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IMO Pauses Hormuz Evacuation Plan After Attack, Exposing New Risks For Global Shipping

The International Maritime Organization (IMO) has temporarily suspended its evacuation plan for vessels trapped in the Persian Gulf after an attack on a merchant ship in the Gulf of Oman, underscoring how quickly security conditions in one of the world’s most sensitive waterways can destabilize global shipping.

The UN shipping agency said the decision followed an attack on a vessel that had passed through the Strait of Hormuz. Although the ship was not operating under the IMO evacuation framework, the incident was enough to halt a mission that had only just begun moving stranded ships and crews out of the region.

Safety Concerns Override Momentum

IMO Secretary-General Arsenio Dominguez said several vessels had already been successfully evacuated, but the organization needed to confirm that the required safety guarantees were still in place before proceeding.

“I have always reiterated that the safety of the seafarers remains paramount,” Dominguez said, adding that the evacuation plan would remain paused “until further clarity is obtained.”

The decision comes at a delicate moment for international shipping. The IMO launched the evacuation plan earlier this week, working with member states and industry after months of disruption around the Strait of Hormuz, one of the world’s most important energy and trade corridors.

The framework was designed to allow vessels to leave the Persian Gulf in a controlled, sequenced manner rather than create congestion in a narrow and heavily militarized passage. According to the IMO, roughly 11,000 seafarers were expected to be evacuated under the plan.

Reuters reported that by Wednesday morning, around 57 ships carrying about 1,100 seafarers had already used the routes before the pause was announced.

Attack In Gulf Of Oman Changes The Calculation

The latest incident followed reports from the UK Maritime Trade Operations agency that a vessel had been struck by an unknown projectile off the coast of Oman, damaging the bridge.

No casualties or pollution were reported. AP later cited a U.S. official as saying the ship had been hit by an Iranian drone, although the IMO neither identified the vessel nor attributed responsibility for the attack.

Iran has challenged routes developed without its full approval, maintaining that safe passage through the Strait of Hormuz should take place only through sea lanes recognised by Tehran. Authorities have also instructed vessels to remain in contact with naval forces through international maritime communication channels.

Why Cyprus Has A Direct Stake

Developments in the region are particularly relevant for Cyprus, one of Europe’s largest shipmanagement centres. According to the Shipping Deputy Ministry, 19 Cyprus-flagged vessels were operating in the Arabian Gulf earlier this week, with all ships and crews reported safe. Most operate permanently in the region, primarily providing specialised or auxiliary maritime services.

The Shipping Deputy Ministry has promoted Cyprus as the largest third-party shipmanagement centre in Europe and one of the three largest globally, with companies based on the island managing more than one-fifth of the world’s third-party fleet.

Greece Faces Even Greater Exposure

Greece also has significant exposure to developments in the region. The Union of Greek Shipowners says the country controls nearly 5,800 vessels, representing more than 19% of global tonnage and 61% of the European Union-controlled merchant fleet.

Earlier in the crisis, Greece’s shipping ministry advised Greek-flagged vessels to avoid the Persian Gulf, the Gulf of Oman and the Strait of Hormuz because of heightened navigation risks. Reuters also reported in March that at least 10 Greek-flagged ships were operating inside the Gulf, with five more just outside it, while more than 325 Greek-owned or Greek-managed vessels were present across the wider region.

Greek Shipping Minister Vassilis Kikilias described the situation as “alarming and worrying”, calling for commercial shipping to remain outside armed conflicts.

A Cautionary Pause, Not A Failure

Dominguez said the decision to pause the evacuation reflects the need to ensure the safety of seafarers before the operation resumes.

Coinciding with the Day of the Seafarer, held this year under the theme “Carrying world trade. Carrying the risks.”, the announcement also highlighted the importance of protecting thousands of seafarers in the Persian Gulf. Dominguez said they must not become victims of the ongoing geopolitical tensions.

Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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