By Jayujyoti Mullick
The global economy and energy industry are facing mountainous pressure due to the ongoing Iran war, which has disrupted one of the world’s most critical energy routes, the Strait of Hormuz.
With an increase in attacks on commercial container vessels and rising fears among shipping operators, President Donald Trump might consider decisive military measures, including deploying warships to escort oil tankers through the volatile corridor.
However, the companies are undecided of this step, as Gene Seroka, executive director of the Port of Los Angeles, says, “The discussion about starting to use caravans to bring ships through the Strait has not been met with applause by the private sector shipping companies.”
In an interview with CNN, Seroka revealed that shipping companies are not ready to risk the safety of their crew. “There’s no interest in risking the safety or lives of the crew,” Seroka said, highlighting that ships are being held back despite increasing economic pressure.
Since the beginning of the war on Feb. 26, more than 20 vessels have been reportedly attacked and over 2,000 commercial ships have been delayed. This has disrupted the flow of essential goods—including oil, fertilizer, aluminium and consumer products globally.
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Seroka confirmed that shipping companies are unwilling to risk lives of crew in what has effectively become a war zone. “No, they’re not. There’s no interest in risking the safety or lives of the crew on board those vessels.” The reluctance follows reports of escalating attacks in the region.
As Erin Burnett noted, shipping executives are now taking extreme precautions: “We’ve got our ship stocked with enough food we believe for a month and they’re stuck and we’re not moving them… because crew… they could be killed.”
The crisis has already translated into a sharp rising cost of fuel across global supply chains. “We’ve seen the ship fuel prices double during the past 2 1/2 weeks.” Seroka added: “The fuel component is now upwards of 30% of the entire shipping cost… So those costs are escalating and they’re real.”
Seroka points out another blow from the ground level of the shipping industry. Even if the conflict ends soon, experts warn that recovery will be slow and uneven. “It’s going to take weeks if not months to unravel this… and try to get all of these different commodities, ships and companies working on a supply chain that’s in sync.” Speaking of the near future of the vessels struck in the Strait of Hormuz, Seroka also cautioned against expecting a clear turning point. “I’m not sure… that we’re going to have one day where it’s an all clear sign… this is going to be a progression and it’s never a straight line.”