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VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between 13 June 2019 and 20 June 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz.
The competent authorities of Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland and Sweden authorize the provisions of this Memorandum of Understanding (MoU) by exemption in accordance with 7.9.1.1 of the International Maritime Dangerous Goods Code (IMDG Code).
Taking stock of the situation in the Persian Gulf, the Strait of Hormuz and the Sea of Oman, BIMCO and fellow industry associations have developed transit corridors for the consideration of Ship Masters, Owners and Operators. Use of the corridors is not mandatory, and decisions should be based on a thorough security risk assessment.
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