THE HORMUZ crisis has thrown tanker trades into turmoil, but in the container shipping business, the rate environment remains relatively normal. While there have been some big percentage moves, spot rates are neither exceptionally high nor exceptionally low, reported senior maritime reporter Greg Miller.

According to Alphaliner, “Despite — or thanks to — the unprecedented level of geopolitical turmoil around the world, [rates] are not crashing, with some routes even recording moderate rises on the back of sustained volume and capacity control.

“However, the longer the Strait of Hormuz remains inaccessible to shipping, the more severe the consequences will be for the industry and the global economy in general,” Alphaliner added.

Red Sea tanker transits surpass pre-Houthi crisis levels in rush to secure Saudi barrels

Tankers flocked to the Red Sea last month in a rush to replace Middle East Gulf barrels, leading to a surge in Bab el Mandeb traffic that has surpassed pre-Houthi crisis levels, reported senior risk and compliance analyst Bridget Diakun and senior reporter Ece Göksedef.

Lloyd’s List Intelligence vessel-tracking data showed 379 transits of crude oil tankers, equal to 66.3m dwt in tonnage terms, through the Red Sea’s southern chokepoint in March. 

In February, these figures were 228 transits and 30.7m dwt respectively.

Hormuz crisis at two months: a tale of four shipping markets

The Strait of Hormuz has been effectively closed for two months and shows no signs of returning to normal anytime soon, reported Greg Miller.

All liquid bulk shipping markets have been heavily impacted, but spot rate changes have evolved differently, depending on the segment.

To gauge these differences, Lloyd’s List compared index percentage changes in four segments: very large crude carriers, mid-sized crude tankers, product tankers and liquefied petroleum gas carriers.

Ship recycling market stalls as disruptions prompt shipowners to delay scrapping decisions

Shipowners are postponing the recycling of ageing tonnage, as disruptions in the Middle East tighten shipping markets and increase vessel demand, reported markets editor Rob Willmington.

After four subdued years for ship recycling, 2026 was expected to bring a surge in vintage tonnage heading for scrap, driven by rising newbuilding deliveries across most sectors and tightening emissions rules.

“The conflict has not opened the recycling floodgates. If anything, it has pushed them further down the road,” said Nayeem Noor, vice-president of business development at leading cash buyer GMS.

Nobody would put money on duration of the Hormuz crisis. Marine insurers have no choice

Reinsurers are set to reprice marine war risk, with any higher costs paid by insurers reflected in higher rates for their shipowner clients, according to market sources, reported law and insurance editor David Osler.

However, war risk insurance will continue to be available for the foreseeable future and the chances of the current conflict in the Middle East crashing the entire system are assessed as remote.

At least three vessels will probably be declared total losses on account of the hostilities.