March 2, 2026 — U.S. and Israeli strikes on Iran have had an immediate effect on global trade patterns as both air and ocean routes in the region have closed.
FreightWaves reported ocean shipping lines have “fled” the Strait of Hormuz, which is the narrow route between Iran, Oman, and the United Arab Emirates. Iran announced it planned to “close” the strait, according to media reports, which was followed by reports of attacks on ships.
March 1, 2o23 — Shipping prices have cratered in recent months, giving seafood companies the ability to seek “payback” from cargo companies that inflated prices to quadruple or more what they had been prior to 2021.
A long line of transportation and logistical snags caused gridlock at ports around the world in 2021, taking more than a year to resolve. With containers and ship space at a premium, shippers like Maersk and MSC began to charge more for their services – some seafood companies reported paying more than USD 20,000 (EUR 18,900) to move a container from Asia to the United States. But now rates are around USD 1,150 (EUR 1,090) per container, and more companies are aggressively shopping around for the best rate and often finding deals on the spot market. Lawrence Burns, a consultant who formerly handled negotiations for Hyundai Merchant Marine, told Reuters importer and exporter shipping managers now have the upper hand in negotiations.