Market Chatter: 'About 10%' of Global Container Fleet Trapped in Strait of Hormuz, Says Shipping CEO

MT Newswires Live

Mar 03

About 100 container ships are among the 750 vessels now trapped in the Strait of Hormuz following U.S. and Israeli strikes on Iran, Reuters reported Monday, citing Jeremy Nixon, CEO of container carrier Ocean Network Express (ONE).

ONE is a joint venture formed by Japanese shipping lines Nippon Yusen Kabushiki Kaisha (TYO:9101), Mitsui O.S.K. Lines (TYO:9104) and Kawasaki Kisen Kaisha (TYO:9107) or K Line.

"About 10% of the container ship global fleet is caught up in this," Nixon was quoted by Reuters as saying at S&P Global Market Intelligence's TPM26 ⁠container shipping conference in Long Beach, California.

Maritime insurers have reportedly stopped covering voyages through the Strait once Iran began retaliating against the strikes.

The Iranian Revolutionary Guards declared the Strait of Hormuz closed on Monday.

Ebrahim Jabari, a senior adviser to the Guards, warned, "If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze."

Meanwhile, Nixon and other industry experts warned of broader economic risk of a prolonged closure of the Strait.

"That would create a big energy spike," Nixon reportedly said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Lines</a> (TYO:9104) and <a href=\"https://laohu8.com/S/KAIKY\">Kawasaki Kisen Kaisha</a> (TYO:9107) or <a href=\"https://laohu8.com/S/TKKD.SI\">K</a> Line.</p><p>\"About 10% of the container ship global fleet is caught up in this,\" Nixon was quoted by Reuters as saying at S&amp;P Global Market Intelligence's TPM26 ⁠container shipping conference in Long Beach, California.</p><p>Maritime insurers have reportedly stopped covering voyages through the Strait once Iran began retaliating against the strikes.</p><p>The Iranian Revolutionary Guards declared the Strait of Hormuz closed on Monday.</p><p>Ebrahim Jabari, a senior adviser to the Guards, warned, \"If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze.\"</p><p>Meanwhile, Nixon and other industry experts warned of broader economic risk of a prolonged closure of the Strait.</p><p>\"That would create a big energy spike,\" Nixon reportedly said.</p><p>(Market Chatter news is derived from conversations with market professionals globally. 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Lines</a> (TYO:9104) and <a href=\"https://laohu8.com/S/KAIKY\">Kawasaki Kisen Kaisha</a> (TYO:9107) or <a href=\"https://laohu8.com/S/TKKD.SI\">K</a> Line.</p><p>\"About 10% of the container ship global fleet is caught up in this,\" Nixon was quoted by Reuters as saying at S&amp;P Global Market Intelligence's TPM26 ⁠container shipping conference in Long Beach, California.</p><p>Maritime insurers have reportedly stopped covering voyages through the Strait once Iran began retaliating against the strikes.</p><p>The Iranian Revolutionary Guards declared the Strait of Hormuz closed on Monday.</p><p>Ebrahim Jabari, a senior adviser to the Guards, warned, \"If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze.\"</p><p>Meanwhile, Nixon and other industry experts warned of broader economic risk of a prolonged closure of the Strait.</p><p>\"That would create a big energy spike,\" Nixon reportedly said.</p><p>(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ONE.AU","symbol_name":"Oneview Healthcare","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2616983396","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2616983396","pubTimestamp":1772502885,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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Lines (TYO:9104) and Kawasaki Kisen Kaisha (TYO:9107) or K Line.\"About 10% of the container ship global fleet is caught up in this,\" Nixon was quoted by Reuters as saying at S&P Global Market Intelligence's TPM26 ⁠container shipping conference in Long Beach, California.Maritime insurers have reportedly stopped covering voyages through the Strait once Iran began retaliating against the strikes.The Iranian Revolutionary Guards declared the Strait of Hormuz closed on Monday.Ebrahim Jabari, a senior adviser to the Guards, warned, \"If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze.\"Meanwhile, Nixon and other industry experts warned of broader economic risk of a prolonged closure of the Strait.\"That would create a big energy spike,\" Nixon reportedly said.(Market Chatter news is derived from conversations with market professionals globally. 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