Iran Blacklist Triggers Shipping Industry Exodus Amid Security Concerns

Iran has announced a blacklist of 45 ships that allegedly broke its rules for crossing the Strait of Hormuz. The move is part of Tehran's efforts to impede oil flows from the Middle East, which have been curtailed by Iran's clampdown on shipping through the strait.

At least three Indian oil refiners and a global energy major plan to stop using vessels on the blacklist, including for ship-to-ship (STS) transfers. This is due to security concerns, with one source stating that they will 'avoid our chartered vessels dealing in STS or anything to do with non-compliant ships for Middle Eastern cargoes.'

The affected tankers are owned or chartered by Saudi Aramco and Abu Dhabi National Oil Co (ADNOC). The ships have been used for shuttling crude, refined products, and liquefied natural gas out of the Gulf for STS transfer off Fujairah in the UAE or Sohar, Oman.

Iran's announcement has sent shockwaves through the shipping industry, with trade risk analyst Ana Subasic stating that 'the most compliance-sensitive buyers are expected to avoid these vessels moving forward.'