Maritime Oil & Gas Summary September 2024

FD&A Department
Oct 1, 2024
3 min read

MBIEC‑style Oil & Gas Report for September 1–30, 2024, focusing on maritime trade lanes, conflict-driven disruptions, regulatory advances, and industry resilience:

1. ⚔️ Red Sea – Houthi Attacks Persist

Early September escalations. On September 2, the Houthis launched ballistic missiles and UAVs at two oil tankers—Saudi-flagged Amjad and Panama-flagged Blue Lagoon I—in the Red Sea off Yemen. Both vessels sustained minor damage; no crew injuries were reported dnv.com +10energynews.pro +10marinetraffic.com +10en.wikipedia.org +12reuters.com +12en.wikipedia.org +12.
Widespread drone threats. Over the month, U.S. Central Command reported multiple Houthi UAV launches over the Red Sea (Sept 9, 20, 24), while Houthi forces attempted strikes—including claims of targeting three U.S. destroyers on September 27, all of which were intercepted cleanshipping.org +1reuters.com +1en.wikipedia.org.
Cumulative toll. IMO figures show 67 confirmed maritime incidents since November 2023, with several unclaimed but similar-pattern attacks occurring through September wwwcdn.imo.org.

➡️ Impact: Persistent threat levels led to sustained disruption in the Bab al-Mandeb corridor. Shipping remains cautious, with insurance premiums and voyage durations elevated. The security situation continues to pressure route planning and logistics costs.

2. 🌊 Trade Lanes & Port Operations

Suez and Bab al-Mandeb diversions. Continued Houthi aggression keeps traffic diverted via the Cape route. Tanker transit through Red Sea & Gulf of Aden remains significantly below pre-crisis volumes.
Port and bunker strain. Pivot hubs like Singapore, Rotterdam, and Cape Town continued to face congestion and elevated bunker demand due to increased volumes of diverted traffic.

3. 🛢 Regulatory & Environmental Progress

Oil-spill preparedness training. IMO-led workshops were held in September (Bangkok and Guyana) to enhance state-level readiness and claims competency for maritime oil pollution incidents cyprusshippingnews.com +15en.wikipedia.org +15reuters.com +15en.wikipedia.org +9fdd.org +9en.wikipedia.org +9news.mongabay.com +2cleanshipping.org +2vox.com +2en.wikipedia.org +2imo.org +2vox.com +2.
Advancing net-zero policy. IMO’s drafting of a global Net-Zero Framework progressed significantly in late September, with follow-up expected in MEPC‑83 (April 2025) reuters.com +11imo.org +11gorrissenfederspiel.com +11.
GHG intensity and carbon pricing moves. The IMO’s MEPC‑83 approved mandatory GHG intensity standards with penalty/reward mechanisms, including designation of the North-East Atlantic as a new Emissions Control Area imo.org +4dnv.com +4reuters.com +4.
EU ETS shipping expansion. The EU Emissions Trading System continued to apply to CO₂, CH₄, and N₂O emissions for large vessels entering EU ports—creating further compliance pressure news.usni.org +2climate.ec.europa.eu +2reuters.com +2.

4. 🔧 Maritime Industry Adaptations

Security and insurance. Carriers persisted with dynamic risk assessments, no-sail zone mapping, and elevated war-risk premiums. Regional naval escorts were intermittently deployed to mitigate threat levels.
Accident preparedness. Ports and operators refined spill-response protocols and triggered sample claims mechanisms after IMO workshops, aligning with stricter oversight.
Green transition tech advances. Despite war-risk headwinds, deployment of emissions-saving technologies—wind-assisted propulsion, hull coatings, real-time routing optimization, and alternative fuel trials—continued in step with regulatory signals en.wikipedia.orgreuters.com.

5. 🚢 Strategic Implications for MBIEC

Focus Area	Strategic Risk/Challenge	Opportunity for Advisory & Response
Red Sea Threats	Persistent UAV/missile strikes destabilize routes	Offer real-time risk analytics, adaptive routing, war-risk coverage
Oil-Spill Exposure	Increased spill risk elevates environmental & legal liability	Provide spill-response planning & insurance claim advisory
Regulatory Surge	Emissions standards, sampling, ETS compliance baked in	Assist with retrofit planning, emissions monitoring systems
Trade Shift Burden	Port congestion and bunker constraints stress logistics	Deliver bunker forecasting, alternative hub strategies
Decarbonization Push	Tech investment needed under tougher IMO/EU mandates	Guide adoption of efficiency tech and fuel transition readiness

✅ Summary Highlights

Houthi attacks continued through September, with missile and UAV strikes on oil tankers (Amjad, Blue Lagoon I) and attempted strikes on naval vessels.
Maritime threat infrastructure persisted—risk avoidance via Cape of Good Hope remains dominant, with elevated premiums and transit delays.
IMO and EU escalated regulation, including GHG intensity rules, Net-Zero drafts, and expanded ETS enforcement.
Ports reinforced spill-response and claims capacity, prompted by IMO workshops.
Industry sustained investment in green tech, balancing conflict-driven route stress with long-term compliance needs.

📌 Recommendations for MBIEC Clients

Strengthen maritime risk frameworks, including security risk indices and insurers aligned with naval deployment trends.
Expand oil-spill preparation—regular simulation drills, sampling protocols, legal readiness.
Prioritize retrofit investment now for emissions monitoring, fuel sampling, and efficiency upgrades.
Model port-chokepoint pressure, advising on alternative hubs and bunker storage optimization.
Strategize decarbonization pathways, linking IMO/EU mandates to tech investment and fuel partnerships.

September 2024 underscores a dual frontier: persistent conflict-driven risk and escalating environmental regulation. MBIEC can deliver high-value advisory by integrating both dimensions into client transport, compliance, and investment planning.