7th March 2026 – 13th March 2026
LOCAL NEWS
No news reported.
INTERNATIONAL NEWS
1. BIMCO: Shipowners can now take a simple, powerful step to help protect ship recycling workers
On the 12th March 2026 BIMCO and the International Labour Organization (ILO) introduced a pilot Employment Injury Scheme (EIS) aimed at promoting safer and more responsible ship recycling in Bangladesh, currently the world’s largest ship recycling market. The scheme provides shipowners disposing of end-of-life vessels with a practical mechanism to support worker protection. By contributing USD 0.5 per Light Displacement Tonne (LDT) through a BIMCO Letter of Intent, sellers help ensure that workers involved in recycling operations, and their families, receive compensation in the event of permanent injury or death. The initiative is intended to improve transparency and ensure compensation aligns with international labour standards.
Participation in the EIS also enables shipowners to demonstrate stronger corporate responsibility and ESG commitments, while supporting improved safety conditions at recycling yards. ILO Director-General Gilbert F. Houngbo emphasised that social insurance mechanisms play a key role in ensuring worker dignity, protection and access to a safe working environment.
By signing the BIMCO Letter of Intent and making the EIS contribution, ship sellers also commit to recycling vessels at facilities in Bangladesh that comply with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, adopted under the framework of the International Maritime Organization (IMO). The pilot scheme is administered by the ILO through a dedicated pass-through account overseen by a national tripartite governance board. Funds are strictly ring-fenced and may only be used for employment injury benefits and administration of the programme, ensuring transparency and accountability. BIMCO has supported the initiative by advising on the contribution framework, assisting with the design of the pilot programme and drafting the Letter of Intent.
Shipowners may participate whether vessels are sold directly to authorised recycling facilities in Bangladesh or through intermediaries. The ILO formally acknowledges receipt of contributions, ensuring that funds linked to each vessel are properly allocated within the ship recycling pilot scheme.
Related Articles:
BIMCO 12/02 - Shipowners can now take a simple, powerful step to help protect ship recycling workers
BIMCO 12/03 - ILO and BIMCO collaborate on injury scheme for ship recycling workers
BIMCO - Employment Injury Scheme
Splash247 - New pilot scheme to protect Bangladesh shipbreaking workers
MarineLink 12/03 - ILO, BIMCO Work On Injury Scheme For Ship Recycling
2. Geopolitical tension in the Strait of Hormuz reshapes shipping and energy routes as Iran chokes Strait of Hormuz and begins laying mines
In his first public statement on Thursday, 12th March 2026, new supreme leader Mojtaba Khamenei vowed to keep blocking the Strait of Hormuz.
Iran has previously stated it would "not allow even a single litre of oil" heading for the US, Israel and their partners to pass through the strait and made its intent clear, with six ships have been attacked in the Gulf in less than 48 hours, bringing the total of vessels attacked since the start of the war to 18, as per reports by UK Maritime Trade Operations (UKMTO) and the maritime intelligence company Vanguard. The locations of the strikes on vessels reported by UKMTO and Vanguard show the attacks have spanned the length of the Gulf and the Gulf of Oman, but most have been concentrated near the Strait of Hormuz.
Furthermore, according to sources familiar with US intelligence, Iran has begun laying mines in the Strait of Hormuz, the world’s most important energy chokepoint. While, according to CNN, the mining is not extensive yet, with a few dozen having been laid in recent days, Iran’s forces could feasibly lay hundreds of mines in the waterway.
US military ‘not ready’ to escort oil ships through Hormuz, official says
On Tuesday, 10th March 2026, US President Donald Trump stated that if mines were placed and they are not removed, Iran will face consequences “at a level never before seen.” He said, however, that if Tehran removes “what may have been placed, it will be a giant step in the right direction!”
However, the United States military is “not ready” to accompany oil ships through the Strait of Hormuz, a top official in President Donald Trump’s administration said as Iran continues to block the strategic waterway. US Energy Secretary Chris Wright told the CNBC business news channel on Thursday, 12th March 2026, that the markets are experiencing a “short-term disruption”, predicting that the war would go on for “weeks, not months”. Last week, Trump suggested that the US Navy would escort ships through the Gulf, but Mr. Wright said on Thursday that the move “can’t happen now”.“We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities,” the energy secretary said.
UK weighs options to defend shipping in Strait of Hormuz
On the other hand, UK Defence Secretary John Healey has said that the UK is considering possible options to help defend shipping in the Strait of Hormuz from Iranian attacks. He said he had spoken to his counterparts in the so-called E5 group of European powers, which includes Germany, France, Italy and Poland, on Wednesday, 11th March 2026, to discuss the crisis. On the threat to oil tankers in the Gulf, the senior cabinet minister said the best way to unblock the vital waterway would be an end to the war between the US, Israel and Iran.
Security risks and regional escalation
The latest data from the ship tracking firm MarineTraffic shows that just six vessels have passed through the strait since Monday, 9th March 2026. Tracking these ships has been difficult as some may have been turning off their onboard trackers, as Iran continues to target vessels. Signal jamming is also causing many ships to transmit misleading location data.
Even if the Strait of Hormuz remains technically open, analysts warn that operational disruptions, driven by security concerns and soaring insurance costs, are already discouraging shipowners from sending vessels through the area. Some national authorities, such as the Norwegian Maritime Authority, have restricted flagged vessels from transiting the Strait until further notice
As a result of the aforementioned developments, commercial traffic has dropped sharply in the Strait of Hormuz and adjacent Gulf waters, with tanker flows reduced by approximately 97% from pre-conflict levels, and insurance coverage for voyages in the region has been sharply repriced or withdrawn..
Escalating tensions in the Middle East are reshaping global shipping patterns and energy logistics, placing renewed focus on the strategic importance of the Strait of Hormuz and alternative routes in the region. The recent escalation in the Persian Gulf has highlighted the growing importance of ports outside the narrow passage. Ports in the United Arab Emirates with direct access to the Indian Ocean, particularly Fujairah and Khorfakkan, are increasingly viewed as strategic gateways, enabling cargo movements without transiting the strait while maintaining links with key markets such as India and major routes toward the Red Sea and the Far East.
War-risk insurance premiums have risen dramatically, and in many cases coverage has been restricted or cancelled. Charterers and insurers are applying greater scrutiny to voyage approvals, and even isolated transits through the Gulf remain commercially and operationally challenging. Operators should assume that disruptions can occur with little notice, that anchoring or support activities carry heightened risk, and that tactical conditions may change rapidly. The risk extends beyond the Strait itself. Regional energy terminals and bunkering hubs, including key Gulf ports, have experienced operational disruptions, fires, and force majeure declarations, contributing to congestion and delays. Secondary corridors in the Red Sea, Bab el-Mandeb, and the Gulf of Aden continue to be unstable, and some major carriers have rerouted vessels around the Cape in response.
Market impact and supply chain pressure
The escalating tensions are already sending shockwaves through energy, shipping and aviation markets.
As shipowners reassess the risks, maritime traffic through the Gulf has declined and logistics companies are exploring alternative routes, including land corridors and ports outside the Strait of Hormuz. Energy producers and importers are also evaluating pipeline options and other supply routes to maintain flows. Analysts say the scale of the impact will depend largely on how long the disruption lasts. If tensions remain contained, Brent crude could stabilize around $80–90 per barrel. However, a prolonged disruption to Gulf exports could push prices above $100 and potentially toward $120 in a more severe scenario.
IMO calls Extraordinary Council meeting to discuss situation in Middle East
On 18–20 March 2026, the International Maritime Organization (IMO) will hold an Extraordinary Council Session at its London headquarters, chaired by Mr. Victor Jimenez of Spain. Convened at the request of several Council Members, the session will address the escalating threats to vessels in the Strait of Hormuz and assess the impacts on shipping operations, seafarer safety, and maritime trade across the Arabian Sea, Sea of Oman, and Gulf region. Ahead of the meeting, IMO Secretary-General Mr. Arsenio Dominguez briefed industry representatives on 11 March and Member States on 12 March to provide updates on recent developments. The IMO’s Council, will consider measures to manage operational and security risks in the region.
Related Articles:
CNN Politics 11/03 - Iran begins laying mines in Strait of Hormuz, sources say
BBC 12/03 - How Iran war ship attacks choked off Strait of Hormuz
Al Jazeera 12/03 - US military ‘not ready’ to escort oil ships through Hormuz, official says
SkyNews 13/03 - UK weighs options to defend shipping in Strait of Hormuz
NewMoney 13/03 - Middle East crisis: 19 attacks on shipping
NewMoney 10/03 - Middle East conflict sends shipping rates to record highs
SAFETY4SEA 11/03 - Middle East threat overview: Key maritime updates
IMO 13/03 - IMO calls Extraordinary Council meeting to discuss situation in Middle East
Attachment 1: TradeWinds 12/03 - Emergency IMO meeting called as Iran war threatens ships and crew
BBC 13/03 - Strait of Hormuz: Sailors stranded on ships due to Iran war
3. EU envoys approve sanctions on 19 Iranian officials, entities over rights violations
On Wednesday, 11th March 2026,EU Foreign Policy Chief, Kaja Kallas, stated that European Union envoys have approved new sanctions targeting 19 Iranian officials and entities responsible for serious human rights violations.
"As the Iran war continues, the EU will protect its interests and pursue those responsible for domestic repression," Kallas said on X, adding that "it also sends a message to Tehran that Iran’s future cannot be built on repression".
The sanctions, which have been in the making since before the beginning of the war, will require final approval from the Council of the EU and will be confirmed at Foreign Affairs Council on Monday16th March 2026.
Related Articles:
Reuters 11/03 - EU envoys approve sanctions on 19 Iranian officials, entities over rights violations
Euractiv 11/03 - EU sanctions 19 Iran officials and entities for rights violations
EJP - EU approves new sanctions against Iranian regime officials and entities
4. US easing of Russia oil sanctions, EU pushes back on US decision and aims to renew Sanctions against Russia
On the 12th March 2026, OFAC issued Russia-related General License 134, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 12, 2026."
With the aforementioned License, the US has loosened sanctions preventing other countries buying Russian oil and petroleum already loaded on vessels at sea to try to ease the energy supply crunch sparked by the US-Israel war with Iran. US Treasury Secretary Scott Bessent said the "short-term measure" was aimed at promoting "stability in global energy markets".
However, the Trump administration's decision to allow the purchase of Russian oil stranded at sea was met with criticism in the EU, with European Union leaders calling out President Donald Trump’s decision to lift sanctions on Russian oil as fueling the war machine against Ukraine, as Washington tries to ease energy prices after a second week of conflict in the Middle East.
German Chancellor Friedrich Merz said that “easing sanctions now, for whatever reason, would be wrong" and said that support for Ukraine should not become “distracted or dissuaded” by the war in Middle East in a press conference on Friday, 13th April 2026. Merz said six of the seven G7 leaders had agreed that lifting sanctions was not "the right signal to send" when they held a joint meeting this week. The US was the exception.
On Wednesday, 10th March 2026, European Commission President Ursula von der Leyen had called to enforce the price cap on Russia oil and keep the restrictive measures in place. “This is not the moment to relax sanctions on Russia”, she said. French President Emmanuel Macron echoed her remarks after hosting a meeting of the G7 in which he said that backtracking on any sanctions against Russia was unjustified.
Hungary's Prime Minister Viktor Orbán was the only EU leader to call for sanctions to be lifted, aligning himself with the US and stepping out from the European consensus.
Hungary and Slovakia are still blocking the decision to renew the individual sanctions on Russia by the 15th March 2025.
Under EU rules, sanctions have to be prolonged every six months by unanimity.
A first attempt to roll over the individual restrictions in the afternoon of Wednesday, 11th March 2026, during a meeting of ambassadors in Brussels failed to reach a conclusion.
Hungary and Slovakia opposed the decision after their requests to remove a handful of individuals from the sanctions list were denied, several diplomats told Euronews.
If the sanctions are not renewed before 15 March, all the blacklisted names, including Russian President Vladimir Putin and his Foreign Minister Sergey Lavrov, will be automatically released, while many companies will regain access to millions of funds held across the EU territory.
Related Articles:
Euronews 13/03 - EU pushes back on US decision to ease sanctions on Russian oil stranded at sea
BBC 13/03 - US easing of Russia oil sanctions faces pushback from other leaders
Euronews 11/03 - Hungary and Slovakia resist renewal of Russia sanctions as deadline nears
Al Jazeera 13/03 - Ukraine, EU allies slam US decision to roll back Russia oil sanctions
5. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 3: US Treasury Report for week 07/03/2026 – 13/03/2026
6. EU SANCTIONS LIST
Please note that no updates have been published this week regarding the EU Consolidated List or the EU Sanctions Map.
7. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 3: Worldwide Threat to Shipping (WTS) Report, for the period between 11/02/2026 – 11/03/2026
Nothing important to report from Local News, ECSA and the House of Representatives.