The Week in Charts: Hormuz crisis side effect: a sharp rise in container shipping rates | Charterers favouring modern boxships amid elevated fuel prices
- SCFI global composite index has doubled since the war with Iran began and is at its highest point since September 2024, during the Red Sea crisis
- Containership charter market continues to show strong resilience, with steady demand across vessel classes despite geopolitical uncertainty
- Bunker fuel prices are up 61% year on year but are down from Hormuz crisis peak
Lloyd’s List’s weekly showing of the data and figures behind our news, analysis and markets coverage
IMPORTERS of containerised goods around the world are paying more for their ocean transport as a result of the Hormuz crisis, reported senior maritime reporter, Greg Miller.
In yet another side effect of the Middle East war, container lines are successfully passing along fuel costs inflated by the effective closure of the Strait of Hormuz.
The Shanghai Containerized Freight Index global composite rose to 2,572 points in the week ending last Friday, up 16% from the week before. It is now double its level in late February, just before the US and Israel attacked Iran.
Charterers favouring modern boxships amid elevated fuel prices
The containership charter market continues to demonstrate notable resilience, with demand for tonnage remaining firm across vessel classes despite geopolitical uncertainty and weaker liner profitability, wrote markets editor, Rob Willmington.
The Hamburg and Bremen Shipbrokers’ Association (VHBS) described weekly charter market performance as showing “remarkable consistency,” highlighting sustained fixture activity.
“Despite ongoing tensions in the Middle East, demand for tonnage remains strong across all sizes,” said VHBS.
Crude price spike from Hormuz crisis is approaching, warns ExxonMobil exec
The price of oil has two immediate effects on shipping: it drives the cost of bunker fuel and the trading dynamics for tankers, wrote Greg Miller.
Crude pricing has remained surprisingly restrained despite the unprecedented supply disruption from the Hormuz crisis. Brent futures fell to $93 per barrel last Thursday amid reports of an imminent deal between the US and Iran to extend the ceasefire.
The concern is that pricing will whipsaw to new heights if Middle East flows do not resume soon, calling to mind Ernest Hemingway’s description of how one goes bankrupt: “Two ways. Gradually, then suddenly.”
MPC Container Ships continues to benefit from tight feeder boxship market
MPC Container Ships said the first quarter of 2026 delivered a strong start to the year despite one of the most disruptive trading environments seen in recent years, as geopolitical tensions and tight vessel supply continued to support the boxship charter market, reported Rob Willmington.
The company reported “strong operational performance” across its fleet and highlighted its ability to capitalise on strong charter conditions through forward fixtures secured at improved rates and terms.
Meanwhile, MPCC has continued to divest older vessels, during a period of positive secondhand prices, as part of its fleet renewal strategy.
Strait of Hormuz traffic falls as reopening efforts make little headway
Traffic through the Strait of Hormuz continued to fall, as yet another round of peace negotiations and efforts to reopen the maritime chokepoint ended without progress, wrote senior reporter Ece Göksedef.
Between May 18 and 24, just 33 cargo vessels over 10,000 dwt transited the strait, according to Lloyd’s List Intelligence vessel-tracking data, marking a steep drop from 63 vessels the previous week.
US forces recently boarded the product tanker Celestial Sea (IMO: 9397030) in the Gulf of Oman, saying it was suspected of attempting to circumvent the US blockade. US Central Command said it has now redirected 100 vessels in the region as part of its enforcement effort.
