340 Ships Stranded as Strait of Hormuz Traffic Plummets

Shipping through the Strait of Hormuz has fallen to roughly one-third of its normal level, with just 27 vessels transiting in 24 hours compared to an average of 60. Maritime monitoring data show 340 ships waiting to pass, including 145 tankers, 85 bulk carriers and 110 other vessels. War risk insurance premiums have surged more than 13-fold, and VLCC freight rates for key crude routes are up about 190%. The bottleneck risks wider fallout for global energy markets. Rerouting via Cape of Good Hope adds up to two weeks to voyages, driving up fuel, crew and insurance costs and potentially feeding into higher commodity prices.

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