Following Iran's blockade of the strategically important Strait of Hormuz in response to military attacks, pressure on international shipping is growing. About one-fifth of the world's oil transport and significant amounts of liquefied natural gas (LNG) normally pass through this strait. According to current reports, tanker traffic there has dropped by about 90 percent. An estimated 150 to 300 ships, including more than 30 German shipping units, are currently stuck in the Persian Gulf or avoiding the region.
US President Donald Trump announced on his platform Truth Social that the US Navy would escort tankers through the strait if necessary. He stressed that the US would ensure the free flow of energy for global markets at all costs. Furthermore, he instructed the Development Finance Corporation (DFC) to provide risk insurance for maritime trade in the region. The German Shipowners' Association (VDR) and the international association Bimco welcomed the move as a necessary step to ensure the safety of crews and ships.
However, there is skepticism within the industry regarding the practical implementation. Silke Lehmk cost, Fleet Head at Hapag-Lloyd, pointed out that providing comprehensive protection is logistically hardly manageable due to the high number of ships. While the announcement from Washington temporarily stabilized oil prices, experts warn of lasting price shocks for gas and electricity in Europe if the blockade continues for a longer period. First effects are already visible in a significant rise in wholesale prices for natural gas on the TTF exchange.
