Hormuz Is Reopening. Shipping’s Old Playbook Isn’t.
As the reports of a deal between the US and Iran are top headlines, again, shipowners will be looking at the financial implications and alternatives if Iran’s plan to charge...
FILE PHOTO: Container vessel Maersk Hangzhou sails in the Wielingen channel, Westerschelde, Netherlands, July 15, 2018. Rene van Quekelberghe/Handout via REUTERS/File Photo
Maersk is keeping significant cargo restrictions and emergency surcharges in place across the Persian Gulf, offering the latest sign that commercial shipping remains far from normal despite recent announcements of a U.S.-Iran agreement to reopen the Strait of Hormuz.
In an operational update issued Tuesday, the Danish shipping giant said the situation in the Middle East remains “highly volatile” and warned customers that conditions can change rapidly.
The company continues to suspend or limit bookings for a wide range of cargoes across Iraq, Kuwait, Qatar, Bahrain, parts of Saudi Arabia and the United Arab Emirates. Restrictions remain in place for refrigerated cargo, dangerous goods and oversized cargo, while dry cargo bookings also remain limited in several markets.
At the same time, Maersk is adding a new Strait of Hormuz Emergency Freight surcharge to cover the costs of rerouting cargo, temporary storage and other contingency measures. The fee is set at $1,800 for a 20-foot container, $3,000 for a 40-foot container and $3,800 for reefer, special and dangerous goods containers.
The advisory paints a picture of a supply chain still operating under wartime conditions, even as diplomats talk about reopening the region’s most important shipping lane.
“Due to the volatility of the ongoing situation, there is a need for alternative solutions to bringing your cargo to final destination, including finding alternative routing and storage in transit,” Maersk said.
Rather than returning to traditional shipping patterns, the company is continuing to rely on workarounds developed during the crisis. Cargo destined for Kuwait, Iraq, Qatar, Bahrain and parts of the UAE is being routed through Salalah and Khor Fakkan before moving overland and reconnecting with regional feeder services.
Maersk said cargo already in transit may be placed into temporary storage until onward transport is deemed safe and practical. The company also warned that it reserves the right to declare “abandonment of carriage” in certain cases if the disruption persists.
The uncertainty extends to insurance markets. While Maersk Cargo Insurance remains available, the company noted that some insurers have reduced or withdrawn coverage for shipments moving through the Red Sea, Gulf of Oman and Persian Gulf, particularly for vessels themselves.
The update underscores a reality shipping executives and maritime organizations have repeatedly emphasized in recent days: reopening the Strait of Hormuz is not the same as restoring normal trade flows.
Even if diplomatic agreements hold, carriers, insurers and cargo owners are still navigating security concerns, rerouted supply chains and elevated operating costs after months of disruption in one of the world’s most strategically important maritime corridors.
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