The global shipping industry was plunged into its most severe disruption since the Red Sea crisis as the effective closure of the Strait of Hormuz on Sunday and Monday sent the world's largest ocean carriers scrambling to reroute entire trade networks. Danish shipping giant A.P. Møller–Maersk announced it was suspending all vessel crossings through the strategically critical chokepoint until further notice, and closed offices in the United Arab Emirates, Qatar, and Oman. Hapag-Lloyd, MSC, and France's CMA CGM issued parallel suspension notices and ordered vessels in the Gulf to seek safe shelter.
The closures follow Iranian Revolutionary Guard Corps transmissions warning that no ships would be permitted to pass, and confirmed attacks on at least three tankers near the strait, including one vessel off the coast of Oman that was set ablaze. Ship-tracking data from Kpler showed tanker traffic falling approximately 70 percent, with more than 150 ships anchoring outside the waterway to await developments. The U.S. Navy separately warned vessels against navigation across the Persian Gulf, Gulf of Oman, and North Arabian Sea, stating it could not guarantee safe passage.
The financial implications for global trade are substantial. The Strait of Hormuz facilitates the transit of approximately 20 million barrels of oil per day — roughly 20 percent of global petroleum liquids consumption — and handles significant volumes of liquefied natural gas, with 83 percent of LNG flows typically destined for Asian markets. China, India, Japan, and South Korea collectively account for nearly 70 percent of all crude oil and condensate flows through the waterway, making disruption there a direct inflation risk for Asia's largest economies.
Paradoxically, shares in container shipping operators rose sharply on Monday as investors priced in higher freight rates and war-risk surcharges. Hapag-Lloyd announced a war-risk surcharge of $1,500 per standard container effective March 2, with reefers and specialty cargo surcharging at $3,500 per unit. Maersk's stock rose approximately 2.5 percent in early European trading, while Hapag-Lloyd gained as much as 5.5 percent. Kpler also reported that 14 LNG tankers slowed, turned back, or stopped in or around the strait, raising additional concerns about Qatari LNG exports.
Vessels rerouted around Africa's Cape of Good Hope face significantly longer voyages — adding thousands of nautical miles, additional bunker fuel costs, and weeks to delivery schedules. During the Red Sea crisis, the extended routing had the indirect effect of absorbing excess vessel capacity across the global fleet, which had been weighing on freight rates. Morgan Stanley cautioned investors against extrapolating the container shipping gains as a fundamental re-rating, maintaining its underweight rating on Maersk and noting that oversupply in the container fleet remains a persistent structural headwind.
Beyond container shipping, tanker operators and LNG carriers face the most acute operational challenges. QatarEnergy was reported to have halted production of liquefied natural gas following an Iranian missile strike on its facility at Ras Laffan, sending European natural gas futures surging as much as 46 percent intraday. Houthi rebels in Yemen also announced plans to restart their own Red Sea blockade in retaliation for U.S. actions against Iran, potentially closing yet another key maritime corridor simultaneously and compounding global logistics disruptions.
The port of Jebel Ali — the largest container terminal in the region and one that handled 15.5 million TEUs in 2024 — suffered temporary disruption from drone debris before resuming operations across all four of its terminals. The port of Bahrain, home to the U.S. Fifth Fleet, closed its seaport entirely amid drone strikes and airspace shutdowns. Supply chain analysts warned that prolonged disruptions could meaningfully ratchet up inflation in consumer goods markets across Europe, Asia, and North America.