*** The Strait of Hormuz is becoming even more dangerous and expensive *****.
- October saw the sharpest escalation in naval attacks since the US-Iran war began eight months ago, with more than 30 incidents reported in the Strait of Hormuz and nearby waterways, compared to September 14. - The latest addition to the list of naval targets is an oil tanker in Iraq's exclusive economic zone, signaling that Iran is targeting more than just tankers seeking to covertly pass through Hormuz. - VLCCs, the largest crude oil tankers available, account for 28% of all drone and missile attacks in the Persian Gulf, with the 32 affected vessels representing nearly 4% of the global VLCC fleet. - Freight rates from the Gulf remain high, with shipping between Saudi Arabia and China still costing around $33 a barrel, while regional spot rates have risen since mid-August to the current level of $1,000,000 per day. - UKMTO, a provider of maritime safety alert systems, recently admitted that reporting attacks on ships is becoming increasingly difficult as transiting ships choose to remain undetected and charterers fear further increases in wage rates.