The escalating war in the Middle East has ratcheted up fears of prolonged disruption to global trade via key maritime corridors like the Strait of Hormuz and the Bab el-Mandeb Strait.
Container shipping giants have suspended operations through the strategically vital Strait of Hormuz and rerouted vessels around the southern tip of Africa, following U.S. and Israel strikes on Iran over the weekend.
Danish shipping company Maersk said in a statement that it would suspend all vessel crossings in the Strait of Hormuz until further notice, warning that services calling ports in the Arabian Gulf may experience delays.
Located in the gulf between Oman and Iran, the Strait of Hormuz is recognized as one of the world’s most important oil choke points. In 2023, oil flows through the waterway averaged 20.9 million barrels per day, according to the U.S. Energy Information Administration, accounting for about 20% of global petroleum liquids consumption.
Maersk, widely regarded as a barometer of global trade, said the situation in the Middle East had also prompted it to pause future trans-Suez sailings through the Bab el-Mandeb Strait until further notice.
