Hapag-Lloyd hits headlines as global shipping tightens amid Hormuz tensions; major carrier of 20+ TEU fleets, German giant formed 1970.
Iran's Revolutionary Guards claim the Strait of Hormuz is unsafe and has been closed following US and Israeli strikes on Iran. Several ships have turned back or halted, disrupting global oil flows. The US denies a full blockade, but oil prices surged as tensions increased today, March 4, 2026.
As of mid-March 2026, Iran exerts selective control over the Strait of Hormuz, a vital maritime chokepoint through which 20% of global oil passes daily. Since the US-Israel strikes on February 28, multiple attacks on vessels have disrupted traffic, causing tanker flows to collapse by over 90%. Iran allows limited passage to allies via negotiated safe corridors, while many ships transit with tracking systems off. The US has deployed Marines and threatens military action if Iran mines the strait.
The Strait of Hormuz remains largely closed due to Iran-backed attacks, causing a sharp rise in energy prices and prompting countries like Egypt to implement energy-saving measures. Shipping reroutes around South Africa are increasing, risking further economic impacts.
Since mid-April the U.S. has enforced a naval blockade on vessels entering or leaving Iranian ports and Iran has been firing on and seizing ships; only a tiny fraction of pre-war traffic is transiting the Strait of Hormuz, dozens of tankers are stuck in the Gulf and recent U.S. actions have redirected or intercepted multiple Iranian-flagged vessels.
Iran's foreign minister Abbas Araghchi has arrived in Islamabad this week to convey Tehran's proposals to Pakistani mediators; the Iranians have said they will not hold direct talks with US envoys. The White House has planned to send Steve Witkoff and Jared Kushner to Pakistan, but Washington has withdrawn some security staff and Trump has publicly paused the envoys' visit while saying Iran sent an improved proposal.