The global container logistics industry is facing a new instability factor. The world's largest carriers have begun to impose restrictions on shipments to the Persian Gulf countries due to rising military risks and problems with ship insurance.
Maersk was one of the first to announce the measures. The company has suspended the acceptance of refrigerated, dangerous and special cargo on flights to the United Arab Emirates, Oman, Iraq, Kuwait, Qatar, Jordan, Bahrain and Saudi Arabia. The restrictions are valid until further notice.
The carrier also stopped new bookings on routes between the countries of the Indian subcontinent — India, Pakistan, Bangladesh and Sri Lanka - and a number of Gulf states.
The company warns customers about possible delays and schedule instability. Flight reductions and airline route changes are already affecting logistics chains in the region. Additional pressure is created by the temporary closure of the airspace of a number of countries in the Middle East.
Representatives of the carrier note that the goods in transit are under constant operational control.
"Confirmed bookings will be reviewed on an individual basis, subject to operational constraints."
Another major carrier, Hapag-Lloyd, has also stopped bookings for transportation to a number of countries in the region. The restrictions affected the UAE, Iraq, Kuwait, Qatar, Bahrain, Oman, Saudi Arabia and Yemen.
After the restrictions were introduced, the company began an emergency assessment of the situation with containers that are already in the transport chain.
If necessary, vessels can wait in safe waters or enter alternative ports until the situation stabilizes.
The company's notice says:
"Vessels can stay in safe waters or enter alternate ports until it is possible to continue their journey safely."
Chinese carrier COSCO has also imposed restrictions on new bookings. The company temporarily stopped receiving cargo at a number of ports in the UAE, Bahrain, Iraq, Saudi Arabia and Kuwait, and also restricted shipments from these countries to other regions of the world.
Container lines are forced to respond to the growing insurance risks. According to industry sources, the cost of passage insurance through the Strait of Hormuz has increased dramatically. The Financial Times reports that the insurance premium for the passage of the vessel through the strait has reached about 3 percent of the cost of the vessel.
This is about 12 times higher than the usual rates. According to more cautious estimates, the increase is about four to five times.
The Strait of Hormuz remains one of the key hubs of global trade. Major energy and container flows between Asia, the Middle East and Europe pass through it.
According to industry statistics, there are currently about 132 container ships in the region with a total capacity of approximately 458,000 TEU. This is about 1.4 percent of the global container fleet.
For the global container system, such volume does not create a systemic crisis yet. The main international trade corridor through the Suez Canal continues to operate normally.
However, logistics in the region is already starting to become more expensive. Carriers impose additional fees for changing routes, container redirection, and cargo storage at terminals.
For example, one of the largest MSC carriers reported that containers can be redirected to the nearest safe ports. The cost of changing the route is about $800 per container. All additional costs are borne by the cargo owner in accordance with the terms of the contracts.
If restrictions remain in place, this may lead to higher rates on Middle Eastern routes, increased transit time, and revised delivery schemes.
For companies operating in foreign economic activity, the situation means the need to quickly review logistics routes and set additional delivery times.
The market is still reacting calmly. Global trade participants expect the situation to stabilize and shipping to recover after reducing military risks.
