World News
IMO Secretary-General: "Working with Relevant Parties" on Hormuz Strait Transit Mechanism
The head of the IMO has said ensuring safe transit through the Strait of Hormuz is now the priority following the US-Iran ceasefire, as efforts begin to stabilise shipping operations and protect seafarers.
"For the health and well-being of seafarers and the global shipping industry, I welcome the ceasefire announced in the Middle East,” Arsenio Dominguez, Secretary-General at IMO, said in a statement on its website, commenting on the ceasefire on Wednesday.
US President Donald Trump announced a two-week ceasefire with Iran on Tuesday, including an immediate opening of the Strait of Hormuz.
“I am already working with the relevant parties to implement an appropriate mechanism to ensure the safe transit of ships through the Strait of Hormuz, Dominguez said.
“The priority now is to ensure an evacuation that guarantees the safety of navigation."
Shipping group International Chamber of Shipping (ICS) also welcomed the conditional ceasefire and has urged immediate and coordinated action to restore safe vessel movements through the Strait of Hormuz.
"We welcome the conditional ceasefire between the United States and Iran and hope this signals a beginning of a return to stability in the region,” Thomas A. Kazakos, Secretary General of ICS, said in an email statement on Wednesday.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 865.50 | 22.50 | 1874.00 | 190.00 |
| Rotterdam | 744.50 | 3.50 | 1500.00 | 56.50 |
| Houston | 919.00 | 5.50 | 1460.00 | 49.00 |
| Fujairah | 846.00 | 8.50 | 1738.50 | 62.50 |
| Global 20 Ports Average | 972.00 | 5.50 | 1843.50 | 8.50 |
| Global 4 Ports Average | 844.00 | 7.00 | 1643.00 | 24.00 |
| Global Average Bunker Price | 1057.00 | 3.50 | 1860.00 | 72.50 |
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