Hormuz deadlock sends Gulf container rates to record highs
The collapse of Omani-led talks in Salalah has left the Strait of Hormuz effectively closed to container shipping, with Gulf spot rates at record highs above pandemic-era levels. UKMTO data show container ships accounted for 6% of transits since the conflict began. Analysts say shippers are relying on landbridge routes via Jeddah and Khor al Fakkan, with spot rates from China up 256% and 479% since 28 February.
Why it matters: This matters for trade routes: the closure of Hormuz is forcing Gulf-bound container cargo onto landbridges and bypass ports, raising costs and transit times for regional importers.