24 September 2026
Executive Summary
The physical risk facing commercial shipping around the Strait of Hormuz has escalated again after an attack on a bulk carrier killed a seafarer and forced the evacuation of the vessel’s entire crew.
The Antigua and Barbuda-flagged bulk carrier Cape Dao was attacked while sailing towards India near Oman’s Musandam governorate.
Oman’s Maritime Security Center subsequently evacuated all 27 crew members.
One crew member, an Indian national, was killed.
The Indian Embassy in Oman confirmed that 19 Indian nationals were among the crew and said it was coordinating with Omani authorities.
The precise circumstances of the attack and responsibility for it had not been independently established at the time of publication.
The development follows a series of recent attacks on commercial vessels around Hormuz and comes only days after observed commodity-vessel traffic through the Strait fell sharply.
The material change is that the latest incident resulted in a fatality and the abandonment of the vessel rather than a ship simply sustaining damage and continuing its voyage.
UK Impact
UK businesses do not need to own vessels in the Gulf to experience the consequences.
Continued attacks can affect:
- Marine insurance.
- War-risk premiums.
- Crew availability.
- Charter rates.
- Container freight.
- Bulk freight.
- Tanker availability.
- Commodity deliveries.
- LNG and LPG.
- Industrial feedstocks.
The human element is becoming increasingly important.
Shipowners and operators must consider not merely whether a vessel can technically transit the region but whether crews can reasonably and safely be expected to do so.
Global Impact
Hormuz remains one of the world’s most important maritime chokepoints.
Commercial decisions around transit increasingly depend upon:
- Crew safety.
- Flag-state requirements.
- Insurer approval.
- Charterparty provisions.
- Vessel value.
- Cargo value.
- Naval protection.
- War-risk pricing.
Fatal attacks can alter those calculations rapidly.
Owners may refuse voyages even where ports remain open and governments continue to describe waterways as navigable.
The result can be reduced effective shipping capacity without any formal closure.
Our View
Businesses should increasingly incorporate crew risk into maritime contingency planning.
Companies should ask:
- Has the nominated vessel reconfirmed the voyage?
- Has the shipowner changed its transit policy?
- Does the crew have the right to refuse?
- Are seafarer unions issuing guidance?
- Has the insurer changed its requirements?
- Have war-risk premiums increased?
- Is additional kidnap, ransom or personal-accident cover relevant?
- Could the vessel divert?
- Could cargo be transferred outside Hormuz?
- Are alternative ports available?
- Who pays additional freight?
- Who pays additional insurance?
- Could charterparty provisions allow cancellation?
- Are delivery dates flexible?
- Is alternative inventory available?
- What happens if the nominated vessel is withdrawn immediately before loading?
There is an important distinction between navigability and willingness to navigate.
A waterway can remain physically open while the commercial shipping capacity willing to enter it progressively disappears.
The death of a seafarer reinforces that this is no longer simply a question of higher freight and insurance costs.
It is a direct people, vessel and cargo safety risk.
Risk Indicator: SEVERE – HORMUZ, SHIPPING SECURITY & MARINE INSURANCE
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The information contained within these Market Alerts is provided for general market awareness and informational purposes only. It does not constitute financial, legal, investment, regulatory or insurance advice. Whilst every effort has been made to ensure accuracy at the time of publication using multiple reputable and independently verified sources, geopolitical events, legislation, regulation and market conditions may change rapidly. Readers should obtain appropriate professional advice before acting upon any information contained herein.
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