Middle Eastern geopolitical tensions remained the leading impact on global ocean freight markets during the week ending May 28, 2026.
Weekly Ocean Freight Update – May 28, 2026
Middle Eastern geopolitical tensions remained the leading impact on global ocean freight markets during the week ending May 28, 2026. While reports of renewed diplomatic discussions raised hopes for improved maritime conditions, shipping companies continued to exercise caution amid ongoing security concerns across key regional trade routes.
Draft Ceasefire and "Transit Toll" Jitters
Diplomatic efforts have been quite active this week, with the official Iranian media claiming to be in possession of a framework of agreement for a memorandum with the US. According to these claims, the country would resume cargo traffic in the strait of Hormuz to pre-war levels within one month after the lifting of maritime blockages.
This brief wave of optimism has already been quashed by the rumours that Iranian authorities plan to introduce a permanent "environmental tax" for all ships transiting the strait. In particular, such taxes could be levied first against the vessels transporting oil (rumours say it will be $1 per barrel), but the implications for container freight are very grave.
Hormuz Traffic Remains Paralyzed
In spite of all the diplomatic banter, the actual situation is bleak. The Strait of Hormuz is practically shut down for normal shipping traffic. According to the latest data, the number of ships crossing it has dwindled to around 10% of its normal flow prior to the outbreak of hostilities. With the imminent danger of drone attacks and hijacking of vessels very real, this maritime passage lies virtually deserted, leaving thousands of ships trapped in the Persian Gulf area.
Freight Rates and Surcharges
The massive detour around Africa continues to absorb approximately 2.5 million TEUs of global capacity, creating an artificial tightening ahead of the traditional peak season.
• Early Peak Season Surcharges (PSS): Major carriers are aggressively implementing new PSS fees earlier than usual. Maersk rolled out new peak season charges from Far East Asia to North Europe and the Mediterranean this week.
Short-Term Outlook
Ocean freight markets are anticipated to remain firm in the upcoming month as geopolitical risks, extended sailing times and early peak season demand continue to support freight charges. While diplomatic developments might improve market sentiments, carriers are expected to maintain cautious routing strategies until regional security conditions demonstrate sustained stability. Therefore, shippers should continue preparing for induced logistics costs, longer transit times, and periodic surcharge announcements.
