BAROMETER. As the crisis in the Strait of Hormuz continues to disrupt world shipping, the shipping companies are under pressure as they struggle to deal with increasing costs and stagnant freight rates. The threat of overcapacity continues to loom.
The situation in the Persian Gulf
Iranian blockade versus American blockade. The situation in the Middle East is getting bogged down as the warring partners compete to get the upper hand as peace talks struggle to make progress. Confusion is the main result, while more than 10,000 seafarers and some 600 ships, including a hundred or so container carriers, are still immobilised, waiting for a solution. On 5 May, eight members of the crew of the CMA CGM San Antonio were wounded after the vessel came under fire. The vessel continued on its route and the company immediately began rescue operations. A little earlier, it was reported that another attempt to get through the strait by the CMA CGM Saigon had succeeded without incident.
On the US side, the blockade is directed at particular targets and the US presence in the strait zone itself is limited. According to calculations by some experts, there are more vessels entering the Persian Gulf than there are leaving it, which is paradoxical, given that there is a double blockade in place. Iran is still managing to get vessels out, albeit in less than optimum...
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