Freightos Weekly Update: Hormuz hopes dashed; Asia – Europe and transpac ocean rates diverge on extended US peak

AI Summary

The anticipated reopening of the Iran-Oman Strait of Hormuz for maritime traffic has been largely thwarted by Iran's increased demands towards the US, including bans and reparations. Consequently, ocean freight rates between Asia-Europe and transpacific routes have diverged due to an extended peak in US market activity.

The Iran-Oman Strait of Hormuz initiative stirred some optimism last week of renewed traffic through the waterway sometime soon. But Iran’s recent, escalated, list of demands of the US – including a ban on US vessels, transit fees, and reparations for damage from US strikes – in order to make it happen has mostly dashed […] The post Freightos Weekly Update: Hormuz hopes dashed; Asia – Europe and transpac ocean rates diverge on extended US peak appeared first on Container News.