners, told CNBC Tuesday that many liners are only transiting during daytime because of the jamming of GPS signals of vessels. According to tracking data from maritime risk analytics firm Windward, 55 vessels between June 12-24 transmitted 101 atypical destination messages such as 'China owned' or 'Russian crude' across the Arabian Gulf, Arabian Sea and Red Sea as protective measures since those ships are less likely to be targeted in an attack. JMIC recommends shipping companies to adhere to security advisories and conduct detailed vessel- and voyage-specific risk assessments for any operations or transit through the region. Given the prevalence of electronic interference, the agency also said to employ enhanced visual lookouts and rely more heavily on visual, radar-based navigation. What remains to be seen in the area is whether freight rates will react to the returning cadence of ships to the strait. Ships didn't even have to enter the Strait of Hormuz for customers to feel the heat of higher prices. Rates from Shanghai to the Port of Khor Fakkan, located on the UAE's coastline on the Gulf of Oman, accelerated 76 percent over mid-May, according to data from Xeneta. As of Monday, an average 40-foot container on that route cost $3,341.
CNBC
24-06-2025
- Business
- CNBC
Strait of Hormuz GPS jamming remains major security issue, tanker CEO says
Despite a tentative ceasefire between Israel and Iran on Tuesday, security issues in the Strait of Hormuz continue for shipowners, with GPS jamming incidents forcing vessels to reduce transits. According to Angeliki Frangou, a fourth-generation shipowner and chairman and CEO of Greece-based Navios Maritime Partners, which owns and operates dry cargo ships and tankers, vessels in the Strait of Hormuz are still being threatened by continuous GPS signal blocking. The GPS jamming has more vessels waiting to pass through the Strait of Hormuz. "We have had about 20% less passage of vessels through the Strait of Hormuz, and vessels are waiting outside," Frangou told CNBC. "You are hearing a lot from the liner [ocean shipping] companies that they are transiting only during daytime because of the jamming of GPS signals of vessels. They don't want to pass during the nighttime because they find it dangerous. So it's a very fluid situation," Frangou said. A June 20 estimate from the Maritime Information Cooperation & Awareness Center indicated that 970 ships per day had experienced GPS interference over the prior week. Data from shipping intelligence firm Kpler shows the overall traffic in the Strait of Hormuz decreasing from June 13 to June 22, based on analysis of Maritime Mobile Service Identity (MMSI) accounts for all vessels and tankers in the area. A MMSI is a unique nine-digit number used to identify vessels and used for vessel tracking and communications. On June 13, the unique MMSI count for all kinds of vessels was 16,127, and that was down to 7,947 on June 22. For tankers, the unique MMSI count went down from 1,120 to 889 on June Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is a critical transit path for global oil and gas shipments, with roughly 20% global oil and gas passing through its narrow waters. At its narrowest point, the Strait of Hormuz is 21 miles, and that is a primary reason why the GPS signal jamming is a critical issue for ships, Frangou said. "This is very important," Frangou said. "For the safety of the crew and the vessel. ... Safety conditions are something that is at the forefront of our minds. This is why we are constantly monitoring all this," she added. The ongoing security risks associated with traversing the Strait of Hormuz has fueled insurance rates and ocean freight rates. Rates from Shanghai to the port of Khor Fakkan, which is situated on the UAE Indian Ocean coastline, are up 76% in comparison to mid-May, according to spot ocean freight rate data tracked by freight intelligence platform Xeneta. The average spot rates have reached $3,341 per forty-foot equivalent unit (FEU.) The Port of Khor Fakkan is located outside the Strait of Hormuz. Due to its location, the port is considered to be one of the most important transshipment hubs for the Arabian Gulf, the Indian Sub-continent, the Gulf of Oman, and the East African markets. "The reality is that yesterday [Monday] we saw that rates doubled on the passage," Frangou said. "This can change quickly, but what we have seen is that when they go up, it's more difficult to bring them down," she added. Unlike the Red Sea diversions caused by Houthi rebel attacks — which have been in place since mid-December 2023 for vessels to avoid the waterway to the Suez Canal — tankers and containerships bound for ports on the other side of the Strait of Hormuz have no option. "The spot market for VLCC [very large crude carriers] has moved up $70,000 per day," Frangou said. "So even though oil has not gone up, we saw the VLCC rates, the very large Crude Carriers, have gone up. It is very much wait-and-see," she added.
