Based on reports and data published by the International Maritime Organization, Reuters, The Guardian, CMA CGM and Marsh, the Strait of Hormuz crisis, which emerged following the US-Israeli coalition’s attack on Iran and led to the closure of the strategic strait, has significantly increased shipping and maritime transport costs. The effects of the crisis have extended from tanker freight rates and war-risk insurance to container shipping costs and the selection of alternative routes.
According to these data, the cost of a single voyage by a supertanker through the Strait of Hormuz was around $2 million before the crisis, but rose to approximately $25 million after the crisis began. The cost of a comparable voyage has therefore increased by roughly 11.5 to 12 times, resulting in an approximately 13-fold increase in tanker freight rates.
The daily charter rate for tankers on routes linked to the Persian Gulf has also been reported at $47,000, while tanker charter rates outside the Strait of Hormuz have reached $190,000 per day. This substantial difference demonstrates the economic cost of using alternative routes and efforts to reduce the risks associated with transiting Hormuz.
According to the available insurance data, the war-risk insurance premium for tankers was around 0.25 percent of the vessel’s hull value before the crisis. This figure rose to 3 percent in the early stages of the crisis, and estimates indicate that under the worst conditions, war-risk insurance for some vessels could cost as much as $3 million.
The Hormuz crisis has not affected the tanker market alone. In container shipping, an emergency surcharge of $150 per 20-foot container has been reported on some long-haul outbound routes. The surcharge has been cited at $75 per 20-foot refrigerated container on certain outbound routes and $165 per 20-foot container on some return routes.
These figures show how quickly increased risk at a maritime chokepoint can translate into higher logistics costs. When ships face more expensive insurance, higher freight rates or the need to change course to avoid a high-risk area, the additional costs can ultimately be passed on to cargo owners, commercial contracts and the final prices of products.
The significance of the issue becomes clearer when it is recognized that the Strait of Hormuz is not merely a shipping route; it is one of the world’s most important chokepoints for trade and energy. Any sustained disruption along this route could simultaneously put pressure on oil markets, the shipping industry, marine insurance, supply chains and the cost of transporting goods.
Based on the same data, the current picture points to a multilayered shock: the cost of a supertanker voyage has risen from $2 million to $25 million, daily tanker charter rates outside Hormuz have increased to $190,000, war-risk insurance premiums have risen from 0.25 percent to 3 percent, and emergency container shipping charges have also increased.
Therefore, based on the reports from the sources cited above, the Hormuz crisis is becoming an issue that extends far beyond maritime security. It could raise the cost of global trade, and each additional day of uncertainty around Hormuz could impose greater costs on global trade, energy markets and supply chains. For this reason, the fate of this maritime chokepoint could become directly linked to prices, inflation and slower global economic growth.