Ships and Cargo Worth $110 Billion Await Passage Through Hormuz Amid Diplomatic Hopes

A fleet of around 1,150 cargo ships, carrying goods valued at an estimated $125 billion and manned by approximately 20,000 sailors, awaits passage through the Strait of Hormuz. This strategic waterway, crucial for global oil trade, has been effectively closed during the recent conflict between the U.S. and Iran. Diplomatic advancements now offer hope for the resumption of maritime operations in the Persian Gulf.

The disruption caused by the conflict has not only halted traffic but also significantly impacted the shipping industry. Maritime insurance provider Allianz noted in its 2026 Security and Maritime Transport report that while coverage was available, hull and cargo premiums have escalated. This increase in insurance costs is expected to translate into higher expenses for international maritime trade, adding another layer of economic consequence to the geopolitical tensions.

“

These situations point to a transition towards a new maritime order, characterized by increased security risks in strategic maritime corridors, the disruption of established trade routes, persistent uncertainty, higher risk premiums, and a greater strategic emphasis on resilience over pure cost efficiency.

Allianz's report frames these events as indicative of a transition towards a "new maritime order." This emerging landscape is characterized by heightened security risks in vital shipping corridors, the disruption of established trade routes, persistent uncertainty, and a strategic shift prioritizing resilience in the face of potential disruptions, moving away from a sole focus on cost efficiency.

Thomas Lillelund, CEO of Allianz Commercial, emphasized that the Middle East conflict and the closure of Hormuz are the latest in a series of serious incidents affecting shipowners and cargo operators. He stated, "Resilience, geopolitics, and efficiency must be balanced in an increasingly unpredictable world, where the cost of uncertainty is redefining the maritime sector." The primary concern for shipowners has been the safety of crews and vessels transiting conflict zones, rather than purely insurance-related matters. Assurances of safe passage will be essential, even if the U.S.-Iran agreement holds and the strait reopens to its pre-war capacity of up to 140 vessels daily.

“

The conflict in the Middle East and the closure of the Strait of Hormuz are just the latest in a series of serious episodes that have affected shipowners and cargo operators. Resilience, geopolitics, and efficiency must be balanced in an increasingly unpredictable world, where the cost of uncertainty is redefining the maritime sector.