Views: 0 Author: Site Editor Publish Time: 2026-03-05 Origin: Site
Late on March 2, a senior advisor to Iran’s Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz, warning that any vessel attempting to pass would be targeted.
This followed joint US and Israeli military strikes against Iran on February 28.
The Strait of Hormuz is the critical export route for oil from Saudi Arabia, Iraq, Qatar, and the UAE, handling about 20% of global seaborne oil trade.
112 crude oil tankers (70+ VLCCs, 8% of global VLCC capacity)
195 product tankers (4%)
241 bulk carriers (1%)
114 container ships (1%)
21 VLGCs (5%)
MSC: 38 ships
CMA CGM: 32 ships
Maersk: 28 ships
COSCO: 22 ships
Hapag-Lloyd: 18 ships
ONE: 12 ships
MSC: Suspended all new bookings to the Middle East.
Maersk: Stopped reefers, dangerous goods, and new bookings to UAE, Oman, Iraq, Kuwait, Qatar, Bahrain.
CMA CGM: Halted all bookings to major Middle East hubs.
Hapag-Lloyd: Suspended reefer bookings to the Arabian Gulf & Persian Gulf.
ONE: Stopped all new bookings to the Persian Gulf.
Wan Hai, Yang Ming: Also suspended related bookings.
Maersk: ME11 & MECL services reroute around Africa.
CMA CGM: All Suez Canal sailings suspended; vessels divert via Cape of Good Hope.
Hapag-Lloyd: Paused all transits through the Strait of Hormuz.
COSCO: Vessels inside the Gulf proceed to safe areas after completion of port calls.
CMA CGM (ECS from Mar 2):
20ft: $2,000 | 40ft: $3,000 | Reefer/Special: $4,000
Hapag-Lloyd (WRS):
Standard TEU: $1,500 | Reefer/Special: $3,500
Many forwarders report near-zero available space.
Emergency high-value shipments now often exceed $4,000 per container.
The insurance and reinsurance market has pulled back sharply.
Huatai Securities noted that all 12 members of the International Group of P&I Clubs (IG) issued notices to withdraw war risk coverage for the Persian Gulf, effective March 2, with existing policies expiring within 72 hours (by March 5).
Pre-crisis: ~0.25% of hull value per voyage
Projected increase: +50%
A $100m tanker could face **$375,000–$500,000** in war risk premiums per trip.
Cargoes stranded at sea with $2,000–3,000 extra war surcharges
Ports hit by drone/missile debris and temporary fires
90% of affected cargoes now being rerouted or abandoned
Overall Middle East shipping costs up 30–50%
War risk premiums up 300–400%
Communicate closely with overseas buyers
Temporarily suspend shipments to high-risk Middle East areas
Confirm vessel status, alternative routings, and cost-sharing with carriers
Prioritize safety and risk control over profits
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