Maersk has become the latest major shipping company to suspend operations in the Persian Gulf, halting all new cargo bookings to and from the UAE, Kuwait, Qatar, Iraq, Bahrain, parts of Saudi Arabia and most Omani ports, Arab News reported on March 5.

Iran has said it would target any foreign vessel attempting to cross the Strait of Hormuz and has reportedly struck several tankers in recent days, pushing up the price of insurance. The waterway carries roughly a fifth of the world's crude oil and large volumes of LNG, along with food and medicines, to Gulf countries that import 85% of their food via this route. 

The Danish carrier said it would make exceptions for essential supplies, including food and medicine. Two of its ships remain in the Gulf. Jordan and Lebanon are not affected by the suspension.

However, Iran has not yet confirmed whether it would permit such ships through the strait, as the war between the US and Israel on one side and Iran on the other rages more than five days later. 

The move followed the IRGC's declaration on March 5 that it would maintain control over the Strait of Hormuz during wartime. The guards corps also claimed to have struck a US tanker in the northern Gulf, though no independent verification was available.

Four of the world's five largest container shipping lines have now pulled back from the Gulf. Germany's Hapag-Lloyd said vessels carrying Gulf-bound cargo may be rerouted to safe harbours or held at sea. China's COSCO stopped accepting new bookings for Gulf ports after transit restrictions were imposed in the strait.

Switzerland-based MSC took the most drastic step, terminating all voyages for shipments bound for Arabian Gulf ports on March 3.

Cargo already at sea would be offloaded at the nearest safe port, with an $800 per container surcharge to cover rerouting costs. France's CMA CGM introduced emergency protocols prioritising crew and vessel safety.

On the ground, APM Terminals in Bahrain declared force majeure at Khalifa Bin Salman Port, citing disruption of uncertain duration caused by the regional security situation.

Khaled Ramadan, an economist heading the International Center for Strategic Studies in Cairo, told Arab News that oil and gas volumes passing through the strait could drop by up to 80% if the crisis deepens, with knock-on effects including higher freight and insurance costs, forced rerouting and widespread supply chain delays across oil-dependent economies.

London's insurance market has not withdrawn from the Persian Gulf entirely but premiums have risen sharply, with rates varying by cargo type, vessel and route.