Shipping firms suspend Gulf routes as Iran war leaves 132 vessels trapped
Rising tensions in the Strait of Hormuz see vessels diverted and bookings suspended, as companies impose emergency fees of up to US$4,000 per unit
The crisis has ensnared both oil tankers and container ships, creating a maritime bottleneck that could ripple through international commerce. As of Monday, 132 container ships with a combined capacity of 458,000 20-foot equivalent units (TEU) remained trapped in the Persian Gulf, according to a note on Tuesday by container shipping intelligence firm Linerlytica.
It said these stranded ships represented a fraction of the 3.4 million TEU in total capacity that are operated on the routes passing through the Strait of Hormuz – roughly 10 per cent of the global container fleet – highlighting the waterway’s outsized importance to international trade.
“A prolonged closure of the Hormuz would lead to a reconfiguration of these services and result in a short-term tightening in vessel supply and box equipment, as well as increased congestion at Asian ports,” Linerlytica warned.
A statement from Cosco Shipping Lines – the container shipping arm of China’s national shipping giant, Cosco Shipping – said on Monday that vessels heading to the Persian Gulf had been instructed to reduce speed, proceed to safe waters, or head to designated anchorages to await further notice. Ships already in the Gulf were directed to remain in safe waters or at anchorages.
“We are currently evaluating contingency plans for all cargo on board, including potential alternative ports of discharge,” the statement said, adding that Cosco had two vessels in the Gulf, one that had already exited, and four approaching the region.
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After announcing on Sunday that all of its transit through the Strait of Hormuz was being halted, Danish shipping giant Maersk on Monday declared an immediate booking suspension for temperature-controlled cargo, hazardous materials and specialised freight to and from seven Gulf nations: the United Arab Emirates, Oman, Iraq, Kuwait, Qatar, Bahrain and Saudi Arabia. Maersk was also halting new bookings between South Asian markets and key Gulf destinations.
Switzerland’s Mediterranean Shipping Company, the world’s largest container carrier by fleet capacity, on Sunday suspended all bookings to the Middle East. And French shipping group CMA CGM on Monday suspended all bookings for shipments of hazardous goods to and from the Middle East.