“Most owners and shippers are playing it safe,” Capt. Raja Subramaniam, CEO of Fleet Management Limited, tells Fortune. “They are delaying sailings, shifting schedules, or routing vessels through safer waters. Some are calling at ports farther from the conflict zone to reduce exposure.” While the Strait of Hormuz presents the highest-risk to shippers, he adds that other areas, such as the Red Sea and the Gulf of Aden on the western side of the Arabian Peninsula, also have “elevated risk”. Even safer waters, like the Suez Canal, may see less traffic as shippers pick longer routes that evade high-risk areas entirely.
Iran, meanwhile, has a long history with crypto, especially when it comes to using it to avoid sanctions. A report from January by the blockchain analytics firm Chainalysis found that the Islamic Revolutionary Guard Corps facilitated more than $2 billion in money laundering, illicit oil sales, and the procurement of arms by using crypto.
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