Middle East Maritime Situation – Ongoing Monitoring and Trade Finance Considerations
Following the recent escalation in the Middle East after Operation Epic Fury, we would like to inform our customers that the situation is being closely and continuously monitored.
Our maritime intelligence provider, Lloyd’s List Intelligence / SeaSearcher, is actively tracking vessel movements, maritime risk zones, and security alerts across the Gulf region, including the Gulf of Oman and the Strait of Hormuz. This real-time monitoring enables us to assess operational developments and evaluate potential downstream impacts on trade flows and trade finance transactions.
Maritime Security Developments
Industry reporting confirms that seven commercial tankers have recently been attacked in the region:
- Skylight (IMO 9330020)
- Mkd Vyom (IMO 9284386)
- Sea La Donna (IMO 9380532)
- Hercules Star (IMO 9916135)
- Stena Imperative (IMO 9666077)
- Athe Nova (IMO 9188116)
- Ocean Electra (IMO 9402782)
Based on currently available information, these incidents do not appear to reflect strategic targeting of specific vessels or counterparties, but rather opportunistic attacks within a heightened risk environment.
While the Strait of Hormuz remains formally open, the prevailing threat situation has resulted in significant operational disruption:
- Elevated maritime security advisories
- Increased war-risk premiums
- In certain cases, suspension or restriction of war-risk insurance coverage for vessels and cargo
- Reduced commercial traffic volumes
Additionally, there are increasing indications that tankers are backing up west of the Strait of Hormuz, awaiting clarity on transit risk, naval protection measures, and insurance coverage. This congestion is contributing to delays and uncertainty in voyage planning and estimated times of arrival (ETAs).
Corporate Banking & Documentary Credit Implications
From a trade finance perspective, the full impact on documentary credit (LC) and otherwise financed trade transactions (Undertakings, Supply Chain Finance, Post and Pre Finance and Trade Loans etc) remains uncertain. However, several risk factors are emerging:
1. Route deviations
Vessels may alter intended routes, which could create discrepancies if transport documents (e.g., Bills of Lading) no longer reflect originally anticipated routing clauses.
2. Changes in Estimated Time of Arrival (ETA)
Delays caused by congestion, security rerouting, or insurance constraints may affect shipment periods, presentation deadlines, and validity periods under LCs.
3. Document accuracy risk
In a rapidly changing operational environment, there is increased risk that shipping documents may not fully align with LC terms as originally issued.
4. Commodity price volatility
Crude oil and gas prices are rising. In such an environment, commercial incentives shift. There is heightened risk that contractual parties may scrutinize documentation more aggressively.
- Sellers may look for discrepancies to reject documents.
- Sellers facing rising spot prices may seek commercial leverage if contracts were concluded at lower levels.
5. Insurance documentation risk
Changes or limitations in war-risk coverage may affect insurance certificates required under LCs.
At this stage, there is considerable uncertainty throughout the entire transaction chain — from vessel movement to cargo delivery to document presentation — particularly concerning crude oil and LNG/LPG trades structured under documentary credits.
Our Position
We continue to monitor developments closely through our maritime intelligence partners and industry channels. Given the dynamic situation, we recommend heightened vigilance in:
- LC drafting and amendment practices
- Shipment and expiry clauses
- Transshipment and routing flexibility
- Insurance wording requirements
- Force majeure and sanctions considerations
We will proactively communicate with affected customers should developments materially impact transactions under our management.
Should you require transaction-specific risk analysis or structured guidance in relation to ongoing LC exposures, please do not hesitate to contact us.
Amsterdam, March 4, 2026