About 10% of global container fleet caught in Hormuz backup, shipping CEO says

Published Tue, Mar 3, 2026 · 06:44 AM

A file photo of an oil tanker passing through the Strait of Hormuz. Industry experts warned that an extended closure of the Strait of Hormuz would cause oil prices to soar. PHOTO: REUTERS

[LONG BEACH, California] Container ships account for roughly 100 of the 750 ships ensnared in the Strait of Hormuz backups following US and Israeli attacks on Iran, Jeremy Nixon, CEO of container carrier Ocean Network Express (ONE), said on Monday.

“About 10 per cent of the container ship global fleet is caught up in this,” Nixon said at S&P Global Market Intelligence’s TPM26 container shipping conference in Long Beach.

Maritime insurers ceased covering voyages through the strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of gas, as Iran retaliated against US and Israeli strikes.

The commander of the country’s Revolutionary Guards told Iranian state television on Monday that any ship that attempted to transit the strait would be set aflame.

“All of that cargo is going to start backing up” in shipping hubs and key ports in Europe and Asia, Nixon said.

ONE and rival container carriers such as industry leader MSC have stopped booking cargo to the Middle East, said Nixon, who on July 1 is stepping down as CEO of ONE.

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The three major US indices closed mixed on Monday.

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“This is not Iraq, this is not endless,” Hegseth said. “Our generation knows better and so does this president.

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The European Commission spokesperson says the EU has an adequate level of gas to ensure storage can be replenished ahead of next winter.

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Thousands of flights globally have been disrupted due to the recent US-Israeli strikes on Iran.

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Earnings on the industry’s benchmark route have climbed to US$424,000 a day, according to data from the Baltic Exchange in London.

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US Secretary of State Marco Rubio speaks to the media on Capitol Hill in Washington, D.C., March 2, 2026.

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Brent crude futures rose as much as 13 per cent to US$82.37 a barrel on Monday, the highest since January 2025, before settling 6.7 per cent higher at US$77.74 a barrel.

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The company is a privately held joint venture established by Japanese shipping lines Nippon Yusen Kaisha, Mitsui O.S.K. Lines and K Line.

Industry experts also warned that an extended closure of the Strait of Hormuz would cause oil prices to soar.

“That would create a big energy spike,” Nixon said. REUTERS

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