Transportation and logistics services

Iran opens Hormuz — but only for “non-hostile” vessels

26.03.2026

Iran has confirmed that the Strait of Hormuz remains open, but under new conditions: passage is effectively limited to vessels not associated with countries it considers hostile. According to statements by Foreign Minister Abbas Araghchi and reports from international media, ships from “non-hostile” nations may transit the strait, provided they coordinate with Iranian authorities and comply with security requirements.

In practice, this marks a shift from open navigation to a selective transit model. Instead of a neutral international corridor, access to one of the world’s most critical chokepoints is increasingly influenced by geopolitical alignment. At the same time, vessels linked to the United States, Israel, and their allies face growing restrictions, while some countries continue to negotiate safe passage arrangements.

The implications for shipping are significant: traffic through the strait has dropped sharply, insurance coverage remains limited, and operators are reassessing routing strategies. For many carriers, the decision to transit Hormuz is no longer purely operational — it is becoming a political and risk management choice.

Bottom line: Hormuz is no longer fully “open” — it is conditionally accessible, and geopolitics is now directly shaping global shipping routes.

Around 3,200 vessels stuck near Hormuz as tanker rates spike

02.03.2026

The escalation between Iran and the US–Israel coalition is beginning to severely disrupt maritime traffic in the Persian Gulf.

According to Clarksons Research, roughly 3,200 vessels — about 4% of global shipping tonnage — remain in the region, including 112 tankers and 114 container ships. Around 500 vessels are currently waiting near the coasts of the UAE and Oman.

Tanker markets are reacting sharply. The benchmark TD3C route (Middle East–China) briefly surged to $423,700 per day, more than $205,000 higher day-on-day. Brokers caution that only a limited number of fixtures have been confirmed at these levels, suggesting the market is approaching “risk-driven paralysis” rather than a formal closure of the Strait of Hormuz.

The stakes are enormous: 14–15 million barrels of oil per day — more than 20% of global consumption — pass through Hormuz. Existing bypass pipelines cannot compensate for a prolonged disruption.

Insurance pressure is amplifying the shock. More than half of the major P&I clubs are expected to withdraw war-risk cover for vessels entering the Persian Gulf starting March 5, significantly increasing operational costs and encouraging operators to reroute voyages around the Cape of Good Hope.

Sector impact:

- Tankers — hardest hit; theoretical VLCC earnings have reached near-record levels.

- LNG/LPG — disruptions around Ras Laffan and rising regional gas prices; LNG tanker rates reportedly up about 20% in the short term.

- Container shipping — direct exposure to Hormuz is relatively small (around 2% of global flows), but several lines, including MSC, have suspended bookings to the region, raising the risk of congestion in European and Asian ports.

- Bulk carriers — limited direct exposure, but secondary delays and port congestion are likely.

Clarksons Research is the research arm of the British shipping services group Clarkson PLC, founded in 1852 and listed on the London Stock Exchange.

Maersk to Cut 15% of Corporate Staff in 2026 as Cost Pressures Mount

16.02.2026

Danish shipping giant Maersk has announced plans to reduce its corporate workforce by approximately 1,000 positions, equivalent to around 15% of office-based staff. The move is expected to generate annual savings of about $180 million.

The layoffs will affect the company’s headquarters as well as regional and national offices and form part of a broader effort to streamline organizational structures and reinforce financial discipline. Maersk confirmed that all required notification and consultation procedures have been initiated.

In 2025, Maersk’s revenue declined by $1.5 billion to $54.0 billion, primarily due to pressure on ocean freight rates. The impact was partially offset by stronger performance in terminals and logistics services. EBITDA reached $9.5 billion, EBIT stood at $3.5 billion, and net profit totaled $2.9 billion, reflecting the sharp downturn in ocean segment profitability.

Looking ahead to 2026, Maersk projects underlying EBITDA in the range of $4.5–7.0 billion, with global container market growth expected at 2–4%. The company noted that geopolitical tensions, disruptions in the Red Sea, and new trade tariffs continue to create a complex and cost-intensive operating environment, requiring ongoing adjustments to its business model.

Founded in 1904, Maersk is one of the world’s largest container shipping and integrated logistics companies. It is publicly listed, with a controlling stake held by A.P. Moller Holding on behalf of the Møller family, while the remaining shares are publicly traded.