Maersk, Hapag-Lloyd, CMA CGM, and MSC Suspend All Strait of Hormuz Transits; Ship Traffic Drops 70%

All four of the world's largest container shipping companies suspended all Strait of Hormuz transits following Iran's declared closure. Maersk rerouted services around the Cape of Good Hope; CMA CGM ordered Gulf vessels to take shelter immediately. Vessel traffic plummeted roughly 70%, with approximately 170 containerships carrying 450,000 TEU trapped or reversing course, threatening roughly 30% of global traded oil and petroleum products.