Multiple ships hit on day 12 of Iran war

The most severe attack today was against the Precious Shipping-controlled, Thai-flagged Mayuree Naree, which was struck by a projectile north of Oman in the strait, resulting in a fire and crew evacuation procedures. The fire was extinguished after a number of hours.

The Japan-flagged 6,724 teu ONE Majesty also sustained damage in a separate attack with the ship’s master reporting that the vessel suffered a 10 cm hole. The boxship has since made towards a safe anchorage. All crew members are safe and accounted for.

Star Bulk’s Marshall Islands-flagged kamsarmax bulk carrier Star Gwyneth was also hit, northwest of Dubai, causing damage to the hull, with all crew reported safe on what is turning out to be one of the most dangerous days for commercial shipping since Tehran was attacked.

US military forces reported overnight that they have eliminated multiple Iranian naval vessels, including 16 minelayers, near the Strait of Hormuz.

US president Donald Trump took to social media yesterday (10 Mar) to urge Iran to remove any sea mines that it may have placed in the strait.

For international shipping – and the global economy as a whole – the focus is now on how long this war will last. 

“For now, the key variable is duration,” analysts at Greek broker Xclusiv stated in a new report. “Shipping history offers sharply contrasting precedents: the 1967 closure of the Suez Canal triggered a multi-year tanker boom, while the 1973 oil crisis ultimately destroyed demand. If the Hormuz disruption proves temporary, the immediate effect could be strongly supportive for tanker earnings and asset values. But if the conflict evolves into a prolonged regional war, the risk shifts from supply shock to macroeconomic damage. In shipping, the difference between those two outcomes is the difference between a freight windfall and a demand collapse.”