The Blank Rome March 2022 article titled ‘The Russian-Ukrainian War’s Impact on Maritime Commerce’ is a repeat situation, reminiscent of the impact of the Second Gulf War in Iraq on maritime commerce. Starting in 2003, several SCAA member companies had a presence in the United Arab Emirates, Bahrain and Kuwait working on The Army Corps of Engineers’ Task Force Restore Iraqi Oil (RIO) and supporting Navy SUPSALV’s Emergency Ships Salvage Material (ESSM) efforts in salvage and pollution abatement. This involved mobilization of OSROs to cleanup oil in the Southern Ramallah Oil Field, logistical services in Kuwait, providing an oil spill response vessel and response equipment, and chartering local vessels to support ESSM. The increased wartime efforts in the Persian Gulf (of if you prefer, Arabian Gulf) north of the Straits of Hormuz, resulted in commercial vessel charter and insurance rates going through the roof. The U.S. Government stepped up to the plate and provided the necessary vessel insurance to offset the increased rates. A similar impact is resulting from the Russia-Ukraine war. We have yet to assess magnitude of the oil and hazardous materials spills resulting from the ongoing war damages in Ukraine and Black Sea.
See the Blank Rome article: https://www.blankrome.com/publications/russian-ukrainian-wars-impact-maritime-commerce-0.
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