Maersk cautious on Strait of Hormuz shipping despite US-Iran ceasefire

[COPENHAGEN] Maersk said on Wednesday (Apr 8) the two-week ceasefire agreed between the US and Iran could open up some opportunities for vessels in the Strait of Hormuz, but did not provide enough security assurances for normal operations to resume.

“At this point, we take a cautious approach, and we are not making any changes to specific services,” the Danish shipping group told Reuters.

The war that began with US-Israeli strikes on Iran in February – followed by Iranian attacks in the region and the closing of the Strait of Hormuz – has brought shipping in the Gulf to a near standstill, rippling across global supply chains.

Maersk, one of the world’s biggest container-shipping groups, suspended cargo bookings in May to many ports in the Gulf region.

It also introduced emergency bunker-fuel surcharges around the world to compensate for rising fuel costs.

No “full maritime certainty” yet from ceasefire

“The ceasefire may create transit opportunities, but it does not yet provide full maritime certainty and we need to understand all potential conditions attached,” Maersk said.

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“Any decision to transit in the Strait of Hormuz will be based on continuous risk assessments, close monitoring of the security situation, and available guidance from relevant authorities and partners,” it added.

The company has used a land-bridge system via ports at Jeddah in Saudi Arabia, Salalah and Sohar in Oman, and Khor Fakkan in the United Arab Emirates, to funnel in cargo before moving it by land to destinations in the Gulf region.

“We will continue to monitor developments closely and provide updates, as greater clarity emerges over the coming hours and days,” the company said. REUTERS