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Business Times
22-06-2025
- Business
- Business Times
Shipping on high alert in Middle East after US strikes on Iran
[ATHENS] The shipping industry was placed on high alert on Sunday (Jun 22) with warnings that Tehran could retaliate against commercial vessels following US airstrikes against Iran's nuclear facilities. Greece, home to more oil-tanker capacity than any other nation, cautioned its ship owners to think again if they are considering entering the Persian Gulf in the wake of US airstrikes. Vessels planning to sail through the Strait of Hormuz, the waterway that sits at the mouth of the region, should 'reassess passage' until the situation normalises, according to a circular seen by Bloomberg that its shipping ministry sent to vessel owners. It advised waiting in nearby safe ports. Naval forces in the area warned that ships, especially US-linked ones, could be at heightened risk. Shipping giant AP Moller – Maersk said it continues to transit Hormuz but is ready to re-evaluate its position based on the information available. The actions of the maritime industry – and its risk tolerance – will be a critical detail in the wake of the strikes because of Iran's proximity to the Strait of Hormuz, a conduit for a fifth of the world's oil and an unavoidable sea route into the Persian Gulf. Athens' warning is the latest sign of pressure on shipping markets as attacks on Iran escalate. Tanker earnings have already soared by almost 90 per cent since Israel first started conducting airstrikes on Jun 13. As one of the world's largest shipowning nations, advice to Greece's vessel owners would have a major impact on commodity transportation markets, especially oil. There's every chance shipowners will ignore the advice because the Persian Gulf is too-important a region for them to avoid and rates can always rise to compensate for the risk of sailing in the region. Operators that do decide to transit Hormuz should adopt the highest security level available and maintain the maximum possible distance from Iranian waters, Greece's ministry added. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In Sunday's notice, the Greek ministry cited concern around a possible closure of Hormuz as a reason behind its message. Officials at three Greek tanker companies said they were still assessing the situation. One did indicate he might still allow his tankers to enter the region, while another said their ships would likely stay away. Greek government spokesperson Pavlos Marinakis said in a statement that the government, via the shipping ministry, advised Greek-flagged and Greek-owned ships in the area of the Strait of Hormuz to go to a safe port until the situation normalises. Bigger risk Naval groups are also warning of greater risk. On Sunday, the Joint Maritime Information Center (JMIC), a liaison between navies and merchant shipping in the region, said that the Washington's airstrikes mean US-linked ships sailing through the Red Sea and Gulf of Aden face a high risk of attack. Yemen's Houthi rebel group issued fresh threats against American commercial and naval ships earlier in the day. There had been a ceasefire between the US and the Houthis in early May, geared towards limiting the group's attacks on the US navy. US-linked ships should consider re-routing, the JMIC said in its update. Still, it said some US-associated vessels have successfully transited the Strait of Hormuz, 'which is a positive sign for the immediate future'. Separately, the European Union's naval force in the region raised its threat assessment for US-linked vessels as a result of the strikes. It now sees a severe threat to ships linked to the US and Israel and a low risk for all other ships. 'This does not exclude the possibility of all merchant vessels being targeted in the future,' it said in an update published by France's Mica Center, which helps co-ordinate global maritime security. BLOOMBERG
Express Tribune
08-04-2025
- Business
- Express Tribune
PM seeks to position Pakistan as key regional trade corridor
Listen to article Prime Minister Muhammad Shehbaz Sharif on Tuesday said it was essential to establish Pakistan as a reliable and effective economic corridor for transit trade in the region to ensure development of the national economy. The prime minister, in a meeting with Robert Maersk, Chairman of the Board of Directors of the global shipping company A P Moller – Maersk, welcomed the global shipping company's investment of $2 billion in the country, a PM Office news release said. PM Sharif directed the formation of a technical working group to expedite the process of forming a partnership agreement in the maritime sector with the global shipping company. He also directed the authorities concerned to ensure that the memorandums signed with A P Moller – Maersk in the previous year should be transformed into agreements as soon as possible. The prime minister directed the working group to submit recommendations within a month and added that it was high time to remove all barriers and bring the maritime sector at par with global competitive standards. "The investment in Pakistan by A P Moller Maersk will bring about a large-scale positive change in Pakistan's maritime sector. Pakistan has been blessed with vast maritime resources, and by taking advantage of the potential of this sector, we are trying to use these resources for the betterment of the country," he said. He underlined that in the recent global scenario, Pakistan's importance as a corridor for trade and transportation in the region has increased. The prime minister invited A P Moller – Maersk to explore more investment opportunities in Pakistan. Speaking on the occasion, Robert Maersk said the clients of A P Moller – Maersk all over the world have expressed interest in investment and business opportunities in Pakistan. "A P Moller – Maersk's first ship arrived in 1924, and today our relations with Pakistan in the region are stronger than ever. Pakistan plays a key role in the region as an economic corridor for trade with Central Asian countries, which is extremely important for our company," he said. He expressed his interest in investing in Pakistan's seaports and mentioned that the company was trying to establish a unique hub for sea trade in the region by equipping Pakistan's ports with the latest logistics system and latest technology. Robert Maersk praised the government's economic policies and called them attractive for investment. The meeting was attended by Keith Svendsen, DEO of the global shipping company, Danish Ambassador Jakob Linulf, Finance Minister Muhammad Aurangzeb, Federal Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, Advisor to the Prime Minister Syed Tauqir Shah, Special Assistant Tariq Fatemi, and senior officers of relevant institutions.
Express Tribune
07-04-2025
- Business
- Express Tribune
Pakistan, Denmark push $2b partnership
Pakistan and Denmark on Monday reaffirmed their commitment to boosting global trade competitiveness through a $2 billion partnership aimed at modernising Pakistan's maritime infrastructure, improving port operations, and promoting sustainable practices. The commitment was reiterated during a meeting between Federal Minister for Maritime Affairs Junaid Anwar Chaudhry and Danish Ambassador Jakob Linulf. According to an official press statement, the two sides agreed to expedite implementation of a Memorandum of Understanding (MoU) signed last year, with Danish shipping giant AP MollerMaersk leading the investment drive. The discussions focused on upgrading logistics infrastructure and integrating green maritime technologies such as renewable energy-powered ports and energy-efficient shipping. Both parties emphasised workforce development and strengthening cultural ties as part of their broader cooperation. The statement noted that Maersk CEO Vincent Clerc is expected to visit Pakistan this week and hold meetings with the prime minister and senior government officials. Chaudhry said that steps are being taken to adopt sustainable maritime technologies to cut emissions and boost environmental efficiency at Pakistani ports. Renewable energy sources, including solar and wind, would be integrated into port operations to reduce reliance on fossil fuels. He further stated that training would be provided to maritime professionals to manage eco-friendly vessels and port facilities. "These initiatives will position Pakistan as a responsible trading partner while fostering long-term economic and environmental sustainability," he said. Highlighting the economic benefits, the minister added that adopting green shipping practices will improve Pakistan's brand image globally and enhance export competitiveness by lowering operational costs.
