Shipowners seek Hormuz workarounds after US guidance plan is shelved
Updated
Updated · Bloomberg · May 6
Shipowners seek Hormuz workarounds after US guidance plan is shelved
10 articles · Updated · Bloomberg · May 6
Donald Trump announced Project Freedom on Sunday to escort vessels through the Strait of Hormuz, then dropped it days later after Iran expanded control, imposed a new transit protocol and attacked ships.
The reversal highlighted how hard it is to secure one of the world's most important shipping lanes and left owners searching for credible alternatives to protect crews and cargoes.
The shelved plan followed a US blockade introduced last month, as Tehran tightened its grip on the waterway and raised risks for commercial shipping through the Gulf.
Does Iran's control of the Strait of Hormuz signal the end of the international principle of free maritime passage?
As Iran tightens its grip on global oil, what is the true reason the US suddenly abandoned its security plan?
With 20,000 seafarers stranded and oil supplies choked, can global economies avert a recession triggered by the Hormuz crisis?