Accra: The closure of the Strait of Hormuz, a critical global shipping corridor, poses a major threat to international trade, energy supply, and global economic stability, maritime experts have warned. Mr Fred Asiedu Dartey, Head of Freight and Logistics at the Ghana Shippers Authority (GSA), emphasized the significance of the strait, which connects the Persian Gulf to the Indian Ocean and accounts for about 20 to 30 percent of global seaborne oil trade.
According to Ghana News Agency, Mr Dartey explained that approximately 20 million barrels of oil pass through the corridor daily, describing it as a 'pressure valve' for the global energy system. He highlighted the potential chaos that any disruption or closure would cause across global markets, noting that hundreds of vessels are already stranded, and freight rates along with insurance premiums have surged.
He further elaborated that some insurance providers have either increased premiums significantly or withdrawn coverage for vessels operating within the area, exacerbating the situation for shipping operators. This has created additional challenges for those involved in the maritime industry, struggling to navigate the uncertainties surrounding the strait.
Captain Francis Kwesi Micah, a Maritime Consultant, addressed the broader implications, stating that the disruption is already impacting major industrial economies, including China, Japan, South Korea, and India, which heavily rely on oil supplies from the Gulf region. He warned that the reduced energy supply would inevitably affect production volumes globally, leading to increased prices of goods and services.