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Shipowners are placing “huge volume requests” for insurance cover as they look to transit the Strait of Hormuz following the U.S.-Iran ceasefire deal.

While shipowners and insurers lined up to welcome the ceasefire, they also warned that more details will be needed to determine if safe transit is possible.

Ongoing tensions in the Middle East are amplifying volatility in global supply chains, Cosco said.

Beijing warned of a “heavy price” for the Central American country’s forced takeover of the facility from Hong Kong conglomerate CK Hutchison. 

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

Some carriers are canceling bookings temporarily, skipping some port calls, warning of delays and implementing surcharges to transport containers through the conflict zone. 

The voyage marks another step toward normalization of global supply lines, after Yemen-based Houthis in 2023 began attacking vessels, forcing shipowners to sail south of Africa.

The voyage marks another step toward normalization of global supply lines, after Yemen-based Houthis in 2023 began attacking vessels, forcing shipowners to sail south of Africa.

The grounding of the workhorse freighter plane involved in a deadly crash in Kentucky may drag on for an “undeterminable period,” creating havoc for UPS, FedEx and a Florida-based carrier.

A series of photos released by the National Transportation Safety Board shows the left engine coming off the UPS plane and flying up and over the wing as it rolled down the runway.