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20 min ago 2 min read
The US is to accompany commercial shipping through the Strait of Hormuz under a new initiative launching today (4 May).
Project Freedom aims to support merchant vessels seeking to transit through the essential trade corridor which handles around 20% of the world’s LNG trade.
“Our support for this defensive mission is essential to regional security and the global economy as we also maintain the naval blockade,” said Admiral Brad Cooper, US Central Command (Centcom) commander.
A Centcom statement said military support will include guided-missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms, and 15,000 service members.
An estimated 20,000 sailors and 2,000 ships have been trapped in the Gulf since the start of the war with Iran, according to the International Maritime Organisation.
Tensions remain high. The UAE’s Defence Ministry reported that it had intercepted three missiles launched from Iran.
Shipping firms and insurers remain hesitant to participate until more clarity is provided on how the escorts will function and whether they can safely bypass reported Iranian mines.
Raj Abrol, CEO of risk platform Galytix said, “Insurance premiums that spiked 50% won’t come down until underwriters believe the risk has genuinely changed.”
UAE state energy firm Adnoc today launched its industrial resilience programme in a bid to boost supply chains, accelerate local manufacturing, reinforce business continuity capabilities and develop sustainable industrial capacity across strategic sectors. Adnoc aims to manufacture AED90bn ($24.5bn) worth of products locally by 2030.
Air Products says it is facing as prices decline while it taps higher-cost stored supply to offset lost volumes from Qatar. It continues to navigate customers through the crisis.
