The effective closure of the Strait of Hormuz is rerouting hundreds of vessels around the African continent, and Somali pirate groups are exploiting the resulting spike in traffic off the eastern coast. Three tankers - MT Honour 25, MT Eureka and MT Asana - were hijacked in the Gulf of Aden and off Puntland between April and July 2026, marking the most significant wave of Somali piracy in years.
The situation is compounded by naval forces being stretched thin, with military assets diverted toward the Hormuz crisis rather than anti-piracy patrols in the Gulf of Aden and Indian Ocean. This leaves a much larger area of ocean, now carrying far more commercial traffic, with reduced protection.
For traders and shippers, this adds a second layer of risk on top of the Hormuz disruption itself: vessels avoiding the Strait now face elevated hijacking risk along alternative routes. This is likely to further raise insurance premiums, freight rates and voyage times for oil, gas and dry bulk cargoes moving between the Middle East, Asia and Europe via the Cape route.
Original note by GIDEX Group based on reporting by Oilprice.com. Not investment advice.