AMBREY INSIGHT > AMBREY BRIEFING NOTE – BULK SHIPPING IN THE ARABIAN/PERSIAN GULF
Date issued: 24 April 2026
This document has been approved for distribution by Ambrey Analytics Ltd.
“Ahead of Geneva Dry next week, Ambrey has conducted some research on the situation for bulkers in the Arabian/Persian Gulf. The situation is not a binary “blocked vs open” environment, but a fragmented risk landscape where operational decisions hinge on imperfect intelligence, fleet economics, and tolerance for coercive enforcement.”
EXECUTIVE SUMMARY
- The total hull market value of the blocked panamax and capesize bulkers in the Gulf is US $1.3bn.
- The US has made an exception to its blockade on Iran for humanitarian cargoes; Iran has not.
- Chinese shipowners without pre-established Iran links are likely blocked; the Iranian blockade is different to the Houthi ‘ban’ on Red Sea navigation in this respect.
- The behaviour of bulkers indicates there could be systematic reasons for shipowners with smaller fleets to accept greater risk.
- Blockade messaging and practical application makes charter party disputes almost inevitable.