Incident Overview
Yesterday, the Panama‑flagged tanker On Peace was struck by an unknown projectile while transiting the Strait of Hormuz. The vessel, owned by Dubai‑based Onex, was carrying 19 crew members, 17 of whom are Indian nationals. Twelve seafarers, including eleven Indians, sustained injuries and were evacuated by Omani authorities to Khasab for medical treatment.
Background of the Vessel
The On Peace is a 2021‑built, 114,600‑dwt tanker constructed at Hyundai Samho. Onex ordered the ship in 2019 as part of a three‑ship package for $57 million. The extent of structural damage from the projectile remains under assessment.
Escalating Threats in the Strait
The attack follows a rapid succession of incidents that have made the Strait of Hormuz the most dangerous commercial waterway since the onset of the US‑Iran conflict in February 2024. UK Maritime Trade Operations (UKMTO) has recorded multiple projectile strikes on tankers, resulting in engine‑room hits, fires, blackouts and loss of propulsion. On 5 October, an Iranian Revolutionary Guard Corps warning forced a tanker north of Khasab to reverse course.
Human Cost
- 93 vessels hit since late February.
- 24 seafarers killed.
- 12 injured in the latest incident.
Economic Impact and Risk Management
The heightened risk is reshaping commercial calculations. Ship owners report that captains are being offered up to $100,000 per month plus a $50,000 bonus for each Hormuz transit. Crew wages have surged, with some seafarers earning multiples of their usual pay.
War‑risk insurance premiums for individual tanker voyages have climbed to $20 million, and the profitability of a typical tanker voyage now approaches $1.3 million per day under these extreme conditions.
International Reactions
India condemned the attack and reiterated calls for an immediate cessation of hostilities against merchant shipping. Diplomatic pressure is mounting on regional actors to ensure the safety of commercial vessels navigating this strategic chokepoint.
Looking Ahead
With the pool of vessels willing to enter the strait shrinking, shipping lines are exploring alternatives such as night transits, GPS deactivation, or rerouting around the Cape of Good Hope—options that significantly increase transit times and costs. The maritime community continues to monitor the situation closely, awaiting clearer guidance from international authorities.