Maersk has suspended cargo bookings to and from several Gulf markets following the war in Iran, citing rising insurance costs and security risks, reports Jeddah’s Arab News.
The Danish carrier said new bookings to the UAE, Kuwait, Qatar, Iraq, Bahrain, parts of Saudi Arabia and most Omani ports are halted until further notice. Exceptions will be made for food, medicine and essential goods. Two Maersk vessels are currently in the Gulf.
Iran’s Islamic Revolutionary Guard Corps said passage through the Strait of Hormuz would remain under Iranian control during wartime and claimed a US tanker had been hit, though there was no independent confirmation. The strait handles about 20 per cent of global crude shipments and significant LNG volumes.
Economist Khaled Ramadan said oil and gas transit through Hormuz could fall by as much as 80 per cent if tensions escalate, driving up prices and creating shortages. He warned the crisis will raise freight and insurance costs, force rerouting and delay supply chains.
Hapag Lloyd suspended shipments to and from the Upper Gulf and said vessels may be diverted to contingency ports or held in safe waters. Cosco Shipping has halted new bookings, while MSC declared an End of Voyage for Gulf shipments, diverting cargo to safe ports with an US$800 surcharge per container.
CMA CGM introduced emergency measures prioritising crew and vessel safety. APM Terminals Bahrain declared force majeure at Khalifa Bin Salman Port. Insurance providers have raised premiums sharply, Reuters reported, while Marsh McLennan said it met US officials to explore ways to restore maritime trade.
