US demands commercial vessels send Gulf transit plans in advance

British cruise line P&O has canceled cruises around Dubai and the Arabian Gulf until at least March next year after Iran seized a British-flagged tanker in the region. (Supplied)
Updated 08 August 2019

US demands commercial vessels send Gulf transit plans in advance

  • P&O cancels Dubai and Gulf cruises amid escalating geopolitical tensions in the Strait of Hormuz

DUBAI: The US maritime agency has told US-flagged commercial vessels they should send transit plans in advance to American and British naval authorities if they intend to sail in Gulf waters following several incidents over tankers involving Iran.

The seizure of commercial vessels and attacks on tankers near the Strait of Hormuz have unsettled shipping lanes that link Middle Eastern oil producers to global markets.

The US, which has increased its military forces in the region, has blamed Iran for blasts on several tankers near the Strait, a charge Tehran denies.

Britain said on Monday it was joining the US in a maritime security mission in the Gulf to protect vessels after Iran seized a British-flagged tanker.

“Heightened military activity and increased political tensions in this region continue to pose serious threats to commercial vessels,” the US Maritime Administration (MARAD) said in an advisory on Wednesday.

“Associated with these threats is a potential for miscalculation or misidentification that could lead to aggressive actions,” it added.

Ships should also alert the US Navy’s Fifth Fleet and the United Kingdom Maritime Trade Operations in the event of any incident or suspicious activity. It warned they could face interference to their global positioning systems (GPS).

MARAD said in at least two incidents involving commercial vessels and Iran since May 2019 ships had reported interference with their GPS and “spoofed” communications from unknown entities falsely claiming to be US or other warships.

It advised crews to decline Iranian forces permission to board if the safety of the ship and crew would not be at risk but said they should not forcibly resist any boarding party.

Traffic through the Strait, through which about a fifth of the world’s oil passes, has become the focus for a standoff between Iran and the US after President Donald Trump quit a 2015 nuclear pact and reimposed sanctions on Tehran.

Iran says the responsibility of securing these waters lies with Tehran and other countries in the region.

“The maritime coalition that US is trying to form will create more instability and insecurity,” Iran’s Defense Minister Amir Hatami was quoted as saying by Iran’s semi-official Tasnim news agency on Thursday during phone calls with his counterparts from Qatar, Oman and Kuwait.

Washington is lobbying other nations to join the coalition along with Britain, which has the largest naval presence in the area after the US.

Earlier, P&O Cruises said it had canceled cruises around Dubai and the Arabian Gulf after Iran seized a British-flagged tanker in the region.

Citing increased tensions, the company said it has canceled its planned program in the region from October until at least March next year and all guests be issued a full refund.

“As a British company flying the Red Ensign it is not advisable for us to maintain our planned Dubai and Arabian Gulf program this winter season,” said Paul Ludlow, P&O Cruises president.

“We have therefore taken the unusual step of withdrawing Oceana from the region for the upcoming season.”


Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Updated 14 October 2019

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit outlook.
The firm’s valuation plunged from $47 billion in January to less than $20 billion in September and the listing plans have been dropped, while co-founder Adam Neumann stepped down as chief executive.
With New York-based parent company We Co. not expected to push for the IPO this year, the cash-strapped firm is looking for a financial lifeline.
The Wall Street Journal, New York Times and Bloomberg News cited unnamed sources close to the talks as saying SoftBank — the US firm’s biggest shareholder — had drawn up a proposal that gives it full control of WeWork.
The move would dilute the voting power of Neumann, who remains as chairman of the company he started in 2010 and also currently maintains control a majority of voting shares.
They also reported that WeWork is looking at a deal with Wall Street giant JP Morgan to raise $5 billion in debt, with the Times saying directors of We would be meeting as soon as Monday afternoon to discuss that.
“WeWork has retained a major Wall Street financial institution to arrange financing,” the Journal reported a company spokesman as saying.
“Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
The New York-based startup that launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.
However, the company, which lost $1.9 billion last year, has faced skepticism over its ability to make money, especially if the global economy slows significantly.