Maersk CEO Warns Iran War Raises Shipping Costs

Maersk CEO Vincent Clerc warned Thursday that the ongoing war in Iran, now in its third month since late February, is intensifying disruptions to global shipping and trade, with costs likely to rise further in the second and third quarters.

The conflict has effectively closed the Strait of Hormuz, a vital chokepoint for about 20 percent of the world's oil supply, driving crude prices to around $105 per barrel, up from $70 before the war began. Iranian forces imposed stricter maritime controls, deterring commercial vessels amid fears of attacks. Clerc told CNBC that the resulting energy shock has added roughly $500 million in monthly fuel expenses for Maersk, the world's second-largest container shipping company, which operates 700 vessels and handles about 14 percent of global containerized goods.

Maersk suspended key routes in March linking the Far East to the Middle East and the Middle East to Europe. Six of its owned or chartered vessels remain stranded in the Persian Gulf, though one passed through the strait Monday under U.S. military escort, a short-lived initiative now paused. The disruptions have also prompted Maersk to halt plans for a gradual return to the Red Sea and...