NEWS

Summary of the Middle East Red Sea Situation and Shipping Companies' Measures

I. Situation Update
1. Affected Countries

United Arab Emirates (UAE), Kuwait, Bahrain, Qatar (excluding Iran). The Port of Jebel Ali in the UAE was hit by missiles (impact unknown).

2. Strait Status

The Strait of Hormuz was closed to navigation in the early morning today; vessels are unable to enter or exit.

3. Armed Actions

The Houthi armed forces announced the resumption of attacks on shipping lanes in the Red Sea.

II. Impact on Maritime Transport: Global Shipping Routes in Turmoil

1. Blockade of the Strait of Hormuz:

As a global energy artery, any blockade of this strait would completely halt oil tanker traffic in the Persian Gulf, causing global shipping insurance premiums to skyrocket exponentially.

2. Detour via the Suez Canal:

Even if the strait is not blockaded, most cargo vessels will be forced to reroute via the Cape of Good Hope due to the risks of regional conflict. This would extend voyage times by 7 to 15 days, significantly increase shipping costs, and lead to difficulties in container turnaround, resulting in strained shipping capacity.

III. Impact on Air Transport: Disruption of Supply Chains

Airspace Restrictions: Major air routes in the Middle East will be closed, forcing cargo-converted passenger aircraft and dedicated freighters to take detours, driving up costs.

IV. Measures by Shipping Companies
1. CMA

Immediate GRI increase of 1500/3000.

Publish updates on vessels in the Persian Gulf and incoming vessels (clients must be notified of risks and cost increases).

2. MSC

GRI: USD 1000 per freight unit; effective from March 9th, USD 2980 per freight unit.

Reserved the right to impose other surcharges.

3. HPL

SPOT freight rates surged to USD 5000 per freight unit and above.

Suspended all Middle East routes via the Strait of Hormuz (Persian Gulf routes may face delays or rerouting).

4. EMC

Temporary transshipment or discharge at Oman/India (no official notice issued).

5. PIL

Suspended new bookings for Red Sea-Middle East routes (new rates to be announced later).

6. COSCO

Ordered on-voyage vessels to reduce speed and adopt a wait-and-see approach.
Collected market information regarding GRI, war risk surcharges, etc.
Controlled fresh bookings (to prevent malicious slot occupation).
Implemented measures such as coordinating transshipment at Oman.

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