Twenty-four hours into the Trump administration’s Project Freedom operation to guide stranded vessels out of the Persian Gulf, shipowners remain deeply cautious – and Iran’s actions on the ground are doing little to encourage confidence.

On the very day US forces began the operation on Monday, Iran launched a wide-ranging missile and drone attack across the region, striking two vessels in UAE waters and igniting a large fire at the Fujairah Petroleum Industries Zone. Three Indian nationals were injured in the Fujairah strike. The UAE Ministry of Foreign Affairs condemned the attack on an ADNOC-affiliated tanker as an act of “piracy,” accusing Iran of using the Strait of Hormuz as “a tool for blackmail and coercion.”

The ADNOC tanker Barakah – a 308,000-tonne VLCC sailing under the Liberian flag – was struck by two drones while transiting near the strait, approximately 78 nautical miles north of Fujairah. The vessel was in ballast at the time, eliminating pollution risk, and crew were reported safe.

Separately, the 38,300 dwt HMM Namu, a South Korean multipurpose vessel, caught fire after being struck by a projectile believed to be an Iranian missile while at anchor off Umm Al Quwain. Operator HMM later confirmed the fire had been extinguished.

In better news, two US-flagged merchant vessels have successfully transited the strait, the first clear sign that Project Freedom may be starting to restore limited commercial traffic through the embattled waterway.

US Central Command confirmed the transits took place within the last 24 hours under military protection, with US destroyers helping guide the ships through the strait amid ongoing Iranian threats and attacks. One of the vessels was later identified as the Alliance Fairfax, a US-flagged vehicle carrier operated by Maersk.

Commenting on the situation, BIMCO’s chief safety and security officer Jakob Larsen said: “Without consent from Iran to let commercial ships transit safely through the Strait of Hormuz, it is currently not clear whether the Iranian threat to ships can be degraded or suppressed.”

Larsen noted that no formalised guidance on Project Freedom had yet been issued to the shipping industry, leaving owners to navigate the situation largely blind. “In view of the Iranian threats against any ship attempting to transit the Strait of Hormuz without coordination with Iran’s military, there is a risk of hostilities breaking out again if Project Freedom goes ahead,” he warned, adding that it remains unclear whether the operation is sustainable over time or is intended only as a limited measure to extract some of the most pressured vessels.

BIMCO’s advice to its members has not changed. “The overall security situation for the shipping industry is currently unchanged, and our advice is for all shipowners to continue carrying out thorough risk assessments,” Larsen said.

In related news, videos and photos have emerged showing the Galaxy Leader, a car carrier seized by Iranian allies, the Houthis, in November 2023, and now seemingly in trouble.