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Maersk, a bellwether for global trade, suspends two key shipping services due to Iran war
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Strait of Hormuz shipping insurance still available, price set by risk profiles
Squawk Box Asia
Danish shipping giant Maersk on Friday temporarily suspended two services linking the Middle East to Asia and Europe as the Iran war continues to disrupt global supply chains.
The company, widely regarded as a barometer of global trade, said the decision to halt the FM1 service, connecting the Far East to the Middle East, and the ME11 Service, linking the Middle East to Europe, was a precautionary measure to ensure the safety of its personnel and vessels.
It comes as the U.S. and Israeli-led war on Iran enters its seventh day, with the expanding conflict resulting in the effective halt of shipping traffic through the strategically vital Strait of Hormuz.
The waterway is a key, narrow maritime corridor that connects the Persian Gulf and the Gulf of Oman. Roughly 20% of global oil and gas typically passes through it.
Container shipping giants, however, have suspended operations through the Strait of Hormuz since the U.S. and Israel launched attacks on Iran on Feb. 28 and rerouted vessels around the southern tip of Africa.
The crisis has left 147 container ships sheltering in the Persian Gulf, according to freight analytics firm Xeneta, prompting delays, port congestion, and freight rate increases that are rippling across global markets.
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CNBC Europe
Alongside the changes to the FM1 service and the ME11 service, Maersk said its shuttle services in the Persian Gulf region were suspended until further notice.
The ME1 service connecting the Middle East to northern Europe will temporarily drop the call in Jebel Ali, a major port city in the United Arab Emirates, Maersk said, and continue to call India and Oman.
Shares of Maersk were last seen 0.6% lower.
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