The practical situation in the Middle East is still badly affected. Although there is an extension of the ceasefire, Hormuz Strait is effectively closed to normal maritime traffic.
Weekly Market Update – April 24, 2026
The practical situation in the Middle East is still badly affected. Although there is an extension of the ceasefire, Hormuz Strait is effectively closed to normal maritime traffic. There is a complicated network of naval blockades, ship seizures, and attacks on infrastructure that is forcing changes in global supply chains.
Vessel Seizures in the Strait
Security conditions worsened on April 22 following the capture of two foreign container vessels by Iranian forces while trying to leave the Strait of Hormuz. The captured ships include the MSC Francesca and the Liberian-flagged Epaminondas en route to Gujarat, India. This comes after the U.S. Navy imposed a naval blockade at mid-April and the capture of another Iranian cargo ship earlier during the week.
Carrier Restrictions and Rerouting
The major players have opted for the complete revamp of the regional networks. While Maersk Shipping Lines has halted all shipments of dry, refrigerated, dangerous, and oversized cargo from the region, CMA CGM has managed to secure safe passage for 14 ships that were trapped there. The general tactic for most other shipping companies is to offload goods from the affected areas through other ports such as Jeddah, Khor Fakkan, and Sohar.
Energy Supply Shock
The markets for energy resources are facing tremendous pressure due to military actions targeting key infrastructure facilities. The response strikes have led to damage to two gas trains at the Ras Laffan facility in Qatar, which has reduced global production capacity. These events will cause increased energy prices globally, including shipping fuel prices.
Freight Rate Update
The prolonged chokepoint closures and mass diversions around the Cape of Good Hope have sustained massive rate inflation across major routes, as tracked by global financial news outlets and carrier reports:
• Asia to Middle East: Rates have shattered historical ceilings, surging past $4,200 per TEU as carriers price in extreme war-risk premiums and the high costs of overland transport from secondary ports.
• Asia to North Europe: Spot rates remain highly volatile, currently averaging between $2,800 and $3,100 per FEU, driven by extended transit times and unavoidable emergency bunker fees.
• Asia to U.S. West Coast: The global capacity squeeze is spilling over into the Trans-Pacific. Rates are climbing steadily, currently hovering around $3,000 to $3,500 per FEU, driven by equipment repositioning struggles and absorbed capacity rather than organic consumer demand.
• Storage & Emergency Fees: Maersk has implemented steep Emergency Freight rates specifically to offset rerouting and temporary storage, charging $1,800 per standard 20-foot container and up to $3,800 for specialized or refrigerated cargo.
Strategic Implications
It will take several weeks before all ships in the Gulf region can be cleared out, even if the situation improves immediately. Shipping companies should consider the structural delay and determine if their current shipping arrangements are exposed to increases in bunker fuel charges and war risks.
