The bulk carrier Luni sank near Bandar Abbas while carrying steel billets from India to the UAE. All 23 crew members were rescued, but the cargo is likely lost.

The loss of approximately 30,000 metric tons of steel billets may cause supply shortages in the UAE. Iranian billet is seen as the most viable alternative.

The incident occurred during escalating US-Iran conflict, with a naval blockade and missile strikes affecting regional shipping. The salvage operation faces immense challenges.