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Sea freight rates on routes from Asia to the Middle East have reached record levels. Brent crude oil is above $111 per barrel. Shipowners include increased War Risk Premium military insurance in their tariffs. Part of the fleet goes on detour routes. Importers whose supply chains run through the Persian Gulf are already counting losses.

While the Strait of Hormuz remained unstable, cargo flows began to move more actively to the Caspian route. Astrakhan — Enzeli, Aktau — Baku, ferry lines across the closed sea without access to the Persian Gulf. The route is not new, but the crisis around Hormuz has made it a working, rather than a backup scheme.

Iran began to allow part of the Chinese ships through the Strait of Hormuz, the Iranian Fars news agency reported on May 15. Trump lifted the two-day blockade of the strait after the first round of talks with Xi Jinping. About 20% of the world's oil and LNG supplies pass through Hormuz. For cargo carriers and importers whose routes are linked to the Persian Gulf, this is a pause in the most acute episode of the crisis.

Iran and Pakistan are strengthening the Gwadar trade corridor amid growing risks for routes through the Strait of Hormuz. For the logistics market, this is turning from a backup scheme into a full-fledged transit route, which Russia and India are increasingly eyeing.

Spot rates of sea freight from South Asia to Europe increased by 105% due to the crisis in the Persian Gulf. Xeneta warns: Insurance restrictions on routes remain in place, and capacity restoration will take 1-2 months. For importers from India, Pakistan, and Bangladesh, this is a direct blow to the economy of each shipment.

Amid the shipping crisis in the Strait of Hormuz, Iran announced its readiness to allow ships bound for Japan to pass through. For the market, this is a rare public signal about the selective passage regime, which affects the cost of freight, insurance and compliance of cargo owners.

The navigation regime through Hormuz became selective in March: some destinations and "neutral" contours get a chance to pass, while the rest of the markets have to rebuild routes and pay surcharges. Below is a list of countries that appear in public reports as recipients of such a regime.

For the first time, FESCO performed a direct ship call to Jeddah, Saudi Arabia's largest port on the Red Sea. For cargo owners, this expands the configuration of routes to the Middle East and provides an additional foothold against the background of instability in the Strait of Hormuz.

Indian customs has introduced a temporary simplified procedure for export containers that are returning to ports due to route disruptions amid the crisis in the Strait of Hormuz. The new rules make it possible to unload containers faster and adjust export documents to reduce congestion and losses for exporters.

The cost of shipping oil through the Strait of Hormuz has increased dramatically: The rates for VLCC exceeded $14 per barrel in early March. The rise in prices has also affected Suezmax, and the market expects high volatility due to security risks, insurance surcharges and route redistricting.

The largest container carriers have begun to massively restrict operations in the Persian Gulf countries. Maersk, Hapag-Lloyd, COSCO and a number of other lines are suspending new bookings and reviewing ship routes. The reason was military risks in the region and a sharp increase in insurance rates for passage through the Strait of Hormuz.

The crisis of maritime transportation in the Red Sea and the Strait of Hormuz goes beyond logistics and is increasingly affecting the payment chains of foreign economic transactions. Increasing risks, lengthening routes, and strengthening banking controls are forcing businesses to rethink their usual settlement patterns and look for new financial solutions to maintain the sustainability of imports and exports.