There have recently been many stories in the media about shipping firms pausing Red Sea journeys over attacks. For example, the Danish shipping company Maersk has said it is pausing all journeys through the Red Sea. The decision comes after a spate of attacks on vessels launched from a part of Yemen controlled by the Houthis – an Iran-backed rebel movement.
Additionally, BP has paused all Red Sea shipments after rebel attacks, and there are fears of higher oil prices after Red Sea attacks are predicted and the effect on global trade.
In response to this story and these developments, Captain Steve Bomgardner, VP Commercial Markets, Pole Star Global, comments:
“The cost of shipping raw materials or finished products via maritime routes might be affected by decisions made months or years earlier, such as long-term contracts, fuel pricing agreements, or investments in shipping infrastructure. The maritime industry often operates on extended timelines due to the nature of shipping contracts and the time it takes for vessels to move across oceans. Therefore, pricing dynamics in the maritime sector may not always align with immediate events but could be linked to earlier decisions and circumstances.”
Captain Steve Bomgardner (pictured) is a seasoned industry leader with a diverse 20-year background in the maritime industry and green-technology space. Prior to Pole Star he led global commercial development for SailPlan, a maritime green-tech start-up; where he shaped the company’s go-to-market strategy and sales efforts. Captain Bomgardner also serves as a dedicated member of the Board of Directors for Eyesea, a non-profit organization at the forefront of mapping global maritime pollution and debris.
Before SailPlan, Captain Bombgardner held influential positions with two renowned ship registries, the Bahamas Maritime Authority (BMA) and the Liberia International Ship & Corporate Registry (LISCR). During his tenure, he took charge of operations in the Americas and played a pivotal role in establishing and overseeing a new Offshore and LNG division at LISCR. Before venturing into ship registries, Captain Bomgardner devoted the initial 15 years of his career to managing operations in the demanding Offshore Drilling Industry. His expertise was honed aboard some of the industry’s most technologically advanced vessels. Captain Bomgardner holds an MBA from Georgetown University, and a BS degree from Texas A&M University.