Athens, Greece. Shipping and air transport were disrupted this week as the Middle East conflict intensified, prompting fresh security warnings and widespread suspensions across key trade corridors. Greece’s shipping minister warned the Strait of Hormuz is critical to global energy flows and said attacks on sailors are unacceptable.
Greek minister comments on Gulf incidents
In Athens, Shipping Minister Vassilis Kikilias said seagoing shipping “should be out of military conflicts” and described the targeting of sailors as unacceptable, as missile and drone strikes on merchant vessels were reported in the Gulf region.
He told Skai television that the developments were directly affecting international shipping and, by extension, the global economy, noting that roughly 20% of the world’s oil and between 20% and 25% of global natural gas pass through the Strait of Hormuz.
Reported damage and vessel exposure
Attacks on commercial ships, strikes on three port facilities and one offshore installation, injuries to sailors and one reported death have already been recorded.
Kikilias said the incidents do not involve Greek-flagged vessels or Greek interests, although a Greek-owned ship sustained minor damage and continued its voyage.
He said 10 Greek-flagged ships with 85 Greek sailors are currently in the Persian Gulf and five outside it, while about 325 Greece-linked vessels under foreign flags are in the wider region.
Security posture and economic risks
Kikilias said the sailors are safe and in constant communication with authorities, adding that the ministry’s operations room is on continuous alert.
He warned that any closure of the Strait of Hormuz would have enormous economic consequences for global trade, and urged composure in public statements as the duration and scale of the escalation remain uncertain. He said the protection of Greeks in the region remains the government’s top priority.
Tanker rates jump on heightened risk
The military escalation has triggered a sharp rally in tanker freight rates, as shipowners factor in heightened geopolitical risk and war-risk premiums.
According to analyses by SSY and Clarksons, the benchmark MEG/East VLCC route (TD3C) has surged to Worldscale 410, translating into time charter equivalent earnings of roughly $220,000 to as much as $400,000 per day, depending on voyage parameters.
How do you expect disruptions in the Strait of Hormuz to affect global energy prices and shipping costs?
