US EditionMaersk latest shipping firm to halt Gulf cargo bookings as Iran conflict pushes up insurance costs
Maersk halted most commercial shipments to Gulf ports due to rising Iran-related security risks, with exceptions for essential supplies amid surging insurance costs and operational challenges.
- On March 5, Maersk, the world's second-largest container shipping company, suspended most commercial cargo bookings to and from the United Arab Emirates, Kuwait, Qatar, Iraq, Bahrain, parts of Saudi Arabia and most ports in Oman and said it will keep the suspension under constant review.
- After insurance markets repriced risk and transit restrictions tightened, private insurers canceled or sharply repriced cover, prompting COSCO Shipping and MSC to halt Gulf bookings.
- Maersk still has two vessels in the Gulf, continues limited humanitarian shipments, while Mediterranean Shipping Co. declared an End of Voyage with an $800 surcharge per container for rerouting.
- Global energy and food flows face disruption because the Strait of Hormuz carries roughly 20 percent of crude; shipping has largely halted, raising freight and insurance costs, forcing rerouting and delays.
- The US Treasury confirmed coverage details would be shared with brokers yesterday, while insurance brokers said talks with the US Development Finance Corporation may take weeks to finalise plans.
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20 Articles
Maersk latest shipping firm to halt Gulf cargo bookings as Iran conflict pushes up insurance costs
JEDDAH: Danish shipping giant Maersk has suspended cargo bookings to and from several Gulf markets in light of the war in Iran, becoming the latest logistics company to reassess its operations in the region. The firm has halted new business related to the UAE, Kuwait, and Qatar, as well as Iraq, Bahrain, parts of Saudi Arabia and most ports in Oman “until further notice” after
Maersk cargo suspension in Middle East affects key trade routes
Maersk, the world’s second-largest container shipping company, has suspended the transport of most commercial cargo to and from seven countries in the Middle East, citing escalating security risks linked to the conflict involving Iran. The move represents one of the most significant operational disruptions to global maritime trade since regional hostilities intensified. Source
The Danish Maersk, the second largest shipping company in the world, immediately suspends the maritime transport of goods in seven countries of the Middle East due to the war in Iran. The decision of the giant, which is of a temporary nature, affects the United Arab Emirates, Oman (except the port of Salalah), Iraq, Kuwait, Qatar, Bahrain and the Saudi ports of Dammam and Jubail. The suspension will apply to all goods destined for or originating…
Maersk has suspended shipping in seven countries this Wednesday for the war in Iran.
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