Global shipping faces an unprecedented bottleneck at the Strait of Hormuz, with cargo valued at $125 billion currently stranded in the chokepoint, according to a new report from insurance giant Allianz.
The figure, equivalent to roughly 1,200 billion Swedish kronor, underscores the severe disruption to international trade flows as geopolitical tensions persist in the Middle East.
Among the vessels caught in the gridlock is the Swedish bulk carrier Stena Bulk, highlighting the broad reach of the disruption across major shipping lines.
Allianz describes the closure of the strait as having "no precedent," signaling a level of operational paralysis that threatens to reshape global logistics for the foreseeable future.
The insurer warns that even if a diplomatic agreement between the US and Iran were to hold and the strait were fully reopened, the recovery would not be immediate.
Strong guarantees and new security protocols would likely be required before normal transit resumes, adding layers of complexity and cost to global supply chains.