There are currently 17 containerships with a capacity of over 4,000 TEUs stranded in the Persian Gulf according to Lars Jensen, CEO of Vespucci Maritime, analyzing data from Vessel Finder.
In addition to these, there are also 50 boxships with a capacity of less than 4,000 TEU. Overall, the capacity trapped in the area stands at around 200,000 TEUs. This represents 0.6% of global container capacity.
Meanwhile, the conflict is spreading to other fronts.
Just a few hours ago, news broke of an Israeli attack on Lebanon. Israel’s retaliation was decided after Hezbollah launched missiles on its territory. The raid on Beirut’s suburbs reportedly led to at least 31 deaths.
The war seems to have reached Europe too. Last night, an Iranian Shaded drone hit the runway of the British base at Akrotiri, Cyprus. Greece sent two frigates and two F-16 fighter jets to the area to protect it.
The attack on the island raises new questions about the safety of shipping in the eastern Mediterranean and the possibility that shipowners could impose new war risk surcharges for crossing this area as well.
As a result of the escalating tension, oil prices have risen by 8-9%, with direct repercussions on bunker fuel costs and, consequently, on fuel surcharges that shipping companies are set to implement to cope with the new costs.
“These operational disruptions are likely to cause congestion in many container hubs in Asia,” says Jensen, noting that this scenario is very similar to the one after the Red Sea crisis began.
Moreover, according to the market analyst: “Continuation of the situation will lead to upwards spot rate pressure also on other trades”
Translation by Giles Foster
