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This document provides the most recent information available affecting merchant ships in the Red Sea, Gulf of Aden, Gulf of Oman and Western Indian Ocean.
During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting through the region due to concerns over attacks on ships by the Houthis.
Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmaxes. A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles. A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s Dangote refinery begins operation – requiring a sizeable portion of the country’s crude oil – and possibly add to rate volatility.
BIMCO is urging nations to defuse tension and work together through diplomatic efforts following new attacks on two tankers at the Strait of Hormuz on 13 June.
Industry organisations, supported by government and military organisations, have worked together to produce a new publication that will help mariners detect, deter and delay external threats to their safety. Best Management Practices to Enhance Maritime Security for Vessels & Mariners Operating Off the Coast of West Africa including the Gulf of Guinea (BMP WA) consolidates and enhances existing guidance for specific threats in this region.
Piracy convictions spur hopes of strengthened law enforcement efforts and international collaboration in the Gulf of Guinea
This document provides updated information on threats affecting merchant ships in the Red Sea, Gulf of Aden (GoA), Gulf of Oman (GoO) and the Western Indian Ocean.