Shipping industry seeks immediate release of MSC Aries

Shipping industry leaders have jointly urged the United Nations' (UN) secretary-general António Guterres for the immediate release of an MSC-chartered vessel.

PHOTO: A container vessel owned by MSC. MSC

Around 16 shipping associations, including BIMCO and INTERCARGO, have jointly sent an open letter to Guterres to assist in the release of MSC Aries.

The Portuguese-flagged cargo vessel, MSC Aries, owned by Gortal Shipping and chartered by Mediterranean Shipping Company (MSC), was seized by Iran on 13 April while it was passing through the Strait of Hormuz.

Several market analysts fear that if tensions between Israel and Iran escalate further, then Iran could potentially impose a blockade through the Strait of Hormuz – a critical route for global oil trade.

About two-thirds of the total Persian Gulf oil supply, including exports from leading producers Saudi Arabia, Iraq, and the UAE, could be taken off the market in that case, ING Bank’s head of commodities strategy Warren Patterson stated.

By Aparupa Mazumder 

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