COSCO Shipping resumes Middle East bookings as Iran signals conditional transit through Hormuz
COSCO Shipping has resumed bookings for Middle East routes after Iran signaled that non-hostile vessels could transit the Strait of Hormuz under certain conditions. The move comes as tensions in the region have reduced traffic through the strait, driving up insurance costs and adding volatility to freight rates and energy prices.
COSCO Shipping's container liner unit has restored services to key Middle East routes. The company will resume new bookings for standard containers to destinations including the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. Iran's permanent mission to the UN stated that non-hostile vessels may be granted safe passage through the Strait of Hormuz if they comply with safety and security requirements. The Strait of Hormuz is a critical maritime chokepoint, with roughly one-fifth of global oil and liquefied natural gas supply flowing through it. Recent tensions in the Middle East have sharply reduced traffic through the strait. COSCO suspended all new bookings for routes to and from ports in the Middle East in early March due to escalating regional tensions.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.