Strait of Hormuz reopening has limited impact on cargo flows, says Maersk CEO
Updated
Updated · The Guardian · May 7
Strait of Hormuz reopening has limited impact on cargo flows, says Maersk CEO
8 articles · Updated · The Guardian · May 7
Vincent Clerc said Maersk's fuel bill has nearly doubled since late February, adding up to $500m a month, while more than 800 ships and about 20,000 crew remain stranded.
He said the group had passed higher costs to customers through freight rates, but warned persistent fuel costs and safety risks around the Gulf could still hurt trade.
Maersk kept its annual profit guidance and forecast 2% to 4% container demand growth despite first-quarter revenue slipping 2% to $13bn; its Copenhagen-listed shares fell 7%.
Beyond oil, how does the Hormuz crisis create a ticking time bomb for global food prices by strangling fertilizer supplies?
With Iran demanding tolls in the Strait of Hormuz, is the long-standing principle of free maritime passage now permanently broken?