The closure of the Strait of Hormuz, linking the Persian Gulf to the Indian Ocean, has resulted in significant delays. As of early March, over 700 vessels were backed up. This has led to service disruptions, delays, and increased surcharges.
Ocean carriers are shifting routes, including sailing around Africa, and surcharges on shipping costs are expected to rise, particularly due to higher fuel prices. These disruptions are shifting contract negotiations in favor of carriers, with the 2026 shipping market outlook now leaning towards tighter capacity.
View CMA CGM updates here
View Maersk updates here
View Hapag Lloyd updates here